Core Viewpoint - Xiangpiaopiao is actively seeking to regain its consumer base by exploring various channels, including snack stores, Sam's Club, and convenience stores, while also launching pop-up stores to engage with consumers directly [1][2][3]. Group 1: Market Challenges and Internal Changes - Xiangpiaopiao, founded in 2005, was once a market leader in cup-based instant milk tea but now faces challenges due to market fragmentation and evolving consumer demands [2][4]. - The company is undergoing a gradual internal transformation, integrating product development with channel management to streamline operations and enhance product launch speed [3][5]. - The chairman, Jiang Jianqi, aims to position Xiangpiaopiao as the "Zara of the milk tea industry," focusing on rapid product development and market responsiveness [3][6]. Group 2: Product Development and Market Strategy - Xiangpiaopiao is exploring new product lines, transitioning from instant to ready-to-drink options, and experimenting with various flavors and formats to meet diverse consumer preferences [6][8]. - The company has established two main product lines: instant and ready-to-drink, with a focus on creating a rich product matrix within these categories [6][7]. - The ready-to-drink segment, particularly the Meco brand, has shown significant growth, with sales increasing from over 300 million to nearly 1 billion in five years [9]. Group 3: Channel Expansion and Consumer Engagement - In 2024, Xiangpiaopiao plans to embrace the rapid expansion of snack stores, aiming to customize products for these new channels to differentiate from traditional offerings [25][26]. - The company is also testing new products through pop-up stores, which serve as a platform for consumer interaction and product validation [20][21]. - Xiangpiaopiao's strategy includes launching over 20 new SKUs targeted at different channels, reflecting a commitment to adapt to market changes and consumer segmentation [11][14]. Group 4: Operational Adjustments and Future Outlook - The company is working on enhancing production flexibility to meet the diverse and evolving demands of consumers, moving from large-scale production to smaller, customized batches [26][27]. - Jiang Jianqi emphasizes the importance of maintaining strong relationships with distributors while navigating the challenges posed by new market dynamics [33][34]. - The company aims to leverage its established brand recognition while innovating to stay competitive in a rapidly changing beverage market [30][34].

Core Viewpoint - Xiangpiaopiao is actively seeking to regain its consumer base by exploring various channels, including snack stores, Sam's Club, and convenience stores, while also launching pop-up stores to engage with consumers [1][2][3] Group 1: Market Challenges and Internal Changes - The company, founded in 2005, initially thrived in the cup-based milk tea market but now faces challenges as consumer demands diversify and competition intensifies [2][4] - To adapt to fragmented channels, the company has initiated internal reforms, integrating product development with channel management to streamline operations [3][4] - Xiangpiaopiao aims to become the "Zara of the milk tea industry," focusing on rapid product development and market responsiveness [3][4] Group 2: Product Development and Market Strategy - The company has been exploring new product lines, transitioning from instant to ready-to-drink options, and experimenting with various flavors and formats [6][9] - Xiangpiaopiao's ready-to-drink brand, Meco, has grown significantly, achieving nearly 1 billion in sales, highlighting the potential of the ready-to-drink market [12][13] - The company plans to launch over 20 new SKUs in 2024, targeting different channels and consumer segments [15][17] Group 3: Channel Expansion and Consumer Engagement - The company is focusing on expanding into snack retail channels, recognizing their rapid growth and the need for customized products to differentiate from traditional channels [26][29] - Xiangpiaopiao is implementing a three-step product testing process using pop-up stores to gauge consumer interest before wider distribution [22][23] - The company acknowledges the importance of maintaining strong relationships with its 1,827 distributors while adapting to new market dynamics [38][39]

