Dongpeng Beverage has been listed for nearly 5 years, and the Lin family’s stake has not decreased.

On April 2nd, Dongpeng Beverage (605499.SH) disclosed a share repurchase plan, intending 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 canceled. The listed company’s repurchase and cancellation fully demonstrate management’s firm confidence in the company’s future business development. 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 share repurchases, but the long-term holding attitude of the company’s actual controller is also worth noting.

On April 3rd, a staff member from Dongpeng Beverage stated: “The repurchase is based on confidence in the company’s future development prospects and a 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 during previous share reductions by other shareholders, the Lin family did not participate. From the equity structure perspective, the Lin family holds most of Dongpeng Beverage’s shares through direct and indirect means, maintaining a stable ownership structure. This long-term holding attitude aligns with the company’s sustained growth performance and shared value orientation.

Repurchase not exceeding 2 billion yuan, with 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 its listing, Dongpeng Beverage has paid out more than 6.6 billion yuan in cash dividends, compared to the net fundraising amount of 1.73B yuan at the time of listing. This means 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 indicates that the company plans to continue paying dividends, with expected cash dividends exceeding 1.4 billion yuan, and a 3-for-10 share bonus to all shareholders. Coupled with the recent announcement of a 1 to 2 billion yuan repurchase plan (with no less than 90% used for cancellation), the combination of “high dividends + buyback and cancellation” provides dual shareholder returns, undoubtedly a plus for long-term investors.

The governance logic behind stable ownership

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

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