Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Insights - The article discusses the transformation of Xiangpiaopiao, a leading brand in the bubble tea industry, in response to changing consumer preferences towards healthier and more flavorful options [1][11] - Xiangpiaopiao is launching a new product line called "Original Leaf Fresh Brew" in 2024, which aims to re-establish its presence in the market by offering fresh, affordable tea options [1][12] - The brand has appointed Chinese table tennis player Sun Yingsha as its spokesperson, aligning her image with the brand's values of health and positivity, targeting a young consumer demographic [4][6] Company Strategy - Xiangpiaopiao's transformation is driven by a clear understanding of industry pain points and its own position, focusing on a strategy of "young branding + health upgrade" [1][11] - The introduction of the "Original Leaf Fresh Brew" series marks a significant milestone in Xiangpiaopiao's transition, aiming to address consumer demands for freshness and quality [1][10] - The company has implemented a "dual-wheel drive" strategy, with the ready-to-drink segment showing growth while the traditional brewing segment seeks new growth points [7][11] Product Development - The "Original Leaf Fresh Brew" series includes products like Original Leaf Milk Tea and Original Leaf Light Milk Tea, which have been well-received since their launch on August 17, 2024 [10][12] - The development of these products involved extensive research and testing, including over 90 formula iterations and more than 1500 taste evaluations [10][12] - Xiangpiaopiao aims to solve common consumer pain points associated with street drinks, such as long delivery times and high prices, by offering a fresher and more transparent product [9][12] Marketing and Consumer Engagement - The choice of Sun Yingsha as a brand ambassador is strategic, as her image resonates with the target demographic of 18 to 35-year-olds, enhancing brand visibility and appeal [6][11] - Xiangpiaopiao plans to conduct targeted marketing campaigns in key cities, focusing on campus promotions to engage young consumers directly [6][11] - The brand's marketing strategy includes leveraging social media influencers and campus ambassadors to create buzz around the new product line [6][11] Future Outlook - Xiangpiaopiao aims to continue expanding its product matrix and exploring new consumer segments, with plans to introduce various packaging options to meet diverse consumer needs [14] - The company is committed to enhancing its research and development capabilities, with a focus on health-oriented products and innovative packaging solutions [12][14] - The brand's proactive approach to market trends positions it well to capture new opportunities in the evolving beverage landscape [13][14]

Meeting Overview - The shareholders' meeting was held on October 10, 2025, at the Hangzhou New World Business Center, Zhejiang Province [1] - The meeting was chaired by the company's chairman, Mr. Jiang Jianqi, and utilized a combination of on-site and online voting methods [1] Attendance - Out of 9 current directors, 6 attended the meeting, while 3 were absent due to work commitments [2] - The company secretary and CFO, Mr. Zou Yongjian, was present at the meeting [2] Resolutions Reviewed - The following resolutions were passed during the meeting: 1. Proposal to adjust the business scope and amend the Articles of Association [3] 2. Proposal to revise certain corporate governance systems, including: - Revision of the fund management system to prevent the controlling shareholder and related parties from occupying company funds [3] - Revision of the related party transaction decision-making system [4] - Revision of the external investment management system [4] - Revision of the external guarantee decision-making system [4] - Revision of the authorization management system [4] - Revision of the implementation details of the cumulative voting system [4] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Hangzhou), with a conclusion confirming that the meeting complied with relevant laws and regulations [4]

Core Insights - The announcement of Sun Yingsha as the new brand ambassador for Xiangpiaopiao marks a significant step towards the brand's strategy of promoting health-oriented products and appealing to a younger demographic [1][4] Brand Strategy - The choice of Sun Yingsha aligns with Xiangpiaopiao's values of extreme focus and long-term commitment, reflecting the brand's dedication to quality and health in its products [3][4] - The collaboration aims to enhance the brand's image and communicate its commitment to health and quality to consumers [4][14] Product Development - The "Yuan Ye Xian Pao" series emphasizes health, utilizing 100% whole leaf tea and avoiding tea powder, which resonates with the brand's commitment to quality [3][5] - The series underwent nearly two years of research and development, including over 90 formula adjustments and 1,500 taste tests to ensure high standards of taste and health [11][14] Health and Quality Features - The "Yuan Ye Xian Pao" milk tea uses independent whole leaf tea bags and New Zealand imported milk powder, achieving 0 trans fatty acids and allowing for customizable sweetness [5][15] - The light milk tea series features a unique liquid fresh milk product that meets the "7 zero additives" standard, ensuring a high-quality drinking experience [7][11] Market Positioning - Xiangpiaopiao aims to redefine the standards of healthy milk tea, addressing long-standing issues in the traditional milk tea market such as lack of transparency and health concerns [4][13] - The brand's pricing strategy positions high-quality whole leaf tea drinks in the 6-9 yuan range, promoting the idea that healthy milk tea can be affordable [14] Competitive Advantage - The dual focus on health value and extreme cost-effectiveness is seen as a key competitive barrier in a market characterized by product homogeneity [14] - The brand's commitment to health and affordability is expected to drive its future research and marketing strategies [14]

Group 1 - The second extraordinary general meeting of shareholders for Xiangpiaopiao Food Co., Ltd. was held on October 10, 2025, in Hangzhou, Zhejiang Province [2] - The meeting was legally convened and conducted in accordance with the Company Law and the Articles of Association, with a combination of on-site and online voting methods [2][3] - A total of 9 directors were in office, with 6 attending the meeting, while the board secretary and financial director was present [3] Group 2 - Several resolutions were passed during the meeting, including the adjustment of the business scope and the revision of the Articles of Association [4] - The company approved multiple governance system revisions, including the management system for preventing the controlling shareholder and related parties from occupying company funds [5] - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the procedures and results of the meeting were legal and valid [5][6]

证券代码：603711 证券简称：香飘飘 公告编号：2025-039 香飘飘食品股份有限公司 2025年第二次临时股东会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 318 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 281,758,515 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.2432 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 (一) 股东会召开的时间：2025 年 10 月 10 日 (二) 股东会召开的地点：浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 13 楼 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议由董事会召集，公司董事长蒋建琪先生以现场结合通讯召开的方式 主持本次会议，会议采用现场投票和网络投票相结合的表 ...

