Financial Performance - The company's operating revenue for 2024 reached ¥7,131,364,079.37, representing a 4.79% increase compared to ¥6,805,627,279.13 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥849,480,766.93, up 5.82% from ¥802,739,260.75 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥772,667,812.08, an increase of 8.86% from ¥709,779,276.24 in 2023[6]. - The cash flow from operating activities significantly increased by 147.78% to ¥1,038,904,494.15 from ¥419,277,593.82 in 2023[6]. - The total assets at the end of 2024 were ¥10,057,056,869.68, a 7.00% increase from ¥9,398,773,153.02 at the end of 2023[6]. - The company achieved total revenue of ¥7,131,364,079.37 in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of ¥849,480,766.93, up 5.82% from the previous year[53]. - The total operating revenue for 2024 reached ¥7,131,364,079.37, representing a year-on-year increase of 4.79% compared to ¥6,805,627,279.13 in 2023[62]. - The revenue from sunflower seeds was ¥4,381,632,668.37, accounting for 61.45% of total revenue, with a growth of 2.60% year-on-year[62]. - The revenue from nut products increased by 9.74% year-on-year to ¥1,923,577,427.20, representing 26.97% of total revenue[62]. - The e-commerce segment generated ¥778,601,929.24, showing an 8.86% increase compared to the previous year[62]. Dividend Distribution - The company plans to distribute a cash dividend of 10 CNY per 10 shares to all shareholders, based on a total of 497,261,431 shares, with 8,593,661 shares in the repurchase account excluded from the distribution[6]. - The company distributed a total cash dividend of approximately ¥647 million in 2024, with a proposed dividend of ¥10 per 10 shares for the 2023 fiscal year[126]. - Since its listing, the company has cumulatively distributed cash dividends exceeding ¥4.1 billion and has converted capital reserves into 307 million shares[126]. - The total cash dividend for 2024, including previous distributions, amounts to 646,597,226.20 RMB, with a cumulative share repurchase total of 171,567,041.7 RMB[173]. - The company has repurchased 5,685,969 shares in 2024, with a total transaction amount of 171,567,041.7 RMB (excluding transaction fees)[173]. Market Position and Brand Recognition - The company is recognized as a leading brand in the nut and snack industry, with products sold in nearly 70 countries and regions[36]. - The company’s brand, Qiaqia, has been certified as the global sales leader in seeds for five consecutive years according to Sullivan[36]. - The leisure food market in China has surpassed ¥1 trillion, with a long-term stable growth trend expected[32]. - The company’s product line includes various nut and seed products, which have gained popularity due to quality and brand recognition[35]. - The brand value of the company reached ¥526.78 billion in 2024, ranking it among the "2024 Asia's Top 500 Brands"[44]. Innovation and R&D - The company emphasizes technological innovation in food processing, continuously improving quality and production techniques[48]. - The company has a total of 299 authorized patents, including 47 invention patents, reflecting its focus on research and development[57]. - The company launched new products in the seed and nut categories, including the "打手花生" and various flavored seeds, contributing to significant sales growth[53]. - The company has increased its R&D personnel from 71 to 98, representing a growth of 38.03%[75]. - R&D investment has risen to ¥75,683,891.50 in 2024, up 17.15% from ¥64,604,519.62 in 2023[75]. - The company plans to increase R&D investment to enhance basic research and new product development capabilities, focusing on intelligent manufacturing and supply chain services[131]. Operational Efficiency and Supply Chain Management - The company has established production bases in 10 locations, including Hefei and Thailand, to enhance production efficiency and reduce logistics costs[43]. - The company is enhancing its supply chain digitalization and operational efficiency through comprehensive cost reduction and energy-saving initiatives[117]. - The company aims to enhance supply chain efficiency and promote sustainable development by increasing the direct procurement ratio of sunflower seeds and optimizing raw material procurement models[117]. - The company has implemented a digital transformation blueprint to enhance operational efficiency and customer experience through various information systems[51]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and