休闲食品 2024-10-27 2、《洽洽食品（002557.SZ）2024 投放加大》2024-08-30 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 505.86 | | 流通股本(百万股) | 504.77 | | 市价(元) | 23.57 | | 市值(百万元) | 11,923.00 | | 流通市值(百万元) | 11,897.51 | 洽洽食品（002557.SZ） 证券研究报告/公司点评报告 2025 年 08 月 22 日 破局革新，盈利短期承压 ——洽洽食品 2025 年半年报点评 收入端：受春节错期、渠道变化影响收入小幅下滑，电商及海外增势良好。25H1， 公司葵花子/坚果类/其他产品收入分别同比-4.45%/-6.98%/-13.76%至 17.72/6.14/3.04 亿元。25H1，公司经销和其他/直营渠道收入分别同比 -18.49%/+63.01%至 19.73/7.80 亿元。25H1，东方/南方/北方/电商/海外地区收入分 别同比-24.76%/+2 ...

8月22日，洽洽食品（002557）股份有限公司（以下简称"洽洽食品"）披露上半年业绩报告。报告期 内，公司营收为27.52亿元、归属于上市公司股东的净利润为8864.16万元、经营活动产生的现金流量净 额为1.64亿元。 财报显示，营收变化主要由于宏观经济形势、外部渠道的变化及一季度春节错期等因素影响所致。净利 润的变化则主要是由于葵花籽和核心坚果原料成本上升，同时公司主动调整产品结构、渠道结构等，加 大了新品研发和势能渠道的费用投入，对公司利润情况产生影响。 东吴证券分析师点评洽洽食品半年报时表示，公司二季度收入边际好转，电商渠道有起势。 上半年，洽洽食品的葵花籽业务占公司总营收64.39%，实现营收17.72亿元。坚果类业务营收6.14亿 元，占比为22.3%；其他产品营收为3.04亿元，占比为11.05%。 分销售区域来看，洽洽食品东方区、南方区、北方区、电商、海外、其他地区上半年营收分别为6.54亿 元、8.84亿元、4.23亿元、4.51亿元、2.78亿元和6171.88万元。其中，其他地区、电商、海外的销售收 入分别同比增长100.51%、24.79%和13.18%。 从种子到舌尖，从田间到工厂 ...

8月21日晚间，坚果专家洽洽洽食品发布了上半年业绩报告，总体来看，业绩稳健发展，在当前消费市场和行业发展复杂多变的背景下实属不易。这背后得 益于其均衡的经营结构和长期主义的定位。 业内人士分析，作为休闲零食行业龙头企业，洽洽食品不断探索从卖瓜子到卖休闲零食再到重构生活场景的进阶之路。此外，在"快乐就要洽洽洽"的品牌主 张下，洽洽食品和年轻人的情感链接不断加强。 上半年业绩稳健发展 调整节奏创造长期增长空间 数据显示，今年上半年，洽洽食品实现营收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%。单看第二季度，洽洽食品实现营收 11.81亿元，同比增长9.69%。 值得一提的是，洽洽食品直营渠道（包括知名国际大型连锁商超、零食量贩系统等）持续发力。今年上半年，洽洽食品直营渠道收入在公司营收中的占比为 28.33%，而2024年这一比例为20.51%。 东方证券报告显示，尽管短期原料价格仍处高位，公司在上游端的长期投入将逐步构建对冲成本波动的能力，为核心品类盈利能力提供更具韧性的底层支 撑。实际上，洽洽食品目前正处于短期盈利承压与中长期结构调整的关键交汇点。公司当前主动压缩利 ...

