问：公司销售团队的调整情况？ 证券之星消息，2025年7月4日香飘飘（603711）发布公告称公司于2025年7月2日接受机构调研，开源证 券、嘉实基金、诺安基金、Alpines、翼虎投资参与。 具体内容如下： 问：公司奶茶新品的表现情况？ 答：公司推出的"原叶现泡轻乳茶""原叶现泡奶茶"(黑糖珍珠/糯糯红豆)奶茶新品，开创"原叶现泡"奶茶新 品类。"原叶现泡"系列产品是在之前的"如鲜"燕麦奶茶的产品基础上，继续沿着品牌年轻化、品类健康化 方向进行升级的产品。目前，两款新品在线上和线下的部分区域进行试销，原叶现泡轻乳茶线上销售占比 较大，原叶现泡奶茶在线下部分区域进行销售。同时，在礼品市场旺季，公司对"原叶现泡"系列进行了小 范围探测，该产品填补了礼品市场在对应价格带的产品空白，获得了较为积极的反馈。近期，原叶现泡轻 乳茶根据市场趋势，研发推出多款新口味进行市场探测，包括"明前特级龙井""新会陈皮月光白"等。同 时，公司通过"内容营销"的方式对原叶现泡轻乳茶进行推广，在获得消费者良好反馈的同时，在品牌端获 得较高声量。未来，公司还将对原叶现泡奶茶产品的内容物与包装做进一步优化。当前两款新品处在探测 阶段，还需 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The beer and beverage sector is entering a peak season, with a focus on channel changes and growth opportunities. The report highlights three main investment lines for the liquor segment: leading brands, high-certainty regional brands, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The white liquor industry is gradually bottoming out, with leading companies like Kweichow Moutai and Wuliangye showing low valuations and dividend value. The report emphasizes the importance of adapting to younger consumer preferences and enhancing brand quality [2]. - The beverage segment is characterized by high growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report also notes the introduction of new products by Xiangpiaopiao and the competitive landscape in the beverage market [3][6]. Summary by Sections White Liquor - Demand-side strategies focus on solidifying sales foundations, with companies actively managing supply and pricing to maintain strong sales [2]. - Supply-side initiatives include marketing transformations and product innovations aimed at younger consumers, such as low-alcohol and flavored products [2]. - The report indicates that the valuation of white liquor stocks has reached low levels, with current PE ratios around 17.7x, which is approximately 10% lower than the A-share market [2]. Beer and Beverage - The report notes the resignation of the chairman of China Resources Beer, which may present a buying opportunity post-adjustment [3][6]. - The beverage sector is experiencing intense competition, with new product launches and a focus on high-growth potential companies [6][7]. - The report highlights the ongoing transformation in retail, with companies like Sam's Club and Walmart leading in sales growth, indicating a shift in consumer purchasing behavior [7].

6月27日，茶咖日报的主要内容有： 泰国椰子水IFBH招股超购2220倍，为港股年内新"冻资王" 观点网6月26日消息，泰国椰子水品牌if供公司IFBH公布招股结果，该股于6月20日至25日公开募股，原 计划集资最多11.6亿港元，每手入场费5616.1港元。 市场消息显示，孖展认购额2572.9亿港元，较公开发售额1.16亿港元超购2220倍，成为年内港股新股"冻 资王"。 部分券商提前披露认购情况显示，此次中签率创近年新低。据投资者上传的分配截图，认购400手（约 224.6万港元）未获分配，需至少申购1000手（约561.6万港元）方"稳中1手"。顶头槌认购（上限10,046 手，约5643万港元）仅获配7手，凸显市场狂热。 IFBH定位为全球第二大椰子水企业，截至2024年，公司在中国内地椰子水饮料市场占有率约34%，连 续五年保持第一，并在香港市场以60%的占有率连续九年蝉联榜首。 6月以来，茶百道已陆续推出多款主打真实果肉的鲜果饮品，都取得了良好的市场表现。比如，此前上 市的荔枝系列产品销量已超700万杯。也因此，华鑫证券、国泰海通等多家机构近期给予茶百道"买 入"评级。 云南咖啡涨价了，咖啡生豆 ...

香飘飘 603711.SH 公司研究 | 年报点评 即饮维持较快增速，产品健康化升级 核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报、25 年一季报，对 25-26 年下调收入、毛利率。我们预测公司 25-27 年每股收益分别为 0.58、0.62、0.68 元（原预测 25-26 年为 1.03、1.19 元）。我们 延续采用 FCFF 估值方法，计算公司权益价值为 72.87 亿元，对应目标价 17.66 元，维持买入评级。 风险提示：果汁茶动销不及预期、原材料成本大幅上升、销售费用投入高增风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,625 | 3,287 | 3,298 | 3,515 | 3,849 | | 同比增长 (%) | 15.9% | -9.3% | 0.3% | 6.6% | 9.5% | | 营业利润(百万元) | 343 | 310 | 291 | 314 | 342 | | 同比增长 (%) | 20. ...

