# Xiangpiaopiao

Once China’s Milk‑Tea Champion, Xiangpiaopiao Sees Profits Halved as Business Model Wobbles

Xiangpiaopiao, once the leading listed milk‑tea brand in China, reported a 2025 net profit decline of roughly 50–60% and an 11% drop in revenue, driven by weak sales of seasonal brewed products. The company is pursuing diversification—opening fresh tea shops and planning a factory in Thailand—but these moves carry execution risk and will likely require sustained investment before improving results.