[Financial Summary](index=1&type=section&id=Financial%20Summary) [Key Financial Performance and Ratios](index=1&type=section&id=Key%20Financial%20Performance%20and%20Ratios) The company experienced significant financial decline for the six months ended June 30, 2025, with revenue down 6.0% to RMB 529.7 million and profit attributable to equity holders dropping 34.3% to RMB 21.55 million Key Financial Data for H1 2025 | Metric | For the six months ended June 30, 2025 (RMB Thousand) | For the six months ended June 30, 2024 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | 529,747 | 563,585 | -6.0% | | **Gross Profit** | 154,203 | 171,722 | -10.2% | | **Gross Profit Margin** | 29.1% | 30.5% | -1.4 percentage points | | **Profit Attributable to Equity Holders** | 21,551 | 32,809 | -34.3% | | **Adjusted EBITDA** | 70,209 | 78,790 | -10.9% | | **Basic Earnings Per Share** | RMB 0.029 | RMB 0.043 | -32.6% | | **Net Cash Position** | 277,100 | (As of 2024/12/31: 415,079) | -33.2% | [Interim Condensed Consolidated Financial Information](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information) [Interim Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue for the period decreased 6.0% to RMB 529.7 million, resulting in a 17.0% drop in operating profit to RMB 29.45 million and a 34.3% decline in profit for the period to RMB 21.55 million Summary of Interim Condensed Consolidated Statement of Profit or Loss | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 529,747 | 563,585 | -6.0% | | Gross Profit | 154,203 | 171,722 | -10.2% | | Operating Profit | 29,452 | 35,476 | -17.0% | | Profit for the Period | 21,551 | 32,809 | -34.3% | | Basic Earnings Per Share | RMB 0.029 | RMB 0.043 | -32.6% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period was RMB 26.78 million, a 17.8% year-on-year decrease, primarily due to lower profit for the period, partially offset by RMB 5.23 million in property revaluation gains - Total comprehensive income for the period was **RMB 26.78 million**, a **17.8% year-on-year decrease**, primarily due to lower profit for the period, but partially offset by **RMB 5.23 million** in property revaluation gains[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased 13.4% to RMB 1.683 billion, total liabilities dropped 37.6% to RMB 452 million, and total equity slightly increased 1.0% to RMB 1.232 billion Key Balance Sheet Item Changes | Item | As of June 30, 2025 (RMB Thousand) | As of Dec 31, 2024 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,683,404 | 1,943,865 | -13.4% | | Total Liabilities | 451,865 | 724,004 | -37.6% | | Total Equity | 1,231,539 | 1,219,861 | +1.0% | | Cash and Bank Balances | 427,201 | 587,546 | -27.3% | | Inventories | 91,809 | 129,174 | -28.9% | | Accounts and Bills Payable | 155,925 | 316,148 | -50.7% | [Interim Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The company experienced a significant deterioration in cash flow, with net cash outflow from operating activities of RMB 107 million and a net decrease in cash and cash equivalents of RMB 70.02 million Summary of Cash Flow Statement | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (107,002) | 42,404 | | Net Cash from Investing Activities | 74,447 | (80,359) | | Net Cash Used in Financing Activities | (37,468) | (20,432) | | **Net Decrease in Cash and Cash Equivalents** | **(70,023)** | **(58,387)** | [Management Discussion and Analysis](index=33&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Environment and Business Review](index=33&type=section&id=Industry%20Environment%20and%20Business%20Review) The company's H1 2025 performance was impacted by intense market competition and channel shifts, resulting in a 6.0% revenue decrease to RMB 529.7 million and a 34.3% net profit decline to RMB 21.6 million - The industry faces rapid development of emerging casual snack chain channels, impacting traditional channels, alongside increased consumer price sensitivity and intensified market competition[79](index=79&type=chunk) - The **6.0% revenue decrease** was primarily due to reduced sales from traditional channels, partially offset by increased sales to casual food chains, OEM manufacturing, and export businesses[81](index=81&type=chunk) - The decline in net profit was influenced by three factors: (i) decreased gross profit due to lower revenue; (ii) a one-time gain of **RMB 5.5 million** from the disposal of the Hubei Xiantao production base; and (iii) a one-time impairment loss of **RMB 5.4 million** from the termination of the Hubei Xiaogan construction project[82](index=82&type=chunk) [Segment Performance](index=35&type=section&id=Segment%20Performance) Segment performance was mixed, with jelly products revenue down 6.6% and gross margin declining, while seasoning products saw a 17.6% revenue decrease but improved gross margin, and candy and other products grew 0.7% Sales and Gross Profit Performance by Business Segment (H1 2025) | Business Segment | Sales (RMB Million) | Year-on-Year Change | Gross Profit (RMB Million) | Gross Profit Margin | Gross Profit Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 316.4 | -6.6% | 92.2 | 29.1% | -2.3 ppt | | Puffed Products | 149.0 | -2.9% | 43.3 | 29.1% | +0.1 ppt | | Seasoning Products | 34.2 | -17.6% | 12.5 | 36.5% | +0.9 ppt | | Candy and Others | 30.2 | +0.7% | 6.2 | 20.6% | +0.2 ppt | [Cost and Expense Analysis](index=37&type=section&id=Cost%20and%20Expense%20Analysis) The company effectively controlled costs, with distribution and selling expenses decreasing 4.6% to RMB 64.3 million and administrative expenses falling 3.2% to RMB 66.5 million - Distribution and selling expenses decreased by **4.6%**, primarily due to reduced employee bonuses and transportation costs in line with lower sales[89](index=89&type=chunk) - Administrative expenses decreased by **3.2%**, mainly due to a combined **RMB 2.5 million** reduction in depreciation of property, plant, and equipment and property taxes[90](index=90&type=chunk) [Strategic Development and Product Development](index=39&type=section&id=Strategic%20Development%20and%20Product%20Development) The company focuses on product innovation and upgrades to align with healthy consumption trends, launching new products in jelly and puffed snack categories and offering customized seasoning solutions - Product development focuses on meeting healthy, nutritious, and delicious consumption trends, such as launching non-fried, trans-fat-free "Seaweed Crispy Fruit" puffed snacks[95](index=95&type=chunk)[96](index=96&type=chunk) - The seasoning product business will continue to provide customized products and services to catering chains and supply chain clients, seeking growth opportunities in the industrialization of catering[96](index=96&type=chunk) [Promotion, Marketing and Channel Expansion](index=40&type=section&id=Promotion%2C%20Marketing%20and%20Channel%20Expansion) The company is actively transforming its sales channels by leveraging social media, expanding into emerging retail formats, and growing export and OEM businesses to offset traditional channel declines - The company is shifting from traditional to emerging channels, focusing on expanding into casual snack brand stores, convenience stores, and campus stores, achieving significant sales growth through these new channels[100](index=100&type=chunk) - E-commerce strategy has been adjusted to reduce sales of low-margin products and increase the proportion of high-margin self-produced products to enhance overall profitability[100](index=100&type=chunk) - The company is actively expanding export trade and OEM manufacturing businesses, successfully acquiring new international clients and achieving continuous growth in OEM sales during the reporting period[101](index=101&type=chunk) [Future Outlook and Strategies](index=43&type=section&id=Future%20Outlook%20and%20Strategies) The company's future strategy centers on product innovation, expanding sales channels, optimizing production, enhancing internal management through digitalization, and seeking synergistic investment opportunities for long-term growth - Core future strategies include: * **Product Innovation**: Adhering to a multi-category and high cost-performance strategy, optimizing the product portfolio * **Channel Expansion**: Consolidating existing networks and actively developing new channels such as casual snack brand stores and catering * **Production Optimization**: Improving production processes, enhancing efficiency, and moving towards green production * **Management Enhancement**: Strengthening digital transformation to improve operational efficiency * **Strategic Investment**: Seeking investment opportunities with synergistic effects to the core business[105](index=105&type=chunk)[108](index=108&type=chunk) [Other Financial and Corporate Information](index=44&type=section&id=Other%20Financial%20and%20Corporate%20Information) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a robust net cash position of RMB 277 million as of June 30, 2025, with an improved current ratio of 1.7 times, despite a decrease in net cash due to repayment of bills payable Liquidity Indicators | Metric | As of June 30, 2025 | As of Dec 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | RMB 427 million | RMB 588 million | | Bank Loans | RMB 150 million | RMB 172 million | | **Net Cash Position** | **RMB 277 million** | **RMB 415 million** | | Net Current Assets | RMB 235 million | RMB 182 million | | Current Ratio | 1.7 times | 1.3 times | [Human Resources and Foreign Exchange Risk](index=46&type=section&id=Human%20Resources%20and%20Foreign%20Exchange%20Risk) The group maintained approximately 2,400 employees with a slight increase in benefit expenses, and faced minimal foreign exchange risk due to predominantly RMB-denominated domestic operations - Employee count remained stable at approximately **2,400**, with total employee benefit expenses of **RMB 99.1 million**, a slight year-on-year increase[113](index=113&type=chunk) - Foreign exchange risk is minimal, with primary operations in China and functional currency as