2025年2月5日港股市场多数板块调整，消费股逆势走强。有市场分析认为，当前港股消费板块值得关 注，一是因为9天超长春节假期有望带动黄金零售、酒旅、餐饮等服务消费行情，而港股服务消费资产 较为稀缺，有望在一季度受益；二是因为在前期持续回调后，估值已进入低位水平，相关龙头公司近期 的回购有望提振市场信息。 消息面方面，1月30日，泡泡玛特创始人、CEO王宁在举办的中英商务论坛上表示，泡泡玛特宣布将伦 敦定为欧洲总部所在地。此外，泡泡玛特已与美国商业地产集团Simon展开合作，计划在全美超过20家 Simon购物中心及The Mills购物中心新增标准零售形式的线下门店。 2026年以来，港股上市公司纷纷出手回购，向市场传递积极信号。根据Wind数据，截至2月3日，年内 已有超过120家港股公司实施回购，其中泡泡玛特于2026年1月19日和21日合计斥资3.48亿港元回购190 万股公司股票，名创优品今年已累计进行15次回购，累计回购金额达2463.25万元。 政策面方面，国务院印发《加快培育服务消费新增长点工作方案》后，多地迅速响应落地。文化和旅游 部于1月29日在泉州启动2026年全国春节文化和旅游消费月，活 ...

Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to adopt an "A+H" dual capital layout, raising a total of 10.14 billion HKD, marking the largest IPO in the history of Hong Kong's soft drink sector and the largest globally in 2026 to date [1] Group 1: Company Overview - Dongpeng Beverage is recognized as China's leading functional beverage company, ranking first in revenue growth among the top 20 listed soft drink companies globally. Its market share in China's functional beverage market has increased from 15.0% in 2021 to 26.3% in 2024 [2] - The company has established a strong brand presence with the slogan "Tired? Drink Dongpeng Special Drink," making it the primary association for energy replenishment among consumers [2] Group 2: Financial Performance - The revenue and net profit of Dongpeng Beverage from 2022 to the first three quarters of 2025 are as follows: 8.5 billion CNY, 11.26 billion CNY, 15.83 billion CNY, and 16.84 billion CNY for revenue; 1.44 billion CNY, 2.04 billion CNY, 3.33 billion CNY, and 3.76 billion CNY for net profit, showing steady growth [3] - The company forecasts a revenue of 20.76 billion to 21.12 billion CNY for the full year of 2025, representing a year-on-year growth of 31.07% to 33.34%, with a net profit of 4.34 billion to 4.59 billion CNY, reflecting a growth of 30.5% to 38% [3] Group 3: Fundraising Projects - The funds raised from the H-share issuance will focus on three core areas: enhancing the overseas market supply chain, promoting brand development and product research in international markets, and exploring investment and acquisition opportunities abroad [4] Group 4: Customer Base - Dongpeng Beverage has a diverse customer base, reaching consumers through over 4.3 million retail outlets, including convenience stores, supermarkets, and campuses. Meiyijia, with over 40,000 stores nationwide, is a key strategic partner [5] - The company has established subsidiaries in countries like Indonesia, Vietnam, and Malaysia, entering over 30 countries and regions globally, with local distributors and retailers as significant international customers [5] Group 5: Shareholding Structure - The shareholding structure of Dongpeng Beverage is relatively concentrated, with founder Lin Muqin as the controlling shareholder. Other major shareholders include Tianjin Junzheng Investment Management Partnership and Shenzhen Kunpeng Investment Development Partnership [6] Group 6: Industry Potential - Dongpeng Beverage has established a leading position in the Chinese soft drink industry, particularly in the functional beverage segment. The listing on the Hong Kong Stock Exchange supports its globalization strategy, with significant growth potential in the industry [7] - Recent research indicates that Dongpeng Beverage is a rare high-growth target in the food and beverage sector, with ongoing expansion of product categories and national strategies, and promising performance expected during the Chinese New Year [7]

2026年2月3日，东鹏饮料（605499）（H股代码：09980）正式在港交所主板挂牌上市，成为国内首 家"A+H"双资本布局的功能饮料企业。其本次发行价248港元/股，募资总额101.407亿港元，不仅是港股 历史上发行规模最大的软饮饮料IPO项目，亦是全球2026年至今发行规模最大的IPO项目。此次发行吸 引了卡塔尔投资局、淡马锡等15家全球顶尖机构组成超豪华基石投资阵容，是公司迈向国际化的重要里 程碑。 华泰金融控股（香港）有限公司、摩根士丹利亚洲有限公司及UBS Securities Hong Kong Limited于本次 发行中担任牵头保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人；北京德恒 律师事务所担任本次H股发行的境内法律顾问；德勤中国担任审计与鉴证机构，负责财务报表审计、内 部控制评估及上市合规支持。 一、基本情况 公司是中国第一功能饮料企业，收入增速在全球前20大上市软饮饮料企业中位列第一。按销量计，公司 在中国功能饮料市场自2021年起连续多年排名第一，市场份额从2021年的15.0%增长到2024年的 26.3%。公司始终致力于为全球消费者健康美好生活注入能量， ...

