On December 23, Xiangpiaopiao (香飘飘, SH603711) announced that its wholly owned subsidiary Xiangpiaopiao Sichuan plans to use its own funds to establish a wholly owned subsidiary in Singapore, SENPURE FOOD (INTERNATIONAL) PTE. LTD.
The Singapore subsidiary will then jointly invest with Xiangpiaopiao Sichuan to set up a subsidiary in Thailand, YONG MI GUO FOODS (THAILAND) CO., LTD., with equity contributions of 90% and 10% respectively, to ultimately invest in and construct a ready-to-drink beverage production base in Thailand.
The total investment for the project is USD 38 million (approximately RMB 268 million). The funds will primarily be used for the establishment and operation of overseas entities, land acquisition, factory construction, and equipment procurement. The project is expected to have a construction period of 12 months, with construction scheduled to begin on May 1, 2026, and an estimated investment return rate of 13%.
Xiangpiaopiao said the project’s primary target markets will be Thailand and neighboring countries, including Cambodia, Laos, Myanmar, and Vietnam. The ready-to-drink beverage market in these regions shows diversified consumer demand, purchasing behavior, and purchasing power. The company plans to position its cup-style fruit tea products in these markets as “premium fruit tea for a healthy lifestyle” or “premium fruit tea for a health-conscious new generation,” combining refreshing fruit flavors with the benefits of tea, using high-quality ingredients, and adopting a 400ml premium cup format distinct from mass-market bottled products.
According to the company’s latest financial report, Xiangpiaopiao recorded revenue of RMB 1.684 billion in the first three quarters of 2025, representing a year-on-year decline of 13.12%. Net profit attributable to shareholders was a loss of RMB 89.21 million, compared with a profit in the same period last year.