has detailed the main risks and countermeasures in the report[6]. - The company faces risks related to raw material supply and price fluctuations, and it will innovate procurement models to mitigate these risks[119]. - The company has established a comprehensive risk management system to enhance operational management and risk prevention capabilities[136]. Environmental Responsibility - The company has adhered to environmental protection laws and received a new pollution discharge permit valid until August 17, 2025, to reduce emissions[195]. - The company has implemented measures to strengthen environmental risk management and promote sustainable development[195]. - Total investment in environmental governance and protection amounted to ¥13,264,674.09, including ¥1,098,323.37 for new and upgraded environmental facilities and ¥12,192,180.15 for operational costs[198]. - The company achieved a photovoltaic power generation of 9,510,933.5 kWh in 2024, contributing to carbon emission reduction efforts[198]. - The company received the 2024 Anhui Province Environmental Integrity Unit (A Level) recognition, highlighting its commitment to environmental protection[200]. Corporate Governance - The company has established an independent business system with complete procurement, production, sales, and R&D capabilities, ensuring no reliance on controlling shareholders[143]. - The company has an independent financial accounting system and does not share bank accounts with controlling shareholders, ensuring independent tax compliance[145]. - The company has a structured approach to determining the remuneration of senior management based on their responsibilities and risks[156]. - The company has a diverse board with members holding various academic and professional qualifications[155]. - The company has been rated "A" for information disclosure for four consecutive years from 2020 to 2023 by the Shenzhen Stock Exchange[134]. Employee Management and Development - The total number of employees at the end of the reporting period is 5,465, with 3,376 in the parent company and 2,089 in major subsidiaries[166]. - The company has implemented a training program through its internal academy, focusing on talent development and knowledge management[168]. - The company has a well-defined salary policy that combines employee career planning with corporate development, enhancing employee satisfaction and retention[167]. - The company has a total of 9 key management personnel listed with their respective remuneration details[157]. Shareholder Engagement - The company held two shareholder meetings during the reporting period to discuss the annual report and profit distribution plan, ensuring equal treatment of all shareholders[137]. - The participation rate in the 2023 annual general meeting was 61.81%, held on May 17, 2024[146].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported a decline in Q1 gross profit due to cost fluctuations, and future improvements are to be monitored [1][7] - The company aims to stabilize revenue performance through organizational adjustments and channel expansions [7] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 71.31 billion, with a year-on-year growth of 4.79%. Q1 2025 revenue is 15.71 billion, showing a decline of 13.76% year-on-year [6][7] - The net profit attributable to the parent company for 2024 is 8.49 billion, with a year-on-year increase of 5.82%. Q1 2025 net profit is 0.77 billion, down 67.88% year-on-year [6][7] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 4.97 billion, with a dividend payout ratio of 96.31% for 2024 [7] - The gross margin for 2024 is 28.78%, up 2.03 percentage points year-on-year, while Q1 2025 gross margin is 19.47%, down 10.96 percentage points year-on-year [7] Product Performance - In 2024, revenue from sunflower seeds, nuts, and other products was 43.82 billion, 19.24 billion, and 7.73 billion respectively, with year-on-year growth rates of 2.60%, 9.74%, and 8.04% [7] - The decline in Q1 2025 revenue is attributed to the timing of the Spring Festival, with expected double-digit declines in sunflower seed revenue and a larger decline in nuts [7] Market Position and Growth Potential - The company is expected to leverage its brand and channel advantages to increase market share in the sunflower seed business, while the nut business is anticipated to grow rapidly due to supply chain and channel strengths [7] - Long-term growth potential remains strong, supported by brand strength and channel expansion [7]

