XIANGPIAOPIAO(SH:603711) Zheng Quan Shi Bao Wang·2025-10-31 06:56Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, attributing this to a strategic adjustment in response to a challenging market environment [1][2]. Financial Performance - For the first nine months of 2025, the company achieved a revenue of 1.684 billion yuan, a year-on-year decrease of 13.12% [1]. - The net profit attributable to shareholders was a loss of 89 million yuan, representing a year-on-year decline of 603.07% [1]. Market Environment - The beverage industry is experiencing weak overall consumption, with retail sales of beverage products in China showing only a slight increase of 0.1% year-on-year, totaling 250.1 billion yuan [1]. - The overall retail sales of consumer goods grew by 4.5% during the same period, indicating a significant disparity in recovery rates among different consumer segments [1]. Strategic Adjustments - The company has proactively adjusted the shipment rhythm of its brewed products to ensure freshness for the fourth quarter and the Spring Festival peak season, leading to a delay in product shipments compared to previous years [2]. - The company has focused on channel destocking and initiated market preparations in mid to late September [2]. Research and Development - Despite the decline in revenue and profit, the company increased its R&D expenditure to 44 million yuan, a year-on-year growth of 42.45%, demonstrating a commitment to product health upgrades [2]. - The company has also implemented refined control over marketing expenses, with advertising costs decreasing by 12.66% to 6 million yuan and sales expenses down by 6.39% to 50 million yuan [2]. Business Segments - The brewed product segment, which is the core business, saw a revenue of 822 million yuan, down 25.96% year-on-year [3]. - The ready-to-drink segment emerged as a growth highlight, achieving a revenue of 833 million yuan, a year-on-year increase of 3.92%, surpassing the brewed segment [3]. - The "original leaf brewed" series, launched in 2024, has generated over 100 million yuan in sales, validating the company's health upgrade strategy and injecting new growth momentum into traditional business [3].