Group 1: Dekoli - Dekoli's Q1 2025 operating performance shows structural adjustments, with a slight revenue increase of 6% year-on-year, but a significant decline in profit margins due to high-margin business price adjustments, soaring DCI business costs, and product structure changes [1] - The 800G DCI product has entered the customer customization development stage, expected to be launched within the year, with no current plans to expand to L-band [1] - Capacity bottlenecks are anticipated to gradually ease in Q3-Q4, despite challenges in overseas base construction and domestic new production line certification [1] Group 2: Proya - In 2024, Proya is set to become the first beauty company in China to exceed 10 billion in revenue, aiming to enter the top ten global cosmetics industry within the next decade with its "Double Ten Strategy" [2] - The main brand Proya still has room for market share growth in China, focusing on developing series such as Source Power, Energy, Whitening, and Base Makeup [2] - The company plans to enhance its product matrix through online channels and explore new formats in offline channels, while also targeting the Southeast Asian market for product development and local partnerships [2] Group 3: Xiangpiaopiao - Xiangpiaopiao's milk tea business faces pressure in Q4 2024 and Q1 2025 due to external environment, internal strategy adjustments, and a long-termism approach [3] - The new product "Original Leaf Fresh Brew" has received positive feedback during trial sales, and the brand has gained significant visibility [3] - The company is focusing on optimizing product positioning for its "Lan Fang Yuan" frozen lemon tea and expanding its snack retail channels with customized products [3]

Core Viewpoint - The company reported a decline in revenue and profit for 2024 and Q1 2025, primarily due to external market pressures, but is actively working to stabilize pricing and improve channel inventory health [1][2][3] Financial Performance - For 2024, the company achieved revenue of 3.29 billion yuan, a year-on-year decrease of 9.3%, and a net profit of 250 million yuan, down 9.7% [1] - In Q1 2025, revenue was 580 million yuan, a decline of 20.0%, with a net loss of 20 million yuan compared to a profit in the same period last year [1] - The gross margin for 2024 was 38.3%, an increase of 0.8 percentage points, while Q1 2025 saw a gross margin of 31.2%, a decrease of 2.4 percentage points [2] - The net profit margin for 2024 was 7.7%, unchanged year-on-year, but Q1 2025 saw a net profit margin of -3.2%, a decline of 6.7 percentage points [2] Product and Market Analysis - The company’s instant drink segment showed resilience with a revenue increase of 8.0% in 2024, while the brewed segment saw a revenue decline of 15.4% [1] - Meco fruit tea achieved revenue of 780 million yuan in 2024, a growth of 20.7% [1] - The company is focusing on product innovation and channel adjustments to enhance market penetration and brand recognition, particularly in the instant drink category [3] Regional and Channel Performance - Revenue performance varied by region in 2024, with East China generating 1.47 billion yuan, down 8.7%, while Northeast China saw a slight increase of 4.6% [1] - In terms of sales channels, the company reported a revenue decline in e-commerce and direct sales, while export sales increased by 9.9% in 2024 [1] Future Outlook - The company forecasts net profits of 260 million yuan, 300 million yuan, and 320 million yuan for 2025 to 2027, with corresponding EPS of 0.62 yuan, 0.72 yuan, and 0.77 yuan [3] - The company maintains a positive outlook on future growth driven by product innovation and market trends towards health and youthfulness [3][4]

