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 ...

Summary of Key Points Core Viewpoint - The financial performance and trading activity of Shanghai Bairun Investment Holding Group Co., Ltd. (百润股份) indicate a mixed outlook, with a decline in revenue and net profit, while trading volumes and financing activities remain relatively high [1][2]. Group 1: Financial Performance - As of June 30, 2025, Bairun reported a revenue of 1.489 billion yuan, a year-on-year decrease of 8.56% [2] - The net profit attributable to shareholders was 389 million yuan, reflecting a year-on-year decline of 3.32% [2] - Cumulative cash dividends since the A-share listing amount to 2.673 billion yuan, with 833 million yuan distributed over the past three years [2] Group 2: Shareholder and Trading Activity - The number of shareholders increased to 34,500, up by 15.89% from the previous period [2] - The average number of circulating shares per shareholder decreased to 20,936, down by 13.14% [2] - On September 19, 2023, Bairun's stock price rose by 2.04%, with a trading volume of 299 million yuan [1] - The financing buy-in on the same day was 34.11 million yuan, while the financing repayment was 44.35 million yuan, resulting in a net financing outflow of 10.24 million yuan [1] - The total financing and securities balance reached 306 million yuan, with the financing balance accounting for 1.12% of the market capitalization [1] Group 3: Business Overview - Bairun's main business includes the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails [1] - The revenue composition is as follows: 87.14% from alcoholic products, 11.34% from food flavorings, and 1.52% from other sources [1]

Core Viewpoint - The stock of BaiRun Co., Ltd. has experienced fluctuations, with a current price of 25.44 CNY per share, reflecting an 8.20% decline year-to-date and a 1.24% drop over the last five trading days [1] Company Overview - BaiRun Co., Ltd. was established on June 19, 1997, and listed on March 25, 2011. The company is located in Shanghai and specializes in the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails [1] - The main revenue composition of the company includes 87.14% from alcoholic products, 11.34% from edible flavors, and 1.52% from other sources [1] Financial Performance - For the first half of 2025, BaiRun Co., Ltd. reported a revenue of 1.489 billion CNY, a year-on-year decrease of 8.56%, and a net profit attributable to shareholders of 389 million CNY, down 3.32% compared to the previous year [2] - The company has distributed a total of 2.673 billion CNY in dividends since its A-share listing, with 833 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for BaiRun Co., Ltd. increased by 15.89% to 34,500, while the average circulating shares per person decreased by 13.14% to 20,936 shares [2] - Notable institutional holdings include Xingquan Helun Mixed A, which is the seventh largest shareholder with 12.41 million shares, and the Wine ETF, which is the tenth largest shareholder with 11.00 million shares, having increased its holdings by 1.34 million shares [3] Market Activity - On September 19, 2023, BaiRun Co., Ltd. saw a net inflow of main funds amounting to 5.2069 million CNY, with significant buying activity from large orders [1]

Core Viewpoint - Liu Xiaodong, the controlling shareholder of Bairun Co., has transferred 6.01% of his shares to Liu Jianguo for 1.47 billion yuan, marking his first significant reduction since 2019 amid declining sales in the pre-mixed cocktail segment and the nascent whiskey business [1][2][4]. Group 1: Share Transfer Details - Liu Xiaodong transferred 63 million shares, representing 6.01% of the total share capital, to Liu Jianguo at a price of 23.337 yuan per share, which is a 7.54% discount to the closing price of 25.24 yuan on September 10 [1][2]. - Following the transfer, Liu Xiaodong retains a 34.58% stake in Bairun Co., while Liu Jianguo becomes a significant shareholder with 6.01% [1][2]. - Liu Jianguo's acquisition is characterized as a long-term financial investment, with no intention to participate in company management or appoint board members [2]. Group 2: Business Performance and Challenges - Bairun Co. has experienced a continuous decline in its main business, with a 6.61% revenue drop in 2024 and an 8.56% decline in the first half of the year [4][5]. - The revenue from pre-mixed cocktails, including sparkling water, was 2.677 billion yuan in 2024, down 7.18% year-on-year, with sales volume decreasing by 8.81% [4][5]. - The company faces significant challenges in sales channels, primarily relying on offline sales, which have been impacted by reduced foot traffic in supermarkets [5]. Group 3: Whiskey Business Potential - Bairun Co. is expanding its whiskey production capacity, having raised funds for whiskey aging projects, with an expected increase of 33,800 kiloliters in whiskey raw material capacity [6][7]. - The company plans to launch two whiskey products in November 2024, with additional products scheduled for release in 2025, indicating a potential shift in focus to whiskey as a second growth curve [7][8]. - The domestic whiskey market is highly competitive, with foreign brands dominating and a growing number of local companies entering the market [7][8].

