格隆汇8月1日｜东方证券研报指出，洽洽食品预计上半年归母净利润为8,000–9,750万元，同比下降约 71–76%，主因是原料采购价格大幅上涨带动毛利率下行。公司25Q1收入同比下降13.7%，反映出主力 品类动销放缓、渠道去库存延续。该行判断，公司当前主动压缩利润释放节奏，在保证终端投放与品牌 维护的前提下进行结构优化，为后续增长修复创造空间。考虑到原料端成本上行叠加主力品类出货节奏 偏慢，公司上半年利润显著下滑，我们修正了瓜子与坚果等核心品类的销售增速、新品导入的放量节奏 及毛利率改善幅度等关键假设。据此调整公司盈利预测，预计公司2025–2027年EPS分别为 1.25/1.42/1.67元（前次预测2025/2026年EPS为2.42/2.75元）。考虑公司在渠道端持续推进精耕、海外市 场具备中长期潜力，参考当前可比公司估值水平，给予公司2025年21倍PE，对应目标价26.25元，维 持"买入"评级。 ...

Group 1 - Hami Qiaqia Agricultural Technology Co., Ltd. has been established recently with a registered capital of 5 million yuan [1] - The legal representative of the new company is Chen Lili [1] - The business scope includes food sales (only pre-packaged food), grain planting, retail of edible agricultural products, and initial processing of edible agricultural products [1] Group 2 - Qiaqia Food (002557) holds indirect full ownership of Hami Qiaqia Agricultural Technology Co., Ltd. [1]

Core Viewpoint - Company is at a critical juncture of short-term profit pressure and long-term structural adjustment, with a significant expected decline in net profit for the first half of 2025 due to rising raw material costs [1] Group 1: Financial Performance - The company forecasts a net profit of 80-97.5 million yuan for the first half of 2025, representing a year-on-year decline of approximately 71-76% [1] - In Q1 2025, revenue decreased by 13.7% year-on-year, indicating a slowdown in the sales of main product categories and ongoing inventory destocking [1] - The company has revised its earnings per share (EPS) forecasts for 2025-2027 to 1.25, 1.42, and 1.67 yuan, down from previous estimates of 2.42 and 2.75 yuan for 2025 and 2026 respectively [2] Group 2: Strategic Initiatives - The company is actively compressing profit release pace while optimizing structure to create space for future growth recovery, ensuring brand maintenance and terminal investment [1] - The company has accelerated product innovation, launching five new products on July 29, including various healthy snack options, which aim to enhance connection with younger consumers and non-traditional consumption occasions [1] - The company has established a systematic raw material assurance mechanism, with nearly one million acres of sunflower planting bases across regions like Xinjiang and Inner Mongolia, utilizing an order agriculture model to enhance quality stability [2] Group 3: Market Outlook - Despite short-term cost pressures, the company's long-term investments in upstream raw materials are expected to gradually build resilience against cost fluctuations, supporting the profitability of core product categories [2] - The company continues to refine its channel strategies and sees potential in overseas markets for medium to long-term growth [2] - The target price for the company is set at 26.25 yuan, based on a 21 times price-to-earnings ratio for 2025, maintaining a "buy" rating [2]

每年7月，伴随新疆向日葵迎来盛放期，日前洽洽第九届葵花节正式落地新疆伊犁。 此外，洽洽持续着力搭建规模化种植体系，不仅为农户提供种子与农资服务，全程跟踪指导种植， 还培训农户掌握洽洽的质量标准，以保证产出原料的优质性与高纯度，避免因原料混杂影响口味。目 前，洽洽累计合作种植户已超 2 万户。 李光申表示，公司每年投入上百万元研发资金，重点攻克向日葵前端产业的 "卡脖子" 问题。例 如，联合高校教师专家及农科院科学家，围绕向日葵菌核病防治、机械化收割、盐碱地水肥一体化等方 面开展试验研究，旨在促进产业良性发展，降低种植成本，提高种植管理水平，进而带动农户增收。 从种子到舌尖，从田间到工厂，洽洽用26年的坚守诠释着品质的真谛。 编辑：侯隽 作为洽洽优质葵花籽的核心源头基地之一，伊犁以得天独厚的地理禀赋——充足的日照、适宜的纬 度、透气土壤，为洽洽当地3800多亩的向日葵提供了绝佳的生长条件，饱满的花盘承载着阳光的养分， 印证着这里作为黄金产区的产业价值。 据悉，伊犁基地主要为洽洽山核桃、焦糖等热销风味瓜子提供原料。在葵花节期间，洽洽组织各界 代表们深入伊犁源头基地，在现场交流详解种植标准、合作模式与品质管控全流程 ...

