Core Viewpoint - The company emphasizes the development of emerging channels such as dining and snacks while maintaining traditional channels [1] Group 1: Snack Channel Development - The company has established direct partnerships with over 30,000 stores in leading snack wholesale systems [1] - In addition to its own brand products, the company has launched customized products tailored for the snack wholesale channel [1] - Collaborations have been initiated with partners such as Wancheng, Henbang, and Yuming to create co-branded customized products [1] Group 2: Dining Channel Focus - The dining channel is currently a key area of focus for the company [1] - The Meco cup fruit tea product is well-suited for dining scenarios, leading to the development of customized cup products for this channel [1] - The company is conducting trial sales in selected dining stores in certain regions to explore market opportunities in the dining channel [1]

证券日报网2月3日讯，香飘飘（603711）在接受调研者提问时表示，公司的原材料采用"财年锁价"的模 式，每个自然年的7月到下一个自然年的6月会对部分原材料进行锁价，同时，公司会发挥自己的规模以 及现金流的优势，与上游供应商共同对原材料价格进行管控。目前，有部分原材料锁价到今年的6月， 后续的价格波动公司也在密切关注。此外，公司会持续推进精益生产，对成本端进行优化。 ...

Core Viewpoint - The company, Xiangpiaopiao, has announced its 2025 performance forecast, expecting a revenue of approximately 2.927 billion yuan and a net profit attributable to shareholders ranging from 102 million to 125 million yuan, primarily impacted by a decline in the sales of its brewed products [2] Group 1: Financial Performance - For 2025, the company anticipates a revenue of about 2.927 billion yuan [2] - The projected net profit for 2025 is between 102 million and 125 million yuan [2] Group 2: Sales Dynamics - The decline in brewed product sales is attributed to the shifting timing of the Spring Festival in 2025 and 2026, which has shortened the peak sales windows in the first and fourth quarters of 2025 [2] - The company has implemented a strategy of "seeking progress while maintaining stability," adjusting product shipment schedules and strictly controlling channel inventory to ensure price stability and freshness of inventory [2] Group 3: Business Segments - The company's "second growth curve," which refers to its ready-to-drink business segment, has shown steady growth despite the challenges faced in brewed product sales [2] - In the fourth quarter, the year-on-year revenue decline was significantly narrowed compared to the first three quarters [2]

（文章来源：证券日报） 证券日报网2月3日讯 ，香飘飘在接受调研者提问时表示，考虑到目前外部环境的不确定性较强，公司 对全年的业绩保持谨慎的预期。公司旺季集中在春节前较短的周期，全年业绩受旺季表现影响较大。公 司将积极做好旺季的相关工作，保障渠道及终端的销售节奏有序推进。 ...

"外卖大战受害者"出现了。 近期，"奶茶第一股"香飘飘（603711）（603711）披露业绩预减公告，预计公司2025年营收约29.27亿元，同比减少10.95%；归母净利润为1.02亿元至1.25 亿元，同比下滑超五成。 《国际金融报》记者查阅香飘飘过往财报发现，这份业绩预告意味着公司营收规模倒退至2018年前、利润创近13年新低；营收、利润连续两年下滑。 抛开春节时点变动这一外部不可抗力因素，曾经冬天"人手一杯"的香飘飘正在被蜜雪冰城、一点点等现制茶饮取代。 目前茶饮咖啡行业中，门店规模超5000家的品牌已达十多家，叠加淘宝闪购、美团外卖、京东外卖三大即时零售平台去年开启的"外卖大战"，消费者在30 分钟之内喝上一杯便宜、健康、新鲜的奶茶已成常态，消费习惯发生明显改变，香飘飘奶茶原本的便捷性和性价比优势因此受到冲击。 这一变化直接反映在业绩上，2020年—2024年公司冲泡奶茶销量一直波动下滑，该业务全年营收由30.67亿元下滑至22.71亿元。 为弥补季节性销售的弊端，香飘飘很早就开始布局即饮业务，包括Meco果汁茶、原叶轻乳茶、兰芳园冻柠茶等产品，并倾注不少资源，多次通过铺设线 下快闪店等营销活动为 ...

