半年亏1亿，香飘飘成外卖大战“输家”

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].