东鹏饮料(605499.SS)：2026年三季度业绩初步点评——成本锁定与费用管控下核心营业利润增长相对有韧性

Eastroc announced 3Q26 results with revenue/net profit of Rmb6.15bn/Rmb1.28bn, up 0.8%/-7.8% yoy, and recurring NP of Rmb1.25bn, down 1.3% yoy (mainly excluding the high base of fair value gains in 3Q25), behind GSe and market expectations. Core OP grew 6% yoy in 3Q26, with OPM expanding 1.4ppt yoy to 27.5%, as lower selling expenses and modest GPM expansion more than offset higher admin expenses, while NPM declined 1.9ppt yoy, further dragged by more forex losses, less fair value gains and a higher effective tax rate. Key surprises: revenue growth slowed to +1% yoy on weaker-than-expected core energy drinks and Bushuila sales; energy drink revenue fell 9% yoy likely due to destocking and a category slowdown under weather/weaker construction activities as well as resource reallocation for the "1+6" strategy; tea remained the key growth engine with 3Q sales up 145% yoy to Rmb580mn and its sales mix rising above 9% of total;