Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Wine - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential in the soft drink and low-alcohol segments, driven by new marketing strategies and upcoming sales events [15][22] Consumer Goods - The report recommends focusing on four main themes: cost control, new consumption logic, potential performance elasticity, and thematic expectations [18][22] - Specific companies to watch include Ximai Foods, Li Ziyuan, and Sanhua Foods, among others [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products such as Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - In the white liquor sector, Moutai and Fenjiu are highlighted for their strong alpha and benefits from market concentration [5][22]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.66 CNY, based on a calculated equity value of 72.87 billion CNY [3][5][10]. Core Insights - The company has experienced a decline in revenue and net profit in 2024, with a projected revenue of 3.29 billion CNY, down 9.3% year-on-year, and a net profit of 253 million CNY, down 9.7% year-on-year [4][9]. - The ready-to-drink segment shows promising growth, particularly driven by the Meco brand, which achieved a revenue of 780 million CNY, up 21% year-on-year [9]. - The company is focusing on product health upgrades and expanding its snack and dining channel partnerships to enhance revenue streams [9]. Financial Summary - Revenue projections for 2025-2027 are 3.30 billion CNY, 3.52 billion CNY, and 3.85 billion CNY, respectively, with expected growth rates of 0.3%, 6.6%, and 9.5% [4]. - The earnings per share (EPS) forecast for 2025-2027 is 0.58 CNY, 0.62 CNY, and 0.68 CNY, reflecting a downward adjustment from previous estimates [3][10]. - The company's gross margin is projected to be 38.1% in 2025, slightly down from 38.3% in 2024, while the net margin is expected to decrease to 7.2% [4][10].

Core Viewpoint - Xiangpiaopiao Food Co., Ltd. is facing significant performance pressure due to the rise of new tea beverage competitors and the impact of ready-to-drink tea on the traditional brewed tea market, leading to a continuous decline in its performance [1] Financial Performance - In 2024, the company achieved a revenue of 3.287 billion yuan, a year-on-year decline of 9% [1] - The net profit attributable to shareholders was 253 million yuan, down 10% year-on-year [1] - In the first quarter of this year, revenue was approximately 580 million yuan, a year-on-year decrease of 19.98%, with a loss of 18.775 million yuan [1] Business Challenges - The company identified three main reasons for the pressure on its tea business in Q4 2024 and Q1 2025: 1. The external environment affected the sales atmosphere for gift products during the Spring Festival, which significantly impacts the company's gift packaging sales [1] 2. Internal strategy adjustments affected the execution of sales actions [1] 3. The company prioritizes long-term health of channels and sales systems, which has put pressure on seasonal inventory stocking [1] - The current channel inventory and freshness have returned to a healthy state [1] New Product Development - The company is actively launching new products, including "Original Leaf Fresh Brew Light Milk Tea" and "Original Leaf Fresh Brew Milk Tea" (Brown Sugar Pearl / Glutinous Red Bean), creating a new category of "Original Leaf Fresh Brew" milk tea [2] - These products are currently in trial sales in select online and offline regions, with positive feedback received [2] - The company is utilizing "pop-up stores + content marketing" to promote the new products, achieving good consumer feedback and brand visibility [2] Market Competition and Sustainability Concerns - Despite positive trial feedback, the company faces multiple concerns regarding the sustainability of new product growth amid intense competition in the ready-to-drink tea market [3] - Competitors are employing low-price strategies and frequent new product iterations to capture consumer attention, raising questions about the differentiation of the "Original Leaf Fresh Brew" series [3] - The company’s collaboration with leading snack brands is still in the testing phase, and the effectiveness of these partnerships needs time to validate [3] Consumer Behavior and Market Dynamics - The core consumption scenarios for brewed tea (convenience, low price) differ from those for ready-to-drink tea (freshness, experience), raising doubts about consumers' willingness to pay a premium for standardized flavors [4] - The ability to convert positive trial feedback into long-term repurchase remains unverified, particularly after promotional events [4] - The company has indicated a need for further optimization of product content and packaging, suggesting that current offerings may not fully meet market demands [4]

国浩律师（杭州）事务 香飘飘食品股份有限公司 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师 楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 所 法律意见书 国浩律师（杭州）事务所 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 香飘飘食品股份有限公司 法律意见书 致：香飘飘食品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受香飘飘食品股份有限公 司（以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简 称"本次股东大会"），并依据《中华人民共和国公司法》 （以下简称" ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-018 香飘飘食品股份有限公司 关于选举职工代表董事的公告 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。 香飘飘食品股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 16 日收到公司职工代表大会出具的会议决议。公司于 2025 年 5 月 16 日召开了职 工代表大会，全体与会职工代表一致同意选举丁学宝先生（简历见附件）为公 司第五届董事会职工代表董事。 丁学宝先生将与公司 2024 年年度股东大会选举产生的八名非职工代表董事 共同组成公司第五届董事会，任期为自本次职工代表大会选举通过之日起至第 五届董事会届满之日止。 特此公告。 香飘飘食品股份有限公司董事会 附件： 丁学宝先生简历 丁学宝先生，1979 年 12 月生，大学本科学历，学士学位。曾任职于伊利 集团酸奶事业部质量技术部经理、贝因美股份有限公司质量风控中心经理。 月至今担任全国饮料标准化技术委员会委员，2024 年 12 月至今担任香飘飘食 品股份有限公司董事。 截至本公告披露日，丁学宝 ...

