10 】】】】】】 公司深度研究 | 东鹏饮料 东风已至，鹏路翱翔 东鹏饮料（605499.SH）深度覆盖报告 能饮市场扩容提速，主品基本盘稳健 1）能量饮料市场扩容进行时，赛道龙头地位稳固。根据欧睿，2025 年我国 能饮市场规模达 628 亿元，同增 4%。根据沙利文报告，2024 年东鹏 500ml 瓶装能量饮料成为中国软饮市场同规格产品中最畅销单品之一。2）全球化 扩张进行时，出海市场蕴藏潜能。2025 年越南/印度/泰国/菲律宾/印尼能饮 规模为 15/13/10/3/2 亿美元，2020-2025CAGR 为 8%/53%/5%/0.1%/8%。 渠道建设纵深发展，全国化取得突破 1）庞大销售队伍广布网点，冰柜投放深入布局终端。截至 2025H1 末，公 司拥有超 420 万家网点，实现近 100%地级市覆盖；已累计投放冰柜数量逾 40 万台，未来三至五年内计划投放约 60 万台冰柜。2）全国化扩张持续推 进，区域产能协同发展。2025Q1-3 华北/西南营收分别同增 73%/49%；目 前拥有九大生产基地，技改与扩建完成后总产能预计 1217 万吨。3）营销费 率优化效果明显，数字化策略赋能品牌 ...

Core Viewpoint - Dongpeng Beverage's globalization strategy is becoming a crucial part of its growth narrative, with plans to accelerate overseas expansion and establish a strong presence in Southeast Asia and beyond by 2025 [1][2]. Group 1: Global Expansion - Dongpeng has entered over 20 countries and regions, including Vietnam and Indonesia, with 2025 marked as its "outbound year" [1]. - The company is investing 1.2 billion yuan in a production facility in Hainan, which will serve as a base for exploring Southeast Asian and global markets [1]. - The ongoing process of listing on the Hong Kong stock exchange is expected to open significant overseas financing opportunities [1]. Group 2: Domestic Market Challenges - The domestic market is facing intensified competition, leading to a slowdown in growth, with a projected revenue of 200 billion yuan for the year [3]. - In Q3, Dongpeng's energy drink revenue reached 4.2 billion yuan, with a year-on-year growth rate slowing to 15%, the lowest in three years [3]. - The company is experiencing pressure from diminishing category benefits as a "Red Bull alternative," necessitating diversification efforts [3]. Group 3: Marketing and Cost Efficiency - Dongpeng's core product, the 500ml "Big Gold Bottle," is priced at 5 yuan, making it cheaper than Red Bull's 350ml version [6]. - The company has successfully implemented a digital marketing strategy that includes promotions like "scan to redeem" and "one yuan enjoyment," which have driven consumer repurchase [6]. - Dongpeng's sales expense ratio is 16.9%, lower than competitors like Nongfu Spring and China Resources Beverage, indicating efficient cost management [6]. Group 4: International Market Opportunities - The Southeast Asian energy drink market exceeds 20 billion yuan, with a compound annual growth rate of 6.2%, presenting a significant opportunity for Dongpeng [8]. - Dongpeng is leveraging its cost advantage and brand strength to compete against established brands like Pepsi's Sting and local competitors [8][9]. - The company is adopting a "reverse pricing" strategy to set terminal prices based on target market price ranges, ensuring profitability through supply chain management [9]. Group 5: Product Diversification - Dongpeng aims to diversify its product offerings to create a second growth curve, with new products like the electrolyte drink "Bushi La" achieving significant sales growth [11]. - The success of "Bushi La" is attributed to the overall market boom for electrolyte drinks, driven by health guidelines emphasizing electrolyte replenishment [12]. - However, as Dongpeng expands into new beverage categories, it faces increased competition from established brands, which may challenge its market position [14]. Group 6: Channel Expansion - Dongpeng's channel capabilities are crucial for promoting new products and capturing market share, with plans to increase the number of ice coolers from 80,000 in 2022 to over 300,000 by the end of 2024 [16]. - The company has established 10 out of 13 planned production bases, enhancing its ability to penetrate northern markets [17]. - Strengthening channel capabilities and improving coverage will support Dongpeng's multi-category expansion strategy [19].

Core Insights - The article highlights the transformation of Dongpeng Beverage from near bankruptcy to a leading player in the energy drink market, emphasizing innovation and consumer-centric strategies [2][3][22] Financial Performance - Dongpeng Beverage reported a revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan for the first half of the year, marking year-on-year growth of 36.37% and 37.22% respectively, continuing a trend of double-digit growth for over six years [4] Product Innovation - The introduction of the dust-proof cap on Dongpeng's energy drink addresses consumer hygiene concerns and has contributed to its popularity, particularly among consumers with high physical demands [4][10] - Dongpeng has innovated its production processes, including the development of mid-temperature filling technology, which reduces costs and maintains product quality [12] Digital Transformation - The company has implemented a comprehensive digital marketing strategy using QR codes to connect with consumers, track product distribution, and manage inventory effectively [16][14] - Dongpeng's automated production facility can produce 1.5 billion bottles annually, showcasing its commitment to efficiency and scalability [13] Market Position and Strategy - Dongpeng's energy drink series generates over 13.3 billion yuan in annual revenue, positioning it among the top brands in China [5] - The company has established over 4.2 million sales points nationwide, reflecting its extensive distribution network [16] Employee Engagement and Innovation - Dongpeng encourages employee suggestions for product development and operational improvements, fostering a culture of innovation [21][19] - The company has received over 840 suggestions through its "small innovations, big improvements" platform, with many being implemented [21] Global Expansion - Dongpeng is actively pursuing international markets, aiming to establish a global presence similar to that of Coca-Cola [22]

