证券代码：603711 证券简称：香飘飘 公告编号：2025-041 香飘飘食品股份有限公司 2、按销售渠道分类情况： 单位：元 币种：人民币 | 渠道类型 | 2025 年 1-9 月 销售收入 | 2024 年 1-9 月 销售收入 | 增减变动幅度 （%） | | --- | --- | --- | --- | | 经销商 | 1,397,480,854.94 | 1,726,939,983.59 | -19.08 | | 电商 | 130,872,275.60 | 118,716,854.27 | 10.24 | | 出口 | 28,724,924.62 | 14,865,614.27 | 93.23 | | 直营 | 97,317,095.30 | 50,592,800.16 | 92.35 | 2025 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十 二号——酒制造》的相关规定，现将香飘飘食品股份有限公司（以下简称"公司" ...

Financial Performance - The company's revenue for Q3 2025 was ¥648,558,827.47, a decrease of 14.53% compared to the same period last year[4] - The total profit for the quarter was ¥18,670,210.92, down 66.62% year-over-year[4] - The net profit attributable to shareholders was ¥8,183,705.33, reflecting an 82.67% decline compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,623,932.82, a decrease of 87.64% year-over-year[4] - The basic earnings per share for the quarter was ¥0.02, down 81.82% from the same period last year[5] - The diluted earnings per share also stood at ¥0.02, reflecting an 81.82% decrease year-over-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 1,683,873,554.40, a decrease of 13.1% compared to CNY 1,938,145,993.32 in the same period of 2024[21] - The net profit for the first three quarters of 2025 was a loss of CNY 89,620,371.23, compared to a profit of CNY 17,538,141.35 in the same period of 2024[22] - The company reported a basic and diluted earnings per share of CNY -0.22 for the first three quarters of 2025, compared to CNY 0.04 in 2024[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,722,809,658.70, a decrease of 3.09% from the end of the previous year[5] - As of September 30, 2025, total assets amounted to approximately RMB 4.72 billion, a decrease from RMB 4.87 billion at the end of 2024[16] - The total liabilities as of the end of the reporting period were CNY 1,421,490,190.71, compared to CNY 1,379,740,243.56 in the previous year, indicating an increase of 3.1%[18] - The total equity attributable to shareholders of the parent company decreased to CNY 3,302,659,545.38 from CNY 3,494,451,049.87, a decline of 5.5%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥26,957,483.01, indicating a significant decline[5] - Cash flow from operating activities for the first three quarters of 2025 was a net outflow of CNY 26,957,483.01, compared to a net inflow of CNY 31,696,340.90 in 2024[25] - The net increase in cash and cash equivalents was -$473.62 million, worsening from -$184.61 million year-over-year[26] - The ending balance of cash and cash equivalents was $1.96 billion, down from $2.43 billion at the end of the previous period[26] Investment Activities - Cash inflow from investment activities totaled $718.44 million, a significant increase from $320.65 million in the previous period, reflecting a growth of approximately 124.7%[26] - Cash outflow for investment activities was $1.05 billion, compared to $316.12 million last year, indicating a substantial increase in investment spending[26] - Net cash flow from investment activities was -$334.45 million, a decline from a positive cash flow of $4.53 million in the previous period[26] Operational Insights - Sales revenue from brewed products fell by 19.68%, while ready-to-drink products saw a decline of 4.93%[14] - The company adjusted its inventory strategy to ensure freshness in the supply chain, leading to a delay in brewed product shipments compared to previous years[14] - Meco fruit tea continued to grow, supported by brand activities and sponsorships, while sales of Lan Fang Yuan frozen lemon tea declined due to strategic adjustments[15] - The company is focusing on product innovation, launching the "Ancient Five Red" warm milk tea and promoting health-oriented messaging for its new brewed products[15] - The company is actively expanding its sales channels, particularly in the restaurant sector, with positive feedback on trial sales[15] - The company aims to maintain a healthy inventory turnover to support sales during peak seasons, particularly for the upcoming fourth quarter and Spring Festival[14] Research and Development - Research and development expenses increased to CNY 43,735,699.42 in the first three quarters of 2025, up from CNY 30,702,209.51 in 2024, representing a growth of 42.4%[21] Financial Standards - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[27]

