洽洽食品主营业务增长停滞、传统渠道失守、原材料成本高企 三重压力下如何走出困境？

Core Viewpoint - Qiaqia Food's stock option incentive plan has faced skepticism from investors due to the company's declining performance and stock price, raising concerns about the effectiveness of the incentive amidst ongoing financial struggles [1][2][3]. Group 1: Stock Option Incentive Plan - Qiaqia Food announced a stock option incentive plan, granting 600,000 options at a price of RMB 18.67 per share, which is approximately 13% lower than the current stock price of RMB 21.47 [1]. - The plan includes a performance trigger requiring a 10.8% increase in revenue and a 21.6% increase in net profit for 2024, with similar targets for 2025 [2]. - As of 2024, the company's revenue is projected to grow only 4.79%, and net profit is expected to increase by 8.86%, both significantly below the required thresholds [2]. Group 2: Financial Performance - Qiaqia Food's revenue growth stagnated in 2023, marking a 1.13% decline, with net profit dropping by 17.77%. In the first half of 2024, revenue further decreased by 5.05%, and net profit fell by 73.68% [4][5]. - The company's cash flow from operating activities has significantly decreased to RMB 1.64 billion, while accounts receivable have increased by 28% [5]. - The company has faced challenges due to a decline in demand for sunflower seeds and increased competition from other snack brands [5]. Group 3: Market and Competitive Landscape - Qiaqia Food primarily relies on traditional distribution channels, which accounted for 84% of sales, but has seen a decline in foot traffic in these channels [5]. - The company is attempting to expand into e-commerce and promote nut products, with nut revenue increasing from 18% in 2020 to 27% in 2024, although nut revenue also declined by 6.98% in the first half of the year [5]. - The gross margin has decreased from 31.96% in 2023 to 20.31% in the first half of 2024, primarily due to rising raw material costs and increased promotional expenses [6].