Core Insights - The company reported a revenue of 7.131 billion yuan for 2024, a year-on-year increase of 4.79%, and a net profit attributable to shareholders of 849 million yuan, up 5.82% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 2.374 billion yuan, a 1.99% increase year-on-year, but a significant drop in net profit by 24.79% to 223 million yuan [1] - The first quarter of 2025 experienced a revenue decline of 13.76% to 1.571 billion yuan and a drastic net profit decrease of 67.88% to 77 million yuan [1] Revenue Breakdown - In 2024, revenue from sunflower seeds reached 4.382 billion yuan, a 2.60% increase, while nuts generated 1.924 billion yuan, up 9.74% [2] - Direct sales channels saw a revenue increase of 38.29% to 1.462 billion yuan, driven by rapid growth in the snack wholesale channel [2] - E-commerce revenue was 779 million yuan, growing by 8.86%, and overseas markets contributed 569 million yuan, a 10.28% increase [2] Profitability and Cost Analysis - The gross margin for Q4 2024 was 25.83%, down 3.46 percentage points year-on-year, while Q1 2025 saw a further decline to 19.47%, down 10.97 percentage points [2] - The expense ratio for Q4 2024 was 13.51%, up 0.99 percentage points, with selling expenses at 9.83% and management expenses at 3.54% [3] - The net profit margin for Q4 2024 was 9.41%, down 3.35 percentage points, and for Q1 2025, it dropped to 4.92%, down 8.28 percentage points [3] Strategic Initiatives - The company is focusing on product innovation, launching new flavors and products, including a first brand for sunflower seeds and various nut products [4] - The digital service network expanded to 490,000 terminals, an increase of 170,000 year-on-year, with a focus on new channels like membership stores and e-commerce [4] - The company is deepening its presence in overseas markets, particularly in Southeast Asia and Canada, with successful entry into Costco [4] Future Projections - Revenue projections for 2025-2027 are 7.318 billion, 8.001 billion, and 8.773 billion yuan, with year-on-year growth rates of 2.62%, 9.34%, and 9.65% respectively [4] - Expected net profits for the same period are 850 million, 914 million, and 970 million yuan, with growth rates of 0.11%, 7.48%, and 6.16% [4] - The projected price-to-earnings ratios for 2025-2027 are 15.4, 14.3, and 13.5 times [4]

Group 1 - The core viewpoint of the article highlights the contrasting performance of Qiaqia Foods, which reported a revenue of 7.131 billion yuan and a net profit of 849 million yuan for 2024, showing year-on-year growth of 4.79% and 5.82% respectively, but faced a significant decline in Q1 2025 with a revenue drop of 13.76% to 1.571 billion yuan and a net profit decrease of 67.88% to 77.24 million yuan [2] - The decline in Q1 2025 performance is attributed to the impact of the Spring Festival timing and rising raw material costs, particularly due to adverse weather conditions in Inner Mongolia in September of the previous year [2] - The early timing of the 2025 Spring Festival led to a concentration of orders being shipped in December 2024, resulting in a significant year-on-year decline for Q1 2025 compared to the same period in 2024 [2] Group 2 - In terms of raw material costs, Inner Mongolia, a major sunflower seed production area, experienced severe flooding in August 2024, which affected the supply chain [3] - In 2023, the sunflower planting area in Bayannur City exceeded 4.2 million mu, with a total output of 938,500 tons, accounting for 43.5% of the national total [3] - Since 2025, Qiaqia Foods' stock price has been on a downward trend, closing at 23.99 yuan on April 24, with a daily drop of 7.37% and a year-to-date decline of over 16% [3] - The company has implemented measures to stabilize its stock price, including announcing a mid-term dividend and a buyback plan, with the combined dividend and buyback for 2024 exceeding 90% of net profit [3]

证券研究报告 洽洽食品 (002557 CH) 25Q1 收入利润双承压，期待逐步改善 | 华泰研究 年报点评 | | --- | | 2025 年 4 月 24 日│中国内地 食品 | 公司 24 年收入/归母净利/扣非净利 71.3/8.5/7.7 亿，同比+4.8%/+5.8%/ +8.9%；24Q4 营业收入/归母净利/扣非净利 23.7/2.2/2.2 亿元，同比 +2.0%/-24.8%/-24.7%，符合前次业绩快报（预计 24 年收入/归母净利 71.3/ 8.5 亿），Q4 由于 KA 主销渠道客流减少、礼盒装产品价格内卷等因素，收 入未能实现显著增长；25Q1 收入/归母净利/扣非净利 15.7/0.8/0.6 亿，同比 -13.8%/ -67.9%/-73.8%，春节错期导致收入下滑，叠加成本上涨、促销增 加，Q1 毛利率/净利率同比-11.0/-8.3pct。展望来看，Q2 低基数叠加成本高 位回落，经营有望环比改善，25 年公司在量贩等新渠道持续导入 SKU，电 商渠道积极调整，海外市场逐步拓展，有望对冲传统渠道量价压力，"买入"。 Q1 销售承压，量贩/电商/海外有望贡献新增量 2 ...

