如今能量饮料在年轻人中的渗透，自然不是一蹴而就的。近十年左右，市场上出现了大量年轻化的能量饮料产品。这些产品或在包装上采用更具潮流感的 设计，或在配料上"卷"健康。这些尝试，在一点一点地建立起能量饮料在中国"年轻"的形象。 能量饮料这一曾经属于体力劳动者的饮料，如今正快速在年轻人中渗透。 今年7月，东鹏特饮推出新品"无糖型东鹏特饮"，该产品采用无糖配方，迎合年轻人控糖的需求。同时，该产品还添加L-α-甘磷酸胆碱，一种可以增强神 经细胞的活力和神经信号的传递能力的成分[1]，使其定位于大量用脑的白领。包装方面，经典款的金色底色被替换成了简约的白色。 无糖型东鹏特饮，图片来源：东鹏饮料 定位年轻群体的魔爪，今年第一季度在中国市场的净销售额则是同比增长43.2%[2]。而在2024年第四季度，魔爪能量饮料在中国的箱销量就曾同比增长 51%。[3] 2024年，中国能量饮料市场年零售额达到1114亿元[14]，年轻消费者正在成为这一庞大市场不可忽视的推动力。 嘉世咨询报告显示，"运动"、"夜间加班"、"熬夜学习"、"电竞游戏"是目前能量饮料占比最高的饮用场景，而这些场景，与白领、年轻人的生活高度重 合。曾经能量饮料最 ...

核心观点： 前言：今年以来食品饮料板块收益率大幅跑输，位列31 个申万一级行业倒数第二，仅次于煤炭，个股 选择重要性大幅提升。以申万行业分类为参考，将有基金参与（25H1 基金持股比例>1%）且最新市值 大于100 亿元的食品饮料个股进行涨跌幅排序，年初至今收益率为正的公司仅15 家，其中万辰集团、卫 龙美味、妙可蓝多、新乳业、东鹏饮料、盐津铺子、山西汾酒、安琪酵母、泸州老窖和燕京啤酒等股价 表现居前，同时期内食品饮料指数下跌5%。我们以"2025 年个股复盘"专题切入，回顾年初至今核心公 司推荐逻辑及市场预期差变化。 投资建议：（1）白酒方面：白酒历经四年调整期，2025 年有望迎来"估值+业绩"双底，板块进入中周 期买点，股息率与十年期国债收益率比值较高，配置性价比显现，看好行业出清后需求面的恢复。核心 推荐：山西汾酒、泸州老窖、古井贡酒、今世缘、贵州茅台、五粮液，关注酒鬼酒、水井坊等次高端白 酒公司的盈利拐点。（2）大众品方面：大众品行业渠道变革，消费者追求"性价比+高价值"。为适应消 费趋势和渠道变化，我国大众品企业需关注性价比、健康、便捷、功能等需求，产品力强的细分赛道龙 头有望受益。核心推荐：天味 ...

以中国能量饮料市场的明星大单品东鹏特饮为例，其添加了牛磺酸、赖氨酸、肌醇、咖啡因、维生素PP、维生素B6、维生素B12等成分，具有抗疲劳的功 能。 能量饮料为何能达到抗疲劳的效果？主要的"功臣"是牛磺酸。 当下，中国能量饮料市场已达到千亿规模，而市场远远没有饱和。随着配方革命、场景破圈、价值重塑，能量饮料已经成为中国饮料市场奔涌的浪潮中， 最具爆发力的"后浪"之一。产品与场景创新带来的市场扩容，将让能量饮料赛道保持高景气度，"东鹏们"也将持续获益。 能量饮料是指含有一定能量并添加适量营养成分或其他特定成分，能为机体补充能量，或加速能量释放和吸收的饮料制品。 牛磺酸是一种人体必需的非蛋白质氨基酸，广泛存在于人及哺乳动物的几乎所有脏器内。它也是一种条件必需氨基酸，人体可以自行合成，但在某些情况 下可能需要通过饮食补充。 我们熟悉的海洋动物例如海鱼、贝类、墨鱼、章鱼、虾、牡蛎、海螺、蛤蜊等，就含有丰富的牛磺酸。其中，贝类里海螺、毛蚶、杂色蛤中牛磺酸含量 高，每100克鲜食部分含牛磺酸500~900毫克。此外，坚果、豆科食物这两类食物的牛磺酸含量也比较高，如黑豆、蚕豆、嫩豌豆、扁豆等。 人类的生存离不开能量，这往往需 ...

