Core Viewpoint - The company is addressing challenges related to low gross margins in its e-commerce channel and rising raw material costs, while outlining strategies to improve sales and operational quality. Group 1: E-commerce Channel - The company's e-commerce gross margin is low primarily due to product structure and high platform and logistics costs [1] - Strategies to enhance sales and improve gross margin include optimizing product structure, launching exclusive products, increasing Douyin live streaming, and strengthening content marketing [1] Group 2: Raw Material Costs - In the first half of 2025, the cost of sunflower seed raw materials increased by approximately 10-15% year-on-year [1] - The company plans to optimize sunflower seed procurement methods, accelerate decision-making efficiency, and increase direct procurement scale to mitigate raw material price fluctuations [1] - The company will also enhance its overseas procurement strategy and conduct trials for overseas sunflower seed cultivation [1] Group 3: Product Sales Layout - The company's konjac products are currently in trial sales, with availability in some Southeast Asian countries and online channels, and plans for offline launch in key domestic cities [1]

Core Viewpoint - Company held an online investor reception event to discuss various aspects of its business, including planting investments, e-commerce operations, channel performance, and overseas market strategies [1] Planting Investment Situation - Company has a total of 28,000 acres for pecan and macadamia nut cultivation, with 12,000 acres self-owned for pecans and 3,000 acres for macadamia nuts, while collaborating on an additional 13,000 acres for pecans [2] - Currently, the company does not have self-owned sunflower seed planting bases and uses an order agriculture model for sunflower seed sourcing, with plans to increase overseas trials for sunflower seeds in the future [2] E-commerce Business Planning - Investors expressed interest in promoting konjac products on the company's e-commerce live streaming platform, which the company will relay to its e-commerce department [3] - To address low gross margins in e-commerce, the company plans to optimize product structure, customize exclusive products, launch new items, enhance Douyin live streaming, and strengthen content marketing to improve sales and operational quality [3] Channel Performance and Planning - In the first half of 2025, the company reported continuous revenue growth from Sam's Club and snack wholesale stores [4] - The company plans to expand these channels further in the second half of the year and continuously introduce suitable products [4] Overseas Market Layout - Company aims to focus on the Southeast Asian market, increasing new product promotions and channel breakthroughs while enhancing content marketing and interaction with global consumers [5] - Currently, the main overseas products are sunflower seeds, with plans to promote nuts, crispy potato chips, and konjac products in the future [5] Raw Material Situation - In the first half of 2025, the cost of sunflower seed raw materials increased by approximately 10-15% compared to the same period last year [6] - The company sources sunflower seeds primarily from Xinjiang and Inner Mongolia and plans to enhance overseas trial planting while optimizing procurement models and decision-making efficiency to stabilize raw material price fluctuations [6] Other Business Dynamics - The company will increase online promotion and offline channel expansion for nut milk products [7] - Ice cream products are currently being trialed on platforms like JD, Tmall, and Pinduoduo, with positive results [7] - Konjac products are in trial sales in some Southeast Asian countries and online channels, with plans for gradual offline launches in key domestic cities [7]

Group 1: Investment and Production - The company has invested in various agricultural projects, including a self-operated pecan planting base of 12,000 acres and a Hawaiian macadamia nut base of 3,000 acres, totaling 28,000 acres across different projects [1] - The company utilizes an order agriculture model for sunflower seed sourcing, collaborating with farmers and cooperatives to ensure quality and price stability [2] Group 2: E-commerce and Sales Performance - The company's e-commerce gross margin is lower than offline channels due to product structure and high platform costs; measures to improve this include optimizing product offerings and enhancing content marketing [2] - In the first half of 2025, revenue from Sam's Club and snack wholesale channels continued to grow, with plans to expand these channels further [2] Group 3: Market Expansion and Product Development - The company is focusing on Southeast Asia for market expansion, with plans to promote new products and enhance consumer engagement [2] - The company is currently trialing its ice cream products on various online platforms, with positive initial sales feedback [3] Group 4: Financial Performance and Cost Management - The company's net profit decreased by 73.68% in the first half of 2025, primarily due to rising core raw material costs, particularly sunflower seeds and nuts [3] - Raw material costs for sunflower seeds increased by approximately 10-15% year-on-year in the first half of 2025, prompting the company to optimize procurement strategies [2] Group 5: Future Vision and Strategy - The company aims to become a "global leader in nut snacks," focusing on quality and customer value, with a strategic goal of achieving "10 billion revenue and 1 million terminals" [4] - The company is committed to enhancing brand awareness and reputation through its positioning as "Happiness is to be shared with Qiaqia" [4]

