香飘飘食品股份有限公司 授权管理制度 香飘飘食品股份有限公司 授权管理制度 第一条 为了加强香飘飘食品股份有限公司（以下简称"公司"）授权管理工作， 确保公司规范化运作，保护公司、股东和债权人的合法权益，根据《中华人民共和国 公司法》《中华人民共和国证券法》等法律、行政法规、部门规章以及《香飘飘食品 股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特 制定本制度。 第二条 本制度所称授权管理是指：公司股东会对董事会的授权；董事会对董事 长的授权；董事会对总经理的授权以及公司具体经营管理过程中的必要的授权。 第三条 授权管理的原则是，在保证公司、股东和债权人合法权益的前提下，提 高工作效率，使公司经营管理规范化、科学化、程序化。 第四条 股东会是公司的最高权力机构，有权对公司重大事项作出决议。 第五条 董事会是公司的经营决策机构。董事会应当建立严格的审查和决策程序， 重大投资项目应当组织有关专家、专业人员进行评审，并报股东会批准。 第六条 有关重大交易的决策权限划分： （一）本款所称重大交易，包括除公司日常经营活动之外发生的下列类型的事项： 1 （1）购买或者出售资产； （2）对外投资（ ...

【#香飘飘暂停绕地球原来是营销#】#香飘飘上半年亏损近亿元# 9月13日午间，香飘飘微博发文："紧 急公告，香飘飘暂停绕地球。" 香飘飘表示，截至2025年9月13日，"香飘飘绕地球"因突发不明原因暂停，目前正紧急排查具体情况。 公司第一时间成立专项排查小组，将以最快速度定位问题核心，并及时向公众同步进展。 网友们纷纷在评论区表示不解："这是在搞抽象吗？""绕地球圈数绕满了？""我有点看不懂"…… 当日晚间，香飘飘再次发文回应暂停绕地球，系品牌方营销活动。 2025年半年报数据显示，香飘飘报告期内营业收入为10.35亿元，同比下降12.21%；归属于上市公司股 东的净利润为-9739.09万元，同比增亏。 香飘飘解释称，现阶段，公司主要营收来源为冲泡奶茶，即冲即饮的特性决定了其热饮属性，在冬季可 作为御寒、补充体力的休闲饮品，受到消费者的广泛喜爱；夏季，该类产品冲泡、冷却过程较为繁琐， 因此销量较少。通常情况下，冲泡奶茶的销售在第二、第三季度进入淡季，在第四季度至次年第一季度 迎来销售旺季。（红星新闻，德塔） 香飘飘 @ 6 9 25-9-13 13:00 来自微博网页版 发布于 浙江 十关注 紧急公告: 香 ...

Core Viewpoint - The company Xiangpiaopiao is facing significant challenges in the competitive beverage market, leading to declining revenues and profits, and has recently made a public announcement regarding a new partnership that aims to revitalize its brand image [2][3][5]. Group 1: Company Performance - Xiangpiaopiao's latest semi-annual report indicates that in the first half of 2025, the company achieved revenue of 1.035 billion yuan, a year-on-year decline of 12.21%, and a net loss attributable to shareholders of 97.39 million yuan, a staggering drop of 230% [6]. - The company has reported a loss in the first half of the year for six consecutive years, with the current loss being the highest in the past three years [6]. - Since reaching a historical high of 35.09 yuan per share in August 2019, Xiangpiaopiao's stock price has been on a downward trend, closing at 13.53 yuan on September 12, 2025, representing a cumulative decline of over 60% [6]. Group 2: Market Context - The beverage market has seen a shift towards fresh ingredients and innovative brands, with competitors like Heytea and Nayuki Tea gaining popularity among younger consumers, which has pressured traditional brands like Xiangpiaopiao [5]. - New tea brands have proliferated, such as Mixue Ice City, further squeezing the market share of traditional instant tea products [5]. - Analysts suggest that Xiangpiaopiao's attempts at transformation and innovation have not yielded significant results, and the company's marketing strategies may not effectively resonate with modern consumers [6].