Core Viewpoint - The company, Xiangpiaopiao, is undergoing its "third entrepreneurship" to innovate its business fundamentals amidst declining performance due to competition from new tea beverage brands and the rise of ready-to-drink tea products [1][3]. Group 1: Financial Performance - In 2024, Xiangpiaopiao reported a revenue of 3.287 billion yuan, a year-on-year decline of 9%, and a net profit of 253 million yuan, down 10% [1]. - In Q1 2025, the company achieved approximately 580 million yuan in revenue, a year-on-year decrease of 19.98%, and a net loss of approximately 18.775 million yuan compared to a net profit of 25.2126 million yuan in the same period last year [1]. Group 2: Market Position and Competition - Xiangpiaopiao has maintained its position as the market leader in the cup-based instant tea segment for 13 consecutive years from 2012 to 2024 [1]. - The company faces significant competition from ready-to-drink tea products and fresh tea beverages, which have penetrated various consumer markets, leading to a decline in the instant tea segment [3]. Group 3: Business Strategy and Innovation - The company is focusing on the health upgrade of its instant tea products as part of its "third entrepreneurship," with a strategy aimed at "healthier categories, younger branding, scenario-based products, and daily consumption" [4]. - Xiangpiaopiao has increased its R&D expenses for five consecutive years, indicating a commitment to innovation, with new products like "original leaf light milk tea" launched in September 2023 [4][8]. - The company has opened two physical tea shops in key locations to rekindle consumer interest in instant tea, achieving significant sales with new product launches [4][6]. Group 4: Future Outlook - Analysts suggest that despite current performance pressures, Xiangpiaopiao is building momentum for recovery through strategic focus and innovation, with expectations for improved performance in 2025 as new products gain traction [8].

2025 年 4 月 28 日 公司研究 冲泡业务短期承压，期待即饮后续表现 ——香飘飘（603711.SH）2024 年年报与 25 年一季报点评 增持（维持） 当前价：14.02 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.13 | | 总市值(亿元)： | 57.86 | | 一年最低/最高(元)： | 10.13/20.78 | | 近 3 月换手率： | 97.98% | 股价相对走势 -42% -26% -11% 5% 21% 04/24 07/24 10/24 01/25 香飘飘 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.287 billion yuan in 2024, a decrease of 9.32% year-on-year, and a net profit attributable to shareholders of 253.19 million yuan, down 9.67% year-on-year. The Q4 revenue was 1.349 billion yuan, down 18.06% year-on-year, with a net profit of 235 million yuan, down 14.94% year-on-year. For Q1 2025, the revenue was 580 million yuan, down 19.98% year-on-year, and the net profit was -18.77 million yuan, a decline of 174.47% year-on-year [7][8] - The company's core business of instant products is under pressure, while ready-to-drink products are showing steady growth. The revenue from the instant business in 2024 was 2.271 billion yuan, down 15.42% year-on-year, while ready-to-drink business revenue was 970 million yuan, up 8% year-on-year, with Meco fruit tea revenue at 780 million yuan, a growth of 20.69% [7][8] - The decline in raw material costs has led to an increase in gross margin, with a net profit margin of 7.7% in 2024, a slight decrease of 0.03 percentage points year-on-year. The gross margin was 38.3%, an increase of 0.81 percentage points year-on-year [7][8] Summary by Sections Financial Performance - The total revenue for 2023 was 3.625 billion yuan, with a projected revenue of 3.287 billion yuan for 2024, and a slight increase to 3.320 billion yuan in 2025. The net profit for 2023 was 280.30 million yuan, expected to decrease to 253.19 million yuan in 2024, and slightly recover to 259.59 million yuan in 2025 [1][8] - The earnings per share (EPS) for 2024 is projected at 0.61 yuan, with a gradual increase to 0.78 yuan by 2027 [1][8] Market Data - The closing price of the company's stock is 12.78 yuan, with a market capitalization of approximately 5.274 billion yuan. The price-to-earnings (P/E) ratio is 22.85 for the current price and 22.29 for the latest diluted earnings [5][8] Cost and Expense Management - The company has optimized its expense structure, resulting in a slight decrease in sales expense ratio by 0.58 percentage points year-on-year, while the management expense ratio increased by 0.76 percentage points [7][8]

