"东鹏从创立开始，就一直强调要增长，可以说我们的增长战略深入到员工的骨子里。" 千亿功能饮料大佬，再冲港股。 近日，东鹏饮料再次向港交所递交了上市申请，这是继今年4月首次递表失效后，公司二次冲刺港股。东鹏饮料方面表示，赴港上市主要是为了满足国际 业务发展需要。 2021年，东鹏饮料成功登陆A股，成为"功能饮料第一股"。上市以来，东鹏饮料业绩高速增长。2022年至2024年，公司营收分别为85亿元、112.57亿元、 158.3亿元，同比增长21.81%、32.44%、40.62%；2025年上半年，公司实现营业收入107.37亿元，同比增长36.37%；实现归母净利润23.75亿元，同比增长 37.22%。 市值也水涨船高，截至2025年10月17日收盘，东鹏饮料市值达1567亿元。创始人林木勤家族的财富也随之增长，2022年胡润富豪榜显示，林木勤以305亿 元的身价，成为广东潮汕新首富，在2025新财富500创富榜中，林木勤家族以777.7亿元的持股市值，位列深圳榜单前十。 但高增长也难掩林木勤的焦虑。 林木勤今年61岁，是东鹏饮料（集团）股份有限公司董事长、总裁。据百度百科，他早年毕业于中山大学工商管理专 ...

Core Viewpoint - Dongpeng's urgency to list on the Hong Kong stock market is increasing, driven by strong financial performance and the need for capital to support expansion and brand development [2][14]. Financial Performance - In the first half of 2025, Dongpeng reported revenue of 10.736 billion, a year-on-year increase of 36.37%, and a net profit of 3 billion, up 40.13% [3]. - The company's net profit attributable to shareholders was 2.375 billion, reflecting a 37.22% increase compared to the previous year [3]. - The operating cash flow decreased by 23.24% to 1.740 billion, indicating potential liquidity concerns despite strong revenue growth [3]. Product Performance - Dongpeng's energy drink sales reached 196.6 thousand tons, a 36 thousand ton increase from the previous year, but its market share dropped from 78.2% to 64.48% [4][5]. - The electrolyte drink segment saw significant growth, with sales rising to 68.5 thousand tons, increasing its market share from 10.21% to 22.49% [4][5]. - The overall gross margin improved to 45.15%, but the gross margin for energy drinks was notably higher at 50.61%, indicating a potential risk from lower-margin products [5][6]. Strategic Intentions - Dongpeng aims to enhance its production capacity, upgrade its supply chain, and strengthen brand influence through increased consumer engagement [2][14]. - The company is pursuing a national strategy to deepen and refine its distribution channels while exploring overseas markets for potential investments and acquisitions [2][14]. - The shift towards product diversification is seen as a necessary strategy to mitigate risks associated with reliance on a single product line, although it may slow growth [6][12]. Market Dynamics - The beverage industry is experiencing a shift, with increased competition leading to price wars, particularly in the low-end market segment [12][14]. - Dongpeng's historical success with its flagship product may not be easily replicated due to changing consumer habits and market saturation in the functional beverage sector [12][14]. - The company's strategy to engage in aggressive marketing and promotional activities may lead to short-term gains but risks long-term brand value erosion [10][12].

2025年10月9日，东鹏饮料再次向港交所递交主板上市申请，这是继今年4月3日首次递表失效后的第二次尝试。短短六天内，这家中国功能饮料之王便重 启了港股IPO进程，其急迫心情不言而喻。 自2021年5月在上交所挂牌上市，成为A股"功能饮料第一股"以来，东鹏饮料一直未停止对资本市场的渴望。2022年曾筹划瑞士上市，2024年转向港交 所，致力于资本国际化布局。 东鹏饮料的业绩光鲜——2024年营收158.39亿元，归母净利润33.27亿元，2018年以来净利润累计增长超过14倍。这家看似不差钱的公司为何如此执着于港 股上市？ 一、资本远征，从A股到H股的执着 东鹏饮料的资本化之路可谓一波三折。该公司始创于1987年，前身为国有深圳市豆奶饮料厂，2003年完成国有企业向民营股份制企业改制。2021年5月27 日，东鹏饮料在上交所敲钟上市，募资18.51亿元。 然而，A股上市仅满一年，东鹏饮料就开始筹划海外上市。2022年6月，公司筹划赴瑞交所发行GDR，计划打开欧洲市场大门。但随着海外上市监管要求 收紧，这一计划于2024年2月终止。 东鹏饮料的"A+H"计划并非孤例。随着国内资本市场改革深化，越来越多A股上市公 ...

