Group 1 - The core point of the article is that Xiangpiaopiao has officially announced Olympic champion Sun Yingsha as its brand ambassador, promoting its premium health drink series, which emphasizes "freshly brewed tea bags, real milk ingredients," and "light burden" [1] - The brand aims to explore new health strategies through this collaboration, providing high-quality products to more consumers [1] - In addition to the product promotion, the brand will offer various merchandise such as canvas bags, stickers, postcards, and interactive activities for fans [1] Group 2 - The promotional campaign includes a special package featuring 38 items for 229 yuan, highlighting the value proposition of the products [3] - The campaign also includes limited-time offers and gifts, such as a "Sasha Happy" gift box and a canvas bag, emphasizing scarcity and urgency in the promotion [3] - The promotional strategy is designed to attract consumers through engaging marketing tactics and exclusive merchandise [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Insights - The article discusses the transformation of Xiangpiaopiao, a leading brand in the bubble tea industry, in response to changing consumer preferences towards healthier and more flavorful options [1][11] - Xiangpiaopiao is launching a new product line called "Original Leaf Fresh Brew" in 2024, which aims to re-establish its presence in the market by offering fresh, affordable tea options [1][12] - The brand has appointed Chinese table tennis player Sun Yingsha as its spokesperson, aligning her image with the brand's values of health and positivity, targeting a young consumer demographic [4][6] Company Strategy - Xiangpiaopiao's transformation is driven by a clear understanding of industry pain points and its own position, focusing on a strategy of "young branding + health upgrade" [1][11] - The introduction of the "Original Leaf Fresh Brew" series marks a significant milestone in Xiangpiaopiao's transition, aiming to address consumer demands for freshness and quality [1][10] - The company has implemented a "dual-wheel drive" strategy, with the ready-to-drink segment showing growth while the traditional brewing segment seeks new growth points [7][11] Product Development - The "Original Leaf Fresh Brew" series includes products like Original Leaf Milk Tea and Original Leaf Light Milk Tea, which have been well-received since their launch on August 17, 2024 [10][12] - The development of these products involved extensive research and testing, including over 90 formula iterations and more than 1500 taste evaluations [10][12] - Xiangpiaopiao aims to solve common consumer pain points associated with street drinks, such as long delivery times and high prices, by offering a fresher and more transparent product [9][12] Marketing and Consumer Engagement - The choice of Sun Yingsha as a brand ambassador is strategic, as her image resonates with the target demographic of 18 to 35-year-olds, enhancing brand visibility and appeal [6][11] - Xiangpiaopiao plans to conduct targeted marketing campaigns in key cities, focusing on campus promotions to engage young consumers directly [6][11] - The brand's marketing strategy includes leveraging social media influencers and campus ambassadors to create buzz around the new product line [6][11] Future Outlook - Xiangpiaopiao aims to continue expanding its product matrix and exploring new consumer segments, with plans to introduce various packaging options to meet diverse consumer needs [14] - The company is committed to enhancing its research and development capabilities, with a focus on health-oriented products and innovative packaging solutions [12][14] - The brand's proactive approach to market trends positions it well to capture new opportunities in the evolving beverage landscape [13][14]

Meeting Overview - The shareholders' meeting was held on October 10, 2025, at the Hangzhou New World Business Center, Zhejiang Province [1] - The meeting was chaired by the company's chairman, Mr. Jiang Jianqi, and utilized a combination of on-site and online voting methods [1] Attendance - Out of 9 current directors, 6 attended the meeting, while 3 were absent due to work commitments [2] - The company secretary and CFO, Mr. Zou Yongjian, was present at the meeting [2] Resolutions Reviewed - The following resolutions were passed during the meeting: 1. Proposal to adjust the business scope and amend the Articles of Association [3] 2. Proposal to revise certain corporate governance systems, including: - Revision of the fund management system to prevent the controlling shareholder and related parties from occupying company funds [3] - Revision of the related party transaction decision-making system [4] - Revision of the external investment management system [4] - Revision of the external guarantee decision-making system [4] - Revision of the authorization management system [4] - Revision of the implementation details of the cumulative voting system [4] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Hangzhou), with a conclusion confirming that the meeting complied with relevant laws and regulations [4]

Core Insights - The announcement of Sun Yingsha as the new brand ambassador for Xiangpiaopiao marks a significant step towards the brand's strategy of promoting health-oriented products and appealing to a younger demographic [1][4] Brand Strategy - The choice of Sun Yingsha aligns with Xiangpiaopiao's values of extreme focus and long-term commitment, reflecting the brand's dedication to quality and health in its products [3][4] - The collaboration aims to enhance the brand's image and communicate its commitment to health and quality to consumers [4][14] Product Development - The "Yuan Ye Xian Pao" series emphasizes health, utilizing 100% whole leaf tea and avoiding tea powder, which resonates with the brand's commitment to quality [3][5] - The series underwent nearly two years of research and development, including over 90 formula adjustments and 1,500 taste tests to ensure high standards of taste and health [11][14] Health and Quality Features - The "Yuan Ye Xian Pao" milk tea uses independent whole leaf tea bags and New Zealand imported milk powder, achieving 0 trans fatty acids and allowing for customizable sweetness [5][15] - The light milk tea series features a unique liquid fresh milk product that meets the "7 zero additives" standard, ensuring a high-quality drinking experience [7][11] Market Positioning - Xiangpiaopiao aims to redefine the standards of healthy milk tea, addressing long-standing issues in the traditional milk tea market such as lack of transparency and health concerns [4][13] - The brand's pricing strategy positions high-quality whole leaf tea drinks in the 6-9 yuan range, promoting the idea that healthy milk tea can be affordable [14] Competitive Advantage - The dual focus on health value and extreme cost-effectiveness is seen as a key competitive barrier in a market characterized by product homogeneity [14] - The brand's commitment to health and affordability is expected to drive its future research and marketing strategies [14]

