香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任 何責任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不構成或組成在美國境內或於任何其他司法管轄區購買或認購發售股 份的任何要約或招攬的一部分。東鵬飲料（集團）股份有限公司（「本公司」）並無亦不會根據《1940 年美國投資公司法》（經修訂）（「《美國投資公司法》」）登記。發售股份並無亦不會根據《1933年 美國證券法》（經修訂）（「《美國證券法》」）或美國任何州或其他司法管轄區的證券法登記。發 售股份不得在美國境內或向美國人士（定義見《美國證券法》S規例）提呈發售、出售、質押或 以其他方式轉讓，但根據《美國證券法》及《美國投資公司法》登記規定的一項豁免或在不受該 法登記規定規限的交易中則除外，並已符合任何州的適用證券法。發售股份(1)僅可根據《美 國證券法》第144A條或根據《美國證券法》及任何州的適 ...

Financing Dynamics - Xibei Restaurant Group has completed an A-round financing with investors including Taizhou Xinrongtai Investment Co., Hohhot Collective Co-Creation Enterprise Management Center, Chengdu Xunda Optoelectronics Co., and Hangzhou Zhouxuan Equity Investment Management Partnership. The financing amount has not been disclosed [3] - The registered capital of Xibei Restaurant increased from 89.902896 million yuan to 101.680175 million yuan, a growth of approximately 13.1%. The shareholder list has been updated with the new investors, leading to a corresponding decrease in the shareholding ratios of founder Jia Guolong and some existing shareholders [3] Acquisition Dynamics - L Catterton, a private equity firm backed by LVMH, has acquired a majority minority stake in French high-end perfume brand Ex Nihilo from Eurazeo. The transaction value exceeds the 29 million euros Eurazeo paid in 2024 [7] - Ex Nihilo, founded in 2013, is known for its unique fragrances and personalized services. The brand plans to reopen its flagship store in Paris in 2026 and expand into multiple cities in the U.S. [7] - China Duty-Free Group has agreed to acquire DFS's travel retail business in Greater China from LVMH and co-founder Robert Miller. This acquisition will give CTG control over DFS retail stores in Hong Kong and Macau, along with exclusive rights to the DFS brand and intellectual property [10] Listing Dynamics - Shandong Huawutang Cosmetics Co., the parent company of the brand "Banmu Huatian," has submitted an application for an IPO on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company expects revenue of 1.4989 billion yuan in 2024, a 25% increase from 1.1987 billion yuan in 2023 [12] - The funds raised from the IPO will primarily be used for brand exposure, supply chain expansion, and R&D upgrades, aiming to capture the mid-to-high-end body care market [12] Brand Dynamics - Bosideng has launched a new high-end product line "Areal" in the Galeries Lafayette Haussmann in Paris, marking its first overseas public presentation since the line's release in 2025 [15] - This event signifies Bosideng's establishment as the first Chinese down jacket brand to open a pop-up store in Galeries Lafayette, marking a significant milestone for the brand's entry into the EU market [15] Personnel Dynamics - Tiffany & Co. has appointed David Ponzo as the new Vice CEO, effective January 26, succeeding the retiring Chief Commercial Officer Gavin Haig. Ponzo previously served as Chief Commercial Officer at Louis Vuitton [17] - Nike has announced that Angela Dong, the head of Greater China, will leave the company on March 31, with Cathy Sparks taking over the position. This change is part of Nike's strategy to enhance competitiveness in the Chinese market [20] - Barry Callebaut has appointed Hein Schumacher, a former Unilever executive, as the new CEO, effective January 26. This leadership change comes as the company faces challenges in cocoa sales [23] - China Resources Beverage has announced a leadership change, with Gao Li taking over as chairman from Zhang Weitong, amid a significant decline in revenue and profit [27]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Investment Rating - The report maintains a "Buy" rating for H&H International Holdings and By-Health Co., Ltd. [8][10] Core Insights - The AKK probiotic market is expected to grow significantly, with the global market projected to reach approximately 2.35 billion RMB in 2024 and 4.46 billion RMB by 2031, reflecting a CAGR of 9.6% [3] - The Chinese probiotic market is anticipated to exceed 137.7 billion RMB by 2026, driven by a growth rate of 11-12% in recent years [2] - The AKK probiotic has shown promising effects in improving obesity, regulating blood sugar and lipids, and has potential anti-aging benefits [1][2] Summary by Sections Market Potential - The Chinese probiotic market is rapidly expanding, with significant growth in various application sectors, including food and beverages (67%), dietary supplements (19%), healthcare (6%), animal nutrition (5%), and personal care (3%) [2] - The demand for AKK probiotics is expected to accelerate due to its clear efficacy and technological advancements in industrial production [2][4] Technological Advancements - Recent breakthroughs in the cultivation of AKK probiotics have improved supply stability, allowing for industrial-scale production [3][4] - The approval of AKK as a new food ingredient in regions like the EU and Australia indicates its safety and potential for broader market acceptance [4] Investment Opportunities - The report highlights investment opportunities in the AKK probiotic supply chain, recommending companies like H&H International Holdings and By-Health Co., Ltd. for their proactive engagement in this emerging market [5][8] - H&H International Holdings is noted for its product reserves related to AKK, while By-Health is expanding its product range to meet diverse consumer needs [5][11]