Core Viewpoint - Dongpeng Beverage has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to expand its overseas financing channels and enhance its brand's international influence [3]. Financial Performance - Revenue is projected to grow from RMB 85.0 billion in 2022 to RMB 158.3 billion in 2024, with net profit increasing from RMB 14.4 billion to RMB 33.26 billion during the same period [3][5]. - For the first half of 2025, revenue and net profit are expected to show year-on-year growth of 36.4% and 37.2%, respectively, indicating strong short-term momentum [3]. - Gross margin has steadily increased, with figures of 41.6%, 42.3%, and 44.1% for 2022, 2023, and 2024, respectively, reaching 44.4% in the first half of 2025 [3]. Market Position - Dongpeng Beverage ranks second in China's energy drink market with a market share exceeding 15%, following Red Bull China [3]. - The company has diversified its product offerings beyond energy drinks to include functional beverages, coffee, and bottled water [6]. Distribution and Expansion - The company has expanded its distribution channels, with over 6,000 distributors covering 31 provinces and regions by the end of 2023 [7]. - Dongpeng Beverage plans to use funds raised from the Hong Kong listing to enhance production capacity, strengthen supply chain management, and accelerate its expansion into Southeast Asian markets [9]. Strategic Intent - The listing is seen as a strategic move to transition from a domestic leader to an international beverage group, marking a new phase of capital competition in the functional beverage sector [9].

Core Viewpoint - Dongpeng Beverage reported record high revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential in the beverage industry [2] Financial Performance - The company achieved revenue of 10.737 billion yuan, a year-on-year increase of 36.37% [2] - The net profit attributable to shareholders reached 2.375 billion yuan, up 37.22% year-on-year [2] - Dongpeng Beverage's profitability ranks second in the industry, only behind Nongfu Spring [2] Product Dependency and Growth - Dongpeng Beverage's performance is heavily reliant on its flagship product, Dongpeng Special Drink, which accounts for approximately 77.91% of total revenue in the first half of 2025, down from around 90% previously [5] - The energy drink segment generated revenue of 8.36 billion yuan, reflecting a year-on-year growth of 21.9%, but this growth rate has slowed compared to previous years [5] - The company is diversifying its product line with new offerings such as electrolyte water "Dongpeng Water", unsweetened tea "Oolong Tea", and coffee products "Dongpeng Coffee" [5] Marketing and Investment - Dongpeng Beverage increased its marketing expenses to 1.682 billion yuan, a rise of 37.27% year-on-year, with channel promotion costs up by 61.20% [7] - The company is focusing on multi-channel marketing strategies, including sports event sponsorships and advertising [7] Dividend Policy - Dongpeng Beverage announced a cash dividend of 2.5 yuan per share, totaling 1.3 billion yuan for shareholders [9] - Since its IPO in 2021, the company has distributed cash dividends totaling 6.6 billion yuan, with a dividend payout ratio of 63.62% [10] Ownership Structure - The ownership of Dongpeng Beverage is highly concentrated, with the founder Lin Muqin and his family holding 62.91% of the shares [12] - Lin Muqin's family is expected to receive approximately 818 million yuan from the recent dividend distribution [12]

