XIANGPIAOPIAO(SH:603711) Sou Hu Cai Jing·2025-11-13 09:48Core Insights - The company has launched a new health-oriented product called "Gu Fang Wu Hong" warm milk tea, developed in collaboration with Zhejiang Chinese Medical University, which is currently in trial sales [2] - The "Yuan Ye Xian Pao" series, including milk tea and light milk tea, has achieved over 100 million in sales within a year, indicating strong market potential [3] - The company is actively managing channel inventory and preparing for peak season sales, ensuring healthy stock levels and positive feedback from distributors [4] Product Development - The "Gu Fang Wu Hong" warm milk tea is based on traditional Chinese health concepts and utilizes a non-heritage "Five Red Formula" [2] - The "Yuan Ye Xian Pao" series has received positive consumer feedback and aligns with the company's product development strategy [3] Channel Strategy - The company has expanded its presence in the snack wholesale channel, collaborating with over 30,000 stores and introducing customized products for this market [5] - The restaurant channel is a focus area, with the company testing customized Meco fruit tea products in select locations [6] Performance Outlook - The company maintains a cautious outlook for the year due to external uncertainties, with performance heavily influenced by the short peak season before the Spring Festival [7] - The company is actively working to ensure orderly sales during the peak season [7] Cost Management - The company employs a fiscal year price-locking model for procurement and is closely monitoring raw material price trends for 2026 [8] - Efforts are being made to optimize costs through packaging updates and lean production methods [8] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.684 billion, a year-on-year decrease of 13.12%, and a net loss of 89.21 million, a decline of 603.07% [9] - The gross margin stands at 32.91%, with a debt ratio of 30.1% [10]