Group 1: China Resources Beer - China Resources Beer reported a revenue of RMB 23.942 billion for the first half of 2025, a year-on-year increase of 0.8% [1] - The company's profit before interest and tax and net profit attributable to shareholders were RMB 7.691 billion and RMB 5.789 billion, respectively, showing year-on-year growth of 20.8% and 23.0% [1] - The beer sales volume reached approximately 6.487 million kiloliters, up 2.2% year-on-year, with high-end beer products seeing over 10% growth [1] Group 2: Miao Ke Lan Duo - Miao Ke Lan Duo's revenue increased by 7.98% to RMB 2.567 billion in the first half of 2025, with net profit rising by 86.27% to RMB 133 million [2] - The cheese business generated RMB 2.136 billion, a 14.85% increase year-on-year, accounting for 83.67% of total revenue [2] - The restaurant industrial cheese series saw a revenue increase of 36.26% to RMB 816 million [2] Group 3: Qiaqia Food - Qiaqia Food's revenue for the first half of 2025 was RMB 2.752 billion, a decrease of 5.05% year-on-year, with net profit down 73.68% to RMB 88.6416 million [3] - The decline was attributed to external channel changes and the timing of the Spring Festival [3] - The company expanded its overseas market presence and e-commerce channels, achieving breakthroughs in various international markets [3] Group 4: Tianwei Food - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and capital structure [4] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of RMB 76.463 billion for the first half of 2025, a 34.46% increase year-on-year, with net profit soaring by 1169.77% to RMB 10.53 billion [5] - The company achieved a complete cost of pig farming below RMB 12.1 per kg by June 2025 [6] Group 6: Estée Lauder - Estée Lauder's net sales for the fiscal year 2025 were USD 14.326 billion, a decrease of 8% year-on-year [7] - The company reported an operating loss of USD 785 million due to increased impairment and restructuring costs [7] - The brand La Mer achieved double-digit growth in organic sales in mainland China for two consecutive quarters [7] Group 7: Walmart China - Walmart's total revenue for the second quarter of fiscal year 2026 was USD 177.4 billion, a 4.8% increase year-on-year [8] - Walmart China reported net sales of USD 5.8 billion, a 30.1% increase year-on-year, with comparable sales up 21.5% [8] - E-commerce sales grew by 39%, accounting for over 50% of total sales [8] Group 8: Yonghui Superstores - Yonghui Superstores reported a revenue of RMB 29.948 billion for the first half of 2025, a decrease of 20.73% year-on-year [9] - The company incurred a net loss of RMB 241 million, attributed to strategic transformations and store closures [9] - Online business revenue reached RMB 5.49 billion, accounting for 18.33% of total revenue, with a reduction in losses compared to the previous year [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28.5 CNY [2][6]. Core Views - The company reported a revenue of 2.752 billion CNY for H1 2025, a decrease of 5.05% year-on-year, and a net profit of 89 million CNY, down 73.68% year-on-year. The Q2 revenue was 1.181 billion CNY, an increase of 9.69% year-on-year, but the net profit dropped significantly by 88.17% year-on-year [2][6]. - The company is actively adjusting its operations in response to market challenges, focusing on product innovation and channel expansion, particularly in e-commerce and overseas markets [6][2]. - Despite short-term profit pressures due to rising raw material costs, the company is expected to improve its operational performance in the coming year, supported by a high dividend yield of approximately 4.5% [6][2]. Financial Summary - For 2024A, the total revenue is projected at 7.131 billion CNY, with a year-on-year growth rate of 4.8%. The net profit is expected to be 849 million CNY, reflecting a growth rate of 5.8% [2][12]. - The company’s earnings per share (EPS) for 2025E is forecasted to be 1.14 CNY, with a price-to-earnings (P/E) ratio of 21 [2][12]. - The gross margin for H1 2025 was 20.9% for sunflower seeds and 14.8% for nuts, indicating a decline compared to previous periods due to cost pressures [6][2]. Market Performance - The current stock price is 23.57 CNY, with a market capitalization of approximately 11.923 billion CNY [3][2]. - The company has experienced fluctuations in stock performance, with a 12-month high of 33.53 CNY and a low of 21.39 CNY [3][2]. Strategic Initiatives - The company is focusing on enhancing its traditional channels while increasing its digital presence, with a significant rise in the number of managed outlets [6][2]. - New product launches are aimed at diversifying the product line and capturing market trends, including the introduction of five new products in July 2025 [6][2].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.75 billion and net profit at 90 million, reflecting year-on-year changes of -5.0% and -73.7% respectively. The second quarter showed a revenue increase of 9.7% but a significant drop in net profit [1][2]. - The company is actively launching new snack products such as nuts, ice cream, and konjac, which are expected to contribute to revenue growth. The recent launch of a new nut product achieved sales of 100 million within a month [2][3]. - The gross margin for the first half of 2025 was 20.3%, down 8.1 percentage points year-on-year, primarily due to rising raw material costs and increased promotional expenses [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenues of 2.75 billion, with a net profit of 90 million, showing a year-on-year decline of 5.0% and 73.7% respectively. The second quarter saw revenues of 1.18 billion, a 9.7% increase, but net profit fell by 88.2% [1][2]. - The company’s gross margin decreased to 20.3%, with significant drops in the margins for sunflower seeds and nuts, attributed to higher procurement costs [3][4]. Product Development and Market Strategy - The company is focusing on expanding its product line with new snacks, which are expected to drive additional revenue. Recent product launches have shown promising sales figures [2][3]. - The company is also expanding its distribution channels, including high-potential markets, to enhance its product reach [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been adjusted to 1.07, 1.50, and 1.98 RMB respectively, reflecting a downward revision due to a weaker consumption environment and increased competition [4][10]. - The target price for the company is set at 27.36 RMB, based on a price-to-earnings (PE) ratio of 18x for 2026 [4][6].

