Core Viewpoint - The company is focusing on product innovation towards "health" and "youth" to meet consumer demands, with a particular emphasis on functional health products [1] Product Development - The company has launched a new functional health product, "Gu Fang Wu Hong" warm milk tea, which is currently in trial sales [1] - This marks the company's first attempt in the functional health tea beverage category [1] - The company has partnered with Zhejiang Chinese Medical University to enhance research and development in health beverage innovation [1]

证券日报网12月18日讯香飘飘（603711）在12月17日回答调研者提问时表示，即饮业务产能利用率的提 升，关键在于销售规模的提升。未来，公司将会持续加强对即饮业务杯装新品类的探索研发，积极探索 即饮业务的渠道建设运营模式，并创新宣传形式来提升消费者的品牌认知，努力提升销售规模；同时积 极寻找外部合作代工的机会，希望能够不断提升杯装即饮的产能利用率水平。 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-048 香飘飘食品股份有限公司 关于公司参与认购投资基金份额的进展公告 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： | 投资标的名称 | 长沙泉仲创业投资合伙企业（有限合伙）（以下简称 "合伙企业"） | | | | --- | --- | --- | --- | | 投资金额（万元） | 10,000 | 万元 | | | 投资进展阶段 | 完成 √进展 | 终止 | 交易要素变更 | | 特别风险提示（如有请 | 募集失败 | | | | | 未能完成备案登记 | | | | | 提前终止 | | | | | 发生重大变更 | | | | | √其他：合伙企业在投资过程中受宏观经济、行业 | | | | 勾选） | 周期的不确定性等多种因素影响，可能面临投资效 | | | | | 益不达预期的风险；合伙企业投资项目从接触、投 | | | | | 资、退出，一般经历较长时间，投资计划可能推迟 | | | | | 或延后，退出安排可 ...

Group 1 - The beverage and dairy sector increased by 0.75% on December 17, with Zhuangyuan Pasture leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] - Zhuangyuan Pasture's stock price rose by 10.05% to 11.28, with a trading volume of 174,000 shares and a transaction value of 191 million yuan [1] Group 2 - The beverage and dairy sector saw a net outflow of 26.73 million yuan from institutional funds, while retail investors experienced a net outflow of 104 million yuan [2] - The stock of Huangshi Group fell by 10.04% to 4.12, with a trading volume of 1.7865 million shares and a transaction value of 765 million yuan [2] - The stock of Beiningmei decreased by 2.22% to 6.17, with a trading volume of 805,400 shares and a transaction value of 498 million yuan [2]

Core Insights - The article discusses the year-end review of the beverage market, focusing on the top 100 new products from December 2024 to November 2025, and compares them with the same period from the previous year to identify trends and shifts in the market [1][4]. Summary by Sections Overview of the Year-End Review - The year-end review will analyze the top 100 new beverage products and their market performance over the specified period, highlighting new trends and shifts in consumer preferences [1]. Data Collection and Methodology - The data for the top 100 products is sourced from the "马上赢" brand CT and various models, covering a wide range of retail channels across major cities in China [3]. - The selection criteria for the top 100 products exclude private label products and multi-pack items, focusing solely on individual SKUs based on sales revenue [1][2]. Market Performance Analysis - The beverage market is categorized into ten subcategories, including packaged water, functional drinks, dairy drinks, ready-to-drink tea, and more [4][5]. - The analysis reveals that dairy drinks are the only category exceeding 20% market share, while ready-to-drink tea, functional drinks, and carbonated beverages also hold significant shares [8]. Year-on-Year Comparison - A comparison between the two periods shows that the market share of dairy drinks has decreased by approximately 2%, with a sales growth decline of over 13% [13]. - Functional drinks and ready-to-drink juices have shown positive growth, while traditional categories like carbonated drinks and Asian traditional beverages have experienced declines [12][13]. New Product Trends - The top 100 new products for the current year show a significant increase in non-refrigerated ready-to-drink juices and sweetened ready-to-drink teas, while categories like sugar-free ready-to-drink tea and sports drinks have seen a reduction in new product entries [19][14]. - Notably, the top brands include "元气森林" and "康师傅," each with multiple products in the top rankings, indicating strong competition and innovation in the beverage sector [19][22]. Pricing and Specifications - The average price per 100ml for new products varies across categories, with non-refrigerated ready-to-drink juices and sweetened ready-to-drink teas generally priced higher [28]. - The distribution of product specifications indicates a growing preference for larger packaging sizes, reflecting changing consumer consumption patterns [25]. Launch Timing Insights - The timing of new product launches has shifted, with a noticeable increase in products launched in February and March compared to the previous year, suggesting a trend towards earlier market entry [31].

