Summary of Conference Call for Xiangpiaopiao Company Overview - The company is focused on maintaining channel health as a primary goal, with cautious performance from distributors and wholesalers leading to significant shipping pressure, although channel inventory remains healthy [2][3]. Core Business Insights - The fruit tea business outperformed the brewing business, particularly in gift markets in Bozhou, Anhui, and holiday markets in Yunnan, with sales growth of 70%-80% year-on-year in Bozhou [2][3]. - The beverage business accounts for approximately 20% of the company's overall business, although the actual percentage is slightly lower by 5-6 percentage points [2][8]. - The company aims for steady progress and innovation in 2025, focusing on fruit tea as the core of its beverage business, with an emphasis on snack wholesale, school surroundings, and gift box markets [2][4]. Product Development and Launch Plans - New products, including "Chen Man Jasmine" and various new flavors, are set to launch in the second quarter, targeting markets in Guangdong and Beijing [2][5][6]. - The company plans to deepen cooperation with snack wholesale channels, with current fruit tea and beverage sales accounting for less than 20% of total sales [2][7]. - The brewing new products launched in late September 2024 generated approximately 70 million yuan in sales, with positive feedback on clear milk tea, while the original liquid milk tea needs further refinement [10]. Market and Competitive Landscape - The Spring Festival period saw a relatively flat market, with changes in consumer behavior due to the pandemic affecting gift-giving habits [3][13]. - The company recognizes the potential for new differentiated products in the fruit tea market and aims to leverage innovation for stable daily consumption growth [13][19]. - The company achieved double-digit growth in total sales, reaching 1.6-1.7 billion yuan, indicating strong product potential [19]. Financial and Cost Management - The company expects stable costs in the first half of 2025, with slight upward pressure anticipated in the second half, but overall impact is expected to be minimal [16]. - The company maintains a cautious and conservative strategy for expenses and market strategies, adjusting investments based on market feedback [17]. Future Outlook - The company holds a cautiously optimistic outlook for 2025, with a focus on further training, summarizing, and adjusting brewing products, while hoping for growth in the beverage segment based on 2024 performance [9]. - The chairman emphasizes product innovation as the core of the business, with daily sales policy execution managed by the vice president [12]. Additional Considerations - The company is open to mergers and acquisitions but has not identified specific targets, focusing on business synergy, particularly in the beverage sector [15]. - The company aims to cultivate consumer habits for cup-based fruit tea, which is seen as a significant opportunity for future growth [19].

Company and Industry Summary Company: 香飘飘 (Xiangpiaopiao) Key Points Industry Overview - The company operates in the beverage industry, focusing on tea products, particularly fruit tea and milk tea [5][10]. Business Strategies - In 2025, the company aims to maintain market health and manage distributor inventory effectively, focusing on product innovation and brand enhancement [4][5]. - The company plans to continue its growth in the fruit tea segment, targeting a revenue scale of 20-30 billion yuan and introducing 1-2 new products [5][12]. Financial Performance - The company's 2024 performance was stable, influenced by a decrease in raw material prices and adjustments in channel strategies, although some product lines, like animal-themed tea, underperformed [5][21]. - Cost reductions were noted in 2024, with a slight increase expected in 2025, while gross margins are anticipated to improve slightly [5][16]. Market Channels and Sales - The company is focusing on expanding its presence in first and second-tier cities, with a significant portion of sales coming from lower-tier markets [10][18]. - The fruit tea business in the U.S. is projected to grow by 10-20% in 2024, driven by strong performance in school channels, temporary wholesale channels, and the gift market [12][14]. Product Development - The company plans to introduce new flavors and seasonal limited editions in its fruit tea line, aiming to maintain 5-6 SKUs with a mix of fresh and active flavors [15]. - The original liquid milk tea and clear milk tea will be key products for promotion in 2025, with ongoing exploration of online sales channels [11][5]. Marketing and Brand Strategy - Innovative marketing strategies, such as pop-up stores, have been successful in promoting the original liquid milk tea, with plans to expand this model to other key cities [7][8]. - The company is enhancing its brand image through targeted marketing efforts in local media and streaming platforms [6]. Distribution and Coverage - The company has increased its coverage in temporary wholesale channels, with over 20,000 stores now included in its distribution network [17][18]. - The company maintains a cautious approach to capital expenditures, focusing on brand building and product innovation rather than large-scale investments [25]. Dividend and Financial Policy - The company maintains a dividend payout ratio of around 30%, with plans to retain cash flow for potential acquisition opportunities [26][24]. Challenges and Areas for Improvement - The company acknowledges challenges in upgrading its brewing products and managing inventory effectively, which impacted sales in 2024 [27]. - Future strategies will focus on leveraging strengths while addressing weaknesses in product performance and market communication [28]. Additional Insights - The company is open to acquisition opportunities but will proceed cautiously to avoid integration challenges [24]. - The beverage product distribution strategy is currently concentrated in specific market segments, with plans for deeper penetration in the fruit tea and milk tea categories [29][30]. This summary encapsulates the key aspects of the company's performance, strategies, and market positioning as discussed in the conference call.