Core Viewpoint - Xiangpiaopiao (603711) is launching its first health-functional product, "Gufang Wuhong" warm milk tea, developed in collaboration with Zhejiang Chinese Medical University, based on the traditional Chinese concept of "food and medicine sharing the same origin" [1] Group 1 - The product "Gufang Wuhong" warm milk tea is designed to offer both rich flavor and health benefits [1] - The tea is currently in the trial sales phase [1] - The formulation utilizes the non-heritage "Wuhong formula" for its preparation [1]

Core Viewpoint - The company emphasizes a prudent approach to expense management for 2025, focusing on precise control to improve cost-effectiveness while maintaining profitability [1] Group 1: Expense Management - For 2025, the company plans to manage expenses with a "steady" principle, aiming for precise control to enhance cost-effectiveness while also considering profit [1] - In 2026, the company intends to increase promotional spending on new products that receive positive feedback, thereby enhancing brand visibility [1] Group 2: Inventory and Channel Management - The company reports that its current channel inventory is healthy, with fresh product ages and good stock levels [1] - On the marketing front, the company will strengthen brand communication efforts [1] - In terms of channel strategy, the company is systematically advancing the display and layout in the gift market to support sales during peak seasons [1]

这些努力还包括像"陈皮月光白"这样反季节、带养生属性的产品创新。蒋晓莹分享，这款产品本有季节 限定，下架后却在社交平台收到大量询问，促使团队计划返场。这些尝试，都是为了让传统冲泡产品在 口感、健康和场景上产生新的吸引力。尽管短期内未能扭转该业务板块的下滑趋势，但这些深耕产品细 节的动作，体现了在逆境中寻求质变的决心。 用不同面孔对话新一代消费者 日前，香飘飘全国首批两家线下门店于杭州正式开业，标志着这家以杯装冲泡奶茶闻名的品牌，首次以 线下门店的形式与消费者见面。当前，现制茶饮品牌加速扩张，不断拓宽消费场景与服务半径。在此背 景下，传统冲泡奶茶品牌香飘飘正面临深刻的市场考验。公司2025年第三季度财报显示，前三季度实现 营业收入16.84亿元，归母净利润出现亏损。业绩承压主要源于传统冲泡业务的收入减少。 面对挑战，香飘飘品牌创新中心总经理蒋晓莹在接受中国证券报记者专访时，阐述了公司在产品、品牌 与传承方面的思考与实践。她将当前阶段视为一场"二次创业"，其核心逻辑并非追求短期热度，而是回 归商业本质，坚持长期价值。 在冲泡红海中寻找层次感 面对冲泡奶茶市场空间被挤压的现状，蒋晓莹的回应是更深入地钻研产品本身。" ...

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Core Insights - The opening of two offline stores in Hangzhou marks the first time the brand Xiangpiaopiao has engaged directly with consumers through physical locations, amidst a rapidly expanding ready-to-drink tea market [1] - The company reported a revenue of 1.684 billion yuan for the first three quarters of 2025, with a net profit loss attributed to declining income from traditional brewing business [1] - The brand's innovation center manager views the current phase as a "second entrepreneurship," focusing on long-term value rather than short-term trends [1] Product Innovation - In response to market pressures, the company is focusing on product innovation, exemplified by the launch of "Mingqian Special Grade Longjing" tea, which uses high-grade tea leaves at a price lower than ready-to-drink options [2] - The success of this product, which sold out before promotional materials were completed, indicates a strong consumer demand for quality tea [2] - The company is also exploring health-oriented products, shifting from zero-sugar options to a "low GI" approach, ensuring flavor while allowing consumers to choose sweetness levels [3] Consumer Engagement - The brand aims to connect with younger consumers through a clear brand matrix strategy, utilizing sub-brands like "Meco" and "Lanfangyuan" to reach different demographics [4] - Recent offline initiatives include pop-up stores and themed experience spaces in key locations, designed to enhance brand interaction and consumer experience [4][5] - The new stores emphasize an "original leaf brewing" concept, with prices ranging from 5.9 to 16 yuan, and include popular online products in their offline menus [5] Business Performance - The ready-to-drink segment, centered around Meco fruit tea, generated 833 million yuan in revenue for the first three quarters, marking a 3.92% increase and surpassing the brewing business for the first time [6] - The company views its product offerings as a matrix that addresses various consumer needs across different scenarios, with offline stores serving as a direct touchpoint for brand engagement [6] Organizational Strategy - The manager emphasizes the importance of team collaboration and organizational strength in driving innovation, often using market tests to validate decisions [7] - The company has made strategic inventory adjustments to ensure long-term health, even at the cost of short-term financial performance [7] - The overarching goal is to provide consumers with a "healthy and delicious" tea experience that also delivers emotional value, reflecting a commitment to sustainable practices [8]