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].