研报掘金丨民生证券：维持洽洽食品“推荐”评级，业绩承压，关注新品表现

Core Viewpoint - Minsheng Securities report indicates that Qiaqia Foods' net profit attributable to shareholders for H1 2025 reached 0.89 billion yuan, a year-on-year decline of 73.68%, with Q2 2025 net profit at 0.11 billion yuan, down 88.17% year-on-year, and a non-recurring net profit of -0.15 billion yuan, indicating a shift to a loss [1] Group 1 - The company is facing significant pressure on its performance, particularly in the short term, but aims to focus on "breaking through innovation and resilient growth" as its core strategy for future development [1] - Qiaqia Foods plans to expand its product category matrix, upgrade product experiences, and optimize channel services to achieve performance improvement [1] - The company is implementing a dual approach of supply chain optimization and cost control to drive cost reduction and efficiency enhancement [1] Group 2 - If the cost declines in the upcoming Q3 procurement season and adjustments are gradually implemented, an improvement in performance is expected in the following year [1] - The report maintains a "recommended" rating for the company, suggesting a positive outlook despite current challenges [1]