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，当前瓶装饮料市场竞争激 烈，公司瓶装产品单一，且需要进一步提升瓶装饮料运营能力，Meco果茶产品则展现出成长潜力且公 司在杯装产品运营更具经验。因此，公司今年即饮业务销售策略向Meco果茶进行了倾斜。Meco果茶是 即饮业务的核心，公司将继续做深做透以校园为主的原点渠道，努力挖掘在礼品市场、零食渠道市场机 会，同时重视餐饮市场的开拓。未来，公司的即饮业务将围绕杯装形态做更多品类探索，如杯装咖啡、 杯装奶茶等。 ...

Core Viewpoint - The company, Xiangpiaopiao, is facing significant financial challenges, with a notable decline in revenue and profits, prompting a strategic shift towards the health food sector as a potential growth avenue [1][4][5]. Financial Performance - In the first three quarters of 2025, Xiangpiaopiao reported revenue of approximately 1.684 billion yuan, a year-on-year decrease of 13.12% [6]. - The net profit attributable to shareholders was approximately -89.21 million yuan, representing a staggering year-on-year decline of 603.07% [6][11]. - The company's cash flow from operating activities was also negative, amounting to -26.96 million yuan, a decrease of 185.05% year-on-year [7][11]. Strategic Shift - Xiangpiaopiao has proposed amendments to its business scope to include the production of health foods, indicating a strategic pivot to explore new product lines [4][5]. - The company confirmed that if health food products are launched, they will still carry the Xiangpiaopiao brand, although it remains uncertain when these products will be introduced [1][4]. Market Position and Challenges - The company is experiencing a decline in its traditional beverage sales, particularly in the instant tea segment, due to increased competition from ready-to-drink tea brands [11][19]. - The marketing expenses remain high, with sales expenses reaching 499 million yuan in the first three quarters, consuming a significant portion of revenue [11]. Future Outlook - Analysts suggest that the success of Xiangpiaopiao's potential health food products will depend on the company's preparation and execution in this new market [2][5]. - The health food sector is seen as a way to escape the limitations of the current instant tea market, which is facing saturation and declining margins [4][19].

Core Viewpoint - Xiangpiaopiao, known as "National Milk Tea," has opened its first two stores in Hangzhou, focusing on a "raw leaf" milk tea series, with prices ranging from 5.9 to 16 yuan, indicating a strategic entry into the competitive ready-to-drink tea market [1][3][5]. Company Developments - The first store is located in the basement of Hangzhou Joy City, featuring a layout similar to typical tea shops, with a focus on "raw leaf" brewing and five main product lines [3][4]. - Xiangpiaopiao has previously experimented with various offline formats, including self-service tea shops and pop-up stores, indicating a long-standing ambition to enter the offline retail space [4][5]. - The company aims to create a new consumer experience space to gather direct feedback for product innovation [4][9]. Market Context - The ready-to-drink tea market is highly competitive, with projections indicating it will exceed 300 billion yuan by 2025, featuring numerous brands and established players dominating various market segments [5][6]. - Xiangpiaopiao's entry into this saturated market is challenging, as it competes against established brands like Heytea and others that have strong market positions [5][6]. Financial Performance - In the third quarter of 2023, Xiangpiaopiao reported a revenue of 1.684 billion yuan, a year-on-year decline of 13.12%, and a net loss of 89 million yuan, a drastic drop of 603.07% [8][9]. - The decline in revenue is attributed to changes in the external consumption environment and inventory management strategies [8]. Strategic Direction - To counteract declining performance, Xiangpiaopiao is pursuing a dual strategy of "brewing + ready-to-drink" to diversify its business [9][10]. - The company has seen positive sales from its "raw leaf" series, which has surpassed 100 million yuan in sales within a year, indicating a successful product innovation strategy [10].

Core Viewpoint - Xiangpiaopiao has entered the ready-to-drink tea market with the opening of its first two stores in Hangzhou, focusing on "original leaf" milk tea series, amidst a highly competitive landscape [1][2][3] Company Strategy - Xiangpiaopiao is testing two business models: dine-in and takeout, with the aim of creating a new consumer experience and gathering direct feedback for product innovation [2][6] - The company has a long-term strategy of diversifying its business, establishing a dual-driven model of brewing and ready-to-drink products to counteract declining sales in its traditional brewing segment [7][8] Market Environment - The ready-to-drink tea market in China is projected to exceed 300 billion yuan by 2025, with numerous brands competing across various market segments [3] - High-end market leaders include Heytea and Bawang Chaji, while mid-tier brands like Cha Bai Dao and Gu Ming dominate the middle market, and Mixue Ice City leads in lower-tier markets [3] Financial Performance - In the first three quarters of 2025, Xiangpiaopiao reported a revenue of 1.684 billion yuan, a year-on-year decline of 13.12%, and a net profit loss of 89 million yuan, a drastic drop of 603.07% [6][8] - The company attributes the revenue decline to changes in the external consumption environment and inventory management strategies [6] Product Development - The "original leaf" series has generated over 100 million yuan in sales within a year of its launch, indicating positive market reception [8] - Xiangpiaopiao is also exploring new product categories, such as ice cream, to meet evolving consumer demands [8]