新华社广州12月29日电 题："小饮品"何以释放大能量——东鹏饮料转型记 新华社记者孙飞、胡林果、田宇 走进便利店、打开柜门，琳琅满目的饮料品类中，主打提神醒脑功能的东鹏特饮，受到消费者欢 迎。小小一瓶东鹏特饮，一年却能创造上百亿元销售额。 从濒临破产的生死抉择，到成长为千亿元市值的"大块头"，在竞争激烈的饮料行业中，这家以深圳 别名"鹏城"寓意命名的饮料企业，持续求新、求变，深耕细分市场，不断通过"小饮品"释放大能量。 从无到有深耕功能饮料市场 功能饮料，因其含有牛磺酸、B族维生素等成分，具有抗疲劳、补充能量等作用，近年来发展迅 速。第三方机构数据显示，目前我国功能饮料市场规模已超千亿元。 "累了困了，喝东鹏特饮。"伴随着许多消费者熟悉的广告语，在这一细分市场中，东鹏饮料旗下的 东鹏特饮，占据市场领先地位。 东鹏饮料董事长林木勤说，从无到有，从小到大，背后是东鹏饮料"几十年对准一个城墙冲锋"的执 着追求。 20世纪80年代初，林木勤从家乡来到深圳。感受到饮料行业的巨大潜能，1988年林木勤投身这一领 域，在多家企业积累了丰富经验。1997年，他来到东鹏饮料，并于2003年企业改制后担任董事长。 回顾中国饮料 ...

群体的需求。在加强配方研发创新的同时，东鹏饮料也持续营造"简单、诚信、协作、拼搏"的企业文 化。为了更好调动全体员工建言献策积极性，东鹏饮料设立了"小创新大改善"平台，两年来共收到超过 800条建议，已经有上百条建议被采纳。改善一条水管，每小时就可节约0.042吨水——这得益于东鹏饮 料南宁生产基地生产三科的员工黄文章提出的一项建议。过去一年，仅他一个人就提出了21条建议，并 全部得到采纳，其中关于节水的创新想法获得了公司授予的"变废为宝"奖。东鹏饮料还在瞄准海外市 场。已是年末的12月，位于深圳南山的东鹏饮料总部，工作人员仍十分忙碌。"对不少饮料行业企业来 说，新一年从12月开始。"蒋薇薇说，2025年是公司的"出海元年"，产品已出口至越南、印尼等20余个 国家和地区，2026年公司希望持续拓展海外市场，加快"走出去"步伐。目前东鹏饮料海外收入占比仍然 较低，林木勤希望未来这一比重持续增加，成为公司的重要增长极。"全球人都知道可口可乐，中国饮 料也能成为世界级品牌。"林木勤说。（完） 新华社广州12月29日电 题："小饮品"何以释放大能量——东鹏饮料转型记新华社记者孙飞、胡林果、 田宇走进便利店、打开柜门， ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 26 日 | 市场数据： | 2025 年 12 月 25 日 | | --- | --- | | 收盘价（元） | 272.11 | | 一年内最高/最低（元） | 336.50/208.8 | | 市净率 | 16.1 | | 股息率（分红/股价） | 1.84 | | 流通 A 股市值（百万元） | 141,501 | | 上证指数/深证成指 | 3,960/13,531 | | 注："股息率"以最近一年已公布分红计算 | | 能量饮料龙头迈向综合平台型公司 | 基础数据： | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 16.9 | | 资产负债率% | 63.24 | | 总股本/流通 A 股（百万） | 520/520 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与沪深 300 指数对比走势： ——东鹏饮料（605499.SH）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | 买入（首次评级） | -20% 0% 20% 40% 60% 12- ...

东吴证券研报指出，东鹏饮料坚定平台化战略，多品类稳步加力。近期东鹏于全国多地召开经销商会 议，明确2026年全面实施"1+6"多品类战略，展示"打造中国领先的饮料集团"的决心。发展多品类是平 台化战略的具象化载体，公司"1+6"品类中，"1"指东鹏特饮，能量饮料是公司基本盘，"6"则涵盖电解 质饮料"补水啦"、大包装饮料"果之茶"、椰汁饮料"海岛椰"、即饮奶茶"港式奶茶"、无糖茶饮料"上 茶"和咖啡饮料"大咖"，公司基于后发优势和对饮料市场的深刻洞察，多品类均落子景气赛道。中长期 看好东鹏平台化潜力，多元化、海外拓展加速迈向饮料巨头。当前在特饮大单品稳增、补水啦第二曲线 崛起的同时，外加依托果之茶战略入局茶饮料赛道，亦规划在东南亚开启出海第一站。维持2025~2027 年归母净利润预测为46.01、58.47、70.51亿元，对应当前PE分别为31、24、20X，维持"买入"评级。 ...

