投资BodyArmor失误只是可口可乐营收"滑铁卢"的导火索。纵观全年，可口可乐实现营收479亿美元，同比增长2%；有机收入增长了5%。值得注意的是，可 口可乐的全球单箱销量（UnitCaseVolume）增长率为0%，而所有的增长都来自涨价（4%）。这创下可口可乐十年来首次"零销量增长"纪录。 过去几年，可口可乐通过实施"全天候战略"，即灵活的包装组合和定价策略，来对抗宏观经济的波动。2023—2024年，该战略曾十分奏效，由于消费惯性， 人们仍愿意为品牌溢价买单。然而到了2025年，"量价齐涨"的策略似乎失灵了。 在亚太市场，这种失衡尤为明显。2025年第四季度，可口可乐亚太区净收入骤降7%，营业利润暴跌36%，即便剔除汇率影响，核心业务疲软问题浮出水 面。值得注意的是，亚太区全年单箱销量增长率同样定格在0%，这个曾贡献超30%增长动力的引擎，首次出现"涨价不增量"。 "上季度，亚太地区的收入和利润有所下滑，主要原因是日本市场的销量增长被其他市场的下滑所抵消，而这些下滑主要受消费者支出疲软、行业整体表现 较弱以及去年同期基数较高影响。"柏瑞凯在业绩说明会上表示，"我们正在实施精细化的渠道执行计划，并调整品 ...

以下文章来源于i黑马 ，作者江南春 i黑马 . 让创业者不再孤独@i黑马 日本二手奢侈品市场，以 大黑屋 为代表，收入暴涨。 低欲望社会 ， 不等于没机会。 消费分级 ， 需求迁移 ， 才是最大的商业机遇 。 当人们不买房子，不追奢侈品的时候，钱都流向了哪里？ 第一，二 手经济 在中国， 红布林 、 胖虎， 同样业务大涨。 江南春 分众传媒董事长 黑马导师 整个社会都在喊没钱了，为什么这些公司反而年赚百亿？ 日本"失落 30年的秘密" ， 就在这八个行业里面 。 第三 ， 成人护理 日本尤妮佳 ， 靠纸尿裤翻身。 买不起爱马仕、 LV ， 但 抢着买二手。 但在日常消费品领域， 闲鱼 日活破亿， 转转 的 GMV 也大幅飙升。 闲置不是垃圾，是流动的黄金。 第二 ， 宠物经济 年轻人不太生孩子，但可以给猫买高级的罐头。 日本 Inaba 靠猫粮上市，中国乖宝 （ 中宠 ） 股价强劲 。 诚实一口、凯锐思、 疯狂小狗、 伯纳天纯、比瑞吉、 网易严选、 卫仕 等宠物品牌，销量持续攀升。 宠物不仅是主粮零食营养品，以 新瑞鹏 为代表的宠物医院，以 泰 淘气 为 代表 的宠物益生菌 、 保健品 ， 都大幅飙升 。 宠 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一段长达10年的陪伴，一段"长期主义价值共创"之旅。 作者丨 簪竹 来源丨 投中网 2月3日，随着东鹏饮料（09980.HK）敲响港交所的钟声，这款国民级饮料正式登陆港股，成为国内首家"A+H"功能饮料企业。这一刻，标志着这家扎 根于华南、成长为全国性品牌的企业，迈出了走向全球市场的关键一步。 作为东鹏饮料发展历程中， 唯一的早期外部投资机构，加华资本投资于东鹏最需要资本支持的关键时期。 尽管这款饮料品牌已创立23年，但仍处于快 速成长阶段。 加华资本的出手，开启了一段长达10年的陪伴，深度扶持、相互信任，与东鹏特饮一起造梦，一起追梦，一起圆梦的"长期主义价值共创"之旅。 事实也证明， 从最初的3.5亿元重仓入股，到如今的东鹏饮料实现"A+H"双平台上市的再次加码支持，市值突破1500亿港元大关，加华资本收获的已 远远不止是一份成功的投资。 此次，东鹏饮料H股上市，加华资本再次加码，以锚定和基石投资的形式，参与东鹏的港股发售，支持东鹏的全球化征程。 宋向前表示："东鹏饮料一直是一家被低估的企业，但始终给大家惊喜。东鹏饮料的成功是打破市场偏见的最优实践，说明即使在功 ...

