受冲泡业务销售及主动调整影响，香飘飘预告2025年业绩波动

Core Viewpoint - The company, Xiangpiaopiao Food Co., Ltd., anticipates a decline in its 2025 annual performance, primarily due to a drop in sales of traditional instant products, influenced by the timing of the Chinese New Year [1][2]. Group 1: Financial Performance - The company expects to achieve approximately 2.927 billion yuan in revenue for 2025, with net profit attributable to shareholders ranging from 102 million to 125 million yuan [1]. - The decline in performance is attributed to a shortened sales window for traditional products due to the early timing of the 2025 Chinese New Year and the delayed timing of the 2026 Chinese New Year [1]. Group 2: Business Strategy - In response to the changing sales window and external market conditions, the company is focusing on 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 is committed to a "dual-driven" strategy, emphasizing product innovation and health upgrades, while enhancing channel management to build momentum for sustained growth [2]. Group 3: Product Development - Despite underperformance in the instant beverage segment, the ready-to-drink segment has shown steady growth, particularly due to the increasing sales of Meco fruit tea [2]. - New health-oriented instant products, such as "Original Leaf Fresh Brew" light milk tea and functional products like "Ancient Five Red" warm milk tea, have received positive feedback during trial sales, prompting increased investment in brand marketing [2]. - Although annual performance is expected to decline, the revenue drop in the fourth quarter is less severe compared to the first three quarters, indicating a potential stabilization trend [2].