Core Viewpoint - Dongpeng is committed to becoming a leading beverage group in China by implementing a "1+6" multi-category strategy by 2026, focusing on platformization and expanding its product offerings [1] Group 1: Multi-Category Strategy - The "1" in the "1+6" strategy represents Dongpeng's core energy drink, while the "6" includes electrolyte drinks, large-pack beverages, coconut drinks, ready-to-drink milk tea, sugar-free tea drinks, and coffee beverages [1] - Dongpeng is leveraging its latecomer advantage and deep market insights to enter promising segments, with significant growth potential in the energy drink market, which is still in its early to mid-stage in China [1] - The company is successfully creating new growth curves by entering new promising segments and implementing targeted marketing strategies [1] Group 2: New Product Launches - The tea beverage and milk tea segments are expected to become new growth points for Dongpeng by 2026, with plans to launch new product sizes and flavors [2] - The company aims to drive growth in the sugar tea segment with a new 500ml specification for its "Guo Zhi Cha" product and a new 500ml "Bei Hao Cha" for the sugar-free tea segment [2] - The ready-to-drink milk tea will be fully promoted next year, targeting stable demand in various settings such as schools and factories [2] Group 3: Sales and Distribution Strategy - Dongpeng plans to increase its investment in freezers to enhance sales efficiency, with significant effects expected as the number of terminal outlets increases [2] - The company’s mature digital system and deep distribution capabilities are expected to maintain stable expense ratios despite intense competition in the beverage market [2] Group 4: Financial Projections - Dongpeng's net profit forecasts for 2025, 2026, and 2027 are projected to be 4.601 billion, 5.847 billion, and 7.051 billion yuan, respectively, with corresponding P/E ratios of 31, 24, and 20 [3] - The company maintains a "buy" rating based on its long-term platform potential and diversification strategy [3]

"百亿"英德红， 三年成长路：一 片金叶，带富一 方山水_南方+_ 南方plus "2025年，英德 红茶全产业链产 值预计达102亿 元，五大产业从 单点突破迈向集 群共进，实现跨 越式发展。" 清远市委常委苏锦丹宣布，英德红茶全产业链产值正式破"百亿"。 广州塔下，英德 红茶全产业链产 值突破百亿的宣 告振奋人心。12 月20日，由广东 省农业农村厅、 广东省总工会、 清远市人民政 府、中国人民财 产保险股份有限 公司广东省分公 司指导，清远市 农业农村局、中 国人民财产保险 股份有限公司清 远市分公司主办 的"天赋风土 自 在清远"2025清 远市暖冬消费季 主题系列活 动"五大百亿过 大年"暨农产品 加工招商项目推 介会在广州塔广 场举办。 从粤北山间的青 青茶园，到广州 塔下的璀璨宣 言，英德红茶用 三年时间，将全 产业链产值从约 60亿元推升至逾 百亿元，实现了 品牌价值的惊人 跨越。这一叶茶 香里，凝结了一 个区域公用品牌 从地方走向全 国、从传统农业 迈向现代产业的 奋斗历程。背 后，是政策引 领、科技赋能、 品牌塑造与市场 开拓的协同发 力，是无数茶 农、茶企、科研 工作者与地方政 府共同执 ...

来源：猛哥看商业 核心观点 导读： 管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消费者，迎合了饮料行业消费者对于高质 价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 核心观点： 东鹏品类扩张有望超预期。市场认为东鹏饮料凭借产品的高质价比打法以及渠道的全国化扩张有望紧跟 能量饮料及运动饮料行业龙头步伐，逐步成长为细分赛道的龙二，但当前全国化扩张基本完成，因此未 来成长空间有限；我们认为公司通过持续提升管理效率将大量利润节约下来回馈给渠道及消费者，因此 所有品类均能突出高质价比，迎合了饮料行业消费者对于价格敏感度逐渐提升的大趋势，因此其未来有 望成长为平台型饮料企业，品类扩张将超市场预期。 总成本领先战略与信息化赋能相辅相成，构建公司真正护城河。公司通过生产端降本增效与渠道端信息 化赋能的持续强化，将越来越多的利润节约下来回馈给渠道及消费者，从而使得"消费者愿意买、渠道 愿意卖"的效果愈加显著，因此带动了公司产品力及渠道力的同步提升，也为公司各类新品的陆续放量 奠定了基础。 引领舶来品本土化+红海市场抢份额并行，品类扩张逐步推进。一方面，公司在能量饮料/运动饮料/无 糖茶/咖啡等舶来新兴赛道依靠高 ...