In-Depth Analysis of Dongpeng Beverage's "Large Deposits and Large Loans" Phenomenon and Dividend Rationality

Based on the collected data, I now provide you with a comprehensive analysis report:

---

Based on collated public information, the key financial data of Dongpeng Beverage (605499.SS) are as follows [1][2][3]:

Indicator Category	Specific Item	Value
Cash-Like Assets	Monetary Capital	RMB 5.653 billion
	Trading Financial Assets (Wealth Management Products)	RMB 4.9 billion
	Debt Investments (Large-Value Certificates of Deposit)	RMB 3.67 billion
	Other Current/Non-Current Assets	RMB 570 million
	Total	RMB 14.79 billion (accounting for 65.2% of total assets)
Borrowing Status	Short-Term Loans	RMB 6.551 billion
	Year-on-Year Growth	+118.69%
	Financial Expenses	RMB 127 million
Wealth Management Income	Investment Income	RMB 89 million
	Capital Efficiency Inversion	RMB 38 million
Dividend Status	2024 Dividends	RMB 1.3 billion
	2025 Interim Dividends	RMB 1.3 billion
	2025 Full-Year Expected Dividends	Approximately RMB 2.6 billion
Ownership Structure	Shares Held by Lin Muqin	49.74%
	Total Shares Held by the Lin Family	Approximately 65%

---

Dongpeng Beverage indeed exhibits typical characteristics of “large deposits and large loans”, i.e.,

. The specific manifestations are as follows:

1. Ample cash-like assets
   : As of the end of 2024, the company’s total cash-like assets amounted to RMB 14.79 billion, accounting for 65.2% of total assets, hitting a record high [1]
2. Surge in short-term loans
   : In 2024, short-term loans surged 118.69% year-on-year to RMB 6.551 billion [1]
3. Low current ratio
   : The company’s current ratio dropped to 0.85, below the 1.0 financial safety warning line [1]

From the perspective of capital costs, this strategy results in obvious efficiency losses:

Item	Calculation	Result
Wealth Management Yield	RMB 89 million ÷ RMB 14.79 billion	0.60%
Borrowing Cost	RMB 127 million ÷ RMB 6.551 billion	1.94%
Capital Efficiency Inversion	RMB 127 million - RMB 89 million	RMB 38 million

: The company borrows funds at a cost of approximately 1.94% but only achieves a wealth management yield of 0.60%, resulting in an interest spread loss of about 1.34 percentage points. This led to a net efficiency loss of approximately RMB 38 million for the full year of 2024 [1].

Regarding the “large deposits and large loans” phenomenon, the company may have the following considerations:

1. Preparation for Hong Kong Stock Exchange Listing
   : The company has submitted its application to the Hong Kong Stock Exchange for the second time, and needs to maintain sufficient operating capital to support the A+H dual listing structure [1]
2. Responding to Industry Cycles
   : Competition in the functional beverage market is intensifying, requiring capital reserves to address potential risks
3. Inertia in Investment and Wealth Management
   : In the absence of major capital expenditure plans, management tends to allocate idle funds to wealth management products
4. Maintaining Bank Relationships
   : Maintaining good credit relationships with banks to ensure unobstructed financing channels

---

Since its listing in 2021, Dongpeng Beverage has distributed cash dividends 7 times, with a total amount of RMB 6.6 billion and a dividend payout ratio as high as 63.62% [1]. The 2025 dividend policy is particularly aggressive:

Time	Dividend Plan	Amount
April 2025	RMB 2.5 per share (before tax)	Approximately RMB 1.3 billion
August 2025	RMB 2.5 per share (before tax)	Approximately RMB 1.3 billion
Full-Year Total		Approximately RMB 2.6 billion

Based on the 2024 net profit attributable to shareholders of RMB 3.327 billion, the 2025 expected dividend payout rate reaches

[3].

