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&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)
