智通财经APP讯，优趣汇控股(02177)公布2025年中期业绩，收入为约5.8亿元，净利润为1120万元，每 股基本收益0.07元。 2025年上半年，品牌运营服务方面，该集团主动对既存品牌与渠道结构进行优化：(i)主动优化低毛利率 的品牌与渠道，深化与核心品牌方的合作，持续拓展海外市场，为合作伙伴提供多元化全渠道服务;(ii) 通过提升供应链运营效率，增强价格竞争力，有效规避低价竞争风险;及(iii)本报告期内引入新的健康品 牌，贡献新增收入1250万元。2025年上半年，抖音、拼多多及海外业务收入占集团整体收入比重为 12.4%，较去年同期占比11.1%，增加1.3个百分点。 自有品牌方面，该集团精准把握市场趋势，推出含麦角硫因活性成分的加拿大抗衰老健康食品品牌 Vanpearl，成功打造明星单品ERGO-VITALIS™胶囊，在本报告期内该品牌实现销售收入1400万元，为 集团业绩提供了有力支撑。与此同时，集团持续深化在益生菌赛道的战略布局，与诺和新元旗下高端塬 研益生菌品牌普葆达成战略合作，该合作重点聚焦于国内注重肠道健康的高净值消费群体。凭借多元化 的产品组合，集团不断夯实在高端健康食品领域的竞争 ...

Group 1 - The company reported a revenue of 928 million yuan for the first half of 2025, a year-on-year decrease of 4.65% [1] - The net profit attributable to the company was 7.77 million yuan, representing a year-on-year decline of 29.26% [1] - The company is expanding its product offerings to include health food products with health supplement qualifications, in addition to traditional products [1] Group 2 - The current market environment is complex and changing, leading to significant challenges for traditional sales channels [1] - The decline in traditional retail channels and increased market fragmentation have resulted in reduced sales performance and profit margins for traditional distributors [1] - E-commerce sales experienced a smaller revenue decline compared to traditional channels, with a slight improvement in gross margin [1]

Core Viewpoint - Jiahe Food is transitioning from a B2B model to a B2C model, focusing on expanding its consumer market presence while maintaining its commitment to health and quality in its product offerings [2][3][4]. Group 1: Business Transformation - Jiahe Food is shifting its strategy to focus on the consumer market, as indicated by the launch of products like "Kalimah" milk tea and "Jinmao" coffee [2][3]. - The company has established a clear product matrix targeting diverse consumer needs, including plant-based drinks and health-oriented products [3][4]. - The C-end business achieved a revenue of 57.57 million yuan in the first half of the year, reflecting a year-on-year growth of 132.77% [4]. Group 2: Health and Quality Focus - The company aims to reduce sugar and fat content in its products while promoting "clean labels" to enhance transparency for consumers [5][6]. - Products like "Jinmao" coffee and "Kalimah" milk tea emphasize health benefits, such as being sugar-free and fat-free [5][6]. Group 3: Cultural and Brand Development - Jiahe Food aspires to create a national brand that integrates health and taste while contributing to Chinese food culture [7]. - The brand "Jinmao" was inspired by a rare animal in Yunnan, symbolizing the company's commitment to incorporating Chinese cultural elements into its products [7]. Group 4: International Market Presence - The company reported overseas revenue of 395 million yuan in 2024, marking a 4% increase and accounting for 19.25% of its main business income [8]. - Jiahe Food's products are designed to meet international standards, reflecting global consumer acceptance [8]. Group 5: Future Outlook - The company plans to continue its transformation towards B2C while stabilizing its B2B operations, driven by innovation and market engagement [8].

