齐鲁晚报·齐鲁壹点 李牧青 8月26日晚间，香飘飘（603711.SH）发布2025年上半年业绩报告，上半年公司实现营收10.35亿元，同比下滑12.21%；净利润亏损0.97亿元，同比下跌 230.13%。 | | | | 甲位: 元 巾秤:人民巾 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | | (1-6月) | | 期增减(%) | | 营业收入 | 1.035.314.726.93 | 1.179.345.118.80 | -12.21 | | 利润总额 | -137.170.226.13 | -49.749.635.15 | 不适用 | | 归属于上市公司股东的净利润 | -97.390.890.65 | -29.501.134.54 | 不适用 | | 归属于上市公司股东的扣除非 | -111.240.613.43 | -43.152.797.30 | 不适用 | | 经常性损益的净利润 | | | | | 经营活动产生的现金流量净额 | -258.260.148.32 | -244.636.420.40 | 不 ...

8月27日，香飘飘（603711.SH）发布2025年上半年业绩报告，上半年公司实现营收10.35亿元，同比下 滑12.21%；净利润亏损0.97亿元，同比下跌230.13%。 作为香飘飘原来的传统支柱冲泡业务，上半年收入4.23亿元，同比减少31.04%。这一数据背后是多重因 素叠加的结果。第一财经记者观察到，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。 香飘飘的即饮业务报告期内营收达5.91亿元，同比增长 8.03%，业绩占主营业务收入比重首次超越冲泡 业务，达到58.27%。过往财报数据显示，香飘飘即饮业务2022-2024年营收分别为6.38亿、9.01亿、9.73 亿元，已实现连续三年增长。 至于冲泡业务，香飘飘也陆续在发布新品，但报告期内尚未形成对整体业绩的拉动效应。 作为"奶茶第一股"，成立于2005年的香飘飘奶茶曾以"杯子连起来可绕地球XX圈"的广告语被消费者所 熟知。如今，国内冲泡奶茶经过多年优胜劣汰的市场选择，竞争格局已基本稳定，而即饮、现制等奶茶 逐渐成为主流。 广东省食品安全保障促进会副会长朱丹蓬对第一财经记者表示，香飘飘这几 ...

香飘飘食品股份有限公司 年报信息披露重大差错责任追究制度 香飘飘食品股份有限公司 年报信息披露重大差错责任追究制度 第一章 总则 第一条 为提高香飘飘食品股份有限公司（以下简称"公司"）规范运作水平， 增强信息披露的真实性、准确性、完整性和及时性，提高公司年度报告（以下简 称"年报"）的信息披露质量和透明度，强化信息披露责任意识，加大对年报信 息披露责任人的问责力度，根据《中华人民共和国证券法》《上市公司信息披露 管理办法》等有关法律、法规、规范性文件和《香飘飘食品股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，结合公司实际情况，制定本制度。 第二条 公司董事、高级管理人员以及与年报信息披露相关的其他人员在年 报信息披露工作中违反国家有关法律、法规、规范性文件以及公司规章制度，未 勤勉尽责或者不履行职责，导致年报信息披露发生重大差错，应当按照本制度的 规定追究其责任。 （一）客观公正、实事求是原则； （二）有责必问、有错必究原则； （三）权力与责任相对等、过错与责任相对应原则； （四）追究责任与改进工作相结合原则。 第五条 公司证券事务部在董事会秘书领导下负责收集、汇总与追究责任有 关的资料，按制 ...

