洽洽食品(002557)2025年半年报点评：破局革新 盈利短期承压

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant drop in profitability due to rising raw material costs and changes in product and channel strategies [1][2]. Revenue Summary - In H1 2025, the company achieved revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% - The net profit attributable to shareholders was 89 million yuan, down 73.68% year-on-year - The non-recurring net profit was 43 million yuan, a decline of 84.77% year-on-year - In Q2 2025, revenue was 1.181 billion yuan, an increase of 9.69% year-on-year, while net profit dropped to 11 million yuan, down 88.17% year-on-year [1]. Profitability Summary - In H1 2025, the company's gross margin decreased by 8.52 percentage points to 19.93% - The net profit margin attributable to shareholders fell by 8.40 percentage points to 3.22% - In Q2 2025, the gross margin was 21.42%, down 3.56 percentage points year-on-year, with a net profit margin of 0.96%, a decrease of 7.98 percentage points year-on-year [2]. Product and Channel Strategy - The company launched five innovative product series, including new flavors and types of snacks, transitioning from a single product category to a comprehensive product ecosystem - The company is implementing a channel cultivation strategy to enhance operational efficiency at retail locations and is expanding into new channels such as bulk snack stores, membership stores, and O2O platforms - Focus on Southeast Asia for overseas market expansion, with increased promotion of new products [3]. Earnings Forecast - Based on the half-year report, the revenue forecast for 2025-2027 is adjusted to 7.262 billion, 7.900 billion, and 8.701 billion yuan, with year-on-year growth rates of 2%, 9%, and 10% - The net profit forecast for the same period is revised to 576 million, 721 million, and 854 million yuan, with year-on-year changes of -32%, 25%, and 18% - The expected EPS for 2025-2027 is 1.14, 1.43, and 1.69 yuan, corresponding to PE ratios of 20.7, 16.5, and 14.0, maintaining a "buy" rating [4].