"一年卖出3亿杯，杯子连起来都能绕地球一圈"——这句刻在无数人DNA里的香飘飘广告您一定听过， 但您可能不知道的是过去曾是国民奶茶代名词的香飘飘，现在的日子有多不好过！2025年上半年香飘飘 预计营收10.4亿，同比下降12.21%，同时预计亏损9,739万，这也是香飘飘自2020年以来连续第六年中 报亏损。香飘飘短短几年时间就从神坛陨落，被一群对手暴打，曾经的国民奶茶怎么变成这样了？今儿 咱们就来聊聊香飘飘。 ...

Core Viewpoint - Xiangpiaopiao has announced the establishment of a fund with a total scale of 1 billion RMB, with an initial scale of 652 million RMB, primarily targeting the consumer industry, indicating a strategic shift to find new growth opportunities after facing challenges in the tea beverage market [2][5]. Group 1: Fund Details - The fund, named Changsha Quanzhong Venture Capital Partnership, was established in March 2025, with Xiangpiaopiao contributing 100 million RMB, accounting for 13.29% of the total committed capital [5][6]. - The fund aims to invest at least 80% of its total capital in the consumer industry, focusing on growth and mature enterprises, while also considering early-stage consumer companies with clear development paths [5][7]. Group 2: Market Context - The trend of companies like Xiangpiaopiao acting as socialized Limited Partners (LPs) is becoming more common, with over 70 listed companies participating in the establishment of industry funds this year [9]. - The shift towards VC/PE investments by listed companies is driven by considerations of industrial synergy and ecosystem expansion, especially in the context of fundraising difficulties in the primary market [9][10]. - Government LPs remain the primary contributors to RMB funds, with a reported fundraising scale of 1.3 trillion RMB in the past year, highlighting the ongoing demand for socialized LPs in the market [10][11].