证券代码：603711 证券简称：香飘飘 公告编号：2025-030 香飘飘食品股份有限公司 特此公告。 香飘飘食品股份有限公司董事会 2025 年 7 月 18 日 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。 香飘飘食品股份有限公司（以下简称"公司"或"香飘飘"）于 2025 年 7 月 14 日召开第五届董事会第二次会议，审议通过了《关于注销公司 2023 年股票 期权激励计划首次授予及预留授予部分股票期权的议案》，现对有关事项说明如 下： 鉴于公司 2023 年股票期权激励计划首次授予第一个行权期可行权 55.07 万 份股票期权于 2025 年 7 月 6 日到期失效前未行权，由公司注销。鉴于公司 2023 年股票期权激励计划所确定的首次授予中5名激励对象及预留授予中5名激励对 象因个人原因已离职，不再满足成为激励对象的条件，上述 10 名激励对象已获 授但尚未行权的股票期权共计 142.70 万份，由公司注销。鉴于公司 2023 年股票 期权激励计划首次授予第二个行权期及预留授予第一个行权期公司层面考核未 达标， ...

Core Viewpoint - Xiangpiaopiao has announced the establishment of a fund with a total scale of 1 billion RMB, with an initial scale of 652 million RMB, primarily targeting the consumer industry, indicating a strategic shift to find new growth opportunities after facing challenges in the tea beverage market [2][5]. Group 1: Fund Details - The fund, named Changsha Quanzhong Venture Capital Partnership, was established in March 2025, with Xiangpiaopiao contributing 100 million RMB, accounting for 13.29% of the total committed capital [5][6]. - The fund aims to invest at least 80% of its total capital in the consumer industry, focusing on growth and mature enterprises, while also considering early-stage consumer companies with clear development paths [5][7]. Group 2: Market Context - The trend of companies like Xiangpiaopiao acting as socialized Limited Partners (LPs) is becoming more common, with over 70 listed companies participating in the establishment of industry funds this year [9]. - The shift towards VC/PE investments by listed companies is driven by considerations of industrial synergy and ecosystem expansion, especially in the context of fundraising difficulties in the primary market [9][10]. - Government LPs remain the primary contributors to RMB funds, with a reported fundraising scale of 1.3 trillion RMB in the past year, highlighting the ongoing demand for socialized LPs in the market [10][11].

Group 1 - Suzhou announced two new funds with a total scale of 100 billion RMB each, focusing on key areas such as biomedicine, AI, and integrated circuits [5] - Guangzhou plans to establish a 100 billion RMB digital industry fund, targeting software, semiconductors, and AI [5] - Foshan's new 10 billion RMB fund will focus on new energy and AI, aiming to enhance local industry competitiveness [6] Group 2 - Yangzhou's automotive and parts investment fund has been established with a scale of 12.5 billion RMB, focusing on innovative enterprises in the automotive sector [6] - Fourhui city government and Zhejiang Securities signed an agreement to establish a 10 billion RMB industry investment fund to attract key enterprises [7] - Inner Mongolia is selecting fund managers for its key industry guidance fund, requiring a minimum contribution of 2% from the manager [7] Group 3 - Jiangsu's new emerging industry mother fund has been established with a scale of 20 billion RMB, focusing on strategic emerging industries [9] - Jilin's automotive industry chain venture capital fund has been established with a total scale of 10 billion RMB, focusing on new energy vehicles [10] - Fujian's specialized fund has been registered with a target scale of 20 billion RMB, aimed at empowering specialized small and medium enterprises [11] Group 4 - The Shaanxi provincial innovation mother fund has been established with an initial scale of 100 billion RMB, focusing on technology innovation [12] - KKR announced the establishment of a 10 billion RMB smart energy fund, focusing on the renewable energy industry [14] - A new 10 billion RMB fund has been established in Nanjing, focusing on software and information technology sectors [14] Group 5 - The establishment of a 34.01 billion RMB health industry investment fund in Hubei aims to promote innovation in the health sector [18] - Renault and CICC signed an agreement to establish a new energy vehicle industry fund, focusing on battery and intelligent driving technologies [17] - The establishment of a 10 billion RMB fund by Cheng Tong Technology aims to invest in hard technology sectors [17]