4月24日，洽洽食品（002557）股份有限公司(以下简称"洽洽食品")发布2024年年报。报告期内，公司 实现营业收入71.31亿元，同比增长4.79%；归属于上市公司股东的净利润8.49亿元，同比增长5.82%； 经营活动产生的现金流量净额为10.39亿元，同比增长147.78%。 中研普华产业研究院发布的《2025—2030年中国休闲食品行业市场竞争格局分析及发展趋势预测研究报 告》显示，2025年中国休闲食品市场规模预计将突破1.8万亿元，到2030年将达到2.5万亿元，年均复合 增长率为6.5%，显示出我国休闲食品市场的巨大潜力和发展空间。 "公司始终聚焦瓜子和坚果品类发展，持续细分品类创新。公司推出的如茶衣瓜子、螺蛳粉味瓜子、榴 莲味瓜子、辣根味瓜子、麻辣辣条味瓜子、意式火腿风味坚果仁等多款创新产品，精准捕捉年轻消费需 求，形成差异化竞争优势。"洽洽食品相关负责人对《证券日报》记者表示。 供应链升级成为支撑战略落地的关键。2024年12月份，公司包头洽洽坚果休闲食品扩建项目建成投产， 为公司的发展提供了产能支撑。同时，公司对EHS数智化管理平台进行升级，实现运营数据化，不断提 高供应链的管理水平。 ...

Group 1 - The dairy sector opened lower, with Qiaqia Food (002557) nearing the daily limit down [1] - Zhuangyuan Pasture (002910) fell over 5% [1] - Other companies such as Maiqu'er (002719), Beingmate (002570), and Sunshine Dairy (001318) also experienced declines [1]

此外，新渠道新场景加速拓展，渠道精耕战略全面开展，海外渠道持续增长亦是公司业务亮点。2024年，公司全面开 展渠道精耕战略，不断增加终端网点，截至2024年12月31日，公司渠道数字化平台服务终端网点数量超49万家。公司 持续探索新场景需求，零食量贩店、会员店通过不断推出新品，增速较快。公司对喜事场景产品不断孵化，持续培育 茶饮、餐饮渠道、营养配餐业务、TO-B 团购业务、O2O等新场景新渠道。电商渠道美团、拼多多、盒马等业务持续 突破。海外市场，公司持续深耕东南亚市场，加拿大市场进驻Costco渠道，通过增加品类和新产品、拓展渠道网店、 开展品牌创新推广等，海外销售持续增长。 同日，公司另公告称，2025年第一季度，公司营业收入15.71亿元，同比下降13.76%；归属净利润7724.78万元，同比 减少67.88%。 4月23日，洽洽食品发布2024年年度报告。当中披露，2024年，公司实现营业收入71.31亿元，较上年同期增长4.79%； 归属净利润为8.49亿元，较上年同期增长5.82%。 围绕新品推出，报告期内，公司始终聚焦瓜子和坚果品类发展，持续细分品类创新。公司重点打造打手瓜子第一品 牌，同时推 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 附表3 变更募集资金投资项目情况表 单位：人民币万元 ■证券代码：002557 证券简称：洽洽食品 公告编号：2025-033 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于使用部分闲置募集资金 进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 洽洽食品股份有限公司（以下简称"公司"）第六届董事会第六次会议、2023年年度股东大会批准使用不 超过11亿元人民币的闲置募集资金（包括首次公开发行的部分闲置募集资金和可转债融资部分闲置募集 资金）进行现金管理，授权期限自股东大会审议通过之日起12个月之内有效。 鉴于上述闲置募集资金购买理财产品授权期限即将到期，公司于2025年4月23日召开的第六届董事会第 十七次会议审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，在确保不影响募投项目建 设和募集资金使用的情况下，公司拟使用不超过10亿元人民币的闲置募集资金（包括首次公开发行的部 分闲置募集资金和可转债融资部分闲置募集资金）进行现金管理，在上述额度内，资金可以在1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002557 证券简称：洽洽食品 公告编号：2025-028 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 □不适用 二、公司基本情况 1、公司简介 （1）主营业务及产品 公司主要生产坚果炒货类休闲食品。经过多年的发展，产品线日趋丰富，公司产品有洽洽红袋香瓜子、 洽洽蓝袋风味瓜子、洽洽小黄袋每日坚果、洽洽小蓝袋益生菌每日坚果、每日坚果燕麦片、坚果礼盒 等。公司凭借稳定原料基地优势和产品质量优势，深受消费者的喜爱，品牌知名度和美誉度不断提升， 是中国坚果炒货行业的领军品牌，产品远销国内外近70个国家和地区，拥有较高的知名度和市场影响 力。2024年，根据沙利文认证，洽洽品牌瓜子连续5年全球销量第一。 （2）经营模式 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以 ...