RMB, recording a foreign exchange loss of **RMB 0.8 million** during the period[114](index=114&type=chunk) [Dividend Policy](index=47&type=section&id=Dividend%20Policy) The Board of Directors decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year's policy - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[115](index=115&type=chunk) [Corporate Governance and Compliance](index=47&type=section&id=Corporate%20Governance%20and%20Compliance) The company confirmed compliance with corporate governance codes and the Model Code for Securities Transactions by Directors, with interim results reviewed by the Audit Committee and external auditor - The company confirmed compliance with all provisions of the Corporate Governance Code during the reporting period[116](index=116&type=chunk) - The interim results have been reviewed by the Audit Committee and the company's auditor[121](index=121&type=chunk)

Core Insights - Fujian province has become a significant hub for the leisure food industry in China, driven by its unique geographical advantages, rich natural resources, and deep-rooted business culture [1][42] - The success of various companies in this sector is attributed to their innovative spirit, market insight, and collaborative strategies, which have collectively supported the growth of the industry [1][45] Company Summaries Panpan - Cai Jin'an - Cai Jin'an, after facing early educational setbacks, started his entrepreneurial journey by selling various food items and eventually founded Panpan Food in 1996, named after the mascot of the 1990 Beijing Asian Games [4][5] - The company gained fame for its innovative "modified potato chips," which featured a bright color, low oil content, and long shelf life, leading to widespread popularity [5][6] - Panpan has been a prominent sponsor in major sports events, including the Tokyo 2020 Olympics and the Paris 2024 Olympics, establishing itself as a trusted brand in the sports nutrition sector [6][7] Dali - Xu Shihui - Xu Shihui founded Dali Food after recognizing the potential in the snack market, initially starting with a small food factory and later expanding into a multi-brand strategy [9][10] - Dali has successfully launched several popular products, including Dali Garden Egg Yolk Pie and Kexi Potato Chips, becoming a household name in China [10][11] - After its IPO, Xu Shihui's family wealth peaked at 50.6 billion, making him the richest person in Fujian for several consecutive years [11] Yake - Chen Tianjiang - Chen Tianjiang transitioned from a trader to a manufacturer by founding Yake Food in 1993, focusing on innovative products like vitamin-infused candies [13][14] - The company has established itself as a leader in the candy market, emphasizing research and development to create unique products [14] Qinqin - Wu Huo Lu - Wu Huo Lu started Qinqin Food in 1991, initially focusing on shrimp chips, and became one of the earliest companies in China to produce leisure snacks [16][19] - The company underwent a significant transformation in 1998 by adopting a shareholding system, enhancing transparency and operational efficiency [19][20] Fuma - Ke Yongkai - Ke Yongkai founded Fuma Food, initially producing canned goods before shifting focus to leisure snacks, achieving an annual output value of 2 billion by 1999 [24][25] - Under his leadership, Fuma has grown into a large food enterprise with a diverse product range, including cakes and snacks [25] Huitouke - Huang Fuyang - Huang Fuyang established Huitouke Food in 2006, specializing in the production of "tongluo cake," which became a popular snack in China [27][28] - The brand has consistently focused on product innovation and quality, leading to significant market recognition and sales success [28][29] Haocaitou - Chen Zhongshi - Chen Zhongshi founded Haocaitou Food in 2005, focusing on innovative products that cater to changing consumer preferences, such as the "Xiaoyang" series of snacks [32][33] - The company has successfully launched several best-selling products, leveraging effective marketing strategies to reach younger consumers [33] Haoshi - Ye Yuehui - Ye Yuehui began his journey in the baking industry at a young age and founded Haoshi Food, which has grown significantly by introducing innovative products like yogurt pocket bread [36][41] - The company emphasizes automation and quality control in its production processes, aiming to establish a global presence in the baking sector [41] Industry Overview - The leisure food industry in Fujian has seen remarkable growth, with a collective annual output value exceeding 100 billion, showcasing the province's pivotal role in China's snack market [43][44] - The entrepreneurial spirit of Fujian's business leaders reflects a broader trend of innovation and transformation within China's economy, moving from imitation to original creation [44][45]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 親親食品集團 (開曼) 股份有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01583 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本 ...