Core Viewpoint - Xiangpiaopiao is expected to report its largest half-year loss since its listing, with a projected revenue decline of approximately 12.2% and a net loss of around 97.39 million yuan, which is an increase in losses by 2.3 times compared to the previous year [3][5] Revenue and Profit Summary - The company anticipates a revenue of approximately 1.04 billion yuan for the first half of 2025, a decrease of about 144 million yuan or 12.21% year-on-year [5] - The net profit attributable to shareholders is expected to show a loss of around 97.39 million yuan, which is an increase in losses by approximately 67.89 million yuan compared to the same period last year [5][6] - The decline in revenue and profit is attributed to changes in consumer behavior and a shortened peak sales period due to the earlier timing of the Spring Festival [5][6] Business Challenges - The core business of instant tea is facing significant challenges, with sales volume dropping from approximately 45.59 million boxes in 2020 to about 32.79 million boxes in 2024, leading to a revenue decline in this segment [7] - Sales expenses have increased significantly, with 2024 sales expenses reaching approximately 761 million yuan, three times the net profit for that period, and a 35% increase over two years [7] - Rising costs in raw materials, labor, transportation, and energy have pressured profit margins, prompting price increases of 2% to 8% in early 2022 [7] Market Competition - The ready-to-drink tea market is expanding rapidly, with a projected market size of 368.9 billion yuan by 2025, growing at a rate of 20.97% [9] - Competitors like Mixue Ice City and others have significantly increased their market presence, with Mixue having over 39,000 stores, which poses a direct threat to Xiangpiaopiao's market share [9][10] - The competitive landscape is characterized by a price war, with ready-to-drink products often priced similarly to Xiangpiaopiao's instant products, but with the added convenience of immediate consumption [10] Strategic Adjustments - In response to market pressures, Xiangpiaopiao has restructured its teams to focus on both instant and ready-to-drink products, with a particular emphasis on lower-tier cities [8] - The company has also attempted to innovate its product offerings, such as launching new fruit tea products and leveraging e-commerce channels, which saw a significant sales increase during promotional periods [10] - However, the sustainability of the ready-to-drink business remains uncertain, with challenges in product innovation and market penetration [10]

证券代码：603711 证券简称：香飘飘 公告编号：2025-028 | 事项 | 原《公司章程》条款 | | | | 修订后《公司章程》条款 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 民 币 | 公 | 司 注 | 册 | 资 | 本 为 | 人 民 币 | 人 | | | 41,074.58 万元。 | | 41,287.41 | | 万元。 | | | | | 第二十一条 | 公司股份总数为 41,074.58 万 | | 公司股份总数为 | | | | 41,287.41 万 | | | | 股，公司的股本结构为：普通股 | | | | 股，公司的股本结构为：普通 | | | | | | 41,074.58 万股，其他类别股 0 | 股 | 41,287.41 | | | | 万股，其他类别 | | | | | 除上述条款修订外，《公司章程》其他条款不变。修订后的《公司章程》全 文详见上海证券交易所网站（www.sse.com.cn）。 上述议案尚需提交公司 2025 年第 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-029 香飘飘食品股份有限公司 关于召开2025年第一次临时股东会的通知 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、 召开会议的基本情况 (一)股东会类型和届次 2025年第一次临时股东会 网络投票起止时间：自2025 年 7 月 30 日 至2025 年 7 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 30 日 14 点 00 分 召开地点：浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 ...

关于注销 2023 年股票期权激励计划 首次授予及预留授予部分股票期权的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 股票上市规则》《上市公司股权激励管理办法》等法律法规、规范性文件以及 《香 飘飘食品股份有限公司章程》的规定，香飘飘食品股份有限公司（以下简称"公 司"）董事会薪酬与考核委员会于 2025 年 7 月 11 日召开了第五届董事会薪酬与 考核委员会第一次会议，审议通过了《关于注销公司 2023 年股票期权激励计划 首次授予及预留授予部分股票期权的议案》，对公司《香飘飘食品股份有限公司 2023 年股票期权激励计划》（草案）（以下简称"2023 年股票期权激励计划"）注 销 2023 年股票期权激励计划首次授予及预留授予部分股票期权事项进行了核查， 现发表如下意见： 香飘飘食品股份有限公司董事会薪酬与考核委员会 本次注销事项符合《上市公司股权激励管理办法》及《2023 年股票期权激 励计划》的规定。股票期权注销的原因及数量合法、有效。上述事项不会导致本 公司股票分布情况不符合上市条件的要求，不会影响本公司《2023 年股票期权 激励计划》的继续实施，不存在损害本公 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-026 香飘飘食品股份有限公司 鉴于公司2023年股票期权激励计划首次授予第一个行权期可行权55.07万份 股票期权于2025年7月6日到期失效前未行权；首次授予中5名激励对象及预留授 予中5名激励对象因个人原因已离职，不再满足成为激励对象的条件，上述10名 激励对象已获授但尚未行权的股票期权共计142.70万份；首次授予第二个行权期 及预留授予第一个行权期公司层面考核未达标，所涉及的首次授予中25名激励对 象及预留授予中11名激励对象的已获授但尚未行权的股票期权共计417.20万份， 由公司注销上述共计614.97万份股票期权。 公司董事杨静、邹勇坚、丁学宝为本次股权激励计划的激励对象，上述人员 回避表决，其他非关联董事参与本议案的表决。 本议案已经第五届董事会薪酬与考核委员会第一次会议审议通过。 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注销公司 2023 年股票期 权激励计划首次授予及预留授予部分股票期权的公告》（公告编号：2025-027）。 表决结果： ...

