10月9日，港交所官网披露，功能饮料品牌"东鹏特饮"母公司东鹏饮料（集团）股份有限公司（以下简称"东鹏饮料"）向港交所主板提交上市申请书，华泰 国际、摩根士丹利、瑞银集团为联席保荐人。 作者 | 郝文 编辑 | 趣解商业资讯组 | 图片来源：招股书 | | --- | 截图 对于此次上市，东鹏饮料称，本次募集所得资金净额将主要用于完善产能布局和推进供应链升级；加强品牌建设和消费者互动，持续增强品牌影响力；持续 推进全国化战略，拓展、深耕和精细化运营渠道网络；拓展海外市场业务，探索潜在投资和并购机会；加强各个业务环节的数字化建设；增强产品开发能 力，持续实现产品品类拓展；以及用作营运资金及一般企业用途。 值得一提的是，该公司曾于2025年4月3日向港交所递交上市申请，不过招股书于10月3日失效。2021年，东鹏饮料成功登陆A股，成为A股市场的"功能饮料 第一股"，此次递表，则是谋求"A+H"上市。 图片来源：微博截图 分析人士认为，东鹏饮料赴港上市有着多重考量。首先，港股作为国际资本市场，可以为东鹏品牌走向海外赋能。公司希望借助香港平台吸引全球投资者， 提升品牌认知度，为日后进军东南亚等海外市场铺路。东鹏饮料自 ...

Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]

Core Viewpoint - Dongpeng Beverage aims to maintain stable growth in the Guangdong market through multi-dimensional efforts in product development, marketing, and channel expansion [1] Product Strategy - The company plans to enhance existing product growth while expanding into new categories such as electrolyte drinks, tea beverages, coffee drinks, and local specialty health products like oil olive and dried tangerine peel [1] Marketing Approach - Dongpeng Beverage will leverage big data for precise advertising placements and sponsor local sports events and folk activities to boost brand visibility [1] Channel Development - The company intends to strengthen traditional channel partnerships, improve product distribution and display quality, and expand its online sales channels [1]

Core Points - The announcement from Wuyishan Market Supervision Administration details the results of food safety supervision and sampling inspections for 2025, involving 128 batches of food products, with 126 passing and 2 failing the safety standards [2]. Group 1: Inspection Results - A total of 128 batches were inspected, with 126 deemed qualified and 2 identified as unqualified [2]. - The unqualified products included lychee and mango, which contained pesticide residues exceeding the permissible limits: 0.22 mg/kg for chlorpyrifos and 0.11 mg/kg for azoxystrobin, while the acceptable limits are ≤0.1 mg/kg and ≤0.05 mg/kg respectively [2]. Group 2: Regulatory Actions - The Wuyishan Market Supervision Administration has initiated investigations and legal actions against the producers of the unqualified food items, ensuring compliance with food safety regulations [2]. - Consumers are advised to report any unqualified products found in the market to the food safety complaint hotline 12315 [2].

Group 1 - The core point of the news is the leadership change at Zhejiang Wahaha Group, with Zong Qinghou stepping down and Zong Fuli taking over as the legal representative, chairman, and general manager [1] - The company was established in February 1993 with a registered capital of 917.91755 million yuan [1][4] - In 2024, Zong Fuli reported a revenue of 72.8 billion yuan, matching the peak performance from ten years ago, despite facing controversies such as employee rights issues and channel backlash [2][3] Group 2 - In 2024, Wahaha is expected to return to a revenue range of 70 billion yuan, indicating an increase of approximately 20 billion yuan compared to the previous year [3][5] - The company’s revenue in 2023 was around 50 billion yuan, which showed a slight decline from 51.2 billion yuan in 2022 and 51.9 billion yuan in 2021 [5] - Wahaha's product matrix includes bottled water, protein drinks, carbonated drinks, tea drinks, fruit and vegetable juices, and coffee drinks, with its sales still heavily reliant on its traditional products [5]

Core Viewpoint - The Japanese beverage industry has undergone significant evolution, characterized by diversification and the emergence of various beverage categories over time, leading to a mature market with distinct trends in production, pricing, distribution channels, and consumer preferences [2][5][9]. Chapter 1: Historical Review of the Japanese Beverage Industry Production Side: Diverse Iterative Development - The Japanese beverage industry has experienced three main phases: the initial focus on carbonated and juice drinks (1945-1979), rapid growth of tea and coffee (1980-1999), and a mature phase dominated by tea and mineral water (2000-present) [2][3]. Pricing Side: Rising Average Prices - Average prices across beverage categories have shown an upward trend in recent years, with the overall beverage sales CAGR from 2000-2023 at 1.1%, lagging behind production growth [5][6]. Channel Side: Supermarkets as Leading Retail Channels - Convenience stores and vending machines have significantly contributed to the rapid development of the beverage industry, with supermarkets currently being the largest offline retail channel, accounting for 30% of sales [7][8]. Consumer Side: Trends from Palatability to Health - The industry has evolved from focusing on basic taste (1945-1979) to diverse functionalities (1980-1999), and now emphasizes health consciousness and eco-friendly packaging (2000-2023) [9][10]. Chapter 2: Growth Potential and Analysis of Beverage Segments Carbonated Beverages: Revitalized Growth Category - After a period of stagnation in the 1980s and 1990s, carbonated beverage production has shown a recovery since 2006, with a CAGR of 3.5% from 2006-2018 [11][14]. Juice Beverages: Declining Demand Category - Juice beverages initially benefited from favorable policies but have seen a decline in both market share and production since their peak in the early 1960s [16][17]. Coffee: Steady Growth with High User Loyalty - Coffee beverages have maintained stable production levels since the 2000s, with a CAGR of 0.8% from 2000-2023, reflecting strong consumer loyalty [19][20]. Tea Beverages: Widely Popular and Growing Category - The tea beverage segment has experienced significant growth, particularly in green tea, which accounted for 45% of sales in 2023 [24][27]. Mineral Water: Significant Growth Potential - Mineral water has shown strong growth, with its market share increasing from 6% in 1999 to 21% in 2023, indicating robust demand [28][29]. Sports Drinks: Declining Market Size - After a period of rapid growth in the 1980s and 1990s, the sports drink segment has faced challenges, with market share declining to 6% [31][32]. Chapter 3: Investment Trends in the Chinese Beverage Industry Health Trend: Favorable Outlook for Tea and Bottled Water - The Chinese market for unsweetened tea is expected to grow significantly, with a projected CAGR of 10.2% from 2022-2027, while bottled water is anticipated to benefit from price reductions [34]. Increasing Industry Concentration - The concentration of leading companies in the Chinese beverage market is expected to rise, with the top three companies holding a market share of 30.5% in 2022 [35]. Enhanced Penetration Rates - The expansion of leading brands in urban areas is likely to drive overall beverage industry growth, with significant sales increases observed in major cities [36]. Unique Development Trend: Plant-Based Beverages - Plant-based beverages are emerging as a growth point in the industry, with a sales growth rate of 32% expected, reflecting a shift towards health-conscious consumer preferences [37].

