净利润大跌74%，洽洽瓜子为何不香了？

Core Viewpoint - In the first half of 2025, Qiaqia Food (002557) reported a significant decline in net profit by 73.68%, marking its worst mid-year performance in nearly a decade, attributed to rising raw material costs and challenges in product and channel restructuring [2][4]. Financial Performance - Revenue for the first half of 2025 was 2.752 billion yuan, a decrease of 5.05% year-on-year [2]. - The net profit attributable to shareholders was 88.6416 million yuan, down 73.68% compared to the previous year [2]. Cost and Pricing Issues - The decline in net profit was primarily due to increased costs of sunflower seeds and core nut raw materials [5]. - The company has previously managed cost increases through price adjustments, but frequent price hikes have started to suppress terminal demand, leading some price-sensitive consumers to switch to alternative brands [5]. Product Structure and Innovation - Qiaqia Food's product structure is heavily reliant on sunflower seeds, which accounted for 64.39% of revenue, while nut products contributed 22.32% [7]. - The company launched several new products in July 2025, including a series of innovative snacks, indicating efforts to diversify its product offerings [7]. Channel Strategy Challenges - Traditional offline channels have become a burden for the company, as it has lagged behind competitors in adapting to new channel strategies [8]. - Revenue from distribution and other models fell by over 18%, making up 71.67% of total revenue, indicating a need for channel strategy reform [8]. E-commerce Performance - E-commerce revenue reached 451 million yuan, growing by 24.79% year-on-year, but only accounted for 16.38% of total revenue, which is lower compared to competitors [9]. - The company faces criticism for its slow adaptation to emerging e-commerce channels, particularly in live streaming and social commerce [9].