美团淘宝京东激战，香飘飘却成“炮灰”？

财经新视线2025-07-23

财经新视线新锐视角，解读财经事件财叔/文网络/图日在京东、美团和淘宝三大巨头鏖战的外卖市场，新式茶饮无疑是最大受益者。很多奶茶品牌，为海量的订单苦恼。与此形成鲜明对比的是，昔日“国民奶茶”品牌香飘飘却交出一份惨淡的成绩单：上半年预亏9739万元。这将是香飘飘上市以来最差的半年报。香飘飘的压力并非始于今日。外卖平台的补贴和价格战，只是加速了冲泡茶被即饮茶取代的趋势而已。01半年预亏一个亿京东杀进...

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网络/图日在京东、美团和淘宝三大巨头鏖战的外卖市场，新式茶饮无疑是最大受益者。很多奶茶品牌，为海量的订单苦恼。与此形成鲜明对比的是，昔日“国民奶茶”品牌香飘飘却交出一份惨淡的成绩单：上半年预亏9739万元。这将是香飘飘上市以来最差的半年报。香飘飘的压力并非始于今日。外卖平台的补贴和价格战，只是加速了冲泡茶被即饮茶取代的趋势而已。01半年预亏一个亿京东杀进外卖赛道，让原本平静的江湖硝烟弥漫。目前，虽然外卖大战的形势在经过约谈之后有所缓和，但持续数日的补贴战，让奶茶店生意火热，订单暴涨。社交媒体上，不少评论晒奶茶店里堆积如山的订单小票，还有消费者留言称，自己的订单被延迟。与蜜雪冰城、一点点等现制茶品牌的火热不同，昔日国民奶茶品牌香飘飘却交出一份惨淡的期中成绩单：预计亏损9739万元，较上年同期增加6789万元。如果最终业绩和预计相符，那这将是香飘飘上市以来最差的一份半年报。其实，香飘飘的业绩下滑由来已久。据统计，2017年上市之后的8年时间，香飘飘营收和扣非净利润，有4年出现同比下降。2019年，香飘飘营收创上市以来新纪录，同比增长22.36%。2020年，香飘飘净利润同比增长3.15%，达到3.58亿元，同样创造新纪录。也是这一年，香飘飘营收和扣非净利润同比出现下降趋势。2021年，香飘飘扣非净利润更是惨遭腰斩。惨淡的业绩，让市场对其丧失信心。2019年9月，香飘飘创下35.09元/股的高点之后，股价就开始震荡向下。截至2025年7月22日，香飘飘股价13.69元/股，较历史高位跌超60%。02外卖大战惹的祸？对于亏损原因，香飘飘表示，主要受外部消费环境、消费习惯及消费需求的变化影响，公司传统冲泡产品销售承压。在财叔看来，香飘飘业绩下滑，跟外卖大战有关，但更多的威胁，来自现制茶饮市场的崛起。毫无疑问，外卖大战，让大量的0元奶咖在美团、淘宝、京东等平台上架，点燃了消费者薅羊毛的激情。以至于奶茶店的打工人都直呼：一小时300单，根本做不过来。香飘飘似乎就是外卖大战背景下的那个“受害者”。其实，香飘飘的压力早就存在。即买即饮的现制茶，让热水冲泡成为了历史。外卖大战恰好加速了这一消费方式的转变。难怪有人感慨，杯子能绕地球一圈，但香飘飘还是逃不过行业变天的命运。2015年以来，以喜茶、奈雪的茶为代表的现制茶品牌，以品质、健康为卖点，引领年轻消费者体验升级。2021年，奈雪的茶顶着“新茶饮第一股”的光环登陆资本市场，随后，头部茶饮企业前赴后继IPO。大量现制茶品牌崛起，让这个市场一夜之间从蓝海变成红海。最新数据显示，蜜雪冰城门店超3.9万家，古茗超1万家，沪上阿姨超8600家，茶百道超7800家。这些新品牌为了生存及扩大规模，掀起一轮又一轮价格战。 这对香飘飘的市场构成了严重的威胁，业绩下降难以避免。03转型仍需努力面对消费方式的变化，香飘飘也开始做出调整。其一，坚持产品驱动，推进冲泡奶茶的健康化进程，推出一系列新品。其二，尝试拓展新渠道。香飘飘表示，公司密切关注零食量贩的发展，积极拥抱新兴渠道。最关键的是，面对新式茶饮的勃兴，香飘飘本着打不过就加入的策略，推出一系列即饮产品。2016年，香飘飘收购老字号品牌兰芳园，次年推出芳园杯装奶茶等新品。2018年，香飘飘又推出杯装Meco果汁茶，进一步丰富即饮产品矩阵。不仅如此，香飘飘还尝试开设线下奶茶店破局。2024年12月，香飘飘在杭州开出首家奶茶店，2025年3月又在成都开出第二家。除此之外，为了顺应品牌年轻化趋势，香飘飘曾聘请王俊凯、王一博等流量明星担任品牌代言人，试图触及更多年轻消费者。今年5月，香飘飘还官宣时代少年团为Meco果茶品牌代言人，加速年轻化战略。通过流量明星代言，香飘飘拓宽了消费基础，提升了品牌的知名度。当然，在冲泡业务营收下降的背景下，香飘飘即饮业务表现可圈可点。2024年，香飘飘即饮业务营收同比增长8%，Meco果茶系列营收增长20.69%，成为惨淡业绩之下的一个亮点。然而，半年预亏1个亿，却再度将这家老品牌来回显示的聚光灯下。它面临的困境，似乎需要更多的亮点来扭转。在茶饮行业模式转换的背景下，香飘飘能否逆势崛起，似乎还有很长的路要走。财经新视线微信：18180952287<PAST · 往期回顾>“反内卷”变成补贴大战，美团为何食言？卖了那么多资产，王健林为何能重返财富榜？","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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