以下文章来源于野马财经 ，作者刘俊群 野马财经 . 东鹏特饮布局" A+H "。 文 ｜ 刘俊群 编辑 ｜ 刘钦文 来源｜ 野马财经（ID： YMCJ8686 ） 封面来源 ｜ 视觉中国 "累了困了，喝东鹏特饮。"这句广告语曾风靡大街小巷，搭配醒目的黄瓶包装，成为许多人开车、运动、工作时的不二之选。一瓶下肚，仿佛瞬 间"满血复 活"，东鹏特饮也因此被称为功能饮料界的"原地续命神器"。 近日 ， 东鹏饮料（集团）股份有限公司（ 605499.SH， 下称"东鹏饮料"） 再次向港交所递交主板上市申请，谋求"A+H"双平台布局。 这是继今年4月首次 递表失效后，公司二次向港股市场发起冲击。 自2021年登陆A股以来，东鹏饮料市值一度突破千亿，截至2025年10月10日，公司股价报收于311.68元/股，市值达1620.8亿元。 伴随市值攀升，一场围绕东鹏饮料的资本盛宴早已拉开帷幕。 2023年限售股解禁后，包括鲲鹏投资、 君正投资 在内的多名股东及董监高启动减持；而上市 以来公司累计实施的66亿元现金分红，也为大股东带来可观回报。以实控人林木勤为例，其通过分红就已获得约32.83亿元。 如今，随着东鹏 饮料二度闯关 ...

（原标题：685亿潮汕饮品家族 火速行动备战港股） 多线并进 东鹏饮料董事长林木勤，靠功能饮料发家。 他琢磨出门道，把量大、低价的功能饮料，卖给卡车司机、快递员等蓝领群体，一步步将生意做大。 截至6月底，东鹏饮料已经进入国内超420万家终端销售网点，覆盖近100%地级市。 汕尾林木勤父子，二度冲击港股上市。 10月10日，其实控的东鹏饮料，更新招股书，披露业绩，上半年收入107亿元。 东鹏饮料于4月上旬，首次递表港交所，因6个月内未完成上市流程，该申请于10月3日自动失效。 一周时间，林木勤父子火速更新IPO材料，可见其推进节奏之迅捷。 "我们将适时打造兼具国际视野和本地优势的团队，支持未来全球化发展。"招股书称，本次所募资金， 将用于扩大产能、升级供应链和拓展海外业务。 截至10日收盘，东鹏饮料A股涨3.37%，市值站上1600亿元。 据弗若斯特沙利文报告，按销量计，2024年，东鹏在中国功能饮料市场的份额，增长至26.3%。 其去年收入增至158.4亿元。其中，能量饮料的贡献，超过八成。 业绩和股价向好，林木勤身家水涨船高。截至2025年9月底，他直接持有东鹏饮料49.74%股权，为实控 人。 2025年 ...

东鹏饮料向港交所递交主板上市申请，华泰国际与摩根士丹利担任联席保荐人 据港交所披露，东鹏饮料（集团）股份有限公司正式递交上市申请，计划在香港主板发行股份。此次赴港上市，东鹏饮料希望拓宽海外融资渠道、提升品 牌国际影响力，并为未来海外市场扩张提供资金支持。 东鹏饮料成立于2003年，旗下"东鹏特饮"是中国功能饮料市场的核心品牌之一。根据相关数据，2023年公司在中国能量饮料市场份额排名第二，仅次于红 牛中国，市占率超过15%。 招股书显示，2022年至2024年，东鹏饮料的营收从85.0亿元攀升至158.3亿元，净利润由14.4亿元增至33.26亿元。2025年上半年，其收入与净利润同比增幅 分别达36.4%和37.2%，展现出强劲的短期动能。 此外，该公司毛利率也逐年稳步上升，2022 - 2024年毛利率分别为41.6%、42.3%、44.1%，2025年上半年为44.4%。 | | | | | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 財註 | 2022年 | 2023年 | 20 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 多品类产品的快速突围，离不开东鹏饮料在全国化布局、供应链建设与终端运营的长期投入。2025年上半年，全国化战略深化成效显著，区域增长呈现"多点开花"。广东传统优势市场收入同比 供应链方面，公司规划的13大生产基地中9大已投产，天津、中山、昆明、海南等新建基地有序推进。基地投产后将缩短配送半径、降低物流成本，结合"以动销指导生产"模式，可动态调配产能 终端渠道上，东鹏饮料已构建覆盖全国的立体化网络，拥有3200余家经销商、超420万家有效活跃终端网点，累计触达不重复消费者超2.5亿。"公司精耕+大流通"运营模式实现从一线到县域市 当前饮料行业竞争已进入综合实力比拼阶段，东鹏饮料凭借多品类矩阵、全国化供应链与深度渠道网络，构建起核心竞争壁垒。 同时，随着企业规模的不断扩大以及市场拓展的加速，资金和资源的需求也在持续攀升。港股上市为企业提供了更广阔的发展空间和更强大的资源获取能力。通过在港交所上市，东鹏饮料能够吸 10月9日，东鹏饮料（605499.SH）在港交所更新招股书，披露截至2025年6月30日止上半年业绩。报告期内，公司实现营业收入 ...

