Group 1: Company Research - Lude Environment's main business includes river and lake sludge treatment services, engineering mud treatment services, industrial residue resource sales, and environmental technology equipment sales. The company is working on a project involving synthetic biology technology to produce GABA from waste fermentation products [1] - Zhongchong Co., Ltd. reported a revenue of 1.101 billion yuan for Q1 2025, a year-on-year increase of 25.41%. The net profit attributable to shareholders was 91.1553 million yuan, up 62.13% year-on-year, with a non-recurring net profit of 88.2607 million yuan, increasing by 63.75% year-on-year. The company's debt ratio stands at 40.0% [1] - Qiaqia Food's Q1 2025 report shows a revenue of 1.571 billion yuan, a year-on-year decrease of 13.76%. The net profit attributable to shareholders was 77.2478 million yuan, down 67.88% year-on-year, with a non-recurring net profit of 58.0845 million yuan, decreasing by 73.76% year-on-year. The debt ratio is 40.23% [2] Group 2: Institutional Overview - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on a growth stock investment philosophy with a margin of safety. The firm has developed a comprehensive investment management knowledge system over thirteen years [3] - The company has a workforce of 50 employees, with nearly 30 being professional research and investment personnel. The management scale has exceeded 10 billion yuan, specializing in secondary stock long strategies and PIPE strategies in the fields of pharmaceuticals, advanced manufacturing, and consumer goods [3] - Licheng has consistently ranked high in long-term performance and has received four private equity "Golden Bull" awards over three sessions [3]

| 序号 | 机构名称 | 姓名 | 序号 | 机构名称 | 姓名 | | --- | --- | --- | --- | --- | --- | | 1 | 上海申银万国证券研究所 | 吕昌、严泽楠、 | 72 | 浙商证券股份有限公司 | 杜宛泽 | | | 有限公司 | 王栗晴 | | | | | 2 | 国盛证券有限责任公司 | 王玲瑶、李梓语 | 73 | 易方达基金管理有限公司 | 易俊何 | | 3 | 君和资本 | 韩亿 | 74 | 天治基金管理有限公司 | 王策源 | | 4 | 汇丰晋信基金管理有限公司 | 吴培文、李文华 | 75 | 东吴证券股份有限公司 | 李茵琦 | | 5 | 上海大正投资有限公司 | 王子桐 | 76 | 东北证券股份有限公司上海证券 研究咨询分公司 | 阚磊 | | 6 | 本营国际有限公司 | 黄锐 | 77 | 路博迈基金管理(中国)有限公司 | 黄亚铷 | | 7 | 民生证券股份有限公司 | 孙冉、张玲玉、 唐梦涵、王言海 | 78 | 中天国富证券有限公司 | 关雪莹 | | 8 | Polymer Capital | 阮玮仕 | 79 | 恒安标 ...