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook compared to the market benchmark [6]. Core Insights - The report emphasizes the recovery of the consumer price index (CPI) in December, suggesting a turning point in supply and demand dynamics. It highlights the importance of focusing on growth opportunities and the valuation flexibility of consumer goods [3][9]. - The report identifies key investment targets in the liquor sector, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands expected to clear inventory [9]. - The beverage sector is expected to benefit from improved travel conditions, with recommendations for companies like Dongpeng Beverage and Nongfu Spring [9]. - The report notes the ongoing recovery in the restaurant supply chain and the high growth potential of companies like Bailong Chuangyuan [15]. Summary by Sections Investment Recommendations - The report suggests focusing on companies with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as those expected to clear inventory like Yingjia Gongjiu and Guxi Gongjiu [9]. - It recommends beverage companies such as Dongpeng Beverage and Nongfu Spring, while also highlighting low-valuation, high-dividend stocks like China Foods and Master Kong [9]. - For snacks and food raw materials, it suggests Bailong Chuangyuan, Yanjinpuzi, and Three Squirrels as growth targets [9]. Liquor Sector Insights - As the Spring Festival approaches, the report highlights the importance of monitoring sales volume and pricing. It notes that the peak sales period is expected in February, with varying performance among brands [10]. - The report mentions that the liquor industry faced a significant production decline in 2025, with a total output of 3.549 million kiloliters, a year-on-year decrease of 12.1%, marking the largest drop since 2019 [11][13]. - It anticipates that the recovery in market conditions and inventory reduction will take time, with companies likely to maintain relationships through pricing strategies [11]. Consumer Goods Sector Insights - The report indicates that the restaurant supply chain is recovering, with the pre-prepared food sector expected to benefit from new national standards [15]. - Bailong Chuangyuan is highlighted for its strong growth, reporting a revenue of 1.38 billion yuan in 2025, a year-on-year increase of 19.8%, and a net profit of 366 million yuan, up 48.9% [15][16]. - The report notes that the company’s growth is driven by product optimization and increased production capacity utilization [16].

