国盛证券：零食板块渠道红利收窄 行业成长分化

Group 1 - The overall revenue of the snack sector in H1 2025 decreased by 2.2% year-on-year, totaling 25.51 billion yuan, with net profit dropping by 40.3% to 1.09 billion yuan [1][2] - The gross profit margin for the snack sector in H1 2025 fell by 2.1 percentage points to 28.3%, while the net profit margin decreased by 2.7 percentage points to 4.3% [1] - In Q2 2025, the snack sector's revenue increased by 2.2% year-on-year to 11.09 billion yuan, but net profit plummeted by 55.1% to 250 million yuan due to cost pressures and reduced scale effects [2] Group 2 - The snack industry is characterized by a few large companies and many small ones, with opportunities arising from the development of Chinese snacks and channel transformations [3] - Companies that can create core hit products, rapidly expand channels, and innovate continuously are expected to have higher growth potential [3] - Key companies to watch include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are positioned to benefit from product and channel growth [4]