Core Insights - Dongpeng Special Drink has achieved significant brand value growth, ranking 53rd in the 2025 Hurun China Brand List with a 59% increase in brand value and a rise of 11 places [1] - The company reported a revenue of 12.563 billion yuan in the first three quarters of 2025, reflecting a nearly 20% year-on-year growth [1] - The launch of a sugar-free variant in 2025 aims to expand consumer demographics and meet health demands, while strategic marketing in top-tier sports events enhances brand recognition [1] Market Position - Dongpeng Special Drink has maintained its position as the top-selling energy drink in China since 2021, achieving both sales volume and revenue leadership in 2025 [2] - The market share of Dongpeng Special Drink increased from 15.0% in 2021 to 26.3% in 2024, solidifying its status as a benchmark brand in the domestic functional beverage sector [2] Product Strength - The product's competitive edge is rooted in a scientifically formulated energy matrix, which includes taurine, lysine, inositol, caffeine, and vitamins, catering to various energy replenishment scenarios [3] - The new sugar-free variant includes L-α-glycerylphosphorylcholine to support cognitive function, appealing to health-conscious consumers [3] Brand Strategy - Dongpeng Special Drink's branding strategy focuses on engaging the youth demographic through sports, esports, and trendy events, positioning itself as a vital energy partner for young consumers [4] - The company has sponsored major events such as the FIFA World Cup and the Asian Games, enhancing its visibility and brand association with high-profile sports [4] Distribution Network - The company has established a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and more than 4.3 million active retail points [5] - Dongpeng Special Drink has embraced digital transformation, implementing a full-chain digital system to enhance operational efficiency and consumer engagement [5] Future Outlook - Dongpeng Special Drink's growth trajectory is attributed to its understanding of industry trends and consumer needs, positioning it as a leading brand in the functional beverage market [6] - The company aims to continue strengthening its market leadership and enhancing the brand's influence in the Chinese functional beverage sector [6]

Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first domestic functional beverage company with both A and H shares, marking a new starting point for its global expansion mission led by Lin Muqin [1][12]. Group 1: Company Development - In 2003, Lin Muqin took over a struggling Dongpeng Beverage factory with an annual output value of less than 20 million yuan, initiating a challenging entrepreneurial journey [2]. - The company faced significant challenges in its early years, including funding shortages and market competition, but successfully navigated these issues by focusing on cost control and efficiency [2]. - Dongpeng Beverage has established itself as a leader in the energy drink market, with Dongpeng Special Drink ranking first in sales in China since 2021, supported by a diverse product strategy [6]. Group 2: Product Innovation - The introduction of Dongpeng Special Drink with a PET bottle and dust-proof cap addressed the needs of outdoor workers and long-distance drivers, allowing the company to penetrate lower-tier markets effectively [2]. - The company has expanded its product line with the "1+6" multi-category strategy, including successful products like "Dongpeng Water" and various tea beverages, responding to diverse consumer needs [6]. Group 3: Supply Chain and Digitalization - Dongpeng Beverage has developed a digital supply chain system that enhances operational efficiency and reduces market response time, establishing a competitive edge in the fast-moving consumer goods sector [9][10]. - The company has built 14 production bases across China, with a total designed capacity exceeding 4.8 million tons, supporting its national and international expansion [9]. Group 4: Global Expansion Strategy - In 2025, Dongpeng Beverage will officially begin its global expansion, targeting Southeast Asia and other regions, leveraging its established product system and supply chain capabilities [11]. - The company has invested $200 million in Indonesia to build a production facility, aiming to enhance its competitiveness in overseas markets through localized production and operations [11]. Group 5: Financial Performance and Future Outlook - Dongpeng Beverage is projected to achieve a revenue growth of 31.07% to 33.34% in 2025, reflecting its strong development resilience and commitment to high-quality growth [6]. - The successful listing on the Hong Kong Stock Exchange marks a significant milestone in the company's journey from a local leader to an international player, aligning with its vision of global expansion [12][14].