Group 1: Industry Overview - The recent half-year reports of the snack industry reveal significant declines in performance, indicating a systemic issue rather than isolated company problems [1][3] - Major players like Liangpinpuzi and Laiyifen reported substantial revenue drops and losses, with Liangpinpuzi's revenue down 27.21% to 2.829 billion yuan and a net loss of approximately 94 million yuan, marking a 491.59% year-on-year decline [1][3] - The industry's profitability is under pressure due to rising raw material costs and intensified price competition driven by market homogenization [3][9] Group 2: Cost Structure and Profitability - Traditional snack brands are facing a rigid cost structure that has become a burden, with companies like Three Squirrels experiencing a 25.11% increase in sales expenses, amounting to 1.119 billion yuan, while only achieving a 7.94% revenue growth [3][5] - Laiyifen's financial expenses surged by 61.09% due to increased short-term borrowing and rising interest costs, exacerbating its profitability challenges [5][7] - The inability to compress fixed costs, such as marketing and retail expenses, has increased operational risks for these companies [7][9] Group 3: Pricing Power and Market Dynamics - The weakening of pricing power among companies has led to a direct impact on revenue, with Liangpinpuzi's strategy of lowering prices failing to prevent a near 1 billion yuan loss [9][10] - New emerging channels, such as bulk snack stores, are leveraging efficient supply chains to operate profitably at lower margins, further pressuring traditional brands [12][14] - The shift in consumer preferences towards value-for-money products has diminished the effectiveness of traditional high-end branding strategies [9][18] Group 4: Channel Dynamics - Traditional snack brands are losing their influence in the market as channels gain more power, with bulk stores like "Haoxianglai" rapidly expanding and capturing market share [10][12] - Retailers like Sam's Club and Hema are developing their own snack brands, which are gaining traction due to competitive pricing and consumer trust [14][16] - The decline in traditional channels has forced companies to close underperforming stores, reflecting a broader struggle to maintain market presence [16][21] Group 5: Brand and Product Disconnect - The traditional brands are facing a crisis of brand relevance as their marketing narratives fail to resonate with modern consumers [18][19] - The reliance on OEM/ODM systems has led to significant product homogenization, undermining the brands' competitive edge in an era where product differentiation is crucial [19][21] - Companies are beginning to explore new product lines and business models, indicating a recognition of the need for transformation in response to market pressures [21]

Group 1 - The rising price of konjac is putting pressure on the profit margins of related snack products, with the average price stabilizing around 5 yuan per jin, nearly tripling compared to 2023 [1] - The supply-demand imbalance is a key factor behind the price surge, with a decrease in planting area and adverse weather conditions affecting supply, while demand from downstream snack products and other industries continues to grow [1][3] - Major snack companies are responding to high konjac prices by stockpiling and adjusting product strategies to mitigate the impact on their profit margins [1][3] Group 2 - The financial report of Wei Long shows a 2.6 percentage point decline in gross margin to 47.2% due to rising raw material costs, with the gross margin for vegetable products, including konjac, dropping by 6.02 percentage points to 46.56% [2] - Looking ahead, the konjac price is expected to remain high in the short term due to ongoing demand and limited supply expansion, while a gradual return to rational pricing is anticipated in the long term [3] - Salted Fish Company is leveraging its upstream layout and cost advantages through stockpiling and efficiency improvements to cope with high konjac prices, while also noting that the price direction will be determined by supply-demand dynamics [3] Group 3 - Cha Cha Food has entered the konjac snack market, with products launched in both domestic and international markets, and is monitoring raw material price trends to assess cost impacts [4]

