洽洽食品(002557)：业绩短期承压 品类创新&渠道优化有望实现韧性增长

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.752 billion yuan, down 5.05% year-on-year, and net profit attributable to shareholders at 89 million yuan, down 73.68% year-on-year [1] - The second quarter of 2025 showed a revenue increase of 9.69% year-on-year, but net profit attributable to shareholders fell by 88.17% [1] - The company is expanding its product offerings and optimizing channel services to improve efficiency [3] Financial Performance - For H1 2025, the gross margin was 19.93%, a decrease of 8.52 percentage points year-on-year, with Q2 gross margin at 21.42%, down 3.56 percentage points year-on-year but up 1.95 percentage points quarter-on-quarter [2] - The company experienced a significant drop in net profit margin, with Q2 net profit margin at 0.96%, down 7.98 percentage points year-on-year [3] Product and Regional Performance - In H1 2025, revenue from sunflower seeds was 1.772 billion yuan, down 4.45% year-on-year, while nut products generated 610 million yuan, down 6.98% year-on-year [1] - Revenue by region showed a decline in the Eastern region by 24.76%, while the Southern region saw a growth of 2.43% [1] Strategic Initiatives - The company is actively launching new products across various categories, including new flavors and types of seeds and nuts [3] - The company is expanding its digital presence, with approximately 560,000 digital terminal points as of H1 2025, up from 490,000 at the end of 2024 [3] Future Projections - Revenue projections for 2025-2027 are estimated at 7.318 billion yuan, 8.001 billion yuan, and 8.773 billion yuan, with year-on-year growth rates of 2.62%, 9.34%, and 9.65% respectively [4] - Expected net profits for the same period are projected at 552 million yuan, 901 million yuan, and 992 million yuan, with a significant recovery anticipated in 2026 [4]