业绩承压、传统业务增长乏力 洽洽食品押注多元化布局

Core Viewpoint - Qiaqia Food, once a leader in the sunflower seed market, is facing significant growth challenges, with a projected net profit decline of over 71% for the first half of 2025, marking the largest mid-year profit drop since its listing [1][2] Financial Performance - The company expects a net profit of 80 million to 97.5 million yuan for the first half of 2025, representing a year-on-year decline of 71.05% to 76.25% [1] - The core sunflower seed business showed signs of fatigue, with revenue of 4.382 billion yuan in 2024, a slight increase of 2.6%, accounting for 61.45% of total revenue [2] - The gross profit margin has decreased from 29.89% in 2017 to 26.85% in 2023, despite multiple price increases on sunflower seed products [2] Strategic Challenges - Qiaqia Food's brand recognition is heavily focused on sunflower seeds, facing intense competition from brands like Three Squirrels and Liangpinpuzi, as well as emerging snack brands [3] - The company is transitioning from a traditional distribution model to a direct sales approach, with direct sales revenue increasing by 38.29% to 1.462 billion yuan in 2024, but with lower profit margins compared to traditional channels [3] Diversification Efforts - Qiaqia Food has been implementing a dual-wheel strategy since 2020, focusing on both sunflower seeds and nuts, with the nut business now accounting for 20% of revenue [5] - The company is exploring new product categories, including ice cream and konjac products, but faces challenges in the competitive ice cream market [6][7] - Previous diversification attempts have not significantly contributed to revenue growth, with other products accounting for only 10.84% of total revenue in 2024 [7] Innovation and Market Positioning - Experts suggest that Qiaqia Food needs to innovate and align its products with consumer demands to break through its current growth ceiling [8][9] - The company is encouraged to leverage its traditional craftsmanship while integrating modern food processing techniques to enhance its brand image and product offerings [5][9]