炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 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2024年中期增 加3.5个百分点。 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。而蒋建琪的女儿蒋晓莹加入公 司已近10年，奠定公司年轻化战略基础，并自2024年开始打造个人IP账号"奶茶姐姐"。 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201 ...

Core Viewpoint - The company acknowledges the impact of low-priced tea beverage stores on its products and the overall pre-packaged beverage market, while also highlighting its strategy to enhance product quality and price ratio to remain competitive [1] Group 1 - The company differentiates its product pricing from high-end new tea beverages, indicating a strategic positioning in the market [1] - The low-priced tea beverage stores are creating a certain level of disruption for the company and nearly all pre-packaged beverage brands [1] - The company aims to complement offline tea beverage stores by leveraging its pre-packaged products to cover consumer scenarios that these stores cannot reach [1] Group 2 - The company is focused on improving the "quality-price ratio" of its products to better compete in the market [1]

Core Viewpoint - The company is actively engaging in market research and product development to enhance its sales performance, particularly focusing on its new product lines and channel expansion strategies. Group 1: Inventory and Seasonal Preparation - The company's current inventory for its brewing business is reported to be in a healthy state, with plans to delay the start of seasonal stocking to align closer to peak sales periods [2] - The company aims to strengthen brand marketing and channel layout to support sales during the upcoming peak season [2] Group 2: Product Performance and Innovation - The newly launched "Original Leaf Instant Tea" series is part of the company's strategy to modernize its brand and product offerings, with positive feedback received during trial sales [3] - The company is exploring new flavors for its "Original Leaf Instant Tea" products based on market trends, enhancing its product line with innovative options [3] Group 3: Channel Expansion - The company is focusing on expanding its Meco fruit tea in various channels, including campuses and snack retail, to increase market penetration [4] - The company has established partnerships with over 30,000 snack retail outlets to enhance its presence in this channel [6] Group 4: Cost Management - The company employs a fiscal year price-locking strategy for raw material procurement, aiming to control costs effectively [5] - The company is also optimizing costs through packaging updates and lean production methods [5] Group 5: Sales Performance and Market Strategy - Meco fruit tea has shown strong sales performance due to effective brand promotion and unique product differentiation [7] - The company is actively exploring opportunities in the restaurant channel by customizing products for specific market needs [8] Group 6: New Product Development - The company plans to continuously introduce new flavors for its Meco fruit tea and enhance its Original Leaf Instant Tea offerings to meet consumer demands [9] - The company is also working on refreshing its coconut series products and exploring potential functional beverage markets [9] Group 7: Financial Performance - For the first half of 2025, the company reported a main revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%, and a net profit loss of approximately 97.39 million yuan, a decline of 230.13% [15] - The second quarter showed a slight revenue increase of 0.18% year-on-year, indicating some recovery despite overall declines [15] Group 8: Future Outlook - The company is committed to exploring overseas market opportunities, with positive sales performance for Meco fruit tea in select countries [11] - The company is focused on maintaining a balanced approach to marketing expenditures while enhancing brand visibility and product sales [10]

Core Viewpoint - The company, Xiangpiaopiao, has experienced a significant decline in revenue and is struggling to regain its market position amidst the rise of new-style tea drinks [1][7]. Group 1: Financial Performance - In the first half of the year, Xiangpiaopiao reported revenue of 1.035 billion yuan, a year-on-year decline of over 12%, with a net loss approaching 100 million yuan [1]. - The company's revenue from ready-to-drink products has shown growth, with figures of 638 million yuan in 2022, 901 million yuan in 2023, and projected 973 million yuan in 2024, indicating three consecutive years of growth [5]. Group 2: Marketing and Brand Strategy - To attract younger consumers, the company has engaged in various marketing efforts, including participation in reality shows and recruiting a "tea-making boy band" with specific physical criteria [2]. - Despite these marketing initiatives, the company has stated that there are currently no plans to open tea drink chain stores [2]. Group 3: Strategic Direction - The founder, Jiang Jianqi, recognized the impact of street drink shops on their business as early as 2015 and identified three potential paths for growth: opening chain stores, becoming a supplier for tea shops, or developing ready-to-drink products [3][4]. - The company ultimately chose to focus on ready-to-drink products, leveraging its fast-moving consumer goods (FMCG) background [4]. Group 4: Profitability Challenges - The gross margin for ready-to-drink products is significantly lower than that of brewed products, with a gross margin of 44.4% for brewed products compared to only 24.88% for ready-to-drink products in 2024 [6]. - Despite the growth in ready-to-drink sales, the company still relies heavily on brewed tea for its main revenue, which exposes it to seasonal risks [7].

