文 | 邢初 编辑 | 何子维 视觉 | 诺言 一头利落的短发，戴着墨镜，弹着吉他，在舞台上摇滚范十足——随着《浪姐6》的热播，一位姐姐多 次登上热搜——她就是蒋一侨，香飘飘创始人蒋建琪的千金。 蒋一侨的出现预示着，20年前的"茶饮鼻祖"香飘飘正在高调重回公众视线。 而不久前，在号称"中国最贵"的四川成都春熙路，一家"香飘飘奶茶线下店"开业活动引发关注。多名身 高模样出众的年轻男店员，站在店外迎客。 更引人瞩目的是，成都门店开业之前，香飘飘发布了店员招聘信息， 要求"身高 180cm以上、空乘专业 优先、气质形象佳"。 香飘飘门店的年轻店员们/图源：社交媒体截图 开业当天，门店秒变"男模秀场"。帅哥店员冲泡奶茶时，被人们围得水泄不通。 成都并不是香飘飘开设第一个线下店的城市。今年初，香飘飘"地球首家奶茶店"在杭州西湖畔的湖滨银 泰开业，虽然只运营20多天，但第一天就大排长龙，店面浪漫有格调，泡茶师帅气吸睛。 这些容貌出众的年轻男性，在现场做的并不是现制调配奶茶，而是用茶包进行泡制。要知道，作为中国 杯装奶茶鼻祖，香飘飘做的就是植脂末冲泡的"奶茶"，原本是没有茶叶的。 历来以冲泡勾兑奶茶为特色的香飘飘，一时间喊 ...

Core Insights - The company, Xiangpiaopiao, reported a revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with a notable 8% year-on-year growth in the ready-to-drink segment, driven by the Meco fruit tea series which grew by 20.69% [1] - The company is undergoing a transformation to address the challenges posed by declining consumer demand and increasing competition from freshly made tea drinks, focusing on brand rejuvenation, product healthiness, and differentiated offerings [1][4] Brand Rejuvenation - Xiangpiaopiao has successfully engaged younger consumers by launching "original leaf brewing" pop-up stores in Hangzhou and Chengdu, creating emotional resonance through interactive experiences [4] - The brand's social media presence surged, with a 320% increase in content volume and over 5.45 million interactions in December 2024, indicating effective experiential marketing [4] - The pricing strategy aligns with market trends, offering high-quality products at competitive prices, such as the "original leaf brewing" light milk tea priced between 9-12 yuan, appealing to cost-conscious young consumers [4][5] Product Healthiness - The company has implemented a "three-zero standard" (zero trans fats, zero plant fats, zero artificial flavors) to enhance the health profile of its products, positioning them as fresh and high-quality alternatives [6][8] - The "original leaf brewing light milk tea" exemplifies this health upgrade, utilizing high-quality tea leaves and advanced preservation techniques to ensure freshness and taste [6][11] - This health-focused approach not only challenges traditional perceptions of instant tea but also aligns with the growing consumer demand for healthier options [8] Ready-to-Drink Growth Logic - Xiangpiaopiao has chosen to focus on the cup-based market rather than the bottled segment, achieving a 13.89% year-on-year growth in ready-to-drink sales for Q1 2025, with Meco fruit tea sales increasing by 20.68% [9] - The company employs a customized channel strategy, tailoring products to different consumer needs and occasions, such as small packaging for convenience stores and gift sets for the gifting market [9][10] - Marketing efforts are concentrated in key cities, utilizing a combination of online and offline strategies to enhance brand visibility and consumer engagement [10] Research and Development Focus - The company increased its R&D investment by 14.06% year-on-year, outpacing revenue growth, indicating a commitment to innovation in a competitive market [10] - Advanced sterilization technologies are being integrated into core products, ensuring freshness and quality while eliminating preservatives [11] - The shift from marketing-driven to product-driven strategies is seen as crucial for long-term value creation and sustainable growth [11]

Core Insights - The leading bubble tea company, Xiangpiaopiao, reported a total revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with a proposed cash dividend of 2.5 yuan per 10 shares [1] - In Q1 2025, the company achieved a revenue of 580 million yuan, with the ready-to-drink segment showing significant growth, generating 266 million yuan, a year-on-year increase of 13.89% and a quarter-on-quarter increase of 54.82% [1] Group 1: Business Strategy - The company has established a "dual-driven" strategy focusing on long-term health development through product innovation, channel optimization, and brand rejuvenation, while consolidating its core bubble tea business and promoting steady growth in the ready-to-drink segment [1] - For 2024, the company set a development strategy for its bubble tea business that includes health-oriented products, brand rejuvenation, scenario-based products, and daily consumption [1] Group 2: Ready-to-Drink Business - The ready-to-drink segment is identified as the second growth curve for the company, with a focus on Meco fruit tea, emphasizing differentiated cup packaging and aligning with freshly brewed tea drinks to create competitive space [2] - In Q1 2025, the ready-to-drink business saw a sales revenue increase of 13.89% year-on-year and 54.82% quarter-on-quarter, with Meco fruit tea's sales revenue growing by 20.68% year-on-year and 67.73% quarter-on-quarter, indicating strong market demand and growth potential [2] Group 3: Channel Strategy - Meco fruit tea employs a multi-channel strategy, focusing on deepening market penetration in key cities like Wuhan and Changsha, particularly in campus areas, while also expanding into emerging channels such as snack retail [3] - The company plans to further enhance the health aspect of its milk tea products in 2025, aiming to provide better value products, and will explore coffee and ready-to-drink milk tea markets to expand its business [3]