Group 1: Industry Overview - Konjac, known as "human cat strips," is becoming a phenomenon in the snack food market, attracting significant attention from various companies [1][5] - The konjac food industry has experienced a compound annual growth rate of 20% over the past decade, with the market size expected to reach 26.9 billion yuan in 2024 [5] - Major snack companies are increasingly entering the konjac segment, including Salted Fish Pouch, Wei Long, and Qiaqia Food, among others [1][6][7] Group 2: Company Performance - Salted Fish Pouch reported a revenue of 29.41 billion yuan in the first half of 2025, a year-on-year increase of 19.58%, with konjac snacks contributing 7.91 billion yuan, up 155.10% [6][7] - Wei Long's revenue reached 34.83 billion yuan in the first half of 2025, growing 18.5%, with konjac products driving a 44.3% increase in the vegetable product segment [5][6] - Qiaqia Food's revenue declined by 5.05% to 27.52 billion yuan in the first half of 2025, despite launching new konjac products [8] Group 3: Market Competition - The competition among snack companies is intensifying, with the number of stores for the "Ming Ming Very Busy" group surpassing 20,000 nationwide [3][10] - Companies are focusing on expanding their presence in snack retail channels, with Salted Fish Pouch emphasizing a strategy shift towards channel dominance [11][12] - Three Squirrels is also exploring opportunities in the konjac segment while investing in community snack stores to enhance competition [8][12][13]

Core Viewpoint - The emergence of konjac as a phenomenon-level snack product is driving significant revenue growth for various snack companies, with notable contributions from brands like Salted Fish Pouch and Wei Long [1][4][5]. Group 1: Company Performance - Salted Fish Pouch's konjac snack brand "Da Mo Wang" generated revenue of 791 million yuan in the first half of 2025, a year-on-year increase of 155.10%, accounting for 26.90% of total revenue [1][6]. - Wei Long's konjac products "Mo Yu Shuang" and "Xiao Mo Nu" significantly boosted its vegetable product segment revenue by 44.3% to 2.109 billion yuan, representing 60.5% of total revenue in the first half of 2025 [5][6]. - The overall revenue for Wei Long reached 3.483 billion yuan, with a net profit of 736 million yuan, both reflecting an 18.5% year-on-year growth [2][5]. Group 2: Market Trends - The konjac food industry has experienced a compound annual growth rate of 20% over the past decade, with a projected market size of 26.9 billion yuan by 2024 [4]. - More than 30 companies, including Qiaqia Food, Three Squirrels, and Liangpinpuzi, are entering the konjac snack market, indicating a competitive landscape [6][8]. Group 3: Channel Expansion - The snack industry is witnessing intense competition in the retail channel, with the Mingming Hen Mang Group surpassing 20,000 stores nationwide, prompting companies to focus on snack retail channels [10][12]. - Salted Fish Pouch has shifted its strategy to prioritize channel development, with over 70% of its revenue coming from distribution channels, including snack retail and community group buying [10][12]. - Qiaqia Food reported a significant increase in revenue from snack retail channels, growing from approximately 5 million yuan in January 2023 to around 45 million yuan in April 2024 [11][12].

