10 】】】】】】 公司深度研究 | 东鹏饮料 东风已至，鹏路翱翔 东鹏饮料（605499.SH）深度覆盖报告 能饮市场扩容提速，主品基本盘稳健 1）能量饮料市场扩容进行时，赛道龙头地位稳固。根据欧睿，2025 年我国 能饮市场规模达 628 亿元，同增 4%。根据沙利文报告，2024 年东鹏 500ml 瓶装能量饮料成为中国软饮市场同规格产品中最畅销单品之一。2）全球化 扩张进行时，出海市场蕴藏潜能。2025 年越南/印度/泰国/菲律宾/印尼能饮 规模为 15/13/10/3/2 亿美元，2020-2025CAGR 为 8%/53%/5%/0.1%/8%。 渠道建设纵深发展，全国化取得突破 1）庞大销售队伍广布网点，冰柜投放深入布局终端。截至 2025H1 末，公 司拥有超 420 万家网点，实现近 100%地级市覆盖；已累计投放冰柜数量逾 40 万台，未来三至五年内计划投放约 60 万台冰柜。2）全国化扩张持续推 进，区域产能协同发展。2025Q1-3 华北/西南营收分别同增 73%/49%；目 前拥有九大生产基地，技改与扩建完成后总产能预计 1217 万吨。3）营销费 率优化效果明显，数字化策略赋能品牌 ...

新华社广州12月29日电 题："小饮品"何以释放大能量——东鹏饮料转型记 新华社记者孙飞、胡林果、田宇 走进便利店、打开柜门，琳琅满目的饮料品类中，主打提神醒脑功能的东鹏特饮，受到消费者欢 迎。小小一瓶东鹏特饮，一年却能创造上百亿元销售额。 从濒临破产的生死抉择，到成长为千亿元市值的"大块头"，在竞争激烈的饮料行业中，这家以深圳 别名"鹏城"寓意命名的饮料企业，持续求新、求变，深耕细分市场，不断通过"小饮品"释放大能量。 从无到有深耕功能饮料市场 功能饮料，因其含有牛磺酸、B族维生素等成分，具有抗疲劳、补充能量等作用，近年来发展迅 速。第三方机构数据显示，目前我国功能饮料市场规模已超千亿元。 "累了困了，喝东鹏特饮。"伴随着许多消费者熟悉的广告语，在这一细分市场中，东鹏饮料旗下的 东鹏特饮，占据市场领先地位。 东鹏饮料董事长林木勤说，从无到有，从小到大，背后是东鹏饮料"几十年对准一个城墙冲锋"的执 着追求。 20世纪80年代初，林木勤从家乡来到深圳。感受到饮料行业的巨大潜能，1988年林木勤投身这一领 域，在多家企业积累了丰富经验。1997年，他来到东鹏饮料，并于2003年企业改制后担任董事长。 回顾中国饮料 ...

群体的需求。在加强配方研发创新的同时，东鹏饮料也持续营造"简单、诚信、协作、拼搏"的企业文 化。为了更好调动全体员工建言献策积极性，东鹏饮料设立了"小创新大改善"平台，两年来共收到超过 800条建议，已经有上百条建议被采纳。改善一条水管，每小时就可节约0.042吨水——这得益于东鹏饮 料南宁生产基地生产三科的员工黄文章提出的一项建议。过去一年，仅他一个人就提出了21条建议，并 全部得到采纳，其中关于节水的创新想法获得了公司授予的"变废为宝"奖。东鹏饮料还在瞄准海外市 场。已是年末的12月，位于深圳南山的东鹏饮料总部，工作人员仍十分忙碌。"对不少饮料行业企业来 说，新一年从12月开始。"蒋薇薇说，2025年是公司的"出海元年"，产品已出口至越南、印尼等20余个 国家和地区，2026年公司希望持续拓展海外市场，加快"走出去"步伐。目前东鹏饮料海外收入占比仍然 较低，林木勤希望未来这一比重持续增加，成为公司的重要增长极。"全球人都知道可口可乐，中国饮 料也能成为世界级品牌。"林木勤说。（完） 新华社广州12月29日电 题："小饮品"何以释放大能量——东鹏饮料转型记新华社记者孙飞、胡林果、 田宇走进便利店、打开柜门， ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Insights - In the first three quarters of 2025, the Chinese fast-moving consumer goods (FMCG) market exhibited distinct characteristics of "price reduction, volume increase, structural differentiation, and channel reshaping." The overall market average price decreased by 2.4% year-on-year, but the decline has narrowed, indicating price stabilization. Third to fifth-tier cities have become the main drivers of sales recovery, while competition in first and second-tier cities has intensified. Notably, packaged food sales led with a growth rate of 3.4%, although the momentum is slowing due to price sensitivity. Beverages are the only category to experience a decline, significantly impacted by price wars and competition from freshly brewed tea drinks [2][4][27]. Summary by Sections Market Overview - The FMCG market in China is characterized by a "price reduction, volume increase" trend, with a 2.4% year-on-year decline in average prices, which is stabilizing. Sales growth in lower-tier cities contributed approximately 80% to market growth, with a year-on-year increase of 4-6% [17][21][27]. Category Performance - Packaged food sales grew by 3.4% year-on-year, driven by stable demand for core and snack food categories. However, growth momentum is slowing, with quarterly growth rates of 4.6%, 4.2%, and 2.9%. In contrast, the beverage category saw a 1.1% decline in sales, despite a 3.6% increase in volume, primarily due to a 4.6% drop in average prices [21][25][27]. Channel Dynamics - The channel landscape is evolving, with traditional offline channels continuing to shrink. Emerging formats such as warehouse membership stores and snack collection stores are experiencing rapid growth, with increases of approximately 40%, 51%, and 92% respectively. E-commerce channels also showed resilience with a growth rate of about 7% [22][27]. Subsector Performance - The food and beverage sector has seen a mixed performance, with the overall index down 3.66% since the beginning of the year, lagging behind the CSI 300 index. However, subsectors like snack foods, food composites, and soft drinks have shown relative strength in recent weeks [29][35]. Industry Trends - The liquor industry is undergoing strategic adjustments, with major companies like Kweichow Moutai and Wuliangye implementing market reforms. Fast food and coffee brands are leveraging price adjustments and co-branding initiatives to attract consumers. The soft drink sector is focusing on product innovation and brand exposure, while the dairy sector is investing in capacity expansion and governance changes [35][36][37].

