香飘飘前三季度营收16.84亿元，即饮类首次超过冲泡业务

Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue approximately 1.684 billion yuan, a year-on-year decrease of 13.12%, and a net loss of approximately 89 million yuan, a year-on-year decline of 603.07% [1] Financial Performance - Revenue for the first three quarters was approximately 1.684 billion yuan, down 13.12% year-on-year [1] - The company experienced a net loss of approximately 89 million yuan, representing a drastic decline of 603.07% year-on-year [1] - Research and development expenses reached 44 million yuan, an increase of 42.45% year-on-year [1] - Advertising expenses decreased by 12.66% to 6 million yuan [1] - Sales expenses fell by 6.39% to 500 million yuan [1] Business Segments - The ready-to-drink segment generated revenue of 833 million yuan, showing a year-on-year growth of 3.92%, surpassing the revenue from the brewed segment, indicating strong development resilience [1]