Core Viewpoint - The company Xiangpiaopiao has announced a temporary halt to its promotional campaign, which has sparked confusion among consumers, but later clarified that it is related to a partnership with a character named "Nailoong" [4][5]. Company Overview - Xiangpiaopiao, established in 2005, became known as "China's first milk tea stock" after its IPO in 2017. The brand was once a nostalgic favorite for many consumers [5]. - The company has struggled to maintain its market position as new tea brands like Heytea and Nayuki have emerged, focusing on fresh ingredients and innovative branding, leading to a shift in consumer preferences [5]. Financial Performance - The latest semi-annual report indicates that for the first half of 2025, Xiangpiaopiao achieved revenue of 1.035 billion yuan, a year-on-year decline of 12.21%. The net profit attributable to shareholders was a loss of 97.39 million yuan, marking a staggering year-on-year drop of 230% [6]. - This marks the sixth consecutive year of losses for the company in the first half of the year, with the loss amount being the highest in the past three years [6]. Market Confidence - Continuous decline in performance and revenue growth has led to diminishing market confidence in Xiangpiaopiao. Since reaching a historical high of 35.09 yuan in August 2019, the stock price has fallen to 13.53 yuan as of September 12, 2025, representing a cumulative decline of over 60% [7]. - Industry analyst Zhu Danpeng noted that despite efforts in transformation and innovation, the results have not been significant, and the company's marketing expenses remain high. The key challenge is to attract the new generation of consumers to the Xiangpiaopiao brand [7].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [8][19]. Core Views - The company's performance in the ready-to-drink segment is expected to drive core earnings, with overall performance anticipated to remain stable throughout the year [2][5]. - The ready-to-drink business has shown a year-on-year growth, while the brewed segment has faced slight pressure [3][5]. - The company is actively seeking transformation, focusing on non-distributor channels, which have shown strong performance [4][5]. Financial Performance Summary - For Q2 2025, the company reported revenues of 4.55 billion, with a year-on-year increase of 0.18%, but a significant increase in losses for net profit and net profit excluding non-recurring items [2][5]. - The revenue breakdown for H1 2025 shows the brewed segment at 4.23 billion (down 31.0% YoY) and the ready-to-drink segment at 5.91 billion (up 8.0% YoY), with the ready-to-drink segment accounting for 58.27% of total revenue [3][5]. - The company's gross margin for Q2 2025 was 27.02%, an increase of 1.31 percentage points YoY, while the net margin was -17.32%, a decrease of 5.23 percentage points YoY [5][12]. Revenue and Profit Forecast - The company expects to achieve net profits of 2.6 billion, 2.8 billion, and 3.0 billion for the years 2025, 2026, and 2027 respectively, reflecting a slight downward adjustment from previous estimates [5][12]. - The projected revenue for 2025 is 3.26 billion, with a growth rate of -0.96% [7][12]. Market Position and Valuation - The company has a total market capitalization of 5.59 billion, with a price-to-earnings ratio of 21.50 for 2025 [9][12]. - The company's earnings per share (EPS) is projected to be 0.63 for 2025, with a steady increase expected in subsequent years [7][12].

Core Viewpoint - The company "Xiangpiaopiao" announced an emergency suspension of its marketing campaign "绕地球" (Around the Earth) due to an unspecified reason, while assuring that product production, distribution, and after-sales services remain normal [3][9]. Group 1: Company Announcement - Xiangpiaopiao stated that the "绕地球" campaign has been a significant part of its brand identity since inception, reflecting consumer affection and recognition [3]. - A special task force has been established to investigate the situation, with updates to be communicated through official channels [3]. - The company emphasized the importance of the trust and companionship shared with consumers, urging them to remain calm while awaiting further information [3]. Group 2: Marketing Strategy - Following the initial announcement, the company revealed that the suspension was related to a new partnership with a character named "奶龙" (Nailoong), aimed at enhancing consumer engagement [6]. - The marketing strategy appears to pivot towards a more relatable and community-focused approach, inviting consumers to connect with the brand in everyday settings [6]. Group 3: Financial Performance - The company has faced significant financial challenges, reporting a revenue of 1.035 billion RMB for the first half of 2025, a decrease of 12.21% year-on-year [9][11]. - The net profit attributable to shareholders was reported at -97.39 million RMB, indicating a worsening financial position compared to previous periods [9]. - Sales of the company's instant tea products decreased by 31.04% to 423 million RMB, while ready-to-drink products saw an 8.03% increase to 591 million RMB [9][11]. Group 4: Operational Insights - The company has experienced a net reduction of 92 distributors during the reporting period, reflecting ongoing adjustments to its distribution strategy [12]. - Research and development expenses increased by 49.11% to 27.89 million RMB, indicating a focus on innovation despite declining sales [12].