近期，香飘飘食品股份有限公司频繁召开投资者关系活动，就公司业绩表现、新品推广、业务规划等投 资者关心的问题进行了详细解答。在新茶饮势力崛起、现制奶茶冲击传统冲泡奶茶市场的背景下，香飘 飘业绩连续下滑，面临很大的突围压力。 根据此前发布的财报数据，香飘飘 2024 全年实现营收 32.87 亿元，同比下滑 9%；归母净利润 2.53 亿 元，同比下滑 10%。今年一季度，实现营收约为 5.8 亿元，同比下降 19.98%；亏损 1877.5 万元。 从内部运营看，公司将冲泡与即饮团队整合后，下沉市场以冲泡为主、核心城市聚焦即饮的策略，对团 队协同效率提出更高要求。 新品 "原叶现泡" 系列的市场前景仍存疑问。一方面，冲泡奶茶的核心消费场景（便捷、低价）与现制 茶饮（新鲜、体验）存在天然差异，消费者是否愿意为 "标准化现制口味" 支付更高溢价？试销阶段的 "积极反馈" 能否转化为长期复购？例如，线下快闪店虽带来声量，但活动结束后，线上电商渠道的持 续转化能力尚未验证。另一方面，公司在投资者活动中多次提到 "产品内容物与包装优化"，侧面反映 当前新品可能仍未完全契合市场需求，优化周期过长可能导致竞品跟进模仿，错失市 ...

证券之星消息，2025年5月15日香飘飘（603711）发布公告称公司于2025年5月13日接受机构调研，前海开 源、财通基金、天风证券参与。 具体内容如下： 问：公司奶茶新品的销售情况？ 答：公司推出的"原叶现泡轻乳茶""原叶现泡奶茶"（黑糖珍珠/糯糯红豆）奶茶新品，开创"原叶现泡"奶茶 新品类。"原叶现泡"系列产品是在之前的"如鲜"燕麦奶茶的产品基础上，继续沿着品牌年轻化、品类健康 化方向进行升级的产品。 问：即饮业务的终端网店数量？ 答：目前，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。 问：公司今年即饮业务的渠道规划? 答：今年，公司将保持"稳中求进"的总基调，Meco果茶将重点围绕原点人群和原点渠道做精进，提升原 点人 ...

Core Viewpoint - The company, Xiangpiaopiao, is undergoing its "third entrepreneurship" to innovate its business fundamentals amidst declining performance due to competition from new tea beverage brands and the rise of ready-to-drink tea products [1][3]. Group 1: Financial Performance - In 2024, Xiangpiaopiao reported a revenue of 3.287 billion yuan, a year-on-year decline of 9%, and a net profit of 253 million yuan, down 10% [1]. - In Q1 2025, the company achieved approximately 580 million yuan in revenue, a year-on-year decrease of 19.98%, and a net loss of approximately 18.775 million yuan compared to a net profit of 25.2126 million yuan in the same period last year [1]. Group 2: Market Position and Competition - Xiangpiaopiao has maintained its position as the market leader in the cup-based instant tea segment for 13 consecutive years from 2012 to 2024 [1]. - The company faces significant competition from ready-to-drink tea products and fresh tea beverages, which have penetrated various consumer markets, leading to a decline in the instant tea segment [3]. Group 3: Business Strategy and Innovation - The company is focusing on the health upgrade of its instant tea products as part of its "third entrepreneurship," with a strategy aimed at "healthier categories, younger branding, scenario-based products, and daily consumption" [4]. - Xiangpiaopiao has increased its R&D expenses for five consecutive years, indicating a commitment to innovation, with new products like "original leaf light milk tea" launched in September 2023 [4][8]. - The company has opened two physical tea shops in key locations to rekindle consumer interest in instant tea, achieving significant sales with new product launches [4][6]. Group 4: Future Outlook - Analysts suggest that despite current performance pressures, Xiangpiaopiao is building momentum for recovery through strategic focus and innovation, with expectations for improved performance in 2025 as new products gain traction [8].

