Minuman Tiong Peng telah terdaftar selama hampir 5 tahun, keluarga Lin belum berkurang satu saham pun

2 April, Dongpeng Beverage (605499.SH) disclosed a share repurchase plan, proposing to use no more than 2 billion yuan of its own funds to buy back company shares, of which no less than 90% will be used for cancellation. The listed company’s repurchase and cancellation fully demonstrate management’s firm confidence in the future development of the company’s business. The maximum repurchase price is set at 248 yuan per share, far above the current stock price, and this premium further highlights management’s determination and sincerity.

Not only does the company make large-scale repurchases of its shares, but the long-term holding attitude of the company’s actual controller is also worth noting.

On April 3, a staff member of Dongpeng Beverage stated: “The repurchase is based on confidence in the company’s future development prospects and high recognition of the company’s value, and so far, the chairman’s family has never reduced their holdings in nearly five years of being listed.”

Even when other shareholders reduced their holdings earlier, the Lin family did not participate. From the perspective of shareholding structure, the Lin family holds most of Dongpeng Beverage’s shares through direct and indirect means, maintaining a stable shareholding structure. This long-term holding attitude aligns with the company’s continuous growth performance, forming a consistent value orientation.

Repurchase not exceeding 2 billion yuan, dividends far exceeding the fundraising amount to date

The confidence of long-termism stems from the ability to continuously create value. Data shows that since listing, Dongpeng Beverage’s cash dividends have exceeded 6.6 billion yuan, while the net amount of fundraising at the time of listing was 1.73B yuan. This means that the cash returned to investors has far exceeded the initial fundraising amount. Such dividend-paying capacity is rare in the A-share market.

The recently announced 2025 annual report shows that the company plans to continue paying dividends, with expected cash dividends exceeding 1.4 billion yuan, and an 3-for-10 share bonus for all shareholders. Coupled with the recent announcement of a 1 to 2 billion yuan repurchase plan (of which no less than 90% will be used for cancellation), the “high dividends + repurchase and cancellation” dual shareholder return is undoubtedly another plus for long-term investors.

Governance logic behind shareholding stability

From a corporate governance perspective, the long-term holding of the actual controller is a signal transmission. It indicates that management’s interests are highly aligned with those of small and medium shareholders, implying that the company’s strategy has long-term coherence, and also that the enterprise is willing to create value through continuous operation rather than arbitrage via capital operations. The stability of this shareholding structure itself is part of the company’s “moat.”

In nearly five years of listing, the actual controller has not reduced any shares, and cumulative dividends far exceed fundraising—Dongpeng Beverage demonstrates long-termism through its actions in the capital market. When patient capital becomes a scarce resource in the market, such a company deserves to be seen. For investors, finding high-quality enterprises to grow together may be more effective than chasing short-term hot spots to traverse cycles.