Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

证券日报网2月12日讯 ，香飘飘在接受调研者提问时表示，即饮业务产能利用率的提升，来源于销售规 模的提升。2026年，一方面，公司希望果茶继续保持稳定增长；另一方面，公司将会不断丰富即饮业务 的产品矩阵，研发更具性价比的产品，积极探索即饮业务的渠道建设运营模式，并持续创新宣传形式， 提升消费者的品牌认知，努力提升销售规模；同时积极寻找外部合作代工的机会，希望能够不断提升杯 装即饮的产能利用率水平。 （文章来源：证券日报） ...

证券日报网2月12日讯，香飘飘（603711）在接受调研者提问时表示，公司非常关注零食量贩渠道的发 展，积极拥抱新兴渠道。当前，公司直接合作的头部零食量贩系统的门店数量已经超过三万家。此外， 还有一部分零食量贩门店通过经销商进行覆盖。为了更加贴合零食量贩渠道的产品特点，除了公司自有 品牌的原有产品进入零食量贩渠道以外，公司还推出了零食量贩渠道定制化的产品。目前，公司已与万 辰系、很忙系、有鸣系分别推出了合作定制款产品。 ...

证券日报网2月12日讯，香飘飘（603711）在接受调研者提问时表示，面对因春节时间点变化带来的旺 季销售窗口期变动，结合外部消费市场环境变化，公司坚持"稳中求进"的经营基调，主动调整产品出货 节奏，严格管控渠道库存规模，维持产品价盘稳定，确保产品货龄新鲜，切实保障消费者及经销商利 益。第四季度，公司营收同比下降幅度相比前三季度实现较明显收窄。 ...

Core Viewpoint - The company is currently operating three tea beverage stores in Hangzhou, focusing on brand promotion and consumer experience, aiming to convey a young and healthy product concept while collecting market feedback for product development and innovation [1] Group 1 - The company has established three tea beverage stores in Hangzhou [1] - The stores serve as brand promotion and experience windows [1] - The initiative aims to provide an immersive brand interaction space for consumers [1] Group 2 - The company intends to collect market feedback directly from consumers [1] - This feedback will assist in product research and innovation [1] - Future plans for large-scale store expansion will require further validation and observation [1]

Core Viewpoint - The company, Xiangpiaopiao (603711), has a small proportion of its instant and ready-to-drink products exported overseas, contributing minimally to its overall revenue [1] Group 1 - The company engages in export activities for some of its products [1] - The revenue from export business is relatively small compared to total income [1]

Group 1 - The company prioritizes the health of the instant beverage market by ensuring fresh inventory and healthy stock levels [1] - The company aims to maintain price stability to boost distributor confidence [1] - The company is upgrading its products towards "health" and "youth" themes, increasing variety to meet consumer demands [1]

（企业公告） 2月12日，香飘飘发布投资者关系活动记录表。当中披露，针对"公司海外业务的规划？未来泰国生产基 地主要面向的市场？"提问，香飘飘表示，当前，海外市场存在较大的发展机会，公司积极重视海外市 场的开拓，将会逐步推进对海外市场的探索。公司计划将泰国作为杯装饮料的生产基地和出口枢纽，目 标市场覆盖柬老缅越及更广泛的东盟市场。产品将定位高端杯装果茶，以异国热带风味、真实果汁、低 糖零脂肪及高端透明杯包装实现差异化，区别于瓶装竞品，满足当地年轻群体对高端健康饮品的需求。 同时，公司将积极利用泰国优质热带水果，维持成本和供应的稳定，并打造"泰国原产"卖点。 ...

Core Viewpoint - The company is undergoing a strategic adjustment and product innovation to navigate through market fluctuations and industry transformation, focusing on "health" and "youth" as key themes for long-term value creation [1][4]. Group 1: Financial Performance and Strategic Adjustments - In 2025, the company's traditional brewing product sales were impacted by seasonal changes, leading to a decline in sales volume [1]. - The company has adopted a "steady progress" operational approach, adjusting product shipment schedules and managing channel inventory to ensure product freshness and price stability [1]. - The revenue decline in the fourth quarter has significantly narrowed, indicating a solid foundation for future sales and channel health [1]. Group 2: Product Innovation and Health Focus - The company has identified "health" and "high cost-performance" as the main lines for product development since 2025, resulting in the launch of the "Original Leaf Fresh Brew" series [2]. - This new product line features zero trans fatty acids, zero plant-based fats, and zero artificial flavors, with the light milk tea series innovatively using liquid fresh milk to achieve "seven zero additives" [2]. - The introduction of the "Functional" new product, "Ancient Five Red" warm milk tea, expands the boundaries of health-oriented products [2]. Group 3: Brand Image and Marketing Strategy - The company is revitalizing its brand image through youth-oriented communication, moving away from traditional advertising to engage with younger consumers [3]. - Initiatives include pop-up stores in cities, collaborations with youth influencers, and establishing offline brand experience stores [3]. - The company is also expanding its distribution channels, targeting emerging markets and customizing products for snack retail channels, effectively increasing sales [3]. Group 4: Overall Strategic Direction - The company is committed to "maintaining integrity, steady progress, and innovation" as its annual theme, focusing on reconstructing products through health and rebuilding connections through youth [4]. - Despite short-term performance pressures, the company's investments in core product competitiveness, channel health, and brand future are seen as key drivers for overcoming cycles and achieving value recovery [4]. - The shift towards health consumption is recognized as a significant trend, marking the beginning of the company's journey towards the next development stage [4].

（文章来源：证券日报） 证券日报网讯 2月5日，香飘飘在互动平台回答投资者提问时表示，公司当前无应披露而未披露的重大 事项。现阶段，公司运作聚焦主业，包括杯装冲泡、杯装即饮饮料等产品的生产及销售，并持续推进冲 泡产品的健康化、功能性、年轻化创新升级。同时，积极打造杯装即饮业务"第二成长曲线"。公司也将 持续关注产业机遇，并严格履行信息披露义务。 ...