香飘飘食品股份有限公司 2025 年第三季度报告 证券代码：603711 证券简称：香飘飘 香飘飘食品股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 648,558,827.47 | -14.53 | 1,683,873, ...

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]

10月29日，浙江杭州，有网友偶遇香飘飘门店装修，装修围挡上写着"全国首店"引发网友热议。网友纷 纷评论：奶茶鼻祖终于有实体店了。密度财经向当事商场了解得知，确实是香飘飘门店，目前正处于装 修阶段，至于何时开业这是商家决定的。致电香飘飘客服，对方表示暂不清楚相关情况。据《北京商 报》报道，香飘飘内部人士回应称，公司正计划开设线下门店，让消费者在实体场景中感受潮流与传统 茶饮的结合。目前，在部分团购平台上已可查询到该门店信息，显示尚未营业，经营品类为"茶饮、果 汁"。 ...

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]

这是新消费智库第 2 6 9 9 期文章 1. 亨氏推出有机核桃油 2.水獭吨吨推出新品「东方抹茶轻乳茶」 3. YeeHoO 英氏推出「超韧绒」羽绒系列 4. 皇家美素佳儿 联名娇韵诗推出联名礼盒 5. 孩儿面推出儿童润肤组合 6. 九阳豆浆推出新品「黑咖生可 可自律豆浆粉」 7.徐福记官宣孙颖莎代言奇巧、趣满果 8.绝味推出超市型门店 9.「 麦当劳」 x 「奔驰」联动上新 10. 海底捞推出宴会店 11. 香飘飘全国首店将落地杭州 12. 德芙脆可可巧克力全新上市 13. 世喜官宣全球品牌代言人卢靖姗 ...... 新消费导读 4. 皇家美素佳儿 联名娇韵诗推出联名礼盒 图片来源：AI生成 一周新品 1. 亨氏推出有机核桃油 图片来源：AI生成 亨氏推出有机核桃油，宣称精选汾阳与新疆优质产区核桃低温物理榨取技术，无添加，保留核桃原香与营养，不饱和脂肪酸含量达 85% ，亚 油酸与 α- 亚麻酸 5 ： 1 的黄金比列，低酸价认证确保产品新鲜度。 （ EBH 母婴时代 ） 2. 水獭吨吨推出新品「东方抹茶轻乳茶」。 近日，水獭吨吨推出新品「东方抹茶轻乳茶」。 据品牌介绍，新品精选浙江一级抹茶，且每杯融入 ...

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].

Core Viewpoint - The company Xiangpiaopiao is set to open its first national store in Hangzhou, aiming to create an immersive tea-drinking experience that combines trendy and traditional elements while gathering consumer feedback for product optimization [1] Group 1: Store Opening - Xiangpiaopiao will open its first national store in Hangzhou at the Dayuecheng shopping center [1] - The store will serve as a pop-up experience, allowing consumers to engage with the brand in a unique environment [1] Group 2: Business Strategy - The company focuses on bubble tea as its main product line and has recently introduced ready-to-drink products [1] - The opening of the store is part of a strategy to listen to consumer feedback closely, enabling the company to refine its offerings [1] Group 3: Previous Initiatives - Xiangpiaopiao opened its first physical experience store in December last year at West Lake, Hangzhou [1] - In March of this year, the company launched a themed store called "Original Leaf Tea House" in Chengdu [1]