香飘飘杀入现制茶饮，娃哈哈、完达山都曾“折戟”

Core Viewpoint - Xiangpiaopiao is expanding its business by opening its first and second physical stores in Hangzhou, focusing on a new "original leaf" tea series, amidst a competitive market for ready-to-drink tea beverages [1][7][9]. Store Details - The first store is located in the basement of Hangzhou Joy City, featuring a layout similar to typical tea shops, with a prominent display of "Xiangpiaopiao cup tea" at the entrance [7]. - The store offers five main product lines: original leaf fresh milk tea, original leaf special tea, original leaf fresh fruit tea, classic milk tea, and original leaf pure tea, with prices ranging from 5.9 yuan to 16 yuan [7]. - The original leaf pure tea is priced at 5.9 yuan per cup, while the higher-end apple beauty tea is priced at 16 yuan, showcasing a variety of ingredients [7]. Market Context - The ready-to-drink tea market is highly competitive, with projections indicating it will exceed 300 billion yuan by 2025, featuring numerous brands [9]. - Major players in the high-end market include Heytea and Bawang Chaji, while mid-tier brands like Cha Bai Dao and Gu Ming dominate the middle market [9]. - Xiangpiaopiao's entry into this saturated market is not unique, as other companies like Wahaha have also attempted to launch tea businesses with mixed results [9]. Business Strategy - Xiangpiaopiao aims to diversify its operations due to declining revenues, implementing a dual strategy of "brewing + ready-to-drink" to stabilize its business [12][14]. - The company reported a revenue of 1.684 billion yuan for the first three quarters of 2023, a year-on-year decline of 13.12%, and a net loss of 89 million yuan, a significant drop of 603.07% [12]. - The company is focusing on creating an interactive consumer space in its stores to gather feedback for product innovation [8][12]. Product Development - The launch of the "original leaf" series has already generated over 100 million yuan in sales within a year, indicating a positive market response [14]. - The company is also exploring new product lines, such as ice cream, to cater to consumer demands and enhance brand engagement [13][14].