The Changjiang Securities Research Report pointed out that Dongpeng Beverage's third curve is gradually forming, and shareholder returns have increased. The company's 2026H1 net profit to mother was 2,867 billion yuan, and Q2 net profit to mother was 1,609 billion yuan. The company has far surpassed the industry and is resilient. The scale of tea beverage revenue was disclosed for the first time. 2026H1's tea beverage revenue reached 1.06 billion yuan, accounting for 8.5% of revenue. The third curve is beginning to take shape. Product tonnage prices have increased, and the company's gross margin has improved. The company attaches importance to shareholder returns and actively increases the dividend ratio. The company expects the 2026-2028 cash dividend ratio to be no less than 80%, and shareholder returns will be strengthened. The growth of the beverage industry depends on iterating new categories and increasing penetration rate, strengthening the company's channel strength, and waiting for future new product cycle performance. We believe that the company will continue to strengthen its network cultivation during the growth period, lay the foundation for future development, and have long-term development potential. We expect EPS to be 7.16/8.53 yuan in 2026/2027, and the corresponding PE will be 17X/14X, maintaining a “buy” rating.

The Changjiang Securities Research Report pointed out that Dongpeng Beverage's third curve is gradually forming, and shareholder returns have increased. The company's 2026H1 net profit to mother was 2,867 billion yuan, and Q2 net profit to mother was 1,609 billion yuan. The company has far surpassed the industry and is resilient. The scale of tea beverage revenue was disclosed for the first time. 2026H1's tea beverage revenue reached 1.06 billion yuan, accounting for 8.5% of revenue. The third curve is beginning to take shape. Product tonnage prices have increased, and the company's gross margin has improved. The company values shareholder returns and actively increases the dividend ratio. The company expects the 2026-2028 cash dividend ratio to be no less than 80%, and shareholder returns will be strengthened. The growth of the beverage industry depends on iterating new categories and increasing penetration rate, strengthening the company's channel strength, and waiting for future new product cycle performance. We believe that the company will continue to strengthen its network cultivation during the growth period, lay the foundation for future development, and have long-term development potential. We expect EPS to be 7.16/8.53 yuan in 2026/2027, and the corresponding PE will be 17X/14X, maintaining a “buy” rating.