Core Viewpoint - The takeaway from the recent financial report of Xiangpiaopiao is that the company is facing significant challenges, particularly in its instant tea segment, which has seen a substantial decline in revenue, while the ready-to-drink segment is becoming more prominent but is not yet profitable [2][5][7]. Financial Performance - In the first half of 2025, Xiangpiaopiao reported revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%, with a net loss of 97.39 million yuan, marking a 230.13% increase in losses compared to the previous year [2][5]. - The revenue from the instant tea segment fell by 31.04% to 423 million yuan, while the ready-to-drink segment grew by 8.03% to 591 million yuan, indicating a shift in revenue sources [4][5]. - The overall revenue from the instant tea segment has declined from 3.067 billion yuan in 2020 to 2.271 billion yuan in 2024, reflecting a long-term downward trend [4]. Market Dynamics - The instant tea segment's revenue contribution has dropped from 52.8% to 41.7%, while the ready-to-drink segment now accounts for 58.3% of total revenue [5][7]. - The competitive landscape in the beverage industry is intensifying, with significant price competition from major delivery platforms affecting traditional beverage sales [10]. Inventory and Supply Chain - The inventory turnover days for Xiangpiaopiao increased to 37.75 days, the highest in five years, indicating slower product movement [11]. Strategic Initiatives - The company plans to maintain a "dual-engine" strategy focusing on both instant and ready-to-drink products, with efforts to improve channel stocking and inventory management in the instant tea segment [12][13]. - New product development will be emphasized in the ready-to-drink segment, exploring new market opportunities [13].

Company Overview - Xiangpiaopiao Food Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 12, 2005. It was listed on November 30, 2017. The company specializes in the research, production, and sales of milk tea products [1][2] - The main business revenue composition includes: 69.09% from instant products, 29.61% from ready-to-drink products, and 1.30% from other supplementary products [1] Financial Performance - For the first half of 2025, Xiangpiaopiao achieved operating revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%. The net profit attributable to the parent company was -97.39 million yuan, a year-on-year decrease of 230.13% [2] - Since its A-share listing, the company has distributed a total of 757 million yuan in dividends, with 313 million yuan distributed over the past three years [3] Stock Market Activity - As of September 4, the stock price of Xiangpiaopiao increased by 2.04%, reaching 13.51 yuan per share, with a total market capitalization of 5.578 billion yuan [1] - The stock has seen a decline of 16.35% year-to-date, with a slight decrease of 0.73% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 4, where it recorded a net purchase of 22.7355 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangpiaopiao was 23,300, an increase of 0.31% from the previous period. The average circulating shares per person decreased by 0.26% to 17,693 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest shareholder, holding 1.0139 million shares as a new shareholder [3]

Core Points - The company held its fifth board meeting and the first extraordinary shareholders' meeting of 2025 on July 14 and July 30, respectively, to approve the amendment of the Articles of Association and related business registration changes [1] - The company has obtained a new business license from the Zhejiang Provincial Market Supervision Administration, completing the business registration change procedures [1] Company Information - The company's name is Xiangpiaopiao Food Co., Ltd., with a registered capital of 412.8741 million yuan [1] - The company is classified as a listed other joint-stock company, located in Huzhou Economic and Technological Development Zone, Zhejiang Province [1] - The business scope includes the production and sales of beverages (solid and liquid), food operation, vending machine sales and management, and various consulting services [1]

Core Points - The company has completed the business registration change and has received a new business license from the Zhejiang Provincial Market Supervision Administration [1] - The company's business scope has been expanded to include human resources services, vending machine sales, leasing, installation, operation management, and related technical consulting [1] - The company reassures that the registration change and new business license will not significantly impact its daily operations and will continue to operate in compliance with legal requirements [1]

证券日报网讯 9月3日晚间，香飘飘发布公告称，公司于2025年7月14日召开了第五届董事会第二次会 议、2025年7月30日召开了2025年第一次临时股东会，审议通过了《关于修订并办理工商变更的议 案》。公司已于近期取得了浙江省市场监督管理局换发的《营业执照》，完成了工商变更登记手续。 （文章来源：证券日报） ...

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。 香飘飘食品股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开了 第五届董事会第二次会议、2025 年 7 月 30 日召开了 2025 年第一次临时股东会， 审议通过了《关于修订<公司章程>并办理工商变更的议案》。具体内容详见公司 于 2025 年 7 月 15 日 、 2025 年 7 月 31 日 刊 登 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及相关指定媒体的《香飘飘食品股份有限公司第五届董事会 第二次会议决议公告》（公告编号：2025-026）、《香飘飘食品股份有限公司关 于修订<公司章程>并办理工商变更的公告》（公告编号：2025-028）、《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》（公告编号：2025-031）。 公司已于近期取得了浙江省市场监督管理局换发的《营业执照》，完成了工 商变更登记手续，变更后的《营业执照》登记的相关信息如下： 统一社会信用代码：91330500778299605T ...

