拟跨界涉足保健食品 香飘飘这次能“飘”起来吗？

Core Viewpoint - Xiangpiaopiao is undergoing a transformation by expanding its business scope to include health food production and sales, aiming to adapt to the changing market dynamics and address declining performance in its core milk tea business [2][6]. Business Adjustment - The company has approved amendments to its articles of association to include "health food production" and "health food (pre-packaged) sales" in its business scope, indicating a strategic shift towards the health food sector [2][4]. Financial Performance - Xiangpiaopiao's revenue peaked at 39.78 billion yuan in 2019 but has seen a continuous decline over the past four years, dropping to 31.28 billion yuan in 2022. Although there was a brief recovery to 36.25 billion yuan in 2023, projections for 2024 indicate a further decline of approximately 9% in both revenue and net profit [6][12]. - In the first three quarters of 2025, the company reported a 13.12% year-on-year revenue decline and a net loss of nearly 90 million yuan, marking a 603.07% drop compared to the previous year [6]. Market Context - The health food market is experiencing rapid growth, with online sales reaching 129.89 billion yuan in the previous year, a 15.2% increase, and sales volume exceeding 733 million units, up nearly 20% [8]. - Analysts suggest that entering the health food sector is a logical move for Xiangpiaopiao, as it seeks new growth engines amid stagnation in its core business [7]. Challenges Ahead - Xiangpiaopiao faces significant challenges in entering the health food market, including high industry barriers, regulatory complexities, and the need for substantial research and development investment [9][10]. - The competitive landscape is dominated by established brands with strong market presence, making it difficult for new entrants to gain consumer trust and market share [9]. - There is a potential conflict in brand perception, as Xiangpiaopiao is known for its "delicious" and "convenient" image, while health food emphasizes "health" and "efficacy," posing a challenge for effective brand transition [10]. Strategic Initiatives - The company is also exploring new business avenues, such as opening offline tea shops focused on "original leaf brewing" to enhance brand visibility and consumer engagement [12]. - Recent leadership changes and attempts to modernize management practices indicate ongoing efforts to navigate the company's challenges and improve operational efficiency [12][13].