Core Insights - The company reported a revenue of approximately 1.035 billion yuan for the first half of 2025, representing a year-on-year decline of 12.21% [1] - The net profit attributable to shareholders was approximately a loss of 97 million yuan [1] - The company attributed the overall decline in performance to the impact of the first quarter, despite a slight increase in revenue in the second quarter [1] Business Segment Analysis - The ready-to-drink segment generated revenue of 591 million yuan in the first half of 2025, showing a year-on-year growth of 8.03% [1] - This segment accounted for 58.27% of the main business revenue, surpassing the brewing segment for the first time [1] - Revenue figures for the ready-to-drink business from 2022 to 2024 were 638 million yuan, 901 million yuan, and 973 million yuan, indicating continuous growth over three years [1] - In the first quarter of 2025, the ready-to-drink segment experienced a year-on-year increase of 13.89%, establishing itself as a new pillar of the company's business [1]

Core Viewpoint - The report highlights the financial performance and operational strategies of Xiangpiaopiao Food Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit, while emphasizing the company's focus on product innovation and market expansion in the beverage sector [1][3]. Financial Performance - The total revenue for the first half of 2025 was approximately 1.035 billion RMB, representing a decrease of 12.21% compared to the same period last year [3]. - The total profit for the period was a loss of approximately 137 million RMB, compared to a loss of about 49.75 million RMB in the previous year [3]. - The net profit attributable to shareholders was approximately -97.39 million RMB, a significant decline from -29.50 million RMB in the same period last year [3]. - The net cash flow from operating activities was approximately -258.26 million RMB, slightly worse than -244.64 million RMB in the previous year [3]. Industry Overview - The company operates in the beverage manufacturing sector, specifically in the tea beverage category, and has maintained the largest market share in the cup-based tea market for 13 consecutive years from 2012 to 2024 [4][5]. - The company has introduced health-oriented and innovative products, such as the "original leaf handmade oat milk tea," which have received positive consumer feedback [4][5]. Product Development and Innovation - The company has focused on product health upgrades and high-quality pricing strategies, increasing R&D expenses by 49.11% compared to the previous year [8][9]. - New product launches include seasonal limited editions and health-oriented beverages, such as "Meco" fruit tea and "Lan Fang Yuan" Hong Kong-style tea, which have been well-received in the market [9][10]. Sales and Marketing Strategy - The company employs a "sales-driven procurement" model, ensuring that production aligns with sales forecasts to maintain product freshness and quality [6][11]. - The marketing strategy has shifted towards content-driven approaches, enhancing consumer engagement through interactive campaigns and collaborations with popular brands [10][11]. Future Outlook - The company plans to continue its dual-driven strategy focusing on stabilizing the brewing business while accelerating the ready-to-drink segment, with new product launches and market expansion efforts planned for the second half of 2025 [12].

| | 香飘飘食品股份有限公司2025 年半年度报告摘要 | | | | | --- | --- | --- | --- | --- | | 公司代码：603711 | 公司简称：香飘飘 | | | | | 香飘飘食品股份有限公司 | | | | | | | 香飘飘食品股份有限公司2025 年半年度报告摘要 | | | | | | 第一节 重要提示 | | | | | 展规划，投资者应当到 | http://www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | | 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。 | | | | | | 无 | | | | | | | 第二节 公司基本情况 | | | | | | 公司股票简况 | | | | | 股票种类 | 股票上市交易所 | 股票简称 股票代码 | 变更前股票简 | | | 称 | | | | | | A股 | 上海证券交易所 香飘飘 | 603711 无 | | | | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | | | 姓名 | 邹勇坚 | 李菁颖 | | | | 电话 | 0571-2880102 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-032 香飘飘食品股份有限公司 第五届董事会第三次会议决议公告 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。 一、董事会会议召开情况 香飘飘食品股份有限公司（以下简称"公司"）第五届董事会第三次会议通 知于 2025 年 8 月 19 日以电子邮件及通讯方式送达全体董事，会议于 2025 年 8 月 26 日以现场方式召开。本次会议应参与表决董事 9 名，实际参与表决董事 9 名。本次会议由公司董事长蒋建琪先生主持，公司高级管理人员列席会议。本次 会议符合《公司法》《公司章程》和《董事会议事规则》的有关规定，会议的召 集、召开合法有效。 二、董事会会议审议情况 （一）审议通过《公司2025年半年度报告全文及摘要》 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）及公 本议案已经第五届董事会审计委员会第二次会议审议通过。 司法定信息披露媒体的《香飘飘食品股份有限公司 2025 年半年度报告》及摘要。 表决结果：9 票同意、0 票弃权、0 ...

Core Viewpoint - The company will hold a half-year performance briefing on September 5, 2025, to communicate its operational results and financial status to investors [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 5, 2025, from 13:00 to 14:00 [2][3]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [2][3]. - The format will combine self-recorded video and online text Q&A [2][3]. Group 2: Participation Information - Investors can participate online during the meeting time by logging into the Shanghai Stock Exchange Roadshow Center [3]. - Questions can be submitted from August 29, 2025, to September 4, 2025, at 16:00 through the website or via the company's email (ir@chinaxpp.com) [3]. Group 3: Attendees - Key attendees will include Chairman and General Manager Mr. Jiang Jianqi, Director and Secretary of the Board Mr. Zou Yongjian, and Independent Director Mr. Yu Rongjian [2].

