/PRZWT/ On January 26, 2026, Dongpeng Beverage officially launched its global listing on the Hong Kong Stock Exchange. This largest IPO in the Asian consumer beverage industry since 2020 marks the official implementation of its "A+H" dual capital layout, and has become an important milestone for this Eastern giant "flying globally". This offering received subscriptions from 15 global leading institutions totaling over 600 million US dollars. The Qatar Investment Authority led with a 150 million US dollar investment, followed by giants such as Temasek and BlackRock. The 6-month lock-up period fully demonstrates the high recognition of global capital for Dongpeng Beverage's ability to navigate industry cycles and continuously create value, and also highlights its scarce long-term investment value in the context of industry differentiation.
Overview of the subscription by cornerstone investors for the IPO of Dongpeng Beverage on the Hong Kong Stock Exchange
The sustained high growth in performance is the primary strength that attracts global capital for Dongpeng Beverage. To assess the long-term potential of a consumer enterprise, the core lies in its profit scale and growth quality - Dongpeng Beverage's performance in 2025 perfectly aligns with the core characteristics of a high-quality target. In 2025, the company is expected to generate revenue of 20.76 - 21.12 billion yuan (a year-on-year increase of 31.07% - 33.34%), with an attributable net profit of 4.34 - 4.59 billion yuan (a year-on-year increase of 30.46% - 37.97%). It has successfully entered the 20 billion revenue club for the first time. In the first three quarters of 2025, the revenue and net profit reached 16.844 billion yuan and 3.761 billion yuan respectively, with a compound growth rate of over 30%, which is truly rare among consumer leaders and has become the cornerstone for resisting industry fluctuations and supporting long-term development.
Dongpeng Beverage: Not only the top "special drink", but also more!
Behind the remarkable growth in performance lies Dongpeng Beverage's precise alignment with industry trends and its meticulously constructed multi-category matrix. This is also the key to its establishment of a competitive barrier. The long-term opportunities in the consumption industry always focus on healthy and specialized market segments. Dongpeng Beverage's strategic layout of "stabilizing the mature category, launching new and innovative categories, and filling the gap with potential new products" precisely aligns with this trend. As the leader in the energy drink sector, Dongpeng Special Drink continuously consolidates its base. According to Nielsen IQ data, this product has ranked first in China's energy drink sales since 2021, and in 2025, it further achieved the "double first" of sales and revenue; Frost & Sullivan data shows that its market share has risen from 15.0% in 2021 to 26.3% in 2024, and its industry influence continues to strengthen. In the first three quarters of 2025, Dongpeng Special Drink's revenue reached 12.563 billion yuan, with a year-on-year growth of nearly 20%. The launch of sugar-free versions and marketing for top-level events such as the World Cup and the Asian Games successfully reached sugar-conscious consumers and young consumers, further consolidating its leading position.
The flagship product of Dongpeng Beverage is Dongpeng Special Drink.
The rise of Dongpeng Replenishing Drink has become the most explosive "second growth curve" for Dongpeng Beverages, and has also created a growth miracle in the electrolyte drink market. This product, which was launched in January 2023, reached the top position in China's electrolyte drink market within just over two years and became a leading brand. The explosive growth in 2025 was particularly remarkable. The data shows that its revenue in the first half of the year reached 1.493 billion yuan, matching the level of the entire year of 2024; in the first three quarters, its revenue further increased to 2.847 billion yuan, with a year-on-year growth rate of 134.78%, and its revenue share rose from 9.66% to 16.91%, with the growth potential continuously being released. In terms of the product, Dongpeng Replenishing Drink has adopted a full range of specifications including 555ml regular version, 1L large bottle, and 380ml portable version, precisely covering various consumption scenarios such as sports replenishment and daily hydration, fully demonstrating the strong potential to become the next billion-dollar product.