Company Overview - Xiangpiaopiao Food Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 12, 2005. The company went public on November 30, 2017. Its main business involves the research, production, and sales of milk tea products [2]. Financial Performance - For the first half of 2025, Xiangpiaopiao achieved operating revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%. The net profit attributable to the parent company was -97.39 million yuan, a year-on-year decrease of 230.13% [2]. - Since its A-share listing, the company has distributed a total of 757 million yuan in dividends, with 313 million yuan distributed over the past three years [3]. Stock Performance - As of September 3, the stock price of Xiangpiaopiao was 13.22 yuan per share, with a market capitalization of 5.458 billion yuan. The stock has declined by 18.14% year-to-date, with a 3.99% drop over the last five trading days [1][2]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 4, where it recorded a net purchase of 22.7355 million yuan [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangpiaopiao was 23,300, an increase of 0.31% from the previous period. The average circulating shares per person were 17,693 shares, a decrease of 0.26% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest shareholder, holding 1.0139 million shares as a new shareholder [3]. Market Position - Xiangpiaopiao's main business revenue composition is as follows: 69.09% from instant products, 29.61% from ready-to-drink products, and 1.30% from other supplementary products. The company belongs to the food and beverage industry, specifically in the soft drink sector [2].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's brewing business is under pressure, with profitability declining year-on-year. The revenue for H1 2025 was 1.035 billion yuan, a decrease of 12.21% year-on-year, and the net profit attributable to shareholders was -97 million yuan, with losses widening year-on-year [4][5] - The company is focusing on stabilizing its brewing business while actively expanding its ready-to-drink segment, which showed a revenue increase of 8.03% year-on-year in H1 2025 [5][7] - The report highlights the need to monitor the recovery of the brewing products during peak seasons and the expansion of channels and categories in the ready-to-drink business [7] Summary by Sections Financial Performance - In H1 2025, the brewing business generated revenue of 423 million yuan, down 31.04% year-on-year, primarily due to changes in the consumption environment and the company's efforts to maintain channel health by reducing inventory [5] - The ready-to-drink segment achieved revenue of 591 million yuan, marking an 8.03% increase year-on-year, with Meco fruit tea showing competitive advantages in differentiated packaging [5] - The company's gross margin for H1 2025 was 29.36%, down 1.22 percentage points year-on-year, attributed to negative effects from revenue scale [6] Revenue Breakdown - Revenue from various channels in H1 2025 showed mixed results: distribution channels decreased by 17.01%, while e-commerce channels increased by 12.39% [5][6] - The company reduced the number of distributors by 92 to 1,735, indicating a strategic optimization of the distributor structure [5] Future Outlook - The company plans to focus on the healthy upgrade of products and the development of the "original leaf brewing" series, with a good performance in online repurchase rates for new products [7] - The ready-to-drink business will continue to expand in campus channels and increase its presence in snack retail and dining channels [7] - Profit forecasts for 2025-2027 have been adjusted downwards due to weak demand and negative impacts from delivery platform subsidies [7]

Core Insights - The company has launched two new flavors of Meco fruit tea, "Orange Jasmine" and "Mulberry Jasmine," with the former showing promising sales feedback and potential to become a classic product, while the latter is still in the trial sales phase [1] Group 1: Sales Performance - The company's traditional brewing products faced sales pressure in the first half of 2025 due to changes in external consumer environment, habits, and demand [1] - The sales season was shortened as the Spring Festival occurred earlier compared to the previous year, leading to an early onset of the off-peak season for brewing products [1] - To maintain the interests of distributors and terminals, the company adopted a strategy of reducing channel inventory levels to ensure healthy inventory for the second half of the year [1] Group 2: Ready-to-Drink Business - The company is actively promoting the freezing of terminal points for its ready-to-drink business, particularly in schools and snack wholesale channels where Meco fruit tea has a significant sales share [1] - There is an increased focus on the quality of freezing, with higher requirements for the "layering rate" of ice paths to enhance the effectiveness of freezing [1]

Core Viewpoint - The financial performance of Xiangpiaopiao (603711) in the 2025 mid-year report shows significant declines in both revenue and net profit, indicating challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total operating revenue for 2025 is 1.035 billion yuan, a decrease of 12.21% compared to 2024 [1]. - The net profit attributable to shareholders is -97.39 million yuan, reflecting a year-on-year decline of 230.13% [1]. - The gross profit margin is 29.36%, down 4.0% year-on-year, while the net profit margin is -9.43%, a decrease of 274.52% [1]. - Total expenses (selling, administrative, and financial) amount to 424 million yuan, accounting for 40.99% of revenue, an increase of 20.24% year-on-year [1]. - Earnings per share are -0.24 yuan, a decline of 242.86% compared to the previous year [1]. Key Financial Metrics Changes - Significant changes in financial items include: - Trading financial assets increased by 54.89% due to increased purchases of financial products [3]. - Prepayments rose by 45.7% due to increased brand promotion and consulting fees [3]. - Other receivables decreased by 64.93% due to the recovery of land sale payments [3]. - Inventory decreased by 35.25% due to reduced stocking [3]. - Cash flow from operating activities decreased by 5.57% due to reduced operating inflows [5]. Market and Operational Insights - The company is currently experiencing a sales off-season in its milk tea business, with channel inventory showing a significant year-on-year decrease, indicating a healthy inventory management [4]. - The company's return on invested capital (ROIC) was 4.57% last year, indicating weak capital returns, with a historical median ROIC of 14.14% since its listing [5]. - The company relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying factors driving this performance [5].