Core Viewpoint - The company, Xiangpiaopiao, once known as the "first stock of Chinese milk tea," is currently facing significant performance challenges, with a decline in revenue and profits in recent quarters [1][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.684 billion CNY, a year-on-year decrease of 13.12%, and a net loss attributable to shareholders of 89.21 million CNY [1][3]. - In Q3, revenue fell by 14.53% year-on-year, and net profit decreased by 82.67% [1][3]. - Sales revenue from instant products dropped by 19.68%, while ready-to-drink products saw a decline of 4.93% [1][3]. Business Operations - The decline in performance is attributed to the company's strategic decision to adjust the shipment schedule of instant products, leading to delayed sales compared to previous years [3][4]. - The company has been actively working on inventory reduction in its distribution channels, with market activities and stock preparations starting in mid to late September [4]. Market Position and Strategy - Xiangpiaopiao's revenue has been on a downward trend from 2020 to 2022, dropping from 3.761 billion CNY to 3.128 billion CNY, primarily due to declining sales [5]. - In 2023, revenue increased to 3.625 billion CNY but has not yet returned to 2019 levels [5]. - The company is exploring new sales channels, including a trial in the restaurant sector for its ready-to-drink products, although new product sales still represent a small portion of total sales [5]. Future Developments - The company is planning to open its first offline tea shop in Hangzhou, aimed at enhancing brand experience and gathering market feedback, despite previously stating no plans for physical stores [6]. - As of October 30, 2023, the company's stock price was 13.11 CNY, with a total market capitalization of 5.413 billion CNY [7][8].

Core Viewpoint - Xiangpiaopiao, a well-known brand in the domestic milk tea industry, has shown mixed financial performance in Q3 2025, ranking fifth in revenue among eight companies in the industry but eighth in net profit [2][5]. Group 1: Company Overview - Xiangpiaopiao was established on August 12, 2005, and listed on the Shanghai Stock Exchange on November 30, 2017. The company is headquartered in Huzhou, Zhejiang Province, with its office located in Hangzhou, Zhejiang Province [1]. - The company primarily engages in the research, production, and sales of milk tea products, and is classified under the food and beverage industry, specifically in soft drinks [1]. Group 2: Financial Performance - In Q3 2025, Xiangpiaopiao reported a revenue of 1.684 billion yuan, ranking fifth in the industry, while the top competitor, Dongpeng Beverage, achieved 16.844 billion yuan [2]. - The net profit for the same period was -89.62 million yuan, placing the company eighth in the industry, with Dongpeng Beverage leading at 3.76 billion yuan [2]. - The company's main business revenue composition shows that sales of goods accounted for 99.79% of total revenue, while service provision made up 0.21% [2]. Group 3: Financial Ratios - As of Q3 2025, Xiangpiaopiao's debt-to-asset ratio was 30.10%, lower than the previous year's 33.67% and below the industry average of 40.04% [3]. - The gross profit margin for the same period was 32.91%, down from 34.64% year-on-year and also below the industry average of 37.58% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.23% to 20,500, while the average number of circulating A-shares held per shareholder increased by 13.93% to 20,200 [5]. - The top ten circulating shareholders saw a change, with Hong Kong Central Clearing Limited exiting the list [5]. Group 5: Future Outlook - Tianfeng Securities noted that the company’s revenue and net profit showed fluctuations in H1 2025, with the ready-to-drink segment growing while the brewed segment faced pressure. The ready-to-drink segment accounted for 58.27% of total revenue [5]. - Huayuan Securities projected that the company’s net profit for 2025-2027 would be 189 million, 231 million, and 269 million yuan, with year-on-year growth rates of -25.23%, +21.77%, and +16.9% respectively [5].

Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue approximately 1.684 billion yuan, a year-on-year decrease of 13.12%, and a net loss of approximately 89 million yuan, a year-on-year decline of 603.07% [1] Financial Performance - Revenue for the first three quarters was approximately 1.684 billion yuan, down 13.12% year-on-year [1] - The company experienced a net loss of approximately 89 million yuan, representing a drastic decline of 603.07% year-on-year [1] - Research and development expenses reached 44 million yuan, an increase of 42.45% year-on-year [1] - Advertising expenses decreased by 12.66% to 6 million yuan [1] - Sales expenses fell by 6.39% to 500 million yuan [1] Business Segments - The ready-to-drink segment generated revenue of 833 million yuan, showing a year-on-year growth of 3.92%, surpassing the revenue from the brewed segment, indicating strong development resilience [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, primarily due to adjustments in the shipment schedule of its brewed products, which were delayed [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.684 billion yuan, a year-on-year decrease of 13.12% [1]. - The net loss for the same period was 89.2072 million yuan, marking a shift from profit to loss compared to the previous year [1]. - In the third quarter, the company recorded a revenue of 649 million yuan, down 14.53% year-on-year, and a net profit attributable to shareholders of 8.1837 million yuan, a decline of 82.67% [1]. Group 2: Product Performance - Sales revenue from brewed products decreased by 19.68%, while ready-to-drink product sales fell by 4.93% [1]. - The company emphasized the Meco fruit tea brand, implementing strategies to accelerate the expansion of its ready-to-drink business, which included brand ambassador activities and sponsorship of popular variety shows [1]. - The sales of Lan Fang Yuan frozen lemon tea significantly declined due to adjustments in sales strategy, negatively impacting third-quarter ready-to-drink revenue [1]. Group 3: Strategic Adjustments - The company is focusing on a strategy of "guarding integrity, steady progress, and creating change," actively adjusting inventory and shipment schedules to ensure product freshness for the upcoming peak season [1]. - The company has been working on reducing inventory in channels and has initiated market preparations for the peak season starting in mid-September [1]. - New product lines, such as the "original leaf brewed" series and functional health teas, are being promoted to enhance the health-oriented image of brewed products, although their sales contribution remains relatively small [2].

