Xiangpiaopiao Food Co Ltd

Xiangpiaopiao disclosed its 2026 half-year report. The company achieved revenue of 1.277 billion yuan, up 23.31% year on year, and net profit attributable to the parent of 10.8597 million yuan, turning from loss to profit year on year. However, after deducting non-recurring gains and losses, net profit attributable to the parent remained negative at minus 1.4797 million yuan. Non-recurring gains and losses mainly consisted of government subsidies of 7.1933 million yuan and gains from changes in fair value of financial assets and disposal gains and losses of 8.9222 million yuan, totalling 16.1155 million yuan, accounting for 148.39% of net profit, indicating that the main business was still in a loss-making state. In the second quarter, the company's operating revenue was 398 million yuan, down 12.5% year on year, with net profit attributable to the parent at a loss of 82.53 million yuan and net profit attributable to the parent after deducting non-recurring gains and losses at a loss of 89.9 million yuan, with losses widening compared with the same period last year. The main driver of the revenue recovery was the brewed beverage business. In the first half of the year, sales revenue from brewed products was 668 million yuan, up 57.70% year on year, while sales revenue from ready-to-drink products was 579 million yuan, down 2.11% year on year. The company's net cash flow from operating activities was minus 137 million yuan, and short-term borrowings remained as high as 1.001 billion yuan. Sales revenue in South China recorded negative growth of 21.64%, the only negative growth among all regions, while the company had a net reduction of 16 stores in South China.