东鹏饮料-2026 年第四季度业绩复盘：向多品类饮料公司转型；2026 财年成本锁定提供缓冲；给予买入评级

1 April 2026 | 12:01AM HKT Equity Research Eastroc Beverage (605499.SS): 4Q25 Earnings Review: Evolve into multi-category beverage company; Cost lock-in in FY26 as a buffer; Buy On Mar 31, Eastroc hosted briefing post its FY25 result prints on 30 March. A-share price was down 10% post results on 31 March, with investor concern mainly surrounding a sequential slowdown in energy drink sales in 4Q25 (+9% yoy) despite strong growth in Bushuila/Other drinks (up 51%/160% in 4Q) and GPM expansion on scale-up for B ...