Group 1 - A customer reported finding a plastic glove in a coffee cup at a KFC location in Harbin, leading to a request for video evidence from the store [1] - KFC's customer service stated that they could not verify the claims made on social media and advised customers to contact the store directly for service [1] Group 2 - COFCO Technology announced partnerships with several leading tea beverage companies to promote D-alloheptulose sugar, which is seen as a promising product in the health trend [2] - The collaboration aims to enhance product offerings in the tea beverage sector [2] Group 3 - Xiangpiaopiao signed a cooperation agreement with Zhejiang Chinese Medical University to establish a health beverage research institute, focusing on integrating traditional Chinese medicine into daily consumption [3] - The first product from this collaboration is "Five Red Warm Milk Tea," based on traditional remedies [3][4] - Xiangpiaopiao is undergoing a strategic upgrade from a milk tea pioneer to a leader in health-oriented tea beverages, emphasizing product innovation and brand rejuvenation [3][4] Group 4 - Jiahua Foods reported a 68.5% decline in net profit for the first three quarters of the year, despite a 5.3% increase in revenue to 1.77 billion yuan [5] - The company attributed the profit drop to rising raw material costs and increased marketing expenses [5][6] - Jiahua Foods is facing challenges due to the trend of "de-plant-based cream" in the new tea beverage market, leading to a significant decrease in sales [6] Group 5 - Eight Horse Tea officially listed on the Hong Kong Stock Exchange with an initial price of 50 HKD, closing at 93.35 HKD, marking an increase of 86.7% [7] - The company plans to expand its physical presence by adding 1,500 new stores over the next three to five years and aims to establish an intelligent production base [7] - Eight Horse Tea has a strong family ownership structure, with significant control held by the Wang family, who have a long history in tea production [8]

Core Insights - The article highlights the opening of a new physical store by Xiangpiaopiao, a well-known tea brand in China, which has generated significant public interest and discussion online [1] Company Developments - Xiangpiaopiao is currently renovating its first physical store, referred to as the "national first store," which has attracted attention from consumers and media alike [1] - The company plans to establish offline stores to allow consumers to experience a blend of trendy and traditional tea beverages in a physical setting [1] - Information about the new store is already available on some group buying platforms, indicating that it will offer products in the categories of "tea drinks" and "juices" [1]

Core Insights - The company has shifted from a "never offline" strategy to opening physical stores, indicating a significant strategic pivot in response to declining sales and market pressures [1][3] - The financial performance has deteriorated, with a 12.21% year-over-year revenue decline and net losses reported in the first half of 2025 [1][2] - The company is facing intense competition from the ready-to-drink tea market, which has seen substantial growth, while its traditional instant tea segment has contracted significantly [2][4] Group 1: Market Dynamics - The instant tea market has shrunk from 113 billion yuan in 2012 to 76 billion yuan in 2023, a decline of 32.7%, while the ready-to-drink tea market has grown tenfold to reach a trillion yuan [2] - The company’s sales channels are under pressure, with a 17% decline in revenue from its distribution network, totaling 844 million yuan in the first half of 2025 [2] - E-commerce sales, although showing a 12.39% increase in the first half of 2025, had previously declined by 25.42% in 2024, indicating volatility in this channel [2] Group 2: Strategic Shifts - The company opened its first offline store in Hangzhou, marking a departure from its previous stance against physical retail, which has generated significant public interest [3] - Despite the opening of physical stores, the company is cautious about its approach, recognizing the different business models between instant and ready-to-drink tea [3] - The company’s attempts to innovate with new product lines have been criticized as lacking clear strategic direction, leading to ineffective resource allocation [4] Group 3: Internal Challenges - The company has experienced high turnover among professional managers, with the recent resignation of a key executive highlighting governance issues within the organization [6] - The family-controlled structure of the company has been identified as a barrier to effective management and strategic agility, with nearly 80% of shares held by the founding family [6] - The company’s marketing expenditures have increased significantly, with a sales expense ratio of 31.97%, raising concerns about the sustainability of its marketing-driven innovation approach [5]