Core Viewpoint - The report from Tianfeng Securities indicates that Bairun Co., Ltd. is experiencing a decline in revenue and net profit for Q2 2025, primarily due to the adjustment period of its pre-mixed cocktails, although whisky contributions remain positive [1] Financial Performance - For Q2 2025, Bairun's operating revenue, net profit attributable to the parent, and net profit excluding non-recurring gains and losses are projected to be 752 million, 208 million, and 178 million yuan respectively, reflecting year-on-year declines of 8.98%, 10.85%, and 22.61% [1] Product Development - The company is continuously improving its "358" product matrix, having launched jelly wine in June with positive sales feedback, and is set to introduce a light enjoyment series of 12-degree pre-mixed cocktails in August [1] Future Outlook - Despite slight pressure on terminal demand, the profit forecast has been adjusted downwards, with expected net profits for 2025 and 2026 revised to 770 million and 870 million yuan respectively, and a new forecast for 2027 set at 990 million yuan [1] - The rating for Bairun Co., Ltd. remains "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to show potential elasticity in performance in H2 2025, despite a decline in revenue and net profit in Q2 2025 [1][4] - The company is continuously improving its product matrix, launching new products such as jelly wine and a light cocktail series, which are expected to contribute positively to sales [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 752 million yuan, a year-on-year decrease of 8.98%, and a net profit of 208 million yuan, down 10.85% [1] - The company's liquor products, edible flavors, and other businesses generated revenues of 1.297 billion yuan, 169 million yuan, and 23 million yuan respectively in H1 2025, with liquor accounting for 87.14% of total revenue [2] - The offline and digital retail channels achieved revenues of 1.311 billion yuan and 155 million yuan respectively in H1 2025, with a year-on-year decline of 9.63% and 0.57% [3] - The gross margin and net margin for Q2 2025 were 71.00% and 27.63%, showing slight year-on-year declines [4] - Operating cash flow for Q2 2025 was 155 million yuan, reflecting a significant year-on-year increase of 592.30% [4] Financial Forecast Summary - The company is projected to achieve revenues of 3.263 billion yuan in 2023, decreasing to 3.048 billion yuan in 2024, and then gradually increasing to 3.897 billion yuan by 2027 [5][11] - The net profit attributable to the parent company is expected to decline from 809 million yuan in 2023 to 719 million yuan in 2024, before recovering to 990 million yuan by 2027 [5][11] - The earnings per share (EPS) is forecasted to be 0.77 yuan in 2023, decreasing to 0.69 yuan in 2024, and then increasing to 0.95 yuan by 2027 [5][11]

Group 1 - The core viewpoint of the news is that Shanghai Bairun Investment Holding Group Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.11% to 26.53 CNY per share, and a total market capitalization of 27.818 billion CNY [1] - The company was established on June 19, 1997, and went public on March 25, 2011. Its main business involves the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails [1] - The revenue composition of the company is primarily from alcoholic products at 87.14%, followed by food flavoring at 11.34%, and other sources at 1.52% [1] Group 2 - From the perspective of fund holdings, a fund under Shanzheng Asset Management has heavily invested in Bairun shares, with an increase of 1,500 shares in the second quarter, bringing the total to 19,200 shares, which constitutes 4.35% of the fund's net value [2] - The fund, Shanzheng Asset Management Selected Industry Mixed Initiation A (018750), was established on December 26, 2023, with a latest scale of 10.9956 million CNY. It has achieved a year-to-date return of 5.45% and a one-year return of 33.79% [2] - The fund manager, Zhuang Bo, has a tenure of 10 years and 179 days, with the fund's total asset scale at 11.3079 million CNY. The best return during his tenure is 24.93%, while the worst is -3% [2]