Core Viewpoint - Dongpeng Beverage (605499.SH) plans to invest in a new production base in Chengdu, with a total investment of 1.1 billion yuan [1] Group 1: Investment Details - The company intends to sign an investment agreement with the Chengdu Wenjiang High-tech Industrial Park Management Committee [1] - The project will involve the establishment of Chengdu Dongpeng Vitamin Beverage Co., Ltd., with a registered capital of 100 million yuan [1] - The production base project will utilize 280 acres of industrial land in the Chengdu Wenjiang High-tech Industrial Park [1]

Summary of Conference Call on Dongpeng Beverage Company and Industry Overview - **Company**: Dongpeng Beverage - **Industry**: Soft Drink Industry, specifically focusing on energy drinks and functional beverages Key Points and Arguments 1. **Market Outlook for Dongpeng Beverage**: The company is expected to maintain steady growth despite concerns about a slowdown in the energy drink segment. Projected revenue growth for 2026 is close to 25%, with profit growth potentially higher, estimating an absolute profit of approximately 5.8 billion [1][19] 2. **Valuation Perspective**: Current valuation for 2026 is estimated at 23 times earnings, with potential for a re-rating to 30 times if short-term data meets expectations, indicating a 30% upside [1][19] 3. **Soft Drink Industry Trends**: The soft drink industry is viewed positively, with a focus on high-growth segments such as energy drinks and traditional tea beverages. The selection of stocks should prioritize high-demand products and strong channel capabilities [2][3] 4. **Energy Drink Market Dynamics**: Dongpeng holds approximately 40% market share in the energy drink segment, with Red Bull at 22%. The energy drink market is expected to grow at over 10% annually from 2025 to 2029 [3][4] 5. **Growth of Sports Drinks**: The sports drink segment is projected to grow at 12.2% annually, with an estimated market size of over 60 billion by 2025. Dongpeng is positioned to benefit from this growth [4][5] 6. **Consumer Demographics**: The consumer base for energy drinks is expanding beyond traditional athletes to include a wider demographic, including women, whose consumption has increased from 23% in 2020 to 38% in 2025 [7][8] 7. **Product Innovation**: There is a trend towards product diversification, with a focus on low-sugar and functional beverages tailored to specific consumer needs and occasions [8][9] 8. **Channel Strategy**: Dongpeng is enhancing its distribution network, with 4.3 million retail points, and plans to increase this further. The company is also investing in freezer placements to boost sales during peak seasons [9][10][11] 9. **Promotional Strategies**: Initiatives like "1 Yuan Enjoyment" and "Free Enjoyment" are being used to stimulate sales and enhance brand loyalty among consumers [12][13] 10. **Digital Supply Chain**: The company has a competitive advantage through its digital supply chain, which supports high turnover and sales efficiency [13][14] 11. **Market Expansion**: Dongpeng is focusing on expanding its market presence both domestically and internationally, particularly in Southeast Asia, with plans for significant investment in production capacity and supply chain upgrades [18][19] 12. **Risks**: Potential risks include stock price volatility post-IPO, rising raw material costs, slower-than-expected new product launches, and increased competition in the beverage market [20][19] Additional Important Insights - **Investment Recommendations**: Analysts recommend Dongpeng as a strong investment opportunity, particularly given its current valuation and growth potential in both domestic and international markets [19][21] - **Consumer Trends**: The shift in consumer preferences towards functional beverages and the expansion of consumption scenarios are critical for future growth [7][8] - **Future Growth Drivers**: The company’s growth will be driven by effective channel management, product innovation, and market expansion strategies [14][19] This summary encapsulates the key insights and projections discussed during the conference call regarding Dongpeng Beverage and the broader soft drink industry.

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [9] Core Insights - The report highlights a structural differentiation in consumer recovery across various segments, with high-end consumption showing signs of recovery while mid-range and mass-market segments lag behind [1] - Foreign brands are facing challenges due to weak demand and a trend towards "de-branding," which has led to overall performance pressure [1] - Companies achieving growth are primarily relying on their own brand strength and channel strategies [1] Alcoholic Beverages - The overseas spirits giants are experiencing performance pressure in China, with Pernod Ricard and Diageo reporting significant declines in sales [2][13] - Diageo's management remains cautious, expecting continued challenges in the market, particularly in the white liquor segment [2][14] - Rémy Cointreau's sales in China have stabilized, but internal performance shows structural differentiation [2][15] Dairy Products - Foreign brands in the dairy sector, particularly in milk beverages and nutritional products, are performing well due to strong brand management and product innovation [3][22] - The market for dairy products is expected to continue growing, especially in segments like low-temperature fresh milk and cheese [3][32] - The high import dependency in certain dairy categories presents opportunities for domestic alternatives [3][32] Soft Drinks - The soft drink industry is experiencing varied performance across segments, with carbonated drinks under pressure while energy drinks and sugar-free tea are expanding [4][33] - Coca-Cola and PepsiCo maintain high market shares in carbonated drinks but face increasing competition from local brands [4][33] - Monster's sales in China are growing rapidly, indicating a positive outlook for the energy drink segment [4][44] Beer - The beer market is under pressure due to weakened dining demand, with Budweiser experiencing a significant decline in sales [5] - Carlsberg has stabilized its performance through product adjustments, while Heineken benefits from partnerships with local brands [5] Snacks - The snack sector is seeing a weak recovery, with foreign brands struggling against local competitors [6] - Mondelez has managed to maintain steady growth in China through localized marketing strategies [6] Condiments - Foreign condiment brands are focusing on improving product value and adapting to changing consumer preferences [7] - The market is shifting towards value-oriented consumption, prompting companies to adjust their strategies [7]