分地区来看，各地区营收有增有减。华东地区营收14.65亿元，同比下降8.66%；华中地区营收4.99亿 元，同比下降5.72%；西南地区营收4.14亿元，同比下降10.89%；西北地区营收2.52亿元，同比下降 14.61%；华北地区营收1.65亿元，同比下降12.62%；华南地区营收1.19亿元，同比下降7.62%；东北地 区营收0.46亿元，同比增长4.55%；电商渠道营收1.86亿元，同比下降25.42%；出口营收0.19亿元，同比 增长9.87%。 净利润下降，盈利能力承压 归属于上市公司股东的净利润为2.53亿元，较去年的2.80亿元下降了9.67%。归属于上市公司股东的扣 除非经常性损益的净利润为2.18亿元，同比下降5.82%。加权平均净资产收益率为7.41%，较去年的 8.67%减少1.26个百分点；扣除非经常性损益后的加权平均净资产收益率为6.37%，较去年的7.15%减少 0.78个百分点。基本每股收益为0.62元/股，同比下降8.82%；扣除非经常性损益后的基本每股收益为 0.53元/股，同比下降5.36%。这些数据表明公司盈利能力有所下降。 费用控制有成效，研发投入增加 销售费用为7. ...

Core Viewpoint - After experiencing a downturn in 2021 and 2022, the company's performance showed slight recovery in 2023, although it still faced challenges in revenue and profit [1][3]. Financial Performance - In 2024, the company reported a revenue of 3.287 billion yuan, a year-on-year decline of 9%, and a net profit of 253 million yuan, down 10% year-on-year [1]. - For Q1 2025, the company achieved approximately 580 million yuan in revenue, a year-on-year decrease of 19.98%, and reported a net loss of approximately 18.775 million yuan compared to a net profit of 252.126 million yuan in the same period last year [1]. Market Position - The company has maintained the largest market share in the cup-based instant tea market for 13 consecutive years from 2012 to 2024 [1]. - The competitive landscape has stabilized, but new tea brands have emerged, posing challenges to the company's reliance on cup-based instant tea [1]. Strategic Response - The company has chosen to focus on the ready-to-drink segment rather than entering the fresh tea market, with ready-to-drink products having a shelf life of several months [2]. - In 2024, the company's instant tea business generated 2.271 billion yuan in revenue, a year-on-year decline of 15.42%, while the ready-to-drink business achieved 973 million yuan, a year-on-year increase of 8% [2]. - The Meco fruit tea line contributed 780 million yuan in revenue, reflecting a year-on-year growth of 20.69% [2]. - In Q1 2025, the ready-to-drink business saw a year-on-year growth of 13.89% and a quarter-on-quarter growth of 54.82% [2]. Product Innovation - The company has launched products like "Original Leaf Light Milk Tea" and "Original Leaf Milk Tea," which mimic the flavors of fresh tea drinks, and has experimented with offline pop-up stores [2]. - The product development aims to replicate successful flavors from offline tea shops while enhancing quality and cost-effectiveness to meet consumer demand beyond fresh tea scenarios [2]. Future Outlook - The company's ability to balance shelf life with immediacy, industrial standardization with fresh experience, and attract younger consumers will be crucial for its future growth [3].

Core Viewpoint - The company, Xiangpiaopiao, reported a revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with a focus on product innovation and channel development to drive long-term growth [1][2] Group 1: Financial Performance - In 2024, the ready-to-drink segment generated revenue of 973 million yuan, reflecting an 8% year-on-year growth [1] - For Q1 2025, the company achieved a revenue of 580 million yuan, with the ready-to-drink segment contributing 266 million yuan, marking a 13.89% increase [1] - The brewing segment, as the company's core business, reported revenue of 2.271 billion yuan during the same period [1] Group 2: Product Innovation - The company is advancing the health-oriented development of its brewing tea products, launching new series such as "Fresh Leaf Light Milk Tea" and "Fresh Leaf Milk Tea" [1] - The innovation strategy is based on replicating successful flavors from offline tea shops, utilizing a mature supply chain and advanced production technology to enhance quality and cost-effectiveness [1] Group 3: Marketing and Brand Strategy - The company is transforming its brand marketing approach to engage with mainstream young consumers, including the launch of the "Xiangpiaopiao's first milk tea store" pop-up experience in December 2024 [2] - The pop-up store aims to create marketing buzz and enhance brand influence through online and offline interactions [2] Group 4: Future Outlook - Looking ahead to 2025, the company plans to maintain a strategic focus on "stability, progress, and innovation" while reinforcing its "dual-driven" strategy to enhance the resilience of its brewing business and accelerate the expansion of its ready-to-drink segment [2]

