公司研究 事项： ❖ 公司发布 2025 年半年度业绩预告。25H1 预计实现营业收入 106.3 至 108.4 亿 元，同比+35.01%至+37.68%；归母净利润 23.1 至 24.5 亿元，同比+33.48%至 +41.57%；扣非归母净利润 22.2 至 23.6 亿元，同比+30.06%至+38.26%。单 25Q2 预计实现营业收入 57.82 至 59.92 亿元，同比+31.67%至+36.46%；归母净利润 13.3 至 14.7 亿元，同比+24.68%至+37.81%；扣非归母净利润 12.61 至 14.01 亿元，同比+16.51%至+29.44%。 评论： 证 券 研 究 报 告 东鹏饮料（605499）2025 年中报预告点评 强推（维持） 旺季加大费投，新品势能强劲 目标价：304 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15839 | 20729 | 25066 | 28962 | | ...

Core Insights - The Lin Muqin family ranks among the top ten in Shenzhen's New Fortune 500 list with a holding market value of 77.77 billion yuan, improving their overall ranking by 23 places compared to previous years, reflecting the success of Dongpeng Beverage and Lin Muqin's business acumen [1] Company Development - Dongpeng Beverage originated as a state-owned beverage producer in Shenzhen, primarily manufacturing soy milk and herbal tea, but faced near bankruptcy with annual revenue below 20 million yuan [2] - In a critical moment, Lin Muqin invested 4.6 million yuan to transition the company from state-owned to private, becoming the largest shareholder and embarking on a challenging entrepreneurial journey [2] - Recognizing the potential in the functional beverage market, Lin Muqin launched Dongpeng Special Drink in 2009 with innovative packaging and a competitive pricing strategy, quickly gaining recognition among blue-collar consumers [2][6] Brand Expansion - To enhance brand visibility, Dongpeng signed celebrity endorsement deals and invested in advertising through major platforms, leading to significant market presence [6] - The company has diversified its product offerings, launching "Dongpeng Supplement Water" in 2023, which achieved nearly 1.5 billion yuan in revenue in 2024, marking it as a new growth driver [10][11] - The introduction of the "Shangcha" series and "Dongpeng Daka" coffee brand reflects the company's response to consumer demand for healthier options and diverse flavors [14] Marketing and Sales Strategy - Dongpeng has established a robust sales network with over 3,000 distributors and 4 million active retail outlets, with significant revenue contributions from key regions [15] - The company employs innovative marketing strategies, including a "one code for one item" system and data-driven decision-making processes to enhance consumer engagement and optimize supply chain management [15][18] - Collaborations with major events and targeted advertising campaigns have strengthened brand recognition, particularly among younger demographics [16] Future Outlook - Dongpeng aims to continue its growth trajectory by focusing on innovation and quality while exploring global market opportunities, solidifying its position as a leading national beverage brand [16]

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下 蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的延伸阅读。 不要褪色，不要枯萎，不要老去。 ♬ 点上方播放按钮可收听 洞见主播周周朗读音频 前两天，在微博上看到一个话题： 不要放弃你的下午四点。 作者： 洞见jinian 你是不是也有这样的感觉： 一到下午四点，就觉得这一天要结束了。 于是，想做的事情一再搁置，直到这一天完全结束。 可现在才发现，下午四点，离这一天结束，还有足足八个小时。 人生也是如此。 年轻时，总以为到了一定年纪就该认命了。 但其实任何事从来没有太晚开始。 人生这场马拉松，拼的不是速度，而是拥有随时出发的能力。 他为此焦虑得整夜睡不着觉，头发也大把大把地往下掉。 我劝他可以主动学习公司的新业务，哪怕不能晋升，也能给自己谋个机会。 他立即摇了摇脑袋，说自己这把年纪了，已经拼不动了。 我本想劝说两句，却还是没再开口。 坦白讲，人生没有太晚的开始，只有过早的放弃。 01 前阵子，跟几个朋友小聚。 酒足饭饱后，免不了谈起各自的现状。 朋友老高在公司中层的位置待了十年，迟迟没有更进 ...

6月20日，华为开发者大会2025(HDC 2025)在东莞正式启幕，各领域开发者、合作伙伴齐聚现场，共同 探讨全场景趋势下用户体验的创新与突破。国内领先的游戏开发商游酷盛世科技(北京)有限公司(以下简 称"游酷盛世")作为鸿蒙生态核心伙伴受邀参会，并展示了其在鸿蒙生态游戏领域的多项创新成果。 游酷盛世自2014年成立以来，专注于"技术+休闲娱乐"融合创新，通过休闲游戏的研发与运营，持续为 全球玩家创造更多惊喜。作为鸿蒙生态在游戏行业的首批伙伴，游酷盛世科技积极投入鸿蒙开发，旗下 多款主流游戏，如《捕鱼大咖》《鱼乐达人》《乐乐捕鱼》等的鸿蒙版，已于2024年3月上线正式版 本，并在之后持续优化升级，不断满足鸿蒙用户的多样化游戏需求。 基于HarmonyOS 5创新特性，游酷盛世通过开发分布式实时联机技术，使得其鸿蒙版游戏应用支持手 机、平板、智慧屏等多设备的高度适配，打破过去设备间的边界限制，使游戏玩家真正享受全场景互联 的沉浸式游戏体验。 游酷盛世作为历届华为开发者大会的忠实合作伙伴，基于其对鸿蒙生态的突出贡献，多次荣获HDC最 佳营销创新奖、鸿蒙千帆奖、最佳合作伙伴等奖项。随着鸿蒙生态的持续繁荣，未来游酷 ...