格隆汇7月31日丨亲亲食品(01583.HK)宣布，公司将于2025年8月15日（星期五）举行董事会会议，藉以 (其中包括)批准公司及其附属公司截至2025年6月30日止六个月的中期业绩，及考虑派付中期股息(如 有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Qinqin Foodstuffs Group (Cayman) Company Limited 親親食品集團（開曼）股份有限公司 （於開曼群島註冊成立的有限公司） 香港，二零二五年七月三十一日 於本公告日期，本公司董事會包括 8 名董事，其中三名為執行董事，即許清流先生（主 席）、黃偉樑先生（財務總監兼公司秘書）及吳文旭先生 ( 行政總裁 ) ；兩名為非執行董 事，即施文博先生及吳銀行先生；以及三名為獨立非執行董事，即陳耀輝先生、保羅希 爾先生及譚文杰女士。 董事會會議召開日期 親親食品集團(開曼)股份有限公司（「本公司」）之董事會（「董事會」）宣佈， 本公司將於二零二五年八月十五日（星期五）舉行董事會會議，藉以(其中包括) 批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績，及考 慮派付中期股息(如有)。 承董事會命 親親食品集團（開曼）股份有限公司 主席兼執行董事 許清流 （股份代號 ...

Investment Rating - The report does not explicitly provide an investment rating for the jelly industry Core Insights - The Chinese large cup mixed jelly industry has experienced rapid growth, capturing a significant share of the snack food market, particularly favored by the younger generation due to its diverse flavors and unique textures [4] - The market is characterized by a shift towards health-oriented products, with the proportion of healthy jelly options increasing from 12% in 2018 to 28% in 2023, driven by consumer demand for low-sugar and functional ingredients [7][10] - The competitive landscape is evolving, with established brands facing challenges from emerging and cross-industry brands that leverage innovation and differentiation strategies [28] Market Background - The large cup mixed jelly is defined as a product containing multiple flavors in a single large package, typically over 150 grams, made from ingredients like water, sugar, and konjac powder [5] - The industry has evolved through several stages, from its nascent phase in the 1980s to becoming the largest jelly market globally by the early 21st century, with a focus on health and personalization in recent years [6] Market Status - The market size reached 22.4 billion yuan in 2023, with a compound annual growth rate (CAGR) of 2.29% from 2018 to 2023, indicating steady expansion [7] - The demand is primarily driven by female consumers, who contribute over 65% of online sales, and the average price point for high-end products is between 15-25 yuan, with a repurchase rate of 60% [10] Market Competition - The competitive landscape is tiered, with leading brands like Xianzhibao and Crayon Shin-chan in the first tier, and brands like Hiyori and Qinqin in the second tier, each leveraging production capacity and innovation to maintain market share [15] - The evaluation of brands is based on product quality, brand strength, and technological capabilities, with a focus on natural ingredients and innovative production methods [11][14] Development Trends - Health innovation is becoming a consumer favorite, with a growing emphasis on low-sugar and natural ingredient products, leading to the adoption of advanced preservation technologies [26] - Personalization and premiumization are driving market trends, with brands collaborating with popular IPs and focusing on high-quality ingredients and unique flavor combinations to attract discerning consumers [27]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

於開曼群島註冊成立的有限公司 股份代號: 1583 2024 2024 年 報 INCORPORATED IN THE CAYMAN ISLAND WITH LIMITED LIABILITY STOCK CODE: 1583 Annual Report ANNUAL REPORT 2024 年報 親親食品集團 開曼 ( ) 股份有限公司 Qinqin Foodstuffs Group (Cayman) Company Limited 目錄 | 概覽 | | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 3 | | 主席報告 | 4 | | 管理層討論與分析 | 7 | | 董事及高級管理人員履歷 | 18 | | 企業管治報告 | 22 | | 環境、社會及管治報告 | 34 | | 董事會報告 | 59 | | 財務部分 | | | 獨立核數師報告 | 72 | | 綜合收益表 | 77 | | 綜合其他全面收益表 | 78 | | 綜合資產負債表 | 79 | | 綜合權益變動表 | 81 | | 綜合現金流量表 | 82 | | 綜合財務報表附註 | 83 | | 五年財務摘 ...