Core Viewpoint - The company Xiangpiaopiao (603711.SH) reported strong financial performance for 2024 and Q1 2025, with a focus on its differentiated cup-based beverage strategy to capture market opportunities and drive growth [1][2]. Financial Performance - In 2024, Xiangpiaopiao achieved total revenue of 3.287 billion yuan and a net profit attributable to shareholders of 253 million yuan [1]. - For Q1 2025, the company reported revenue of 580 million yuan, with the ready-to-drink segment showing significant growth, generating 266 million yuan, a year-on-year increase of 13.89% [1]. Product Strategy - The Meco fruit tea brand continues to innovate in flavors and formats, introducing new flavors like "Orange Jasmine" while maintaining popular options [2]. - Meco fruit tea has developed customized products for different sales channels, including portable packaging for snack retail channels, enhancing market adaptability [2]. Market Expansion - The company is focusing on core cities like Wuhan and Changsha, deepening its presence in campus markets while also expanding into snack retail channels, with over 20,000 stores now carrying Meco fruit tea and related products [2]. - Xiangpiaopiao is also extending its reach into dining scenarios such as hot pot and barbecue, reinforcing the unique "cup" feature of Meco fruit tea [2]. Operational Management - The company has increased R&D investment by 14.06% in 2024, developing innovative technologies for fresh milk preservation and packaging material research [3]. - Through a three-phase lean production initiative, the company has optimized production efficiency, resulting in significant cost reductions and improved operational effectiveness [3]. - A "Quality Traceability Project" has been initiated, along with the establishment of a "Super Tea Garden" to enhance the quality supply chain [3].

文 | 邢初 编辑 | 何子维 视觉 | 诺言 一头利落的短发，戴着墨镜，弹着吉他，在舞台上摇滚范十足——随着《浪姐6》的热播，一位姐姐多 次登上热搜——她就是蒋一侨，香飘飘创始人蒋建琪的千金。 蒋一侨的出现预示着，20年前的"茶饮鼻祖"香飘飘正在高调重回公众视线。 而不久前，在号称"中国最贵"的四川成都春熙路，一家"香飘飘奶茶线下店"开业活动引发关注。多名身 高模样出众的年轻男店员，站在店外迎客。 更引人瞩目的是，成都门店开业之前，香飘飘发布了店员招聘信息， 要求"身高 180cm以上、空乘专业 优先、气质形象佳"。 香飘飘门店的年轻店员们/图源：社交媒体截图 开业当天，门店秒变"男模秀场"。帅哥店员冲泡奶茶时，被人们围得水泄不通。 成都并不是香飘飘开设第一个线下店的城市。今年初，香飘飘"地球首家奶茶店"在杭州西湖畔的湖滨银 泰开业，虽然只运营20多天，但第一天就大排长龙，店面浪漫有格调，泡茶师帅气吸睛。 这些容貌出众的年轻男性，在现场做的并不是现制调配奶茶，而是用茶包进行泡制。要知道，作为中国 杯装奶茶鼻祖，香飘飘做的就是植脂末冲泡的"奶茶"，原本是没有茶叶的。 历来以冲泡勾兑奶茶为特色的香飘飘，一时间喊 ...

Core Insights - The company, Xiangpiaopiao, reported a revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with a notable 8% year-on-year growth in the ready-to-drink segment, driven by the Meco fruit tea series which grew by 20.69% [1] - The company is undergoing a transformation to address the challenges posed by declining consumer demand and increasing competition from freshly made tea drinks, focusing on brand rejuvenation, product healthiness, and differentiated offerings [1][4] Brand Rejuvenation - Xiangpiaopiao has successfully engaged younger consumers by launching "original leaf brewing" pop-up stores in Hangzhou and Chengdu, creating emotional resonance through interactive experiences [4] - The brand's social media presence surged, with a 320% increase in content volume and over 5.45 million interactions in December 2024, indicating effective experiential marketing [4] - The pricing strategy aligns with market trends, offering high-quality products at competitive prices, such as the "original leaf brewing" light milk tea priced between 9-12 yuan, appealing to cost-conscious young consumers [4][5] Product Healthiness - The company has implemented a "three-zero standard" (zero trans fats, zero plant fats, zero artificial flavors) to enhance the health profile of its products, positioning them as fresh and high-quality alternatives [6][8] - The "original leaf brewing light milk tea" exemplifies this health upgrade, utilizing high-quality tea leaves and advanced preservation techniques to ensure freshness and taste [6][11] - This health-focused approach not only challenges traditional perceptions of instant tea but also aligns with the growing consumer demand for healthier options [8] Ready-to-Drink Growth Logic - Xiangpiaopiao has chosen to focus on the cup-based market rather than the bottled segment, achieving a 13.89% year-on-year growth in ready-to-drink sales for Q1 2025, with Meco fruit tea sales increasing by 20.68% [9] - The company employs a customized channel strategy, tailoring products to different consumer needs and occasions, such as small packaging for convenience stores and gift sets for the gifting market [9][10] - Marketing efforts are concentrated in key cities, utilizing a combination of online and offline strategies to enhance brand visibility and consumer engagement [10] Research and Development Focus - The company increased its R&D investment by 14.06% year-on-year, outpacing revenue growth, indicating a commitment to innovation in a competitive market [10] - Advanced sterilization technologies are being integrated into core products, ensuring freshness and quality while eliminating preservatives [11] - The shift from marketing-driven to product-driven strategies is seen as crucial for long-term value creation and sustainable growth [11]

