证券代码：603711 证券简称：香飘飘 公告编号：2025-025 香飘飘食品股份有限公司 2025 年半年度业绩预亏公告 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： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年半年度实现营业收入为 10.35 亿元左 右，与上年同期相比，减少 1.44 亿元左右，同比下降 12.21%左右。 2、经财务部门初步测算，预计 2025 年半年度实现归属于上市公司股东的净 利润将出现亏损： 二、上年同期经营业绩和财务状况 （一）2024 年半年度营业收入：11.79 亿元。 （二）利润总额：-4,974.96 万元。归属于上市公司股东的净利润：-2,950.11 万元。归属于上市公司股东的扣除非经常性损益的净利润：-4,315.28 万元。 （三）每股收益：-0.07 元／股。 1 香飘飘食品股份有限公司（以下简称"公司"）2025 年半年度的经营 业 ...

Group 1 - The company Xiangpiaopiao (603711) expects to achieve an operating revenue of approximately 1.035 billion yuan for the first half of 2025, representing a year-on-year decline of about 12.21% [1] - The company anticipates a net profit attributable to shareholders of approximately -97.39 million yuan for the first half of 2025 [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around -111 million yuan for the first half of 2025 [1]

Group 1 - Company announced an investment of RMB 100 million in a partnership with Suzhou Weitili New Venture Capital Management Co., Ltd., representing 13.29% of the total committed capital of the fund [1][3] - The fund has a target total size of RMB 1 billion, with the first phase raising RMB 652 million, and is registered with the China Securities Investment Fund Industry Association [3] - The investment will focus on the consumer sector, with at least 80% of the fund's capital allocated to this industry [3] Group 2 - The investment is sourced from the company's own funds and is not expected to significantly impact the company's operating performance by 2025 [3] - Company plans to distribute cash dividends of RMB 103 million, which is 80% of its projected net profit of RMB 253 million for 2024 [3] - Despite a decline in revenue and net profit in 2024, the company has maintained a strong dividend payout, totaling over RMB 700 million since its listing in 2017 [3] Group 3 - In Q1 2025, the company reported revenue of RMB 580 million, a year-on-year decrease of 19.98%, and a net loss of RMB 18.775 million compared to a profit of RMB 25.212 million in the same period last year [4] - As of Q1 2025, the company had cash and cash equivalents of RMB 2.206 billion and short-term borrowings of RMB 494 million, providing a foundation for dividends and investments [4]

Core Viewpoint - Xiangpiaopiao Food Co., Ltd. announced a 100 million yuan investment in Changsha Quanzhong Venture Capital Partnership, acquiring a 13.29% stake, amidst ongoing performance challenges, raising questions about its strategic direction and future [1][4]. Performance Decline - The company has experienced a significant decline in performance, with 2024 revenue at 3.287 billion yuan, down 9.32% year-on-year, and a net profit of 253 million yuan, down 9.67% [2]. - In Q1 2025, revenue further decreased to 580 million yuan, a sharp decline of 19.98%, resulting in a net loss of 18.775 million yuan compared to a profit of 25.213 million yuan in the same period last year [2]. - The core brewing business, which was once the foundation of the company, has become a major drag on performance, with revenue from brewing products in 2024 at 2.271 billion yuan, down 15.42%, and a staggering 37.18% decline in Q1 2025 [2]. Strategic Initiatives - To address these challenges, the company launched a "dual-drive" strategy in 2018, focusing on ready-to-drink products, which saw revenue growth to 973 million yuan in 2024, an increase of 8.00%, and a 13.89% increase in Q1 2025 [3]. - However, the ready-to-drink segment faces intense competition and has a lower gross margin of 24.88%, compared to 44.40% for brewing products, indicating a need for improved profitability [3]. Investment Strategy - The recent 100 million yuan investment in the venture capital fund is a strategic move to explore the large consumer sector, with over 80% of the fund's capital directed towards this area, including both growth and mature companies as well as promising early-stage projects [4]. - While short-term performance impact from this investment may be limited due to the lengthy investment cycle, it represents a significant step in diversifying beyond traditional milk tea business and aligning with market trends towards diversification and innovation [4]. Diversification Efforts - The company has previously made investments in 31 enterprises across various sectors, including marketing, supply chain, and dining, indicating a broad investment landscape [5]. - Investments in supply chain entities aim to enhance stability, reduce procurement costs, and improve delivery efficiency, while collaborations with dining businesses could create synergies for ready-to-drink products [5]. - The company's efforts to establish offline pop-up stores in cities like Hangzhou and Chengdu reflect its exploration of new consumer engagement strategies, which could further boost sales through partnerships with dining enterprises [5].