以下文章来源于斑马消费 ，作者陈晓京 谁还在吃果冻？果冻行业日子过得好不好，可以从行业头部企业的业绩中窥之一二。 斑马消费 . 寻找泛消费领域的斑马企业 来源|斑马新消费 作者|陈晓京 连亏3年后，"果冻大王"亲亲食品终于扭亏为盈。 公司在2024年实现盈利，主要是没有处置不良资产带来的亏损，加上管理效率提升等，扭转局面相对轻松。 但从收入结构来看，除了膨化及糖果产品拉动收入，果冻产品销售仍处于下滑态势，比上年少卖了约3600万元。 果冻是亲亲食品的起家产品，近年为了适应市场需求，增加了亲亲吸果冻、轻零冻以及0卡等产品，随着渠道骤变，以及寄予厚望构建消费品版图的投资业 务接连失利，这家本土休闲食品企业面临严峻考验。 近年量贩零食行业突飞猛进，一步步蚕食传统休闲食品厂商的市场份额。为了保住仅有的利润，厂商们不得不寻求合作，和新兴渠道零售商打成一片，这 真能解救果冻主业吗？答案留给时间。 01 果冻卖不动了 3月17日盘后，亲亲食品（01583.HK）披露2024年全年业绩，实现营业收入9.97亿元，同比微增1.5%，公司股东应占利润为2113.0万元，一举扭转连续3年 亏损的局面。 收入微增的情况下，业绩大幅改 ...

Core Viewpoint - Qinqin Food has returned to profitability in 2024 after three years of losses, driven by a slight revenue increase and improved cost management [2][5]. Financial Performance - In 2024, Qinqin Food achieved revenue of 996 million yuan, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 21.13 million yuan, compared to a loss of 2.002 million yuan in the previous year [2]. - The company's revenue growth has slowed compared to previous years, and it has not yet returned to the revenue scale of over 1 billion yuan seen in 2015 [6]. Product Performance - Jelly products remain the largest revenue contributor, generating sales of 531 million yuan in 2024, a decrease of approximately 6.5% year-on-year, accounting for 53.2% of total revenue [3]. - The seasoning business also performed poorly, with sales declining by 6.6% in 2024 [3]. - Conversely, the puffed food category saw growth, achieving sales of 312 million yuan, a year-on-year increase of 13.7% [3]. Growth Drivers - Other product categories, including candy, dried fruits, nuts, biscuits, baked goods, and rice wine, experienced a 30% increase in sales, primarily due to the introduction of new rice wine products [4]. - Qinqin Food established its first rice wine production base in Xiaogan, Hubei, which began trial production in 2020 [4]. Strategic Adjustments - The company has been adjusting its investment strategy, closing a loss-making production base in Ningxia and recording a one-time disposal loss of approximately 6.1 million yuan [7][8]. - In 2024, Qinqin Food reported no net losses from fair value changes, a significant improvement compared to previous years [7]. Profitability and Cost Management - The gross profit margin for 2024 was 28.3%, an increase of 1.9 percentage points year-on-year, although it has decreased from 42.4% a decade ago [8]. - The company is focusing on enhancing profitability through improved production management and cost control, while also exploring investment opportunities in rapidly growing consumer goods companies [7][8].