文｜消费财眼 最近，霸王茶姬创始人张俊杰的高调婚礼引人注目。在外界眼中，他的婚礼透着浓厚的品牌营销意味，来宾中不仅有商业伙伴，还有各大投资机构代 表，嘉宾阵容更像是一场高规格的行业峰会。 其婚礼现场摆满了霸王茶姬的饮品，可以做到宾客人手一杯，当张俊杰的婚礼现场照片在社交网络流传时，连带着霸王茶姬这一品牌也又一次冲热 搜，这比任何广告都更生动地诠释着"品牌即创始人，创始人即品牌"的当下现实，这似乎已远非一场私人庆典。 然而，聚光灯越耀眼，阴影处的挑战也越明显。此时不禁让人想到一个问题，那就是对于霸王茶姬甚至整个茶饮行业来说，当品牌创始人的个人IP与 品牌深度捆绑，或当品牌成功站上资本市场高点后，这些品牌将面临的下半场挑战是什么? 创始人IP成为品牌"火箭助推器"背后的双刃剑 首先，一个充满传奇色彩的创始人故事，是穿透嘈杂市场、建立情感连接的利器。从逆境中成长的个人经历，赋予了品牌坚韧、逆袭的"光环"，让消 费者在购买一杯奶茶时，仿佛也参与了一段励志的叙事。其次，在品牌从0到1的阶段，创始人的鲜明个性与审美，是塑造独特品牌辨识度的最短路 径。 无论是早期从云南启航的侧翼战略，还是坚决摒弃水果茶混战、专注"原叶鲜奶 ...

证券日报网12月18日讯香飘飘（603711）在12月17日回答调研者提问时表示，目前，冲泡板块的终端网 点数量约40万家，即饮板块的终端网点数量约30万家，公司在短期内暂时不会追求门店数量的大幅增 加，而是希望对现有门店进行深耕。一方面，公司会根据冲泡业务和即饮业务的特点，分别筛选适配的 经销商和终端渠道资源；另一方面，公司会选取一些动销比较好的渠道和门店进行聚焦，集中投放资源 和费用，通过产品的生动化陈列，建立产品势能，营造热销氛围，以带动其他渠道和门店的销售。未 来，随着公司即饮业务系统性运营能力的提升，将会循序渐进地增加即饮终端网点的覆盖率。 ...

(编辑：王璨 林辰)关键字： 饮料 香飘飘 12月3日，香飘飘发布投资者关系活动记录表。当中披露，关于杭州新设门店的情况及未来的规划，香 飘飘表示，公司近期在杭州开设了两家线下茶饮门店，主要目的是将其作为公司主营业务冲泡、即饮产 品的品牌宣传窗口，核心定位是为消费者提供品牌体验与互动交流的空间，传递公司年轻、健康化的产 品特点与品牌定位；同时更直接地收集市场反馈，赋能产品研发与创新。目前仍处于试点探索阶段，暂 无开设新店及扩大规模的计划。 （企业公告） ...

Core Viewpoint - The company Xiangpiaopiao is set to open its first national store in Hangzhou, aiming to create an immersive tea-drinking experience that combines trendy and traditional elements while gathering consumer feedback for product optimization [1] Group 1: Store Opening - Xiangpiaopiao will open its first national store in Hangzhou at the Dayuecheng shopping center [1] - The store will serve as a pop-up experience, allowing consumers to engage with the brand in a unique environment [1] Group 2: Business Strategy - The company focuses on bubble tea as its main product line and has recently introduced ready-to-drink products [1] - The opening of the store is part of a strategy to listen to consumer feedback closely, enabling the company to refine its offerings [1] Group 3: Previous Initiatives - Xiangpiaopiao opened its first physical experience store in December last year at West Lake, Hangzhou [1] - In March of this year, the company launched a themed store called "Original Leaf Tea House" in Chengdu [1]

Core Viewpoint - The opening of Xiangpiaopiao's first national store in Hangzhou aims to create an immersive tea-drinking experience, blending modern trends with traditional tea culture, while also gathering consumer feedback for product optimization [1] Company Summary - Xiangpiaopiao's main business focuses on instant milk tea, with recent expansions into ready-to-drink products [1] - The first physical experience store was opened in December last year in Hangzhou, followed by a themed store in Chengdu in March this year [1]

Group 1 - The report highlights the recent fluctuations in major asset classes, attributing them to weaker-than-expected US data and rising expectations for interest rate cuts by the Federal Reserve, which has led to strong performance in precious metals [1][28] - Domestic commodities have been in a state of adjustment due to the observation period of anti-involution policies, with correlations between domestic commodities and bond yields as well as stock indices dropping to historical lows, although recent stabilization has been noted [1][28] - The report suggests that the stock and bond markets continue to exhibit a seesaw effect, with certain A-share indices reaching new highs while bond yields also hit new highs, indicating a complex interplay between credit cycles and policy implementation [1][28] Group 2 - The report indicates a decline in social financing, with August's social financing scale increasing by 2.57 trillion yuan, which is 463 billion yuan less than the same period last year, highlighting a contraction in government bonds and a decrease in new loans [3] - The report emphasizes the need to solidify the foundations of the bull market, noting that various leading indicators have shown improvement, although import and export figures fell short of expectations [3][29] - The report recommends focusing on sectors that are likely to benefit from policy-driven growth, particularly in technology and new energy, while also suggesting a balanced approach to industry allocation [4][30] Group 3 - The report discusses the performance of specific companies, such as Source Technology, which reported a 71% increase in revenue and a 330% increase in net profit for the first half of 2025, driven by strong sales of data communication optical chips [11] - The report also highlights the performance of Minxin Technology, which achieved a historical high in revenue and turned a profit, with significant growth in its pressure sensor product line [18] - The report notes that the beverage company Xiangpiaopiao's revenue from its ready-to-drink segment has become its core income source, while the instant segment has faced challenges [23]

Core Insights - In the first half of 2025, the company reported a revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%, and a net loss of 97 million yuan [1] - The company’s brewing business generated a revenue of 423 million yuan, while the ready-to-drink business achieved a revenue of 591 million yuan, reflecting a year-on-year growth of 8.03% [1] - The company is committed to a "dual-drive" strategy focusing on "stability, progress, and transformation" to navigate the changing external consumption environment [1] Financial Performance - Revenue for the first half of 2025 was 1.035 billion yuan, down 12.21% year-on-year [1] - Net loss for the same period was 97 million yuan [1] - The brewing business revenue was 423 million yuan, while the ready-to-drink segment saw an increase to 591 million yuan, up 8.03% year-on-year [1] Strategic Initiatives - The company plans to continue its "dual-drive" strategy in the second half of the year, focusing on "stabilizing brewing and strengthening ready-to-drink" operations [1] - In Q3, the company will enter the peak season for brewing business, emphasizing channel stocking and inventory management [1] - The company aims to enhance the gift market by developing upgraded gift packaging products to meet consumer demand [1] Product Development - The company will increase the launch of new products in the second half of the year to build momentum for market expansion [2] - The brewing business will introduce new flavors and "functional" health products for trial sales [2] - The ready-to-drink segment plans to continue launching more cup-based products and explore new market segments to enhance growth potential [2]

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].