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"）第五届董事会第四次会议通 知于 2025 年 9 月 12 日以电子邮件及通讯方式送达全体董事，会议于 2025 年 9 月 18 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。 证券代码：603711 证券简称：香飘飘 公告编号：2025-036 香飘飘食品股份有限公司 第五届董事会第四次会议决议公告 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。 根据公司生产经营实际需要，公司拟调整经营范围，并对《公司章程》中相 关条款进行修订，同时提请公司股东会授权董事会具体办理相关条款的变更登记 手续。 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 司法定信息披露媒体的《香飘飘食品股份有限公司关于调整经营范围并修订<公 司章程>的公告》（公告编号：2 ...

香飘飘食品股份有限公司 授权管理制度 香飘飘食品股份有限公司 授权管理制度 第一条 为了加强香飘飘食品股份有限公司（以下简称"公司"）授权管理工作， 确保公司规范化运作，保护公司、股东和债权人的合法权益，根据《中华人民共和国 公司法》《中华人民共和国证券法》等法律、行政法规、部门规章以及《香飘飘食品 股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特 制定本制度。 第二条 本制度所称授权管理是指：公司股东会对董事会的授权；董事会对董事 长的授权；董事会对总经理的授权以及公司具体经营管理过程中的必要的授权。 第三条 授权管理的原则是，在保证公司、股东和债权人合法权益的前提下，提 高工作效率，使公司经营管理规范化、科学化、程序化。 第四条 股东会是公司的最高权力机构，有权对公司重大事项作出决议。 第五条 董事会是公司的经营决策机构。董事会应当建立严格的审查和决策程序， 重大投资项目应当组织有关专家、专业人员进行评审，并报股东会批准。 第六条 有关重大交易的决策权限划分： （一）本款所称重大交易，包括除公司日常经营活动之外发生的下列类型的事项： 1 （1）购买或者出售资产； （2）对外投资（ ...

Core Viewpoint - The company "Xiangpiaopiao" announced the suspension of its marketing campaign "Around the Earth" due to unspecified reasons, later clarifying that it was part of a marketing strategy. The company reported a significant loss in its recent financial results, indicating challenges in its sales performance during certain seasons [1][4][7]. Financial Performance - For the first half of 2025, Xiangpiaopiao reported a revenue of 1.035 billion yuan, representing a year-on-year decline of 12.21% [1]. - The net profit attributable to shareholders was -97.39 million yuan, indicating an increase in losses compared to the previous year [1]. Marketing Strategy - The "Around the Earth" campaign was initially perceived as confusing by consumers, leading to a need for clarification from the company [1][4]. - The company emphasized that its primary revenue source is instant milk tea, which is more popular in colder months, while sales typically decline in the summer due to the complexity of preparation [1].

Core Viewpoint - The company Xiangpiaopiao is facing significant challenges in the competitive beverage market, leading to declining revenues and profits, and has recently made a public announcement regarding a new partnership that aims to revitalize its brand image [2][3][5]. Group 1: Company Performance - Xiangpiaopiao's latest semi-annual report indicates that in the first half of 2025, the company achieved revenue of 1.035 billion yuan, a year-on-year decline of 12.21%, and a net loss attributable to shareholders of 97.39 million yuan, a staggering drop of 230% [6]. - The company has reported a loss in the first half of the year for six consecutive years, with the current loss being the highest in the past three years [6]. - Since reaching a historical high of 35.09 yuan per share in August 2019, Xiangpiaopiao's stock price has been on a downward trend, closing at 13.53 yuan on September 12, 2025, representing a cumulative decline of over 60% [6]. Group 2: Market Context - The beverage market has seen a shift towards fresh ingredients and innovative brands, with competitors like Heytea and Nayuki Tea gaining popularity among younger consumers, which has pressured traditional brands like Xiangpiaopiao [5]. - New tea brands have proliferated, such as Mixue Ice City, further squeezing the market share of traditional instant tea products [5]. - Analysts suggest that Xiangpiaopiao's attempts at transformation and innovation have not yielded significant results, and the company's marketing strategies may not effectively resonate with modern consumers [6].