New Product Launches - Heinz has launched organic walnut oil, claiming to use low-temperature physical extraction technology from high-quality walnut regions, with an unsaturated fatty acid content of 85% [5] - Water Otter has introduced "Oriental Matcha Light Milk Tea," featuring 2000mg of matcha per cup and less than 100 calories, providing a healthy experience [5] - YeeHoO has released a "Super Resilient Down" series, designed to retain more air and reduce heat loss without preheating [5] - Royal Baby has collaborated with Clarins to launch a gift box that includes baby formula and skincare products [7] - Oriental Supplement has launched "Six Flavors of Black Sesame Paste," made with six precious ingredients and retaining nutritional value through a unique cooking process [7] - Yili Health Science has introduced "Chongshi Probiotic Freeze-Dried Powder," containing eight active probiotics for gut health [7] - Wangwang's Aizizun has launched a low GI series, including low GI five-black cookies and black sesame walnut soft cakes [8] - Child's Face has released a children's moisturizing set, claiming double hydration and smoothness [9] - Joyoung has launched "Black Coffee Self-Discipline Soy Milk Powder," with a protein content of 20.5g per 100g [9] Industry Events - Swiss chocolate brand Lindt has announced a new brand ambassador, Wang Anyu, alongside the launch of a new chocolate product inspired by the French Pyrenees [11] - Italian fashion brand Dsquared2 has announced a global office restructuring affecting approximately 40 jobs due to market challenges [13] - RIMOWA has appointed actor Xu Guanghan as its brand ambassador for the Greater China region [14] - Italian outdoor shoe brand CRISPI has opened its first store in Shanghai [14] - Xu Fu Ji has announced a partnership with Sun Yingsha for new product endorsements [15] - Juewei has tested a new supermarket-style store model in Changsha, emphasizing fresh and short-shelf-life products [16] - Heineken will close a 700-year-old brewery in Poland by early 2026 [16] - McDonald's has collaborated with Mercedes-Benz to launch new products and set up flagship stores [18] - Haidilao has opened its first banquet restaurant in Shenzhen, designed for various events [18] - Xiangpiaopiao has announced the opening of its first offline store in Hangzhou [19] Investment and Financing Trends - Renxin Technology has completed over 100 million RMB in A+ round financing, with total financing for the year nearing 300 million RMB [21] - Leju Robotics has raised nearly 1.5 billion RMB in Pre-IPO financing, with Tencent as a shareholder [21] - American yogurt brand Chobani has raised 650 million USD (approximately 4.6 billion RMB) to support its expansion plans [21] - Damou Technology has completed nearly 100 million RMB in A+ round financing, led by CATL Capital [21] - Coinbase CEO's anti-aging company NewLimit has raised 45 million USD, with a valuation of 1.6 billion USD [21] - Haitian Flavor Industry has increased its registered capital to approximately 5.85 billion RMB, marking a 5% increase [21] Food Industry Developments - Xu Fu Ji has launched a new spring festival candy strategy for 2026, enhancing product craftsmanship and packaging [27] - Xiaoxiang Supermarket has established a new company in Wenzhou, focusing on internet sales and food delivery [27] - Taoli Bread has introduced a new family of yeast breads with seven flavors [28] - JD's Qixian Supermarket has launched a new "Cinnamon Red Wine Flavor Beer" [28] - Bawang Tea has opened its largest store in Malaysia, surpassing 200 locations [28] - Yuanqi Forest has upgraded its packaging across all products to a minimalist design [28] - Master Kong has launched a new flavor of instant noodles, "Spicy Old Hen Soup Noodles" [29] - Pizza Hut has introduced a new menu with prices starting at 9.9 RMB to cater to young consumers [29] - Dove has launched a new crispy cocoa chocolate product [29] - Master Kong's milk tea products have undergone a significant upgrade, focusing on reduced sugar content [29] Beauty Industry Updates - Nike has collaborated with Canadian brand Aritzia to create a new footwear line [31] - H&M is set to release a collaboration series with Belgian designer Glenn Martens [33] - Yili's brand INIKIN has launched a new volcanic mineral moisturizing spray [35] - Shiseido has announced actress Lu Jingshan as its global brand ambassador [36] - Lululemon has partnered with Li Yuchun to refresh its winter down jacket series [36] - Jaeger-LeCoultre has launched a new art collaboration project featuring comic designer Olivecoat [37] - Amer Sports has appointed a new executive for its Arc'teryx brand in Greater China [37] - Li Ning has entered the Meituan Flash Purchase platform, offering rapid delivery of sports gear [38] - Jujia Group has acquired Italian hair care brand Foltène [39] - House of Modo has secured a 100 million USD minority equity investment [39]