Core Viewpoint - The takeaway from the recent financial report of Xiangpiaopiao is that the company is facing significant challenges, particularly in its instant tea segment, which has seen a substantial decline in revenue, while the ready-to-drink segment is becoming more prominent but is not yet profitable [2][5][7]. Financial Performance - In the first half of 2025, Xiangpiaopiao reported revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%, with a net loss of 97.39 million yuan, marking a 230.13% increase in losses compared to the previous year [2][5]. - The revenue from the instant tea segment fell by 31.04% to 423 million yuan, while the ready-to-drink segment grew by 8.03% to 591 million yuan, indicating a shift in revenue sources [4][5]. - The overall revenue from the instant tea segment has declined from 3.067 billion yuan in 2020 to 2.271 billion yuan in 2024, reflecting a long-term downward trend [4]. Market Dynamics - The instant tea segment's revenue contribution has dropped from 52.8% to 41.7%, while the ready-to-drink segment now accounts for 58.3% of total revenue [5][7]. - The competitive landscape in the beverage industry is intensifying, with significant price competition from major delivery platforms affecting traditional beverage sales [10]. Inventory and Supply Chain - The inventory turnover days for Xiangpiaopiao increased to 37.75 days, the highest in five years, indicating slower product movement [11]. Strategic Initiatives - The company plans to maintain a "dual-engine" strategy focusing on both instant and ready-to-drink products, with efforts to improve channel stocking and inventory management in the instant tea segment [12][13]. - New product development will be emphasized in the ready-to-drink segment, exploring new market opportunities [13].

Company Overview - Xiangpiaopiao Food Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 12, 2005. It was listed on November 30, 2017. The company specializes in the research, production, and sales of milk tea products [1][2] - The main business revenue composition includes: 69.09% from instant products, 29.61% from ready-to-drink products, and 1.30% from other supplementary products [1] Financial Performance - For the first half of 2025, Xiangpiaopiao achieved operating revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%. The net profit attributable to the parent company was -97.39 million yuan, a year-on-year decrease of 230.13% [2] - Since its A-share listing, the company has distributed a total of 757 million yuan in dividends, with 313 million yuan distributed over the past three years [3] Stock Market Activity - As of September 4, the stock price of Xiangpiaopiao increased by 2.04%, reaching 13.51 yuan per share, with a total market capitalization of 5.578 billion yuan [1] - The stock has seen a decline of 16.35% year-to-date, with a slight decrease of 0.73% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 4, where it recorded a net purchase of 22.7355 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangpiaopiao was 23,300, an increase of 0.31% from the previous period. The average circulating shares per person decreased by 0.26% to 17,693 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest shareholder, holding 1.0139 million shares as a new shareholder [3]

Core Points - The company held its fifth board meeting and the first extraordinary shareholders' meeting of 2025 on July 14 and July 30, respectively, to approve the amendment of the Articles of Association and related business registration changes [1] - The company has obtained a new business license from the Zhejiang Provincial Market Supervision Administration, completing the business registration change procedures [1] Company Information - The company's name is Xiangpiaopiao Food Co., Ltd., with a registered capital of 412.8741 million yuan [1] - The company is classified as a listed other joint-stock company, located in Huzhou Economic and Technological Development Zone, Zhejiang Province [1] - The business scope includes the production and sales of beverages (solid and liquid), food operation, vending machine sales and management, and various consulting services [1]

Core Points - The company has completed the business registration change and has received a new business license from the Zhejiang Provincial Market Supervision Administration [1] - The company's business scope has been expanded to include human resources services, vending machine sales, leasing, installation, operation management, and related technical consulting [1] - The company reassures that the registration change and new business license will not significantly impact its daily operations and will continue to operate in compliance with legal requirements [1]

证券日报网讯 9月3日晚间，香飘飘发布公告称，公司于2025年7月14日召开了第五届董事会第二次会 议、2025年7月30日召开了2025年第一次临时股东会，审议通过了《关于修订并办理工商变更的议 案》。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。 （文章来源：证券日报） ...

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 7 月 14 日召开了 第五届董事会第二次会议、2025 年 7 月 30 日召开了 2025 年第一次临时股东会， 审议通过了《关于修订<公司章程>并办理工商变更的议案》。具体内容详见公司 于 2025 年 7 月 15 日 、 2025 年 7 月 31 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五届董事会 第二次会议决议公告》（公告编号：2025-026）、《香飘飘食品股份有限公司关 于修订<公司章程>并办理工商变更的公告》（公告编号：2025-028）、《香飘飘 食品股份有限公司 2025 年第一次临时股东会决议公告》（公告编号：2025-031）。 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 ...