Core Viewpoint - Guming has officially entered the coffee market, launching a promotional campaign with coffee priced at 8.9 yuan, featuring actor Wu Yanzu as a quality partner [2][5] Company Expansion - As of June 2025, Guming's freshly ground coffee products will be available in over 7,600 stores nationwide, ranking among the top five in terms of store coverage [2][7] - The number of stores offering coffee machines increased from 2,000 to 7,600 in just six months, averaging about 1,000 new stores per month [8] Financial Performance - Guming's equipment sales revenue increased by 26.8% year-on-year to 465 million yuan, primarily due to the rise in coffee machine sales [4][9] - In 2024, Guming reported a revenue of 8.791 billion yuan, a 14.5% increase from 7.676 billion yuan in the previous year [10] - The net profit for 2024 was 1.493 billion yuan, up 36.2% from 1.096 billion yuan in 2023 [11] Market Strategy - Guming's coffee sales currently account for 10%-15% of total store sales, with a 10% increase in sales after introducing coffee machines [9] - The company aims to capture the lower-tier market by offering competitive pricing and leveraging its supply chain for fresh coffee [14][15] - Guming operates 22 warehouses and has a cold chain distribution system that ensures fresh coffee delivery within two days to 97% of its stores [15] Industry Trends - The coffee market in lower-tier cities is experiencing significant growth, with a 113.36% increase in coffee merchants in county-level cities over the past three years [16] - The overall coffee industry in China is projected to grow by 18.1% year-on-year in 2024, indicating substantial potential for market expansion [16] Competitive Landscape - The coffee market is becoming increasingly competitive, with major brands like Starbucks and Luckin Coffee expanding their presence in lower-tier cities [18] - Guming's founder predicts a merging of tea and coffee markets, reflecting a broader trend among new tea beverage brands entering the coffee sector [19][23]

Core Viewpoint - The article highlights the launch of the international communication brand "G" by Southern Finance, aimed at enhancing its global outreach and establishing a multi-channel, three-dimensional international communication system to support the development of a digital, networked, and intelligent mainstream media [1][3]. Group 1: Globalization and Localization - Southern Finance focuses on global economic trends from the perspective of the Guangdong-Hong Kong-Macao Greater Bay Area, with support from its offices in major cities like Beijing, Shanghai, New York, and London [3]. - The brand "G" symbolizes the fusion of globalization and localization, representing both a global outlook and the regional roots of Guangdong [3]. Group 2: Aesthetic and Branding - The aesthetic of brand "G" is inspired by international financial media brands such as Bloomberg, Reuters, and WSJ, while incorporating elements from Guangdong's Lingnan architecture, symbolizing the region's economic prominence [4]. - The brand matrix includes vertical sub-identities: G-Growth, G-Green, G-Governance, and G-Generation, focusing on specific themes [4]. Group 3: Focus on Sustainable Development - Southern Finance delves into four vertical areas: Growth, Green, Governance, and Generation, aiming to build a global economic observation system and promote sustainable development [6]. - To enhance these vertical areas, Southern Finance is strengthening its product and column development, with specific programs in each area [7][12]. Group 4: Multi-Dimensional Communication System - To bolster the international communication brand "G," Southern Finance is creating a multi-dimensional international communication system [9]. - The "SFC Global" channel has been integrated and upgraded into the "G" channel, which includes sub-brands for Growth, Green, Governance, and Generation [9]. Group 5: Social Media and Account Development - The company is enhancing its overseas social media account matrix and expanding its LinkedIn presence to target the overseas financial and technological innovation sectors [13]. - The "Glocal" WeChat video account is also being upgraded to improve content delivery [13].