Core Viewpoint - The company announced the suspension of the "绕地球" (Around the Earth) campaign due to an unspecified urgent issue, emphasizing the importance of consumer trust and the brand's connection with its audience [5][7]. Group 1: Announcement Details - The "绕地球" campaign has been a significant part of the brand's identity since its inception, symbolizing consumer affection and recognition [5]. - As of September 13, 2025, the campaign is temporarily halted while the company investigates the underlying cause of the issue [5][6]. - A special task force has been established to quickly identify the core problem and will provide updates to the public as progress is made [6]. Group 2: Operational Status - Despite the suspension of the campaign, the company's product production, distribution, and after-sales services remain normal and unaffected [7]. - The company reassures consumers that they can continue to purchase products without concern, and updates regarding the situation will be communicated through official channels [7].

Core Viewpoint - The company announced the suspension of the "around the world" campaign due to an unspecified urgent issue, emphasizing the importance of consumer trust and the brand's connection with its audience [4][5][6]. Group 1: Announcement Details - The "around the world" campaign has been a significant part of the brand's identity since its inception, symbolizing consumer affection and recognition [3][6]. - As of September 13, 2025, the campaign is temporarily suspended while the company investigates the underlying cause of the issue [4][6]. - A special task force has been established to quickly identify the core problem and provide timely updates to the public [4][5]. Group 2: Operational Status - Despite the suspension of the campaign, the company's product production, distribution, and after-sales services remain normal and unaffected [5][6]. - The company assures consumers that they will be informed of any developments regarding the investigation through official channels [5][6].

曾以"杯子绕地球40圈"闻名的"中国奶茶第一股"香飘飘（603711.SH），2025年上半年再度陷入业绩泥 潭。公司半年报显示，营收10.35亿元，同比下滑12.21%；归母净利润亏损9739万元，亏损额同比扩大 230%，创近年新高。在现制茶饮崛起与外卖补贴战的双重冲击下，其核心冲泡业务加速萎缩，即饮板 块虽首超冲泡成为营收支柱，但低毛利特性难挽整体颓势。 新茶饮挤压与外卖战下的生存困局 1. 现制茶饮降维打击：2025年上半年，蜜雪冰城、古茗等头部品牌营收增速超40%，门店总数突破5.3 万家和1.1万家，三线以下城市覆盖率分别达57.6%、81%。低价现制茶饮借助外卖平台"满25减21"等补 贴，实际到手价低至5元以下，直接冲击香飘飘主力价格带。 2. 渠道转型滞后：香飘飘经销商数量半年减少92家，收入同比下降17%，线上渠道占比不足15%。与之 对比，新茶饮品牌通过"两日一配"冷链（古茗）、100%自产供应链（蜜雪）构建壁垒，93.8%的茶百道 门店可实现补货次日达。 3. 营销高投入低转化：公司签约时代少年团、侯佩岑等代言人，在成都开设快闪店，销售费用率攀升至 32%。但即饮业务增速从一季度的13 ...

文 | 《BUG》栏目 徐苑蕾 2025年上半年，"中国奶茶第一股"香飘飘再度陷入业绩泥潭。 财报显示，公司实现营收10.35亿元，同比下降12.21%，归母净利润亏损9739万元，同比骤降230%。冲泡业务持续萎缩，即饮板块虽首超冲泡成为新支柱，但增速呈现放缓趋势。 为触达更多年轻消费者，今年香飘飘先后签约时代少年团和侯佩岑作为代言人，并在成都开设第二家快闪店。高举高打的营销策略使得香飘飘的销售费用率维持走高，2025年上半年为32%，较2 而随着香飘飘一系列营销动作的开展，"企二代"也更多走向台前。香飘飘超过七成的股权都掌握在创始人蒋建琪家族的手中，2024年蒋建琪获得的税前报酬总额为96.25万元。而蒋建琪的女儿 营收净利双降，冲泡业务失速 作为"中国奶茶第一股"，香飘飘在2005年推出冲泡式奶茶产品，一度占据国内冲泡奶茶市场半壁江山。不过，近些年，香飘飘业绩却陷入增长困境，公司营收从2019年的39.78亿元高点连续3 凌雁管理咨询首席咨询师林岳表示，即饮和现制奶茶崛起，具有新鲜、口味多样化、社交情绪等碾压性优势，而且在外卖平台补贴的影响下价格越来越低，对传统冲泡奶茶的市场空间造成巨大挤 谈及现制茶饮 ...