8月27日，"奶茶第一股"香飘飘(603711.SH)发布2025年中期业绩报告。报告显示，上半年公司累计营收 实现10.35亿元。尽管一季度受春节时点提前、传统冲泡产品旺季销售承压等因素影响，开局艰难。但 二季度，公司通过多维创新与积极变革，稳住业绩大盘。 面对即将到来的消费旺季，公司将积极做好渠道备货与库存管理工作，为销售旺季筑牢根基。华鑫证券 研报指出，冲泡淡季略承压，重点关注Q4旺季铺货，饮料方面果茶表现良好，长期看好公司即饮板块 发展。 即饮板块强势增长的同时，冲泡板块继续坚守"健康化""高质价比"的产品理念，重点打造"原叶现泡轻 乳茶"系列。该系列产品凭借"0反式脂肪酸、0植脂末、0香精"的健康化标准，成为品牌在竞争激烈的茶 饮赛道中开辟差异化生存空间的关键抓手。上半年，冲泡板块持续丰富产品矩阵，新增"丛兰玉露""新 会陈皮月光白"两款新品，同步推出"特级明前龙井"限量款，凸显产品高端品质，并通过在杭州、成都 等地的营销活动，在一二线城市建立起初步市场认知，为后续深耕细分人群奠定基础。 报告期内，公司以"渠道多元化、运营精细化"为理念，积极拥抱新兴渠道，在电商、直营及出口渠道均 实现突破性增长。数 ...

转自：中国证券报·中证网 中证报中证网讯（王珞）8月26日晚间，"奶茶第一股"香飘飘（603711）发布2025年中期业绩报告显 示，公司上半年实现营收10.35亿元。其中，即饮业务表现亮眼，营收5.91亿元，同比增长8.03%；冲泡 业务营收4.23亿元，处于调整恢复期。报告期内，公司在渠道结构优化、产品健康化升级、新兴渠道拓 展等方面取得显著成效，为下半年传统消费旺季的到来奠定坚实基础。 值得关注的是，上半年，香飘飘研发投入0.28亿元，同比增长49.11%，且自2020年起已经连续增长五 年，同时，面对复杂多变的外部消费环境，公司坚定推进"双轮驱动"战略，围绕"守正、稳进、创变"的 年度经营基调，积极落实"冲泡业务稳健修复"及"即饮业务加速拓展"的策略。 即饮业务创新产品迎合趋势 作为公司"第二增长曲线"，即饮业务上半年展现出较强的韧性与增长潜力，在主营业务收入的占比大幅 攀升至58.27%，首超冲泡业务，产品创新与营销破圈协同共振，持续释放增长动能。 营销端，Meco果茶官宣时代少年团为代言人，打造"线上话题裂变+线下沉浸体验+全球事件营销"的立 体玩法。官宣当日，天猫、京东平台，Meco热门口味3小 ...

Core Viewpoint - The company anticipates a revenue of approximately 1.035 billion yuan for the first half of 2025, indicating a slight increase in Q2 revenue but an overall decline in H1 due to Q1 performance [1] Group 1: Business Strategy and Performance - The company focuses on "steady recovery of brewing business" and "accelerated expansion of ready-to-drink business" in 2025, actively promoting various operational measures [1] - The ready-to-drink segment is seen as a second growth curve, with continuous product innovation, including new flavors like "Orange Jasmine" and "Mulberry Jasmine" [1] - The company launched several new products, such as "Meco Grapefruit Kale Juice" and "Meco Cup Fruit Tea," targeting health-conscious young consumers and expanding product application scenarios [1] Group 2: Marketing and Brand Development - The company appointed the "Times Youth League" as the new brand ambassador for Meco Cup Fruit Tea, enhancing its youth-oriented strategy through content marketing [1] - The Meco brand saw a 361% year-on-year increase in sales during the 618 shopping festival, with overall e-commerce sales for the company's products rising by 165% [1] Group 3: Sales and Inventory Management - Despite being in a sales off-season, the company maintained a focus on "sales-driven principles," actively reducing channel inventory to ensure healthy stock levels for the upcoming brewing peak season [2] - The company introduced new products like "Original Leaf Fresh Brew Light Milk Tea," leveraging technology to retain freshness and attract health-conscious young consumers [2] - The brand's 618 sales increased by 111% due to the launch of the co-branded product "New Hui Chen Peel Moonlight White Light Milk Tea," which combines traditional and modern elements [2] Group 4: Future Outlook - Analysts suggest that the company's Q3 performance is expected to improve compared to Q2, driven by the deepening execution of health-oriented and youth-focused strategies, along with the upcoming summer consumption peak [2]