Xiangpiaopiao released its 2025 annual report and 2026 Q1 report: Q1 revenue grew 51%, net profit grew 597%

On the evening of April 29, Xiangpiaopiao released its 2025 annual report and 2026 first-quarter report. The two sets of data formed a stark contrast: full-year 2025 revenue was 2.926 billion yuan, with net profit attributable to the parent company at 95.2416 million yuan. In Q1 2026, the company achieved single-quarter revenue of 878 million yuan and net profit attributable to the parent company of 93.3893 million yuan, representing year-on-year growth of 51.41% and 597.41% respectively, both setting new historical highs.

Behind the high growth is the dual drive of channel recovery and product volume expansion. In 2025, Xiangpiaopiao adopted "seeking progress while maintaining stability" as its operational tone, proactively adjusting its operational pace, deeply sorting out the channel value chain, and conducting systematic optimization of price control, goods flow, and other aspects. After the previous period of adjustment and accumulation, these optimizations have laid a solid foundation for the subsequent recovery.

To eliminate the seasonal disturbance caused by the extended peak season window of the Spring Festival and more accurately reflect the effect of operational improvement, the sales of the brewing peak season for Q4 2025 and Q1 2026 were combined, showing a cumulative year-on-year sales growth of 10.74%. This growth is not a simple shift of the sales season, but the result of improved distributor enthusiasm and a substantive recovery in real terminal sales after the effectiveness of the channel value chain restructuring.

Looking at different segments, the brewing business was the core engine for the Q1 2026 performance rebound. In Q1, the brewing business achieved sales revenue of 565 million yuan, a year-on-year increase of 85.31%. This quarter's growth benefited, on one hand, from the extended peak sales window due to the later timing of the Spring Festival, providing a temporary sales boost; on the other hand, it benefited from the gradual release of the effects of the 2025 channel optimization, jointly supporting the significant performance rebound in Q1.

The ready-to-drink business maintained steady growth, mainly thanks to the strong performance of Meco fruit tea. In Q1 2026, Meco fruit tea achieved sales revenue of 273 million yuan, a year-on-year increase of 19.19%. In 2025, Meco fruit tea continued to deepen its focus on "younger, differentiated, and healthier" positioning, customizing to open channels like snack wholesale and membership stores, and actively cultivating the fruit tea gift market, achieving steady growth.

The performance pressure in 2025 was a deep adjustment proactively initiated by Xiangpiaopiao under specific industry circumstances. Facing an industry background of a bottoming-out consumption environment and pressure on commodity retail, the company's series of operational actions achieved positive results. The strong rebound in Q1 is precisely the concentrated realization of this strategy, which traded short-term performance pressure for long-term stability in operational health and brand price positioning.