Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on improving performance through new product launches and channel expansion [1][4]. Financial Performance - For the first half of 2025, the company achieved revenue of 2.75 billion yuan, a year-on-year decrease of 5.0%, and a net profit attributable to shareholders of 90 million yuan, down 73.7% year-on-year [1]. - In Q2 2025, revenue was 1.18 billion yuan, showing a year-on-year increase of 9.7%, while net profit attributable to shareholders was 10 million yuan, down 88.2% year-on-year [1][2]. - The company's gross profit margin in Q2 2025 was 21.4%, a decrease of 3.6 percentage points year-on-year, primarily due to high raw material costs [3]. Revenue Breakdown - In the first half of 2025, revenue from sunflower seeds, nuts, and other products decreased by 4.4%, 7.0%, and 13.8% year-on-year, respectively [2]. - By region, revenue in the Eastern region decreased by 24.8%, while the Southern region saw a 2.4% increase, and the overseas market grew by 13.2% [2]. - Direct sales channels experienced a 63.0% year-on-year increase in revenue, accounting for 28.3% of total revenue, with significant growth in emerging channels [2]. Cost and Expenses - The net profit margin in Q2 2025 was 1.0%, down 8.0 percentage points year-on-year, influenced by increased sales and R&D expenses [3]. - The sales expense ratio was 14.1%, up 4.0 percentage points year-on-year, reflecting increased promotional activities [3]. Strategic Initiatives - The company is actively exploring new product lines and enhancing its digital platform, with a focus on expanding into snack retail and leveraging seasonal demand [3]. - New product launches include a variety of innovative snacks aimed at diversifying the product portfolio and driving growth [3]. Future Outlook - Revenue projections for 2025 to 2027 are expected to grow by 2%, 7%, and 6% year-on-year, respectively, with net profit forecasts showing a recovery starting in 2026 [4]. - The company aims to improve operational margins and capitalize on seasonal demand in Q3 2025 [3][4].

食品饮料/休闲食品 洽洽食品（002557.SZ） 成本上涨及费用投放增加，盈利能力短期承压 2025 年 08 月 25 日 投资评级：增持（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 23.37 | | 一年最高最低(元) | 36.86/21.21 | | 总市值(亿元) | 118.22 | | 流通市值(亿元) | 117.97 | | 总股本(亿股) | 5.06 | | 流通股本(亿股) | 5.05 | | 近 3 个月换手率(%) | 86.09 | 公 司 信 息 更 新 报 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 洽洽食品 沪深300 相关研究报告 《2025Q1 收入略有下滑，成本上涨致 盈 利 承 压 — 公 司 信 息 更 新 报 告 》 -2025.4.25 《2024Q3 收入平稳微增，盈利能力同 比改善 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《Q2 增长短期承压，2024H2 业绩表 现有望逐季改善—公司信息更新 ...

【导读】2025年上半年，洽洽食品（002557）净利润同比下降73.68%，创下近10年来最糟糕的中期业绩表现 "瓜子大王"洽洽食品近年来陷入了增长困境。根据最新发布的2025年半年度报告，公司迎来了近10年来最糟糕的中期业绩表现：营收27.52亿元，同比下 降5.05%；归母净利润为8864.16万元，同比下降73.68%。 尽管在半年报中，洽洽食品将业绩大幅下滑归因为原材料成本上升、产品结构调整和渠道结构调整等，但却也暴露了其在产品创新和渠道转型等方面的深 层次问题。 伴随着业绩不振，洽洽食品股价也长期低迷。截至8月22日收盘，公司股价报23.37元/股，较2020年高点跌逾60%，总市值为118亿元。 上半年净利润"跳水" 洽洽食品于2011年上市，此后多年保持着稳健增长，并在2022年创下净利润高峰。 不过，从2023年开始，洽洽食品收入增长停滞，净利润波动变大。特别是2025年上半年，公司净利润大幅掉头向下，引发广泛关注。 "瓜子大王"怎么了？ 对于2025年上半年净利润大幅下滑，洽洽食品表示，主要是由于葵花籽和核心坚果原料成本上升。与此同时，公司主动调整产品结构、渠道结构等，加大 了新品研发和势 ...

见习记者 夏天 " 瓜子大王 " 洽 洽食 品近年来陷入了增长困境。 根据最新发布的 2025 年半年度报告，公司迎来 了 近 10 年来最糟糕的中期业绩表现 ：营收 27.52 亿元，同比下降 5.05% ；归母净利润为 8864.16 万元，同比下降 73.68% 。 （近 10 年洽洽食品中期净利润表现） 尽管在半年报中，洽洽食品将业绩大幅下滑归因为原材料成本上升、产品结构调整和渠道结构调整等，但却也暴露了其在产品创新和渠道 转型等方面的深层次问题。 伴随着业绩不振，洽洽食品股价也长期低迷。截至 8 月 22 日收盘，公司股价报 23.37 元 / 股，较 2020 年高点跌逾 60% ，总市值为 118 亿元。 【导读】 2025 年上半年，洽洽食品净利润同比下降 73.68% ，创下近 10 年来最糟糕的中期业绩表现 上半年净利润 " 跳水 " 洽洽食品 于 2011 年上市，此后多年保持着稳健增长，并在 2022 年创下净利润高峰。 不过，从 2023 年开始， 洽洽食品 收入增长停滞，净利润波动变大。特别是 2025 年上半年，公司净利润大幅掉头向下，引发广泛关 注。 在沪上一位食品饮料分析师看 ...

