公司研究 事项： ❖ 公司发布 2025 年半年度业绩预告。25H1 预计实现营业收入 106.3 至 108.4 亿 元，同比+35.01%至+37.68%；归母净利润 23.1 至 24.5 亿元，同比+33.48%至 +41.57%；扣非归母净利润 22.2 至 23.6 亿元，同比+30.06%至+38.26%。单 25Q2 预计实现营业收入 57.82 至 59.92 亿元，同比+31.67%至+36.46%；归母净利润 13.3 至 14.7 亿元，同比+24.68%至+37.81%；扣非归母净利润 12.61 至 14.01 亿元，同比+16.51%至+29.44%。 评论： 证 券 研 究 报 告 东鹏饮料（605499）2025 年中报预告点评 强推（维持） 旺季加大费投，新品势能强劲 目标价：304 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15839 | 20729 | 25066 | 28962 | | ...

Core Insights - The Lin Muqin family ranks among the top ten in Shenzhen's New Fortune 500 list with a holding market value of 77.77 billion yuan, improving their overall ranking by 23 places compared to previous years, reflecting the success of Dongpeng Beverage and Lin Muqin's business acumen [1] Company Development - Dongpeng Beverage originated as a state-owned beverage producer in Shenzhen, primarily manufacturing soy milk and herbal tea, but faced near bankruptcy with annual revenue below 20 million yuan [2] - In a critical moment, Lin Muqin invested 4.6 million yuan to transition the company from state-owned to private, becoming the largest shareholder and embarking on a challenging entrepreneurial journey [2] - Recognizing the potential in the functional beverage market, Lin Muqin launched Dongpeng Special Drink in 2009 with innovative packaging and a competitive pricing strategy, quickly gaining recognition among blue-collar consumers [2][6] Brand Expansion - To enhance brand visibility, Dongpeng signed celebrity endorsement deals and invested in advertising through major platforms, leading to significant market presence [6] - The company has diversified its product offerings, launching "Dongpeng Supplement Water" in 2023, which achieved nearly 1.5 billion yuan in revenue in 2024, marking it as a new growth driver [10][11] - The introduction of the "Shangcha" series and "Dongpeng Daka" coffee brand reflects the company's response to consumer demand for healthier options and diverse flavors [14] Marketing and Sales Strategy - Dongpeng has established a robust sales network with over 3,000 distributors and 4 million active retail outlets, with significant revenue contributions from key regions [15] - The company employs innovative marketing strategies, including a "one code for one item" system and data-driven decision-making processes to enhance consumer engagement and optimize supply chain management [15][18] - Collaborations with major events and targeted advertising campaigns have strengthened brand recognition, particularly among younger demographics [16] Future Outlook - Dongpeng aims to continue its growth trajectory by focusing on innovation and quality while exploring global market opportunities, solidifying its position as a leading national beverage brand [16]

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 2024年至今，食品饮料行业整体下跌，食品饮料指数从2024年1月至今跌幅已近10%。 而在整体下跌的趋势之中，东鹏饮料却以超过80%的涨幅，位列A股整个食品饮料行业前列。 尽管伴随着诸多争议，东鹏饮料的股价相比2021年发行价已经上涨近5倍，市值也超过1200亿元，成为国内能量饮料企业绝对的龙 头。 靠着一句"累了困了，喝东鹏特饮"，在饮料行业"低糖化"和"健康化"的风潮之下，东鹏饮料能否继续维持"稳稳的幸福"？ 01 而当今年的业绩落地，对于部分提前进场的投资者来说，恰恰是到了获利离场的时刻。 最近，东鹏饮料发布2024年业绩。 全年实现营业收入158.39 亿元，同比增加40.63%；归母净利润33.27亿元，同比增长63.09%。 收入与利润增速，均落在了此前业绩预告偏高的区间，也创下了上市以来的最佳表现。 东鹏特饮在能量饮料市场的规模也逐渐扩大。 尼尔森IQ数据显示，东鹏饮料的能量饮料市占率从2023年的43%提升至47.9%，销售额份额突破34.9%，500ml瓶装单品稳居全国 前三。 能量饮料市场，华彬红牛的收入仍旧 ...