香飘飘：去年归母净利润2.53亿元，Meco果茶营业收入同比增长20.69%

Core Insights - The company reported a revenue of 3.287 billion yuan for 2024, a year-on-year decrease of 9.32%, and a net profit attributable to shareholders of 253 million yuan, down 9.67% [1] - The brewing business generated revenue of 2.271 billion yuan, a decline of 15.42%, while the ready-to-drink segment saw revenue of 973 million yuan, an increase of 8.00% [1] - The Meco fruit tea brand achieved revenue of 780 million yuan, reflecting a growth of 20.69% [1] - The overall gross margin for the main business was 38.54%, up by 0.46 percentage points year-on-year [1] Brewing Business - The company trialed "original leaf light milk tea" and "original leaf milk tea" in select online and offline regions, receiving positive consumer feedback [1] - Future product optimization and upgrades will be based on market feedback [1] Ready-to-Drink Business - The company focused on enhancing its ready-to-drink product distribution in key urban areas, particularly targeting student demographics [2] - Collaborations with major snack retail systems have increased, leading to a significant rise in the number of stores and improved single-store sales in the snack channel [2] - The company is also expanding its dedicated ready-to-drink restaurant channel and enhancing its distribution capabilities [2] - The report noted a substantial increase in the degree of channel freezing and exploration of new automatic vending machine formats [2] Q1 2025 Performance - For the first quarter of 2025, the company reported revenue of 580 million yuan, a year-on-year decline of 19.98%, and a net loss of 18.775 million yuan, compared to a profit previously [2] - Sales revenue from brewing products fell by 37.18%, while ready-to-drink product sales increased by 13.89% [2]