当现制茶饮的价格战愈演愈烈，这场席卷行业的外卖大战终于撕开了第一个牺牲品——香飘飘。 7月13日凌晨，美团发布战报，即时零售日订单量冲破1.5亿单。隔天，淘宝闪购也跟着宣布日订单量飙至8000万，创下历史新高。但这场狂欢没持续几 天，7月18日，国家市场监督管理总局集中约谈饿了么、美团、京东等平台，扰乱市场的外卖"0 元购"被紧急叫停。 而在硝烟散去前，香飘飘已经被贴上了"外卖大战首个牺牲者"的标签。其不久前发布的最新半年报里，净亏损一路攀升。这家曾经靠"一年卖出三亿多 杯，杯子连起来可绕地球一圈"红遍中国的国民品牌，正遭遇成立以来最刺骨的寒冬。 没人相信，一场持续数月的外卖大战能击垮一个有十几年历史的品牌。 实际上，现制茶饮的爆单与香飘飘的亏损，不过是水面上的涟漪。真正值得行业攥紧拳头思考的是：当即买即饮的便捷性带着价格优势，持续冲击传统冲 泡市场，这个曾统治中国奶茶江湖的品类，是否正在被时代抛弃？ 现制茶饮向上，香飘飘向下 外卖平台的补贴战火最激烈的这段时间，现制茶饮行业已先一步感受到这场风暴的威力。 7月的第一个周末，奈雪的茶后台数据突然跳涨，在7月5日至6日，这家茶饮品牌的外卖订单量两天内突破100万 ...

国浩律师（杭州）事务所 法律意见书 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 关 于 香飘飘食品股份有限公司 2025 年第一次临时股东会的 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 二〇二五年七月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 香飘飘食品股份有限公司 2025 年第一次临时股东会的 法律意见书 致：香飘飘食品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受香飘飘食品股份有限公 司（以下简称"公司"）委托，指派律师出席公司 2025 年第一次临时股东会（以 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-031 香飘飘食品股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 7 月 30 日 (二)股东会召开的地点：浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 13 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 387 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 283,194,350 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.5910 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由董事会召集，公司董事长蒋建琪先生以现场结合通讯召开的方式 主持本次会议，会议采用现场投票和网络投票相结合的表决方式进行表 ...

Group 1 - The stock price of Xiangpiaopiao closed at 13.71 yuan on July 29, down 0.65% from the previous trading day [1] - The trading volume on that day reached 0.56 billion yuan, with a total of 40,563 hands traded, and the stock price fluctuated between 13.61 yuan and 14.00 yuan [1] - Xiangpiaopiao's main business includes the research, production, and sales of solid milk tea and fruit juice tea products, with key products being "Xiangpiaopiao" brand cup milk tea and "MECO Honey Valley" fruit juice tea [1] Group 2 - The company will hold its first extraordinary general meeting of 2025 on July 30 in Hangzhou, where important matters such as the revision of the company's articles of association will be discussed [1] - Shareholders can participate in the voting either in person or through online voting [1]

Core Viewpoint - The company is facing significant challenges in its traditional bubble tea business, with a notable decline in revenue and profits, while attempting to pivot towards ready-to-drink tea products amidst fierce competition in the beverage market [2][5][20]. Group 1: Company Performance - In Q1 2023, the company's revenue decreased by 19.98% year-on-year, and it reported a net loss of 18.77 million yuan [2]. - For the first half of 2023, the company expects revenue of 1.035 billion yuan, down 12.21% year-on-year, with a net loss of approximately 111 million yuan, an increase of 230.12% compared to the previous year [2]. - The company's revenue peaked at 3.978 billion yuan in 2019 but has been on a downward trend since 2020, with a cumulative decline of 21.4% by 2022 [5][6]. Group 2: Market Trends - The ready-to-drink tea segment is growing, with sales of ready-to-drink tea and functional beverages increasing by 16.6% and 12.1% respectively in 2024 [11]. - The retail scale of instant tea has been declining, with a compound annual growth rate of -2.01% from 2014 to 2023, while the overall retail scale of hot drinks grew at a rate of 4.31% [10]. Group 3: Product Transition - The company is transitioning from its traditional brewing products to ready-to-drink options, with the ready-to-drink segment accounting for nearly 30% of total revenue in 2024 [16]. - The Meco fruit tea product line has shown promising growth, with revenue reaching 780 million yuan in 2024, a growth rate of 20.69% [14]. - Despite the introduction of new products, the overall ready-to-drink segment's growth remains limited compared to leading competitors in the market [15][18]. Group 4: Competitive Landscape - The number of new tea drink stores in China has increased significantly, from 378,000 in 2020 to nearly 630,000 in 2024, intensifying competition for market share [19]. - The company faces stiff competition from established brands like Mixue Ice City, which sells around 1 billion cups of fresh lemon water annually, highlighting the disparity in market presence [17][18]. Group 5: Channel Strategy - The company is exploring new retail channels, including snack wholesale stores, and has launched a portable 280ml Meco fruit tea package targeting this market [26][27]. - The company has over 30,000 partnerships with snack wholesale stores, indicating a strategic shift in distribution channels [26]. - The company is cautious about expanding its direct retail presence, focusing instead on using physical stores as testing grounds for new products [23][24]. Group 6: Marketing and Promotion - The company has been investing heavily in marketing, with sales promotion expenses significantly exceeding research and development costs, indicating a focus on brand visibility [37][38]. - The company has engaged popular youth idols for brand endorsements, which has led to increased sales during live-streaming events [34][35]. - Despite these efforts, the online sales channel remains underdeveloped, with e-commerce revenue declining by 25% in 2024 [36].