Core Viewpoint - The company is actively engaging in product innovation and market exploration, particularly focusing on new tea products and expanding its distribution channels, while also addressing cost management and sales team restructuring. Product Performance - The company has launched new tea products, including "Original Leaf Fresh Brew Light Milk Tea" and "Original Leaf Fresh Brew Milk Tea," which are currently in trial sales in select online and offline regions. The "Original Leaf Fresh Brew" series aims to fill a gap in the gift market and has received positive feedback [2] - The company is exploring new flavors for the "Original Leaf Fresh Brew Light Milk Tea" based on market trends, including "Ming Qian Special Grade Longjing" and "Xin Hui Chen Pi Moonlight White" [2] Meco Fruit Tea Strategy - Meco fruit tea is a core part of the ready-to-drink business, with plans to deepen school channels and explore snack retail and gift channels. New flavors like "Orange Jasmine" and "Mulberry Jasmine" have been introduced [3] - The company is focusing on content marketing to enhance brand communication with consumers [3] Collaboration with Snack Retail Channels - The company is actively developing its snack retail channel, with over 30,000 stores in direct cooperation. Customized products for snack retail channels are currently in trial sales [4] Sales Team Adjustment - In 2024, the company restructured its brewing and ready-to-drink teams to adapt to market changes, with a focus on the brewing team for lower-tier markets and a dedicated team for core cities [5] Distribution Structure of Ready-to-Drink Products - Ready-to-drink products have a significant sales presence in first and second-tier cities, primarily through campus and convenience store channels, with ongoing exploration of snack channels [6] Cost Management Outlook - The company employs a fiscal year price-locking model for procurement and is focused on controlling raw material prices while optimizing costs through packaging updates and lean production [7] Expense Investment Planning - The company plans to maintain a prudent approach to expense investment, with significant investment in the ready-to-drink segment, while ensuring effective cost management to balance profitability [9] Financial Performance - In Q1 2025, the company reported a main revenue of 580 million yuan, a year-on-year decrease of 19.98%, and a net profit of -18.775 million yuan, down 174.47%. The gross margin was 31.19% [9]

Core Viewpoint - The company has announced a cash dividend distribution plan for the fiscal year 2024, with a total cash dividend of RMB 103,218,525, translating to RMB 0.25 per share for its shareholders [1][2]. Summary by Sections Dividend Distribution Plan - The cash dividend distribution is based on a total share capital of 412,874,100 shares, with each share receiving a cash dividend of RMB 0.25 (including tax) [2]. - The distribution plan was approved at the company's annual general meeting on May 16, 2025 [1]. Relevant Dates - The key dates for the dividend distribution are as follows: - Share registration date: July 8, 2025 - Last trading day: July 9, 2025 - Ex-dividend date: July 9, 2025 [2]. Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the close of trading on the share registration date [2]. - There will be no issuance of bonus shares or capital increase; the total share capital will remain unchanged after the distribution [2]. Taxation on Dividends - For individual shareholders and securities investment funds, the cash dividend will not have personal income tax withheld at the time of distribution. The actual cash dividend per share will be RMB 0.25 [3][6]. - Tax implications vary based on the holding period of the shares, with different effective tax rates applied depending on whether the holding period is within one month, between one month and one year, or over one year [6][7]. Contact Information - For inquiries, the company can be contacted at its securities affairs department located in Hangzhou, Zhejiang Province, with a provided phone number for further assistance [7].

证券代码：603711 证券简称：香飘飘 公告编号：2025-023 香飘飘食品股份有限公司 关于股票期权激励计划2025年第二季度 自主行权结果暨股份变动公告 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： 本次行权股票数量：2025 年第二季度，香飘飘食品股份有限公司（以下 简称"公司"）2023 年股票期权激励计划（以下简称"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 189,600 股。 公司 2023 年股票期权激励计划首次授予部分股票期权第一个行权期的 实际可行权期间为 2024 年 12 月 13 日至 2025 年 7 月 6 日。因公司开展 2024 年 年度权益分派工作，2025 年 6 月 23 日至 2025 年 7 月 6 日期间股票期权的全部 激励对象将限制行权。 本次行权股票上市流通时间：采用自主行权模式，激励对象行权所得股 票于行权日（T 日）后的第二个交易日（T+2）日上市交易。 2025 年第二季度，公司股票期权激励计划激励对象行权且完成股份过户 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-022 香飘飘食品股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.25元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/8 | － | 2025/7/9 | 2025/7/9 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。《香飘飘 2024 年年度股东大会决议公告》（公告编号：2025-016）已于 2025 年 5 月 17 日刊登于《中 国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交易所网站（www.sse.com.cn）。 （2）公司本次权益分派实施方案中，不存在派送红股或转增股本事项，本次分配后公司 总股本不变。 差异化分红送 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-021 二、本次限制行权期间为：2025 年 6 月 23 日至 2025 年 7 月 6 日，在此期 间股票期权（期权代码：1000000423）的全部激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公 司申请办理限制行权相关事宜。 特此公告。 香飘飘食品股份有限公司董事会 2025 年 6 月 20 日 关于股票期权激励计划限制行权期间的 提示性公告 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"）计划开展 2024 年年度权益 分派工作，根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律 监管指南第 2 号——业务办理》《香飘飘食品股份有限公司 2023 年股票期权激 励计划（草案）》以及中国证券登记结算有限责任公司上海分公司关于股票期权 自主行权的相关规定，现对公司 2023 年股票期权激励计划处于自主行权期的股 票期权自主行权时间进行限制，具体情况如下： 一、公司 20 ...