单位：元 币种：人民币 证券代码：603711 证券简称：香飘飘 公告编号：2025-033 香飘飘食品股份有限公司 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"） 一、 公司 2025 年上半年度主要经营情况 单位：元 币种：人民币 | 产品分类 | | --- | | | 销售收入 | 销售收入 | | 幅度（%） | | --- | --- | --- | --- | --- | | 冲泡类 | 423,295,950.68 | 613,819,567.64 | -31.04 | | | 即饮类 | 591,031,627.94 | 547,104,708.50 | 8.03 | | | 合计 | 1,014,327,578.62 | 1,160,924,276.14 | -12.63 | | 报告期内，公司对细分系列的销售收入情况按产品分类进行合并统计，冲泡 类包括经典系列、 ...

香飘飘食品股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为规范香飘飘食品股份有限公司（以下简称"公司"）行为，明确董事会 秘书的职责权限，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民 共和国证券法》 （以下简称"《证券法》"）、 《上海证券交易所股票上市规则》等法律、行 香飘飘食品股份有限公司 董事会秘书工作细则 政法规、部门规章、规范性文件以及《香飘飘食品股份有限公司章程》（以下简称"《公 司章程》"）的规定，特制定本细则。 第二条 公司设董事会秘书一名，董事会秘书为公司的高级管理人员，对董事会负 责。法律、法规及《公司章程》对公司高级管理人员的有关规定，适用于董事会秘书。 第三条 公司董事会在聘任董事会秘书的同时，可以委任一名证券事务代表，协助 董事会秘书履行职责。 第四条 公司董事会秘书和证券事务代表均应遵守本细则的规定。 第二章 任职资格 第五条 董事会秘书应当具有必备的专业知识和经验。 第六条 董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识，具有 良好的职业道德和个人品德。有下列情形之一的人士不得担任公司董事会秘书： （四）监管机构认定不适合担任董事会 ...

（二）平等性原则。公司开展投资者关系管理活动，应当平等对待所有投资者， 尤其为中小投资者参与活动创造机会、提供便利。 （三）主动性原则。公司应当主动开展投资者关系管理活动，听取投资者意见建 议，及时回应投资者诉求。 香飘飘食品股份有限公司 投资者关 系管理工作制度 香飘飘食品股份有限公司 投资者关系管理工作制度 第一章 总则 第一条 为了进一步改善香飘飘食品股份有限公司(以下简称"公司")的治理结构， 加强与投资者之间的信息沟通，加深投资者对公司的了解和认同,促进公司与投资者 之间建立长期、稳定的良性关系，提升公司诚信度、核心竞争能力和持续发展能力， 实现公司价值最大化和股东利益最大化，切实保护投资者利益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司投资者关系管理工作指引》等法律、 法规和规范性文件及《香飘飘食品股份有限公司章程》，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流 和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的了 解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、保 护投资者目的的相关活动。 ...

Core Viewpoint - The company has established a system for accountability regarding significant errors in annual report disclosures to enhance the quality and transparency of information provided to stakeholders [1][2]. Group 1: General Principles - The system aims to improve the company's operational standards and ensure the authenticity, accuracy, completeness, and timeliness of annual report disclosures [1]. - It emphasizes the responsibility of directors, senior management, and other personnel involved in the annual report disclosure process [1]. Group 2: Identification and Accountability - Significant errors in annual report disclosures include major accounting errors in financial reports, substantial omissions or errors in other disclosures, and significant discrepancies in performance forecasts [2]. - The company will pursue accountability for individuals responsible for significant errors, adhering to principles of objectivity, accountability, and proportionality of responsibility [2][3]. Group 3: Forms of Accountability - Internal personnel may face various forms of accountability, including corrective actions, reprimands, and potential dismissal depending on the severity of the error [3][4]. - External personnel providing inaccurate or incomplete information may also face consequences, including termination of contracts and financial compensation for losses incurred [3][4]. Group 4: Additional Provisions - The company reserves the right to amend the accountability system in accordance with relevant laws and regulations [4]. - The board of directors is responsible for interpreting and revising the accountability system as necessary [4].

General Provisions - The purpose of the guidelines is to clarify the responsibilities of the general manager of Xiangpiaopiao Food Co., Ltd., ensuring efficient and coordinated exercise of powers, protecting the rights of the company, shareholders, and creditors, and promoting sustainable development [1] - The general manager is a senior management personnel responsible for implementing board resolutions and managing daily operations [1] Appointment and Dismissal of General Manager - The general manager is nominated by the chairman and appointed or dismissed by the board of directors; other senior management personnel are nominated by the general manager [2] - The general manager and other senior management personnel must be full-time and cannot hold other positions in controlling shareholders or actual controllers' units [2] Responsibilities and Powers of the General Manager - The general manager is responsible for the company's production and operational management, implementing board resolutions, and reporting to the board [3][4] - The general manager has the authority to propose the appointment or dismissal of deputy general managers and financial officers [4] Duties and Obligations of the General Manager - The general manager must adhere to national policies, laws, and regulations, and execute board resolutions while accepting supervision from the audit committee [5] - The general manager has a duty of loyalty, which includes not misappropriating company assets or engaging in self-dealing without board approval [5] Management Structure - The general manager is supported by a team including deputy general managers and financial officers, who are responsible for their respective areas [6][8] - The general manager can establish special committees or task forces as needed to coordinate and address specific issues [9] Reporting and Meetings - The general manager is required to report to the board on various matters, including the execution of board resolutions and significant contracts [12][13] - Regular meetings of the general manager's office are held to discuss operational and management issues, with specific procedures for calling and recording meetings [10][11] Compensation and Accountability - The general manager's compensation is determined by the board, with provisions for rewards and penalties based on performance [14] - If the board's decisions are not in compliance with laws or regulations, the general manager is not held accountable for unmet performance targets [14]