炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 千亿饮料巨头冲刺港股IPO 2026年以来，A股上市企业赴港上市热情持续高涨，继豪威集团、兆易创新之后，或将迎来今年以来第 三家"A+H"上市企业。 1月26日，东鹏饮料（集团）股份有限公司（以下简称"东鹏饮料"）在港交所正式发布H股全球发售公 告，预计将于2月3日开始上市交易，股票代码为09980。 | 全球發售的發售股份數目 | | : 40.889.900股H股(視乎超额配股權行使與否而定) | | --- | --- | --- | | 香港發售股份數目 | | 4.089.000股H股(可于重新分配) | | 國際發售股份數目 : | | 36.800.900股H股(包括員工優先發售項下的 | | 670.600股員工保留股份)(可于車新分配及視 | | | | 乎超额配胶槽行使具否而定) | | | | 最高發售價 : 每股H股248.00港元,另加1%經紀佣金、 | | | | 0.0027％証監督交易微費、0.00565％聯交所交 | | | | 易費及0,00015%管財局交易微費(須於申請時 | | | | 以港元繳 ...

2026年以来，A股上市企业赴港上市热情持续高涨，继豪威集团（603501）、兆易创新（603986）之 后，或将迎来今年以来第三家"A+H"上市企业。 1月26日，东鹏饮料（605499）(集团)股份有限公司(以下简称"东鹏饮料")在港交所正式发布H股全球发 售公告，预计将于2月3日开始上市交易，股票代码为09980。 此后，公司凭借"低价策略+农村包围城市"的市场打法，精准切入大众消费场景，快速打开市场局面， 驶入发展快车道。2021年5月27日，东鹏饮料正式登陆上海证券交易所主板，成为A股市场"功能饮料第 一股"。 此次计划全球发行4088.99万股H股，发行价最高不超过每股248港元。按最高发行价测算，本次发行募 资规模预计可达101亿港元，可跻身港股市场近年消费行业IPO募资规模前列。 招股书显示，东鹏饮料是中国第一的功能饮料企业，收入增速在全球前20大上市软饮企业中位列第一。 最新业绩预告显示，公司2025年预计营业收入将达到207.6亿元至211.2亿元，较上年同期增长31.07%至 33.34%，但相较上年营收增速(40.63%)有所放缓。 超6亿美元全球资本"抢筹" | 全球發售的發售股份數 ...

Core Viewpoint - The article discusses the upcoming IPO of Dongpeng Beverage Group Co., Ltd. on the Hong Kong Stock Exchange, highlighting its position as a leading functional beverage company in China and its growth prospects amid challenges in the market [1][3][9]. Group 1: IPO Details - Dongpeng Beverage plans to issue 40.8899 million H-shares, with a maximum offering price of HKD 248 per share [2][3]. - The company aims to raise approximately HKD 101 billion, positioning itself among the top consumer industry IPOs in recent years [5][6]. - The IPO has attracted significant interest from cornerstone investors, with a total subscription amount of USD 640 million, accounting for 49.2% of the total fundraising [7][9]. Group 2: Financial Performance - Dongpeng Beverage is projected to achieve a revenue of RMB 20.76 billion to RMB 21.12 billion in 2025, reflecting a year-on-year growth of 31.07% to 33.34%, although this is a slowdown compared to the previous year's growth of 40.63% [3][6]. - The company’s core product, Dongpeng Special Drink, contributes approximately 85% to its revenue, indicating a high dependency on a single product [10][11]. - The gross profit margin for Dongpeng Special Drink is reported at 50.1%, but its revenue growth has slowed to 19.35% year-on-year [11][12]. Group 3: Market Position and Strategy - Dongpeng Beverage has maintained the largest market share in China's functional beverage sector, increasing from 15.0% in 2021 to a projected 26.3% by 2024 [6][13]. - The company is focusing on international expansion, particularly in Southeast Asia, where the energy drink market is projected to reach USD 4.2 billion in 2024 [14]. - Approximately 8% of the net proceeds from the IPO will be allocated to establishing supply chain infrastructure in overseas markets, while 12% will be used for market expansion and potential acquisitions [13][14].