Core Viewpoint - Konjac, known as "human cat strips," is becoming a phenomenon in the snack food industry, with companies like Salted Fish Pouch and Wei Long capitalizing on this trend through their konjac product lines [1][4]. Company Performance - Salted Fish Pouch's konjac snack brand "Big Demon King" generated revenue of 791 million yuan in the first half of 2025, a year-on-year increase of 155.10%, contributing significantly to the company's total revenue of 2.941 billion yuan [1][12]. - Wei Long's konjac products "Konjac Shuang" and "Little Witch" drove a 44.3% increase in the vegetable products segment to 2.109 billion yuan, accounting for 60.5% of total revenue in the first half of 2025 [7][8]. - In the first half of 2025, Salted Fish Pouch reported total revenue of 2.941 billion yuan, up 19.58% year-on-year, with a net profit of 373 million yuan, an increase of 16.70% [12][18]. Market Trends - The konjac food industry has seen a compound annual growth rate of 20% over the past decade, with the market size expected to reach 26.9 billion yuan by 2024 [5]. - More than 30 companies, including Qiaqia Food and Three Squirrels, are entering the konjac snack market, indicating a competitive landscape [14]. Channel Development - The competition among snack companies is intensifying in the offline market, with the Mingming Busy Group surpassing 20,000 stores nationwide [3][19]. - Salted Fish Pouch has shifted its strategy to prioritize channel development, emphasizing the importance of distribution channels in its growth [19]. - Qiaqia Food has also increased its investment in emerging channels like snack wholesale stores and membership stores, reflecting a broader trend in the industry [20].

Core Viewpoint - The article emphasizes the need for finance to return to its essence of serving the real economy, advocating for a "real industry over capital" approach in investment strategies [4][5]. Group 1: Resource Allocation - Capital should flow towards efficient sectors rather than short-term arbitrage opportunities, with a focus on consumer-driven economic growth as a stabilizing force [6][7]. - The investment landscape has been distorted by excessive capital inflow, leading to a focus on rapid expansion and market capture rather than sustainable business practices [8][9]. Group 2: Governance and Empowerment - The investment philosophy of the company is characterized by deep involvement in the operational aspects of the businesses it invests in, moving beyond mere financial support to strategic partnership [10][11]. - Successful case studies, such as the investment in Xiaocaiyuan, demonstrate the effectiveness of this approach, resulting in significant market achievements and returns [12][13]. Group 3: Brand Behind the Brand - The company seeks to invest in businesses with "real industry genes," focusing on consumer sectors that exhibit high-frequency demand and scalability [19][20]. - Notable investments include brands like Qiaqia Foods and Babimantou, which have become industry leaders due to their alignment with the company's investment philosophy [21][23]. Group 4: Capital's Mission - The company is positioned to play a crucial role in transitioning society towards a consumption-driven economy, emphasizing the importance of enhancing disposable income and improving living standards [28][30]. - The investment strategy aims to create social value that translates into stable economic returns, highlighting the need for a shift from being mere investors to becoming co-creators in the industries they support [31][33].

9月9日，洽洽食品跌0.47%，成交额1.83亿元。两融数据显示，当日洽洽食品获融资买入额3029.50万 元，融资偿还3127.28万元，融资净买入-97.78万元。截至9月9日，洽洽食品融资融券余额合计3.94亿 元。 截至6月30日，洽洽食品股东户数5.77万，较上期增加13.79%；人均流通股8754股，较上期减少 12.12%。2025年1月-6月，洽洽食品实现营业收入27.52亿元，同比减少5.05%；归母净利润8864.16万 元，同比减少73.68%。 分红方面，洽洽食品A股上市后累计派现46.93亿元。近三年，累计派现16.54亿元。 机构持仓方面，截止2025年6月30日，洽洽食品十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1997.26万股，相比上期增加22.54万股。兴证全球欣越混合A（017826）位居第四大流通 股东，持股608.97万股，为新进股东。嘉实新消费股票A（001044）位居第五大流通股东，持股372.77 万股，相比上期增加57.77万股。南方中证1000ETF（512100）位居第六大流通股东，持股280.22万股， 为新进股东。广发稳健增长混合A ...