事件：公司发布 2025年半年度报告，25H1公司实现营收27.5亿元，同比-5.1%；归母净利润0.9亿元，同 比-73.7%。业绩下滑主要系宏观经济环境、渠道变革、春节错期等因素导致收入承压，同时葵花籽及部 分坚果原料成本高企大幅压缩毛利率，叠加公司在新兴渠道和新品研发上加大投入所致。 新兴渠道快速增长，海外市场表现亮眼。分产品看，25H1 公司葵花子、坚果类、其他产品分别实现营 收17.7 亿元（-4.5%）、6.14 亿元（-7.0%）、3.0 亿元（-13.8%）。瓜子品类中，打手瓜子、葵珍等系 列保持增长；坚果品类聚焦每日坚果与礼盒两大核心，并积极拓展风味及单品坚果，其中"全坚果"新品 上市后表现良好，销售额已突破1 亿元。公司亦推出蜂蜜黄油味鲜切薯条及魔芋等新品，构建新增长 点。分地区看，25H1 南方区、东方区、北方区、电商、海外分别实现营收8.8 亿元（+2.4%）、6.6亿元 （-24.8%）、4.2亿元（-19.8%）、4.5亿元（+24.8%）、2.8 亿元（+13.2%）。传统商超渠道客流下滑 对东、北区业绩造成一定影响，但公司积极拓展零食量贩、会员店及即时零售等新兴渠道，海外市场通 ...

Group 1 - Jiangsu Bank achieved operating income of 44.864 billion yuan, a year-on-year increase of 7.78%, and a net profit of 20.238 billion yuan, up 8.05% year-on-year in H1 2025 [4][5] - The bank's non-performing loan ratio reached a historical low of 0.84%, with total assets growing to 4.79 trillion yuan, a year-on-year increase of 26.99% [4][5] - The bank's net interest income rose significantly by 19.10% year-on-year, contributing to the overall high growth in revenue and profit [4][5] Group 2 - Kingsoft Office reported total operating income of 2.657 billion yuan in H1 2025, a year-on-year increase of 10.12%, with a net profit of 727 million yuan, up 5.77% year-on-year [6][7] - The WPS personal business generated 1.748 billion yuan in revenue, growing by 8.38% year-on-year, while WPS 365 business saw a remarkable growth of 62.27% [8][11] - The launch of the AI assistant Lingxi is expected to significantly enhance the company's revenue potential by integrating various AI functionalities into office workflows [14] Group 3 - Qiaqia Food reported a revenue of 2.752 billion yuan in H1 2025, down 5.05% year-on-year, with a net profit of 89 million yuan, a decrease of 73.68% [21][22] - The company faced pressure from high raw material costs, leading to a gross margin of 20.31%, down 8.10 percentage points year-on-year [22][23] - E-commerce and overseas channels showed strong growth, with revenues of 451 million yuan and 278 million yuan, respectively, indicating a successful expansion strategy [23] Group 4 - Yun Aluminum achieved operating income of 29.08 billion yuan in H1 2025, a year-on-year increase of 18%, with a net profit of 2.77 billion yuan, up 10% [26][27] - The company reported a significant increase in aluminum production, with a total output of 1.6132 million tons, a year-on-year increase of 15.6% [27] - The mid-term dividend was raised to 40%, reflecting the company's strong financial performance and commitment to returning value to shareholders [28] Group 5 - Mango Super Media reported H1 2025 revenue of 5.96 billion yuan, down 14.3% year-on-year, with a net profit of 760 million yuan, a decrease of 28.3% [35][36] - The company’s membership revenue showed resilience, with a slight increase of 0.4% year-on-year, indicating strong user engagement [37] - The introduction of new policies by the broadcasting authority is expected to enhance the flexibility and commercial efficiency of the company's content production [36] Group 6 - Miaokelando reported H1 2025 revenue of 2.567 billion yuan, an increase of 7.98% year-on-year, with a net profit of 133 million yuan, up 86.27% [42][43] - The cheese business experienced double-digit growth, contributing significantly to the overall revenue, with a focus on expanding product offerings [43][44] - The company’s sales expenses were optimized, leading to an improved net profit margin of 5.18%, up 1.19 percentage points year-on-year [45] Group 7 - Tianrun Dairy reported H1 2025 revenue of 1.395 billion yuan, down 3.30% year-on-year, with a net loss of 22 million yuan, although the loss narrowed compared to the previous year [47][48] - The company’s second-quarter performance showed a significant recovery in profitability, with a net profit margin of 6.67%, indicating improved operational efficiency [49][50] - The company is focusing on product innovation and market expansion to enhance its competitive position in the dairy sector [50]