近日，为期两天的北京街舞赛事周在北京微博IN钻石中心举办，东鹏特饮作为赛事独家冠名方，为赛 事提供全程支持。这场涵盖HHI世界街舞锦标赛、国门之巅Breaking专项赛等多元项目的潮流盛会，是 东鹏饮料深耕年轻消费市场的战略缩影——在以街舞为代表的潮流体育场景之外，多维布局大众体育、 电竞等年轻群体高度聚集的领域，并依托数字化精准赋能，构建起"文化+场景+数据"三位一体的年轻 化营销体系，持续强化"年轻就要醒着拼"的品牌认知。 东鹏特饮独家冠名HHI世界街舞锦标赛 文化锚点：从街舞合作到潮流生态的深度渗透 东鹏饮料与街舞文化的联结，基于"功能适配+人群匹配+长期布局"的立体逻辑，并非单次赛事的浅层 合作。从产品功能来看，旗下功能饮料产品东鹏特饮"抗疲劳、提神醒脑"的核心特性，与街舞赛事中选 手高强度竞技对体能、专注力的需求高度契合，为品牌融入赛事场景提供了天然基础。 从人群维度分析，街舞作为Z世代追捧的潮流文化符号，其核心受众与东鹏特饮的年轻用户群高度重 合。据悉，2025国门之巅国际街舞联赛吸引超万名选手参与。两者在年龄、兴趣圈层上的匹配度，让品 牌与街舞文化的合作具备精准触达的优势。 东鹏特饮冠名的 "国 ...

Core Insights - The beverage industry views freezers not merely as storage tools but as strategic assets that enhance brand visibility and consumer conversion rates. Digital capabilities significantly boost the operational efficiency of these freezers [1][10]. Group 1: Freezer Strategy - The freezer is considered the "golden entry point" for soft drink consumption, with 79% of consumers opting for frozen beverages in summer. 81% of consumers switch to competitors if their desired drink is not frozen [3]. - The company has established a vast distribution network, covering over 4.2 million active terminal stores nationwide, achieving 100% penetration in prefecture-level cities. This includes a range of retail formats from convenience stores to rural shops [3][4]. - The company adopts a "self-purchase freezer" model, ensuring complete control over the freezer network and mitigating risks associated with subsidy-dependent partnerships [3]. Group 2: Precision Control - The company employs targeted freezer displays for its flagship product, enhancing brand recognition and driving significant sales growth. The "East Peng Water" product line has also seen substantial revenue growth through strategic freezer placements [4]. - The company’s approach of "one product, one strategy" in freezer operations transforms each freezer into a performance-driving engine [4]. Group 3: Digital Empowerment - The company’s freezer strategy integrates digital technology, transforming freezers into data nodes that facilitate a closed-loop interaction between brands, terminals, and consumers. This is supported by a unique "five-code integration" technology that tracks products throughout their lifecycle [6][10]. - The dynamic age analysis system and sales automation (SFA) system work in tandem to ensure precise management of freezer operations, maintaining product freshness and optimizing display strategies [6][9]. Group 4: Supply Chain and Internal Management - The company has established nine production bases, with additional facilities under development, significantly reducing delivery times and logistics costs, thereby supporting freezer stocking [9]. - Digital tools enable precise tracking of freezer expenses and promotional effectiveness, allowing for timely adjustments to marketing strategies based on real-time sales data [9]. Group 5: Conclusion - The company's dual strategy of "freezing and digitization" creates a symbiotic ecosystem among brands, terminals, and consumers, providing a viable path for transitioning from scale expansion to efficiency-driven success in a competitive market [10].

Core Viewpoint - The company Yango Beverage, the parent company of "Six Walnuts," reported a significant decline in both revenue and net profit for the first half of 2025, attributing the downturn primarily to decreased sales of walnut milk products [1][3]. Financial Performance - Revenue for the first half of 2025 was 2.465 billion yuan, a year-on-year decrease of 16.19% - Net profit attributable to shareholders was 744 million yuan, down 27.76% year-on-year - This marks the first instance in three years where both revenue and net profit have declined simultaneously [1][3]. Sales and Market Dynamics - Sales revenue declined across all seven major regions, with the largest three regions experiencing double-digit declines [4]. - The walnut milk product, which constitutes approximately 90% of the company's total revenue, has seen a significant drop in sales, reflecting a lack of competitiveness in the product and brand [3][4]. Marketing and Advertising - The company increased its advertising and marketing expenses to 330 million yuan, a rise of 3.73% year-on-year, marking the first increase in three years - Despite the increased spending, the sales expense ratio rose from 10.81% to 13.37%, indicating ineffective marketing efforts [1][3]. Investment Strategy - Despite the declining sales of walnut milk, the company has not introduced new product plans or acquisitions to address growth challenges [6]. - Yango Beverage has engaged in significant cross-industry investments, totaling 1.1 billion yuan in 11 companies across sectors like renewable energy and media, which are unrelated to its core business [9][10]. - The company’s investment activities generated a net cash flow of approximately 980 million yuan in the first half of 2025, a year-on-year increase of 18.56% [11]. Research and Development - The company has spent relatively little on product research and development, with R&D expenses amounting to 18 million yuan, a decrease of 11.2% year-on-year [12].

