但市场对此也不必太过悲观。 近日，香飘飘发布了上半年财报。从核心财务指标来看，这份财报并不亮眼：实现营收10.35亿元，归 母净利润出现亏损，达9739万元。 从今年财报季的整体表现来看，消费企业正普遍面临业绩压力，集体积极求变成为行业共识。在这样的 背景下，更应该以发展和辩证的眼光审视企业的业绩波动：哪些是经营质量下滑导致的，哪些则是"战 略性亏损"？ 深入挖掘香飘飘的财务数据及经营策略后，会发现其大概率属于后者。 1、走出"业绩洼地"，为下半年增长蓄势 整体上看，上半年香飘飘业绩下滑主要受一季度表现的拖累，二季度收入则实现同比增长，呈现业绩改 善态势。并且，根据过往的经验，香飘飘业绩贡献的主力向来是下半年，比如去年上半年收入仅占全年 收入的约35.88%，这意味着全年营收有望进一步抵消一季度的影响，修复业绩。 从业务板块来看，两大板块呈现分化态势。承载未来发展潜力的即饮板块保持增长，期内营收达5.91亿 元，为企业持续提供动能。作为传统基本盘，冲泡板块则相对吃力，期内营收4.23亿元，同比出现下 滑。 显然，业绩的症结与冲泡业务的下滑直接相关。作为香飘飘的"压舱石"，冲泡业务不仅在整体营收中占 比较高，且 ...

Group 1: Haagen-Dazs Price Strategy - Haagen-Dazs has joined the "9.9 yuan" price war by launching a 9.9 yuan coffee product to attract more consumers, particularly price-sensitive customers [1] - The low-price strategy aims to increase foot traffic and boost sales of higher-margin products, indicating a shift from the brand's long-standing premium pricing strategy [1] - The brand has faced challenges in recent years, including the closure of multiple stores in various cities, leading to nostalgia among consumers [1] Group 2: Starbucks and China Eastern Airlines Partnership - Starbucks China has announced a comprehensive partnership with China Eastern Airlines, introducing a joint membership program for 160 million members [2] - The collaboration will focus on three key areas: co-creation of Yunnan coffee, cultural tourism, and sustainable development [2] - Both companies are committed to leveraging their strengths to enhance customer experiences and promote mutual growth [2] Group 3: Junlebao's Strategy in Dairy Industry - Junlebao's chairman emphasized the need to develop B2B tea drinks, coffee, baking ingredients, and dairy products to expand the domestic dairy market [3] - The B2B dairy product market is experiencing rapid growth, with 70%-80% of the market share currently held by imported products [3] - Strengthening B2B collaborations to increase the usage of domestic dairy products is seen as a crucial path for industry transformation [3] Group 4: Xiangpiaopiao's Half-Year Performance - Xiangpiaopiao has projected a revenue of approximately 1.035 billion yuan for the first half of 2025, with slight growth in Q2 revenue but an overall decline compared to the previous year [4][5] - The company is focusing on stabilizing its brewing business and accelerating the expansion of its ready-to-drink segment, with new product launches aimed at health-conscious consumers [5] - The brand's marketing strategy includes targeting younger demographics, as evidenced by a significant increase in sales during promotional events [5] Group 5: Dongguan's Consumption Promotion Activities - Dongguan's government has launched a plan to stimulate service consumption, including hosting food festivals and coffee festivals to enhance dining experiences [6] - The initiative aims to promote local culinary culture and create cross-industry consumption scenarios [6] - The plan includes organizing supply chain matchmaking events to facilitate communication between restaurants and suppliers [6] Group 6: Lemon Right's New Brand Launch - Lemon Right has opened its first store for the upgraded brand "Xiangyou Shouzuo" in Nanjing, focusing on fresh, healthy, and low-calorie products [7] - The new brand expands its product line to include freshly squeezed juices, steamed teas, and handmade ice creams [7] - The launch signifies Lemon Right's deeper market penetration in Jiangsu, with over 300 stores established in East China since its inception in 2021 [7]

