入局现制茶饮 香飘飘姗姗来迟

Core Viewpoint - Xiangpiaopiao has entered the ready-to-drink tea market with the opening of its first two stores in Hangzhou, focusing on "original leaf" milk tea series, amidst a highly competitive landscape [1][2][3] Company Strategy - Xiangpiaopiao is testing two business models: dine-in and takeout, with the aim of creating a new consumer experience and gathering direct feedback for product innovation [2][6] - The company has a long-term strategy of diversifying its business, establishing a dual-driven model of brewing and ready-to-drink products to counteract declining sales in its traditional brewing segment [7][8] Market Environment - The ready-to-drink tea market in China is projected to exceed 300 billion yuan by 2025, with numerous brands competing across various market segments [3] - High-end market leaders include Heytea and Bawang Chaji, while mid-tier brands like Cha Bai Dao and Gu Ming dominate the middle market, and Mixue Ice City leads in lower-tier markets [3] Financial Performance - In the first three quarters of 2025, Xiangpiaopiao reported a revenue of 1.684 billion yuan, a year-on-year decline of 13.12%, and a net profit loss of 89 million yuan, a drastic drop of 603.07% [6][8] - The company attributes the revenue decline to changes in the external consumption environment and inventory management strategies [6] Product Development - The "original leaf" series has generated over 100 million yuan in sales within a year of its launch, indicating positive market reception [8] - Xiangpiaopiao is also exploring new product categories, such as ice cream, to meet evolving consumer demands [8]