编辑丨巫燕玲 连日来，随着东鹏饮料、国恩科技先后在港股上市，"A+H"再迎扩容，构成了香港新股市场持 续繁荣的一角。 Wind 数据显示，今年以来，截至2月5日，港股市场上市新股15 家，同比增长87.50%，总募 资额513.07亿港元，同比增长757.71%，其中，东鹏饮料以101亿港元的募资金额，成为港股 2026年首个百亿规模的IPO。 尽管香港证监会加强了对IPO申请文件质量的审核，但对于2026年全年港股IPO数量及融资额 均将保持高位这一点，行业早已形成共识。 近日，由沙利文捷利(深圳)云科技有限公司主编，沙利文、捷利交易宝、头豹协作发布的 《2025年香港IPO市场及二级市场白皮书》（简称《白皮书》）显示， 截至2025年底，港股 IPO市场项目储备丰富，新的上市申请不断，拟上市数量超过270家。截至目前，还有9家市值 超过千亿的A股公司正在候场。 记者丨 杨坪 据《白皮书》， 截至2025年12月31日，仍处于有效期内的上市申请数量有277家。 另有龙旗科技、白鸽在线、卓正医疗、北京同仁堂等4家已通过聆讯的公司。递表公司中，包 括93家A+H公司，占比高达33.6%。 从行业分布来看，277 ...

出品丨搜狐财经 歌手韩红惊喜现身敲钟现场，作为公司旗下即饮咖啡品牌"东鹏大咖"首位代言人，与公司创始人林木勤 一同登台敲锣。 1994年成立，东鹏的前身只是一个豆奶和清凉茶的小厂。 到了2003年，这个老国企已濒临破产，连员工工资都发不出来。林木勤带领20名员工凑出460万元，完 成国企改制，踏上了民营企业的道路。 摆在林木勤面前的，简直是个地狱开局：品牌无人知晓，产品老旧，渠道瘫痪。 改制后，东鹏饮料一边靠着冬瓜茶、清凉茶、菊花茶"老三样"一分一毫的利润维持经营，一边寻求功能 饮料的突破口。 而对手却是如日中天、统治市场、又有强大资本和品牌光环的红牛。 转折点出现在林木勤决定不照搬红牛的易拉罐包装，而是推出带防尘盖的PET塑料瓶装。 这一改变看似简单，却蕴含着精准的市场洞察。塑料瓶成本比金属罐低不少，让东鹏能把零售价压到红 牛的一半甚至更低。防尘盖的设计则解决了饮料一次喝不完的卫生和携带问题。 作者丨柴鑫洋 闫思羽 编辑丨李文贤 东鹏饮料2月3日港股上市，成为港股迄今发行规模最大的软饮饮料IPO。 于是，增长神话开始了。东鹏饮料2025年营收预计突破两百亿大关。公司全年营收预计207.6-211.2亿 元， ...

今日（2.5），大盘再度震荡，资金高低切换，消费板块走强。聚焦纯正新消费的港股通消费ETF汇添富（159268）放量涨超2%！资金持续青睐，近5日有3 日获净流入，累计"吸金"超4600万元！ 港股通消费ETF汇添富（159268）标的指数热门成分股中，百盛中国涨超7%，巨子生物涨超6%，泡泡玛特、海底捞涨超4%，老铺黄金涨超3%（标的指数 成分股仅做展示，不作为个股推介）。 消息面上，百胜中国公布2025年度业绩，总收入117.97亿美元，同比增加4%；净利润9.29亿美元，增长2%，每股盈利2.52美元。每股派息29美仙。单计第四 季度，总收入28.23亿美元，同比增加9%；净利润1.4亿美元，增长22%，每股盈利40美元。经营利润增长25%至1.87亿美元。季内，同店销售额增长3%，连 续第三个季度实现增长。 | 南昌 | 什么样 | 名称 | 估自权軍 | | | | --- | --- | --- | --- | --- | --- | | 1 | 9992 | 泡泡玛特 | 9.01% | 4.81% | 14.05 Z | | 2 | 9987 | 百胜中国 | 8.26% | 7 44% | ...