Financial Performance - The company's operating revenue for 2024 reached ¥7,131,364,079.37, representing a 4.79% increase compared to ¥6,805,627,279.13 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥849,480,766.93, up 5.82% from ¥802,739,260.75 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥772,667,812.08, an increase of 8.86% from ¥709,779,276.24 in 2023[6]. - The cash flow from operating activities significantly increased by 147.78% to ¥1,038,904,494.15 from ¥419,277,593.82 in 2023[6]. - The total assets at the end of 2024 were ¥10,057,056,869.68, a 7.00% increase from ¥9,398,773,153.02 at the end of 2023[6]. - The company achieved total revenue of ¥7,131,364,079.37 in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of ¥849,480,766.93, up 5.82% from the previous year[53]. - The total operating revenue for 2024 reached ¥7,131,364,079.37, representing a year-on-year increase of 4.79% compared to ¥6,805,627,279.13 in 2023[62]. - The revenue from sunflower seeds was ¥4,381,632,668.37, accounting for 61.45% of total revenue, with a growth of 2.60% year-on-year[62]. - The revenue from nut products increased by 9.74% year-on-year to ¥1,923,577,427.20, representing 26.97% of total revenue[62]. - The e-commerce segment generated ¥778,601,929.24, showing an 8.86% increase compared to the previous year[62]. Dividend Distribution - The company plans to distribute a cash dividend of 10 CNY per 10 shares to all shareholders, based on a total of 497,261,431 shares, with 8,593,661 shares in the repurchase account excluded from the distribution[6]. - The company distributed a total cash dividend of approximately ¥647 million in 2024, with a proposed dividend of ¥10 per 10 shares for the 2023 fiscal year[126]. - Since its listing, the company has cumulatively distributed cash dividends exceeding ¥4.1 billion and has converted capital reserves into 307 million shares[126]. - The total cash dividend for 2024, including previous distributions, amounts to 646,597,226.20 RMB, with a cumulative share repurchase total of 171,567,041.7 RMB[173]. - The company has repurchased 5,685,969 shares in 2024, with a total transaction amount of 171,567,041.7 RMB (excluding transaction fees)[173]. Market Position and Brand Recognition - The company is recognized as a leading brand in the nut and snack industry, with products sold in nearly 70 countries and regions[36]. - The company’s brand, Qiaqia, has been certified as the global sales leader in seeds for five consecutive years according to Sullivan[36]. - The leisure food market in China has surpassed ¥1 trillion, with a long-term stable growth trend expected[32]. - The company’s product line includes various nut and seed products, which have gained popularity due to quality and brand recognition[35]. - The brand value of the company reached ¥526.78 billion in 2024, ranking it among the "2024 Asia's Top 500 Brands"[44]. Innovation and R&D - The company emphasizes technological innovation in food processing, continuously improving quality and production techniques[48]. - The company has a total of 299 authorized patents, including 47 invention patents, reflecting its focus on research and development[57]. - The company launched new products in the seed and nut categories, including the "打手花生" and various flavored seeds, contributing to significant sales growth[53]. - The company has increased its R&D personnel from 71 to 98, representing a growth of 38.03%[75]. - R&D investment has risen to ¥75,683,891.50 in 2024, up 17.15% from ¥64,604,519.62 in 2023[75]. - The company plans to increase R&D investment to enhance basic research and new product development capabilities, focusing on intelligent manufacturing and supply chain services[131]. Operational Efficiency and Supply Chain Management - The company has established production bases in 10 locations, including Hefei and Thailand, to enhance production efficiency and reduce logistics costs[43]. - The company is enhancing its supply chain digitalization and operational efficiency through comprehensive cost reduction and energy-saving initiatives[117]. - The company aims to enhance supply chain efficiency and promote sustainable development by increasing the direct procurement ratio of sunflower seeds and optimizing raw material procurement models[117]. - The company has implemented a digital transformation blueprint to enhance operational efficiency and customer experience through various information systems[51]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and has detailed the main risks and countermeasures in the report[6]. - The company faces risks related to raw material supply and price fluctuations, and it will innovate procurement models to mitigate these risks[119]. - The company has established a comprehensive risk management system to enhance operational management and risk prevention capabilities[136]. Environmental Responsibility - The company has adhered to environmental protection laws and received a new pollution discharge permit valid until August 17, 2025, to reduce emissions[195]. - The company has implemented measures to strengthen environmental risk management and promote sustainable development[195]. - Total investment in environmental governance and protection amounted to ¥13,264,674.09, including ¥1,098,323.37 for new and upgraded environmental facilities and ¥12,192,180.15 for operational costs[198]. - The company achieved a photovoltaic power generation of 9,510,933.5 kWh in 2024, contributing to carbon emission reduction efforts[198]. - The company received the 2024 Anhui Province Environmental Integrity Unit (A Level) recognition, highlighting its commitment to environmental protection[200]. Corporate Governance - The company has established an independent business system with complete procurement, production, sales, and R&D capabilities, ensuring no reliance on controlling shareholders[143]. - The company has an independent financial accounting system and does not share bank accounts with controlling shareholders, ensuring independent tax compliance[145]. - The company has a structured approach to determining the remuneration of senior management based on their responsibilities and risks[156]. - The company has a diverse board with members holding various academic and professional qualifications[155]. - The company has been rated "A" for information disclosure for four consecutive years from 2020 to 2023 by the Shenzhen Stock Exchange[134]. Employee Management and Development - The total number of employees at the end of the reporting period is 5,465, with 3,376 in the parent company and 2,089 in major subsidiaries[166]. - The company has implemented a training program through its internal academy, focusing on talent development and knowledge management[168]. - The company has a well-defined salary policy that combines employee career planning with corporate development, enhancing employee satisfaction and retention[167]. - The company has a total of 9 key management personnel listed with their respective remuneration details[157]. Shareholder Engagement - The company held two shareholder meetings during the reporting period to discuss the annual report and profit distribution plan, ensuring equal treatment of all shareholders[137]. - The participation rate in the 2023 annual general meeting was 61.81%, held on May 17, 2024[146].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported a decline in Q1 gross profit due to cost fluctuations, and future improvements are to be monitored [1][7] - The company aims to stabilize revenue performance through organizational adjustments and channel expansions [7] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 71.31 billion, with a year-on-year growth of 4.79%. Q1 2025 revenue is 15.71 billion, showing a decline of 13.76% year-on-year [6][7] - The net profit attributable to the parent company for 2024 is 8.49 billion, with a year-on-year increase of 5.82%. Q1 2025 net profit is 0.77 billion, down 67.88% year-on-year [6][7] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 4.97 billion, with a dividend payout ratio of 96.31% for 2024 [7] - The gross margin for 2024 is 28.78%, up 2.03 percentage points year-on-year, while Q1 2025 gross margin is 19.47%, down 10.96 percentage points year-on-year [7] Product Performance - In 2024, revenue from sunflower seeds, nuts, and other products was 43.82 billion, 19.24 billion, and 7.73 billion respectively, with year-on-year growth rates of 2.60%, 9.74%, and 8.04% [7] - The decline in Q1 2025 revenue is attributed to the timing of the Spring Festival, with expected double-digit declines in sunflower seed revenue and a larger decline in nuts [7] Market Position and Growth Potential - The company is expected to leverage its brand and channel advantages to increase market share in the sunflower seed business, while the nut business is anticipated to grow rapidly due to supply chain and channel strengths [7] - Long-term growth potential remains strong, supported by brand strength and channel expansion [7]

