洽洽食品，业绩断崖式下滑超七成

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, attributed to macroeconomic conditions, changes in external channels, and increased raw material costs [1][2] Financial Performance - The company achieved a revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% [1] - The net profit attributable to shareholders was 88.6416 million yuan, down 73.68% from 337 million yuan in the same period last year [1] Cost Factors - The increase in raw material costs, particularly for sunflower seeds and core nut ingredients, significantly impacted the company's gross margin [1] - Adverse weather conditions during the sunflower harvest period in Inner Mongolia led to higher spoilage rates and reduced quality raw material supply, resulting in increased raw material prices [1] - The company faced rising procurement prices for almonds and cashews due to supply-demand dynamics and industry cyclicality [1] Strategic Adjustments - The company is actively adjusting its product and channel structures, increasing investment in new product development and channel expansion, which has temporarily affected profitability [1] - The company plans to optimize its sunflower seed procurement model by enhancing direct sourcing and improving procurement efficiency [2] - There is a focus on strengthening overseas procurement strategies to mitigate raw material price fluctuations [2] Institutional Holdings - Significant reductions in holdings by social security funds and basic pension insurance funds were noted, with the social security fund's holdings dropping from 9.6 million shares to 2 million shares [2] - Other investment funds, such as Guangfa Stable Growth Securities Investment Fund, also significantly reduced their stakes in the company [2]