证券代码：605499 证券简称：东鹏饮料 公告编号：2025-034 东鹏饮料（集团）股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1.委托理财受托方：平安银行股份有限公司、珠海横琴万方私募基金管理合 伙企业（有限合伙）、海通期货股份有限公司、中银理财有限责任公司、兴银理 财有限责任公司、北银理财有限责任公司、广州银行股份有限公司、华夏银行股 份有限公司、国投泰康信托有限公司； 2.本次委托理财金额：合计 109,990.00 万元； 3.委托理财产品类型：理财、私募基金、大额存单、资管计划、信托计划； 4.委托理财期限：无固定期限、6 个月、1 年； 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2025 年 3 月 7 日召开第三届董事会第十三次会议和第三届监事会第十二次会 议及 2025 年 4 月 2 日召开 2024 年年度股东大会，分别审议通过了《关于 2025 年度使用闲置自有资金进行现金管理的议案》，公 ...

[Table_Summary] 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净利润 9.8 亿元（+47.62%），扣非净利润 9.59 亿元（+53.55%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 丨证券研究报告丨 公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2025 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2025 2] 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 [Table_Summary2] 事件描述 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净 ...

Core Viewpoint - Dongpeng Beverage has established itself as a leader in the functional beverage sector in the A-share market, with a market capitalization that has surged from under 20 billion RMB at its IPO to over 120 billion RMB currently, following its successful listing in May 2021 [1][2]. Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.839 billion RMB, a year-on-year increase of 40.63%, and a net profit of 3.327 billion RMB, up 63.09% [2]. - The company's core product, Dongpeng Special Drink, saw its market share rise from 43% to 47.9% [2]. - In Q1 2025, revenue grew by 39.23% and net profit increased by 47.62% [1]. Shareholder Actions - Since the lifting of the lock-up period in 2022, there has been a notable trend of shareholder sell-offs, with the second-largest shareholder, Junzheng Investment, reducing its stake from 9% to below 4% through four rounds of sales, totaling over 4.1 billion RMB [3]. - Key executives and board members have also engaged in share sell-offs, amounting to 1.369 billion RMB [3]. Dividend Policy - Dongpeng Beverage has distributed over 4 billion RMB in dividends since its IPO, with the founder's family receiving more than 2.5 billion RMB, raising concerns about the governance structure [1][4]. - Following the 2024 earnings announcement, the company declared a cash dividend of 1.3 billion RMB, with the founder's family set to receive approximately 871 million RMB, accounting for 67% of the total [4]. Market Position and Strategy - Dongpeng Beverage has maintained a dominant position in the energy drink market, with a sales volume that has ranked first in China for three consecutive years [5]. - The company is facing challenges due to its reliance on a single product, Dongpeng Special Drink, which accounted for over 80% of its revenue in recent years [13]. - To diversify, the company launched a new electrolyte drink, "Bushuila," which generated 1.495 billion RMB in revenue in 2024, representing 9.4% of total revenue [13]. Financial Health and Risks - As of the end of 2024, Dongpeng Beverage reported cash assets of 14.223 billion RMB but also maintained short-term borrowings of 6.551 billion RMB, leading to a significant increase in its debt ratio [8]. - The company's "big deposit, big loan" model has raised concerns about credit arbitrage and the potential transfer of operational risks to minority shareholders [9][12]. R&D and Competitive Landscape - Dongpeng Beverage's R&D expenditure has decreased from 0.67% to 0.51% of revenue from 2019 to 2022, which is significantly lower than industry averages, potentially hindering its long-term competitiveness [14]. - The company faces increasing competition in the beverage market, with new entrants and changing consumer preferences posing challenges to its market position [15].