Core Viewpoint - The company, Xiangpiaopiao, is opening its first physical store in Hangzhou amidst declining performance, raising questions about whether this move can effectively boost its sales [1][3]. Group 1: Store Opening and Strategy - Xiangpiaopiao is preparing to establish a physical store in Hangzhou, aiming to provide a brand experience and collect market feedback, currently in a pilot exploration phase [3]. - The company has previously experimented with pop-up stores to promote new products, such as the "original leaf fresh milk tea" and Meco juice tea, which generated significant consumer interest [3][6]. Group 2: Financial Performance - In the previous year, Xiangpiaopiao reported revenue of 3.287 billion yuan, a year-on-year decline of 9.32%, with net profit dropping by 9.67% to 253 million yuan [6]. - The company's core brewing business saw a significant revenue drop of 15.42%, totaling 2.271 billion yuan [6]. - In the first half of this year, the revenue structure shifted, with ready-to-drink products, including Meco juice tea, generating 591 million yuan, surpassing brewing products for the first time [7]. Group 3: Operational Challenges - The transition to ready-to-drink products, which have lower profit margins compared to brewing products, has increased operational pressure on the company [9]. - In the first half of this year, the company reported a revenue of 1.035 billion yuan, a year-on-year decline of 12.21%, and a net loss of approximately 97.39 million yuan, a significant increase in loss of 230.13% [9]. - Inventory turnover days increased to 37.75 days, the highest in five years, indicating poor product sales performance [9].

Core Viewpoint - The company, Xiangpiaopiao, is opening its first physical store in Hangzhou amidst declining performance, aiming to enhance brand experience and collect market feedback, but faces challenges in competing with established brands in the beverage sector [2][5][6]. Group 1: Store Opening and Strategy - Xiangpiaopiao is preparing to establish a physical store in Hangzhou, which will serve as a space for brand experience and consumer interaction, while also gathering market feedback for product development [5]. - The company has previously experimented with pop-up stores to promote new products, such as the "original leaf fresh milk tea" and Meco juice tea, which generated significant consumer interest [5][6]. - Despite the excitement around pop-up events, consumer experiences have been criticized for not meeting expectations, with long wait times leading to dissatisfaction [6]. Group 2: Financial Performance - In the previous year, Xiangpiaopiao reported revenue of 3.287 billion yuan, a year-on-year decline of 9.32%, with net profit dropping by 9.67% to 253 million yuan; the brewing business, a key revenue driver, saw a significant decline of 15.42% to 2.271 billion yuan [7]. - In the first half of this year, the company's revenue structure shifted, with ready-to-drink products, primarily Meco juice tea, generating 591 million yuan, surpassing brewing products for the first time [7]. - However, the shift to ready-to-drink products, which have lower profit margins, has increased operational pressure, leading to a net loss of approximately 97.39 million yuan in the first half of the year, a dramatic year-on-year decline of 230.13% [9].

Group 1 - The company Xiangpiaopiao (603711) announced that it has recently obtained a new business license from the Zhejiang Provincial Market Supervision Administration, completing the business registration change procedures [1]

Core Viewpoint - The company is launching its first offline store in Hangzhou, aiming to create an immersive tea-drinking experience while gathering consumer feedback to optimize its products [1][3]. Company Developments - The first offline experience store opened in December 2022 in Hangzhou, featuring a limited-time pop-up format with prices ranging from 9 to 12 yuan, focusing on a new line of light milk tea [3]. - The products sold in the offline stores primarily come from the instant tea series, with a preparation method that involves steeping tea bags and adding milk and syrup based on customer preferences [4]. - The company has previously engaged in promotional activities, such as inviting celebrities to serve as guest store managers and hosting talent shows to attract customers [5]. Financial Performance - In 2024, the company reported a revenue of 3.287 billion yuan, a year-on-year decline of 9.32%, with a net profit of 253 million yuan, down 9.67% [5]. - The revenue from the brewing category was 2.271 billion yuan, reflecting a year-on-year decrease of 15.42% [5]. - For the first half of 2024, the company achieved a revenue of 1.035 billion yuan, down 12.21%, and reported a net loss of approximately 97.39 million yuan [5]. Industry Context - The ready-to-drink tea market is highly competitive, with over 301,000 new tea-related businesses in China [6]. - The industry experienced rapid expansion from 2015 to 2020, with an average annual growth rate of 31.6%, but has faced a decline in new business registrations from 2021 to 2022, indicating a period of consolidation and increased competition [6][7].