Soft Drinks and Non-alcoholic Beverages

EASTROC

Dongpeng Beverage

Financial Analysis

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'Second growth curve' electrolyte water growth decelerated sharply

NONGFU SPRING

EASTROC BEVERAGE

Dongpeng Beverage: Under fire on all fronts — can the energy-drink leader rebound?

Today’s Key News Recap

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0428 | Dolphin Research Focus: 🐬 Macro/Industry. 1) The CPC Politburo met on Apr 28 to assess the current economy and economic work.It said the economy remains broadly stable with a solid start, and recovery resilience continues to build. However, endogenous momentum still needs consolidation, and the foundation for the upturn is not yet firm.The meeting reaffirmed the principle of seeking progress while maintaining stability. Policy will stay proactive on the fiscal side and prudent on the monetary side, using targeted measures to stabilize the macro backdrop.Priorities include boosting domestic demand and defusing property and local gov. debt risks in an orderly manner. It will also push forward 'AI+' and other industrial upgrade initiatives...

TENCENT

Tencent Holdings Limited

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Tencent

CATL

Robinhood

Luckin Coffee

HKEX

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Hong Kong Exchanges and Clearing (HKEX)

Coca Cola

BYD COMPANY

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BYD HK SDR 10to1

BYD Company Limited

BYD Company

Tencent HK SDR 10to1

CATL HK SDR 30to1

CATL's discounted equity raise rattles market; Tencent Cloud up for a third straight session YTD | Daily News Recap

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0331 | Dolphin Focus: 🐬 Macro/Industry 1) NBS reported Mar Mfg PMI at 50.4%, up 140bps MoM and back in expansion. The non-manufacturing business activity index was 50.1%, up 60bps MoM, marking a second straight month of recovery.Production and new orders both stayed in expansion, while SME sentiment improved notably. This points to a rapid post-CNY rebound in manufacturing.2) Trump told aides he would be willing to halt military ops against Iran even if the Strait of Hormuz is not fully reopened. He would prioritize the goal of 'degrading Iran's naval and missile capabilities'...

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Alibaba

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BOE VARITRONIX

Sungrow Power Supply

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Alibaba HK SDR 5to1

Uber Tech

Tencent ramps up AI agents; BABA unveils Qwen3.5-Omni | Daily News Recap

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Energy drinks growth slows to single digits for the first time

Dongpeng Holdings

Dongpeng Bev.: Energy Drinks Stall, Hydra in infant—Is Growth Story Over?

Dongpeng Bev. 4Q25 First Take: Overall, Q4 results remained weak. The core energy drink base continued to decelerate. By category, energy drinks delivered revenue of RMB 3.0bn (+8.5% YoY). Growth slowed further from Q3, marking the first single-digit print in nearly three years.As Dolphin Research has flagged, the energy drink category is nearing a ceiling, so growth is naturally easing. The 'second growth curve' electrolyte drinks posted revenue of RMB 430mn (+50% YoY). Sequential momentum also moderated. Versus the prior ~200% growth, the print is uninspiring. The only beat came from 'other beverages', up 166% YoY with QoQ acceleration. Dolphin Research believes products such as Daka coffee and Guo Zhi Cha fruit tea, leveraging channel reuse and rapid roll-out, delivered high growth. By region, the company changed its disclosure basis. Based on channel checks, Guangdong and Guangxi, after years of cultivation and deep distribution, are near a ceiling and grew only low single-digit. Stronger showings came from West and North China, where terminal outlet expansion continues. On profitability, GPM slipped 20bps to 43.9% on a mix shift toward lower-margin electrolyte water and other beverages. With heavier cooler deployment in Q4, the S&amp;M ratio rose 50bps YoY. Core OPM fell 150bps to 20.2%, missing expectations. For more detail, please see Dolphin Research's take. $EASTROC BEVERAGE(605499.SH) $EASTROC(09980.HK)

NVDA

Feb 4 | Dolphin Research Focus: 🐬 Macro/Industry — Anthropic launched a productivity tool for in-house counsel, integrated into the Claude suite. It automates contract review, NDA triage, legal-brief drafting, and templated responses, and can be tailored to a company's risk appetite. The company emphasized it is assistive only and should be used after review by a licensed attorney.On the headline, legal software and data-service stocks plunged. Sentiment quickly spread to broader software names, triggering a market selloff...

