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。 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。 罪魁祸首：天气与 ...

Core Viewpoint - Qiaqia Food, once known as the "Sunflower Seed King," is facing significant growth challenges, with a reported 73.68% year-on-year decline in net profit, marking the largest mid-year profit drop since its listing [1][2]. Financial Performance - In the first half of the year, Qiaqia Food achieved revenue of 2.752 billion yuan, a decrease of 5.05% year-on-year; net profit attributable to shareholders was 88.6416 million yuan, down 73.68% year-on-year; and the net profit after deducting non-recurring gains and losses was 43.09 million yuan, a decline of 84.77% [2]. - The decline in net profit has been evident since the fourth quarter of 2024, with a 24.79% year-on-year drop, and continued into 2025 with a first-quarter net profit of 77.2478 million yuan, down 67.88% year-on-year [2]. Business Segment Analysis - The sunflower seed business, a key revenue driver, reported revenue of 1.772 billion yuan in the first half of the year, a decrease of 4.45% year-on-year, accounting for 64.39% of total revenue [2]. - Despite launching various innovative flavors, including stinky and tea series, these efforts have not significantly improved performance [2]. Cost and Margin Issues - The decline in profit is attributed to rising raw material costs, particularly for sunflower seeds, which have been affected by adverse weather conditions leading to increased spoilage rates and reduced quality supply [4]. - The company has previously raised prices on sunflower seed products multiple times, but these price increases have not resulted in substantial margin improvements, with gross margins reported at 31.96%, 26.75%, and 28.78% from 2022 to 2024, and a sharp drop to 20.31% in the first half of 2025 [5]. Channel and Market Strategy - Qiaqia Food's primary sales channel remains offline, with e-commerce revenue growing slowly and contributing only 16.38% to total revenue, despite a 24.79% year-on-year increase [6]. - The company has been diversifying into the nut category since 2017, but competition in this market has intensified, prompting the search for a new growth curve [6]. Product Diversification Efforts - In addition to ice cream, Qiaqia Food has trialed konjac products, which have received positive feedback during overseas trials and are set to be launched in domestic online and select offline channels [8]. - The company aims to expand its product matrix, enhance product experiences, and optimize channel services to improve performance in the second half of the year [8].

事件：公司发布2025 年半年度报告，25H1 实现营收27.52 亿元，同比-5.05%，实现归母净利0.89 亿 元，同比-73.68%，实现扣非归母净利0.43亿元，同比-84.77%。25Q2 实现营业收入11.81 亿元，同比增 长9.69%，实现归母净利0.11 亿元，同比-88.17%，实现扣非归母净利-0.15 亿元，同比-124.39%。 风险提示：渠道拓展不及预期，食品安全问题，品牌建设不及预期等 净利率同比下滑。25Q2 归母净利率为0.96%，同比-7.98pct，扣非归母净利率为-1.27%，同比-6.98pct。 持续推新拓展品类矩阵，优化渠道服务提升效率。产品方面25 年公司加速推新，瓜子方面推出山野系 列瓜子、瓜子仁冰淇淋等新品；坚果品类推出全坚果、白坚果、风味坚果等系列产品；休闲食品推出蜂 蜜黄油味鲜切薯条以及魔芋等。全渠道覆盖，积极发力弱势市场，占比较大的传统渠道全面开展渠道精 耕战略，不断提升终端门店的运营效率，截止25H1 数字化终端网点数量约56 万家（24 年底为49 万 家），新渠道如会员店系统持续上新，积极拥抱零食量贩、即时零售等新兴渠道，此外积极拓展海外市 场 ...

据证券之星公开数据整理，近期洽洽食品(002557)发布2025年中报。根据财报显示，洽洽食品净利润同 比下降73.68%。截至本报告期末，公司营业总收入27.52亿元，同比下降5.05%，归母净利润8864.16万 元，同比下降73.68%。按单季度数据看，第二季度营业总收入11.81亿元，同比上升9.69%，第二季度归 母净利润1139.38万元，同比下降88.17%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率20.31%，同比减28.52%，净利率3.24%， 同比减72.14%，销售费用、管理费用、财务费用总计4.76亿元，三费占营收比17.3%，同比增18.1%，每 股净资产10.11元，同比增0.19%，每股经营性现金流0.32元，同比减76.07%，每股收益0.17元，同比减 73.63% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 28.98亿 | 27.52亿 | -5.05% | | 归母净利润(元) | 3.37亿 | 8864.16万 | -73.68% | | 扣非净利 ...

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

从股价来看，2025年3月31日至2025年6月30日，洽洽食品区间跌幅为12.98%，在此期间股东户数增加 6989.0户，增幅为13.79%。 根据统计，洽洽食品2025年3月31日至2025年6月30日，主力资金净流出4.37亿元，游资资金净流入 5840.5万元，散户资金净流入3.78亿元。 MACD金叉信号形成，这些股涨势不错！ | | | | 统计截止日｜区间股价涨跌幅｜股东户数｜增减｜增减比例｜户均持股市值（元）｜户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -12.98% | 57656 6989 | 13.79% | 18.97万 | 8773.68 | | 2025-03-31 | -9.70% | 50667 10385 | 25.78% | 25.92万 | 9983.92 | | 2024-12-31 | -13.36% | 40282 13522 | 50.53% | 36.56万 | 1.26万 | | 2024-09-30 | 18.94% | 26760 -1613 | -5.68% | ...