Core Insights - The leading company in the milk tea industry, Xiangpiaopiao (603711.SH), reported a total revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with the first quarter of 2025 showing a revenue of 580 million yuan, driven by a strong performance in the ready-to-drink segment, which generated 266 million yuan, reflecting a year-on-year growth of 13.89% [1][3] Group 1: Business Strategy - Xiangpiaopiao is committed to a "dual-wheel drive" strategy focusing on long-term healthy development through product innovation, channel optimization, and brand rejuvenation, aiming to solidify its core brewing business while promoting steady growth in the ready-to-drink segment [3][4] - The company has launched a new product line, "Original Leaf Fresh Brew Light Milk Tea," adhering to health standards with zero trans fats, zero plant-based cream, and zero artificial flavors, positioning itself as a competitive alternative in the street tea drink market [4][6] Group 2: Marketing and Brand Engagement - Xiangpiaopiao employs "warm marketing" strategies to engage deeply with young consumers, including offline events during the Spring Festival and immersive experiences through pop-up stores, enhancing brand recognition among younger demographics [4][5] - Collaborations with popular IPs and initiatives like the "Mulan Piaopiao - Supporting Rural Women's Growth Plan" have further elevated the brand's cultural relevance and appeal to younger audiences [4][6] Group 3: Channel Strategy - The company emphasizes terminal sales and has successfully restored healthy inventory levels before peak seasons while exploring new growth points in lower-tier markets [5][7] - The ready-to-drink segment, particularly Meco fruit tea, has adopted a "cup differentiation" strategy, achieving a year-on-year sales revenue growth of 13.89% in Q1 2025, with Meco fruit tea's sales increasing by 20.68% year-on-year [6][7] Group 4: Operational Efficiency - Xiangpiaopiao has increased R&D investment by 14.06% in 2024, focusing on innovations such as room-temperature fresh milk preservation technology and packaging material research to support diverse packaging forms and cost control [8] - The company has implemented lean production initiatives to optimize production efficiency and quality control, establishing a "super tea garden" to enhance its quality supply chain [8]

Core Viewpoint - The company, Xiangpiaopiao, reported a decrease in revenue and net profit for the year 2024, while continuing to innovate and expand its product offerings in the beverage market, particularly in the tea and ready-to-drink segments [11][12][13]. Company Overview - Xiangpiaopiao is classified under the manufacturing industry, specifically in the beverage sector, focusing on tea and other drink manufacturing [4]. - The company has maintained its position as the leading player in the brewed milk tea market in China for 13 consecutive years from 2012 to 2024 [5]. Industry Position - The company has adapted to market trends by promoting healthier and younger-oriented milk tea products, launching new items like "original leaf freshly brewed" oat milk tea, which received positive consumer feedback [5]. - In the ready-to-drink beverage market, the company introduced Meco fruit tea, combining traditional fruit tea with modern production techniques, which quickly gained popularity [5][7]. Financial Performance - In 2024, the company achieved a revenue of RMB 3.287 billion, a decrease of 9.32% compared to the previous year, and a net profit of RMB 253.19 million, down 9.67% [13]. - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares, totaling RMB 103.17 million, subject to shareholder approval [5][27]. Product Development - The company has focused on product innovation, launching new brewed and ready-to-drink products, including "original leaf freshly brewed light milk tea" and new flavors of Meco fruit tea [10]. - The company emphasizes interaction with target consumers through e-commerce channels for trial sales before full market launches, aiming to reduce innovation risks [10]. Market Strategy - The company is committed to a "dual-engine" strategy, with the ready-to-drink segment showing strong growth, achieving a 13.89% increase in sales in the first quarter of 2025 [97]. - The company is also addressing challenges in its traditional brewed product line by introducing healthier options and managing inventory effectively [95][96].

登录新浪财经APP 搜索【信披】查看更多考评等级 3、诚信记录 立信近三年因执业行为受到刑事处罚0次、行政处罚5次、监督管理措施43次、自律监管措施4次和纪律 处分0次，涉及从业人员131名。 姓名：陈科举 姓名：李丹 ■ 姓名：陈喆 姓名：李勇平 ■ 2、诚信记录 签字注册会计师和质量控制复核人近三年没有不良记录，未受到刑事处罚、行政处罚、行政监管措施和 自律处分的情况。 项目合伙人近三年因执业行为曾受到行政监管措施1次，除此之外，不存在因执业行为受到刑事处罚， 受到证监会及其派出机构、行业主管部门等的行政处罚，不存在受到证券交易所、行业协会等自律组织 的自律监管措施、纪律处分的情况。 3、独立性 立信及项目合伙人、签字注册会计师和质量控制复核人不存在违反《中国注册会计师职业道德守则》对 独立性要求的情形。 （三）审计收费 1、审计费用定价原则 主要基于专业服务所承担的责任和需投入专业技术的程度，综合考虑参与工作员工的经验和级别相应的 收费率以及投入的工作时间等因素定价。 2、审计费用同比变化情况 （二）项目信息 1、基本信息 ■ （1）项目合伙人近三年从业情况： ■ （2）签字注册会计师近三年从业情况： ...