Core Viewpoint - The company Xiangpiaopiao has announced a temporary halt to its promotional campaign, which has sparked confusion among consumers, but later clarified that it is related to a partnership with a character named "Nailoong" [4][5]. Company Overview - Xiangpiaopiao, established in 2005, became known as "China's first milk tea stock" after its IPO in 2017. The brand was once a nostalgic favorite for many consumers [5]. - The company has struggled to maintain its market position as new tea brands like Heytea and Nayuki have emerged, focusing on fresh ingredients and innovative branding, leading to a shift in consumer preferences [5]. Financial Performance - The latest semi-annual report indicates that for the first half of 2025, Xiangpiaopiao achieved revenue of 1.035 billion yuan, a year-on-year decline of 12.21%. The net profit attributable to shareholders was a loss of 97.39 million yuan, marking a staggering year-on-year drop of 230% [6]. - This marks the sixth consecutive year of losses for the company in the first half of the year, with the loss amount being the highest in the past three years [6]. Market Confidence - Continuous decline in performance and revenue growth has led to diminishing market confidence in Xiangpiaopiao. Since reaching a historical high of 35.09 yuan in August 2019, the stock price has fallen to 13.53 yuan as of September 12, 2025, representing a cumulative decline of over 60% [7]. - Industry analyst Zhu Danpeng noted that despite efforts in transformation and innovation, the results have not been significant, and the company's marketing expenses remain high. The key challenge is to attract the new generation of consumers to the Xiangpiaopiao brand [7].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [8][19]. Core Views - The company's performance in the ready-to-drink segment is expected to drive core earnings, with overall performance anticipated to remain stable throughout the year [2][5]. - The ready-to-drink business has shown a year-on-year growth, while the brewed segment has faced slight pressure [3][5]. - The company is actively seeking transformation, focusing on non-distributor channels, which have shown strong performance [4][5]. Financial Performance Summary - For Q2 2025, the company reported revenues of 4.55 billion, with a year-on-year increase of 0.18%, but a significant increase in losses for net profit and net profit excluding non-recurring items [2][5]. - The revenue breakdown for H1 2025 shows the brewed segment at 4.23 billion (down 31.0% YoY) and the ready-to-drink segment at 5.91 billion (up 8.0% YoY), with the ready-to-drink segment accounting for 58.27% of total revenue [3][5]. - The company's gross margin for Q2 2025 was 27.02%, an increase of 1.31 percentage points YoY, while the net margin was -17.32%, a decrease of 5.23 percentage points YoY [5][12]. Revenue and Profit Forecast - The company expects to achieve net profits of 2.6 billion, 2.8 billion, and 3.0 billion for the years 2025, 2026, and 2027 respectively, reflecting a slight downward adjustment from previous estimates [5][12]. - The projected revenue for 2025 is 3.26 billion, with a growth rate of -0.96% [7][12]. Market Position and Valuation - The company has a total market capitalization of 5.59 billion, with a price-to-earnings ratio of 21.50 for 2025 [9][12]. - The company's earnings per share (EPS) is projected to be 0.63 for 2025, with a steady increase expected in subsequent years [7][12].

Core Viewpoint - The company "Xiangpiaopiao" announced an emergency suspension of its marketing campaign "绕地球" (Around the Earth) due to an unspecified reason, while assuring that product production, distribution, and after-sales services remain normal [3][9]. Group 1: Company Announcement - Xiangpiaopiao stated that the "绕地球" campaign has been a significant part of its brand identity since inception, reflecting consumer affection and recognition [3]. - A special task force has been established to investigate the situation, with updates to be communicated through official channels [3]. - The company emphasized the importance of the trust and companionship shared with consumers, urging them to remain calm while awaiting further information [3]. Group 2: Marketing Strategy - Following the initial announcement, the company revealed that the suspension was related to a new partnership with a character named "奶龙" (Nailoong), aimed at enhancing consumer engagement [6]. - The marketing strategy appears to pivot towards a more relatable and community-focused approach, inviting consumers to connect with the brand in everyday settings [6]. Group 3: Financial Performance - The company has faced significant financial challenges, reporting a revenue of 1.035 billion RMB for the first half of 2025, a decrease of 12.21% year-on-year [9][11]. - The net profit attributable to shareholders was reported at -97.39 million RMB, indicating a worsening financial position compared to previous periods [9]. - Sales of the company's instant tea products decreased by 31.04% to 423 million RMB, while ready-to-drink products saw an 8.03% increase to 591 million RMB [9][11]. Group 4: Operational Insights - The company has experienced a net reduction of 92 distributors during the reporting period, reflecting ongoing adjustments to its distribution strategy [12]. - Research and development expenses increased by 49.11% to 27.89 million RMB, indicating a focus on innovation despite declining sales [12].