Core Viewpoint - Dongpeng Beverage has applied for an IPO on the Hong Kong Stock Exchange, showing strong revenue and profit growth, but also high short-term debt levels and ongoing share reductions by executives and shareholders [2][13]. Financial Performance - Dongpeng Beverage's revenue for 2022, 2023, and 2024 is projected to be 85 billion RMB, 112.57 billion RMB, and 158.30 billion RMB, reflecting year-on-year growth rates of 21.9%, 32.5%, and 40.6% respectively [7]. - Net profit for the same years is expected to be 14.41 billion RMB, 20.4 billion RMB, and 33.26 billion RMB, with growth rates of 20.75%, 41.6%, and 63.1% respectively [7]. - The company's gross margin increased from 41.6% to 44.1%, and net profit margin rose from 16.9% to 21% during the same period [11]. Debt and Cash Position - As of the end of 2024, Dongpeng Beverage's total assets are valued at 226.76 billion RMB, with short-term loans amounting to approximately 65.51 billion RMB, which constitutes nearly 30% of total assets [12]. - The company holds significant cash reserves, with cash and cash equivalents at 33.28 billion RMB and financial assets valued at 48.97 billion RMB [12]. Product Revenue Breakdown - Dongpeng Beverage's main business includes the research, production, and sales of various beverages, with Dongpeng Energy Drink accounting for over 80% of total revenue in recent years [3]. - Revenue from Dongpeng Energy Drink for 2022, 2023, and 2024 is projected to be 8.21 billion RMB, 10.35 billion RMB, and 13.30 billion RMB, with compound annual growth rates of 27.3% [3][4]. Market Position - Dongpeng Beverage has been the top seller in China's functional beverage industry for four consecutive years, with market share increasing from 15% in 2021 to 26.3% in 2024 [6]. - The company ranks fourth globally in the functional beverage market and third in the energy drink sector, with respective market shares of 5.3% and 9.5% [6]. Shareholder Activity - Since its A-share listing, Dongpeng Beverage's executives and shareholders have been reducing their holdings, with significant reductions reported, including a planned reduction of up to 716.89 million shares by a major shareholder [13][14].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][17]. Core Views - The company has achieved rapid revenue growth, with Q1 2025 revenue and net profit reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year increases of 39.23% and 47.62% [1]. - The product line is expanding, with "Dongpeng Water" and other beverages contributing to a 19% share of total revenue in Q1 2025 [1]. - The company is actively expanding its market presence, with significant growth in regions outside of Guangdong, with some areas seeing growth rates exceeding 50% [1]. - The average dealer size has increased by 25% year-on-year, indicating improved dealer quality [2]. Financial Performance - The gross margin improved by 1.70 percentage points to 44.47%, while the net profit margin increased by 1.15 percentage points to 20.21% [3]. - Sales expenses increased by 36% due to higher advertising and promotional costs [3]. - Operating cash flow decreased by 27% year-on-year to 631 million yuan, primarily due to increased year-end bonuses and tax payments [3]. Future Outlook - The company aims for a revenue and net profit growth target of no less than 20% for 2025, with expectations for continued growth from "Dongpeng Water" and new product launches [4]. - Revenue projections for 2025-2027 are estimated at 20.607 billion, 25.731 billion, and 31.540 billion yuan, with corresponding growth rates of 30%, 25%, and 23% [4]. - The expected net profit for the same period is projected to be 4.501 billion, 5.744 billion, and 7.160 billion yuan, with growth rates of 35%, 28%, and 25% [4]. Financial Data and Valuation - The company’s revenue for 2023 is projected at 11.263 billion yuan, with a growth rate of 32.42% [5]. - The estimated earnings per share (EPS) for 2025 is 8.65 yuan, with a price-to-earnings (P/E) ratio of 32.41 [5]. - The company’s total market capitalization is approximately 145.884 billion yuan [7].

Core Insights - Dongpeng Beverage continues to show remarkable growth in Q1 2025, with total revenue reaching 4.848 billion yuan, a year-on-year increase of 39.23%, and net profit of 980 million yuan, up 47.62% [2][3] - The company is initiating its Hong Kong stock listing process to support its global expansion strategy, aiming to replicate its successful domestic model in Southeast Asia and beyond [1][12] Group 1: Domestic Growth - Dongpeng's flagship product, Dongpeng Special Drink, generated 3.9 billion yuan in revenue, reflecting a 25.7% year-on-year growth, with a continuously increasing market share [2][3] - The company has established itself as a national brand, transitioning from a regional leader to a household name in China [2] Group 2: Strategic Growth Drivers - The company employs a precise consumer targeting strategy, initially focusing on truck drivers and later expanding to