Core Viewpoint - Dongpeng Beverage officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" dual-listed functional beverage company in China, marking a new starting point for its global expansion mission [1][12]. Company Development - In 2003, Dongpeng Beverage faced a survival crisis with an annual output value of less than 20 million yuan, but Chairman Lin Muqin took responsibility and led a team to overcome challenges, establishing a culture of cost control and efficiency [3]. - The introduction of the PET bottle with a dust cover for Dongpeng Special Drink in 2009 allowed the company to capture key consumer segments and significantly reduce production costs, leading to a successful market breakthrough [3]. Product Performance - Dongpeng Special Drink has maintained the top position in China's energy drink sales since 2021, with a strong performance in the market [5]. - The company's multi-category strategy, including the successful electrolyte drink "Dongpeng Water," has shown impressive growth, with revenue reaching 2.847 billion yuan in the first three quarters of 2025, a year-on-year increase of 134.78% [5]. Supply Chain and Production - Dongpeng Beverage has established 14 production bases across the country, with 10 in operation, achieving an annual design capacity of over 4.8 million tons [8]. - The company has implemented a self-developed "five-in-one" system for full-chain tracking, significantly reducing market price fluctuations and enhancing operational efficiency [10]. Global Expansion Strategy - Dongpeng Beverage is set to begin its "outbound year" in 2025, focusing on Southeast Asia and expanding to over 30 countries, leveraging local production and tailored products to meet regional preferences [11]. - A $200 million investment in Indonesia for a production facility aims to enhance competitiveness in overseas markets by avoiding tariff barriers and reducing logistics costs [11]. Financial Milestones - The successful listing on the Hong Kong Stock Exchange on February 3, 2026, marks a significant milestone in Dongpeng Beverage's journey towards becoming an international enterprise [12][14]. - The company's projected revenue growth of 31.07% to 33.34% in 2025 reflects its strong operational resilience and strategic execution [5].

证券研究报告 | 2026年02月09日 食品饮料周报（26 年第 6 周） 优于大市 白酒春节动销渐起，预制菜国标公开征求意见 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 4.48%，其中 A 股食品饮 料（申万食品饮料指数）上涨 4.44%，跑赢沪深 300 约 5.77pct；H 股食品饮 料（恒生港股通食品饮料）上涨 4.99%，跑赢恒生消费指数 0.69pct。本周 食品饮料板块涨幅前五分别为皇台酒业(13.50%)、海欣食品(11.90%)、日辰 股份(11.36%)、东鹏饮料(10.25%)和麦趣尔(10.25%)。 品类基本面延续分化，白酒＞食品＞饮料。（1）酒类。白酒：春节动销渐 起，茅台动销表现较好。投资建议上，首推贵州茅台（2026 年预计录得独立 行情，稳健穿越、长期定价权）、山西汾酒（产品及区域 alpha 支撑，份额 逆势提升）、泸州老窖（产品布局纵深，管理赋能全国化空间），也建议关 注古井贡酒/迎驾贡酒/五粮液/舍得酒业等。啤酒：行业库存良性，静待需 求回暖。我们预计后续啤酒板块对政策发力、需求回暖的感知较快。优先推 荐大单品快速增长、内部改革持续深化、业绩成长性强的燕京 ...