Group 1 - The core viewpoint of the article highlights that the traditional milk tea brand Xiangpiaopiao is facing significant losses of nearly 100 million yuan amid the rapid rise of new tea beverage brands [1][2]. - Xiangpiaopiao's half-year performance report for 2025 indicates a projected revenue of approximately 1.035 billion yuan, a decrease of about 144 million yuan or 12.21% year-on-year [2]. - The decline in Xiangpiaopiao's performance is attributed to changes in external consumer environments, habits, and demands, which have pressured sales of traditional brewing products during peak seasons [2]. Group 2 - Since its listing in 2017, Xiangpiaopiao has experienced four years of year-on-year revenue and net profit declines out of eight years [2]. - The company's revenue growth rate has been declining since 2018, with a notable drop to -5.46% in 2020, marking a turning point in its performance [2]. - The traditional brewed milk tea market has seen a significant contraction, with its market size decreasing from 11.3 billion yuan in 2012 to 7.6 billion yuan in 2023, a decline of 32.7% [2]. Group 3 - Industry analysts indicate that the fast-moving consumer goods sector has entered a new phase where product strength is paramount, and reliance on marketing-driven growth is becoming less effective [3]. - Xiangpiaopiao is exploring new growth avenues by launching ready-to-drink products and conducting pop-up store events in various cities, although the impact on its core brewing business remains limited [3]. - The company is also increasing marketing efforts and resource support for its Meco juice tea and Lan Fang Yuan series to capture a share of the new tea beverage market [3].

Group 1 - The core point of the article is that Xiangpiaopiao is actively investing in the venture capital space to adapt to the challenges in the bubble tea market, with a recent investment of 100 million yuan in a fund focused on the "big consumption" sector [1][2][3] - Xiangpiaopiao's recent investment marks its second foray into industry funds within three years, with the first being a 50 million yuan fund established in 2022 for the food and beverage sector [1][2] - The company’s investment of 100 million yuan is nearly half of its projected net profit for 2024, and combined with a cash dividend of 103 million yuan, these expenditures account for 80% of the expected net profit [1][2] Group 2 - The bubble tea market is facing significant challenges, with Xiangpiaopiao reporting a 9% decline in both revenue and net profit for 2024, and a further loss of 18.775 million yuan in Q1 2025 [2][3] - Despite the declining performance, Xiangpiaopiao holds 2.206 billion yuan in cash, providing a solid foundation for strategic investments [2][3] - The investment in the fund represents a shift from being an industry investor to a financial investor, with three key upgrades: increased investment size, professional collaboration with Jia Yu Capital, and an expanded focus on the broader "big consumption" ecosystem [2][3] Group 3 - The rise of industrial capital is evident, with traditional enterprises and listed companies actively participating in the venture capital market, particularly in Zhejiang province, where listed companies contributed over 1 billion yuan in June 2025 alone [4][5] - Xiangpiaopiao's investment aligns with a broader trend of industrial capital entering the market, as social LPs are becoming scarce due to market conditions [5][6] - The Chinese government is encouraging the involvement of social capital in the venture capital market, creating a favorable environment for companies like Xiangpiaopiao to invest [6][7] Group 4 - The consumption sector is experiencing a shift, with a four-year bear market in the consumption index, prompting institutional investors to reduce their exposure to this sector [7][8] - Policy initiatives aimed at boosting consumption are becoming a priority for economic growth, with a focus on service consumption as a key area for development [7][8] - Recent trends indicate a revival in the consumption market, with significant growth in the food delivery sector, suggesting potential opportunities for companies like Xiangpiaopiao [8]