事件：公司发布2024 年年报和25 年一季报，2024 年实现营业收入71.31亿元，同比+ 4.79%,实现归母净 利8.49 亿元，同比+ 5.82%，实现扣非归母净利7.73 亿元，同比+ 8.86%。其中24Q4 实现营业收入23.74 亿元，同比+ 1.99%，实现归母净利2.23 亿元，同比-24.79%，实现扣非归母净利2.15 亿元，同 比-24.69%。25Q1 实现营业收入15.71 亿元，同比-13.76%，实现归母净利0.77 亿元，同比-67.88%，扣 非归母净利0.58 亿元，同比-73.76%。 葵花子、坚果稳健增长，零食量贩保持高增。分产品来看，24 年葵花子实现收入43.82 亿元，同比增长 2.60%，坚果类实现营收19.24 亿元，同比增长9.74%，其他产品收入为7.73 亿元，同比增长8.04%。分 销售模式来看，24 年经销和其他渠道实现收入56.69 亿元，同比-1.38%%，直营渠道实现收入14.62 亿 元，同比增长38.29%，预计主要系零食量贩渠道保持快速增长，其中电商渠道收入7.79 亿元，同比增 长8.86%，海外市场实现收入5.69 亿元，同比增 ...

针对2025年一季度业绩的"变脸"，洽洽食品向以投资者身份咨询的南财快讯记者作出解释，主要归因于 春节跨期影响及原材料成本上升，特别是去年9月内蒙古的雨水天气致使成本增加。 在消费市场复苏的预期中，"瓜子大王"洽洽食品（002557.SZ）却交出了一份割裂的年度答卷。 4月23日晚间披露的财报显示，公司2024年实现营收71.31亿元、净利润8.49亿元，同比增长4.79%、 5.82%，但2025年一季度营收同比大降13.76%至15.71亿元，净利润同比更是大跌67.88%，仅余7724万 元，业绩的"过山车"引发市场关注。 原材料成本方面，我国葵花籽主要产地的内蒙古，在2024年8月间遭遇罕见暴雨洪涝灾害。据内蒙古自 治区政府介绍，2023年，仅巴彦淖尔市的向日葵种植面积超420万亩，总产量达93.85万吨，占全国的 43.5%。但内蒙古新闻网报道，2024年汛期（6月1日~8月31日），内蒙古出现6次区域性暴雨，为历史 同期最多。其中，巴彦淖尔市大佘太、鄂尔多斯市伊克乌素两站8月9日降水量分别为91毫米和76.8毫 米，超过当地日降水量的历史极值。 值得注意的是，2025年以来，洽洽食品的股价走势长期 ...