证券代码：603711 证券简称：香飘飘 公告编号：2025-042 香飘飘食品股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 4 日(星期二)至 11 月 10 日(星期一)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （ir@chinaxpp.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 香飘飘食品股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日在上 海证券交易所网站（www.sse.com.cn）及相关指定媒体披露公司《2025 年第三 季度报告》。为便于广大投资者更深入、全面地了解公司经营成果、财务状况， 公司现定于 2025 年 11 月 11 日通过网络互动形式召开"2025 年第三季度业绩说 明会"，就投资者普遍关注的问题进行沟通。 一、说明会类型 本次业绩说明会以网络互动 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-041 香飘飘食品股份有限公司 2、按销售渠道分类情况： 单位：元 币种：人民币 | 渠道类型 | 2025 年 1-9 月 销售收入 | 2024 年 1-9 月 销售收入 | 增减变动幅度 （%） | | --- | --- | --- | --- | | 经销商 | 1,397,480,854.94 | 1,726,939,983.59 | -19.08 | | 电商 | 130,872,275.60 | 118,716,854.27 | 10.24 | | 出口 | 28,724,924.62 | 14,865,614.27 | 93.23 | | 直营 | 97,317,095.30 | 50,592,800.16 | 92.35 | 2025 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十 二号——酒制造》的相关规定，现将香飘飘食品股份有限公司（以下简称"公司" ...

Financial Performance - The company's revenue for Q3 2025 was ¥648,558,827.47, a decrease of 14.53% compared to the same period last year[4] - The total profit for the quarter was ¥18,670,210.92, down 66.62% year-over-year[4] - The net profit attributable to shareholders was ¥8,183,705.33, reflecting an 82.67% decline compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,623,932.82, a decrease of 87.64% year-over-year[4] - The basic earnings per share for the quarter was ¥0.02, down 81.82% from the same period last year[5] - The diluted earnings per share also stood at ¥0.02, reflecting an 81.82% decrease year-over-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 1,683,873,554.40, a decrease of 13.1% compared to CNY 1,938,145,993.32 in the same period of 2024[21] - The net profit for the first three quarters of 2025 was a loss of CNY 89,620,371.23, compared to a profit of CNY 17,538,141.35 in the same period of 2024[22] - The company reported a basic and diluted earnings per share of CNY -0.22 for the first three quarters of 2025, compared to CNY 0.04 in 2024[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,722,809,658.70, a decrease of 3.09% from the end of the previous year[5] - As of September 30, 2025, total assets amounted to approximately RMB 4.72 billion, a decrease from RMB 4.87 billion at the end of 2024[16] - The total liabilities as of the end of the reporting period were CNY 1,421,490,190.71, compared to CNY 1,379,740,243.56 in the previous year, indicating an increase of 3.1%[18] - The total equity attributable to shareholders of the parent company decreased to CNY 3,302,659,545.38 from CNY 3,494,451,049.87, a decline of 5.5%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥26,957,483.01, indicating a significant decline[5] - Cash flow from operating activities for the first three quarters of 2025 was a net outflow of CNY 26,957,483.01, compared to a net inflow of CNY 31,696,340.90 in 2024[25] - The net increase in cash and cash equivalents was -$473.62 million, worsening from -$184.61 million year-over-year[26] - The ending balance of cash and cash equivalents was $1.96 billion, down from $2.43 billion at the end of the previous period[26] Investment Activities - Cash inflow from investment activities totaled $718.44 million, a significant increase from $320.65 million in the previous period, reflecting a growth of approximately 124.7%[26] - Cash outflow for investment activities was $1.05 billion, compared to $316.12 million last year, indicating a substantial increase in investment spending[26] - Net cash flow from investment activities was -$334.45 million, a decline from a positive cash flow of $4.53 million in the previous period[26] Operational Insights - Sales revenue from brewed products fell by 19.68%, while ready-to-drink products saw a decline of 4.93%[14] - The company adjusted its inventory strategy to ensure freshness in the supply chain, leading to a delay in brewed product shipments compared to previous years[14] - Meco fruit tea continued to grow, supported by brand activities and sponsorships, while sales of Lan Fang Yuan frozen lemon tea declined due to strategic adjustments[15] - The company is focusing on product innovation, launching the "Ancient Five Red" warm milk tea and promoting health-oriented messaging for its new brewed products[15] - The company is actively expanding its sales channels, particularly in the restaurant sector, with positive feedback on trial sales[15] - The company aims to maintain a healthy inventory turnover to support sales during peak seasons, particularly for the upcoming fourth quarter and Spring Festival[14] Research and Development - Research and development expenses increased to CNY 43,735,699.42 in the first three quarters of 2025, up from CNY 30,702,209.51 in 2024, representing a growth of 42.4%[21] Financial Standards - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[27]

