信心与底气十足 按最高发售价发行 1月26日，东鹏饮料启动H股招股，按最高发售价发行（即不高于每股248港元），并引入了一个堪称近 年来最豪华的港股IPO基石阵容——以全球主权财富资金牵头，15家基石投资者累计认购约6.4亿美元。 以最高发售价定价，彰显了东鹏饮料对自身实力的绝对自信，而基石投资者"众星云集"、积极认购，更 代表了专业资本对东鹏饮料价值的认可。东鹏饮料港股上市，是其借助港股舞台迈向国际资本市场的重 要一步，也将打出民族饮料品牌全球化发展的亮眼名片。 东鹏饮料本次港股上市，发行价将按照最高发售价不高于248港元/股进行。最高定价的实现，本质上是 市场对公司价值达成共识的结果。 这首先源于公司管理层对其未来发展前景、盈利能力和行业地位抱有极强的信心。他们相信公司展现出 的成长性和稀缺性，能够支撑这一较高的估值水平。根据弗若斯特沙利文报告，按销量计，东鹏饮料在 中国功能饮料市场自2021年起连续4年排名第一。在A股上市近五年来，东鹏饮料以连续稳健增长闻 名，是高ROE的典范，A股市值已经超1300亿元人民币。 可以说，多年来东鹏饮料的业绩表现就没有让投资者失望过。招股书显示，2022年~2024年， ...

Core Viewpoint - Dongpeng Beverage's annual performance meets expectations, with a focus on sales dynamics for the new year [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 4.34 billion to 4.59 billion in 2025, representing a year-on-year increase of 30.5% to 38% [1] - For Q4 2025, the estimated net profit is projected to be between 580 million and 830 million, reflecting a year-on-year change of -6.5% to +34% [1] Strategic Outlook - In 2026, the company plans to strengthen its national strategy and explore multi-category development to facilitate its transformation into a platform-based company [1] - Short-term focus includes monitoring inventory buildup for the new year, holiday sales, and post-holiday channel expansion along with new product development trends [1] Cost Management - Currently, the prices of PET and sugar remain low, indicating a mild cost pressure for the new year [1] Long-term Growth Potential - The platform-based strategy and international expansion are expected to broaden the development space, indicating promising long-term growth prospects [1] Valuation - The current stock price corresponds to price-to-earnings ratios of 30x, 24x, and 20x for the upcoming years, maintaining a "buy" investment recommendation [1]

Core Viewpoint - Dongpeng Beverage reported strong financial performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Q3 revenue reached 6.107 billion, representing a year-on-year increase of 30.36% [1] - Q3 net profit was 1.386 billion, showing a year-on-year growth of 41.91% [1] - Revenue for the first three quarters totaled 16.844 billion, reflecting a year-on-year increase of 34.13% [1] - Net profit for the first three quarters amounted to 3.761 billion, with a year-on-year growth of 38.91% [1]

Group 1: Tianli Composite Materials - Tianli Composite is a leading company in the domestic layered metal composite materials industry, established in 2003 and listed on the Beijing Stock Exchange in 2023. The company has developed over fifty types of layered metal composite materials, which have been certified by major domestic and international manufacturers [2][4]. - The company achieved a revenue of 135.02 million yuan in Q1 2025, a year-on-year decrease of 22.74%, and a net profit of 9.44 million yuan, down 47.08% year-on-year. This decline is attributed to structural overcapacity in downstream industries, leading to reduced project construction demand and fewer major project orders [3][5]. - The application fields for layered metal composite materials include petrochemical, power, metallurgy, new energy, marine engineering, environmental protection, and aerospace. The industry has significant growth potential as these materials gradually replace traditional materials due to their performance and cost advantages [4][5]. Group 2: Banking Sector - In Q2 2025, the total market value of public funds' holdings in the banking sector reached 63.51 billion yuan, an increase of 27.12% quarter-on-quarter, with a holding ratio of 4.85%, the highest since Q2 2021 [8][9]. - The net inflow of northbound funds into the banking sector was 254.2 billion yuan in Q2 2025, a quarter-on-quarter increase of 11.69%, with a holding ratio of 11.1% [10]. - The banking sector is benefiting from the expansion of passive index funds and the optimization of performance benchmarks, indicating a potential turning point in performance as fundamental factors continue to accumulate positively [11]. Group 3: Photovoltaic Industry - The CPIA has raised its forecast for new photovoltaic installations in China for 2025 to between 270GW and 300GW, reflecting a year-on-year growth of 2.52% [15]. - The photovoltaic manufacturing sector experienced a significant decline in production growth in the first half of 2025, with upstream polysilicon production down 43.8% year-on-year [14][15]. - The "anti-involution" measures in the photovoltaic industry aim to eliminate low-cost sales practices, which are expected to accelerate the exit of outdated production capacity and improve the overall market environment [17][19]. Group 4: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 10.74 billion yuan in H1 2025, a year-on-year increase of 36.4%, with a net profit of 2.37 billion yuan, up 37.2% [26][27]. - The second growth curve, including energy drinks and electrolyte beverages, showed significant growth, with revenue from these categories increasing by 18.8% and 190.0% respectively in Q2 2025 [27][29]. - The company is expected to maintain high growth trends in Q3 2025 due to accelerated network development and the rapid rollout of new products [29]. Group 5: Luolai Life - Luolai Life focuses on home textile products, with a revenue of 4.559 billion yuan in 2024, a year-on-year decrease of 14.22%. However, Q1 2025 showed signs of recovery with a revenue of 1.094 billion yuan, a slight increase of 0.57% year-on-year [32][33]. - The company employs a multi-channel sales strategy, integrating online and offline channels to enhance market penetration, particularly in lower-tier cities [33][34]. - The company is actively optimizing its supply chain and improving operational efficiency through smart manufacturing initiatives, which are expected to support long-term growth [34].