NVIDIA

New AI tools trigger software selloff; WeChat cracks down on Yuanbao violating links | Daily News Recap

BULL

TSLA

PLTR

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0203 | Dolphin Research Focus: Macro/Industry. In early trading, Hong Kong stocks plunged on unverified tax rumors about revising the High-Tech Enterprise qualification and raising tax rates for internet and gaming. Against the backdrop that VAT changes for the telecom sector have already taken effect, the chatter quickly spread.It triggered a broad selloff across HK tech, internet, and gaming. Valuations were hit in the short term, risk aversion spiked, and funds rotated to safety.Dolphin Research has issued a First Take on this. See 'China ADRs: Tax Hike Rumor — The rationale behind the false alarm'...

Webull

Tesla

Palantir Tech

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

Tax-hike rumors rattled the market; Dongpeng Beverage's debut was 'lukewarm' | Daily News Recap

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Jan 16 | Dolphin Research Focus: 🐬 Stocks. 1、$NVIDIA(NVDA.US) Nvidia was criticized for errors in a technical report on data-center copper usage, and has quietly revised the figures.It cut the estimated copper busbar requirement per GW for traditional racks to 200 tons from 500,000 tons — a drastic change. The correction undercuts the aggressive thesis that AI compute would trigger an explosive surge in copper demand, prompting a reset of supply-demand assumptions across the copper value chain. Near term, it deflates copper-price froth and eases data-center build-cost pressure.2、$KUAISHOU-W(01024.HK) Kuaishou announced a dual-currency senior notes offering. ...

WisdomTree Gold

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Taiwan Semiconductor

NVDA quietly revises data, slashing its copper consumption forecast; Kuaishou to issue a three-tranche notes offering | Daily News Recap

Deep Research

In the article &#34;Monster: How Did the 'Monster' Achieve 100-Fold Growth in 20 Years by Tearing Apart Red Bull?&#34;, we discussed how Monster &#34;defeated&#34; Red Bull and achieved the miracle of 100-fold growth over 20 years. Domestically, there is also a formidable player in the energy drink sector that has carved out a path of rapid growth during years of sluggish traditional consumption. Since its listing in 2021, this company's revenue has grown at a compound annual growth rate of over 30%, with profit growth exceeding 40%, making it the fastest-growing dark horse among soft drink companies on the A-share and H-share markets. This company is Eastroc Beverage (hereinafter referred to as Eastroc). So what exactly did Eastroc do to achieve its rise from a regional brand to the number one nationwide? This time, Dolphin Research will take you through a detailed analysis of this company, exploring its business model &amp; strategy, future growth potential, and valuation from three dimensions to provide some insights for investors. This article, as the first part, focuses on discussing Eastroc's business model &amp; strategy. Let's dive into the main text below:

Eastroc: Challenging Red Bull and Monster, how does the domestic 'life-sustaining water' become the king of counterattack?

East Dragon Beverage Plans to Spend Nearly 100 Million Yuan to Repurchase 709,151 A-Shares

Dongpeng Beverage Sees Revenue Growth But Stock Plummets

Eastjoy Beverage has not yet repurchased shares in A-share market

President of Eastmate Beverage Answers Investors' Questions on Growth Strategies and Market Prospects

Eastjoy Beverage's net profit grew by 28.31% in Q1 2026

EASTROC released FY2026 Q1 earnings on April 29 During-Market (BJT), actual revenue HKD 6.676 B (forecast HKD 6.803 B), actual EPS HKD 2.6714 (forecast HKD 2.5119)

UBS Analyst Maintains Buy Rating on Dongpeng Holdings H Shares

Eastjoy Beverage Responds to 'Eastjoy Zero Sugar' Trademark Controversy and Suspends Canned Product Sales

Dongpeng Beverage Bets on Electrolyte Beverage Market and Launches Supplementa Brand

EASTROC to Release FY2026 Q1 Earnings on April 29 During-Market (BJT), Forecast Revenue HKD 6.895 B, EPS HKD 2.5119

Dongpeng Beverage Announces Registered Capital and Increase in H Shares

BofA Securities Initiates Coverage of Dongpeng Beverages with Price Target and Rating

Eastjoy Beverage Holding Co., Ltd. to Hold 2026 Annual General Meeting to Deliberate on Multiple Resolutions

Dongpeng Beverage Reports Slower Growth in 2025 Earnings

Eastjoy Beverage Sponsors Zhang Xue's Motorcycle Victory at International Race, Brand Exposure Soars