Core Viewpoint - The announcement details the completion of the board of directors' re-election and the appointment of senior management personnel at Xiangpiaopiao Food Co., Ltd, highlighting the new board composition and management team [1][2]. Group 1: Board Composition - The fifth board of directors consists of 9 members, including Jiang Jianqi as the chairman and three independent directors: Ying Yeping, Jiang Yinhua, and Yu Rongjian [1][2]. - The board also includes Ding Xuebao as the employee representative director [1]. Group 2: Senior Management Appointments - Jiang Jianqi is appointed as the general manager, while Yang Jing is appointed as the deputy general manager [2]. - Zou Yongjian is appointed as the financial director and board secretary, and Li Jingying is appointed as the securities affairs representative [2]. Group 3: Contact Information - The contact details for the board secretary and securities affairs representative are provided, including phone number, fax, postal code, email, and address [2].

Group 1 - The first meeting of the fifth board of directors of Xiangpiaopiao Food Co., Ltd. was held on May 16, 2025, with all 9 directors participating in the voting [1] - The board elected Jiang Jianqi as the chairman of the fifth board of directors, with a term lasting until the end of the board's term [1][2] - Jiang Jianqi was also appointed as the general manager of the company, with the same term duration as the board [2][3] Group 2 - The board approved the appointment of Yang Jing as the deputy general manager and Zou Yongjian as the financial director, effective until the end of the board's term [2][3] - Zou Yongjian was also appointed as the board secretary, while Li Jingying was appointed as the securities affairs representative, both with terms until the end of the board's term [3][4] - The board established specialized committees, electing members based on their expertise, with Jiang Jianqi leading the strategic decision-making committee [5]

证券代码：603711 证券简称：香飘飘 公告编号：2025-019 香飘飘食品股份有限公司 关于董事会完成换届选举及聘任高级管理 人员、证券事务代表的公告 3、董事会薪酬与考核委员会成员：蒋胤华先生（召集人）、蒋建琪先生、 应叶萍女士 4、董事会提名委员会成员：俞荣建先生（召集人）、蒋建琪先生、蒋胤华 先生 各董事会成员简历详见附件。 二、董事会聘任公司高级管理人员、证券事务代表情况 根据公司第五届董事会第一次会议决议，公司聘任蒋建琪先生为公司总经理； 聘任杨静女士为公司副总经理；聘任邹勇坚先生为公司财务总监、董事会秘书； 聘任李菁颖女士为公司证券事务代表。公司高级管理人员及证券事务代表简历见 附件。 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"）于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过了《公司董事会换届选举第五届非独立董事的 议案》《公司董事会换届选举第五届独立董事的议案》，在本次年度股东大会完 成董事会换届选举后，公司于同日召开了第五届董事会第 ...

关于选举职工代表董事的公告 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。 香飘飘食品股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 16 日收到公司职工代表大会出具的会议决议。公司于 2025 年 5 月 16 日召开了职 工代表大会，全体与会职工代表一致同意选举丁学宝先生（简历见附件）为公 司第五届董事会职工代表董事。 证券代码：603711 证券简称：香飘飘 公告编号：2025-018 香飘飘食品股份有限公司 附件： 丁学宝先生简历 丁学宝先生将与公司 2024 年年度股东大会选举产生的八名非职工代表董事 共同组成公司第五届董事会，任期为自本次职工代表大会选举通过之日起至第 五届董事会届满之日止。 特此公告。 香飘飘食品股份有限公司董事会 2025 年 5 月 17 日 丁学宝先生，1979 年 12 月生，大学本科学历，学士学位。曾任职于伊利 集团酸奶事业部质量技术部经理、贝因美股份有限公司质量风控中心经理。 2016 年 9 月至 2020 年 9 月任香飘飘食品股份有限公司质量总监、厂长职位， 20 ...

2024 年年度股东大会的 法律意见书 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 香飘飘食品股份有限公司 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 电子邮箱/Mail：grandallhz@grandall.com.cn 香飘飘食品股份有限公司 2024 年年度股东大会的 法律意见书 致：香飘飘食品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受香飘飘食品股份有限公 司（以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简 称"本 ...