2025年10月9日，东鹏饮料再次向港交所递交主板上市申请，这是继今年4月3日首次递表失效后的第二次尝试。短短六天内，这家中国功能饮料之王便重 启了港股IPO进程，其急迫心情不言而喻。 自2021年5月在上交所挂牌上市，成为A股"功能饮料第一股"以来，东鹏饮料一直未停止对资本市场的渴望。2022年曾筹划瑞士上市，2024年转向港交 所，致力于资本国际化布局。 东鹏饮料的业绩光鲜——2024年营收158.39亿元，归母净利润33.27亿元，2018年以来净利润累计增长超过14倍。这家看似不差钱的公司为何如此执着于港 股上市？ 一、资本远征，从A股到H股的执着 东鹏饮料的资本化之路可谓一波三折。该公司始创于1987年，前身为国有深圳市豆奶饮料厂，2003年完成国有企业向民营股份制企业改制。2021年5月27 日，东鹏饮料在上交所敲钟上市，募资18.51亿元。 然而，A股上市仅满一年，东鹏饮料就开始筹划海外上市。2022年6月，公司筹划赴瑞交所发行GDR，计划打开欧洲市场大门。但随着海外上市监管要求 收紧，这一计划于2024年2月终止。 东鹏饮料的"A+H"计划并非孤例。随着国内资本市场改革深化，越来越多A股上市公 ...

Core Viewpoint - Dongpeng Beverage reported record high revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential in the beverage industry [2] Financial Performance - The company achieved revenue of 10.737 billion yuan, a year-on-year increase of 36.37% [2] - The net profit attributable to shareholders reached 2.375 billion yuan, up 37.22% year-on-year [2] - Dongpeng Beverage's profitability ranks second in the industry, only behind Nongfu Spring [2] Product Dependency and Growth - Dongpeng Beverage's performance is heavily reliant on its flagship product, Dongpeng Special Drink, which accounts for approximately 77.91% of total revenue in the first half of 2025, down from around 90% previously [5] - The energy drink segment generated revenue of 8.36 billion yuan, reflecting a year-on-year growth of 21.9%, but this growth rate has slowed compared to previous years [5] - The company is diversifying its product line with new offerings such as electrolyte water "Dongpeng Water", unsweetened tea "Oolong Tea", and coffee products "Dongpeng Coffee" [5] Marketing and Investment - Dongpeng Beverage increased its marketing expenses to 1.682 billion yuan, a rise of 37.27% year-on-year, with channel promotion costs up by 61.20% [7] - The company is focusing on multi-channel marketing strategies, including sports event sponsorships and advertising [7] Dividend Policy - Dongpeng Beverage announced a cash dividend of 2.5 yuan per share, totaling 1.3 billion yuan for shareholders [9] - Since its IPO in 2021, the company has distributed cash dividends totaling 6.6 billion yuan, with a dividend payout ratio of 63.62% [10] Ownership Structure - The ownership of Dongpeng Beverage is highly concentrated, with the founder Lin Muqin and his family holding 62.91% of the shares [12] - Lin Muqin's family is expected to receive approximately 818 million yuan from the recent dividend distribution [12]

Core Insights - Dongpeng Beverage continues to show remarkable growth in Q1 2025, with total revenue reaching 4.848 billion yuan, a year-on-year increase of 39.23%, and net profit of 980 million yuan, up 47.62% [2][3] - The company is initiating its Hong Kong stock listing process to support its global expansion strategy, aiming to replicate its successful domestic model in Southeast Asia and beyond [1][12] Group 1: Domestic Growth - Dongpeng's flagship product, Dongpeng Special Drink, generated 3.9 billion yuan in revenue, reflecting a 25.7% year-on-year growth, with a continuously increasing market share [2][3] - The company has established itself as a national brand, transitioning from a regional leader to a household name in China [2] Group 2: Strategic Growth Drivers - The company employs a precise consumer targeting strategy, initially focusing on truck drivers and later expanding to include young professionals, students, and athletes, maintaining a consistent product positioning [3] - Dongpeng has adopted a "1+6 multi-category strategy," expanding its product line to include electrolyte drinks, coffee, and tea, with the new product "Dongpeng Water" achieving 570 million yuan in revenue within two years [7][10] Group 3: National Expansion Strategy - Dongpeng has built a comprehensive national sales network with over 3,000 distributors, achieving 100% coverage in prefecture-level cities and nearly 4 million active retail outlets [10] - The company utilizes a digital supply chain system, enabling real-time tracking of production and logistics, enhancing supply chain transparency and efficiency [11] Group 4: Global Expansion Initiatives - Dongpeng is targeting Southeast Asia for its global expansion, leveraging the region's high temperatures and large labor force to drive beverage demand [12][13] - The company is establishing production bases in Hainan and Indonesia, with Hainan's investment at 1.2 billion yuan and Indonesia's at 200 million USD, aiming to meet local demand and expand its market reach [14] Group 5: Capital Market Strategy - The upcoming Hong Kong IPO is seen as a crucial step for Dongpeng to transition from a regional player to a global brand, providing access to international capital and strategic resources [16] - The capital raised will support the company's efforts in localizing products and expanding its production and distribution networks overseas [16][17]

Investment Rating - The investment rating for the company is maintained at "Outperform" [2][7]. Core Insights - The recent launch of the new product "Fruit Tea" focuses on large packaging tea drinks, which is expected to drive sales growth. The product line includes flavors such as lemon black tea, peach oolong, and grapefruit jasmine, emphasizing the concept of "real fruit" and "real tea" [7]. - The company is projected to achieve significant revenue growth, with total revenue expected to reach 20.43 billion in 2025, reflecting a year-on-year growth rate of 29.0% [6][7]. - The company plans to increase its freezer placements significantly, with an estimated 300,000 freezers by 2025, which is expected to enhance product visibility and sales performance [7]. Financial Data and Profit Forecast - Total revenue is forecasted to grow from 11.26 billion in 2023 to 30.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 22.3% [6][9]. - The net profit attributable to the parent company is expected to increase from 2.04 billion in 2023 to 6.73 billion in 2027, with a CAGR of 23.3% [6][9]. - The company's gross margin is projected to improve slightly from 43.1% in 2023 to 45.4% by 2027, indicating effective cost management and pricing strategies [6][9].