---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/39620048.md"
description: "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)"
datetime: "2026-03-30T15:05:36.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39620048.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39620048.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39620048.md)
author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/39620048.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39620048.md)


# Dongpeng Bev. 4Q25 First Take: Overall, Q4 results…


### 相关股票

- [EASTROC BEVERAGE (605499.CN)](https://longbridge.com/zh-CN/quote/605499.CN.md)
- [EASTROC (09980.HK)](https://longbridge.com/zh-CN/quote/09980.HK.md)

## 评论 (2)

- **莱莱莱莱克斯 · 2026-03-30T15:29:47.000Z**: Zhang Xue Motorcycle Champion, Dongpeng hitched a ride.
  - **HK追寻** (2026-03-30T15:38:11.000Z): Dongpeng is stingy and can't catch onto the trends.