（企业公告） 谈及"公司上半年电商渠道的毛利率较低的原因，未来如何发展？"，洽洽食品表示，公司电商毛利率较 低主要是由于受原料成本的影响，公司将通过优化产品结构、定制专供款、推出首发新品、增加抖音直 播、加强内容营销等提高销售额和经营质量，提升毛利率。 关于"公司新品发布会上提到的新品是否会延续大单品的思路？目前在新产品和品类中是否已经选定了 重点发展的产品？"提问，洽洽食品称，公司对新品的发展仍会继续延续大单品的思路，希望能推出市 场认可度高的3至5亿以及5至10亿的大单品。公司会持续投入资源，加大新品的试销和推广。公司现在 主推的新品：打手瓜子、全坚果系列产品、鲜切薯条、魔芋、瓜子仁冰激凌等产品都有希望成为大单 品。魔芋品类目前销售的渠道主要是线上渠道、海外东南亚市场以及国内线下部分重点城市线下渠道。 近日，洽洽食品发布投资者关系活动记录表。当中披露，针对"今年瓜子和坚果的毛利率下降，除了原 材料成本上涨外，是否有促销或渠道折扣投入加大的影响？"问题，洽洽食品回复，公司产品毛利率下 降主要是因为原料成本上涨，另外还受到一些产品加量不加价活动、坚果礼盒定制以及竞争性产品毛利 率较低的影响，使得公司总体毛利率 ...

证券研究报告 | 2025年08月24日 洽洽食品公布 2025 年半年度业绩：1H25 实现营业总收入 27.5 亿元，同比 -5.0%；实现归母净利润 0.9 亿元，同比-73.7%；实现扣非归母净利润 0.4 亿元，同比-84.8%。 洽洽食品（002557.SZ） 优于大市 2025 年上半年渠道结构调整、成本压力显著 收入端：渠道结构持续调整，2Q25 收入恢复正增。1H25 收入同比-5.0%，其中 葵花子/坚果/其他品类分别同比-4.4%/-7.0%/-13.8%，主要受到春节错期因 素影响，Q1 收入同比-13.8%；Q2 单季度在去年同期较低基数之上，收入同 比+9.7%。分渠道看，在传统渠道流量持续下滑背景下，公司积极调整渠道 结构、加大力度与新兴渠道合作，1H25 经销及其他渠道收入同比-18.5%； 直营渠道（含电商）收入同比+63.0%，其中电商渠道同比+24.8%、占比提升 至 16.4%。从区域看，东方区/南方区/北方区收入同比 -24.8%/+2.4%/-19.8%，南方区有所增长主要系量贩零食渠道、山姆等新兴 渠道的增长所致。 利润端：成本压力显著，费用投放增多。1H25 毛 ...

Group 1: Financial Performance - The gross margin for seeds and nuts has decreased primarily due to rising raw material costs, promotional activities, and competitive pricing pressures [1] - The company reported that the sales of the all-nut series products reached over 100 million [2] Group 2: Raw Material Costs - The main impact on raw material costs in the first half of the year was due to the rising prices of sunflower seeds [1] - The company is monitoring the sunflower harvest and weather conditions to make informed purchasing decisions [1] Group 3: E-commerce Strategy - The low gross margin in the e-commerce channel is attributed to raw material costs, with plans to optimize product structure and enhance marketing efforts [1] - The company aims to increase sales and improve operational quality through various strategies, including Douyin live streaming and content marketing [1] Group 4: New Product Development - The company will continue to focus on developing major products, targeting sales of 300 million to 1 billion for new items [2] - Key new products include hand-picked seeds, all-nut series, fresh-cut fries, konjac, and ice cream seeds [2] Group 5: Market Expansion - The company sees significant growth potential in the nut category, with plans to enhance consumer awareness and match products to different consumption scenarios [2] - The Southeast Asian market is a key focus for overseas channel development, with plans to expand into potential markets like the Middle East and Europe [2] Group 6: Digital Transformation - As of June 30, 2025, the company has approximately 560,000 service points through its digital channel management platform [2] - The digital platform enhances collaboration with distributors and improves terminal coverage and service capabilities [2]

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

洽洽食品市值118.22亿元 原料成本上升、新品研发等因素影响利润 自2020年9月以来，公司已连跌了5年，现在股价不及巅峰时期的三分之一。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。 8月21日晚，洽洽食品（002557）股份有限公司(下称"洽洽食品")披露半年报。报告期内，公司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。显然，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。 | 23.37 -0.20 -0.85% | | | | | | | --- | --- | --- | --- | --- | --- | | 行业 | 食品饮料 -0.24% > | | | | | | 23.48 今开 | 最高 | 23.50 | 成交额 | | 1.85亿 | | 昨收 ...

股票研究 /[Table_Date] 2025.08.23 短期较大承压，静待后续复苏 洽洽食品(002557) 洽洽食品（002557）半年报点评 报告副标题 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [Table_Target] 目标价格(元): | 27.45 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan@gtht.com | S0880525040039 | | | | 陈力宇(分析师) | 021-38677618 | chenliyu@gtht.com | S0880522090005 | | | | 庞瑜泽(分析师) | 021-380 ...