Core Viewpoint - Dongpeng Beverage (09980.HK) experienced a price increase of over 3%, currently trading at 285.2 HKD with a transaction volume of 76.65 million HKD [2] Company Summary - The stock price of Dongpeng Beverage rose by 3.41% [2] - The current trading price is reported at 285.2 HKD [2] - The total transaction amount reached 76.65 million HKD [2]

Core Viewpoint - Dongpeng Beverage has successfully completed its "A+H" dual listing on the Hong Kong Stock Exchange, becoming the first functional beverage brand in China to achieve this milestone, which has garnered significant industry attention [1][3]. Group 1: Company Overview - Dongpeng Beverage focuses on the functional beverage sector and has been the market leader in China by sales volume for four consecutive years since 2021, with market share increasing from 15.0% to a projected 26.3% by 2024 [3]. - The company’s latest market capitalization in A-shares has surpassed 1400 billion, and the IPO in Hong Kong raised nearly 10 billion, marking the largest IPO in the Asian beverage sector since 2020 [1][3]. Group 2: Market Performance - The IPO was priced at 248 HKD per share, resulting in an opening market capitalization of approximately 110 billion HKD [1]. - Despite a lackluster debut with the stock price dipping below the issue price, the long-term growth potential of Dongpeng Beverage is viewed positively, as the functional beverage market in China has experienced a compound annual growth rate of 8.3% over the past five years, significantly outpacing the overall soft drink market growth of 4.7% [12]. Group 3: Investment and Future Plans - The company has attracted 15 prominent cornerstone investors, including global giants like Qatar Investment Authority and Temasek, with a total subscription amounting to 640 million USD, reflecting strong market confidence in Dongpeng Beverage's growth potential [3]. - The funds raised from the IPO will be allocated as follows: approximately 36.0% for capacity expansion and supply chain upgrades, 15.0% for brand building, 11.0% for national strategy implementation, 12.0% for overseas market expansion, 10.0% for digital transformation, 6.0% for product development, and 10.0% for working capital [14]. Group 4: Strategic Partnerships - The company has established a significant partnership with singer Han Hong, who has become the first brand ambassador for Dongpeng's "Dongpeng Daka" line, marking a transition from a philanthropic relationship to a commercial alliance [9][10].

据介绍，印尼三林集团是亚洲最具影响力的跨国企业之一，业务遍及中国、印尼、东南亚、澳大利亚、 北美和欧洲，覆盖食品、能源等多领域。与三林集团的战略合作，是东鹏饮料全球化发展的关键一步。 东南亚是公司重点布局的市场，该区域拥有约6.7亿人口基数及功能饮料消费习惯，且随着经济发展， 消费者购买力不断提升，形成新增量市场。 东鹏饮料（605499）(09980)再涨超3%，截至发稿，涨3.41%，报285.2港元，成交额7665.25万港元。 消息面上，据东鹏饮料官微消息，近日，东鹏饮料集团与印尼华商巨头三林集团正式签署战略合作协 议。东鹏饮料将投资不超过2亿美元，双方将合资共同在印度尼西亚市场展开合作。此次合作，是东鹏 饮料全球化战略再获重大突破。双方将共同投资印度尼西亚东鹏维生素饮料公司，负责在印尼建设生产 基地及开展产品销售业务，项目总投资预计3亿美元。 ...

Core Viewpoint - Dongpeng Beverage has signed a strategic cooperation agreement with Indonesian conglomerate Sanlin Group, marking a significant step in its globalization strategy [1] Group 1: Investment and Financials - Dongpeng Beverage will invest no more than $200 million in the joint venture to operate in the Indonesian market [1] - The total investment for the project is estimated at $300 million [1] - As of the report, Dongpeng Beverage's stock price increased by 3.41%, reaching HKD 285.2, with a trading volume of HKD 76.65 million [1] Group 2: Market and Strategic Importance - The partnership with Sanlin Group is crucial for Dongpeng Beverage's global development [1] - Southeast Asia is a key market for the company, with a population of approximately 670 million and a growing consumer purchasing power [1] - The collaboration will focus on establishing a production base and sales operations for Dongpeng's vitamin beverages in Indonesia [1]