香飘飘食品股份有限公司 总经理工作细则 香飘飘食品股份有限公司 总经理工作细则 第一章 总则 第一条 为了明确香飘飘食品股份有限公司（以下简称"公司"、"本公司"）总经 理的职责，保障总经理高效、协调、规范地行使职权，保障公司、股东、债权人的合法 权益，促进公司生产经营的可持续发展，根据《中华人民共和国公司法》和《香飘飘食 品股份有限公司章程》（以下简称"《公司章程》"）等有关规定，特制定本细则。 第二条 总经理是公司的高级管理人员，负责贯彻落实董事会决议，主持公司的生 产经营和日常管理工作，并对董事会负责。 第三条 本细则所称的其他高级管理人员包括副总经理、董事会秘书和财务负责人 和《公司章程》规定的其他人员。 第二章 总经理的任免 第四条 公司总经理由董事长提名，董事会聘任或解聘；副总经理、财务负责人由 总经理提名，董事会聘任或解聘。总经理对董事会负责，副总经理、财务负责人对总经 理负责。 公司董事可受聘兼任公司高级管理人员。 第五条 公司设总经理一人，副总经理若干名。由总经理、副总经理、董事会秘书 及财务负责人组成公司总经理工作班子，总经理工作班子是公司日常经营管理的指挥和 运作中心。 第九条 其他高级 ...

香飘飘8月26日披露的半年报显示，公司上半年实现营业收入10.35亿元，同比下降12.21%；归属于上市 公司股东的净利润亏损9739.09万元，上年同期亏损2950.11万元；基本每股收益-0.24元。 ...

Core Viewpoint - The beverage industry is experiencing a creative transformation where consumers are repurposing drinks like milk tea and coffee into desserts, indicating a trend towards "beverage + dessert" innovation [22][31][33]. Group 1: Consumer Trends - Consumers are creatively using leftover drinks to make desserts, such as turning milk tea into cakes, which has gained significant popularity on social media [5][10][12]. - The trend of "everything can be milk tea" has emerged, with various recipes combining milk tea with food, leading to a surge in user-generated content [18][24]. - The DIY approach not only reduces waste but also provides a unique and enjoyable consumer experience [28]. Group 2: Brand Engagement - Brands like Xiangpiaopiao are actively participating in this trend by promoting user-generated content and sharing recipes, which enhances brand visibility and consumer engagement [12][29]. - The trend has led to a low-cost, high-exposure marketing opportunity for brands, as consumers share their creative uses of beverages online [29][41]. Group 3: Industry Implications - The beverage industry's shift towards dessert-like products is becoming more pronounced, with major brands exploring this crossover to attract consumers [30][35]. - The success of transforming classic beverage flavors into baked goods suggests a high potential for new product development in the beverage sector [34][39]. - This trend is expected to drive increased beverage consumption, benefiting physical stores as well [41].

Group 1 - The core viewpoint of the article highlights the rise of group live streaming (团播) on Douyin, with many top influencers and brands participating to leverage its popularity and drive sales [3][7][22] - The "Guangdong Couple" has successfully integrated group live streaming into their sales strategy, achieving significant viewer engagement and sales figures, with one session reaching 19.81 million views and estimated sales between 25 million to 50 million yuan [3][4] - Other influencers, such as "Pipi Pipi Pipi Zhu" and "Audrey Thick Ben," have also joined the trend, showcasing their unique styles and attracting large audiences, with "Pipi Pipi Pipi Zhu" achieving 11.99 million views in one session [12][15] Group 2 - Brands are increasingly recognizing the potential of group live streaming for driving traffic and sales, with examples like "Dongguan Shoe King" utilizing this format to significantly boost engagement and sales [22][26] - The collaboration between brands and popular boy bands for live streaming events has created a new sales model, where audience participation resembles voting in talent shows, enhancing viewer engagement [29][31] - The article notes that group live streaming is evolving from a simple reward-based model to a more sustainable "idol economy," appealing to a younger demographic and aligning with brands targeting similar audiences [31][34] Group 3 - The article emphasizes that group live streaming is a fresh take on the traditional "entertainment + e-commerce" model, which has been successful in the industry, as seen in other platforms like Kuaishou [35][37] - Despite its growth, the long-term sustainability of group live streaming as a marketing strategy remains uncertain, as brands may rely on repeated collaborations rather than continuous engagement [37][40] - Overall, group live streaming is identified as a burgeoning sector with potential for new business narratives, although its operational model is still being defined [40]