include young professionals, students, and athletes, maintaining a consistent product positioning [3] - Dongpeng has adopted a "1+6 multi-category strategy," expanding its product line to include electrolyte drinks, coffee, and tea, with the new product "Dongpeng Water" achieving 570 million yuan in revenue within two years [7][10] Group 3: National Expansion Strategy - Dongpeng has built a comprehensive national sales network with over 3,000 distributors, achieving 100% coverage in prefecture-level cities and nearly 4 million active retail outlets [10] - The company utilizes a digital supply chain system, enabling real-time tracking of production and logistics, enhancing supply chain transparency and efficiency [11] Group 4: Global Expansion Initiatives - Dongpeng is targeting Southeast Asia for its global expansion, leveraging the region's high temperatures and large labor force to drive beverage demand [12][13] - The company is establishing production bases in Hainan and Indonesia, with Hainan's investment at 1.2 billion yuan and Indonesia's at 200 million USD, aiming to meet local demand and expand its market reach [14] Group 5: Capital Market Strategy - The upcoming Hong Kong IPO is seen as a crucial step for Dongpeng to transition from a regional player to a global brand, providing access to international capital and strategic resources [16] - The capital raised will support the company's efforts in localizing products and expanding its production and distribution networks overseas [16][17]

Group 1: Hermès Performance in China - Hermès reported a revenue of €4.129 billion for Q1 2025, with a year-on-year growth of 9% at current exchange rates and 7% at constant exchange rates [1] - The Asian market (excluding Japan) saw only a 1.2% growth to €1.97 billion, primarily due to sluggish luxury goods consumption in China and decreased foot traffic [1] - Japan showed the strongest performance with a 17% increase to €420 million, while other regions like France and the Americas also experienced significant growth [1] Group 2: Liuliu Fruit Garden IPO - Liuliu Fruit Garden has submitted an application for an IPO on the Hong Kong Stock Exchange, focusing on the development, production, and sales of specialty fruit snacks [2] - The company reported total revenues of ¥1.174 billion, ¥1.322 billion, and ¥1.616 billion for 2022 to 2024, with corresponding net profits of approximately ¥68 million, ¥99 million, and ¥148 million [2] - The main products include dried plums and other fruit snacks, with significant marketing and advertising expenditures totaling ¥428 million over three years [2] Group 3: Dongpeng Beverage Growth - Dongpeng Beverage's Q1 2025 revenue reached ¥4.848 billion, marking a year-on-year increase of 39.23%, with net profit at ¥980 million, up 47.62% [3] - Energy drinks remain the core business, contributing ¥3.9 billion, or 80.5% of total revenue, while electrolyte drinks also saw rapid growth [3] - The Guangdong region generated the highest revenue at ¥1.125 billion, followed by North China at ¥746 million [3] Group 4: Erdos Clothing Business - Erdos reported a total revenue of ¥28.403 billion for 2024, a decline of 7.04%, with a net profit of ¥1.847 billion, down 36.39% [4] - The clothing segment achieved a revenue of ¥4.018 billion, reflecting a growth of 6.99% [4] - The company operates four major brands and has a total of 953 stores, including 582 direct-operated and 371 dealer stores [4] Group 5: Wanchen Group's Snack Revenue - Wanchen Group, owner of the Haoxianglai snack brand, reported a revenue of ¥31.79 billion for 2024, a year-on-year increase of 262.94% [5] - The company added 9,776 new stores, ending the period with 14,196 stores after accounting for closures [5] - The company aims to expand into emerging markets while maintaining high sales turnover [5] Group 6: Moncler Performance - Moncler reported a revenue of €829 million for Q1 2025, a year-on-year growth of 1%, driven by strong demand in Asia [6] - The Moncler brand saw a 2% increase in sales to €721.8 million, while Stone Island experienced a 5% decline [6] - The Asian market, particularly Japan, showed significant growth, while other regions faced slight declines [6] Group 7: Nestlé Coffee Innovations - Nestlé Coffee announced the launch of several new products, including an upgraded classic 1+2 formula and various ready-to-drink coffee options [7] Group 8: Keep's Traditional Sports Initiative - Keep launched its first short film series focusing on traditional sports, highlighting the story of a female Wing Chun practitioner [12] - The initiative aims to promote the charm of traditional martial arts and engage the younger generation [12] Group 9: Lawson's Expansion Plans - Lawson plans to double its overseas store count to 14,000 by February 2031, focusing on the Asian market to meet rising middle-class demand [18] - The company aims to achieve this through direct operations and partnerships with local retailers [18]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company