What is the origin of Dong Peng's special drink with a market value of five times in half a month?

Speaking of special drinks company, I have to talk about the founder of the company-Lin.

Lin is the general manager of the company working step by step from the grassroots level. I have been working in a state-owned beverage company in my early years. Later, after the share reform, he bought some equipment and started his entrepreneurial career. At the beginning, I have been making low-end drinks and relying on price wars to survive. However, he deeply knows that such business is not a long-term way, so at an opportunity, he discovered the blue ocean of the domestic functional beverage market, so he made drastic changes and took functional beverages as the main battlefield.

However, Lin's footsteps did not stop there. After several years of planning and operation, Dong Peng Special Drink was listed on May 27th, 20021. In just half a month, its market value soared from 100 billion to100 billion, a direct increase of more than five times. In this unexpected situation, Dong Pengte seems to realize that something is wrong, so he issued a market risk warning announcement on June 16, to the effect that

For Dong Peng's special drink, its valuation of 1000 billion is indeed suspected of speculation, and market investors need to be cautious. It is no exaggeration to say that I am even thinking about such an enterprise, and how far it can go is still unknown. The reason is that the risk factor is too high

According to the prospectus, the main business of Dong Peng Beverage is beverage research and development, production and sales, and the leading product is Dong Peng specialty beverage series. From 20 18 to 2020 (reporting period), energy drinks reached 2.885 billion yuan, 4.003 billion yuan and 4.655 billion yuan respectively, accounting for 9.55 1% of the main business income in the same period.

In other words, functional drinks account for more than 90% of its business income. If there is any bad news about this product, business will shrink.

According to the market research report, the market share of Dong Peng's special drink in functional drinks is 65,438+05%, while the market share of the first Red Bull is 57%, and the market share of the third Le Hu is 65,438+00%.

As can be seen from the above data, although its market share ranks second, compared with the first place, its market share is less than one third. However, the market share of the third place is not far behind. In addition, with the division of emerging new brands in the market, the market share of functional drinks in the future will be chaotic.

The R&D expense rates of beverages in Dong Peng are 0.76%, 0.72% and 0.67% respectively, which are consistent with the level of listed companies in the same industry.

Judging from more than 50 technical patents declared by the company, most of them belong to appearance patents, while there are only two beverage patents. In the beverage industry with low threshold, such technical barriers are far from the moat of enterprises.

To sum up, the market profit model of Dong Peng Special Drink is simple and single, with fierce market competition and weak technical barriers, which is not conducive to its long-term development. Of course, the present of an enterprise cannot represent its future. The specific development depends on whether entrepreneurs have the spirit of innovation and the vision and ambition to be a century-old shop. After all, it is human nature, and the development is only 20 years.