“瓜子大王”洽洽已站在亏损边缘

Core Viewpoint - The company, Qiaqia Foods, is facing significant challenges with a decline in net profit and is attempting to diversify its product offerings to mitigate reliance on its core sunflower seed products [1][3][4]. Financial Performance - In the first half of 2025, Qiaqia Foods reported revenue of 2.75 billion yuan, a year-on-year decrease of 5.1% [1]. - The net profit attributable to shareholders was 88.64 million yuan, reflecting a substantial year-on-year decline of 73.7% [1]. - The second quarter's net profit was particularly poor, amounting to only 1,139 yuan, marking the lowest quarterly performance since the company went public [1]. Product Categories and Revenue Impact - Sunflower seed products generated 1.77 billion yuan in revenue, accounting for 64.4% of total revenue [3]. - The nut category, including almonds and cashews, contributed 22.3% to revenue, but faced rising raw material costs due to supply-demand dynamics and weather conditions [3]. - The company has been diversifying since 2017, with its "Little Yellow Bag Daily Nuts" series generating 1.924 billion yuan in revenue, representing 26.97% of total revenue by 2024 [3]. New Product Initiatives - Qiaqia Foods launched a new konjac product called "Konjac Princess" in July, targeting the healthy snack segment [5]. - The company is also introducing ice cream products, including sunflower seed-flavored varieties, to expand its product range and shift consumer perception away from being solely a "sunflower seed king" [7]. Market Challenges and Competition - The company is facing intense competition in the ice cream market, with established brands performing well [5][7]. - Consumer awareness of new products like konjac and ice cream remains low, with limited visibility in retail channels [5][7]. - The company is adapting to changes in the retail landscape, where traditional channels are seeing declining foot traffic, and is increasing investment in new channels like Sam's Club, which has seen revenue growth of 50%-60% [9]. International Expansion - Qiaqia Foods reported a 13% revenue growth in its overseas segment and is exploring markets in Indonesia and the Middle East [9]. - The company aims to enhance its overseas penetration and market presence, with potential growth opportunities in Canada, Japan, and Southeast Asia [9].