Core Insights - The leading bubble tea company, Xiangpiaopiao, reported a total revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with a proposed cash dividend of 2.5 yuan per 10 shares [1] - In Q1 2025, the company achieved a revenue of 580 million yuan, with the ready-to-drink segment showing significant growth, generating 266 million yuan, a year-on-year increase of 13.89% and a quarter-on-quarter increase of 54.82% [1] Group 1: Business Strategy - The company has established a "dual-driven" strategy focusing on long-term health development through product innovation, channel optimization, and brand rejuvenation, while consolidating its core bubble tea business and promoting steady growth in the ready-to-drink segment [1] - For 2024, the company set a development strategy for its bubble tea business that includes health-oriented products, brand rejuvenation, scenario-based products, and daily consumption [1] Group 2: Ready-to-Drink Business - The ready-to-drink segment is identified as the second growth curve for the company, with a focus on Meco fruit tea, emphasizing differentiated cup packaging and aligning with freshly brewed tea drinks to create competitive space [2] - In Q1 2025, the ready-to-drink business saw a sales revenue increase of 13.89% year-on-year and 54.82% quarter-on-quarter, with Meco fruit tea's sales revenue growing by 20.68% year-on-year and 67.73% quarter-on-quarter, indicating strong market demand and growth potential [2] Group 3: Channel Strategy - Meco fruit tea employs a multi-channel strategy, focusing on deepening market penetration in key cities like Wuhan and Changsha, particularly in campus areas, while also expanding into emerging channels such as snack retail [3] - The company plans to further enhance the health aspect of its milk tea products in 2025, aiming to provide better value products, and will explore coffee and ready-to-drink milk tea markets to expand its business [3]

分地区来看，各地区营收有增有减。华东地区营收14.65亿元，同比下降8.66%；华中地区营收4.99亿 元，同比下降5.72%；西南地区营收4.14亿元，同比下降10.89%；西北地区营收2.52亿元，同比下降 14.61%；华北地区营收1.65亿元，同比下降12.62%；华南地区营收1.19亿元，同比下降7.62%；东北地 区营收0.46亿元，同比增长4.55%；电商渠道营收1.86亿元，同比下降25.42%；出口营收0.19亿元，同比 增长9.87%。 净利润下降，盈利能力承压 归属于上市公司股东的净利润为2.53亿元，较去年的2.80亿元下降了9.67%。归属于上市公司股东的扣 除非经常性损益的净利润为2.18亿元，同比下降5.82%。加权平均净资产收益率为7.41%，较去年的 8.67%减少1.26个百分点；扣除非经常性损益后的加权平均净资产收益率为6.37%，较去年的7.15%减少 0.78个百分点。基本每股收益为0.62元/股，同比下降8.82%；扣除非经常性损益后的基本每股收益为 0.53元/股，同比下降5.36%。这些数据表明公司盈利能力有所下降。 费用控制有成效，研发投入增加 销售费用为7. ...