Core Viewpoint - The company anticipates a revenue of approximately 1.035 billion yuan for the first half of 2025, indicating a slight increase in Q2 revenue but an overall decline in H1 due to Q1 performance [1] Group 1: Business Strategy and Performance - The company focuses on "steady recovery of brewing business" and "accelerated expansion of ready-to-drink business" in 2025, actively promoting various operational measures [1] - The ready-to-drink segment is seen as a second growth curve, with continuous product innovation, including new flavors like "Orange Jasmine" and "Mulberry Jasmine" [1] - The company launched several new products, such as "Meco Grapefruit Kale Juice" and "Meco Cup Fruit Tea," targeting health-conscious young consumers and expanding product application scenarios [1] Group 2: Marketing and Brand Development - The company appointed the "Times Youth League" as the new brand ambassador for Meco Cup Fruit Tea, enhancing its youth-oriented strategy through content marketing [1] - The Meco brand saw a 361% year-on-year increase in sales during the 618 shopping festival, with overall e-commerce sales for the company's products rising by 165% [1] Group 3: Sales and Inventory Management - Despite being in a sales off-season, the company maintained a focus on "sales-driven principles," actively reducing channel inventory to ensure healthy stock levels for the upcoming brewing peak season [2] - The company introduced new products like "Original Leaf Fresh Brew Light Milk Tea," leveraging technology to retain freshness and attract health-conscious young consumers [2] - The brand's 618 sales increased by 111% due to the launch of the co-branded product "New Hui Chen Peel Moonlight White Light Milk Tea," which combines traditional and modern elements [2] Group 4: Future Outlook - Analysts suggest that the company's Q3 performance is expected to improve compared to Q2, driven by the deepening execution of health-oriented and youth-focused strategies, along with the upcoming summer consumption peak [2]

Core Insights - The company, Xiangpiaopiao, reported a revenue of 3.287 billion yuan and a net profit of 253 million yuan for the year 2024, with a notable 8% year-on-year growth in the ready-to-drink segment, driven by the Meco fruit tea series which grew by 20.69% [1] - The company is undergoing a transformation to address the challenges posed by declining consumer demand and increasing competition from freshly made tea drinks, focusing on brand rejuvenation, product healthiness, and differentiated offerings [1][4] Brand Rejuvenation - Xiangpiaopiao has successfully engaged younger consumers by launching "original leaf brewing" pop-up stores in Hangzhou and Chengdu, creating emotional resonance through interactive experiences [4] - The brand's social media presence surged, with a 320% increase in content volume and over 5.45 million interactions in December 2024, indicating effective experiential marketing [4] - The pricing strategy aligns with market trends, offering high-quality products at competitive prices, such as the "original leaf brewing" light milk tea priced between 9-12 yuan, appealing to cost-conscious young consumers [4][5] Product Healthiness - The company has implemented a "three-zero standard" (zero trans fats, zero plant fats, zero artificial flavors) to enhance the health profile of its products, positioning them as fresh and high-quality alternatives [6][8] - The "original leaf brewing light milk tea" exemplifies this health upgrade, utilizing high-quality tea leaves and advanced preservation techniques to ensure freshness and taste [6][11] - This health-focused approach not only challenges traditional perceptions of instant tea but also aligns with the growing consumer demand for healthier options [8] Ready-to-Drink Growth Logic - Xiangpiaopiao has chosen to focus on the cup-based market rather than the bottled segment, achieving a 13.89% year-on-year growth in ready-to-drink sales for Q1 2025, with Meco fruit tea sales increasing by 20.68% [9] - The company employs a customized channel strategy, tailoring products to different consumer needs and occasions, such as small packaging for convenience stores and gift sets for the gifting market [9][10] - Marketing efforts are concentrated in key cities, utilizing a combination of online and offline strategies to enhance brand visibility and consumer engagement [10] Research and Development Focus - The company increased its R&D investment by 14.06% year-on-year, outpacing revenue growth, indicating a commitment to innovation in a competitive market [10] - Advanced sterilization technologies are being integrated into core products, ensuring freshness and quality while eliminating preservatives [11] - The shift from marketing-driven to product-driven strategies is seen as crucial for long-term value creation and sustainable growth [11]