公司已于近期取得了浙江省市场监督管理局换发的《营业执照》，完成了工 商变更登记手续，变更后的《营业执照》登记的相关信息如下： 统一社会信用代码：91330500778299605T 证券代码：603711 证券简称：香飘飘 公告编号：2025-020 香飘飘食品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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"）于 2025 年 4 月 25 日召开了 第四届董事会第二十一次会议、2025 年 5 月 16 日召开了 2024 年年度股东大会， 审议通过了《关于取消监事会、变更营业执照经营期限并修订<公司章程>的议案》， 鉴于公司营业执照的经营期限将于 2025 年 8 月 11 日届满，同意变更营业期限为 长期。具体内容详见公司于 2025 年 4 月 26 日、2025 年 5 月 17 日刊登于上海证 券交易所网站（www.sse.com.cn）及相关指定媒体的《香飘飘食品股份有限公司 第四届董事会第二十一次会议决议公告》（公告 ...

Market Overview - The Shanghai Composite Index closed at 3376.58 points, above the five-day moving average, with an increase of 0.43% [1] - The total trading volume of A-shares reached 742.505 billion yuan [1] Stocks Performance - A total of 1307 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Keheng Co., Ltd. (300340) with a deviation rate of 14.75% and a daily increase of 20.02% [1] - Taicheng Light (300570) with a deviation rate of 10.38% and a daily increase of 14.14% [1] - Pinwo Food (300892) with a deviation rate of 9.59% and a daily increase of 13.08% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Kunlun Technology (831152) with a deviation rate of 9.36% and a daily increase of 13.26% [1] - Fengfan Co., Ltd. (601700) with a deviation rate of 7.43% and a daily increase of 9.91% [1] - Chuan Yi Technology (002866) with a deviation rate of 7.38% and a daily increase of 9.98% [1]

Market Overview - The three major A-share indices rose collectively in the morning session, with the Shanghai Composite Index up 0.43%, the Shenzhen Component Index up 0.91%, the ChiNext Index up 1.22%, and the North Star 50 Index up 1.16% [1] - The total market turnover for the half-day was 742.5 billion yuan, a decrease of 21.4 billion yuan compared to the previous day, with nearly 4,000 stocks rising [1] Sector Performance - Leading sectors included copper cable high-speed connections, solid-state batteries, consumer goods, and delisting stocks, while airport shipping and logistics sectors saw declines [2] - The consumer goods sector was notably active, with stocks such as Jinling Sports, Lehui International, and others hitting the daily limit [2] - Solid-state battery stocks also performed well, with companies like Keheng Co. and Longpan Technology reaching the daily limit [2] - AI hardware concepts rebounded, with stocks like Huamai Technology and Derun Electronics hitting the daily limit [2] - The logistics sector experienced declines, with companies like Baoshui Technology and Xinning Logistics among the biggest losers [2] Hot Stocks and Trends - The strongest sectors included new energy vehicles, e-commerce, and the Guangdong-Hong Kong-Macao Greater Bay Area, with multiple stocks hitting the daily limit [4] - In the new energy vehicle sector, nine stocks reached the daily limit, with three stocks achieving consecutive limit-ups [4] - The e-commerce sector also saw nine stocks hitting the daily limit, with two stocks achieving consecutive limit-ups [4] - The Greater Bay Area sector had eight stocks hitting the daily limit, with two stocks achieving consecutive limit-ups [4] Specific Stock Movements - Stocks with significant movements included Hainan Haiyao, Zhongheng Design, and Yongyue Technology, which achieved three consecutive limit-ups [3] - Other notable stocks with two consecutive limit-ups included Jiu Zhi Tang, Cuihua Jewelry, and Jinling Sports [3] News Impacting Specific Sectors - The drone sector is gaining attention following the UK's commitment to provide 100,000 drones to Ukraine by April 2026, significantly increasing the scale of support [5] - The football concept is also gaining traction, with the "Super League" matches attracting significant viewership and attendance [5] - Nvidia regained its position as the world's most valuable publicly traded company, with its stock rising approximately 3% on Tuesday and a cumulative increase of nearly 24% over the past month [7]