Core Viewpoint - The company announced the suspension of the "绕地球" (Around the Earth) campaign due to an unspecified urgent issue, emphasizing the importance of consumer trust and the brand's connection with its audience [5][7]. Group 1: Announcement Details - The "绕地球" campaign has been a significant part of the brand's identity since its inception, symbolizing consumer affection and recognition [5]. - As of September 13, 2025, the campaign is temporarily halted while the company investigates the underlying cause of the issue [5][6]. - A special task force has been established to quickly identify the core problem and will provide updates to the public as progress is made [6]. Group 2: Operational Status - Despite the suspension of the campaign, the company's product production, distribution, and after-sales services remain normal and unaffected [7]. - The company reassures consumers that they can continue to purchase products without concern, and updates regarding the situation will be communicated through official channels [7].

Core Viewpoint - The company announced the suspension of the "around the world" campaign due to an unspecified urgent issue, emphasizing the importance of consumer trust and the brand's connection with its audience [4][5][6]. Group 1: Announcement Details - The "around the world" campaign has been a significant part of the brand's identity since its inception, symbolizing consumer affection and recognition [3][6]. - As of September 13, 2025, the campaign is temporarily suspended while the company investigates the underlying cause of the issue [4][6]. - A special task force has been established to quickly identify the core problem and provide timely updates to the public [4][5]. Group 2: Operational Status - Despite the suspension of the campaign, the company's product production, distribution, and after-sales services remain normal and unaffected [5][6]. - The company assures consumers that they will be informed of any developments regarding the investigation through official channels [5][6].

Core Viewpoint - The company Xiangpiaopiao (603711.SH), known as "China's first milk tea stock," is facing significant challenges in its business performance, with a notable decline in revenue and a substantial increase in net losses in the first half of 2025 due to competition from ready-to-drink tea brands and aggressive delivery subsidies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 1.035 billion yuan, a year-on-year decline of 12.21% [1]. - The net profit attributable to shareholders was a loss of 97.39 million yuan, with the loss amount increasing by 230% year-on-year, reaching a recent high [1]. Group 2: Market Competition - The rise of ready-to-drink tea brands has significantly impacted Xiangpiaopiao, with competitors like Mixue Ice City and Guming reporting revenue growth rates exceeding 40% and expanding their store counts to over 53,000 and 11,000, respectively [2]. - The low-priced ready-to-drink tea products, supported by delivery platform subsidies, have driven prices down to below 5 yuan, directly affecting Xiangpiaopiao's main price range [2]. Group 3: Operational Challenges - The company has seen a reduction of 92 distributors in the first half of the year, with revenue from this channel declining by 17%, and online sales accounting for less than 15% of total revenue [2]. - In contrast, new tea brands have established competitive advantages through efficient supply chains and rapid replenishment capabilities [2]. Group 4: Marketing and Brand Strategy - The company has increased its marketing expenditures, signing endorsements with celebrities and opening pop-up stores, resulting in a sales expense ratio rising to 32% [2]. - However, the growth rate of the ready-to-drink segment slowed from 13.89% in Q1 to 8.03% in Q2, indicating that entertainment marketing has not translated into sustained growth [2]. Group 5: Management and Governance - The company has experienced frequent changes in its management team, with the recent departure of a former Procter & Gamble executive after less than a year, leading to the founder, Jiang Jianqi, resuming control [3]. - The second generation of the founding family is beginning to take on roles, with Jiang Jianqi's daughter leading product development and branding efforts, although concerns remain about the impact of a family-controlled ownership structure on decision-making [3].