Group 1 - The second extraordinary general meeting of shareholders for Xiangpiaopiao Food Co., Ltd. was held on October 10, 2025, in Hangzhou, Zhejiang Province [2] - The meeting was legally convened and conducted in accordance with the Company Law and the Articles of Association, with a combination of on-site and online voting methods [2][3] - A total of 9 directors were in office, with 6 attending the meeting, while the board secretary and financial director was present [3] Group 2 - Several resolutions were passed during the meeting, including the adjustment of the business scope and the revision of the Articles of Association [4] - The company approved multiple governance system revisions, including the management system for preventing the controlling shareholder and related parties from occupying company funds [5] - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the procedures and results of the meeting were legal and valid [5][6]

证券代码：603711 证券简称：香飘飘 公告编号：2025-039 香飘飘食品股份有限公司 2025年第二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 | 1、出席会议的股东和代理人人数 | 318 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 281,758,515 | | 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（%） | 68.2432 | (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。 (一) 股东会召开的时间：2025 年 10 月 10 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： 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 ...

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 年第二次临时股东会的 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 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十月 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 年第二次临时股东会的 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 年第二次临时股东会（以 下简称"本次股东会"），并依据《中华人 ...

Core Insights - The announcement of Sun Yingsha as the brand ambassador for Xiangpiaopiao's "Original Leaf Fresh Brew" series emphasizes the brand's commitment to health, authenticity, and high quality [1][4] - The partnership reflects a deep understanding of brand spirit, aligning with Sun Yingsha's "champion spirit" and dedication to excellence, which resonates with the product philosophy of Xiangpiaopiao [3] Brand Strategy - Choosing Sun Yingsha as a brand ambassador showcases Xiangpiaopiao's focus on long-termism, as the company prioritizes health-oriented product development over quick market trends [3] - The "Original Leaf Fresh Brew" series is a key component of Xiangpiaopiao's health strategy, featuring innovations like "Original Leaf Tea Bag + Milk Lock Fresh Cup" technology, achieving health standards of "0 trans fat, 0 vegetable fat powder, 0 flavoring" [3] Production and Quality Control - Xiangpiaopiao has established "super tea gardens" in Yunnan and Zhejiang, ensuring strict control over every production stage from soil improvement to harvesting and processing [3] - This comprehensive health-focused supply chain positions Xiangpiaopiao as a leader in the cup tea market, aiming to redefine the perception of milk tea from a mere leisure drink to a healthy supplement for active lifestyles [3][4] Competitive Advantage - Health has become Xiangpiaopiao's sharpest competitive barrier, marking the endorsement of Sun Yingsha as a milestone in the brand's development [4] - The company is initiating a self-revolution in healthy milk tea, setting industry standards with a "champion" approach [4]

Core Viewpoint - Xintianli Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, raising concerns about the sustainability of its operating performance and the rationale behind its commercial cooperation with Xiangpiaopiao [2] Group 1: Company Overview - Xintianli was established in 2005 and primarily engages in the research, production, and sales of plastic and paper food containers, serving major clients such as Xiangpiaopiao, Mixue Bingcheng, and Yili [3] - The company plans to raise 398 million yuan through its IPO to fund high-quality plastic food container expansion projects, upgrade its R&D center, and supplement working capital [3] Group 2: Financial Performance - Xintianli's revenue from 2022 to the first half of 2025 was 944 million yuan, 1.022 billion yuan, 1.101 billion yuan, and 536 million yuan, respectively, with net profits of 36 million yuan, 58 million yuan, 68 million yuan, and 43 million yuan [3] - In 2022, Xintianli's revenue and net profit decreased by 1.39% and 27.23% year-on-year, respectively [3] - The top five customers contributed revenues of 586 million yuan, 650 million yuan, and 722 million yuan from 2022 to 2024, accounting for 62.10%, 63.63%, and 65.60% of total revenue, indicating a high concentration of sales [3] Group 3: Client Performance Impact - In the first half of 2025, Xintianli's revenue from Xiangpiaopiao increased by 6.6081 million yuan, driven by growth in Xiangpiaopiao's ready-to-drink business, with sales of plastic food containers rising by 10.6308 million yuan, a year-on-year increase of 9.55% [3] - Xiangpiaopiao reported revenue of 1.035 billion yuan in the first half of 2025, a year-on-year decline of 12.21%, and a net loss of 97 million yuan, a year-on-year decline of 228.78% [4] - If Xiangpiaopiao's performance continues to decline, it may adversely affect Xintianli's financial results [4]