Core Viewpoint - Xiangpiaopiao is undergoing a transformation by expanding its business scope to include health food production and sales, aiming to adapt to the changing market dynamics and address declining performance in its core milk tea business [2][6]. Business Adjustment - The company has approved amendments to its articles of association to include "health food production" and "health food (pre-packaged) sales" in its business scope, indicating a strategic shift towards the health food sector [2][4]. Financial Performance - Xiangpiaopiao's revenue peaked at 39.78 billion yuan in 2019 but has seen a continuous decline over the past four years, dropping to 31.28 billion yuan in 2022. Although there was a brief recovery to 36.25 billion yuan in 2023, projections for 2024 indicate a further decline of approximately 9% in both revenue and net profit [6][12]. - In the first three quarters of 2025, the company reported a 13.12% year-on-year revenue decline and a net loss of nearly 90 million yuan, marking a 603.07% drop compared to the previous year [6]. Market Context - The health food market is experiencing rapid growth, with online sales reaching 129.89 billion yuan in the previous year, a 15.2% increase, and sales volume exceeding 733 million units, up nearly 20% [8]. - Analysts suggest that entering the health food sector is a logical move for Xiangpiaopiao, as it seeks new growth engines amid stagnation in its core business [7]. Challenges Ahead - Xiangpiaopiao faces significant challenges in entering the health food market, including high industry barriers, regulatory complexities, and the need for substantial research and development investment [9][10]. - The competitive landscape is dominated by established brands with strong market presence, making it difficult for new entrants to gain consumer trust and market share [9]. - There is a potential conflict in brand perception, as Xiangpiaopiao is known for its "delicious" and "convenient" image, while health food emphasizes "health" and "efficacy," posing a challenge for effective brand transition [10]. Strategic Initiatives - The company is also exploring new business avenues, such as opening offline tea shops focused on "original leaf brewing" to enhance brand visibility and consumer engagement [12]. - Recent leadership changes and attempts to modernize management practices indicate ongoing efforts to navigate the company's challenges and improve operational efficiency [12][13].

Core Viewpoint - The company is currently conducting an online trial sale of its new product "Gu Fang Wu Hong" warm milk tea, which is still in the early stages of development [1] Group 1 - The new product is in the initial phase of market testing [1] - The company will continue to monitor the performance of the new product [1] - The company plans to actively advance its channel construction based on the product's suitable distribution channels [1]

香飘飘食品股份有限公司 2025年第三次临时股东会会议资料 一、会议及投票时间 现场会议：2025 年 12 月 22 日（星期一）14:00 网络投票：2025 年 12 月 22 日（星期一）采用上海证券交易所网络投票系 统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30,13:00-15:00；通过互联网投票平台的投票时间为股东会 召开当日的 9:15-15:00。 香飘飘食品股份有限公司 2025 年第三次临时股东会会议资料 2025 年 12 月 22 日 香飘飘食品股份有限公司 2025年第三次临时股东会会议资料 会议资料之一 会议议程 二、现场会议地点 浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 13 楼 1 号会议室 三、会议主持人 香飘飘食品股份有限公司董事长、总经理蒋建琪先生。 五、会议流程 四、会议审议事项 1、审议《关于调整经营范围并修订<公司章程>的议案》 （一）会议开始 1、参会人员签到，股东或股东代表登记； 2、会议主持人宣布会议开始（14:00）； 3、会议主持人介绍到会股东及来宾情况、会议须知。 （二）宣读议案 ...

Core Viewpoint - Xiangpiaopiao (603711) emphasizes its commitment to user operation as the core strategy, focusing on content marketing and integrated online-offline communication to strengthen emotional connections with consumers [1] Group 1: Marketing Strategy - The company aims to deepen the "product-sales integration" marketing loop to ensure high-quality content reaches a broader audience [1] - Xiangpiaopiao plans to enhance brand influence through continuous efforts in content marketing and consumer engagement [1] Group 2: Brand Development - The company is focused on reinforcing the emotional bond between the brand and consumers as a key aspect of its marketing strategy [1]

Core Viewpoint - Xiangpiaopiao announced the adjustment of its business scope to include "health food production" and "health food (pre-packaged) sales" in its articles of association, aiming to provide more flexibility for future product innovation [1] Business Scope Adjustment - The company will hold its sixth meeting of the fifth board of directors on December 5, 2025, to review the proposal for adjusting its business scope and revising the articles of association [1] - The adjustment is described as a routine supplement to the business scope, with no changes to the company's strategic focus, resource allocation, or core business [1] Future Product Innovation - The revision of the articles of association is intended to reserve more flexible space for future product innovation [1] - The company's main business development remains stable despite the changes in the business scope [1]