Brewing business revenue decline, Xiang Piao Piao responds

Xiang Piao Piao's Chairman and General Manager Jiang Jianqi responded to the decline in revenue of the instant beverage business in 2024 during the performance explanation meeting. Jiang Jianqi stated that in 2024, due to external consumption environment and the company's strategic adjustments at the beginning of the year, the inventory digestion of the instant beverage business channels was somewhat affected, leading to a decrease in revenue during the peak season. In the fourth quarter of last year, the company re-adjusted its strategy, adhering to the principle of "sales through terminals", actively digesting channel inventory. Currently, the channel inventory has returned to a healthy state. Additionally, Jiang Jianqi mentioned that in 2024, the company actively explored the snack convenience store channel. Currently, the number of stores in the top snack convenience store system operated by the company's direct cooperation has exceeded 30,000. In addition, some snack convenience stores are covered through distributors.