Dongpeng Beverage Reports Significant Growth in Non-Functional Drinks

Eastjoy Beverage Reports Net Profit of 4.4 Billion Yuan in 2025

East 鹏 Beverage Plans to Repurchase Shares for 100 to 200 Million Yuan

East 鹏 Beverage Plans to Use Up to 1.5 billion for Cash Management

Dongpeng Beverage Reports Revenue and Profit Growth in 2025 and Plans Dividend and Stock Split

FAMEGLOW

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ILUVATAR COREX(09903) rose 21.3%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 222.1%. BIREN TECH(06082) rose 8.22%, with a trading turnover 431.3 Million HKD, and a year-to-date rose 137.8%. YOFC(06869) fell 13.78%, with a trading turnover 7.4 Billion HKD, and a year-to-date rose 284.9%. EASTROC(09980) fell 9.73%, with a trading turnover 140.2 Million HKD, and a year-to-date fell 18.5%.

- The Hang Seng Index fell by 1.28%, with a year-to-date increase of 0.6%.  
- The Hang Seng Tech Index declined by 0.79% and is down 11.7% for the year.  
- Notably, Tianzu Zhi Xin (09903) rose by 21.3%, while Wallran Technology (06082) increased by 8.22%, and Changfei Fiber Optic Cable (06869) dropped by 13.78%.

Top Gainers&Losers

ILUVATAR COREX

BIREN TECH

SMIC

WEICHAI POWER

KNOWLEDGE ATLAS

YOFC

KB LAMINATES

NIO-SW

OMNIVISION

Top 5 HK Stock Gainers/Losers (>100B) (4.30)

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On April 28th, Hong Kong stocks closed lower, with all three major indices, the Hang Seng Index, the Hang Seng Tech Index, and the National Enterprises Index, showing significant pullbacks, putting pressure on market sentiment. Mainstream sectors were mixed, with the diversified capital market sector rising against the trend, while the retail sector became a focal point for capital attention, showing clear differentiation among leading stocks and increased capital activity

- On April 28, Hong Kong's major indices closed lower, with the Hang Seng Index at 25,679.78 points, down 0.95%.  
- Notable movements included Maoji Kuichong rising by 39.67% and WKK INTL (HOLD) up by 49.02%, driven by increased short-term capital inflow.  
- Market focus remains on changes in liquidity and local economic data impacting blue-chip performance, with volatility expected in technology and finance stocks.

LB Select

MOST KWAI CHUNG

KIN SHING HLDGS

WKK INTL (HOLD)

APEX ACE HLDG

HAINA INTEL

EPI (HOLDINGS)

Hong Kong stock market close | Hang Seng Index fell 0.95%, technology index retreated, retail sector and some leading stocks experienced intraday fluctuations

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Macquarie recommends an Overweight position on Hong Kong and mainland China catering supply chain stocks, anticipating price increases in 2H26. Investors are advised to be selective in the discretionary sector due to weaker momentum. Rising raw material prices support consumer staples, while industry consolidation may reverse declining sales. Mixed views on the dairy sector and cautious sentiment in sportswear are noted. Travel remains favored, with concerns over high oil prices. The Macau gaming sector is viewed positively for income generation, focusing on high-dividend stocks.

AASTOCKS News

WYNN MACAU

Target

Costco Wholesale

Kroger

Macquarie Group Limited

Macquarie Group

BUSYMING

SHENZHOU INTL

ANTA SPORTS

POP MART

Atour

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Shenzhou International

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POP MART HK SDR 20to1

Macquarie Recommends Overweight on Hong Kong and Mainland Catering Supply Chain Stocks; Weaker Momentum in Discretionary Sector

UBS analyst Christine Peng has maintained a Buy rating for Eastroc Beverage (Group) Co. Ltd. Class H, setting a price target of HK$292.00. The shares closed at HK$205.60. The overall analyst consensus suggests a Strong Buy rating with an average price target of HK$284.28. Peng has a 60% success rate and an average return of 1.6%.

Tip Ranks

UBS Group AG

UBS Sticks to Their Buy Rating for Eastroc Beverage (Group) Co. Ltd. Class H (9980)

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MIXUE GROUP(02097) rose 5.6%, with a trading turnover 385.2 Million HKD, and a year-to-date fell 24.5%. MUYUAN(02714) rose 5.44%, with a trading turnover 155.3 Million HKD, and a year-to-date rose 9.3%. SIGENERGY(06656) fell 9.37%, with a trading turnover 587.7 Million HKD, and a year-to-date rose 67%. KNOWLEDGE ATLAS(02513) fell 2.56%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 717.6%.

Top 5 HK Stock Gainers/Losers (>100B) (4.21)

EASTROC(09980.HK)