CHACHA FOOD CO.,LTD(SZ:002557) Shen Zhen Shang Bao·2025-10-23 15:20Core Viewpoint - Qiaqia Food, known as the "King of Sunflower Seeds," is experiencing a rare performance downturn since its listing in 2011, with significant declines in revenue and profit in the first three quarters of 2025 [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 4.501 billion yuan, a year-on-year decrease of 5.38% [2]. - The net profit attributable to shareholders was 168 million yuan, down 73.17% year-on-year [2]. - The company's net profit after deducting non-recurring gains and losses fell by 79.46%, indicating a near "loss of speed" in its core business profitability [2]. - The gross profit margin for the first three quarters of 2025 was 21.94%, a decrease of 8.31 percentage points compared to 30.25% in the same period of 2024 [3]. - The net profit margin dropped from 15.53% in 2021 to 3.76% in the third quarter of this year [3]. Cost and Operational Challenges - The significant decline in profitability is attributed to rising costs of sunflower seeds and core nut raw materials, along with increased expenses for product and channel restructuring [3]. - Adverse weather conditions during the sunflower seed harvest period in Inner Mongolia led to increased mold rates and reduced quality raw material supply, further driving up raw material prices [3]. - Despite having over 4 billion yuan in cash, the net cash flow from operating activities decreased by 52.95% due to a substantial increase in cash payments for goods and services [3]. Strategic Investments - Qiaqia Food announced a joint investment with its controlling shareholder, Hefei Huatai Group, to establish a new investment company focused on the snack food industry, with Qiaqia contributing 160 million yuan for a 40% stake [4]. - This investment aims to enhance financial returns while sharing risks and benefits with partners, leveraging quality resources in the industry chain for strategic synergy [4].