XIANGPIAOPIAO(SH:603711) Cai Jing Wang·2026-01-30 11:00Core Viewpoint - The company expects a significant decline in net profit and revenue for the year 2025, primarily due to a drop in sales of traditional brewing products, influenced by changes in the sales window period caused by the timing of the Chinese New Year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 102 million to 125 million yuan for 2025, representing a year-on-year decrease of 50.59% to 59.68% [1] - Expected operating revenue for 2025 is around 2.927 billion yuan, reflecting a decrease of about 10.95% compared to the previous year [1] Group 2: Sales Dynamics - The decline in performance is attributed to a reduction in sales of traditional brewing products, which typically peak around the Chinese New Year [1] - The sales window for 2025 has been shortened due to the earlier timing of the 2025 Chinese New Year and the later timing of the 2026 Chinese New Year, leading to a year-on-year decline in sales [1] Group 3: Strategic Adjustments - In response to the changing sales window and external market conditions, the company is adopting a "steady progress" operational strategy, adjusting product shipment schedules, controlling channel inventory, and maintaining stable product pricing to ensure freshness and protect consumer and distributor interests [1] - The company reported a noticeable narrowing of revenue decline in the fourth quarter compared to the first three quarters of the year [1] Group 4: Growth Segments - The company's "second growth curve," which includes the ready-to-drink business segment, is expected to achieve steady growth, primarily driven by the continued increase in sales of Meco fruit tea [1] - New health-oriented and functional brewing products have received positive market feedback, although their sales currently represent a small proportion of overall business due to being in the market cultivation phase [1]