Group 1: Haagen-Dazs Price Strategy - Haagen-Dazs has joined the "9.9 yuan" price war by launching a 9.9 yuan coffee product to attract more consumers, particularly price-sensitive customers [1] - The low-price strategy aims to increase foot traffic and boost sales of higher-margin products, indicating a shift from the brand's long-standing premium pricing strategy [1] - The brand has faced challenges in recent years, including the closure of multiple stores in various cities, leading to nostalgia among consumers [1] Group 2: Starbucks and China Eastern Airlines Partnership - Starbucks China has announced a comprehensive partnership with China Eastern Airlines, introducing a joint membership program for 160 million members [2] - The collaboration will focus on three key areas: co-creation of Yunnan coffee, cultural tourism, and sustainable development [2] - Both companies are committed to leveraging their strengths to enhance customer experiences and promote mutual growth [2] Group 3: Junlebao's Strategy in Dairy Industry - Junlebao's chairman emphasized the need to develop B2B tea drinks, coffee, baking ingredients, and dairy products to expand the domestic dairy market [3] - The B2B dairy product market is experiencing rapid growth, with 70%-80% of the market share currently held by imported products [3] - Strengthening B2B collaborations to increase the usage of domestic dairy products is seen as a crucial path for industry transformation [3] Group 4: Xiangpiaopiao's Half-Year Performance - Xiangpiaopiao has projected a revenue of approximately 1.035 billion yuan for the first half of 2025, with slight growth in Q2 revenue but an overall decline compared to the previous year [4][5] - The company is focusing on stabilizing its brewing business and accelerating the expansion of its ready-to-drink segment, with new product launches aimed at health-conscious consumers [5] - The brand's marketing strategy includes targeting younger demographics, as evidenced by a significant increase in sales during promotional events [5] Group 5: Dongguan's Consumption Promotion Activities - Dongguan's government has launched a plan to stimulate service consumption, including hosting food festivals and coffee festivals to enhance dining experiences [6] - The initiative aims to promote local culinary culture and create cross-industry consumption scenarios [6] - The plan includes organizing supply chain matchmaking events to facilitate communication between restaurants and suppliers [6] Group 6: Lemon Right's New Brand Launch - Lemon Right has opened its first store for the upgraded brand "Xiangyou Shouzuo" in Nanjing, focusing on fresh, healthy, and low-calorie products [7] - The new brand expands its product line to include freshly squeezed juices, steamed teas, and handmade ice creams [7] - The launch signifies Lemon Right's deeper market penetration in Jiangsu, with over 300 stores established in East China since its inception in 2021 [7]

Core Viewpoint - The company, Xiangpiaopiao, announced a significant expected loss for the first half of 2025, attributing it to various external factors affecting consumer behavior and demand, particularly in its core instant tea product line [1] Financial Performance - The company anticipates 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 expected net loss attributable to shareholders is around 97.39 million yuan, which is an increase of 230% compared to the same period in 2024 [1] - The non-recurring net loss is projected to reach 111 million yuan, marking a record high loss margin in recent years [1] - In Q1 and Q2 of 2025, the company recorded net losses of 18.775 million yuan and 78.615 million yuan, respectively [2] Business Segment Analysis - The traditional instant tea products, which account for over 70% of the company's revenue, have faced a decline due to competition from freshly brewed tea drinks and changing consumer preferences towards healthier and more convenient options [3] - Revenue from instant tea products fell by 15.42% to 2.271 billion yuan in 2024, with a further decline of 37.18% in Q1 of 2025 [3] - The company has shifted its growth focus towards the ready-to-drink segment, particularly the Meco juice tea, which saw an 8% revenue increase to 973 million yuan in 2024, with Meco juice tea growing by 20.69% [3] - However, the growth in ready-to-drink products has not been sufficient to offset the decline in instant tea products, contributing to the overall performance pressure [3] Market Reaction - The company's financial struggles and slowing growth have led to a significant reduction in investor expectations for profitability, with the weighted average return on equity (ROE) dropping to 7.41% in 2024, a decrease of 1.26 percentage points from 2023 [4] - As of July 11, 2025, the stock price closed at 13.84 yuan, down over 60% from its historical high of 35.09 yuan in August 2019 [4] - The current price corresponds to a dynamic price-to-earnings ratio (TTM) of -75.32, significantly lower than the average in the consumer sector [4] - Analysts suggest that the company's ongoing transformation and innovation efforts have not yielded significant results, highlighting a need for improved brand perception and product outreach to attract younger consumers [4]