封面新闻记者 姚瑞鹏 作为"能量饮料第一股"，东鹏饮料在2021年登陆A股实现资本市场突破后，于2026年1月26日正式启动港股招股，拟募资逾100亿港元推进A+H两地上市布 局。此次港股上市并非简单的资本扩容，更是其全球化战略的关键节点，为"出海元年"后的国际化拓展注入强劲动能。 目前东鹏饮料产品已出口超30个国家和地区，印尼、越南等海外子公司顺利运营，但面对垄断全球功能饮料市场多年的红牛，这位中国本土龙头的海外征 程注定充满挑战。东鹏饮料为何执意推进A+H上市？其出海布局已具备哪些基础？真正走向国际市场的东鹏特饮，能否与红牛一较高下？ 不止资本扩容 更是全球化的战略跳板 东鹏饮料在A股上市仅五年便再度冲击港股，核心并非单纯追求融资规模，而是瞄准港股的国际资本属性，为全球化战略铺路，同时弥补自身发展短板。 对于已在A股实现上市融资的东鹏而言，港股上市的价值远超资金补充，是其链接国际市场、突破发展瓶颈的关键一步。 招股书显示，东鹏饮料此次港股IPO拟发行4088.99万股H股，招股价不高于248港元，预计募资总额达101.4亿港元，其中部分资金将直接投向海外市场拓 展。相较于A股，港股作为国际金融中心，融资渠 ...

Core Insights - The Chinese functional beverage market is highly competitive, with Eastroc Beverage once holding a strong position but now facing challenges due to market shifts and increased competition [1][3] - In 2024, Eastroc Beverage reported a revenue of 15.839 billion RMB, reflecting a year-on-year growth of 40.63%, indicating strong growth momentum [1] - However, the company is struggling with over-reliance on a single product line, declining channel benefits, and a hollow brand value, with over 80% of its revenue coming from its core energy drink business [3][4] Market Dynamics - The competitive landscape has shifted, with Red Bull maintaining its high-end position through brand premium and sports marketing, while new entrants like "Alien" and "Battle Horse" are gaining traction through targeted marketing strategies [3][7] - Eastroc's traditional focus on a 500ml bottle format has limited its ability to innovate and adapt to changing consumer preferences [3] Financial Performance - Eastroc's revenue growth of 9.8% in 2024 masks deeper issues, as its net profit margin plummeted from 15.2% in 2021 to 7.4% in 2024, and gross margin fell from 49.3% to 41.8% [4] - The company's low-price strategy has become a double-edged sword, restricting its attempts to move into higher-end markets [4][11] Innovation and R&D - Eastroc's R&D investment is significantly below industry averages, with a rate of only 1.2% in 2024, compared to over 3% for competitors like Yuanqi Forest and Alien [4][8] - The company's innovation efforts have been criticized as superficial, merely rebranding existing products without substantial improvements [5][11] Distribution and Marketing - Eastroc's reliance on offline channels, which accounted for 87% of revenue in 2021, is declining, with a growth rate of only 4.3% in 2024, while online sales remain low at 13% [5] - The company's digital marketing efforts are lacking, with minimal engagement on platforms like Douyin and Kuaishou, contrasting sharply with competitors who leverage social media effectively [5][10] Strategic Challenges - Eastroc's management structure, dominated by family control, has led to strategic inertia and missed opportunities for innovation and market adaptation [8][12] - The company's marketing strategies have failed to resonate with younger consumers, who perceive its advertising as outdated and disconnected from current trends [10] Future Outlook - The company faces a critical juncture, needing to redefine its strategy to align with evolving consumer demands and market dynamics [11][12] - Eastroc must address key questions regarding its pricing strategy, R&D investment, and organizational governance to avoid becoming obsolete in the competitive landscape [12]