“瓜子大王”洽洽食品惨淡！半年净利暴跌73.68%

Core Viewpoint - Qiaqia Food, known as "China's first stock of fried seeds," is facing significant challenges, with a notable decline in both revenue and net profit in its recent half-year report, marking the largest drop in recent years [1][2]. Financial Performance - In the first half of the year, Qiaqia Food reported revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% [2]. - The net profit attributable to shareholders was 88.64 million yuan, down 73.68% from 337 million yuan in the same period last year [2]. - The company's cash flow from operating activities fell by 76.12% to 164 million yuan [2]. - Gross margin dropped from 28.41% to 20.31%, and net margin decreased from 11.62% to 3.24%, both declining by over 8 percentage points [2]. - The net profit after deducting non-recurring gains and losses was 43.09 million yuan, a decline of 84.77% [2]. - The company announced no cash dividends, stock bonuses, or capital increases from reserves [2]. Causes of Decline - The significant profit drop is attributed to rising costs of sunflower seeds and core nut raw materials, along with increased expenses for product and channel restructuring [4]. - Adverse weather conditions in Inner Mongolia during the sunflower seed harvest period led to increased spoilage rates and reduced quality raw material supply, driving up raw material prices [4][5]. - The company faced challenges in sales due to excessive inventory pushed to distributors before the Spring Festival, leading to significant markdowns on older stock [5]. Market Position and Strategy - Qiaqia Food has been actively developing new products, including unique flavors and collaborations aimed at attracting younger consumers, such as a face mask and ice cream products [10][12]. - Despite these efforts, the proportion of customers under 35 years old has decreased from 58% to 41% over three years, indicating a struggle to engage younger demographics [12]. - Analysts suggest that while the company is attempting to modernize its brand and appeal to younger consumers, frequent cross-industry ventures may dilute brand focus and require market validation for sustained growth [12].