证券研究报告 | 2026年02月09日 品类基本面延续分化，白酒＞食品＞饮料。（1）酒类。白酒：春节动销渐 起，茅台动销表现较好。投资建议上，首推贵州茅台（2026 年预计录得独立 行情，稳健穿越、长期定价权）、山西汾酒（产品及区域 alpha 支撑，份额 逆势提升）、泸州老窖（产品布局纵深，管理赋能全国化空间），也建议关 注古井贡酒/迎驾贡酒/五粮液/舍得酒业等。啤酒：行业库存良性，静待需 求回暖。我们预计后续啤酒板块对政策发力、需求回暖的感知较快。优先推 荐大单品快速增长、内部改革持续深化、业绩成长性强的燕京啤酒。（2） 饮料。乳制品：春节备货有序推进，优先推荐龙头。我们重点推荐具备估值 安全边际的龙头乳企伊利，关注低温奶景气增长。饮料：淡季去库为主，春 节备货平稳，龙头目标积极。我们持续推荐经营加速的农夫山泉、加速全国 化和平台化的东鹏饮料，同样建议关注今年表现较优的茶饮龙头。（3）食 品。零食：优选确定性强的 alpha 型个股，重点关注魔芋零食品类红利的渗 透。魔芋零食景气度仍高，两家龙头卫龙美味、盐津铺子的产品创新活力较 足，有助于打开品类天花板，且两家龙头公司在此细分赛道中的竞争优势突 出，2 ...

食品饮料 周观点：白酒茅台持续引领，大众品关注春节催化 投资建议：1、白酒：顺周期政策积极催化，短期白酒春节旺季效应启动， 茅台动销与批价率先破冰引领行业实现超预期改善，情绪与预期修复先 行、静待基本面改善，短期建议关注春节刚需，中期布局各价位带龙头， 建议配置：1）短期春节刚需及弹性标的：贵州茅台、古井贡酒、迎驾贡 酒、泸州老窖、金徽酒等；2）中长期龙头：五粮液、山西汾酒、今世缘 等。2、大众品：重啤 25 年业绩稳增，东鹏饮料 H 股上市，春节错期旺季 催化，大众品多点开花，优先关注成长机会、后续切换复苏：1）成长主 线布局零食、饮料及α个股：鸣鸣很忙、万辰集团、卫龙美味、盐津铺子、 西麦食品、有友食品、东鹏饮料、农夫山泉、安琪酵母、H&H 国际控股； 2）复苏主线大餐饮链、乳制品等β弱修复可期：安井食品、巴比食品、 宝立食品、立高食品、新乳业、伊利股份、燕京啤酒、青岛啤酒、仙乐健 康等。 白酒：春节旺季行情积极，龙头茅台表现强劲。春节旺季逐步启动，整体 动销复苏节奏保持稳健并且品牌表现分化加大，分场景看，礼赠、聚饮需 求逐步修复，同时 2026 年春节假期延长预计有望对社交需求形成刚性拉 动；分品牌看， ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 食品饮料 周观点：白酒茅台持续引领，大众品关注春节催化 投资建议：1、白酒：顺周期政策积极催化，短期白酒春节旺季效应启动， 茅台动销与批价率先破冰引领行业实现超预期改善，情绪与预期修复先 行、静待基本面改善，短期建议关注春节刚需，中期布局各价位带龙头， 建议配置：1）短期春节刚需及弹性标的：贵州茅台、古井贡酒、迎驾贡 酒、泸州老窖、金徽酒等；2）中长期龙头：五粮液、山西汾酒、今世缘 等。2、大众品：重啤 25 年业绩稳增，东鹏饮料 H 股上市，春节错期旺季 催化，大众品多点开花，优先关注成长机会、后续切换复苏：1）成长主 线布局零食、饮料及α个股：鸣鸣很忙、万辰集团、卫龙美味、盐津铺子、 西麦食品、有友食品、东鹏饮料、农夫山泉、安琪酵母、H&H 国际控股； 2）复苏主线大餐饮链、乳制品等β弱修复可期：安井食品、巴比食品、 宝立食品、立高食品、新乳业、伊利股份、燕京啤酒、青岛啤酒、仙乐健 康等。 白酒：春节旺季行情积极，龙头茅台表现强劲。春节旺季逐步启动，整体 动销复苏节奏保持稳健并且品牌表现分化加大，分场景看，礼赠、聚饮需 ...