近期，佳禾食品披露投资者关系活动记录表。在核心业务植脂末承压之下，这家曾凭借植脂末占据新茶 饮供应链核心的企业，正经历从 "代工厂" 到 "消费品牌" 的艰难跨越。 佳禾食品 2025 年前三季度的业绩呈现明显 "增收不增利" 特征。财报显示，公司前三季度营业收入 17.7 亿元，同比增长 5.3%；但归母净利润仅 2600 万元，同比大幅下滑 68.5%。净利润下滑的核心原因是原 材料价格上涨与营销费用增加的双重挤压，这一压力直接体现在现金流上 —— 前三季度经营性活动产 生的现金流净额同比下滑 99%，主要源于原物料采购支出增加。 不过，第三季度单季数据释放出积极信号。2025 年三季度，公司营业收入 5.83 亿元，同比微降 3.9%； 归母净利润 1357 万元，同比实现 2.7% 的正增长，终结了此前的连续下滑态势。这一转折背后，既得 益于公司库存周转效率的改善（三季度末库存周转天数较上年同期优化），也离不开餐饮渠道收入占比 的同比小幅提升，显示出公司业务结构调整已初步见效。 转型核心：咖啡 + 植物基双轮驱动，构建 2B2C 协同生态 佳禾食品的转型并非被动应对，而是早有布局。受新茶饮 "去植脂末 ...

Core Viewpoint - The company Xiangpiaopiao has announced a temporary halt to its promotional campaign, which has sparked confusion among consumers, but later clarified that it is related to a partnership with a character named "Nailoong" [4][5]. Company Overview - Xiangpiaopiao, established in 2005, became known as "China's first milk tea stock" after its IPO in 2017. The brand was once a nostalgic favorite for many consumers [5]. - The company has struggled to maintain its market position as new tea brands like Heytea and Nayuki have emerged, focusing on fresh ingredients and innovative branding, leading to a shift in consumer preferences [5]. Financial Performance - The latest semi-annual report indicates that for the first half of 2025, Xiangpiaopiao achieved revenue of 1.035 billion yuan, a year-on-year decline of 12.21%. The net profit attributable to shareholders was a loss of 97.39 million yuan, marking a staggering year-on-year drop of 230% [6]. - This marks the sixth consecutive year of losses for the company in the first half of the year, with the loss amount being the highest in the past three years [6]. Market Confidence - Continuous decline in performance and revenue growth has led to diminishing market confidence in Xiangpiaopiao. Since reaching a historical high of 35.09 yuan in August 2019, the stock price has fallen to 13.53 yuan as of September 12, 2025, representing a cumulative decline of over 60% [7]. - Industry analyst Zhu Danpeng noted that despite efforts in transformation and innovation, the results have not been significant, and the company's marketing expenses remain high. The key challenge is to attract the new generation of consumers to the Xiangpiaopiao brand [7].