Core Insights - The 2025 Hurun Rich List reveals that Zhong Shanshan retains the title of China's richest person with a wealth of 450 billion yuan, highlighting the fast-moving consumer goods (FMCG) sector as a "cradle for billionaires" [1] - The success of companies like Wahaha and Nongfu Spring in the FMCG industry is attributed to their ability to navigate different stages of business development, emphasizing the importance of timing and strategic positioning [3][4] Company Lifecycle Theory - The lifecycle of FMCG companies can be broken down into four key stages: 1. **Startup Phase**: Focus on survival and market positioning, exemplified by Dongpeng's introduction of China's first vitamin functional drink in 1998 [4] 2. **Expansion Phase**: Aim for national reach and category leadership, as seen with Nongfu Spring's establishment of 12 major water sources from 2001 to 2010 [4] 3. **Maturity Phase**: Stabilize and diversify product offerings, illustrated by Coca-Cola's introduction of Sprite and Fanta between 1981 and 2000 [4] 4. **Transformation Phase**: Seek new growth avenues, demonstrated by Nongfu Spring's expansion into tea beverages post-2021 [4] Company Performance Analysis - Dongpeng Beverage has maintained its position as the market leader in energy drinks with a market share of 47.9%, mirroring Nongfu Spring's earlier success in bottled water [10] - The newly launched "Brewed Water" electrolyte drink generated revenue of 2.847 billion yuan in the first three quarters of 2025, marking a 134.8% year-on-year increase and contributing 16.91% to total revenue [11] - Dongpeng's capital-raising efforts, including 1.85 billion yuan from A-share fundraising, are being directed towards national expansion and overseas supply chain development, similar to Nongfu Spring's strategies [10] Key Success Factors - Effective channel management during the expansion phase is crucial, as demonstrated by Nongfu Spring's exclusive distributor model and Dongpeng's targeted market penetration strategies [13] - Cash flow quality is a critical indicator of success in the maturity phase, with Nongfu Spring reporting a net cash ratio of 1.37 and Dongpeng at 1.2, indicating strong profitability [14] - The ability to pivot and find new growth opportunities is essential during the transformation phase, as seen with Nongfu Spring's diversification into tea and Dongpeng's expansion into electrolyte drinks and global markets [15] Future Outlook - Dongpeng is positioned at a critical juncture, transitioning from the expansion phase to maturity, with plans to enhance its product portfolio and explore Southeast Asian markets [11][12] - The potential for Dongpeng to replicate the success of Coca-Cola, which saw a 40-fold return during its growth phase, hinges on its ability to execute its multi-category strategy and establish a global presence [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company shows strong growth momentum, with a clear platform-based business logic. The energy drink segment is in an upward trend, and products like "Bup Shui La" and "Guo Zhi Cha" are expected to continue high growth. The company is actively expanding its channel network and improving single-point output, indicating good future growth potential [2][7] - Revenue projections for 2025-2027 are estimated at 20.95 billion, 26.10 billion, and 31.76 billion yuan, representing year-on-year growth rates of 32.26%, 24.61%, and 21.68% respectively. Net profit attributable to the parent company is expected to be 4.51 billion, 5.73 billion, and 7.11 billion yuan, with growth rates of 35.54%, 27.06%, and 24.19% respectively [2][3] Financial Summary - For the first half of 2025, the company achieved a revenue of 10.74 billion yuan (up 36.37% year-on-year) and a net profit of 2.38 billion yuan (up 37.22% year-on-year). The second quarter of 2025 saw revenues of 5.89 billion yuan (up 34.10% year-on-year) and a net profit of 1.40 billion yuan (up 30.75% year-on-year) [7] - The company's gross profit margin for the first half of 2025 was 45.15%, with a slight increase in net profit margin to 22.12% [7] - The company plans to distribute a cash dividend of 25 yuan per 10 shares, totaling 1.3 billion yuan, with a payout ratio of 54.74% [7] Product and Regional Performance - The energy drink segment generated 8.36 billion yuan in revenue for the first half of 2025 (up 21.9% year-on-year), while "Bup Shui La" electrolyte drinks saw rapid growth, achieving 1.49 billion yuan (up 213.7% year-on-year) [7] - The company experienced significant growth across various regions, with the North China region showing outstanding performance, achieving a revenue of 1.71 billion yuan (up 73.03% year-on-year) [7]