Xiangpiaopiao: On February 11, it received institutional research, with Ping An Securities and Yunnan Trust participating.

Securities Star News, February 12, 2026: Xiangpiaopiao (603711) announced that the company was surveyed by institutions on February 11, 2026, with Ping An Securities and Yunnan Trust participating.

The specific content is as follows:

Question: How is the product sales during this year’s Spring Festival period and the current channel inventory situation?

Answer: In response to the changes in the peak sales window caused by the timing shift of the Spring Festival, combined with changes in the external consumer market environment, the company adheres to the operating principle of “stability while seeking progress,” actively adjusts the product shipment pace, strictly controls channel inventory levels, maintains stable product price ranges, ensures product freshness, and effectively safeguards the interests of consumers and distributors. In the fourth quarter, the company’s revenue decline compared to the previous three quarters narrowed significantly.

2. What is the current trial sales scope and consumer feedback for “Gufang Wuhong”?

“Gufang Wuhong” Warm Milk Tea is the company’s first health functional product, derived from the traditional “medicine and food homology” health concept, developed in cooperation with Zhejiang University of Traditional Chinese Medicine. Currently, the product is mainly trialed online, receiving good feedback. The company hopes that online dissemination can reach more consumers; at the same time, the company is gradually exploring offline channels.

3. What is the development status of Meco fruit tea catering channels?

The catering channel is a key new channel the company is focusing on. Meco cup-packaged fruit tea has high compatibility with catering scenarios. Based on the characteristics of the catering channel, the company has launched customized cup-packaged Meco fruit tea products, conducting trial sales in selected restaurants in some regions to explore market opportunities in the catering sector.

4. What are the company’s plans for brewed products?

The company prioritizes the health of brewed products in the market: first, ensuring that channel stock is fresh and inventory is healthy; second, striving to maintain stable price ranges to boost distributor confidence; third, upgrading products along the lines of “healthier” and “younger” to meet consumer demands by increasing product variety.

5. How does the company plan to improve the utilization rate of ready-to-drink production capacity?

The improvement in the utilization rate of ready-to-drink capacity depends on sales scale growth. In 2026, the company aims to maintain steady growth in fruit tea sales; simultaneously, it will enrich the product matrix of the ready-to-drink business, develop more cost-effective products, actively explore channel construction and operation models, and continuously innovate promotional methods to enhance consumer brand recognition and increase sales volume. The company is also actively seeking external OEM cooperation opportunities to continuously improve the capacity utilization rate of cup-packaged ready-to-drink products.

6. What is the cooperation status of the snack wholesale channel for ready-to-drink products?

The company is highly attentive to the development of snack wholesale channels and actively embraces emerging channels. Currently, the number of stores directly cooperating with leading snack wholesale systems exceeds 30,000. Additionally, some snack wholesale stores are covered through distributors. To better align with the product characteristics of snack wholesale channels, besides the company’s own brand products entering these channels, the company has also launched customized products for snack wholesale. Currently, the company has introduced cooperative customized products with Wancheng, Henmang, and Youming series.

7. What is the current positioning of offline milk tea shops in the company’s business and future store opening plans?

The company has opened three tea shops in Hangzhou, serving as brand promotion and experience windows, aiming to convey a young, healthy product concept and provide immersive brand interaction spaces. They also help gather direct market feedback to support product R&D and innovation. The large-scale expansion plan remains to be validated and observed.

8. What are the company’s overseas business plans? What markets will the Thailand production base mainly target in the future?

Currently, there are significant opportunities in overseas markets. The company actively values overseas expansion and will gradually explore these markets. The company plans to establish Thailand as the production base and export hub for cup beverages, targeting markets including Cambodia, Laos, Myanmar, Vietnam, and the broader ASEAN region. The products will be positioned as high-end cup fruit teas, differentiated by exotic tropical flavors, real fruit juice, low sugar and zero fat, and high-end transparent cups, distinguishing them from bottled competitors and meeting the high-end health beverage needs of local young consumers. The company will also leverage 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, development, production, and sales of beverage-related products.

Xiangpiaopiao’s 2025 Q3 report shows that in the first three quarters, the company’s main business revenue was 1.684 billion yuan, down 13.12% year-over-year; net profit attributable to shareholders was -89.2072 million yuan, down 603.07%; non-recurring net profit was -107 million yuan, down 1752.64%. In Q3 2025, the company’s quarterly main revenue was 649 million yuan, down 14.53% year-over-year; quarterly net profit attributable to shareholders was 8.1837 million yuan, down 82.67%; quarterly 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 on this stock: one buy rating and one hold rating.

Below is detailed profit forecast information:

The above content is compiled by Securities Star based on publicly available information, generated by AI algorithm (Wangxin Calculation Backup No. 310104345710301240019), and does not constitute investment advice.