Dongpeng Beverage's "Second Growth Curve" product - Dongpeng Hydrating Drink
Apart from the core second curve, the two new products, "Fruit Tea" and "Hung's Milk Tea", are also gearing up simultaneously. Each of them takes a different approach to enter the niche market. "Fruit Tea" leverages the quality-price advantage of "large size + real juice" and the low-sugar formula to replicate the classic Hong Kong-style flavor, while "Hung's Milk Tea" adopts a differentiated positioning based on the superior taste and low sugar content. The layout logic is based on precise insights into consumer demands, continuously expanding the growth boundaries of the enterprise and injecting new impetus into long-term profit growth.
Production capacity channels provide a solid foundation for the global layout.
The core logic behind the large-scale development of fast-moving consumer goods enterprises lies in the synergy between production capacity and channels. Dongpeng Beverage's layout precisely embodies this logic and highlights the concept of refinement - the multi-category matrix injects strong growth momentum into it, and the complete national production capacity and channel layout further become the core infrastructure supporting its nationalization and even globalization journey. In recent years, the company has added an average of 2 production bases each year. Currently, it has set up bases in multiple places such as Guangdong, Anhui, Guangxi, Chongqing, and Hainan, among which 10 have been put into production. On January 23, 2026, the Chengdu production base with a total investment of 1 billion yuan was officially signed. After its completion, it will significantly enhance the supply guarantee capability in the southwestern and even the national markets. The stable and orderly expansion pace not only avoids the risk of overcapacity but also precisely matches the demand for nationalization.
Dongpeng Beverage's production base in Chengdu has officially signed the contract.
In addition, the high-density production network has brought significant operational advantages - precise control of logistics radius, reduction of transportation costs, shortening of delivery time, ensuring product freshness, and providing a solid foundation for all-channel supply. At the same time, Dongpeng Beverage has achieved coverage of nearly 100% of prefecture-level cities across the country, with 3,200 distributors and 4.3 million effective and active terminal outlets. It reaches over 250 million consumers who have not been duplicated in terms of terminals. Dongpeng Beverage completed the transformation into a national brand in just ten years. This "capillary" channel coverage has created an insurmountable barrier for new entrants and laid a solid foundation for its global expansion.
Long-term value, with strong foundation and continuous growth.
It is worth noting that the profound digital transformation and the clear global layout have further enhanced the long-term investment value of Dongpeng Beverage. Digital capabilities have become a necessary option for fast-moving consumer goods enterprises to achieve large-scale development. Dongpeng Beverage started with the "one item, one code" marketing in 2015, and upgraded to the "five codes combined" technology in 2020, achieving full lifecycle traceability of products. The digital management platform it has built can collect real-time data on terminal shipments, inventory, and sales performance, accurately capture market demand dynamics, and simultaneously implement refined control over prices and inventory, effectively curbing counterfeiting phenomena and stabilizing market prices, supporting the efficient operation of 4.3 million terminal outlets and significantly improving the operational efficiency of the enterprise.
This Hong Kong stock listing is a crucial step in Dongpeng Beverage's global expansion strategy. Currently, its products have entered 30 countries and regions, and it has set up subsidiaries in Indonesia, Vietnam, and Malaysia. The 12.0% of the funds raised this time will be used for overseas market expansion. Combined with the optimization of the investor structure brought by the "A+H" dual listing, the enhancement of international capital endorsement, and the resource synergy with strategic partners such as Kerry Group, Dongpeng Beverage's global journey is expected to accelerate. From a Chinese leader to a global player, its growth story has just begun.
Conclusion
The robust performance has laid a solid foundation, the multi-category matrix has built a barrier, the production capacity and channels have formed core advantages, and the digitalization and global expansion strategy have opened up growth space. This Hong Kong stock listing is not only an important step in its capital layout, but also a new starting point for its global strategy. In the context of the healthy consumption trend and the emergence of Chinese brands going global, the stability and growth potential of Dongpeng Beverage are precisely the core logic that global capital has long been betting on. In the future, this "Eastern Great Peng" will accelerate the expansion of its global territory, drive the Chinese functional beverage industry to the center of the world stage, and fulfill the mission of "leaping across the globe".
