那个“杯子绕地球40圈”香飘飘，上半年预亏近亿元

Core Viewpoint - The company Xiangpiaopiao (603711.SH), known as "China's first milk tea stock," is facing significant challenges in its business performance, with a notable decline in revenue and a substantial increase in net losses in the first half of 2025 due to competition from ready-to-drink tea brands and aggressive delivery subsidies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 1.035 billion yuan, a year-on-year decline of 12.21% [1]. - The net profit attributable to shareholders was a loss of 97.39 million yuan, with the loss amount increasing by 230% year-on-year, reaching a recent high [1]. Group 2: Market Competition - The rise of ready-to-drink tea brands has significantly impacted Xiangpiaopiao, with competitors like Mixue Ice City and Guming reporting revenue growth rates exceeding 40% and expanding their store counts to over 53,000 and 11,000, respectively [2]. - The low-priced ready-to-drink tea products, supported by delivery platform subsidies, have driven prices down to below 5 yuan, directly affecting Xiangpiaopiao's main price range [2]. Group 3: Operational Challenges - The company has seen a reduction of 92 distributors in the first half of the year, with revenue from this channel declining by 17%, and online sales accounting for less than 15% of total revenue [2]. - In contrast, new tea brands have established competitive advantages through efficient supply chains and rapid replenishment capabilities [2]. Group 4: Marketing and Brand Strategy - The company has increased its marketing expenditures, signing endorsements with celebrities and opening pop-up stores, resulting in a sales expense ratio rising to 32% [2]. - However, the growth rate of the ready-to-drink segment slowed from 13.89% in Q1 to 8.03% in Q2, indicating that entertainment marketing has not translated into sustained growth [2]. Group 5: Management and Governance - The company has experienced frequent changes in its management team, with the recent departure of a former Procter & Gamble executive after less than a year, leading to the founder, Jiang Jianqi, resuming control [3]. - The second generation of the founding family is beginning to take on roles, with Jiang Jianqi's daughter leading product development and branding efforts, although concerns remain about the impact of a family-controlled ownership structure on decision-making [3].