:

• ✓ The company has strong profitability: its 2024 net profit increased 63.09% year-on-year, with ROE as high as 51.71% [0]
• ✓ Ample cash reserves provide the fundamental conditions for dividend distribution
• ✓ High dividends help attract value-oriented investors

:

• ✗ High dividends reduce internal retained earnings and weaken risk resistance capabilities
• ✗ Large-scale dividend distribution against the backdrop of “large deposits and large loans” raises doubts about capital utilization efficiency
• ✗ A 78% dividend payout ratio is an
  extremely high level
  in the food and beverage industry
• ✗ The current ratio has fallen below 1, and continued dividend distribution may affect short-term solvency

From the perspective of ownership structure,

[1][2]:

Shareholder	Shareholding Ratio	2025 Estimated Dividends
Lin Muqin (Founder)	49.74%	Approximately RMB 1.29 billion
Lin Mugang (Brother, Director)	5.22%	Approximately RMB 136 million
Lin Daiqin (Nephew, Director)	5.22%	Approximately RMB 136 million
Kunpeng Investment (Limited Partnership of Lin Muqin’s Son)	5.06%	Approximately RMB 132 million
Total for the Lin Family	Approximately 65%	Approximately RMB 1.7 billion

This means that out of the approximately RMB 2.6 billion in dividends in 2025, about

.

---

Dimension	Evaluation	Explanation
“Large Deposits and Large Loans”	Questionable Efficiency	Capital cost and income inversion of RMB 38 million, with efficiency losses
Dividend Scale	Aggressive	78% dividend payout rate far exceeds the industry average
Beneficiary Structure	Obvious Benefits to the Family	The Lin family receives 65% of the dividends
Financial Health	Marginal Deterioration	Current ratio of 0.85 is below the warning line

1. Liquidity Risk
   : Current ratio < 1, putting pressure on short-term solvency
2. Capital Efficiency Risk
   : Interest spread loss of about 1.34 percentage points between deposits and loans
3. Growth Risk
   : Over 80% of revenue relies on a single product (Dongpeng Special Drink), with insufficient new product development [1]
4. Governance Risk
   : High dividends benefit family shareholders more, and the interests of minority shareholders may be marginalized

• Short-Term
  : Considering the low current ratio and cash consumption caused by high dividends, it is recommended to pay attention to the company’s subsequent capital arrangements
• Medium-Term
  : If the Hong Kong Stock Exchange listing is successful, expanded financing channels may ease capital pressure
• Long-Term
  : It is necessary to observe the progress of new category expansion to break away from over-reliance on a single product

---

Dongpeng Beverage’s “large deposits and large loans” phenomenon and aggressive dividend strategy have

. While the company raises funds at a relatively high cost, it only achieves low returns from wealth management products, resulting in a capital efficiency inversion of approximately RMB 38 million [1]. Against this backdrop, although the approximately RMB 2.6 billion large-scale dividend distribution in 2025 reflects the company’s emphasis on shareholder returns, combined with the financial status of the current ratio dropping to 0.85, the , and the interest arrangement where the Lin family is the biggest beneficiary also requires prudent evaluation by investors.

It is recommended that investors comprehensively consider the company’s capital utilization efficiency, governance structure, and future growth potential when making decisions, and be vigilant against the liquidity risk behind high dividends.

---

[1] Jiemian News · Finance - “Dongpeng Beverage Submits Application to Hong Kong Stock Exchange for the Second Time: Over 80% of Revenue Comes from a Single Product, Buying Wealth Management Products While Raising Funds” (https://www.jwview.com/jingwei/html/m/10-10/636997.shtml)

[2] Sina Finance - “Dongpeng Beverage (605499) Dividends and Rights Issues” (https://vip.stock.finance.sina.com.cn/corp/go.php/vISSUE_ShareBonus/stockid/605499.phtml)

[3] Eastmoney Securities - “Implementation Announcement of 2025 Interim Equity Distribution of Dongpeng Beverage” (https://stockmc.xueqiu.com/202508/605499_20250819_FAEJ.pdf)

[0] Jinling AI Securities API Data - Corporate Financial Data and Market Information