Core Insights - The beverage market is witnessing a shift from sugar-free tea drinks to functional beverages, with functional drinks becoming the fastest-growing category in China, projected to reach a market size of nearly 1.4 trillion yuan by 2024, approximately double that of sugar-free tea drinks [2][5][8]. Industry Overview - The energy drink segment, represented by brands like Dongpeng, has seen a significant increase in per capita consumption, rising from less than 1 liter in 2015 to 2.79 liters in 2024 [2]. - The overall functional beverage market in China is expected to grow from 111.9 billion yuan in 2019 to 166.5 billion yuan in 2024, marking a nearly 50% increase over five years [8]. Consumer Behavior - The rise in functional beverage consumption is closely linked to changing work and lifestyle habits among consumers, particularly young people who often work late hours and require energy-boosting drinks [9][10]. - The top consumption scenarios for energy drinks include sports, late-night work, studying, and gaming, with the latter three closely associated with late-night activities [9]. Company Performance - Dongpeng Beverage has experienced remarkable growth, with a projected revenue of over 20 billion yuan by 2026, positioning it as a potential new super brand alongside Coca-Cola and Red Bull [3]. - In the first half of 2025, Dongpeng reported a revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, with net profit rising by 37.22% [16][20]. Competitive Landscape - Dongpeng has overtaken Red Bull in sales since 2021, benefiting from Red Bull's internal challenges and the overall growth of the functional beverage category [17][19]. - The competitive dynamics have shifted, with Dongpeng capitalizing on Red Bull's slowed growth due to legal disputes and market disruptions [18][19]. Market Strategy - Dongpeng's marketing strategy includes aggressive promotion and distribution efforts, such as the "free freezer plan" to ensure product visibility in retail locations [37]. - The company has invested significantly in channel partnerships, offering higher profit margins to distributors compared to competitors, which has helped establish a strong market presence [38][40].

Core Insights - Dongpeng Beverage reported a strong performance in the first half of 2023, with revenue reaching 5.46 billion yuan, a year-on-year increase of 27.24%, and net profit of 1.108 billion yuan, up 46.84% [1] - The food and beverage industry is experiencing a recovery, with over 60% of the 54 listed companies in the sector reporting profit forecasts, and more than 50% expecting net profit growth [1] - Dongpeng's market position remains strong, with its energy drink sales volume increasing from 36.70% to 40.86% in the Chinese market [1] Financial Performance - In Q2 2023, Dongpeng achieved revenue of 2.969 billion yuan, a 30% year-on-year increase and a 19% quarter-on-quarter increase, with net profit of 611 million yuan, reflecting a 49% year-on-year and 23% quarter-on-quarter growth [1] - The company's core product, Dongpeng Special Drink, sold 1.207 million tons, generating 5.135 billion yuan in revenue, a 24.69% increase, although its revenue share decreased from 96.13% to 94.13% [2] Strategic Developments - Dongpeng is diversifying its product offerings, focusing on energy drinks as the primary growth curve and introducing coffee and electrolyte drinks as a secondary growth curve [2] - Other beverage sales, excluding Dongpeng Special Drink, reached 173,200 tons, with revenue of 320 million yuan, marking a 92.85% increase and an increase in overall revenue share from 3.87% to 5.87% [2] Market Expansion - As of June 2023, Dongpeng's distributor count reached 2,796, and the number of sales outlets grew to 3.3 million, a 32% increase [3] - Revenue growth was observed across major regional markets, with Guangdong's revenue at 1.879 billion yuan (up 14.05%), and significant growth in Southwest and North China regions, with increases of 59.71% and 67.91% respectively [3] - The company's reliance on the Guangdong market is decreasing, with its revenue share in the region dropping to 34.45%, down 4 percentage points from the previous year [3]