Group 1 - Jiangsu Province is establishing a third batch of industry-specific funds with a total scale of 155 billion yuan, including a 100 billion yuan cooperative fund and several smaller funds targeting various sectors [2][3][4] - The 100 billion yuan cooperative fund, named Cheng Tong Ke Chuang Investment Fund, is initiated by China Chengtong Holdings Group in collaboration with major state-owned enterprises [3] - The funds will focus on strategic emerging industries such as new energy, integrated circuits, and advanced manufacturing [3][4] Group 2 - Xiangpiaopiao announced a new fund with a total scale of 1 billion yuan, primarily targeting the consumer industry, with an initial fundraising of 652 million yuan [5][6] - The fund aims to invest in growth and mature stage companies, while also considering early-stage consumer enterprises with clear development paths [6] Group 3 - Zhongke Chuangxing launched a new venture capital fund with a first close of 2.617 billion yuan, focusing on hard technology projects in sectors like artificial intelligence and advanced manufacturing [7] - The fund has a duration of 8 years and aims to support projects with significant knowledge, social, and economic value [7] Group 4 - Shaanxi Province's government investment guidance fund has surpassed 105.5 billion yuan, investing in key industries such as semiconductors and aviation [8] - The fund has supported over 315 projects and helped more than 150 companies to go public [8] Group 5 - Qingdao Financial Group established three 100 billion yuan guiding funds to support local investment activities [9] - The funds will focus on various investment activities using their own capital [9] Group 6 - Yunnan Province has registered a new 500 million yuan advanced manufacturing equity investment fund to promote traditional industry upgrades and support emerging industries [10] - The fund aims to enhance the competitiveness of Yunnan's manufacturing sector [10] Group 7 - Hubei Province's Xiaogan City has established a 2 billion yuan intelligent sensing equity investment fund, focusing on venture capital and private equity investments [11][12] - The fund aims to support local high-tech enterprises [11] Group 8 - The Ganshen Industrial Fund has completed registration with a target scale of 5 billion yuan, focusing on investment in key industries in Jiangxi Province [13] - The fund is a collaboration between multiple local government entities and aims to attract social capital [13] Group 9 - Fujian Province has launched its second specialized fund this year, with a scale of 600 million yuan, focusing on the new energy sector [15] - The fund aims to support specialized small and medium-sized enterprises in the energy supply chain [15] Group 10 - A new 10 billion yuan AIC equity investment fund has been established in Shaanxi Province, focusing on the electronic information industry [16] - The fund aims to support the development of key technologies and promote local industry clusters [16] Group 11 - Guangzhou has signed a 30 billion yuan AIC fund, focusing on intelligent manufacturing and new materials [17] - The fund is the first AIC fund managed by a district state-owned enterprise in Guangdong Province [17] Group 12 - The first city-level AIC equity investment pilot fund in Hubei Province has been established in Ezhou, with a scale of 1 billion yuan [20] - The fund focuses on new generation information technology and aims to support local enterprises [20] Group 13 - The SIZHI Bole Artificial Intelligence Science and Technology Fund has been established to invest in AI and related sectors [21] - The fund aims to enhance the competitiveness of Zhejiang Province's AI industry [21] Group 14 - The national-level sub-fund has been established in Ordos, with a first close of 1.6 billion yuan, focusing on advanced manufacturing and information technology [22] - The fund aims to support small and medium-sized enterprises with core technologies [22] Group 15 - The Anhui Jincheng Low Carbon Fund has been registered, focusing on renewable energy and environmental protection investments [23] - The fund has a total scale of 800 million yuan and aims to support local green initiatives [23] Group 16 - Beijing has established a cultural technology industry fund, focusing on integrating cultural and technological investments [25] - The fund aims to support projects that promote innovation in the cultural sector [25] Group 17 - Hohhot is planning to set up a green computing and AI industry fund, with an annual budget of 1.28 billion yuan to support industry development [26] - The fund aims to enhance the local green computing industry [26] Group 18 - China Resources Pharmaceutical announced a new 1 billion yuan fund focusing on pharmaceutical health and strategic emerging industries [27] - The fund will invest in sectors such as chemical innovation drugs and high-end medical devices [27] Group 19 - Blackstone announced an investment of over 25 billion USD for digital and energy infrastructure in Pennsylvania, which is expected to attract an additional 60 billion USD in investments [28][29] - The investment aims to enhance the state's digital and energy infrastructure [28][29]