8月22日上午，东鹏饮料召开2025年上半年业绩说明会。 财报显示，公司上半年实现营收107.37亿元，同比增长36.37%；归母净利润23.75亿元，同比增长37.22%，两项指标均创历史新高。 横向对比其他软饮料公司，东鹏饮料的赚钱能力已位列行业第二，仅次于农夫山泉。根据近期Brand Finance发布的《2025全球软饮料品牌价值50强》报 告，东鹏饮料以30.8亿美元的品牌价值首次跻身全球软饮料品牌前十。 东鹏饮料董事长林木勤在业绩会上表示，为助力"补水啦"进一步发展，公司通过立体多矩阵营销场景构建（运动赛事营销、综艺植入、线下广告等）并加 强代言人合作及体育赞助等活动推动其增长。 今年上半年，东鹏饮料销售费用达16.82亿元，同比增长37.27%，其中渠道推广费支出同比增长61.20%，加大了冰柜投入；广告宣传费支出增长34.30%。 东鹏或将继续加快推新品的速度。 《国际金融报》记者注意到，今年东鹏饮料新增多个商标注册申请。其中还出现了一些跨界商标，包括国际分类为方便食品的"东鹏醒脑""来点""至醒"， 啤酒饮料商标"英拉""她能"。 大手笔分红 水芙蓉/摄 核心单品增速放缓 与农夫山泉手握红瓶 ...

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].

报告聚焦中国软饮料行业发展，梳理其历程、现状及未来趋势，并给出投资建议。 行业发展历经三阶段：90年代中期前为碳酸饮料主导阶段，可口可乐、百事等海外巨头进入，本土品牌也相继投产，该品类占比超50%；1995 - 2014年是多 元化增长阶段，本土企业壮大，果汁、茶饮料等品类兴起，百亿大单品频现；2015年至今为结构性增长阶段，瓶装水、功能饮料持续增长，碳酸饮料、茶饮 料向健康化、无糖化发展。 当前行业竞争激烈，传统赛道龙头优势明显，新兴赛道也能突围。龙头以"大单品迭代 + 细分场景渗透"构建护城河，百亿大单品是细分赛道引领者的重要门 槛。瓶装水、茶饮料、能量饮料等赛道增速较好，且各赛道集中度不同。 未来健康化、功能化是趋势。瓶装水包装化率有提升空间，长周期景气逻辑清晰；无糖茶品类渗透率提升空间大，东方树叶成百亿大单品，下沉市场渗透等 将成第二增长曲线；能量饮料东鹏特饮本土增长，计划出海东南亚；电解质水外资渠道集中于一二线，本土龙头布局晚，东鹏补水啦有望引领渠道下沉；椰 子水、气泡水等新兴品类受青睐。 九糖余、能重饮杆、电胖贝 不、椰丁不寺泰追头奋局京气度。纵问员盗 海外发达国家软饮料品类演变趋势,核心演绎方向 ...

Core Insights - The Chinese soft drink industry has undergone three major development stages: dominance of carbonated drinks, diversified growth, and structural growth [1][2] - The current competitive landscape is intense, with traditional leaders maintaining advantages while emerging segments are also making significant breakthroughs [2][3] - Future trends indicate a shift towards health-oriented and functional products, with high growth potential in bottled water, sugar-free tea, and energy drinks [3][4] Historical Overview - The industry initially saw the dominance of carbonated drinks until the mid-1990s, led by international giants like Coca-Cola and Pepsi [1] - From 1995 to 2014, the market diversified with local brands emerging and consumer demand for various categories increasing [1] - Since 2015, the rise of the middle class has led to differentiated consumption demands, with bottled water and functional drinks continuing to grow [1] Current Landscape - Major players are leveraging "big product iteration and scene penetration" to build competitive advantages, with significant single products emerging in various segments [2] - Key players in bottled water include Nongfu Spring and Master Kong, with respective market sizes of 16 billion and 12.1 billion [2] - The energy drink segment is led by brands like Red Bull and Dongpeng, with market sizes of 20 billion and 13.3 billion respectively [2] Future Trends - The bottled water packaging rate in China is expected to rise from 14.4% in 2023 to 18.9% by 2028, indicating a clear long-term growth trajectory [3] - The sugar-free tea segment is seeing significant growth, with brands like Dongfang Shuye achieving over 10 billion in market size [3] - Energy drinks are expanding into Southeast Asia, with local partnerships being crucial for market penetration [3] Investment Recommendations - Companies like Dongpeng Beverage and Nongfu Spring are recommended for their strong positions in high-growth segments [4] - The focus is on companies that can adapt to health and functional trends while maintaining strong single product capabilities [4] - Attention is also drawn to potential investments in China Resources Beverage and IFBH due to their emerging market presence [4]

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：宏观经济不及预期；食品安全问题；市场竞争加剧。 2025 年 08 月 21 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024/8/21 2024/12/20 2025/4/20 2025/8/19 食品饮料 沪深300 软饮料行业深度：后来居上，中国软饮料巨 头的平台化之路 相关研究 《硬折扣系列报告：机遇窗口期，百 舸争流》 2025-07-24 《2025Q2 基金食品饮料持仓分析：持 仓处于低位，白酒明显减配》 2025-07-22 东吴证券研究所 1 / 34 请务必阅读正文之后的免责声明部分 ◼ 观过往：历经三大阶段，品类多元化共振。纵向复盘中国软饮料行业的 发展，大致经历了碳酸饮料主导、多元化增长、结构性增长 ...