21世纪经济报道记者贺泓源、实习生李音桦 lululemon（露露乐蒙）步入激烈调整期。 12月11日，lululemon宣布，Calvin McDonald将卸任首席执行官及公司董事会董事职务，于2026年1月31 日正式生效。 随后，lululemon创始人Chip Wilson在一封公开信中，再次表达了对Calvin McDonald的不满。 "在目睹多年来的糟糕决策不断侵蚀品牌价值、损害股东利益后，我清楚地认识到，正是在我不断加大 的压力下，lululemon 董事会才终于开始倾听意见。董事会对 Calvin McDonald 的赞扬，是对股东的公然 漠视。这位首席执行官在过去两年间见证了公司价值的大幅缩水，LULU 股价跌幅高达62.8%。在我看 来，董事会未能切实要求管理层承担产品创新的责任，反而陷入自满状态。公司核心市场的高端品牌价 值持续流失，这表明董事会已不再了解其目标客户，也不清楚什么能为 lululemon 带来长期股东价 值。"Calvin McDonald在公开信中称。 需要注意的是，lululemon在大本营美洲市场已陷入困局。 在截至2025年11月2日的最新财季，lululem ...

东鹏饮料1+6产品家族 据弗若斯特沙利文报告显示，按销量计，东鹏特饮自2021年起连续4年稳居中国功能饮料市场第一，成 为驱动品类增长的核心动力。产品创新带来的增长实效在财务数据中尤为凸显，2025年前三季度东鹏饮 料累计营收168.44亿元，同比增长34.13%，其中电解质饮料东鹏补水啦实现收入28.47亿元，占比从 9.66%升至16.91%，成为第二大品类，其他饮料收入14.24亿元（占比8.46%），进一步丰富矩阵。 近日，中国食品工业"十四五"总结暨"十五五"展望大会在郑州举行。大会以"穿越周期，共创新局"为主 题，汇聚了食品行业顶尖企业代表、权威专家学者及主流媒体人士，共同总结"十四五"发展成果，展 望"十五五"发展蓝图，为行业发展注入新动能。 其中，"致敬中国食品工业'十四五'榜样力量系列评选"自10月份启动以来，累计收到各渠道推选信息 500多条，企业报名表格800余份，300+人物/企业/品牌/产品进入网络票选阶段。经过全行业及专家线上 投票，最终评选出中国食品工业"十四五"高质量发展领军人物/标杆企业/贡献人物/品类冠军四大奖项。 凭借在产业升级、创新驱动与社会责任等领域的卓越表现，东鹏饮 ...

一家A股上市公司，明明有数十亿的闲散资金用于理财，用都用不完，但却还在筹划赴港IPO，说要再融资10几亿来拓展海外市场。 我们不禁要问，缺那10几亿吗？自己账上的钱不是钱？为什么非要融资？到底是为了圈钱？还是真的有资金缺口？ 东鹏饮料就是开头所说的，账上躺着100多亿却还要IPO融资的主，本来A股公司申请H股并不鲜见，但像东鹏饮料这种钱多得用不完 却还要IPO的，还真不多见。 东鹏特饮2025年三季报显示，闲钱真不少，货币资金57亿，交易性金融资产35亿，债权投资21亿，这些都可以看成是现金，你说它 缺港交所那10几亿谁能信？ 那有人说了，可能是老板想圈钱吧。 摊开东鹏饮料的股东列表，实控人林木勤家族持股比例65%，账面市值900亿，高居汕尾首富，自IPO以来基本没有减持过，这哪像 是圈钱的样子。 最重要的是，东鹏饮料相当赚钱，上市以来累计分红66亿，其中2024年分了20多亿，林木勤家族一年光分红就10几亿，用都用不 完，还圈啥钱。 江湖上一直流传着一个说法，东鹏饮料的老板林木勤每逢高速服务区停车休息，总要亲自去翻一翻垃圾桶，数数被丢弃的饮料瓶中 有多少是自家生产的东鹏特饮。 当然，现在已经不可能用这样的方 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