Core Viewpoint - Xiangpiaopiao is facing significant performance challenges, with a projected revenue of 1.035 billion yuan for the first half of the year, representing a year-on-year decline of approximately 12.21% and a net loss of about 111 million yuan, marking the worst mid-year results since its IPO in 2017 [1][2] Group 1: Performance and Market Challenges - The company attributes its performance decline to various factors, including seasonal consumption patterns, changes in consumer habits, and demand fluctuations [1] - The traditional bubble tea market is experiencing structural changes, with emerging categories like new tea drinks and ready-to-drink milk tea gaining popularity, leading to increased competition [1][2] - Younger consumers are increasingly prioritizing health, quality, and experience, which the company's product line, primarily focused on solid bubble tea, fails to meet [1] Group 2: Strategic and Operational Issues - Despite attempts to enter the ready-to-drink beverage market with products like Meco fruit tea and Lan Fang Yuan frozen lemon tea, the company is struggling to compete effectively due to slow transformation and a strong association with traditional bubble tea [2] - Changes in distribution channels, with traditional supermarkets and convenience stores seeing stagnant growth, pose additional challenges, as new channels like e-commerce and instant delivery require enhanced supply chain responsiveness and marketing capabilities [2] - The decline in performance reflects the broader trend of traditional bubble tea models losing ground in the new market environment, emphasizing the need for continuous evolution and adaptation to remain competitive [2]

Meeting Schedule - The first extraordinary general meeting of shareholders for 2025 will be held on July 30, 2025, at 14:00 [1] - The meeting will take place at the 13th floor, West Building, Hangzhou New World Business Center, Gongshu District, Hangzhou, Zhejiang Province [1] - Voting will be conducted both on-site and through the Shanghai Stock Exchange network voting system during the trading hours of the meeting day [1] Meeting Procedures - The meeting will include the following steps: opening, reading of proposals, deliberation and voting on proposals, announcement of resolutions, and closing [1] - The chairman of the meeting will be Mr. Jiang Jianqi, the chairman and general manager of the company [1] Meeting Guidelines - All attendees must comply with the meeting guidelines to ensure order and efficiency [2] - Shareholders must bring relevant identification and register upon arrival to participate in the meeting [2] - Only authorized personnel, including shareholders, directors, senior management, and invited guests, will be allowed entry [2] Shareholder Rights - Shareholders have the right to speak, inquire, and vote during the meeting [3] - Each shareholder may speak a maximum of two times, with each speech limited to three minutes [3] - Questions unrelated to the agenda or that may disclose confidential information may be refused by the chairman [3] Proposal for Amendment - The proposal to amend the company's articles of association and handle business registration changes will be presented [4] - The board approved the stock option incentive plan, resulting in an increase of 2,128,300 shares, changing the total shares from 410,745,800 to 412,874,100 [4] Voting Instructions - The meeting will have one proposal for voting, requiring a two-thirds majority of the voting rights held by attending shareholders for approval [5] - Voting will be conducted through both on-site and network methods, with specific instructions provided for each [6][7] - Shareholders must choose either on-site or network voting, and duplicate votes will be disregarded [6][7]

香飘飘食品股份有限公司 2025年第一次临时股东会会议资料 香飘飘食品股份有限公司 2025 年第一次临时股东会会议资料 2025 年 7 月 30 日 香飘飘食品股份有限公司 2025年第一次临时股东会会议资料 会议资料之一 会议议程 一、会议及投票时间 现场会议：2025 年 7 月 30 日（星期三）14：00 网络投票：2025 年 7 月 30 日（星期三）采用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30,13:00-15:00；通过互联网投票平台的投票时间为股东会 召开当日的 9:15-15:00。 二、现场会议地点 浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 13 楼 1 号会议室 三、会议主持人 香飘飘食品股份有限公司董事长、总经理蒋建琪先生。 五、会议流程 香飘飘食品股份有限公司 2025年第一次临时股东会会议资料 （四）会议决议 1、宣读股东会表决决议； 2、律师宣读法律意见书。 （五）会议主持人宣布股东会结束 香飘飘食品股份有限公司 2025年第一次临时股东会会议资料 会议资料之二 会议须知 ...