Summary of Key Points Core Viewpoint - The company, Xiangpiaopiao Food Co., Ltd., has announced its participation in an investment fund, contributing 100 million RMB, which represents 13.29% of the total subscribed capital. This investment is not expected to significantly impact the company's operating performance in 2025 [1][25]. Group 1: Investment Overview - The investment target is the Changsha Quanzhong Venture Capital Partnership (Limited Partnership) [1]. - The company signed the partnership agreement on July 7, 2025, with Suzhou Weitili New Venture Capital Management Co., Ltd. and other limited partners [1]. - The fund primarily invests in growth and mature enterprises, with a focus on early-stage consumer companies with clear development prospects [1]. Group 2: Fund Structure and Management - The fund's initial fundraising scale is 652 million RMB, with a target total scale of 1 billion RMB [14]. - The fund will have a management fee of 2% per year, calculated based on the subscribed capital of each limited partner [15]. - The fund's duration is set for six years from the first closing date, with the possibility of extending the exit period up to three times, each not exceeding one year [24]. Group 3: Financial Impact and Strategic Alignment - The investment will be funded from the company's own capital and is aligned with the company's strategic development needs [25]. - The agreement is expected to help the company leverage professional investment resources and experience, enhancing its competitive strength [25].

证券代码：603711 证券简称：香飘飘 公告编号：2025-024 香飘飘食品股份有限公司 关于公司参与认购投资基金份额的公告 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： 投资标的名称：长沙泉仲创业投资合伙企业（有限合伙）（以下简称 "合伙企业"） 投资金额：香飘飘食品股份有限公司（以下简称"公司"）作为有限合 伙人以自有资金认缴出资 1 亿元，占认缴出资总额的 13.29%。 对公司当年业绩的影响：本次签订的协议不会对公司 2025 年经营业绩 构成重大影响。 合伙企业在投资过程中受宏观经济、行业周期的不确定性等多种因素影 响，可能面临投资效益不达预期的风险；合伙企业投资项目从接触、投资、退 出，一般经历较长时间，投资计划可能推迟或延后，退出安排可能无法实施， 从而增加投资的不确定性，存在合伙企业经营期限延长的风险。 一、对外投资概述 公司于2025年7月7日与普通合伙人苏州维特力新创业投资管理有限公司 （以下简称"苏州维特力新"）及其他有限合伙人共同签署了《长沙泉仲创业 投资合伙企业（有限合伙）合伙协 ...

Group 1 - The food and beverage sector showed strong performance on July 7, with companies like Huirong Technology and Jiahe Food hitting the daily limit up [1] - Meituan's retail orders reached a historical high of 120 million on July 5, with over 100 million being food delivery orders, indicating robust growth in takeaway consumption demand [1] - Huirong Technology is a key player in the vegetable fat cream sector, focusing on the R&D and production of baking food ingredients, and holds a significant position in China's vegetable fat cream market [1] Group 2 - New tea beverage stocks in the Hong Kong market also saw collective gains, with companies like Tea Baidao and Gu Ming experiencing varying degrees of increase, reflecting the surge in takeaway orders from mainland delivery platforms [1] - Guotou Zhonglu, a concentrated juice company, achieved a limit up following its announcement of a major asset restructuring plan to acquire 100% equity of China Electronic Engineering Design Institute, indicating a shift from traditional juice business to the electronic engineering sector [1] - The active performance of the food and beverage sector reflects optimistic market expectations for consumer recovery, with the historic surge in takeaway orders providing positive signals for related industry chain companies [1][2]

