Xiangpiaopiao: On March 12, received institutional research visits, with multiple institutions including Guotai Haotong and Pleiad Investment Advisors Limited participating

Securities Star News, March 16, 2026: Xiangpiaopiao (603711) announced that on March 12, 2026, the company received an institutional survey, with participation from Guotai Haitong, Pleiad Investment Advisors Limited, Zhongrui Yuan Tong Investment, Haitong International, Taixin Fund, Huatai Securities, Huaxia Fund, Tongtai Fund, Bodao Fund, Guolian Minsheng Securities, Shanghai Mingyu Assets, Zhengyuan Private Equity Fund, Yuancheng Private Equity Fund, Fangwu Private Equity Fund, ICBC Wealth Management.

Details are as follows:

Q: What was the sales situation of products during the Spring Festival period this year and the sales of gift boxes?

A: Facing the changes in peak sales periods caused by the timing of the Spring Festival, combined with changes in the external consumer market environment, the company adheres to the operating principle of “stability with progress,” actively adjusts product shipment schedules, strictly controls channel inventory levels, maintains stable product pricing, ensures product freshness, and effectively safeguards the interests of consumers and distributors. In the fourth quarter, the company’s revenue decline compared to the first three quarters narrowed significantly. The original leaf ready-brewed milk tea products filled a gap in the corresponding price range in the gift market and received good sales feedback.

2. How did the overall performance of the original leaf ready-brewed products in 2025 look, and what are the brand marketing strategies?

The original leaf ready-brewed series includes light milk tea and milk tea.

For the light milk tea products, the company aims to leverage this product to convey a “healthy” and “youthful” brand image to investors, changing consumers’ traditional impressions of Xiangpiaopiao milk tea. Based on consumer feedback, this has achieved a good effect in refreshing the brand image. The original leaf ready-brewed milk tea products filled a gap in the gift market’s price range and achieved good sales during peak gift seasons.

In terms of brand marketing, in 2025, the company adopted a marketing strategy centered on user operation, using content marketing as a carrier to create an integrated online and offline marketing loop that combines branding and sales.

For the original leaf ready-brewed series, the company signed endorsers based on consumer preferences and product features, and carried out offline promotional activities, which received positive feedback.

Going forward, the company will continue to select appropriate brand marketing methods based on business conditions to strengthen communication with consumers.

3. How suitable are cup-ready beverages for catering scenarios?

The catering channel is currently a key focus for the company. Meco cup-packaged fruit tea is highly compatible with catering consumption scenarios in its cup form; in response to the characteristics of the catering channel, the company launched customized cup-ready beverages with pricing strategies aligned with channel needs, giving the channel a strong competitive advantage in the value chain. Additionally, fruit tea has a natural “relieve spiciness and greasiness” property, making it highly suitable for heavy-flavor restaurant chains, with obvious distribution advantages. The company will continue to deepen regional business exploration and further tap into potential market opportunities in the catering channel.

4. What is the positioning of the company’s “Ancient Formula Five Red” products?

“Ancient Formula Five Red” Warm Milk Tea is the company’s first health functional product based on the concept of “medicine and food homology,” developed in cooperation with Zhejiang University of Traditional Chinese Medicine. Currently, the product is mainly being trialed online, receiving positive feedback. The company hopes to reach more consumers through online dissemination; at the same time, it is gradually exploring offline channels.

5. Market feedback and outlook for the new “Ancient Formula Five Red” series?

In recent years, as women’s social roles have diversified, women’s physical and mental health have attracted increasing social attention. Xiangpiaopiao launched the “Million Women Menstrual Care Program” during International Women’s Day, including public science education, offline menstrual care “Warm Nourishing Cottage” projects, and donations of “Ancient Formula Five Red Warm Milk Tea.” These initiatives focus on the real issues of women’s menstrual discomfort—“invisible, hard to speak about, lacking support”—breaking traditional care activity models and achieving good market feedback, which is meaningful for promoting the normalization of Chinese health products. The Ancient Formula Five Red products are still in market testing and online promotion stages, with positive feedback received. The company believes the products have significant market prospects and consumer potential. In the future, the company will continue to focus on consumers’ health needs and explore more product innovations.

6. Cooperation status of ready-to-drink snacks in wholesale channels?

The company pays close attention to the development of snack wholesale channels and actively embraces emerging channels. Currently, the number of stores in the leading snack wholesale systems the company directly cooperates with exceeds 40,000. Additionally, some snack wholesale stores are covered through distributors. To better fit the product characteristics of snack wholesale channels, besides the company’s own brands, the company has also launched customized products for these channels. Currently, the company has introduced cooperative customized products with Wancheng, Henmang, and Youming series.

7. Current raw material prices and outlook on future costs?

The company adopts a “fiscal year lock-in” pricing model for raw materials, locking in prices for certain raw materials from July of each year to June of the next. In the first half of 2025, raw material costs were relatively stable due to the lock-in period. However, influenced by ongoing international geopolitical conflicts and regional wars, the global commodity supply pattern has tightened. The company will closely monitor the price trends of major raw materials, conduct analysis and judgment, leverage its scale and cash flow advantages, and work with upstream suppliers to manage raw material prices. The company will continue to promote lean production and optimize costs.

8. Overseas business plans? Future Thailand production base’s target markets?

There are significant opportunities in overseas markets. The company actively focuses on expanding abroad and plans to gradually explore overseas markets. Thailand is planned to serve as the production base and export hub for cup beverages, targeting Cambodia, Laos, Myanmar, Vietnam, and the broader ASEAN market. The products will be positioned as high-end cup fruit teas, differentiated by exotic tropical flavors, real fruit juice, low sugar, zero fat, and high-end transparent cups, distinguishing them from bottled competitors and meeting the demand of local young consumers for high-end healthy drinks. The company will also utilize Thailand’s high-quality tropical fruits to maintain cost and supply stability and promote the “Thailand origin” branding.

Xiangpiaopiao (603711) mainly engages in the research, production, and sales of beverage-related products.

According to Xiangpiaopiao’s 2025 third-quarter report, the company’s main business revenue for the first three quarters was 1.684 billion yuan, a decrease of 13.12% year-over-year; net profit attributable to shareholders was -89.207 million yuan, down 603.07%; non-recurring net profit was -107 million yuan, down 1752.64%. In Q3 2025 alone, the company’s revenue was 649 million yuan, down 14.53% YoY; net profit attributable to shareholders was 8.1837 million yuan, down 82.67%; non-recurring net profit was 4.6239 million yuan, down 87.64%. The debt ratio is 30.1%, investment income is 8.2005 million yuan, financial expenses are -16.490 million yuan, and gross profit margin is 32.91%.

In the past 90 days, two institutions have issued ratings: one buy and one hold.

Below is detailed earnings forecast information:

The above content is compiled from public information by Securities Star, generated by AI algorithm (Wangxin Calculation Backup 310104345710301240019), and does not constitute investment advice.