门店详细信息 招牌推荐 原叶鲜奶茶 "国民奶茶"香飘飘又不安分了。近日，香飘飘全国首店和二店在杭州开业，主打"原叶"奶茶系列。从价格上来看，覆盖5.9元至16元主流价格带。此前，香 飘飘多次试水线下店。从经典的冲泡奶茶，到时髦的原叶现泡，香飘飘"杀入"一片红海的现制茶饮，究竟是心血来潮还是另有算盘？ 原叶鲜果茶 经典奶茶 原叶纯茶 原叶特调茶 原叶 特调茶 特调风味 茶萃新意 ·[风味]白芽奇兰的岩韵花香,碰撞 海盐咸香,让奶茶不止于甜。 ·[物 ¥12 原月4日 ·[风味]陈皮月光白和红豆沙为底, 圆的软糯裏挟着陈皮的一缕清香。 ¥14. 苹果美人 ·[风味]]东方美人的独特花果香交线 果的香甜,茶香浓郁奶香醇厚果香 ¥16 计划 海點鸟龙 金 十九十 ·[风味]龙井的鲜醇清爽茶香和桂花 点击查: 选制 首店落地 近日，"香飘飘全国首店"的消息在社交平台刷屏，不少消费者前去尝鲜。这也是香飘飘自去年试水无人自助奶茶店、快闪店之后，在线下的首店落地。 北京商报记者注意到，这家位于杭州大悦城负一层的香飘飘首家奶茶店，在门店布局上与一般奶茶店无异，门口巨大的"香飘飘杯装奶茶"引人注目，店内还 增加了冲泡产品的展示台 ...

Core Insights - The company reported a revenue of 1.68 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.1%, with a net profit attributable to shareholders of -90 million yuan, down 603.1% year-on-year [1] - In Q3 2025, the company achieved a revenue of 650 million yuan, a decline of 14.5% year-on-year, and a net profit of 10 million yuan, down 82.7% year-on-year [1] Revenue Breakdown - For the first three quarters of 2025, revenue from the brewing segment was 820 million yuan, down 26.0% year-on-year, while ready-to-drink segment revenue was 830 million yuan, up 3.9% year-on-year [2] - The decline in brewing revenue was due to the company's strategic decision to delay the peak season inventory preparation from late August to mid-September, resulting in healthier channel inventory levels [2] - Revenue by channel showed a decline in distribution (-19.1%) but growth in e-commerce (+10.2%), exports (+93.2%), and direct sales (+92.4%) [2] Regional Performance - Revenue by region for the first three quarters of 2025 showed declines in East China (-22.4%), Southwest (-7.8%), South China (-17.9%), and North China (-22.0%), while significant growth was observed in Central China (+25.3%), e-commerce (+10.2%), and exports (+93.2%) [2] Profitability and Cost Structure - The gross margin for the first three quarters of 2025 was 32.9%, a decrease of 1.7 percentage points year-on-year, primarily due to the decline in the brewing segment's revenue contribution [3] - The sales and management expense ratios increased to 29.7% and 9.2%, respectively, reflecting a passive rise due to reduced revenue scale [3] - The net profit margin for the first three quarters of 2025 was -5.3%, down 6.2 percentage points year-on-year, indicating short-term pressure on profitability [3] Strategic Adjustments and Future Outlook - The company is optimistic about Q4 sales, having adjusted inventory levels for the brewing segment and focusing on health-oriented product upgrades [3] - New product launches, such as the "original leaf brewed" series and functional health teas, have received positive market feedback and are expected to drive growth [3] - The ready-to-drink segment is being expanded through new channels, including a focus on the restaurant sector and partnerships with membership stores, which are anticipated to contribute to future growth [3][4] Profit Forecast - The company forecasts net profits of 40 million yuan, 70 million yuan, and 90 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.08 yuan, 0.17 yuan, and 0.22 yuan [4] - The proactive adjustment of brewing business rhythms and the return to healthy inventory levels are expected to clear obstacles for future growth [4]

Core Viewpoint - The company reported a mixed performance in its beverage segment, with Meco fruit tea showing growth while Lan Fang Yuan frozen lemon tea experienced a decline due to strategic adjustments in sales [1] Group 1: Product Performance - Meco fruit tea, a core product in the ready-to-drink category, maintained a growth trend in the first three quarters of the year [1] - Lan Fang Yuan frozen lemon tea saw a decline in sales, attributed to changes in the company's sales strategy [1] Group 2: Strategic Focus - The company plans to deepen its focus on campus channels as a primary market for Meco fruit tea [1] - There is an emphasis on exploring opportunities in the gift market and snack channel, as well as expanding into the dining market [1]