Group 1 - The core point of the news is that BaiRun Co., Ltd. announced a share transfer agreement where the controlling shareholder Liu Xiaodong will transfer 63 million shares, representing 6.01% of the company's total equity, to Liu Jianguo for a total price of 1.47 billion RMB, at approximately 23.34 RMB per share [1] - The share transfer aims to enrich the company's shareholder structure and introduce resources to promote the company's development, with the buyer recognizing the company's future growth potential and investment value [1] - As of the announcement date, the company's total equity is approximately 1.049 billion shares, with about 11.59 million shares held in a repurchase special securities account [1] Group 2 - For the first half of 2025, BaiRun Co., Ltd.'s revenue composition is as follows: pre-mixed cocktails account for 87.14%, flavor and fragrance manufacturing accounts for 11.34%, and other businesses account for 1.52% [1] - The current market capitalization of BaiRun Co., Ltd. is 26.5 billion RMB [2]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 30.08 CNY over the next six months, compared to the current price of 25.31 CNY [5][6]. Core Views - The company has shown stable operations with expectations for improvement in the second half of the year. The first half of 2025 saw a revenue decline of 8.56% year-on-year, with a net profit decrease of 3.32% [1]. - The alcoholic beverage segment experienced a slight decline, with revenues of 12.97 million CNY, down 9.35% year-on-year, while the edible flavor segment saw a smaller decline of 3.91% [2]. - The company is focusing on high-quality development in its pre-mixed cocktail business, optimizing marketing expenses, and managing accounts receivable effectively, which has led to improved cash flow [3]. - New product iterations are accelerating, with the introduction of single malt and blended whiskies, contributing to a growing product matrix [4]. Financial Performance - In the first half of 2025, the company reported revenues of 1.489 billion CNY, with a net profit of 389 million CNY. The second quarter alone saw revenues of 752 million CNY and a net profit of 207 million CNY [1]. - The gross margin for Q2 was 71.00%, with a net margin of 27.62%, reflecting slight declines compared to the previous year [3]. - The company expects revenue growth rates of -0.5%, 19.3%, and 14.9% for 2025 to 2027, with net profit growth rates of -0.2%, 25.5%, and 17.3% respectively [5][11]. Market Position and Strategy - The company has increased its distributor count by 200, reaching a total of 2,268 by the end of the first half of 2025, indicating a strategic focus on expanding its market presence [2]. - The company is enhancing its product innovation and channel management, which is expected to support sustainable growth through economic cycles [4]. Valuation Metrics - The report references an average valuation of 43.96x for comparable companies, suggesting a favorable position for the company within its industry [5][10]. - The company's market capitalization is approximately 26.56 billion CNY, with a circulating market value of about 18.29 billion CNY [6].

Group 1 - The stock price of BaiRun Co., Ltd. has declined by 2.62% on September 3, reaching 26.03 CNY per share, with a trading volume of 224 million CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 27.315 billion CNY. The stock has experienced a cumulative decline of 7.5% over the past three days [1] - BaiRun Co., Ltd. was established on June 19, 1997, and went public on March 25, 2011. The company is primarily engaged in the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails. The revenue composition is as follows: alcoholic products account for 87.14%, food flavorings 11.34%, and others 1.52% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Everbright Pramerica holds a significant position in BaiRun Co., Ltd. The Everbright Pramerica Consumer Stock A Fund (008234) held 253,900 shares in the second quarter, representing 4.04% of the fund's net value, making it the ninth largest holding. The estimated floating loss today is approximately 177,700 CNY, with a total floating loss of 535,700 CNY during the three-day decline [2] - The Everbright Pramerica Consumer Stock A Fund (008234) was established on April 23, 2020, with a current scale of 157 million CNY. Year-to-date returns are 11.91%, ranking 3409 out of 4222 in its category; the one-year return is 32.11%, ranking 2958 out of 3783; and since inception, the return is 16.8% [2] Group 3 - The fund manager of Everbright Pramerica Consumer Stock A Fund is Ma Pengfei, who has been in the position for 5 years and 134 days. The total asset size of the fund is 659 million CNY, with the best fund return during his tenure being 16.82% and the worst being -29.26% [3]