Group 1 - The core viewpoint of the report is that Q2 low base improvement and overall demand remain under pressure, prompting the company to intensify efforts in launching new products [2] - The report highlights that while short-term demand and costs are under dual pressure, the company is expected to overcome challenges in the medium to long term and achieve growth driven by multiple product categories [2] - The report assigns a "buy" rating to Qiaqia Foods (002557.SZ) with a latest price of 23.38 yuan, indicating a positive outlook for the company's future performance [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a Q2 revenue increase of 9.7% year-on-year, but a significant profit decline of 88.2% due to high raw material costs and increased expenses from structural adjustments [1][7]. - The company expects revenue and profit to improve in the second half of the year as costs normalize, projecting net profits of 510 million, 730 million, and 800 million for 2025-2027, with EPS of 1.01, 1.43, and 1.58 respectively [1][7]. Financial Performance - For H1 2025, the company achieved revenues of 2.75 billion and a net profit of 90 million, reflecting a year-on-year decline of 5.0% and 73.7% respectively [7]. - The revenue breakdown shows that sunflower seeds and nuts faced pressure, while e-commerce and overseas sales continued to grow [7]. - The gross margin for sunflower seeds and nuts was 20.9% and 14.8%, down 7.7 percentage points and 14.0 percentage points year-on-year [7]. Cost and Expense Analysis - The Q2 gross margin was 21.4%, a decrease of 3.6 percentage points year-on-year, primarily due to high raw material costs [7]. - The company’s selling, administrative, and R&D expenses increased, with selling expenses rising due to investments in new product development and channel expansion [7]. Market Position and Future Outlook - The company aims to maintain its revenue growth target for the year, with expectations of cost reductions as high-priced raw materials are used up by Q3 [7]. - The report indicates that the company is actively expanding new channels, including group purchasing and restaurant partnerships [7].

Core Viewpoint - Qiaqia Food (002557.SZ) reported its semi-annual results for 2025, highlighting significant institutional ownership and changes in fund holdings [1][2]. Group 1: Institutional Ownership - As of August 21, 2025, 19 institutional investors held a total of 272 million shares of Qiaqia Food, representing 53.87% of the company's total share capital [1]. - The top ten institutional investors collectively held 53.50% of the shares, with a decrease of 2.67 percentage points compared to the previous quarter [1]. Group 2: Public Fund Holdings - Two public funds increased their holdings in Qiaqia Food, accounting for a 0.17% increase, while two funds reported a slight decrease in holdings [2]. - Eight new public funds disclosed their holdings in Qiaqia Food, including notable names such as Xingzheng Global XinYue Mixed Fund and Southern CSI 1000 ETF [2]. - Nine public funds that previously held shares did not disclose their holdings this quarter, including prominent funds like GF Stable Growth Mixed Fund and Southern CSI 500 ETF [2]. Group 3: Social Security Fund and Foreign Investment - One new social security fund, the National Social Security Fund 101 Portfolio, disclosed its holdings in Qiaqia Food, while one fund, the National Social Security Fund 115 Portfolio, was not disclosed this quarter [2]. - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly compared to the previous period [2].

（文章来源：每日经济新闻） 洽洽食品（SZ 002557，收盘价：23.57元）8月21日晚间发布公告称，公司第六届第十九次董事会会议 于2025年8月21日在公司四楼会议室召开。会议审议了《关于公司及摘要的议案》等文件。 2025年1至6月份，洽洽食品的营业收入构成为：休闲食品占比100.0%。 ...