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][5] Core Views - The company is focusing on optimizing its asset structure by divesting non-core businesses, specifically the landscaping subsidiary, to enhance its core mineral water operations [3] - The mineral water business is expected to see significant growth, with projected sales increasing by 33.84% to 1.5034 million tons by 2025 [3] - The divestiture of non-core assets is anticipated to improve the overall financial health of the company and allow for more resources to be allocated to the mineral water segment [3] Financial Forecasts - Revenue projections for the company are as follows: 1,198 million yuan in 2024, 1,274 million yuan in 2025, 1,450 million yuan in 2026, and 1,722 million yuan in 2027, reflecting growth rates of 7%, 6%, 14%, and 19% respectively [2][4] - The net profit is expected to turn positive in 2024 with 6 million yuan, reaching 15 million yuan in 2025, 20 million yuan in 2026, and 30 million yuan in 2027, with growth rates of 101%, 137%, 40%, and 47% respectively [2][4] - Earnings per share (EPS) are projected to be 0.01 yuan in 2024, 0.02 yuan in 2025, 0.03 yuan in 2026, and 0.04 yuan in 2027 [2][4] Company Overview - The company is transitioning to focus solely on its mineral water business, which aligns with the growing consumer health consciousness and the trend towards packaged water [3] - The divestiture of the landscaping subsidiary is part of a broader strategy to streamline operations and enhance profitability in the core business [3] - The company’s market capitalization is approximately 5,986.21 million yuan, with a share price of 8.37 yuan [2]

Group 1 - A mobile application named UdenUSA has gained popularity in Denmark, allowing consumers to identify the origin of products to avoid American goods [1] - The app was developed by 21-year-old Dane Jonas Pieper and his friend Malte Hensbel, responding to consumer demand for clarity on product origins [1] - The application emerged amid rising discontent among Danes regarding U.S. President Trump's interest in acquiring Greenland, leading to a deterioration in U.S.-Denmark relations [1] Group 2 - Some Danish consumers have started to boycott American products as a form of protest against U.S. trade policies and ambitions regarding Greenland [2] - Danish supermarkets have begun marking European products with a star symbol to help consumers identify them [2] - Reports indicate a decline in sales of American brands like Coca-Cola in Denmark, while local brands such as Happy Cola have seen a surge in sales [2]

北京商报讯（记者 孔文燮） 1月23日，北京商报记者获悉，东鹏饮料集团成都生产基地项目签约仪式在 成都温江区举行，标志着公司在全国第14个生产基地落子西南。项目位于成都温江高新技术产业园区， 总占地面积约280亩，将建成集生产与仓储物流于一体的现代化基地，计划投资建设6条高端饮料生产 线，项目固定资产投资10亿元。 ...

Core Viewpoint - The company is actively expanding its product lines in the health sector, including beverages, cosmetics, and health drinks, with a focus on brand and channel development for future growth [1] Group 1: Beverage Business - The beverage segment includes products such as electrolyte supplements, purified water, large bottled water, glucose rehydration solutions, and solid beverages [1] Group 2: Cosmetics Business - The cosmetics division features products developed through a collaboration between the subsidiary Hubei Huaren Tongji and Tongji Hospital, focusing on medical science skincare [1] - Key products include collagen sleep masks, small molecule collagen water, vitamin E moisturizing cream, aurora night essence, vitamin E lotion, and sunscreen [1] Group 3: Health Drinks - The health drink line includes the "Huaren Tongji Bird's Nest Collagen Tripeptide Drink," which has been launched and is supported by the "Huaren Tongji Joint Laboratory" [1] - Currently, the sales revenue from this product line is relatively small, but the company plans to enhance brand and channel development for both online and offline sales [1]

Group 1 - The signing ceremony for the Dongpeng Beverage Group's Chengdu production base project took place in Wenjiang District, marking the official establishment of the project with a fixed investment of no less than 1 billion yuan [2] - Wenjiang District has positioned itself as a key area for the green food industry chain in Chengdu, attracting over 200 green food enterprises, including major brands like Uni-President, Master Kong, and Wahaha [2] - Dongpeng Beverage is a leading beverage enterprise in China, with 13 production bases nationwide, and the new Chengdu base is part of its strategic expansion into the western region [2] Group 2 - Wenjiang District focuses on optimizing the business environment as a crucial driver for high-quality development, implementing a service philosophy that emphasizes efficiency and support for enterprises [3] - The collaboration between Dongpeng Beverage and Wenjiang aims to enhance the competitiveness of the beverage brand while contributing to the high-quality development of the local green food industry [3] - Both parties plan to deepen their cooperation to align the growth of the national beverage brand with the industrial upgrade in Wenjiang, fostering a new chapter of economic and corporate development [3]