Summary of Dongpeng Beverage Conference Call Industry Overview - The Southeast Asian energy drink market benefits from demographic dividends and rising disposable incomes, with Vietnam's market size reaching 10.8 billion RMB and a CAGR of 12% from 2014 to 2024, outpacing China's growth rate [2][3] - The energy drink market in Southeast Asia is highly concentrated, with a CR3 of 83.3%, dominated by Red Bull (42.3%), while local brand Number One is gaining market share through differentiated packaging and cost-effectiveness [2][6] - Indonesia has the largest soft drink market (73.9 billion RMB), but the energy drink market is developing slowly (1.84 billion RMB) due to cultural influences and low caffeine demand [2][10] - Cambodia is one of the fastest-growing countries for energy drinks in Southeast Asia, with a CAGR of 9.3% from 2014 to 2024, driven by the Steam brand's low-price strategy and esports sponsorships [2][13] - The Southeast Asian sports drink market is valued at 1.49 billion USD (approximately 10.9 billion RMB), with a low CAGR of 0.6% over the past decade, but Vietnam, the Philippines, and Thailand show faster growth [2][14] Key Insights and Arguments - The Southeast Asian energy drink market has significant growth potential due to a young population, rising disposable incomes, and changing consumption habits [3] - Vietnam's energy drink market is the largest in Southeast Asia, with a labor force participation rate of 56.9%, providing a solid consumer base [6] - Dongpeng Beverage aims to penetrate the Southeast Asian market, particularly in Vietnam, through sports sponsorships, trade shows, and partnerships with distributors, with plans to invest in a factory in Indonesia [4][16] - The company targets a long-term revenue goal of over 20 billion RMB for its specialty drinks, with expectations of reaching 8 to 10 billion RMB in revenue from its hydration products [4][18] Competitive Landscape - In Vietnam, the energy drink market is changing, with Pepsi's Steam and local brand Number One gaining significant market shares, while Red Bull's share increased by 13 percentage points from 2015 to 2024 [9] - Indonesia's energy drink market is small and stagnant, with a CR3 of 53.5%, where Red Bull's share is declining, and local brands are gaining traction [10][11] - Thailand's energy drink market is stable, with a CR3 of 84%, and leading brands are expanding into other Southeast Asian countries [12] Opportunities and Challenges - Dongpeng Beverage has ample growth opportunities in Southeast Asia, particularly among the young labor force and through local retail channels [5] - The company plans to leverage its high cost-performance products and localized supply chains to achieve breakthroughs in the market [4][16] - The competitive landscape is not fully established, with local brands lacking strong financial backing, providing an opportunity for Chinese brands to gain market share [17] Financial Outlook - Dongpeng Beverage's net profit margin is currently at 21%, with potential for improvement as new products scale up [19] - The company aims for a long-term market capitalization of 190 to 210 billion RMB, supported by a projected revenue scale of at least 40 billion RMB [19]

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The food and beverage industry is experiencing significant shifts with emerging trends in health-focused products and innovative marketing strategies [1][2][4][7][10][19] Industry Environment - The baking industry is undergoing a rapid reshuffle, with many well-known brands closing stores due to high rent and labor costs, leading to 95,000 bakery closures in 2024, while the industry still grows at 5.2% to reach 110.5 billion [2] - Tesla's restaurant model achieved $47,000 in sales within six hours of opening, with plans to enter the Shanghai market, although it faces challenges in adapting to local cuisine [2] - The powdered noodle market is expanding, projected to reach 227.5 billion in 2024, with over 1 million stores, emphasizing product innovation and local specialties [4] - The summer beverage market is shifting towards health-oriented drinks, with traditional carbonated drinks being replaced by herbal teas and health drinks, expected to exceed 10 billion by 2028 [4][8] - The carbonated beverage market is intensifying competition, with local brands like Yuanqi Forest and Dajiaolou launching innovative products to capture market share [7] - The GABA beverage market is emerging, with several companies launching products aimed at improving sleep and emotional health, although consumer education remains a challenge [13] - The herbal beverage market is growing rapidly, expected to double in the next three to five years, but faces challenges of formula homogenization [19] Top Brand News - Wudao yogurt has become the top Greek yogurt brand in four years by focusing on a niche market and high-quality production [23] - Haidilao is testing a high-end restaurant model with a price point over 500, indicating a shift towards premium dining experiences [24] - Dongpeng Beverage has successfully penetrated the market by targeting blue-collar workers and optimizing its supply chain [24] - Luckin Coffee is aggressively expanding with a low-price strategy, aiming to surpass Starbucks in China by 2025 [25] - Xiaoguan Tea has rapidly grown in the no-sugar tea market, achieving 2 billion in sales by catering to young consumers [26]