Group 1 - Tesla's team is exploring the Chinese photovoltaic industry chain and has signed orders with a leading heterojunction equipment manufacturer [4][5] - JinkoSolar confirmed contact with Tesla's team regarding their technology and production capabilities, leading to a surge in stock prices [5] - The photovoltaic sector saw a collective rise in stock prices following the news of Tesla's interest [5] Group 2 - DingTalk changed its logo in a competitive move against Feishu, reflecting a playful approach to brand rivalry [7][8] - The logo change was inspired by a perceived height advantage of Feishu's logo, leading to humorous online reactions [8] Group 3 - The CEO of RT-Mart's parent company, Gao Xin Retail, has been unreachable after only two months in the position, raising concerns about his status [10][11] - The company reported a significant decline in revenue and profit prior to the CEO's disappearance, indicating potential operational challenges [11] Group 4 - WeChat blocked the sharing links for the Yuanbao app, leading to a rapid adjustment in its sharing mechanism to maintain user experience [12][13] - The incident highlights the competitive tensions within Tencent's ecosystem, as other apps also faced similar restrictions [12][13] Group 5 - Vivo has confirmed the development of a Vlog camera aimed at competing with DJI's Pocket series, with a planned release in 2026 [15][16] - The new product is part of Vivo's strategy to expand its offerings in the camera technology sector [16] Group 6 - Xiaohongshu's valuation has reportedly increased to 350 billion RMB after a recent sale of shares, reflecting strong investor interest [23][24] - The platform experienced a surge in monthly active users, surpassing 350 million, contributing to its rising valuation [24] Group 7 - Panasonic announced plans to expand its layoffs to 12,000 employees due to challenges in its AI business and a decline in sales [45] - The company is facing significant operational restructuring costs as it attempts to navigate these challenges [45] Group 8 - Realme has begun layoffs in India as it transitions back under OPPO's management, indicating a shift in its operational strategy [46][47] - The brand's return to OPPO aims to enhance product innovation and service delivery [46][47] Group 9 - Samsung Electronics' market value surpassed 1,000 trillion KRW, driven by a surge in demand for storage chips amid the AI boom [49][50] - The company's stock has seen significant growth, with expectations for continued strong performance in the semiconductor market [49][50] Group 10 - AMD's CEO revealed that the next generation Xbox is on track for a 2027 release, with custom SoCs already in development [52] - This collaboration continues AMD's long-standing partnership with Microsoft in the gaming console market [52]

Core Insights - The core viewpoint of the articles highlights the financial performance of Babi Foods in 2025, showcasing both revenue growth and a decline in net profit, while also detailing the company's strategic initiatives and challenges faced during the year [1][2]. Financial Performance - Babi Foods achieved an operating revenue of 1.859 billion yuan in 2025, representing a year-on-year growth of 11.22% [1] - The net profit attributable to shareholders of the listed company was approximately 273 million yuan, reflecting a year-on-year decrease of 1.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was about 245 million yuan, showing a year-on-year increase of 16.49% [1] Asset and Equity Growth - As of the end of 2025, Babi Foods reported total assets of 2.8967 billion yuan, which is a 1.53% increase compared to the beginning of the reporting period [1] - The equity attributable to shareholders of the listed company was 2.3374 billion yuan, marking a 3.18% increase from the start of the reporting period [1] Strategic Initiatives - During the reporting period, the company actively pursued business expansion and integration, enhancing its national layout with a steady increase in franchise store numbers [1] - Babi Foods successfully completed acquisitions of projects such as "Qinglu" in Nanjing and "Manxiangren" in Zhejiang, further improving its regional market layout [1] - The company focused on lean improvement, new product development, and supply chain management optimization, effectively controlling raw material costs and enhancing overall operational efficiency [1] Investment Impact - The company's indirect holdings in Dongpeng Beverage (Group) Co., Ltd. experienced a decrease in fair value changes and investment income by a total of 93.82 million yuan compared to the same period last year, leading to a decline in operating profit, total profit, and net profit [2]

2026年2月3日，东鹏饮料（H股代码：09980）正式在港交所主板挂牌上市，成为国内首家"A+H"双资 本布局的功能饮料企业。其本次发行价248港元/股，募资总额101.407亿港元，不仅是港股历史上发行 规模最大的软饮饮料IPO项目，亦是全球2026年至今发行规模最大的IPO项目。此次发行吸引了卡塔尔 投资局、淡马锡等15家全球顶尖机构组成超豪华基石投资阵容，是公司迈向国际化的重要里程碑。 五、控股股东、实际控制人 华泰金融控股（香港）有限公司、摩根士丹利亚洲有限公司及UBS Securities Hong Kong Limited于本次 发行中担任牵头保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人；北京德恒 律师事务所担任本次H股发行的境内法律顾问；德勤中国担任审计与鉴证机构，负责财务报表审计、内 部控制评估及上市合规支持。 一、基本情况 公司是中国第一功能饮料企业，收入增速在全球前20大上市软饮饮料企业中位列第一。按销量计，公司 在中国功能饮料市场自2021年起连续多年排名第一，市场份额从2021年的15.0%增长到2024年的 26.3%。公司始终致力于为全球消费者健康美好生活注 ...