香飘飘破局：多维调整寻求增长突破 竞争压力下面临多重不确定性

Core Viewpoint - The company is attempting to break through growth bottlenecks through diversification adjustments amid pressure on traditional brewing business and intense competition in the ready-to-drink sector [1][2][8] Business Highlights: Multi-Dimensional Adjustments Seeking Growth Breakthrough - The company has entered the health functional beverage sector with the launch of its first product, "Ancient Five Red" warm milk tea, currently in trial sales [3][9] - A significant channel strategy adjustment has been made, moving away from expanding the number of outlets to focusing on existing terminal resources, with approximately 400,000 outlets in the brewing segment and 300,000 in the ready-to-drink segment [3][9] - The company is prioritizing collaboration with over 30,000 leading snack retail stores and has introduced customized products to meet channel demands, while also exploring the restaurant channel with tailored products based on Meco cup fruit tea [3][9] Overseas Expansion Plans - The company plans to establish a production base in Thailand, which will serve as a production center and export hub for cup beverages, targeting ASEAN countries [4][10] - The products will emphasize high-end cup fruit tea with 25% real fruit juice content, low sugar, zero fat, and premium transparent packaging, leveraging local tropical fruit resources to create a differentiated advantage [4][10] Challenges and Uncertainties in Transformation - The company's performance structure shows a significant reliance on the sales peak before the Spring Festival, with operational pressures for 2025 already evident [5][11] - For the first three quarters, the company reported revenue of 1.684 billion yuan, a year-on-year decline of 13.12%, and a net loss of 89 million yuan, a drastic drop of 603.07%, primarily due to declining sales in brewing products [5][11] - The ready-to-drink segment, seen as a growth engine, faces challenges due to a lack of product diversity and operational capacity, prompting a shift of resources towards Meco fruit tea [5][11] Key to Transformation: Converting Plans into Results - The company faces intensified market competition, including pressure from freshly brewed tea, brand competition in the ready-to-drink sector, and price wars in snack retail channels [6][12] - The year 2026 will be critical for validating the strategic transformation, with market feedback on health products, sales performance during the Spring Festival, progress on the Thailand base, and profitability from new channels being key determinants [6][12]