日本饮料行业多元并存，各品类迭代发展。自早年的碳酸饮料与果汁饮料以来，主流品类迭代发 展，共同推动饮料行业持续走向高点，日本饮料行业先后历经碳酸饮料、果汁为主（1945-1979年起 步期）→茶饮、咖啡的快速发展（1980-1999年快速发展期）→茶饮、矿泉水为主（2000年至今成熟 期）三大时期。 | | 1945- 1979CAGR | 1980- 1999CAGR | 2000- 2023CAGR | | --- | --- | --- | --- | | 整体 | 24. 2% | 5.1% | 1.8% | | 茶系饮料 | | 37. 3% | 1.8% | | 矿泉水 | 19. 4% | 14. 1% | 7.6% | | 碳酸饮料 | 23. 4% | 0. 1% | 1. 3% | | 咖啡饮料 | 18. 0% | 7.8% | 0. 8% | | 果汁饮料 | 27.2% | 1. 1% | - 1. 4% | | 10 - 1 11 18 | | 11 F01 | 0 201 | 第一章 日本饮料行业历史复盘 ▲图表1： 不同时期各饮料品类产量的年复合增速情况 资料来源：日本清凉饮料 ...

Core Viewpoint - Dongpeng Beverage is actively pursuing a secondary listing in Hong Kong to enhance its capital strength and international brand image, despite having sufficient funds and strong financial performance [2][8]. Financial Performance - In 2024, Dongpeng Beverage reported a revenue of 15.839 billion yuan, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% [2]. - The company maintained a quarterly revenue growth rate of over 25%, with significant growth in the second and third quarters exceeding 47% [2]. - The company announced a total dividend of 1.3 billion yuan, with a payout ratio increasing from 49% to 78% [7]. Product Diversification - Dongpeng Beverage's flagship energy drink accounted for 47.9% of sales volume and 34.9% of sales revenue, maintaining its position as the top-selling energy drink in China for four consecutive years [3]. - The company has diversified its product offerings, with electrolyte drink revenue surging by 280.4%, increasing its share from 3.49% to 9.45% [4]. - Non-energy drink categories, including coffee and sugar-free tea, have seen revenue double, raising their contribution to 15% of total revenue [5][6]. International Expansion - Dongpeng Beverage is accelerating its overseas market strategy, with investments in an Indonesian production base and a smart production facility in Hainan [9]. - The company has entered 25 countries and regions, with Southeast Asia being a key market, utilizing localized marketing strategies to gain traction [9][11]. Market Sentiment and Stock Performance - Despite strong financials, the company has faced scrutiny over frequent shareholder sell-offs, which have impacted stock prices [7]. - The recent announcement of a secondary listing has generated mixed market reactions, with concerns about potential short-term dilution of earnings per share [10].

以下文章来源于明亮公司 ，作者主编24小时在线 作者：MD 出品：明亮公司 据「明亮公司」了解，瑞幸咖啡（LKNCY.US）赴美开店选址正在推进中， 目前 已开始接洽相关服 务机构。 另外，招聘网站信息显示，瑞幸咖啡北美正在招聘人力、财务、室内设计、IT运营工程师 等岗位。 以其招聘的"税务经理（Tax Manager）"岗位为例，Indeed网站显示， 这一全职岗位将直接向瑞幸咖 啡的CFO汇报，年薪酬范围在12000-18000美元 ；而另一招聘职位"高级财务经理（Senior Finance Manager）"岗位，同样直接向CFO汇报，年薪自13万美元起、含多项福利。值得注意的是， 以上两 项岗位均要求普通话流利 。 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 据LinkedIn搜索显示，目前一位HR副总监已经于2025年1月份入职。此前社交媒体用户披露，瑞幸 咖啡2024年10月通过猎头开始招聘北美员工。由此可以推测， 目前瑞幸咖啡北美的团队目前仍 在"公司基础设施"团队搭建阶段 。 在2024年第三季度财报，瑞幸咖啡表示，除新加坡市场外，瑞幸也在积极评估在美国和其他市场的 机会。鉴 ...