Introduction

Success may have no real secret, but if there are two principles to remember, they are these:
First, persist—never give up.
Second, when you feel like giving up, go back and revisit the first principle: persist—never give up.

Three decades of steadfast commitment have led Eastroc Beverage to this milestone moment.
After four years together, the Harvest Capital family welcomes another listed company.

On May 27, 2021, Eastroc Beverage (Group) Co., Ltd., a Harvest Capital portfolio company, will be listed on the Shanghai Stock Exchange.

Stock Short Name: Eastroc Beverage
Stock Code: 605499.SH
China’s first functional beverage stock makes its successful debut.

1. Eastroc’s Persistence and the Rise of a National Champion

Founded in 1987, Eastroc Beverage began as an established beverage producer in Shenzhen, initially focusing on Tetra Pak soy milk and cooling beverages. As industry dynamics shifted, the company once faced near-bankruptcy.

In 2003, Eastroc completed its transition from state-owned to private ownership. Under the leadership of “the father of Eastroc,” Lin Muqin, the company embarked on a new trajectory.

At that time, the functional beverage category was dominated by a single leading brand, with many challengers fighting for market share. Red Bull’s brand influence was massive, and competitors followed closely.

Survival—let alone growth—in such a competitive landscape was a defining challenge.

Starting in 2009, Eastroc concentrated its resources on one hero product: Eastroc Super Drink. With differentiated packaging and pricing, the brand rapidly captured consumer attention across southern markets.

In 2013, Eastroc intensified its brand-building efforts. It appointed Nicholas Tse as brand ambassador, sponsored high-profile entertainment programs, and launched a nationwide marketing push.

Eastroc also pioneered digital marketing by embedding individual QR codes in bottle caps. The “one item, one code” model rode the wave of WeChat scanning, accelerating the brand’s rapid rise.

By 2016, Eastroc initiated a youth-oriented brand strategy.
Its slogan—“Stay Awake and Fight! Drink Eastroc Super Drink When You’re Tired”—spread across the country.

As the company expanded its footprint, it established regional business units in Central China, East China, Guangdong, and Guangxi, built production hubs nationwide, and extended its distribution to nearly one million retail endpoints.

With the success of its Classic, Gold Can, Large Bottle, and sparkling SKUs, Eastroc’s market share continued to climb, solidifying its position as the champion among China’s energy-drink national brands.

Today, Eastroc Super Drink is rapidly approaching RMB 10 billion in annual single-product sales.

2. “Made in China” with Unlimited Potential

In 2020, Eastroc generated RMB 4.959 billion in revenue, up 17.81% year-on-year, and net profit of RMB 812 million, up 42.32% year-on-year.

Reflecting on this journey, Lin Muqin has expressed deep emotion.
Generations of Eastroc employees have built the business step by step—expanding distribution, strengthening retail execution, and driving sell-through at the terminal level.

Rather than relying solely on social media or television exposure, Eastroc’s growth has been driven by product strength and channel execution, enabling exceptional sales conversion. Through targeted expansion and differentiated competition, Eastroc continuously surpassed its past performance.

According to Alan Song, Founder and Chairman of Harvest Capital, Lin is an exceptionally disciplined and focused entrepreneur. For years, whenever he passed a highway rest stop, he would check the trash bins for empty Eastroc bottles and competitor bottles—an indicator of true market traction. Such commitment and persistence are profoundly moving.

Today, Eastroc is the category leader, delivering “stay-awake energy” to millions of households.
Its growth trajectory continues. In Q1 2021, revenue reached RMB 1.711 billion and net profit RMB 342 million, up 83.37% and 122.52% year-on-year, respectively.

3. The “Super Sparring Partner” Behind China’s Consumer Champions

In 2017, Harvest Capital invested RMB 350 million in Eastroc Super Drink, becoming the company’s second-largest shareholder and its only external institutional investor.

Lin has shared that Eastroc declined dozens of investment proposals over the years. Ultimately, he chose Harvest Capital because Eastroc did not need just another investor—it needed a mission-aligned long-term business partner.

As Alan Song noted, corporate development is never instantaneous. Moving from a private company to a publicly listed enterprise, and eventually to an industry champion, requires partners who share values—not merely capital.

Harvest Capital supports Eastroc across strategy, operations, channel development, brand building, and consumer experience enhancement.
“We are the super sparring partner behind China’s consumer champions.” — Alan Song

Listing is only the beginning. The path toward RMB 10 billion and RMB 100 billion milestones will demand continued excellence in product, brand, and channel capabilities. Eastroc is committed to becoming a world-class beverage company and leading China’s functional beverage sector to higher global standards.

“Mastery is sharpened through dedication.”
After four years working alongside Eastroc, Harvest Capital has also deepened its industry insights and strengthened its operational discipline.

4. Harvest Capital Firmly Believes: “What Is National Can Become Global”

Exceptional Chinese brands deserve to be seen by the world.
We look forward to Eastroc growing stronger and expanding globally.

Harvest Capital will continue to stand with Eastroc as we embark on this new journey together.