【国泰海通食品】东鹏饮料: Gaining Share in Adversity, Turning Point Ahead

English summary

1. Gaining share in adversity, sales momentum expected to improve in H2. Affected by extreme weather in H1 limiting consumption scenarios, overall beverage industry sales momentum was under pressure. According to third-party data such as May 1st, in 2026H1 overall beverage industry sales declined, but 东鹏特饮 and 补水啦 both achieved share gains. Meanwhile, 果之茶, with high cost-performance and precise channel placement, has become a 'hard currency' on campus, showing a clear volume-growth trend. Looking ahead to H2, considering that 2026 is a leap year with delayed weather warming, plus El Niño may make H2 relatively hot, under the premise of consumption scenario recovery, based on the company's health/high-end upgrade of 特饮, the effect of 补水啦's spokesperson effect, and the excess value given to consumers by 免费乐享 under overall cost dividends, we are optimistic about the acceleration of the company's main categories; 2. The new sugar-free tea business accelerates channel distribution, and differentiated approach is expected to help industry expansion. ...