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Core Viewpoint - Xiangpiaopiao is actively seeking to regain its consumer base by exploring various channels, including snack stores, Sam's Club, and convenience stores, while also launching pop-up stores to engage with consumers directly [1][2][3]. Group 1: Market Challenges and Internal Changes - Xiangpiaopiao, founded in 2005, was once a market leader in cup-based instant milk tea but now faces challenges due to market fragmentation and evolving consumer demands [2][4]. - The company is undergoing a gradual internal transformation, integrating product development with channel management to streamline operations and enhance product launch speed [3][5]. - The chairman, Jiang Jianqi, aims to position Xiangpiaopiao as the "Zara of the milk tea industry," focusing on rapid product development and market responsiveness [3][6]. Group 2: Product Development and Market Strategy - Xiangpiaopiao is exploring new product lines, transitioning from instant to ready-to-drink options, and experimenting with various flavors and formats to meet diverse consumer preferences [6][8]. - The company has established two main product lines: instant and ready-to-drink, with a focus on creating a rich product matrix within these categories [6][7]. - The ready-to-drink segment, particularly the Meco brand, has shown significant growth, with sales increasing from over 300 million to nearly 1 billion in five years [9]. Group 3: Channel Expansion and Consumer Engagement - In 2024, Xiangpiaopiao plans to embrace the rapid expansion of snack stores, aiming to customize products for these new channels to differentiate from traditional offerings [25][26]. - The company is also testing new products through pop-up stores, which serve as a platform for consumer interaction and product validation [20][21]. - Xiangpiaopiao's strategy includes launching over 20 new SKUs targeted at different channels, reflecting a commitment to adapt to market changes and consumer segmentation [11][14]. Group 4: Operational Adjustments and Future Outlook - The company is working on enhancing production flexibility to meet the diverse and evolving demands of consumers, moving from large-scale production to smaller, customized batches [26][27]. - Jiang Jianqi emphasizes the importance of maintaining strong relationships with distributors while navigating the challenges posed by new market dynamics [33][34]. - The company aims to leverage its established brand recognition while innovating to stay competitive in a rapidly changing beverage market [30][34].

Core Viewpoint - Xiangpiaopiao is actively seeking to regain its consumer base by exploring various channels, including snack stores, Sam's Club, and convenience stores, while also launching pop-up stores to engage with consumers [1][2][3] Group 1: Market Challenges and Internal Changes - The company, founded in 2005, initially thrived in the cup-based milk tea market but now faces challenges as consumer demands diversify and competition intensifies [2][4] - To adapt to fragmented channels, the company has initiated internal reforms, integrating product development with channel management to streamline operations [3][4] - Xiangpiaopiao aims to become the "Zara of the milk tea industry," focusing on rapid product development and market responsiveness [3][4] Group 2: Product Development and Market Strategy - The company has been exploring new product lines, transitioning from instant to ready-to-drink options, and experimenting with various flavors and formats [6][9] - Xiangpiaopiao's ready-to-drink brand, Meco, has grown significantly, achieving nearly 1 billion in sales, highlighting the potential of the ready-to-drink market [12][13] - The company plans to launch over 20 new SKUs in 2024, targeting different channels and consumer segments [15][17] Group 3: Channel Expansion and Consumer Engagement - The company is focusing on expanding into snack retail channels, recognizing their rapid growth and the need for customized products to differentiate from traditional channels [26][29] - Xiangpiaopiao is implementing a three-step product testing process using pop-up stores to gauge consumer interest before wider distribution [22][23] - The company acknowledges the importance of maintaining strong relationships with its 1,827 distributors while adapting to new market dynamics [38][39]