Group 1 - The core viewpoint of the article highlights that the traditional milk tea brand Xiangpiaopiao is facing significant losses of nearly 100 million yuan amid the rapid rise of new tea beverage brands [1][2]. - Xiangpiaopiao's half-year performance report for 2025 indicates a projected revenue of approximately 1.035 billion yuan, a decrease of about 144 million yuan or 12.21% year-on-year [2]. - The decline in Xiangpiaopiao's performance is attributed to changes in external consumer environments, habits, and demands, which have pressured sales of traditional brewing products during peak seasons [2]. Group 2 - Since its listing in 2017, Xiangpiaopiao has experienced four years of year-on-year revenue and net profit declines out of eight years [2]. - The company's revenue growth rate has been declining since 2018, with a notable drop to -5.46% in 2020, marking a turning point in its performance [2]. - The traditional brewed milk tea market has seen a significant contraction, with its market size decreasing from 11.3 billion yuan in 2012 to 7.6 billion yuan in 2023, a decline of 32.7% [2]. Group 3 - Industry analysts indicate that the fast-moving consumer goods sector has entered a new phase where product strength is paramount, and reliance on marketing-driven growth is becoming less effective [3]. - Xiangpiaopiao is exploring new growth avenues by launching ready-to-drink products and conducting pop-up store events in various cities, although the impact on its core brewing business remains limited [3]. - The company is also increasing marketing efforts and resource support for its Meco juice tea and Lan Fang Yuan series to capture a share of the new tea beverage market [3].