香飘飘杀到线下，和喜茶、蜜雪冰城「必有一战」？

Core Viewpoint - The competition in the new tea beverage sector is intensifying, and Xiangpiaopiao, known for its cup tea, is preparing to open offline stores to enhance brand experience and consumer interaction [1][10]. Financial Performance - In the first three quarters of 2025, the company reported a revenue of 1.684 billion yuan, a year-on-year decline of 13.12%, and a net profit drop of 603.1% [2][3]. - The third quarter alone saw a revenue decrease of 14.53% and a net profit decline of 82.67% [2][3]. - The cash flow from operating activities was negative 26.95 million yuan, down over 185% compared to the previous year [2]. Business Segments - The core brewing business experienced a revenue drop of 25.96% in the first nine months, while the ready-to-drink segment achieved a revenue increase of 3.92%, marking the first time the ready-to-drink business surpassed the brewing segment [3]. Strategic Response - The company is responding to the competitive landscape by associating its products with tea shops and enhancing the quality-to-price ratio of its offerings [4][8]. - Xiangpiaopiao has shifted towards a health-oriented product strategy, recently appointing Olympic champion Sun Yingsha as a brand ambassador [6][8]. Supply Chain and Operational Challenges - The company has established "super tea gardens" in key tea-producing areas to ensure the quality of raw materials [9]. - Despite strong supply chain capabilities, the company faces challenges in offline store operations, which differ from industrial production [10]. - The market remains cautious about the company's growth prospects, with a significant stock price decline of over 60% since its peak in 2019 [10].