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Financial Link News, October 21st (Reporter Luo Yichen): Xiangpiaopiao, the leader in cupped milk tea (603711.SH), experienced a sudden personnel earthquake: Yang Dongyun, who took office less than a year ago, hurriedly resigned, and the position of general manager once again returned to the hands of the actual controller Jiang Jianqi. This move means that after a brief trial of professional managers, Xiangpiaopiao is returning to family management.

According to the information, Yang Dongyun parachuted into Xiangpiaopiao at the end of 2023, taking over from Jiang Jianqi as the general manager. This move was once seen by the market as a "signal" of Jiang Jianqi's empowerment, causing the company's stock price to soar. Prior to joining Xiangpiaopiao, Yang Dongyun had two previous experiences as the executive president of Baxiang Food Group and the president of Joincare Pharmaceutical Group Industry. He had also previously worked at Procter & Gamble, Whisper, Easy Group, and 7Days Inn and other companies.

Being optimistic about his management experience in multiple fast-moving consumer goods giants, the market also regards Yang Dongyun's appointment as a bullish signal for Xiangpiaopiao's business transformation. After dominating the cupped milk tea track, the brand has begun to expand its ready-to-drink business in recent years, which is a critical period for transformation.

After taking office, there was a honeymoon period between Yang Dongyun and Xiangpiaopiao. Shortly after joining, Jiang Jianqi transferred about 5% of the company's shares to Yang Dongyun at a price of 13.43 yuan per share, with a total price of 0.276 billion yuan. Yang Dongyun thus became the fifth largest shareholder of the company. By May of this year, an incident involving accusations of nuclear wastewater in Xiangpiaopiao's products hit the hot search lists. Yang Dongyun appeared in the company's live streaming room, announcing rewards for relevant employees, resulting in a significant increase in live streaming sales.

Although the incident briefly increased Xiangpiaopiao's attention, its actual impact on the company's performance was relatively limited. In the first half of the year, Xiangpiaopiao's revenue remained flat year-on-year, and its net income attributable to shareholders improved slightly year-on-year, but it still has not been able to break away from losses. Financial Link News reporters have learned that the Xiangpiaopiao management has always hoped to balance quarterly performance by venturing into bottled beverage business, changing the previous reliance on the peak season of cupped milk tea in the fourth quarter. But from the actual results, the ready-to-drink business has not yet become the second growth curve, constrained by the overall downturn in the beverage industry, the success or failure of this transformation is not yet clear.

The company's management recently stated during institutional research that looking at the whole year, considering the impact of the overall consumption environment, there is certain pressure on the revenue side, but growth is still expected to be maintained. The ready-to-drink business is still in the investment stage, and the company is looking for a replicable successful model.