Core Viewpoint - Qinqin Food's revenue declined by 6.00% to 530 million RMB in the first half of 2025, with net profit dropping by 34.31% to 21.55 million RMB, primarily due to reduced sales in traditional channels, offset by growth in snack food chains, OEM manufacturing, and export sales [2] Revenue Breakdown - The jelly product category, which has the highest revenue share, saw a revenue decrease of 6.78% to 316.37 million RMB [3] - The puffed food category's revenue fell by 3.25% to 149.03 million RMB [3] - The seasoning product category experienced a significant decline of 17.68% to 34.17 million RMB [3] - The candy and other products category recorded a slight increase of 0.75% to 30.18 million RMB, driven by new product sales [5] Reasons for Revenue Changes - The decline in jelly product sales is attributed to channel changes and increased competition from lower-priced products [3][4] - The drop in puffed food revenue is mainly due to weak performance in traditional sales channels [4] - Seasoning product revenue decreased due to strategic adjustments, focusing on core profitable products and reducing product categories [4] Profitability and Strategy - The gross margin for the seasoning product category improved by approximately 0.9 percentage points to 36.5% due to adjustments in pricing, customers, and channels [4] - The company plans to optimize product structure and sales strategies, focusing on new products like "potato chips," "Qinqin Circle," and "seaweed crispy fruit" to stimulate sales and enhance profitability [4]
核心产品受低价竞争销量下滑 亲亲食品上半年收入下跌6%