Group 1 - The company has launched new products such as nut powder and nut milk, targeting the health-conscious elderly demographic [1] - The company plans to continue developing more health and nutrition products suitable for the silver-haired population [1]

Group 1 - The company launched five new product series at the 2025 product launch event, aiming to create a matrix-style product ecosystem [1] - The new products include: 1. Mountain Wild Series Sunflower Seeds with three flavors: sour soup, mushroom (with Yunnan beef liver mushroom), and bamboo fragrance (with Sichuan bamboo leaf powder) [1] 2. Daily Nut Whole Nut Series, emphasizing high quality and low GI, with various packaging options [1] 3. Konjac Layered Stomach using the sub-brand "Konjac Princess," featuring innovative cutting techniques and traditional red oil production [1] 4. Crispy Bear Fresh Cut French Fries, which have already reached over 10,000 sales points and exceeded ten million in sales [1] 5. Sunflower Seed Ice Cream with multiple flavors based on sunflower seed taste [1] - The company aims to enhance its product ecosystem through innovation in flavor, nutrition, and consumption scenarios [1] Group 2 - The company is preparing for a new round of sunflower seed procurement, with expectations of improved profit margins if procurement prices decrease [2] - Projected revenues for 2025-2027 are estimated at 7.318 billion, 8.001 billion, and 8.773 billion yuan, with year-on-year growth rates of 2.62%, 9.34%, and 9.65% respectively [2] - Expected net profits for the same period are 538 million, 875 million, and 971 million yuan, with a significant decline in 2025 followed by growth in subsequent years [2] - The projected PE ratios for 2025-2027 are 22.0, 13.5, and 12.2 respectively, maintaining a "recommended" rating [2]

Core Viewpoint - The article discusses the significant decline in the performance of Chacha Food, once a leading brand in the sunflower seed market, highlighting its struggles with sales growth, pricing strategies, and competition from emerging brands [3][7][30]. Financial Performance - Chacha Food's net profit for the first half of 2025 is projected to drop by 79.85% to 85.86%, amounting to only 40 million to 57 million yuan, marking the worst performance since its listing in 2011 [3][5]. - The company's revenue for the first quarter of 2025 was approximately 1.57 billion yuan, a decrease of 13.76% compared to the previous year, with a net profit decline of 67.88% [15][16]. - The basic earnings per share are expected to be between 0.158 yuan and 0.192 yuan, down from 0.663 yuan in the same period last year [5][15]. Market Position and Strategy - Chacha Food, originally known for its "water-boiled sunflower seeds," is facing challenges in maintaining its market position due to a lack of innovation and failure to adapt to changing consumer preferences [7][10]. - The company attempted to rebrand itself as "chacheer" to appeal to younger consumers but has struggled to retain market share against competitors like Three Squirrels and Yan Jin Pu Zi, which have adopted more flexible pricing and marketing strategies [7][25][30]. - Despite efforts to expand into international markets and offer high dividends to shareholders, these strategies have not significantly improved the company's financial situation [20][21]. Competitive Landscape - Competitors such as Three Squirrels and Yan Jin Pu Zi have successfully captured market share by focusing on affordability and innovative product offerings, leading to substantial revenue growth [25][28]. - Three Squirrels reported a revenue increase of 49.3% in 2024, while Yan Jin Pu Zi achieved a 25.69% growth in the first quarter of 2025, showcasing the effectiveness of their strategies [26][28]. - The article emphasizes that Chacha Food's traditional marketing methods and product pricing are becoming outdated in a rapidly evolving market [30][31]. Brand Perception and Future Outlook - Chacha Food's brand recognition as the "king of sunflower seeds" is at risk due to its inability to connect with the new generation of consumers who prioritize value and novelty over brand loyalty [30][31]. - The company must adapt to the changing market dynamics and consumer interests to avoid being overshadowed by more agile competitors [31].

证券之星消息，7月30日休闲食品板块较上一交易日上涨1.6%，西麦食品领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002956 | 西麦食品 | 21.91 | 9.28% | 13.28万 | | 2.80 Z | | 002695 | 煌上煌 | 14.07 | 5.39% | 22.88万 | | 3.14亿 | | 002557 | 治治食品 | 23.42 | 4.55% | 24.21万 | | 5.69 Z | | 300973 | 立高食品 | 46.56 | 3.72% | 2.88万 | | 1.32亿 | | 002719 | 麦脚尔 | 9.62 | 3.00% | 16.89万 | | 1.60亿 | | 000716 | 黑芝麻 | 6.27 | 1.95% | 39.22万 | | 2.45亿 | | 00300 ...

A股乳业股短线拉升，贝因美直线涨停，阳光乳业此前涨停，骑士乳业涨超9%，西部牧业、洽洽食品 等跟涨。 订阅A股涨停捉妖队 +订阅 ...

Core Viewpoint - Qiaqia Food Co., Ltd. is undergoing a significant transformation from a traditional snack brand to a diversified health snack leader, as demonstrated by the launch of five innovative products at their recent event [1][3]. Product Innovation - The five new product series launched include Qiaqia Mountain Wild Series Sunflower Seeds, Qiaqia All-Nut Series, Qiaqia Magic Yam Princess—Magic Yam Layered Stomach, Qiaqia Crispy Bear Fresh Cut Potato Strips, and Qiaqia Sunflower Seed Kernel Ice Cream [3]. - The company emphasizes that it produces not just products but also quality and brand, allowing for innovation failures but not for a lack of innovation [3]. Industry Trends - The launch reflects the company's deep insights into future industry trends and a precise response to these trends, marking a significant upgrade in product offerings [3]. - The company has achieved three breakthrough transitions: from a single category to a matrix product ecosystem, from flavor innovation to deep nutritional functionality, and from snack foods to lifestyle scene upgrades [3].