这份成绩单不仅暴露出传统冲泡业务面临的挑战，也折射出公司转型路上的阵痛与曙光。作为传统支柱 的冲泡业务，上半年录得收入4.23亿元，同比减少31.04%。 8月27日，茶咖日报的主要内容有： 香飘飘2025上半年业绩出炉，冲泡业务承压，即饮逆势增长 8月27日，香飘飘发布2025年上半年业绩报告。报告显示，上半年公司实现营收10.35亿元，同比下滑 12.21%，净利润-0.97亿元，同比下跌230.13%。对于业绩亏损，香飘飘在公告中指出，第二季度营业收 入实现同比略增，但受一季度影响，上半年整体业绩同比仍有所下降。 从市场环境来看，消费者对茶饮的消费习惯正持续向即饮、现制等方向转移，这一趋势挤压了冲泡业务 的市场空间。与此同时，今年春节提前，进一步压缩了冲泡业务旺季的窗口期，使得一季度本应是销售 高峰的时段动能严重不足，导致业绩受到冲击。 产品方面，虽然香飘飘上半年在原有"茉莉雪芽""玫瑰青心乌龙""白芽奇兰"原叶现泡轻乳茶口味基础 上，新增"丛兰玉露""新会陈皮月光白"两款新口味及"特级明前龙井"限量款，但由于上市时间较短，多 款产品处于市场探测期，尚未形成对整体业绩的拉动效应。 而于此形成鲜明对比的是 ...

8月27日，茶咖日报的主要内容有： 香飘飘2025上半年业绩出炉，冲泡业务承压，即饮逆势增长 8月27日，香飘飘（603711）发布2025年上半年业绩报告。报告显示，上半年公司实现营收10.35亿元， 同比下滑12.21%，净利润-0.97亿元，同比下跌230.13%。对于业绩亏损，香飘飘在公告中指出，第二季 度营业收入实现同比略增，但受一季度影响，上半年整体业绩同比仍有所下降。 这份成绩单不仅暴露出传统冲泡业务面临的挑战，也折射出公司转型路上的阵痛与曙光。作为传统支柱 的冲泡业务，上半年录得收入4.23亿元，同比减少31.04%。 从市场环境来看，消费者对茶饮的消费习惯正持续向即饮、现制等方向转移，这一趋势挤压了冲泡业务 的市场空间。与此同时，今年春节提前，进一步压缩了冲泡业务旺季的窗口期，使得一季度本应是销售 高峰的时段动能严重不足，导致业绩受到冲击。 产品方面，虽然香飘飘上半年在原有"茉莉雪芽""玫瑰青心乌龙""白芽奇兰"原叶现泡轻乳茶口味基础 上，新增"丛兰玉露""新会陈皮月光白"两款新口味及"特级明前龙井"限量款，但由于上市时间较短，多 款产品处于市场探测期，尚未形成对整体业绩的拉动效应。 而于此 ...

Core Viewpoint - Traditional instant beverages like Xiangpiaopiao milk tea, Wewei soybean milk, and Southern black sesame paste are facing a collective crisis due to declining sales, primarily driven by a shift in consumer preferences towards more convenient and healthier options [1][4][10] Group 1: Market Performance - In 2024, Xiangpiaopiao's revenue from instant products was 2.271 billion yuan, a year-on-year decline of 15.42% [5] - Wewei's solid instant beverage revenue was 1.909 billion yuan in the previous year, down 3.02% [5] - Southern black sesame's instant beverage revenue was 854 million yuan, a decrease of 3.90% [5] - Xiangpiaopiao's peak sales in 2020 reached 3.067 billion yuan, but by 2024, revenue had dropped to 2.271 billion yuan, indicating a significant decline in market share [8][10] Group 2: Consumer Trends - The decline in instant beverage consumption is attributed to changing lifestyles, with younger consumers favoring immediate satisfaction and convenience [10][12] - Instant beverages were originally transitional products during a time of limited market supply, but as fresh and ready-to-drink options have become more available, traditional instant products have lost their appeal [10][17] Group 3: Company Strategies - Companies like Wewei and Southern black sesame are diversifying their product lines to include ready-to-drink options and other innovations to adapt to market changes [12][15] - Xiangpiaopiao has introduced new products like Meco fruit tea and other ready-to-drink beverages to capture market share [14][23] - Despite these efforts, the transition to ready-to-drink markets is challenging due to intense competition from established players in the beverage industry [15][23] Group 4: Historical Context - Wewei and Southern black sesame have a long history, with Wewei being established in 1992 and achieving significant market share in the soybean milk sector [8][21] - The traditional instant beverage market has been in decline for several years, with companies struggling to maintain their previous growth trajectories [5][6][10]