Group 1 - A customer reported finding a plastic glove in a coffee cup at a KFC location in Harbin, leading to a request for video evidence from the store [1] - KFC's customer service stated that they could not verify the claims made on social media and advised customers to contact the store directly for service [1] Group 2 - COFCO Technology announced partnerships with several leading tea beverage companies to promote D-alloheptulose sugar, which is seen as a promising product in the health trend [2] - The collaboration aims to enhance product offerings in the tea beverage sector [2] Group 3 - Xiangpiaopiao signed a cooperation agreement with Zhejiang Chinese Medical University to establish a health beverage research institute, focusing on integrating traditional Chinese medicine into daily consumption [3] - The first product from this collaboration is "Five Red Warm Milk Tea," based on traditional remedies [3][4] - Xiangpiaopiao is undergoing a strategic upgrade from a milk tea pioneer to a leader in health-oriented tea beverages, emphasizing product innovation and brand rejuvenation [3][4] Group 4 - Jiahua Foods reported a 68.5% decline in net profit for the first three quarters of the year, despite a 5.3% increase in revenue to 1.77 billion yuan [5] - The company attributed the profit drop to rising raw material costs and increased marketing expenses [5][6] - Jiahua Foods is facing challenges due to the trend of "de-plant-based cream" in the new tea beverage market, leading to a significant decrease in sales [6] Group 5 - Eight Horse Tea officially listed on the Hong Kong Stock Exchange with an initial price of 50 HKD, closing at 93.35 HKD, marking an increase of 86.7% [7] - The company plans to expand its physical presence by adding 1,500 new stores over the next three to five years and aims to establish an intelligent production base [7] - Eight Horse Tea has a strong family ownership structure, with significant control held by the Wang family, who have a long history in tea production [8]

Core Insights - The article highlights the opening of a new physical store by Xiangpiaopiao, a well-known tea brand in China, which has generated significant public interest and discussion online [1] Company Developments - Xiangpiaopiao is currently renovating its first physical store, referred to as the "national first store," which has attracted attention from consumers and media alike [1] - The company plans to establish offline stores to allow consumers to experience a blend of trendy and traditional tea beverages in a physical setting [1] - Information about the new store is already available on some group buying platforms, indicating that it will offer products in the categories of "tea drinks" and "juices" [1]

Core Insights - The company has shifted from a "never offline" strategy to opening physical stores, indicating a significant strategic pivot in response to declining sales and market pressures [1][3] - The financial performance has deteriorated, with a 12.21% year-over-year revenue decline and net losses reported in the first half of 2025 [1][2] - The company is facing intense competition from the ready-to-drink tea market, which has seen substantial growth, while its traditional instant tea segment has contracted significantly [2][4] Group 1: Market Dynamics - The instant tea market has shrunk from 113 billion yuan in 2012 to 76 billion yuan in 2023, a decline of 32.7%, while the ready-to-drink tea market has grown tenfold to reach a trillion yuan [2] - The company’s sales channels are under pressure, with a 17% decline in revenue from its distribution network, totaling 844 million yuan in the first half of 2025 [2] - E-commerce sales, although showing a 12.39% increase in the first half of 2025, had previously declined by 25.42% in 2024, indicating volatility in this channel [2] Group 2: Strategic Shifts - The company opened its first offline store in Hangzhou, marking a departure from its previous stance against physical retail, which has generated significant public interest [3] - Despite the opening of physical stores, the company is cautious about its approach, recognizing the different business models between instant and ready-to-drink tea [3] - The company’s attempts to innovate with new product lines have been criticized as lacking clear strategic direction, leading to ineffective resource allocation [4] Group 3: Internal Challenges - The company has experienced high turnover among professional managers, with the recent resignation of a key executive highlighting governance issues within the organization [6] - The family-controlled structure of the company has been identified as a barrier to effective management and strategic agility, with nearly 80% of shares held by the founding family [6] - The company’s marketing expenditures have increased significantly, with a sales expense ratio of 31.97%, raising concerns about the sustainability of its marketing-driven innovation approach [5]