Core Insights - The company reported a decline in sales for its brewing segment, attributed to changes in the external consumption environment and proactive inventory management to maintain channel health [1] - The "Original Leaf Brew" series has achieved over 100 million in sales within a year, receiving positive consumer feedback and aligning with the company's product launch expectations [3] Group 1: Sales Performance and Strategy - The brewing business experienced a sales decline due to external consumption environment changes and inventory digestion efforts [1] - The company is enhancing brand marketing and channel layout to support sales during the peak season [1] - The "Original Leaf Brew" series has surpassed 100 million in sales, indicating strong market potential for health-oriented products [3] Group 2: Product Development and Marketing - The company is focusing on brand youthfulness and product healthiness, with successful marketing campaigns for the "Original Leaf Brew" series [2] - A new functional health product, "Ancient Five Red" warm milk tea, was launched in Q3, receiving positive market feedback [2][3] - The company is exploring further innovations in health-oriented beverages in collaboration with Zhejiang University of Traditional Chinese Medicine [2] Group 3: Retail Expansion - The company is preparing to establish its first offline store in Hangzhou, aimed at providing brand experience and collecting market feedback [4]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, primarily due to adjustments in the shipment schedule of its brewed products, which were delayed [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.684 billion yuan, a year-on-year decrease of 13.12% [1]. - The net loss for the same period was 89.2072 million yuan, marking a shift from profit to loss compared to the previous year [1]. - In the third quarter, the company recorded a revenue of 649 million yuan, down 14.53% year-on-year, and a net profit attributable to shareholders of 8.1837 million yuan, a decline of 82.67% [1]. Group 2: Product Performance - Sales revenue from brewed products decreased by 19.68%, while ready-to-drink product sales fell by 4.93% [1]. - The company emphasized the Meco fruit tea brand, implementing strategies to accelerate the expansion of its ready-to-drink business, which included brand ambassador activities and sponsorship of popular variety shows [1]. - The sales of Lan Fang Yuan frozen lemon tea significantly declined due to adjustments in sales strategy, negatively impacting third-quarter ready-to-drink revenue [1]. Group 3: Strategic Adjustments - The company is focusing on a strategy of "guarding integrity, steady progress, and creating change," actively adjusting inventory and shipment schedules to ensure product freshness for the upcoming peak season [1]. - The company has been working on reducing inventory in channels and has initiated market preparations for the peak season starting in mid-September [1]. - New product lines, such as the "original leaf brewed" series and functional health teas, are being promoted to enhance the health-oriented image of brewed products, although their sales contribution remains relatively small [2].