Core Viewpoint - The article highlights the ongoing anxiety regarding the "disappearance" of social LPs in the fundraising market, while emphasizing the active participation of industrial capital, particularly from private enterprises in Zhejiang, in the investment landscape [2][5][20]. Summary by Sections Social LPs and Market Challenges - The fundraising market is currently facing a significant challenge with a shortage of social LPs, as many have chosen to withdraw or adopt a wait-and-see approach due to market volatility [5][12]. - This situation has led to a scarcity of market-driven funds, impacting the venture capital industry [5]. Active Participation of Private Enterprises - Despite the apparent quietness in the market, a number of private enterprises are actively engaging in investment activities [6]. - For instance, Xiangpiaopiao Food Co., Ltd. announced a commitment of 100 million yuan to become an LP in a venture capital partnership, indicating a strategic move to enhance its competitive strength [9][10]. Investment Preferences and Strategies - The fund in which Xiangpiaopiao is investing has a clear focus on the "big consumption" sector, with over 80% of its funds allocated to this core area, targeting growth and mature companies while also considering early-stage consumer enterprises [11]. - The motivations for consumer goods companies to act as LPs include seeking a second growth curve beyond their main business and strategically positioning themselves in emerging sectors [11][16]. Zhejiang's Active LP Landscape - In June alone, listed companies in Zhejiang contributed over 1 billion yuan as LPs, leading the nation in terms of investment scale [16]. - Companies such as Proya, Huadong, and Redick are among those actively participating, with a focus on sectors like new materials and daily consumer goods [16]. Financial Health and Investment Behavior - Consumer goods companies typically possess strong cash flows, which allows them to invest strategically without directly entering new fields [17]. - The investment behavior of Zhejiang's private enterprises is characterized by a clear industrial synergy logic, focusing on selecting GPs with deep industry resources and understanding [17]. Evolving Investment Landscape - The investment strategies and criteria for selecting GPs are evolving in response to the changing dynamics of the primary market [18]. - There is a growing expectation for GPs to adapt and provide high-quality direct investment projects to meet the upgraded demands of LPs [18]. Future Outlook - The article concludes that despite existing challenges, the venture capital industry is experiencing a transformation driven by policy support and technological changes, with a positive outlook for 2025 as a potential new starting point for China's venture capital landscape [20].

Core Points - The company announced the cancellation of a total of 6.1497 million stock options from its 2023 stock option incentive plan due to various reasons including expiration, employee departures, and unmet performance targets [1] - The cancellation includes 550,700 stock options that expired unexercised, 1.427 million options from 10 employees who left the company, and 4.172 million options from 36 employees due to performance criteria not being met [1] - The company confirmed that this cancellation will not affect its capital structure or have a substantial impact on its financial status and operating results [1] Summary by Sections Stock Option Cancellation - A total of 6.1497 million stock options have been canceled from the 2023 stock option incentive plan [1] - 550,700 options expired unexercised before the deadline [1] - 1.427 million options were canceled due to 10 employees leaving the company [1] - 4.172 million options were canceled due to performance criteria not being met by 36 employees [1] Impact on Company - The cancellation of stock options will not affect the company's capital structure [1] - There will be no substantial impact on the company's financial condition and operating results [1] - The company's stock option management policies remain unaffected [1]