出品｜搜狐财经 2025年上半年，洽洽食品实现营业收入27.52亿元，同比下滑5.05%，其中葵花子产品仍为核心收入来源，贡献64.39%的营收。 然而归属于上市公司股东的净利润同比大幅下降73.68%，仅为8864万元。 8月21日，"瓜子大王"洽洽食品公布2025年半年报。 洽洽食品表示，业绩承压主要是由于宏观经济形势、外部渠道的变化以及一季度春节错期等因素的影响。 值得注意的是，洽洽归母净利润同比大幅下降，主要是由于葵花籽和核心坚果原料成本上升。公司主动调整产品结构、渠道结构等，加 大了新品研发和势能渠道的费用投入，对公司利润情况产生影响。 截至今日收盘，洽洽食品报23.37元/股，跌0.85%，总市值118.2亿元。 2025年上半年营收27.52亿元，葵花子产品贡献64.39%收入 作者｜柴鑫洋 编辑｜李文贤 洽洽食品2025年上半年营业收入27.52亿元，同比减少5.05%。 其中第二季度，公司营业收入为11.81亿元，同比上升9.69%；归母净利润为1139万元，同比下降88.2%；扣非归母净利润亏损1499万元， 同比下降124.4%； 分产品看，葵花子产品贡献了洽洽食品超六成营收。 财报显示 ...

"瓜子大王"洽洽食品经营承压。 8月21日晚，洽洽食品（002557.SZ）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。 净利下滑近74% 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%。 对于利润的大幅下滑，洽洽食品解释，主要是由于葵花籽和核心坚果原料成本上升，同时主动调整产品结构、渠道结构等，加大了新品研发和势能渠 道的费用投入，对利润情况产生影响。 从季度维度看，收入压力主要集中在一季度。当期，洽洽食品营收15.71亿元，同比下滑13.8%；二季度收入11.81亿元，同比增长9.69%。此前有研报 指出，春节错期导致2025年一季度在高基数下增长承压，预计瓜子、坚果分别下滑约10%、近20%。 生产与销售端同步收缩。上半年，洽洽食品整体休闲食品生产量8.52万吨，同比下降10.47%；销售量为9.26万吨，同比下降7.7%。 区域市场表现分化加剧。东方区成为压力最大的区域市场，上半年销售收 ...

深圳商报·读创客户端 夏显平 放眼海外，积极拥抱新兴渠道 8月21日，洽洽食品（002557.SZ）公布2025年上半年业绩。报告显示，2025年上半年，公司实现营业收 入27.52亿元，实现的归属于上市公司股东净利润8864.16万元，整体毛利率为19.93%。 洽洽食品方面表示，公司整体发展稳健，得益于洽洽食品健康均衡的经营结构，以及品牌坚持长期主 义，坚守品质、深耕创新的核心竞争力。期内，公司积极拓展海外市场，通过多元化渠道布局、多品类 产品上新推动收入增长。 加速创新，构建多元化健康零食矩阵 今年7月，洽洽一口气推出五大创新系列，在业内引起一波热议。新品除了涵盖瓜子和坚果两大优势品 类以外，洽洽还首次进入冰淇淋市场，推出瓜子仁冰淇淋，大胆打破传统品类边界，将洽洽经典瓜子仁 与冰爽冰淇淋巧妙融合，为消费者带来香脆绵密的跨界夏日体验。 另外的两大新品洽洽魔芋公主和洽洽脆脆熊鲜切薯条则进一步拓展洽洽在休闲零食的产品边界。洽洽魔 芋公主里面的魔芋千层肚采用创新切花工艺与非遗古法红油制作，在延续健康属性的同时，开创健康零 食新赛道；洽洽脆脆熊鲜切薯条，复刻童年记忆中的金黄酥脆，成为年轻人追剧时光与郊游野餐必备的 ...

事件：公司发布2025 年半年报。25H1，公司实现收入27.52 亿元，同比-5.05%；归母净利润0.89 亿元， 同比-73.68%；扣非归母净利润0.43 亿元，同比-84.77%，业绩落在预告中枢水平。25Q2，公司实现收 入11.81 亿元，同比+9.69%；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-124.39%。 风险提示：原材料价格波动、市场竞争加剧、食品安全事件。 产品渠道加速变革，静待成本改善。产品方面，公司上新五大创新系列，推出山野系列瓜子、瓜子仁冰 淇淋等新品；坚果品类推出全坚果、白坚果、风味坚果等系列产品；同时推出蜂蜜黄油味鲜切薯条以及 魔芋等休闲食品，从单一品类到矩阵式产品生态的全面升级。渠道方面，公司全面开展渠道精耕战略， 不断提升终端门店的运营效率；加大推进零食量贩渠道、会员店、即时零售、O2O 等新渠道新场景的 拓展；海外聚焦东南亚市场大力发展，加大新品推广力度，拓展潜力市场，加快实现渠道突破。利润 端，公司采取供应链优化与成本管控双轮驱动，短期原料价格处于高位，中长期业绩弹性有望逐步释 放。 盈利预测：根据半年报，考虑到原材料成本 ...