品牌年轻化：从"奶茶鼻祖"到"社交货币" 4月26日，香飘飘（603711）(603711.SH)发布2024年全年及2025年一季度业绩报告。在消费需求疲软、现制茶饮冲击加剧的背景下，作为行业 领军企业，香飘飘在"承压前行，谋变突围"的探索中，展示出传统快消品牌转型的韧性：2024年实现营收32.87亿元，净利润2.53亿元，即饮板 块营收同比增长8.00%至9.73亿元，其中Meco果茶系列以20.69%的增速成为最大亮点。 透过财报数据，香飘飘的转型路径逐渐清晰：以品牌年轻化撕掉"陈旧"标签，用产品健康化重塑价值认知，借即饮差异化打开增量市场。这三 个维度的战略协同，为其在现制茶饮与健康消费的双重浪潮中，开辟出一条独特的生存之道。 "当'Z世代'在快闪店打卡发朋友圈时，香飘飘已经赢了第一步。"一位新茶饮行业观察者如是评价。 这份财报中，最值得玩味的不是营收数字，而是香飘飘对"品牌老化"痛点的精准破解。 去年以来，香飘飘在杭州、成都两地先后落地"原叶现泡"主题线下快闪店，通过精心设计的场景和互动方式，为消费者带来了一种情感共鸣的 全新消费体验，将"冲泡奶茶"这一传统品类植入年轻消费者的社交场景，吸引大量消 ...

Core Viewpoint - After experiencing a downturn in 2021 and 2022, the company's performance showed slight recovery in 2023, although it still faced challenges in revenue and profit [1][3]. Financial Performance - In 2024, the company reported a revenue of 3.287 billion yuan, a year-on-year decline of 9%, and a net profit of 253 million yuan, down 10% year-on-year [1]. - For Q1 2025, the company achieved approximately 580 million yuan in revenue, a year-on-year decrease of 19.98%, and reported a net loss of approximately 18.775 million yuan compared to a net profit of 252.126 million yuan in the same period last year [1]. Market Position - The company has maintained the largest market share in the cup-based instant tea market for 13 consecutive years from 2012 to 2024 [1]. - The competitive landscape has stabilized, but new tea brands have emerged, posing challenges to the company's reliance on cup-based instant tea [1]. Strategic Response - The company has chosen to focus on the ready-to-drink segment rather than entering the fresh tea market, with ready-to-drink products having a shelf life of several months [2]. - In 2024, the company's instant tea business generated 2.271 billion yuan in revenue, a year-on-year decline of 15.42%, while the ready-to-drink business achieved 973 million yuan, a year-on-year increase of 8% [2]. - The Meco fruit tea line contributed 780 million yuan in revenue, reflecting a year-on-year growth of 20.69% [2]. - In Q1 2025, the ready-to-drink business saw a year-on-year growth of 13.89% and a quarter-on-quarter growth of 54.82% [2]. Product Innovation - The company has launched products like "Original Leaf Light Milk Tea" and "Original Leaf Milk Tea," which mimic the flavors of fresh tea drinks, and has experimented with offline pop-up stores [2]. - The product development aims to replicate successful flavors from offline tea shops while enhancing quality and cost-effectiveness to meet consumer demand beyond fresh tea scenarios [2]. Future Outlook - The company's ability to balance shelf life with immediacy, industrial standardization with fresh experience, and attract younger consumers will be crucial for its future growth [3].

曾经的奶茶领导者，正在学习去讲一个新的故事。 杭州西湖畔的湖滨银泰 in77，前阵子迎来了一波新的热闹：一家奶茶快闪店大排长龙，动辄要等待上 2 个 小时。店员将茶包放入手冲壶中萃取。三分钟后，店员将茶汤、牛奶杯和含有茉莉纯露的配料一起倒入杯 中，一杯奶茶就做好了——整个过程颇具仪式感，因限购 2 杯，顾客可以直接购买零售款轻乳茶带回家自 己完成。 这是香飘飘开设的第一家现制奶茶店，在 "手冲现泡、一杯两泡" 的口号背后，很多人不惜排队两个小时 也要喝上一杯。在新式茶饮内卷的今天，像这样的新玩家已是罕见。 当茶饮进入存量市场，创新爆款产品更少出现，取而代之的是效率的竞争。品牌们忙着优化原料、设备升 级、门店管理，期望通过更低的价格来换取更多的客单。奶茶门店越开越密，争相抢夺优质加盟商的点 位。当市场整体规模不再增长，激烈竞争之下，有的茶饮品牌闭店上千家，有的品牌利润率腰斩。 如此残酷的市场环境，为什么又多了一家新公司？ 奶茶内卷，零售化会是中间路线吗 香飘飘的确是在开店卖奶茶，只不过它想卖的并不只是门店作为零售渠道那一杯。他们尝试将现制茶饮产 品的现泡口感和体验，打造成标准化的快消品。同时，省去了房租、人力成 ...