近年来，软饮料行业需求修复明显好于其他快消品类，部分细分品类的销售额维持较好增速。作为行业龙头，东鹏饮料（605499.SH）精准捕捉了饮料多元 化、健康化、功能化的发展趋势，在功能饮料、运动饮料等细分赛道取得的亮眼的销售成果，并创新跨界即饮奶茶赛道，在2025年下半年推出了新品"港氏 奶茶"。 把百年非遗风味打造成破圈符号 19世纪中叶，香港开埠，锡兰红茶加鲜奶、糖调成的英式奶茶漂洋过海来到香港，成为当地高档西餐厅里才有的饮品。百年间，香港逐渐发展为区域重要转 口港，贸易与造船业蓬勃兴起。到20世纪中叶，香港人口激增，码头工人、商贩等体力劳动者成为城市运转的核心力量，街头的冰室和茶餐厅成了他们歇脚 喘气的"能量站"。 冰室和茶餐厅从西餐厅引入英式奶茶，但店家很快发现，口味清淡的英式奶茶并不受基层市民及体力劳动者青睐。就是在这些烟火缭绕的小店里，英式奶茶 迎来了一次彻底的"本土化改造"。那杯后来火遍全球的奶茶，最初正是给奋斗者们量身定制的"能量补给"。 店家们很懂劳动者的需求，茶味要醇厚，口感要丝滑，喝完能快速提劲，价格还得实惠。店家们架起长茶袋，以滚水冲泡平价红茶，反复进行闭合壶盖"焗 茶"、打开壶盖"撞茶 ...

Investment Rating - The report maintains a "Strong Buy" rating for Dongpeng Beverage, with a target price of 340 CNY [2][6]. Core Views - Dongpeng Beverage has received approval for its H-share issuance, which is expected to alleviate market concerns and enhance its competitive position through strategic investments in overseas capacity, supply chain upgrades, and brand building [2][6]. - The company is projected to maintain high-quality growth in the short term, with a focus on scaling operations and improving profitability through digitalization and cost efficiency [6][7]. - The strategic restructuring into five major regions aims to enhance operational flexibility and drive sales growth, positioning Dongpeng as a leader in the functional beverage sector [6][7]. Company Overview - Total shares outstanding: 52,001.30 million - Total market capitalization: 137.11 billion CNY - Asset-liability ratio: 63.24% - Net asset per share: 16.92 CNY - 12-month price range: 336.50 CNY (high) / 209.99 CNY (low) [3][6]. Financial Projections - Revenue forecast for 2024: 15,839 million CNY, with a year-on-year growth of 40.6% - Net profit forecast for 2024: 3,326 million CNY, with a year-on-year growth of 63.1% - Projected earnings per share for 2024: 6.40 CNY [7][8]. Strategic Focus - The company aims to leverage high-demand functional beverages and enhance its market presence through effective distribution and marketing strategies [6][7]. - The focus on digital transformation is expected to yield significant operational efficiencies and contribute positively to profit margins [6][7].