海量财经 | 第三曲线“后来居上”？东鹏特饮旺季增速仅1.4%，茶饮料半年同比暴增208.99%

海报新闻08-10

近日，东鹏饮料（605499.SH/09980.HK）交出A+H上市后的首份半年报：2026年上半年营业收入124.43亿元，同比增长15.89%；归母净利润28.67亿元，同比增长20.72%；扣非净利润25.98亿元，同比增长14.41%；经营现金流24.93亿元，同比增长43.22%。公司同时抛出中期分红预案，每10股派30元，预计派现21.81亿元。　　表面看，这份成绩单延续了东鹏过去...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2658104934?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-08-10 21:44","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2658104934","market":"sh","top_or_hot":-1,"title":"海量财经 | 第三曲线“后来居上”？东鹏特饮旺季增速仅1.4%，茶饮料半年同比暴增208.99%","media":"海报新闻","content":"<div>\n<p>近日，东鹏饮料（605499.SH/09980.HK）交出A+H上市后的首份半年报：2026年上半年营业收入124.43亿元，同比增长15.89%；归母净利润28.67亿元，同比增长20.72%；扣非净利润25.98亿元，同比增长14.41%；经营现金流24.93亿元，同比增长43.22%。公司同时抛出中期分红预案，每10股派30元，预计派现21.81亿元。 　　表面看，这份成绩单延续了东鹏过去...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202608103836924831.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>海量财经 | 第三曲线“后来居上”？东鹏特饮旺季增速仅1.4%，茶饮料半年同比暴增208.99%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n海量财经 | 第三曲线“后来居上”？东鹏特饮旺季增速仅1.4%，茶饮料半年同比暴增208.99%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-10 21:44 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202608103836924831.html><strong>海报新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近日，东鹏饮料（605499.SH/09980.HK）交出A+H上市后的首份半年报：2026年上半年营业收入124.43亿元，同比增长15.89%；归母净利润28.67亿元，同比增长20.72%；扣非净利润25.98亿元，同比增长14.41%；经营现金流24.93亿元，同比增长43.22%。公司同时抛出中期分红预案，每10股派30元，预计派现21.81亿元。 　　表面看，这份成绩单延续了东鹏过去...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202608103836924831.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1969619763.USD","symbol_name":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","start_time":0,"source_url":"http://finance.eastmoney.com/a/202608103836924831.html","article_id":"2658104934","we_media_id":null,"thumbnails":[],"rights":{"source":"stock_eastmoney","url":"http://finance.eastmoney.com/a/202608103836924831.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2658104934","pubTimestamp":1786369440,"columns":[],"sourceInfo":{"source_id":"stock_eastmoney","name":"东方财富"},"weMediaInfo":null,"summary":"近日，东鹏饮料（605499.SH/09980.HK）交出A+H上市后的首份半年报：2026年上半年营业收入124.43亿元，同比增长15.89%；归母净利润28.67亿元，同比增长20.72%；扣非净利润25.98亿元，同比增长14.41%；经营现金流24.93亿元，同比增长43.22%。公司同时抛出中期分红预案，每10股派30元，预计派现21.81亿元。","collect":0,"end_time":0,"defaultTopTitle":"eastmoney.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"605499":"东鹏饮料","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","09980":"东鹏饮料","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","BK0215":"饮品","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","BK1200":"软饮料"},"translate_title":"Massive Finance | The third curve \"comes from behind\"? The growth rate of Dongpeng Special Drink in peak season is only 1.4%, and the tea beverage surged by 208.99% year on year in half a year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"605499":1,"09980":0.9},"content_text":"近日，东鹏饮料（605499.SH/09980.HK）交出A+H上市后的首份半年报：2026年上半年营业收入124.43亿元，同比增长15.89%；归母净利润28.67亿元，同比增长20.72%；扣非净利润25.98亿元，同比增长14.41%；经营现金流24.93亿元，同比增长43.22%。公司同时抛出中期分红预案，每10股派30元，预计派现21.81亿元。 　　表面看，这份成绩单延续了东鹏过去几年的双位数高增惯性。　　但把结构拆开，增长动能的切换比市场想象中更快：最核心的能量饮料大单品，在销售旺季二季度几乎停涨。　　大单品旺季失速，Q2增速跌至1.4%　　据半年报主要经营数据，上半年能量饮料（东鹏特饮为主）收入89.37亿元，同比仅增6.89%，占主营收入比重由去年同期的77.91%滑落至71.92%。结合一季报能量饮料收入44.12亿元倒推，二季度单季能量饮料收入约45.25亿元，较2025年同期的44.60亿元仅增约1.4%。 　　东鹏饮料2026年半年报　　把时间轴拉长，能量饮料板块增速已从2023年的26.48%、2024年的28.49%、2025年的17.25%，一路跌到2026年上半年的个位数。　　二季度作为功能饮料传统动销高峰，1.4%的增幅被多家媒体直接解读为“旺季仅1%”，这不是衰退，但明确释放出单品进入成熟期的信号。　　公司表示，东鹏特饮®是公司的核心基石产品，强调能量饮料赛道需求空间仍在，将通过无糖特饮、加强罐、高端线“东方大鹏”做人群与价格带延展。　　第二曲线断崖降温，第三曲线“后来居上”　　被寄望接棒的“东鹏补水啦”电解质水，上半年收入16.72亿元，同比增11.98%，而2025年全年增速是118.99%，一季度还有13.16%，半年维度已大幅回落。公司在调研中坦承，受天气扰动与“一元乐享”等促销普及影响，电解质赛道价格战加剧。同时，农夫山泉尖叫、外星人、宝矿力、脉动等单品全员下场，东鹏“大瓶低价”的差异化护城河正被填平。 　　东鹏饮料报告期及上年同期的主营业务收入按产品构成情况　　茶饮料（果之茶、上茶、焙好茶等）成了唯一高弹板块，上半年收入10.58亿元，同比暴增208.99%，占比由3.19%抬升至8.52%。　　分区域看，上半年东鹏饮料华北战区收入同比增长24.90%，华中战区增长20.48%，华西战区增长19.52%，均超过集团平均水平；但大本营华南战区仅增长2.89%，收入占比降至25.56%。　　报告显示，上半年销售费用21.48亿元，同比增27.75%，其中广告费同比增长44.31%、渠道推广费同比增长39.77%，均明显快于15.89%的营收增速。上半年存货周转率达9.18次，较2025年同期的6.74次明显改善，这表明公司去年下半年的主动去库存策略已见成效，旺季备货与动销节奏重回健康轨道。（文章来源：海报新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2658104934","isCrawlerRequest":true}