近期，东鹏饮料（集团）股份有限公司（下称"东鹏饮料"）提交了招股说明书，拟港股IPO上市。 笔者注意到，东鹏饮料收入高度依赖能量饮料，每年至少7成收入来自该品类，产品结构单一化特征显著。不过这一业务支撑了公司业绩增长，报告期内营 收与利润均保持上升趋势。 但亮眼业绩背后的资金操作逻辑备受争议。一方面，分红力度大——报告期内累计股息分配54亿元，占同期 91.82亿元总利润的58.81%；另一方面，却推进 赴港IPO募资，形成"一边掏钱给股东、一边寻求外部融资"的反差。更关键的是，东鹏饮料自身资金极为充裕。自2023年起，现金类资产稳定在60亿元以 上，2024年及2025年上半年叠加理财产品后"现金类"资产超百亿元；经营现金流同样强劲，三年半合计净流入128.36亿元，无需外部资金即可支撑日常经 营。这种"资金充足仍募资"的操作，让市场难以理解其募资必要性。 产品单一，大举分红 东鹏饮料成立于1994年，2021年5月成功登陆A股，成为A股"功能性饮料第一股"，其核心品牌"东鹏"已成长为中国领先的民族饮料品牌之一，目前公司形成 了涵盖能量饮料、运动饮料、茶饮料、咖啡饮料、植物蛋白饮料和果蔬饮料等多品类产品矩阵 ...

Core Viewpoint - Dongpeng Beverage, known as the "first stock of functional drinks" in the A-share market, is focusing on its upcoming Hong Kong listing while addressing concerns about its reliance on a single product, Dongpeng Special Drink, which significantly impacts its revenue and market position [2][10]. Group 1: Hong Kong Listing - Dongpeng Beverage announced its plan to list in Hong Kong in March 2023, with the application submitted in April and updated in October [2]. - If successful, Dongpeng Beverage will become the second Chinese beverage company to achieve dual listing in A+H after Andeli Juice [2]. Group 2: International Expansion Strategy - The purpose of the Hong Kong listing is to enhance capital strength, competitiveness, and international brand image, supporting the company's global strategy [3]. - Funds raised will be used to establish supply chain infrastructure in key overseas markets, particularly in Southeast Asia, to meet local demand and facilitate localized operations [3][13]. - Dongpeng Beverage aims to explore potential investments and acquisitions to expand its overseas market presence, with a focus on Southeast Asia initially and plans to gradually enter the U.S. market [3][11]. Group 3: Market Competition and Challenges - The Southeast Asian functional beverage market is highly competitive, with local and international brands posing challenges in market share and brand recognition [4]. - Dongpeng Beverage is working on building localized logistics and sales networks to transition from cross-border sales to local operations [4]. Group 4: Financial Performance and Product Dependency - In 2024, Dongpeng Beverage reported revenue of approximately 15.839 billion yuan, a year-on-year increase of 40.63%, with net profit reaching about 3.327 billion yuan, up 63.09% [8]. - The company heavily relies on Dongpeng Special Drink, which contributed over 80% of its revenue, raising concerns about its dependency on a single product [10]. - Efforts are being made to diversify the product portfolio, with the introduction of new products like electrolyte water and coffee drinks, aiming to reduce reliance on energy drinks [11]. Group 5: Future Outlook - Dongpeng Beverage is actively pursuing a multi-category strategy to mitigate the risks associated with its "hit product dependency" and enhance its market presence across various beverage segments [10][11].

Core Viewpoint - The beverage industry has seen a decline of nearly 10% since January 2024, while Dongpeng Beverage has experienced an increase of over 80%, establishing itself as a leader in the energy drink sector [1][2]. Financial Performance - Dongpeng Beverage reported a revenue of 15.839 billion yuan for 2024, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [5][6]. - The company's energy drink market share rose from 43% in 2023 to 47.9% in 2024, with sales accounting for over 34.9% of the market [7]. Market Dynamics - Despite strong financial results, Dongpeng's stock price has declined by over 10% since the announcement of its earnings forecast, indicating that the market had already priced in the expected growth [9][10]. - The company's dividend plan has sparked controversy, as the founder's family will receive approximately 67% of the total dividend payout, raising concerns about the concentration of ownership and potential motives behind the dividend policy [14][15]. Shareholder Activity - Dongpeng has seen significant shareholder and executive sell-offs, with over 41 billion yuan in cash being extracted through multiple rounds of share reductions since its IPO [16][19]. - The frequency of these sell-offs may reflect a lack of confidence in the company's future performance, contributing to market volatility [20]. Strategic Expansion - Dongpeng is pursuing a multi-category strategy, with its electrolyte drink "Dongpeng Water" showing significant growth, achieving a sales increase of 280.37% in 2024, and capturing a market share of 6.7% [29][30]. - The company is also expanding internationally, with products exported to 25 countries and regions, potentially generating sales of 13.6 to 21.3 billion yuan from overseas markets [50][51]. Competitive Landscape - Dongpeng aims to position itself similarly to Nongfu Spring rather than just competing with Red Bull, as it diversifies its product offerings beyond energy drinks [25][26]. - The electrolyte water market has grown significantly, from 900 million yuan in 2020 to 7 billion yuan in 2023, indicating a shift in consumer preferences towards healthier options [28]. Research and Development - Dongpeng's R&D expenditure is relatively low at 0.63 billion yuan, accounting for only 0.4% of total revenue, which is less than other beverage giants like Nongfu Spring [39][40]. - The company's ability to adapt to changing consumer demands and market trends is seen as a key strength, despite the low R&D investment [42][44]. Valuation Perspective - Dongpeng's current PE ratio stands at 35.43, higher than the industry average of 28, but is considered reasonable given its strong growth trajectory and market expansion efforts [52][53]. - The company has maintained an average net profit growth rate of 55% over the past three years, which supports its valuation despite short-term stock price fluctuations [54].