Core Insights - Electrolyte water is rapidly gaining popularity among young consumers, potentially replacing traditional mineral water in their shopping carts [1] - Sales of electrolyte water have surged by 150% year-on-year this summer, according to JD Supermarket data [1] - The Chinese electrolyte water market is projected to reach a scale of 18 billion yuan by 2025 [1] - Major players in this market include Yuanqi Forest, Dongpeng, Otsuka, and Danone, with Yuanqi Forest holding nearly 50% of the domestic market share as of April 2025 [1] - Dongpeng's electrolyte water product "Dongpeng Buliang" has achieved remarkable sales, reaching 1.493 billion yuan in the first half of this year, a year-on-year increase of 213.7% [1] Industry Analysis - The high sugar content in electrolyte water, typically ranging from 6 to 10 grams per 100 milliliters, raises health concerns, as a 500-milliliter bottle can contain up to 50 grams of sugar, equivalent to 11 sugar cubes [1] - Excessive intake of electrolytes can also pose health risks, highlighting the need for consumer awareness regarding the consumption of these beverages [1]

Core Insights - The fast-moving consumer goods (FMCG) industry is undergoing significant transformation, driven by diverse consumer demands and evolving channel dynamics [1] - Dongpeng Beverage has demonstrated strong growth, achieving a revenue of 10.737 billion yuan in the first half of 2025, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% [1] Group 1: Channel Development - Dongpeng Beverage has established a leading channel system with over 3,200 distributors, covering more than 4.2 million active retail points and reaching over 250 million unique consumers [2] - The company employs a dual-track approach of deep cultivation in mature markets and rapid expansion in emerging markets, with revenue in Guangdong growing by 20.61% and North China by 73.03% [2] - New channels such as dining, social e-commerce, and live streaming are being actively explored, alongside the deployment of smart vending machines to enhance product visibility in high-frequency consumption areas [2] Group 2: Digital Integration - Dongpeng Beverage integrates digital technology with channel management, creating a full-link digital closed loop that enhances operational quality and market expansion capabilities [3] - The use of real-time data reduces channel costs and improves targeting accuracy, supporting cross-regional and cross-category expansion [3] Group 3: Scene Marketing - Scene marketing strengthens the connection between the brand and various consumer scenarios, with Dongpeng Beverage identifying specific product anchors within a three-dimensional coordinate system of people, scenes, and products [4] - The company sponsors major esports and sports events, linking its functional beverages to the spirit of competition and athletic performance [4] - Revenue from Dongpeng's hydration product, "Dongpeng Water," reached 1.493 billion yuan in the first half of 2025, increasing its revenue share from 6.05% to 13.91% year-on-year [4] Group 4: Sales Conversion - Dongpeng Beverage has developed a comprehensive operational system that connects channel layout, scene penetration, and sales conversion [6] - The company enhances product availability through upgraded display strategies and digital marketing initiatives, driving consumer engagement and repeat purchases [7] - The focus on overseas expansion, particularly in Southeast Asia, leverages the company's established methodologies in channel development and scene penetration to tap into new growth opportunities [7]

Group 1 - The core viewpoint of the articles highlights the successful development of second growth curves by both Xiaomi's Redmi brand in the smartphone market and Dongpeng Beverage's new electrolyte drink, Dongpeng Boshui La, in the beverage industry, showcasing a similar growth logic [1][4][9] - Xiaomi's Redmi brand was launched to target the mid-range and entry-level smartphone market, leveraging Xiaomi's supply chain advantages and technology accumulation to establish a strong user base [3][6] - Dongpeng Beverage, after solidifying its position in the energy drink market with Dongpeng Special Drink, identified the growing demand for electrolyte drinks and launched Dongpeng Boshui La to capture this market segment [4][6] Group 2 - The Redmi Note 15 Pro series is positioned as a significant growth engine for Xiaomi, offering competitive pricing and balanced specifications to attract consumers in the mid-range market [6][9] - Dongpeng Boshui La is designed with a scientific electrolyte composition to meet the rising health consciousness among consumers, targeting various scenarios such as sports, outdoor activities, and office hydration [6][9] - Both companies are implementing differentiated operational strategies to support their respective group strategies, with Xiaomi focusing on high-end technology and Dongpeng expanding into multiple beverage categories [7][9]