伙伴共同守护的"安全信誉资产"，将单一企业的责任，协同为整个产业链的生存根基与竞争壁垒。 芙丝中国总裁黄瑜胜表示，自2016年由华彬集团引入中国市场以来，VOSS始终致力于在中国市场构建 高端健康饮水的生态圈。我们关注到在新一轮经济发展中，"引领未来"的关键在于以创新驱动，而"链 接全球"的根本在于对品质的坚守。我们不仅聚焦于产品和渠道的精耕，更着眼于品牌的长期主义发 展，通过持续的价值输出赢得市场和消费者的双重认可。 面向"十五五"，华彬快消品集团将协同的视野投向了国家高质量发展的宏大蓝图。论坛上，华彬明确 将"新质生产力"作为自身发展的新指南，宣布将加大数字工厂投入，推动智能制造与绿色生产。这标志 着其协同焦点从市场生态，迈向与国家科技进步和可持续发展战略的更深层对接。华彬呼吁与业界翘楚 一道，从产业结构、合作关系和价值创造三方面进行根本性变革探索，其目标正是构建一个"共创、共 赢、共荣"的新格局。这已超越企业自身发展的范畴，展现出以行业进步协同国家战略，以产业升级服 务消费市场新生态建设的领军者视野。 在企业家博鳌论坛这一汇聚中国商业智慧的知名平台上，华彬快消品集团清晰地阐述了一种立足于中国 市场的长期 ...

12月2日至5日，以"链接全球，引领未来：'十五五'新机遇"为主题的2025企业家博鳌论坛系列活动在海南博鳌举办。作为深度参与者，华彬集团已连续五年 站上这一全球智慧交流平台，全方位展现了企业融入新发展格局的综合实力。 本次论坛上，华彬集团旗下运营的中国红牛、战马、芙丝三大品牌的代表积极参与主论坛、新消费发展论坛、十周年公益之约及健康跑等多项核心议程和活 动。源自挪威的高端饮用水品牌VOSS（芙丝）凭借其一贯的高端品质与可持续发展理念，再次成为论坛官方指定用水，连续五年助力这一年度思想盛宴并 提供纯粹用水体验。华彬快消品集团以其对中国消费市场的长期洞察与扎实实践，生动诠释了新时代企业高质量发展的三重维度——以焕新回应消费浪潮， 以协同重构产业生态，以自主推动文化对话，成为本届论坛主题的鲜活实践与深刻印证。 华彬集团旗下高端饮用水品牌VOSS、战马能量饮料系列亮相2025企业家博鳌论坛。主办方供图 战马焕新：以产品创新迎合消费趋势和变革 在企业家博鳌论坛现场，华彬快消品集团带来了一场产品焕新发布——全新升级的战马能量饮料系列重磅登场。此次亮相不仅展示了视觉焕新的经典红罐产 品，更集体推出六款无糖果味能量饮料，以 ...

Core Viewpoint - Dongpeng Beverage reported significant growth in its financial performance for the first half of 2025, with revenue reaching 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% year-on-year [1][3]. Financial Performance - Dongpeng Beverage has achieved double-digit growth in net profit for five consecutive years, with net profit growth rates of 53.14%, 11.66%, 46.84%, and 56.14% from 2021 to 2024 [3]. - In the first half of 2025, the net profit growth rate was 37.22%, following a high growth rate of 56.14% in the first half of 2024 [3]. - The net profit for Q1 2025 was 980 million yuan, while Q2 2025 net profit was 1.395 billion yuan, representing a growth rate of 30.75% compared to the same period last year [3]. Growth Drivers - The company attributes its revenue growth to the ongoing national expansion strategy, enhanced channel operations, and increased product visibility, which have driven terminal sales [3]. - Dongpeng Beverage is solidifying its core product base while expanding into multiple product categories to cultivate new growth points [3]. Industry Comparison - As of now, China Red Bull (under Wahaha Group) has not disclosed its 2025 half-year report, but its 2024 revenue was 21.98 billion yuan, with a year-on-year growth of 1.01% [3]. - China Red Bull's sales reached 21.09 billion yuan in 2024, with a slight increase of 1.3% year-on-year, and its pre-tax profit remained stable at 4.83 billion yuan [3]. Analyst Ratings - Huayuan Securities rated Dongpeng Beverage as "Accumulate," citing its rapid growth as a leading player in the functional beverage industry and the strong performance of its energy drink segment [4]. - Southwest Securities and Tianfeng Securities both rated Dongpeng Beverage as "Buy," highlighting the solid foundation of its energy drink business and the robust growth of its electrolyte water segment [4].

Investment Rating - The industry rating is maintained as "Outperform" [7] Core Insights - The food and beverage sector has shown a recovery with a weekly increase of 1.77%, outperforming the Shanghai Composite Index which decreased by 2.22% [25] - The liquor segment is expected to see valuation recovery as major companies focus on channel optimization and marketing strategies ahead of the upcoming political meetings [2][13] - The beer and beverage sectors are anticipated to benefit from improved consumer demand in 2025, driven by promotional policies and a recovery in the restaurant and nightlife sectors [3][14] Summary by Sections Market Performance Review - The food and beverage sector saw a weekly increase of 1.77%, while the Shanghai Composite Index fell by 2.22%. Specific segments included: - Liquor: +1.64% - Dairy: +3.00% - Meat products: +3.52% - Pre-processed foods: +2.37% - Other alcoholic beverages: +0.59% - Beer: +2.84% - Soft drinks: +2.42% - Snacks: +4.30% [25] White Liquor Insights - The white liquor segment increased by 1.64%, with companies like Jiuziyuan and Yingjia Gongjiu showing significant gains. The current valuation is considered reasonable and low, with a PE-TTM of 19.50X [2][13] - Major liquor companies are focusing on channel management and marketing to rebuild confidence in the market, especially as the political meetings approach [2][13] Beer and Beverage Insights - The beer segment increased by 2.84%, with Budweiser Asia announcing a 7% increase in dividends and a management change. The Chinese market for Budweiser is projected to decline by 11.8% in 2024, but strategies are being implemented to enhance market share [3][15] - The beverage sector, including brands like China Red Bull, reported a slight revenue increase of 1.3% in 2024, reaching 21.09 billion yuan [3][17] Consumer Goods Insights - The snack segment led the market with a notable increase, while dairy products also performed well with a 3.00% rise. The report emphasizes three investment themes: "restaurant supply," "overseas expansion," and "raw milk turning point" [3][16] - The overall consumer goods sector is expected to benefit from lower inventory levels and seasonal demand as the market recovers [5][24] Investment Recommendations - Recommended stocks include leading liquor brands such as Moutai, Wuliangye, and Shanxi Fenjiu, as well as consumer goods companies like Yili and Mengniu in the dairy sector [5][24] - The report suggests focusing on companies with strong fundamentals and reasonable valuations, particularly in the consumer goods sector, which is expected to show strong elasticity in 2025 [5][24]