曾经的奶茶领导者，正在学习去讲一个新的故事。 杭州西湖畔的湖滨银泰 in77，前阵子迎来了一波新的热闹：一家奶茶快闪店大排长龙，动辄要等待上 2 个 小时。店员将茶包放入手冲壶中萃取。三分钟后，店员将茶汤、牛奶杯和含有茉莉纯露的配料一起倒入杯 中，一杯奶茶就做好了——整个过程颇具仪式感，因限购 2 杯，顾客可以直接购买零售款轻乳茶带回家自 己完成。 这是香飘飘开设的第一家现制奶茶店，在 "手冲现泡、一杯两泡" 的口号背后，很多人不惜排队两个小时 也要喝上一杯。在新式茶饮内卷的今天，像这样的新玩家已是罕见。 当茶饮进入存量市场，创新爆款产品更少出现，取而代之的是效率的竞争。品牌们忙着优化原料、设备升 级、门店管理，期望通过更低的价格来换取更多的客单。奶茶门店越开越密，争相抢夺优质加盟商的点 位。当市场整体规模不再增长，激烈竞争之下，有的茶饮品牌闭店上千家，有的品牌利润率腰斩。 如此残酷的市场环境，为什么又多了一家新公司？ 奶茶内卷，零售化会是中间路线吗 香飘飘的确是在开店卖奶茶，只不过它想卖的并不只是门店作为零售渠道那一杯。他们尝试将现制茶饮产 品的现泡口感和体验，打造成标准化的快消品。同时，省去了房租、人力成 ...

Company and Industry Summary Company Overview - The company is currently facing pressure in its business performance, particularly in Q4 of 2024, which is typically a peak season. The overall performance is weaker than previously expected [1][2][3]. Key Points and Arguments Business Performance - The company is experiencing a cautious sentiment across its distribution channels, impacting sales. The beverage segment, particularly fruit tea, remains stable and on track [2][3]. - There is a notable decline in inventory levels across the distribution channels compared to the previous year, indicating cautious purchasing behavior from distributors and retailers [3][4]. Strategic Focus - The company emphasizes maintaining healthy inventory levels and protecting the interests of distributors to ensure long-term sustainable growth [2][4]. - Future plans for 2025 are still under cautious evaluation, with a focus on channel health and sustainable development [4][5]. Product Development - A new product launched in August has generated approximately 60 million in sales since its release, receiving positive feedback from consumers [6]. - The company is focusing on upgrading its product offerings and exploring new marketing strategies to enhance consumer engagement [6][9]. Market Dynamics - The company has a significant presence in lower-tier markets, with about 75% of its sales coming from third-tier cities and below [7]. - The demand for gifting products is substantial, indicating a potential growth area for the company [7]. Financial Outlook - The company maintains a dividend payout ratio of around 30%, with a focus on cash reserves to manage risks and support future investments [10]. - There is a cautious approach towards mergers and acquisitions, recognizing both the potential benefits and challenges associated with integration [11]. Cost and Margin Management - The company anticipates a decrease in overall costs in 2025, with expectations of a slight increase in raw material prices later in the year [19][20]. - Gross margins have improved significantly in 2024, attributed to lower raw material costs and operational efficiencies [20]. Marketing and Promotion - The company plans to invest in various marketing channels, including collaborations with media and promotional events, to enhance brand visibility [22][23]. - The focus will be on high-traffic urban areas for promotional activities to maximize brand exposure [23]. Channel Strategy - The company is adapting to changing consumer behaviors, with a shift towards online sales, although online sales currently account for only about 6% of total sales [25]. - There is a strategic emphasis on exploring new distribution channels, including temporary pop-up stores and partnerships with membership-based retailers [32]. Challenges and Risks - The company faces challenges from promotional activities driven by platforms rather than manufacturers, affecting pricing strategies [26]. - The overall economic environment remains uncertain, necessitating a flexible approach to strategy adjustments based on market conditions [21][28]. Additional Important Insights - The company is committed to enhancing product quality while maintaining competitive pricing, focusing on the value proposition to consumers [30]. - There is a recognition of the importance of maintaining strong relationships with distributors and ensuring timely product availability to stabilize sales [27][29].

证券代码：603711 证券简称：香飘飘 公告编号：2025-001 香飘飘食品股份有限公司 关于股票期权激励计划2024年第四季度 自主行权结果暨股份变动公告 期权激励计划激励对象名单>的议案》等议案。 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： 2024 年第四季度，公司股票期权激励计划激励对象行权且完成股份过户登 记的行权股票数量合计为 1,509,300 股。具体说明如下： 3、2023 年 6 月 7 日至 2023 年 6 月 16 日，公司对首次授予激励对象名单的 姓名和职务在公司内部予以公示，在公示期内，公司监事会未接到与激励对象有 关的任何异议。2023 年 6 月 20 日，公司监事会披露了《监事会关于公司 2023 年 股票期权激励计划激励对象名单的核查意见及公示情况说明》。 4、2023 年 6 月 14 日，公司公告了《香飘飘食品股份有限公司关于独立董 事公开征集委托投票权的公告》，独立董事杨轶清先生作为征集人，就公司拟于 2023 年 7 月 6 日召开的 2023 年第二次临时 ...