Core Insights - Shenzhen's GDP for the first three quarters reached 27,896.44 billion yuan, with a year-on-year growth of 5.5%, indicating a stable economic development trend [1] - Dongpeng Beverage reported impressive revenue of 16.844 billion yuan for the same period, marking a year-on-year increase of 34.13%, reflecting the strong momentum of private enterprises contributing to GDP growth [1] Group 1: Company Performance - Dongpeng Beverage's flagship product, Dongpeng Special Drink, generated revenue of 12.563 billion yuan in the first three quarters, accounting for 74.63% of total revenue, demonstrating stable performance [5][6] - The electrolyte drink "Dongpeng Water" showed significant growth, achieving revenue of 2.847 billion yuan, increasing its share from 9.66% to 16.91%, becoming the second-largest growth driver after Dongpeng Special Drink [5][6] - The "1+6" multi-category product strategy has successfully increased the revenue share of other beverages to 8.46%, validating the effectiveness of the company's diversified approach [5][6] Group 2: Market Strategy - Dongpeng Beverage has established a nationwide distribution network with over 3,200 distributors and more than 4.2 million active terminal points, achieving comprehensive market coverage from first-tier cities to county markets [8] - Revenue in the Guangdong region grew by 13.50%, with market share adjusted to 23.08%, while the North China region saw a remarkable growth of 72.88%, indicating a balanced market layout and continuous optimization of regional structure [8] Group 3: Innovation and Development - The company employs a "precise entry + continuous deep cultivation" strategy to quickly establish advantages in niche markets such as electrolyte water and tea beverages, leveraging a mature supply chain and digital infrastructure [7] - Dongpeng Beverage has planned 13 production bases, with 9 already in operation, to reduce logistics costs and ensure rapid delivery of new products to the market [9] Group 4: Corporate and Economic Synergy - Dongpeng Beverage's growth story reflects the resilience of Shenzhen's private economy, transitioning from a struggling state-owned factory to a publicly listed company valued in the hundreds of billions [10] - The supportive policies and optimized business environment from the Shenzhen government have played a crucial role in fostering the growth of private enterprises like Dongpeng Beverage [10] - The company actively contributes to social development through public welfare initiatives and job creation, exemplifying the mutual empowerment between the enterprise and the city [10] Group 5: Future Outlook - Dongpeng Beverage aims to continue its growth alongside Shenzhen, focusing on product innovation, market expansion, and digital transformation to contribute to the high-quality development of the beverage industry in China [11]

Investment Rating - The report maintains an "Outperform" rating for Eastroc Beverage with a target price of Rmb 333.00, indicating an expected upside from the current price of Rmb 276.89 [2][6]. Core Insights - Eastroc Beverage is experiencing rapid growth in its second curve, continuously progressing towards becoming a platform-based company. The company achieved a revenue of Rmb 16.844 billion in the first three quarters of 2025, representing a year-on-year increase of 34.1%, with a net profit of Rmb 3.761 billion, up 38.9% year-on-year [3][11]. - The core category of energy drinks is facing pressure, with revenue growth slowing to 15.1% year-on-year in Q3 2025. However, new product categories such as electrolyte drinks and low-sugar tea are driving significant growth, contributing to a more balanced revenue structure [4][12]. - The company has successfully expanded its product matrix, reducing reliance on a single core product. New products accounted for 16.9% of total revenue in Q1-Q3 2025, indicating a shift towards a more diversified portfolio [4][12]. Financial Performance - The company's gross profit margin was 45.2% in Q3 2025, a slight decrease of 0.6 percentage points year-on-year. However, effective expense control and improved operational leverage have led to a net profit margin increase to 22.7%, up 1.8 percentage points year-on-year [5][13]. - Revenue projections for 2025 to 2027 are Rmb 20.88 billion, Rmb 25.39 billion, and Rmb 30.03 billion, respectively, with net profit forecasts of Rmb 4.57 billion, Rmb 5.77 billion, and Rmb 6.89 billion, reflecting strong growth rates [6][15]. Market Strategy - Eastroc Beverage is focused on multi-category, national, and global strategies, with emerging markets such as North China, East China, and Southwest China showing over 30% year-on-year revenue growth. The company aims to consolidate its leading position in the beverage market and move towards becoming a comprehensive beverage group [5][14].