每经记者 毕媛媛 每经编辑 杨夏 ｜ 2025年3月28日 星期五 ｜ NO.1 超越钟睒睒、马化腾，张一鸣成为中国首富 3月27日，彭博亿万富豪指数及福布斯富豪榜均显示，字节跳动创始人张一鸣登顶中国富豪榜榜首，成 为中国首富。 其中，福布斯预估张一鸣身家为655亿美元，在全球富豪榜位列第23位，马化腾与钟睒睒分列富豪榜第 27和28位。彭博亿万富豪指数预估张一鸣身家为575亿美元，位居全球富豪榜第24位，马化腾和钟睒睒 分列第25和26位。 另外根据彭博亿万富豪指数，张一鸣目前是亚洲第三大富豪，仅次于印度的Mukesh Ambani和Gautam Adani。 出生于1983年的张一鸣在创立字节跳动之前曾连续四次创业，2012年第五次创业成立字节跳动，先后推 出今日头条、抖音等爆款应用。2021年5月，张一鸣在字节跳动公司内部发布全员信，宣布卸任CEO （首席执行官）一职，将聚焦远景战略、企业文化和社会责任等。 点评：从资本市场角度看，张一鸣登顶意味着投资者对字节跳动商业模式、发展前景高度认可。字节跳 动凭借创新算法、多元业务生态，构建起强大竞争壁垒，拓宽盈利边界，在全球市场展现出强劲增长潜 力，提升了自身 ...

香飘飘"飘"了？ 新品16元一杯引 热议_南方+_南 方plus 3月27日，香飘 飘新品"明前特 级龙井轻乳 茶"以16元一杯 的定价迅速登上 热搜。据了解， 该款明前特级龙 井轻乳茶定价为 98元/箱，每箱6 杯，单价较经典 系列产品均价暴 涨近5倍。该款 产品将于3月28 日开售，3月31 日同步上架线下 门店。 新品持观望态 度。 2017年，香飘飘 登陆上交所，成 为"中国奶茶第 一股"，可谓风 光无限。2019 年，香飘飘的营 收达到巅峰 同日，香飘飘回 应称，目前仅 有"明前特级龙 井轻乳茶"这款 产品定价为16元 一杯，其他产品 并未涨价。香飘 飘还表示，该款 奶茶每杯含2.9 克明前特级龙井 茶。而有网友按 照现今市面上明 前特级龙井售价 推算，茶叶成本 可能高达单杯12 元左右。 在一众质疑声 中，"收割情 怀""价格虚 高"成为高频 词。有网友表 示，印象中香飘 飘奶茶价格是3- 4元/杯，16元/杯 的定价还不如去 喝喜茶、霸王茶 姬等品牌的奶 茶；有网友表示 新产品既然宣传 含有特级龙井， 价格高一些可以 理解；也有声音 指出，产品价格 应体现在品质、 文化内涵及消费 者情感体验上， ...

3月27日，茶咖日报的主要内容有： 香飘海外！日本年进口云南咖啡生豆超900吨！ 据壹览商业消息，其长期跟踪的30家连锁咖啡品牌新开门店749家，环比下滑72.40%，同比减少 30.26%，门店总数达到56835家。其中，瑞幸咖啡2月开出301家门店，开店量位居行业第一，其次是库 迪咖啡，开出140家门店；幸运咖开出99家门店，其他连锁咖啡品牌的开店数量均未过百。 从门店总量看，瑞幸以22954家门店稳居第一，库迪咖啡门店数量有所减少，为9982家，位列行业第 二，星巴克则以7809的门店数量位列第三。 从城市布局看，有7个品牌在2月覆盖至更多城市。肯悦咖啡在8个城市开出首店，新落地城市量位于行 业第一，WE LUCKY COFFEE新进驻了7个城市；MODA COFFEE则新开了2座城市。 蜜雪冰城2024年净利润增长超四成 央视新闻消息，近期，日本一些大型的咖啡连锁店和咖啡品牌相继宣布涨价，日本咖啡业界表示，云南 省的气候条件相对稳定，咖啡豆产量未受显著影响，云南咖啡在日本市场上的供应量出现增加。 央视记者还从进口商方面了解到，云南咖啡在日本主要瞄准中高端市场，目前在东京、大阪等地的热门 商圈，已经有不 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-002 香飘飘食品股份有限公司 关于持股 5%以上股东部分股份解除质押及 | 本次解除质押股数 | 813 万股 | | --- | --- | | 占其所持股份比例 | 22.58% | | 占公司总股本比例 | 1.97% | | 解除质押时间 | 2025 年 3 月 4 日 | | 持股数量 | 3,600 万股 | | 持股比例 | 8.72% | | 剩余被质押股份数量 | 1,017 万股 | | 剩余被质押股份数量占其所持股比例 | 28.25% | | 剩余被质押股份数量占公司总股本比例 | 2.46% | 截至本公告披露日，本次蒋建斌先生解除质押的股份暂无后续质押计划，未 来如有变动，公司将根据相关法律法规要求及时履行信息披露义务。 公司于 2025 年 3 月 4 日接到持股 5%以上的股东蒋建斌先生办理部分股份解 除质押及部分股份质押延期购回的通知，具体事项如下： | 一、本次股份被解除质押情况 | | --- | | | | 部分股份质押延期购回的公告 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 ...

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 ...