上半年净利润同比下滑超七成，洽洽食品成本压力依旧明显

Core Viewpoint - Qiaqia Food (002557.SZ) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the company's financial performance due to rising raw material costs and strategic adjustments in product and channel structures [2][4]. Financial Performance - The company achieved a revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% [3]. - Net profit attributable to shareholders was 88.64 million yuan, down 73.68% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 43.09 million yuan, reflecting an 84.77% decline [3]. - The net cash flow from operating activities was 164.28 million yuan, a decrease of 76.12% [3]. - Basic earnings per share were 0.1748 yuan, down 73.63% [3]. - Total assets at the end of the reporting period were 8.39 billion yuan, a decline of 16.58% from the previous year [3]. - Net assets attributable to shareholders were 5.22 billion yuan, down 8.88% [3]. Product Performance - Revenue from sunflower seeds was 1.772 billion yuan, down 4.45%, accounting for 64.39% of total revenue [4]. - Revenue from nut products was 614 million yuan, down 6.98%, making up 22.32% of total revenue [4]. - Other products generated 304 million yuan, down 13.76%, representing 11.05% of total revenue [4]. - Production volume of leisure food decreased by 10.47% to 85,200 tons, while sales volume fell by 7.7% to 92,600 tons [4]. Cost and Pricing Strategy - The decline in profit was attributed to rising costs of sunflower seeds and core nut raw materials, alongside increased expenses for new product development and channel adjustments [4]. - The company has previously implemented price increases on various products, but consumer sensitivity to prices may hinder the effectiveness of this strategy [5]. - Gross margin has decreased from 30.43% in Q1 2024 to 20.31% in H1 2025, indicating challenges in maintaining profitability despite price adjustments [5]. Market Position and Stock Performance - The nut category is seen as a potential growth area for Qiaqia Food, but competition in this market is intensifying [6]. - The company's stock price has been in decline since September 2020, currently trading at 23.33 yuan per share, which is less than one-third of its peak value [6].