achieved a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%, with a net profit attributable to shareholders of 980 million yuan, up 47.61% year-on-year [2][5] - The company continues to deepen its market presence in Guangdong while optimizing its distribution system and business team outside the province, indicating strong growth potential for its energy drinks nationwide [5] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023A: 11.263 billion yuan - 2024A: 15.839 billion yuan - 2025E: 21.527 billion yuan - 2026E: 27.832 billion yuan - 2027E: 35.390 billion yuan - Year-on-year growth rates for total revenue are projected at: - 2023A: 32.4% - 2024A: 40.6% - 2025E: 35.9% - 2026E: 29.3% - 2027E: 27.2% [4] - Net profit attributable to shareholders is projected as follows: - 2023A: 2.040 billion yuan - 2024A: 3.327 billion yuan - 2025E: 4.636 billion yuan - 2026E: 6.231 billion yuan - 2027E: 8.229 billion yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 41.6% - 2024A: 63.1% - 2025E: 39.4% - 2026E: 34.4% - 2027E: 32.1% [4] - The gross profit margin is expected to improve from 43.1% in 2023A to 48.2% in 2027E [4] Earnings Per Share (EPS) and Valuation Metrics - Projected EPS for the company is as follows: - 2025E: 8.92 yuan - 2026E: 11.98 yuan - 2027E: 15.82 yuan - Corresponding P/E ratios based on the closing price of 280.8 yuan per share on April 18, 2025, are projected at: - 2025E: 31.49 - 2026E: 23.44 - 2027E: 17.75 [5][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 321.47 CNY, based on a valuation of 167.2 billion CNY using the FCFF method [2][4]. Core Insights - The company's revenue and profit growth have exceeded expectations, with a projected revenue increase for 2025-2026 due to strong performance from new products [2][9]. - The company has demonstrated effective channel reuse for new products, leading to sustained high growth in traditional market bases [1][9]. Financial Performance Summary - Revenue for 2023 is projected at 11,263 million CNY, with a year-on-year growth of 32.4%. By 2027, revenue is expected to reach 30,570 million CNY, with a growth rate of 13.3% [3]. - Operating profit is forecasted to grow from 2,588 million CNY in 2023 to 8,975 million CNY in 2027, reflecting a compound annual growth rate of 16.4% [3]. - Net profit attributable to the parent company is expected to increase from 2,040 million CNY in 2023 to 7,173 million CNY in 2027, with a growth rate of 16.4% [3]. - Earnings per share (EPS) are projected to rise from 3.92 CNY in 2023 to 13.79 CNY in 2027 [3][10]. - The gross margin is expected to improve from 43.1% in 2023 to 48.7% in 2027, while the net margin is projected to increase from 18.1% to 23.5% over the same period [3][10]. Product and Market Performance - In Q1 2025, the company achieved a revenue of 48.48 billion CNY, a year-on-year increase of 39.23%, with a net profit of 9.80 billion CNY, up 47.62% [9]. - The company's flagship product, Dongpeng Special Drink, generated 39 billion CNY in revenue, growing by 25.7% year-on-year, while the electrolyte drink segment saw a remarkable growth of 261.5% [9]. - The company has effectively utilized its 4 million terminal points, leading to strong growth in its new product lines, including "Bup Shui La" and "Guo Zhi Cha" [9].

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company has shown strong revenue growth, achieving a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%. The net profit attributable to the parent company reached 980 million yuan, up 47.61% year-on-year [2][5] - The company is expected to maintain good growth in the energy drink market nationwide, supported by its pricing and channel advantages [5] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023A: 11.263 billion yuan - 2024A: 15.839 billion yuan - 2025E: 21.527 billion yuan - 2026E: 27.832 billion yuan - 2027E: 35.390 billion yuan - Year-on-year growth rates for total revenue are projected at: - 2023A: 32.4% - 2024A: 40.6% - 2025E: 35.9% - 2026E: 29.3% - 2027E: 27.2% [4] - Net profit attributable to the parent company is projected as follows: - 2023A: 2.040 billion yuan - 2024A: 3.327 billion yuan - 2025E: 4.636 billion yuan - 2026E: 6.231 billion yuan - 2027E: 8.229 billion yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 41.6% - 2024A: 63.1% - 2025E: 39.4% - 2026E: 34.4% - 2027E: 32.1% [4] Profitability Metrics - The gross margin is expected to improve from 43.1% in 2023A to 48.2% in 2027E [4] - Return on Equity (ROE) is projected to increase from 32.3% in 2023A to 60.4% in 2027E [4] - Earnings per Share (EPS) projections are as follows: - 2023A: 3.92 yuan - 2024A: 6.40 yuan - 2025E: 8.92 yuan - 2026E: 11.98 yuan - 2027E: 15.82 yuan [4] Investment Recommendations - The company is expected to continue contributing to revenue growth based on its competitive advantages in pricing and distribution channels. The projected PE ratios for 2025 are 31, 23, and 18 for the years 2025, 2026, and 2027 respectively [5]