Group 1: Tianli Composite Materials - Tianli Composite is a leading company in the domestic layered metal composite materials industry, established in 2003 and listed on the Beijing Stock Exchange in 2023. The company has developed over fifty types of layered metal composite materials, which have been certified by major domestic and international manufacturers [2][4]. - The company achieved a revenue of 135.02 million yuan in Q1 2025, a year-on-year decrease of 22.74%, and a net profit of 9.44 million yuan, down 47.08% year-on-year. This decline is attributed to structural overcapacity in downstream industries, leading to reduced project construction demand and fewer major project orders [3][5]. - The application areas for layered metal composite materials include petrochemical, power, metallurgy, new energy, marine engineering, environmental protection, and aerospace. The industry has significant growth potential as these materials gradually replace traditional materials due to their performance and cost advantages [4][5]. Group 2: Banking Sector - In Q2 2025, the total market value of public funds' holdings in the banking sector reached 63.51 billion yuan, an increase of 27.12% quarter-on-quarter, with a holding ratio of 4.85%, the highest since Q2 2021 [8][9]. - The net inflow of northbound funds into the banking sector was 254.2 billion yuan in Q2 2025, a quarter-on-quarter increase of 11.69%, with a net inflow of 26.596 billion yuan [10]. - The banking sector is benefiting from the expansion of passive index funds and the optimization of performance benchmarks, indicating a positive outlook for the sector's fundamentals and potential performance recovery [11]. Group 3: Photovoltaic Industry - The CPIA has raised its forecast for China's new photovoltaic installations in 2025 to between 270GW and 300GW, reflecting a year-on-year growth of 2.52% [15]. - The photovoltaic manufacturing sector experienced a significant decline in production growth in the first half of 2025, with upstream polysilicon production down 43.8% year-on-year [14][15]. - The industry is undergoing a "反内卷" (anti-involution) movement, focusing on eliminating low-cost sales practices to enhance product quality and promote orderly competition [17][19]. Group 4: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 10.74 billion yuan in H1 2025, a year-on-year increase of 36.4%, with a net profit of 2.37 billion yuan, up 37.2% year-on-year [26][27]. - The company is transitioning towards a comprehensive beverage group, with significant growth in energy drinks and electrolyte beverages, and an increase in the number of distribution points [27][29]. - The company is expected to maintain high growth trends in Q3 2025 due to accelerated network development and the introduction of new products [29][30]. Group 5: Luolai Life - Luolai Life focuses on home textile products, with a revenue of 4.559 billion yuan in 2024, a year-on-year decrease of 14.22%, but showing signs of recovery with a revenue of 1.094 billion yuan in Q1 2025, up 0.57% year-on-year [32][33]. - The company employs a multi-channel sales strategy, integrating online and offline channels to enhance market penetration, particularly in lower-tier cities [33][34]. - The company is actively optimizing its supply chain and enhancing operational efficiency through smart manufacturing initiatives [34][35].