证券研究报告 洽洽食品 (002557 CH) 25Q1 收入利润双承压，期待逐步改善 | 华泰研究 年报点评 | | --- | | 2025 年 4 月 24 日│中国内地 食品 | 公司 24 年收入/归母净利/扣非净利 71.3/8.5/7.7 亿，同比+4.8%/+5.8%/ +8.9%；24Q4 营业收入/归母净利/扣非净利 23.7/2.2/2.2 亿元，同比 +2.0%/-24.8%/-24.7%，符合前次业绩快报（预计 24 年收入/归母净利 71.3/ 8.5 亿），Q4 由于 KA 主销渠道客流减少、礼盒装产品价格内卷等因素，收 入未能实现显著增长；25Q1 收入/归母净利/扣非净利 15.7/0.8/0.6 亿，同比 -13.8%/ -67.9%/-73.8%，春节错期导致收入下滑，叠加成本上涨、促销增 加，Q1 毛利率/净利率同比-11.0/-8.3pct。展望来看，Q2 低基数叠加成本高 位回落，经营有望环比改善，25 年公司在量贩等新渠道持续导入 SKU，电 商渠道积极调整，海外市场逐步拓展，有望对冲传统渠道量价压力，"买入"。 Q1 销售承压，量贩/电商/海外有望贡献新增量 2 ...

4月24日，洽洽食品（002557）股份有限公司(以下简称"洽洽食品")发布2024年年报。报告期内，公司 实现营业收入71.31亿元，同比增长4.79%；归属于上市公司股东的净利润8.49亿元，同比增长5.82%； 经营活动产生的现金流量净额为10.39亿元，同比增长147.78%。 中研普华产业研究院发布的《2025—2030年中国休闲食品行业市场竞争格局分析及发展趋势预测研究报 告》显示，2025年中国休闲食品市场规模预计将突破1.8万亿元，到2030年将达到2.5万亿元，年均复合 增长率为6.5%，显示出我国休闲食品市场的巨大潜力和发展空间。 "公司始终聚焦瓜子和坚果品类发展，持续细分品类创新。公司推出的如茶衣瓜子、螺蛳粉味瓜子、榴 莲味瓜子、辣根味瓜子、麻辣辣条味瓜子、意式火腿风味坚果仁等多款创新产品，精准捕捉年轻消费需 求，形成差异化竞争优势。"洽洽食品相关负责人对《证券日报》记者表示。 供应链升级成为支撑战略落地的关键。2024年12月份，公司包头洽洽坚果休闲食品扩建项目建成投产， 为公司的发展提供了产能支撑。同时，公司对EHS数智化管理平台进行升级，实现运营数据化，不断提 高供应链的管理水平。 ...

乳业板块低开，洽洽食品（002557）逼近跌停，庄园牧场（002910）跌超5%，麦趣尔（002719）、贝 因美（002570）、阳光乳业（001318）跟跌。 ...

此外，新渠道新场景加速拓展，渠道精耕战略全面开展，海外渠道持续增长亦是公司业务亮点。2024年，公司全面开 展渠道精耕战略，不断增加终端网点，截至2024年12月31日，公司渠道数字化平台服务终端网点数量超49万家。公司 持续探索新场景需求，零食量贩店、会员店通过不断推出新品，增速较快。公司对喜事场景产品不断孵化，持续培育 茶饮、餐饮渠道、营养配餐业务、TO-B 团购业务、O2O等新场景新渠道。电商渠道美团、拼多多、盒马等业务持续 突破。海外市场，公司持续深耕东南亚市场，加拿大市场进驻Costco渠道，通过增加品类和新产品、拓展渠道网店、 开展品牌创新推广等，海外销售持续增长。 同日，公司另公告称，2025年第一季度，公司营业收入15.71亿元，同比下降13.76%；归属净利润7724.78万元，同比 减少67.88%。 4月23日，洽洽食品发布2024年年度报告。当中披露，2024年，公司实现营业收入71.31亿元，较上年同期增长4.79%； 归属净利润为8.49亿元，较上年同期增长5.82%。 围绕新品推出，报告期内，公司始终聚焦瓜子和坚果品类发展，持续细分品类创新。公司重点打造打手瓜子第一品 牌，同时推 ...