智通财经记者 | 赵晓娟 智通财经编辑 | 牙韩翔 瓜子大王洽洽食品的新品越来越剑走偏锋，今年开始卖魔芋和冷饮。 8月21日，洽洽食品(SZ:002557)发布的半年报显示，2025年上半年，公司实现营收27.5亿元，同比下降5.1%；实现归属于上市公司股东的净利润8864万元， 同比降幅达到73.7%。 单从净利润指标看，刨去今年一季度7725万元的净利润，洽洽食品在二季度的净利润水平仅达到1139元，可以说是上市以来最差一季的净利润水平。 在今年净利润下滑之前，洽洽早已意识到不能只依赖瓜子这一大单品，而是自2017年就推出坚果品类，力图将这一品类做成公司的第二增长曲线，到2024年 这一，从对营收贡献占比的变化看，以"小黄袋每日坚果"系列产品的坚果业务实现营收19.24亿元，占总收入的26.97%。 但在今年上半年，坚果类产品的营收占比下滑到了22.3%，第一大单品增长不稳、第二曲线下滑之后，从洽洽食品最近的新品推进策略看，洽洽要将魔芋、 瓜子冰淇淋冷饮等产品推上第三增长曲线的轨道。 今年7月，洽洽食品正式推出魔芋产品"魔芋公主"，洽洽食品将该产品定位为健康零食新赛道，并在新品发布会上称，魔芋产品将在国内 ...

民生证券研报指出，洽洽食品25H1实现归母净利润0.89亿元，同比下降73.68%，其中，25Q2归母净利 润0.11亿元，同比下降88.17%，扣非净利润-0.15亿元，同比转亏。业绩承压，关注新品表现。虽然短期 盈利承压，但公司将以"破局革新，韧性增长"为核心，以长期主义的思维布局未来发展，拓展品类矩 阵，升级产品体验，优化渠道服务，实现业绩提升。供应链优化与成本管控双轮驱动，实现降本增效， 若Q3新采购季成本下行，叠加调整逐步到位，则来年业绩改善可期。维持"推荐"评级。 ...

国海证券研报指出，洽洽食品2025H1归母净利润0.89亿元，同比-73.68%；公司2025Q2归母净利润0.11 亿元，同比-88.17%；扣非归母净利润-0.15亿元，同比由盈转亏。短期经营承压，期待后续收入和利润 修复。展望后续，利润端，原料价格提升为短期因素，随着原料价格回落，毛利率有望修复，盈利能力 回升。收入端，我们认为公司将持续受益于重点品类的差异化上新，打手瓜子/葵珍/茶衣瓜子延续增 长，并加快山野系列瓜子、瓜子仁冰淇淋、全/白/风味坚果及蜂蜜黄油味鲜切薯条、魔芋等新品落地， 推动产品结构优化；渠道端，公司将深化渠道精耕，加大量贩零食店、会员店、即时零售与O2O投入， 线上以新品孵化与内容营销提升渗透率，海外聚焦东南亚并拓展北美/日本等主流渠道，扩大终端覆 盖。公司是我国休闲零食的领军企业，在瓜子行业已经有很高的市占率，坚果第二增长曲线仍有较高成 长性，并积极拓展其他品类。维持"增持"评级。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.752 billion yuan, down 5.05% year-on-year, and net profit at 89 million yuan, down 73.68% year-on-year [1]. - The company is focusing on new product performance and optimizing channel layouts to address the challenges faced in the current market environment [2][3]. - Despite short-term profit pressures, the company aims for long-term growth through innovation and product upgrades, with expectations for improved performance in the coming years [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.752 billion yuan, a decrease of 5.05% year-on-year, and a net profit of 89 million yuan, down 73.68% year-on-year [1]. - The second quarter of 2025 saw revenue of 1.181 billion yuan, an increase of 9.69% year-on-year, but net profit dropped to 11 million yuan, down 88.17% year-on-year [1]. - The gross margin for H1 2025 was 20.31%, a decline of 8.1 percentage points year-on-year, primarily due to rising raw material costs [3]. Product and Channel Analysis - Revenue from sunflower seeds, nuts, and other products in H1 2025 was 1.772 billion yuan, 614 million yuan, and 304 million yuan respectively, with declines of 4.45%, 6.98%, and 13.76% year-on-year [2]. - The company is enhancing its direct sales channels, which saw a 63.01% increase in revenue, while distributor channels experienced an 18.49% decline [2]. - New product launches include various snack items, which are expected to contribute to future revenue growth [3]. Future Outlook - The company forecasts net profits of 400 million yuan, 540 million yuan, and 670 million yuan for 2025, 2026, and 2027 respectively, with a significant expected recovery in 2026 and 2027 [4][5]. - The current stock price corresponds to a P/E ratio of 29 for 2025, which is projected to decrease to 18 by 2027, indicating potential value for investors [4][5].