Core Insights - The beverage industry is currently facing growth challenges, with a slight increase of 0.1% in retail value year-on-year for the first nine months of 2025, totaling 250.1 billion yuan, indicating near-zero growth [1] - Despite the industry downturn, the ready-to-drink segment of Xiangpiaopiao has shown resilient growth, achieving a revenue of 833 million yuan in the first nine months of 2025, a year-on-year increase of 3.92% [1] Group 1: Channel Strategy - Xiangpiaopiao's ready-to-drink business has become a key growth driver, surpassing the revenue contribution of its brewed products for the first time in the first half of 2025 [2] - The company has focused on two core channels: campus and bulk snack retail, leveraging these to build a strong foundation for its ready-to-drink segment [2] - The campus channel targets the Z generation, utilizing themed pop-up stores and sponsorship of campus events to enhance brand recognition and drive sales [2] Group 2: Bulk Snack Retail Channel - The bulk snack retail channel has seen significant growth, becoming a primary access point for fast-moving consumer goods [3] - Xiangpiaopiao has tailored small-sized, high-value products to fit various consumption scenarios, establishing strategic partnerships with leading snack chains, covering over 30,000 stores [3] - This channel's efficiency and consumer reach have significantly boosted brand exposure and market penetration for Xiangpiaopiao's ready-to-drink products [3] Group 3: Emerging Restaurant Channel - Xiangpiaopiao has identified the restaurant channel as a new growth opportunity, with the restaurant sector projected to reach 5.5 trillion yuan in revenue in 2024, growing by 5.3% [4] - The company has developed a product matrix tailored to dining needs, including Meco fruit tea and plant-based health drinks, enhancing brand visibility and consumer appeal [4] - Xiangpiaopiao is actively expanding its presence in restaurant chains, with successful pilot projects in cities like Jiangyin, Huzhou, and Shenzhen, and plans to extend to other key regions [5] Group 4: Future Growth Potential - The multi-channel strategy encompassing campus, bulk snacks, and restaurants is expected to create a robust growth framework for Xiangpiaopiao's ready-to-drink business [6] - The restaurant channel, with its large market potential and high compatibility with consumer needs, is anticipated to become a significant new growth driver alongside existing channels [6] - This strategic positioning aims to solidify Xiangpiaopiao's leadership in the cup tea market amidst increasing competition [6]

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 announcement of table tennis Olympic champion Sun Yingsha as the spokesperson for Xiangpiaopiao's original leaf instant tea series signals a clear intent to reshape brand value and aligns with the company's performance expectations for the 2025 third quarter report [1][3]. Group 1: Business Performance - In the first three quarters, Xiangpiaopiao achieved a revenue of 1.684 billion yuan, with the ready-to-drink segment contributing 833 million yuan and the brewing segment contributing 822 million yuan [1]. - The company is focusing on a dual-driven strategy to stabilize its business, emphasizing "differentiation + health" to meet core consumer demands [1][3]. Group 2: Product Innovation - Xiangpiaopiao is launching the original leaf instant tea series, which includes original leaf instant milk tea and light milk tea, aiming to provide high-quality products at affordable prices, starting from a minimum price of 6 yuan [4]. - The company emphasizes a "quality-price ratio," ensuring better quality at the same price or lower prices for the same quality, leveraging its 20 years of industry experience in product development and supply chain [4][5]. Group 3: Market Positioning - The ready-to-drink segment has surpassed the brewing segment in revenue contribution, with the introduction of Meco fruit tea, which features real fruit juice and freshly brewed tea, targeting the 5 yuan price range [5]. - Xiangpiaopiao's differentiation strategy connects the two business lines, targeting the gap between ready-to-drink and traditional beverages, providing healthy and quality products at accessible prices [5][9]. Group 4: Consumer Engagement - The company is actively engaging consumers through experiential marketing, such as pop-up stores that offer on-site original leaf instant tea, enhancing consumer connection and brand recognition [9][10]. - Xiangpiaopiao's target audience primarily includes young professionals, students, and health-conscious women, utilizing tailored spokespersons and various marketing channels to reach these demographics effectively [10]. Group 5: Technological Innovation - The company is committed to health-oriented product innovation, employing a full-chain technology upgrade to create barriers to entry, ensuring reliable quality and safety while maintaining affordability [7][8]. - Xiangpiaopiao's production processes utilize advanced technologies, such as ultra-instant freshness locking and high-quality raw material sourcing, to enhance product quality and extend shelf life without preservatives [8].