证券代码：603711 证券简称：香飘飘 公告编号：2024-049 三、备查文件 1、香飘飘食品股份有限公司第四届董事会第二十次会议决议。 香飘飘食品股份有限公司（以下简称"公司"）第四届董事会第二十次会议 通知于 2024 年 12 月 23 日以电子邮件及通讯方式送达全体董事，会议于 2024 年 12 月 27 日在公司会议室以现场结合通讯方式召开。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，公司监事 和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《关于制定<舆情管理制度>的议案》 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舆情管理制度》。 表决结果：9 票同意、0 票弃权、0 票反对。 香飘飘食品股份有限公司 第四届董事会第二十次会议决议公告 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 ...

香飘飘食品股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高香飘飘食品股份有限公司（以下简称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对正常生 产经营活动、公司商业信誉及投资价值造成的影响，切实保护公司及利益相关方 合法权益，根据《中华人民共和国公司法》《上海证券交易所股票上市规则》等 法律、法规、规范性文件及《公司章程》的相关规定，制订本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对 的工作机制。 （三）协调和组织各类舆情处理过程中的对外宣传报道工作； （四）负责做好向中国证券监督管理委员会的信息上报工作及上海证券交易 所的信息沟通工作； （五）各类舆情处理过程中的其他事项。 第六条 ...

Group 1: New Product Sales and Strategy - The company is currently trialing two new milk tea products, "Original Leaf Fresh Brewed Light Milk Tea" and "Original Leaf Fresh Brewed Milk Tea," with online sales accounting for a significant portion of the sales feedback being positive [1] - The company plans to focus on health and youth-oriented upgrades in its milk tea segment, with continuous new flavor iterations for the "Meco Fresh Fruit Tea" line [1] - The company aims to actively seize market opportunities in the restaurant channel next year, leveraging the high adaptability of "Meco Fresh Fruit Tea" cup forms [1] Group 2: Snack Channel Development - The company is closely monitoring the development of the snack wholesale channel, with over 20,000 direct-operated snack retail stores currently in operation [1] - Products such as "Meco Fresh Fruit Tea," "Lan Fang Yuan Frozen Lemon Tea," and milk tea products have entered the snack wholesale channel [1] - Customized products tailored for the snack wholesale channel are being developed, with "Meco Fresh Fruit Tea" already launched in the Wancheng Group system [1] Group 3: Sales Team Adjustments - The company has made adjustments to its sales team structure based on the operational effectiveness observed in various cities [4]

香飘飘食品股份有限公司 股票交易异常波动问询函的回复 香飘飘食品股份有限公司： 本人于 2024 年 12 月 26 日收到贵公司发来的《关于香飘飘食品股份有限公 司股票交易异常波动问询函》，经本人自查确认，现回复如下： 本人作为贵公司的控股股东，截至目前，不存在影响贵公司股票交易价格异 常波动的重大事项；不存在涉及贵公司的应披露而未披露的重大信息，不存在处 于筹划阶段的涉及公司的重大事项，包括但不限于重大资产重组、股份发行、重 大交易类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引 进战略投资者等重大事项；在贵公司股票交易异常波动期间，本人不存在买卖贵 公司股票的行为。 特此回复。 控股股东：蒋建琪 2024 年 12 月 26 日 香飘飘食品股份有限公司 股票交易异常波动问询函的回复 香飘飘食品股份有限公司： 本人于 2024 年 12 月 26 日收到贵公司发来的《关于香飘飘食品股份有限公 司股票交易异常波动问询函》，经本人自查确认，现回复如下： 本人作为贵公司的实际控制人，截至目前，不存在影响贵公司股票交易价格 异常波动的重大事项，不存在涉及贵公司的应披露而未披露的重大信息；不存在 处 ...

股票交易异常波动公告 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： ●香飘飘食品股份有限公司（以下简称"公司"）股票交易于 2024 年 12 月 24 日、12 月 25 日、12 月 26 日连续三个交易日内日收盘价格涨幅偏离值累计 超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波 动的情形。 ●经公司自查，并向公司控股股东及实际控制人发函询证，截至本公告披露 日，确认不存在应披露而未披露的重大信息。 ●敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 证券代码：603711 证券简称：香飘飘 公告编号：2024-048 香飘飘食品股份有限公司 股股东及实际控制人不存在影响公司股票交易异常波动的重大事项，不存在其他 应披露而未披露的重大信息，包括但不限于重大资产重组、股份发行、重大交易 类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略 投资者等重大事项。 （三）媒体报道、市场传闻、热点概念情况 经公司自查，公司未发现需要澄清或回应的媒体报道或市场传闻 ...