Core Viewpoint - The leisure food industry is experiencing new growth momentum driven by globalization, with companies like Qiaqia Food leveraging digital channels and international markets to enhance their market position [1][4]. Group 1: Financial Performance - In the first half of 2025, Qiaqia Food reported revenue of 2.752 billion yuan, with net profit attributable to shareholders at 88.642 million yuan and net profit excluding non-recurring items at 43.09 million yuan [1][2]. - In Q2, revenue grew by 9.69% year-on-year to 1.181 billion yuan, indicating a stable market position [1]. - The sunflower seed product line generated 1.772 billion yuan, accounting for 64.39% of total revenue, while nut products contributed 614 million yuan, representing 22.32% of total revenue [2]. Group 2: Market Trends and Consumer Behavior - The rise of the "Z generation" consumer group is shifting demand towards personalized, customized, and diverse snack options, emphasizing the need for innovation and supply chain efficiency [1][2]. - There is a growing consumer focus on health and nutrition, leading to a transformation in the leisure food industry, with a notable increase in R&D investment [2][5]. Group 3: Channel Strategy - Qiaqia Food is accelerating its transformation towards an omnichannel strategy, with its digital platform serving approximately 560,000 terminal outlets, a growth of 16.7% [3]. - E-commerce revenue reached 451 million yuan, reflecting a year-on-year growth of 24.79%, highlighting the success of the company's channel optimization efforts [3]. Group 4: International Expansion - Qiaqia Food's overseas revenue grew by 13.18% to 278 million yuan in the first half of 2025, with products now available in nearly 70 countries and regions [1][4]. - The company is actively entering mainstream channels in Canada, Japan, and the Philippines, and is expanding into diverse consumer scenarios in Thailand and Indonesia [4][5]. - Qiaqia Food is focusing on brand internationalization and localizing products to enhance competitiveness in overseas markets [5].

被誉为"中国炒货第一股"的"瓜子大王"洽洽食品最近日子不太好过。 8月21日晚，洽洽食品股份有限公司（以下简称"洽洽食品"）披露半年报。报告期内，公司业绩显著承压，营收与净利润同比双降，其中 净利润跌幅超七成，创近年来同期最大降幅。 01 净利下滑近74% 据半年报显示，上半年，洽洽食品实现营收27.52亿元，同比下滑5.05%；归母净利润8864万元，远低于上年同期的3.37亿元，同比下滑 73.68%；经营活动产生的现金流量净额为1.64亿元，同比减少76.12%；公司毛利率从上年同期的28.41%骤降至20.31%，净利率从11.62% 降至3.24%，下滑均超过8个百分点，盈利能力显著弱化。 归属于上市公司股东的扣除非经常性损益的净利润4309万元，同比下降84.77%。公司计划不派发现金红利，不送红股，不以公积金转增 股本。 考虑到成本压力，东吴证券下调了对洽洽食品的盈利预测：预计2025—2027年公司归母净利润分别为6亿、10.5亿、11.2亿元，此前分别 为7.6亿、10.9亿、11.6亿元。 时间再拉长一点，自2020年9月以来，公司已经连跌了5年，现在股价不及巅峰时期的三分之一。 02 罪 ...

近日，洽洽食品（002557.SZ）发布了2025年上半年财报。根据报告，洽洽食品今年上半年实现营业收入27.52亿元，同比下滑5.05%；实现净利润8864万 元，同比下滑73.68%。 而且上半年，洽洽食品生产端和销售端都在进一步收缩，其中休闲食品生产量为8.52万吨、同比下降10.47%，销售量为9.26万吨、同比下降7.7%。 然而在涨价措施之下，"洽洽食品"价格贵的吐槽也在不断增加。面对激烈的市场竞争，再加上消费者价格敏感度的增加，可能会让一部分消费者转而寻找价 格更为便宜的产品，在此情况之下洽洽食品的涨价策略也难以为继。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 2,752,107,987.68 | 2,898, 333, 647. 83 | -5. 05% | | 归属于上市公司股东的净利润 (元) | 88, 641, 623. 36 | 336, 806, 289. 08 | -73. 68% | | 归属于上市公司股东的扣除非 经常性损益的净利润(元) | 43, 089, 964, 06 | ...

被誉为"中国炒货第一股"的"瓜子大王"洽洽食品最近日子不太好过。 8月21日晚 ， 洽洽食品股份有限公司（以下简称"洽洽食品" ） 披露半年报。报告期内，公司业绩显著承压，营收与净利润同比双降，其中净利润跌 幅超七成，创近年来同期最大降幅。 01 净利下滑近74% 据半年报显示，上半年，洽洽食品实现营收27.52亿元，同比下滑5.05%；归母净利润8864万元，远低于上年同期的3.37亿元，同比下滑73.68%； 经营活动产生的现金流量净额为1.64亿元，同比减少76.12%；公司毛利率从上年同期的28.41%骤降至20.31%，净利率从11.62%降至3.24%，下 滑均超过8个百分点，盈利能力显著弱化。 归属于上市公司股东的扣除非经常性损益的净利润4309万元，同比下降84.77%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 考虑到成本压力，东吴证券下调了对洽洽食品的盈利预测：预计2025—2027年公司归母净利润分别为6亿、10.5亿、11.2亿元，此前分别为7.6亿、 10.9亿、11.6亿元。 时间再拉长一点，自2020年9月以来，公司已经连跌了5年，现在股价不及巅峰时期的三分之一。 0 ...