XIANGPIAOPIAO(SH:603711) Xin Lang Cai Jing·2025-10-23 12:17Core Viewpoint - The company is launching its first offline store in Hangzhou, aiming to create an immersive tea-drinking experience while gathering consumer feedback to optimize its products [1][3]. Company Developments - The first offline experience store opened in December 2022 in Hangzhou, featuring a limited-time pop-up format with prices ranging from 9 to 12 yuan, focusing on a new line of light milk tea [3]. - The products sold in the offline stores primarily come from the instant tea series, with a preparation method that involves steeping tea bags and adding milk and syrup based on customer preferences [4]. - The company has previously engaged in promotional activities, such as inviting celebrities to serve as guest store managers and hosting talent shows to attract customers [5]. Financial Performance - In 2024, the company reported a revenue of 3.287 billion yuan, a year-on-year decline of 9.32%, with a net profit of 253 million yuan, down 9.67% [5]. - The revenue from the brewing category was 2.271 billion yuan, reflecting a year-on-year decrease of 15.42% [5]. - For the first half of 2024, the company achieved a revenue of 1.035 billion yuan, down 12.21%, and reported a net loss of approximately 97.39 million yuan [5]. Industry Context - The ready-to-drink tea market is highly competitive, with over 301,000 new tea-related businesses in China [6]. - The industry experienced rapid expansion from 2015 to 2020, with an average annual growth rate of 31.6%, but has faced a decline in new business registrations from 2021 to 2022, indicating a period of consolidation and increased competition [6][7].