XIANGPIAOPIAO(SH:603711) Sou Hu Cai Jing·2025-04-26 03:48Core Insights - The leading company in the milk tea industry, Xiangpiaopiao (603711.SH), reported a total revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with the first quarter of 2025 showing a revenue of 580 million yuan, driven by a strong performance in the ready-to-drink segment, which generated 266 million yuan, reflecting a year-on-year growth of 13.89% [1][3] Group 1: Business Strategy - Xiangpiaopiao is committed to a "dual-wheel drive" strategy focusing on long-term healthy development through product innovation, channel optimization, and brand rejuvenation, aiming to solidify its core brewing business while promoting steady growth in the ready-to-drink segment [3][4] - The company has launched a new product line, "Original Leaf Fresh Brew Light Milk Tea," adhering to health standards with zero trans fats, zero plant-based cream, and zero artificial flavors, positioning itself as a competitive alternative in the street tea drink market [4][6] Group 2: Marketing and Brand Engagement - Xiangpiaopiao employs "warm marketing" strategies to engage deeply with young consumers, including offline events during the Spring Festival and immersive experiences through pop-up stores, enhancing brand recognition among younger demographics [4][5] - Collaborations with popular IPs and initiatives like the "Mulan Piaopiao - Supporting Rural Women's Growth Plan" have further elevated the brand's cultural relevance and appeal to younger audiences [4][6] Group 3: Channel Strategy - The company emphasizes terminal sales and has successfully restored healthy inventory levels before peak seasons while exploring new growth points in lower-tier markets [5][7] - The ready-to-drink segment, particularly Meco fruit tea, has adopted a "cup differentiation" strategy, achieving a year-on-year sales revenue growth of 13.89% in Q1 2025, with Meco fruit tea's sales increasing by 20.68% year-on-year [6][7] Group 4: Operational Efficiency - Xiangpiaopiao has increased R&D investment by 14.06% in 2024, focusing on innovations such as room-temperature fresh milk preservation technology and packaging material research to support diverse packaging forms and cost control [8] - The company has implemented lean production initiatives to optimize production efficiency and quality control, establishing a "super tea garden" to enhance its quality supply chain [8]