Group 1 - BrandFinance's report ranks Eastroc (东鹏饮料) among the top ten global non-alcoholic beverage brands for the first time, with a brand value of $3.1 billion, highlighting the strength of Chinese beverage brands on the international stage [1][2] - The report indicates that Chinese brands are increasingly important in the global food and beverage market due to rapid growth and strong leadership across categories [3] - Eastroc has significantly increased its market share in the domestic functional beverage sector and is accelerating its expansion into Southeast Asia [3] Group 2 - Eastroc's product portfolio includes high-quality offerings such as Eastroc Energy Drink, Eastroc Hydration, Eastroc Coffee, and various tea products, catering to diverse consumer needs [3] - The company has exported products to 25 countries and regions, leveraging international events like the Asian Games and World Cup to enhance brand visibility [3] - In 2024, Eastroc's revenue is projected to reach 15.8 billion yuan, reflecting a year-on-year growth of over 40%, demonstrating strong brand resilience and high-quality growth [3]

Core Viewpoints - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.16% while the Shenzhen Component Index and the ChiNext Index fell by 0.18% and 0.68% respectively, with a total trading volume of 1,825.229 billion yuan [1][6] - In the Shenwan industry sector, non-ferrous metals, beauty care, and real estate led the gains, while pharmaceutical biology, electric equipment, and communication sectors lagged [1][6] - The Hong Kong market saw the Hang Seng Index increase by 0.69% and the Hang Seng Technology Index rise by 0.26% [1][6] Company Analysis - Dongpeng Beverage reported a revenue of 10.737 billion yuan for the first half of 2025, reflecting a year-on-year growth of 36.37%, with a net profit of 2.375 billion yuan, up 37.22% [8][9] - The second quarter of 2025 saw revenue of 5.889 billion yuan, a year-on-year increase of 34.10%, but a quarter-on-quarter decline [9] - The company’s sales strategy focused on nationwide channel expansion, achieving significant growth in various regions, with sales in the Guangdong region increasing by 20.41% [10][11] - The core product, Dongpeng Special Drink, generated sales of 8.361 billion yuan, a growth of 21.97%, while Dongpeng Water saw a remarkable increase of 213.71% in revenue [12] - The gross margin for the first half of 2025 was 45.15%, an increase of 0.55 percentage points, attributed to lower raw material prices [13] - The company is actively pursuing international market expansion, having entered markets such as Vietnam and Malaysia, and submitted a prospectus to the Hong Kong Stock Exchange [13] - Dongpeng Beverage aims for a revenue and net profit growth of over 20% in 2025, with projected net profits of 4.029 billion yuan, 4.937 billion yuan, and 6.107 billion yuan for 2025-2027 [14]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by its energy and electrolyte beverage segments [3][4]. Financial Performance - In H1 2025, the company achieved revenue of 10.737 billion yuan, a year-on-year increase of 36.4%, and a net profit attributable to shareholders of 2.375 billion yuan, up 37.2% [3]. - In Q2 2025, revenue reached 5.889 billion yuan, growing by 34.1%, while net profit was 1.395 billion yuan, an increase of 30.8% [3]. Product Segmentation - Energy drinks generated revenue of 8.36 billion yuan in H1 2025, a growth of 21.9%, accounting for 77.9% of total revenue [4]. - Electrolyte drinks saw a remarkable revenue increase of 213.7%, reaching 1.49 billion yuan, with their revenue share rising from 6.1% in H1 2024 to 13.9% in H1 2025 [4]. - Other beverages, including tea and coffee, also performed well, with revenue from other drinks increasing by 66.2% to 880 million yuan [4]. Sales Channels - Revenue from distribution, key accounts, and online sales in H1 2025 was 9.35 billion yuan, 1.09 billion yuan, and 290 million yuan, respectively, with year-on-year growth rates of 35.1%, 47.0%, and 53.8% [4]. - The company has established a robust nationwide distribution network, with 3,279 distributors covering over 4.2 million active retail points [7]. Cost Management - The gross margin for H1 2025 was 45.1%, an increase of 0.5 percentage points, attributed to lean management and a decrease in PET material costs [6]. - The selling expense ratio was 15.7%, reflecting increased personnel, freezer investments, and promotional activities [6]. Market Expansion - The company is expanding its market presence, particularly in the North, with a focus on enhancing its product offerings to meet diverse consumer needs [7]. - The introduction of larger packaging and new products aims to capture a broader consumer base and adapt to changing consumption trends [7].