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 2025 年第二次临时股东会的 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 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十月 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 2025 年第二次临时股东会的 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 2025 年第二次临时股东会（以 下简称"本次股东会"），并依据《中华人 ...

10月10日，奶茶品牌香飘飘正式宣布，中国国家乒乓球队运动员、世界冠军孙颖莎成为其旗下战略产品——香飘飘原叶现泡系列的全新品牌代言人。通 过借助孙颖莎所代表的"冠军精神"，香飘飘进一步强化了其原叶现泡系列"健康、真实、高品质"的产品形象。 香飘飘在云南临沧、浙江杭州建立"超级茶园"，从土壤改良、茶树培育到采摘标准、加工工艺，每一环节都严格把控，形成从原料到生产的完整健康化 链条。作为杯装奶茶的开创者和领导者，香飘飘此次战略布局意义深远：通过孙颖莎的健康形象，香飘飘将触达追求健康生活方式的年轻、运动群体，打破 奶茶仅是"休闲饮品"的固有认知，将其带入运动后、工作学习等更广泛的健康补给场景。 目前，"健康"正成为香飘飘最锋利的竞争壁垒。官宣孙颖莎代言，是香飘飘品牌发展历程中的一个里程碑事件。香飘飘正以"冠军"的姿态和"冠军"的标 准，开启一场关于健康奶茶的自我革命与行业引领。 编辑：贾璇 选择孙颖莎作为品牌代言人，体现了香飘飘对品牌精神内核的深入思考。赛场上，孙颖莎以其极致专注和长期刻苦训练闻名，代表了追求卓越的"冠军 精神"。这种形象与香飘飘原叶现泡系列的产品理念高度契合。这种契合体现在双方对"长期主义"的坚持 ...

Core Viewpoint - Xintianli Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, raising concerns about the sustainability of its operating performance and the rationale behind its commercial cooperation with Xiangpiaopiao [2] Group 1: Company Overview - Xintianli was established in 2005 and primarily engages in the research, production, and sales of plastic and paper food containers, serving major clients such as Xiangpiaopiao, Mixue Bingcheng, and Yili [3] - The company plans to raise 398 million yuan through its IPO to fund high-quality plastic food container expansion projects, upgrade its R&D center, and supplement working capital [3] Group 2: Financial Performance - Xintianli's revenue from 2022 to the first half of 2025 was 944 million yuan, 1.022 billion yuan, 1.101 billion yuan, and 536 million yuan, respectively, with net profits of 36 million yuan, 58 million yuan, 68 million yuan, and 43 million yuan [3] - In 2022, Xintianli's revenue and net profit decreased by 1.39% and 27.23% year-on-year, respectively [3] - The top five customers contributed revenues of 586 million yuan, 650 million yuan, and 722 million yuan from 2022 to 2024, accounting for 62.10%, 63.63%, and 65.60% of total revenue, indicating a high concentration of sales [3] Group 3: Client Performance Impact - In the first half of 2025, Xintianli's revenue from Xiangpiaopiao increased by 6.6081 million yuan, driven by growth in Xiangpiaopiao's ready-to-drink business, with sales of plastic food containers rising by 10.6308 million yuan, a year-on-year increase of 9.55% [3] - Xiangpiaopiao reported revenue of 1.035 billion yuan in the first half of 2025, a year-on-year decline of 12.21%, and a net loss of 97 million yuan, a year-on-year decline of 228.78% [4] - If Xiangpiaopiao's performance continues to decline, it may adversely affect Xintianli's financial results [4]

在Z世代健康消费浪潮加速重塑饮品行业的背景下，成立二十年的奶茶品牌香飘飘在关键节点启动"健 康升级"战略。 10月10日，香飘飘正式官宣乒乓球奥运冠军孙颖莎为品牌代言人(原叶现泡系列)，旨在宣传健康升级产 品线，以产品革新重塑奶茶价值、以冠军形象放大品质信任，倡导"好奶茶没那么贵"理念，实现向"健 康生活方式倡导者"的跃迁。 冠军精神赋能：健康形象转化为品牌信任 孙颖莎作为赛场上以创新打法和极致拼搏著称的运动员，其竞技风格体现了突破自我、追求极致的精 神，同时也象征着健康生活方式的自律与坚持。香飘飘选择她作为原叶现泡系列代言人，不仅是对品牌 形象的呈现，更是"健康升级"战略的核心支点：通过人格化表达，将抽象的健康理念具象化，让消费者 在感知产品力的同时建立对品牌的深度认同。 当行业仍在争论"健康是否为伪命题"时，香飘飘以二十年的产业积累给出答案：真正的健康升级，是每 片茶叶承载土地温度，每滴鲜奶蕴含科技突破，每一次消费选择都指向更美好的生活方式。 这一突破源于全链路健康管控：云南沧源"超级茶园"依托立体气候和红壤土壤，培育茶多酚含量更高的 大叶种茶树；杭州千岛湖茶园凭借湖区小气候孕育鸠坑种龙井"高山云雾出好茶 ...