目前，我国商用车新能源渗透率已超10%，迈入发展快车道。同城货运规模也在持续增长，整 个物流行业向绿色化、合规化发展。作为城配物流的领军企业之一，上汽跃进通过不断创新技 术打磨产品，带动司机创富。 6月13日，苏州恒灵新店开业仪式暨上汽跃进超越 H500大咖与大拿T1天行版双车上市活动， 在江苏省苏州市举行。发布会上，上汽跃进以"双子星"产品阵容——H500大咖和大拿T1天行 版登陆苏州。来自上汽跃进、主流媒体、经销商和用户的百余名资深业内人士在此谋行业绿色 发展，共商创富之道。 发力苏州市场 打造行业领军产品 2025年，上汽跃进在传统能源与新能源市场双线告捷：最新上市的超越H500 大咖凭借上汽 πPlus高效动力系统，以170马力、500牛米的强劲表现，成为城配重载运输的效率担当；在 竞争激烈的新能源商用车赛道中逆势上扬，实现销量、排名、市占率三项突破，行业排名跃升 第三。 苏州作为江苏长期霸占GDP榜首的城市，是长三角经济的核心城市之一，不但拥有雄厚的经济 实力，物流体系及汽车产业生态也非常庞大，新能源商用车具有十足的市场基础和潜力。此次 活动选择在苏州举办，为上汽跃进持续引领江苏并开拓东部战区市场意 ...

排，不仅是上汽跃进发力山东市场、满足山东客户需求的战略之一，更意味着上汽跃进全新产 品将重点辐射我国华北地区，具有代表性意义。 5月21日，上汽跃进H500大咖上市发布会，在山东潍坊举行。出席人士包括上汽大通南京分 公司相关领导、当地经销商、客户代表以及第一商用车网等媒体。 活动现场，上汽大通南京分公司营销中心总经理朱国栋公布了上汽跃进H500大咖的惊喜售价 ——市场指导价118000元，首批一口价99800元。并且推出了现场购车赠送价值7800元的8 大配置礼包和享受价值20000元权益等钜惠购车政策。 锁定用户价值 打造行业领军产品 近年来，全国物流行业飞速发展，凭借卓越的性能和优良的品质，上汽跃进目前已形成业界谱 系较全的产品矩阵，赢得了市场和消费者的信赖。从诞生至今，上汽跃进已历经多代产品，每 一代都引领行业升级换代，上汽跃进H500大咖也同样体现了上汽跃进在轻卡领域的领先技术 和实力。 潍坊不仅是我国的制造业和工业重地，,更是我国经济命脉上的重要一环。此次，上汽跃进 H500大咖上市发布会选择在潍坊举行，正是在对潍坊市场充分了解调研的基础上做出的安 正如山东云鼎汽车销售有限公司董事长袁从友所说，上汽 ...

Group 1: Beverage Market Dynamics - The beverage market is undergoing intense adjustments, with Danone reporting a 9.9% year-on-year sales growth in its China, North Asia, and Oceania region, reaching €936 million (approximately RMB 7.776 billion) in Q1 2025 [1] - Danone's water and beverage segment in the CNAO region saw a 10.2% increase in sales to €176 million (approximately RMB 1.462 billion), with the majority of revenue coming from the "Pulse" brand [1] - Eastroc Beverage's electrolyte water product "Bushi La" experienced a remarkable 261.5% year-on-year sales growth, reaching RMB 570 million in Q1 2025, with an annual target of RMB 3 billion [2] Group 2: Competitive Landscape - The packaged water market, a key segment for major players, is contracting, with Nongfu Spring reporting a 21.3% decline in revenue to RMB 15.95 billion in 2024, reducing its market share from 47.5% in 2023 to 37.2% [3] - China Resources Beverage's revenue from packaged water also fell by 2.6% to RMB 12.124 billion in 2024, with a significant decline of approximately 8.7% in the second half of the year [3] - Other beverage categories are helping to offset losses, with Nongfu Spring's tea beverage revenue increasing by 32.3% to RMB 16.75 billion, now accounting for 39.0% of total revenue [4] Group 3: Strategic Shifts - Beverage giants are increasingly focusing on multi-category development in response to market changes [5]

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 2024年至今，食品饮料行业整体下跌，食品饮料指数从2024年1月至今跌幅已近10%。 而在整体下跌的趋势之中，东鹏饮料却以超过80%的涨幅，位列A股整个食品饮料行业前列。 尽管伴随着诸多争议，东鹏饮料的股价相比2021年发行价已经上涨近5倍，市值也超过1200亿元，成为国内能量饮料企业绝对的龙 头。 靠着一句"累了困了，喝东鹏特饮"，在饮料行业"低糖化"和"健康化"的风潮之下，东鹏饮料能否继续维持"稳稳的幸福"？ 01 而当今年的业绩落地，对于部分提前进场的投资者来说，恰恰是到了获利离场的时刻。 最近，东鹏饮料发布2024年业绩。 全年实现营业收入158.39 亿元，同比增加40.63%；归母净利润33.27亿元，同比增长63.09%。 收入与利润增速，均落在了此前业绩预告偏高的区间，也创下了上市以来的最佳表现。 东鹏特饮在能量饮料市场的规模也逐渐扩大。 尼尔森IQ数据显示，东鹏饮料的能量饮料市占率从2023年的43%提升至47.9%，销售额份额突破34.9%，500ml瓶装单品稳居全国 前三。 能量饮料市场，华彬红牛的收入仍旧 ...