站内搜索：市值缩水超270亿，押宝张雪机车的东鹏饮料跌麻了
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市值缩水超270亿，押宝张雪机车的东鹏饮料跌麻了
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企业信息化服务-智慧企业
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拓荒牛
2026-04-15
![](https://img2.tuohuangzu.com/uninf/images/202604/2026041511105362410.png"></p><p><span><span>图源：同花顺</span></span></p><p><span><span>这背后</span></span><span><span>难道是</span></span><span><span>市场对</span></span><span><span>东鹏饮料的</span></span><span><span>增长逻辑重新定价</span></span><span><span>了吗？</span></span></p><p><span><span>2025</span></span><span><span>年，东鹏饮料</span></span><span><span>2025</span></span><span><span>年全年实现营业收入</span></span><span><span>208.75</span></span><span><span>亿元，同比增长</span></span><span><span>31.80%</span></span><span><span>；</span></span><span><span>其中</span></span><span><span>东鹏特饮实现营收</span></span><span><span>155.99</span></span><span><span>亿元，占总收入的绝对主导地位。但问题在于，这台“发动机”开始降速——</span></span><span><span>第四季度增速仅为</span></span><span><span>8.5%</span></span><span><span>，而此前同期仍接近</span></span><span><span>20%</span></span><span><span>。</span></span></p><p><span><span>对于一家长期依赖单一爆品的公司来说，这个信号非常关键</span></span><span><span>，</span></span><span><span>它直接牵动了资本市场东鹏饮料对最担心的那根神经：这是就是大单品东鹏特饮出现降速的迹象？</span></span></p><p><span><span>从行业角度看，这并不意外。国内功能饮料市场已经进入成熟阶段，东鹏的市场份额持续提升，</span></span><span><span>但是会更接近市场</span></span><span><span>“天花板”</span></span><span><span>，当份额提升空间收窄，增速自然会回落。</span></span></p><p><span><span>于是，公司开始押注</span></span><span><span>“第二曲线”。</span></span></p><p><span><span>电解质饮料</span></span><span><span>“补水啦”在</span></span><span><span>2025</span></span><span><span>年表现亮眼，收入达到</span></span><span><span>32.74</span></span><span><span>亿元，同比增长接近</span></span><span><span>120%</span></span><span><span>，占比提升至</span></span><span><span>15.7%</span></span><span><span>。此外，果之茶、东鹏大咖等产品也在快速增长。</span></span></p><p><span><span>但问题同样明显：体量太小。</span></span></p><p><span><span>“补水啦”的规模，只有东鹏特饮的五分之一，短期内难以填补核心产品放缓带来的缺口。</span></span><span><span>东鹏饮料最不愿看到的就是出现</span></span><span><span>“青黄不接”</span></span><span><span>的</span></span><span><span>阶段</span></span><span><span>——旧引擎减速，新引擎还没完全接力。</span></span></p><p><span><span>更现实的挑战来自</span></span><span><span>成本</span></span><span><span>端。</span></span></p><p><span><span>为了推新品，</span></span><span><span>东鹏饮料</span></span><span><span>2025</span></span><span><span>年销售费用</span></span><span><span>达到</span></span><span><span>34.05</span></span><span><span>亿元，</span></span><span><span>同比增长</span></span><span><span>27%</span></span><span><span>；</span></span><span><span>其中</span></span><span><span>渠道推广费</span></span><span><span>12.26</span></span><span><span>亿元，</span></span><span><span>涨幅</span></span><span><span>高达</span></span><span><span>57.55%</span></span><span><span>，</span></span><span><span>公司成是</span></span><span><span>增加冰柜投入</span></span><span><span>导致这部分费用大增。</span></span></p><p><span><span>这几年东鹏饮料的渠道推广力度确实很大，已经覆盖到很多小城市，笔者在河北的一个小县城看到，当地小型烟酒店也摆上了</span></span><span><span>“东鹏特饮”等产品，而据店铺老板说，前几年并没有选择这家饮料，最近两年好卖了一些，不过“红牛”依然是这家老板的比选项。</span></span></p><p><span><span>除了渠道费大涨，东鹏饮料的</span></span><span><span>职工薪酬支出</span></span><span><span>达到</span></span><span><span>13.72</span></span><span><span>亿元，</span></span><span><span>涨幅为</span></span><span><span>23.04%</span></span><span><span>，</span></span><span><span>主要是在</span></span><span><span>全国化战略</span></span><span><span>下为</span></span><span><span>扩大销售规模，</span></span><span><span>增加</span></span><span><span>销售人员人数</span></span><span><span>所致</span></span><span><span>。</span></span></p><p><span><span>海外市场则是另一重</span></span><span><span>“远水”。</span></span></p><p><span><span>虽然东鹏已经将产品卖到</span></span><span><span>32</span></span><span><span>个国家和地区，但</span></span><span><span>根据区域划分销售占比，</span></span><span><span>2025</span></span><span><span>年海外及其他渠道收入仅</span></span><span><span>7.4</span></span><span><span>亿元，</span></span><span><span>在所有区域销售中</span></span><span><span>占比</span></span><span><span>3.55%</span></span><span><span>。</span></span></p><p><img)
