Research Report Goldmine | Kaiyuan Securities: Maintain "Overweight" rating for Dongpeng Beverage, multi-category strategy continues to be implemented

Gelonghui April 7 | An open-source securities research report pointed out that Dapeng Beverage’s multi-product synergy has laid a solid foundation for growth, and the share repurchase plan demonstrates its commitment to development. In 2025, it achieved operating revenue of 20.88B yuan, up 31.80% year over year; net profit attributable to shareholders was 4.42B yuan, up 32.72% year over year. In addition, the company’s announcement said it plans to repurchase A-share stock, with a repurchase amount of approximately 1.0–2.0 billion yuan and a repurchase price not exceeding 248 yuan per share. Energy drinks are showing good growth resilience, and the multi-category strategy is steadily being implemented. By region, in 2025, South China/Central China/East China/West China/North China achieved revenue of 6.215/4.607/3.365/3.199/2.73B yuan, respectively, with year-over-year changes of +18.09%/+27.94%/+33.59%/+40.77%/+67.86%, respectively. North China, West China, Central China, and East China achieved solid growth by expanding categories and improving channel penetration; South China’s traditional base market maintained steady growth thanks to brand advantages and refined operations. The company’s multi-category strategy continues to be implemented; the issuance of the repurchase plan demonstrates confidence in operations, and the “Buy (increase holdings)” rating is maintained.