长江商报消息●长江商报记者 沈右荣 功能饮料巨头东鹏饮料（605499.SH，09980.HK）成功完成"A+H"双平台布局。不过，港股市场试水首日，东鹏 饮料股价盘中破发。 2月3日，东鹏饮料如愿登陆港股市场，公司创始人、实际控制人林木勤与"东鹏大咖"首位代言人韩红现场敲锣。 盘中，公司股价一度跌至245.60港元/股，跌破发行价，收盘报251.8港元/股，表现平淡。 备受关注的是，东鹏饮料本次IPO，顶级"投资天团"押注，包括腾讯、淡马锡、卡塔尔投资局、贝莱德、红杉中国 等。 并不缺钱的东鹏饮料本次IPO募资101.41亿港元（约合人民币90.37亿元），将使公司现金流更为充足。 东鹏饮料港股上市，将加快推动全球化战略。目前东鹏饮料的产品已出口超30个国家和地区，印尼、越南等海外 子公司落地运营。 东鹏饮料热衷营销。2025年前九个月，公司销售费用超过26亿元，而研发费只有0.52亿元。 近年来，东鹏饮料积极开拓第二增长曲线，"抄作业"产品"东鹏补水啦"虽然贡献了不菲收入，但公司营业收入依 然对东鹏特饮高度依赖。 出海开拓，东鹏饮料还有很长的路要走。 顶级资本押注股价仍破发 备受关注的功能饮料龙头东鹏饮料 ...

记者丨张嘉钰 吴斌 编辑丨黎雨桐 百事可乐涨近5%，报162.5美元，创2024年12月以来新高。消息面上，百事可乐Q4营收同比 增长5.6%至约293.4亿美元，营业利润同比增长近60%至约35.57亿美元。据新消费日报，百事 将旗下部分主要品牌(包括乐事薯片和多力多滋薯片)的价格下调高达15%，以提振销量。 沃尔玛涨1.9%，今年累计涨幅达13%，市值首次突破1万亿美元大关。据中国基金报报道，今 年早些时候，沃尔玛宣布与Alphabet合作，在Google的Gemini平台上提供"AI增强购物"体 验；近期又与OpenAI合作，让消费者可直接通过ChatGPT浏览并购买沃尔玛商品。公司上个 月被纳入纳斯达克100指数，进一步凸显投资者对其科技化布局的热情。 热门中概股多数下跌，纳斯达克中国金龙指数跌近1%，哔哩哔哩跌超3%，阿里巴巴跌超 2%， 网易、 百度跌超1%。小鹏汽车涨近2%。 贵金属方面，2月3日， 黄金白银强势反弹 ，现货黄金大涨超5%，站上4900美元；现货白银大 涨超11%， 完全收复昨日的跌幅， 报87.86美元。受此影响，美股 贵金属板块强势拉升，南方 铜业涨超7%，麦克莫兰铜金、Fi ...

Core Viewpoint - The company emphasizes the development of emerging channels such as dining and snacks while maintaining traditional channels [1] Group 1: Snack Channel Development - The company has established direct partnerships with over 30,000 stores in leading snack wholesale systems [1] - In addition to its own brand products, the company has launched customized products tailored for the snack wholesale channel [1] - Collaborations have been initiated with partners such as Wancheng, Henbang, and Yuming to create co-branded customized products [1] Group 2: Dining Channel Focus - The dining channel is currently a key area of focus for the company [1] - The Meco cup fruit tea product is well-suited for dining scenarios, leading to the development of customized cup products for this channel [1] - The company is conducting trial sales in selected dining stores in certain regions to explore market opportunities in the dining channel [1]

Core Viewpoint - Xiangpiaopiao (603711) is launching its first health-functional product, "Gufang Wuhong" warm milk tea, developed in collaboration with Zhejiang Chinese Medical University, based on the traditional Chinese concept of "food and medicine sharing the same origin" [1] Group 1 - The product "Gufang Wuhong" warm milk tea is designed to offer both rich flavor and health benefits [1] - The tea is currently in the trial sales phase [1] - The formulation utilizes the non-heritage "Wuhong formula" for its preparation [1]