Summary of the Conference Call Company and Industry Overview - The company operates in the konjac product industry, focusing on konjac food and related products, with a significant emphasis on tea drink additives, instant snacks, and ingredients [2][11]. Key Financial Performance - In the first half of 2025, the company achieved a revenue of 359 million yuan, representing a year-on-year growth of 37.17% [4]. - The net profit attributable to shareholders was 40.92 million yuan, up 23.01% year-on-year, while the net profit after deducting non-recurring items was 34.93 million yuan, reflecting an 18.71% increase [4]. - The operating cash flow reached 126 million yuan, marking a 36.93% growth [4]. Revenue Growth Drivers - Revenue growth of over 35% in the first half of 2025 was primarily driven by both volume and price increases, with price hikes contributing significantly [2][11]. - The konjac food segment saw a remarkable growth of 58%, with tea drink additives accounting for approximately 55% of sales [13]. Raw Material Price Trends - Konjac raw material prices surged by about 80% since June 2024 due to rapid growth in downstream demand, particularly from snack brands like Weidong and tea chains like Mixue Ice City [6][7]. - This price increase is expected to remain high until around October 2025, when new konjac crops are harvested [7]. Supply Chain Management - The company collaborates with rural cooperatives and primary processing plants to secure stable raw material supplies, avoiding direct dealings with individual farmers [9][10]. - The company has a stock of over 300 million yuan in raw materials, semi-finished products, and packaging, ensuring a steady supply chain [12]. Export and International Market - Exports to the U.S. have been hindered due to international circumstances and tariffs, but growth has been maintained in Southeast Asia, Europe, and South America [14]. - The company has established a dedicated department to explore foreign ingredient markets, with foreign trade gross margins slightly higher than domestic ones [14]. Product Development and Market Strategy - The company aims to increase its global market share in konjac powder and konjac gum from approximately 12% to 40%-50% in the future [3][29]. - The konjac beauty business has been discontinued due to consistent losses, with resources redirected towards konjac food products [5][21]. Challenges and Future Outlook - The konjac food business faces pressure with a gross margin of less than 20%, necessitating scale expansion to improve profitability [22]. - The company is optimistic about the future of konjac products, particularly konjac balls, which have seen increased demand due to the rise of delivery services [15][19]. Seasonal Factors and Market Predictions - The company experiences seasonal revenue fluctuations, primarily concentrated in the third and fourth quarters [31]. - Despite a strong performance in the first half of 2025, there is uncertainty regarding the full-year revenue growth due to intense competition and the consumer market's recovery [31]. Conclusion - The company is strategically positioned in the konjac industry, focusing on product innovation and market expansion while navigating challenges related to raw material costs and international trade dynamics [25][30].

Overview - The hazelnut industry in China is experiencing growth due to rising living standards and health awareness, with a projected demand of 204,800 tons and a market size of 5.843 billion yuan in 2024 [1][14]. Development History - Hazelnut cultivation began in the 1950s, primarily in Northeast and North China, with small-scale family farming. The industry saw gradual growth until the 1980s and 1990s when market demand increased, leading to a shift from wild collection to commercial production [4]. - The 21st century marked a rapid development phase for the hazelnut industry, supported by government policies promoting cultivation and processing, resulting in a complete industry chain from planting to sales [4]. Market Policies - The Chinese government has implemented various policies to support agricultural development, including initiatives to promote rural revitalization and enhance the quality of agricultural products, creating a favorable environment for the hazelnut industry [7][9]. Industry Chain - The hazelnut industry chain includes upstream activities such as planting and harvesting, midstream processing (initial and deep processing), and downstream sales through various channels including supermarkets and e-commerce platforms [10][12]. Current Development Status - The hazelnut market is expanding with a variety of processed products like hazelnut butter and chocolate, catering to diverse consumer preferences [14]. - In 2024, China is expected to import 3,753.76 tons of hazelnuts, primarily from the United States and Georgia, with an import value of approximately 1.078 million USD [16]. Competitive Landscape - The hazelnut industry in China is characterized by a large number of small-scale producers and cooperatives, with over 80% of registered hazelnut-related companies having a capital of less than 1 million yuan [18]. - Notable companies include Guangdong Nanxing Tian Fruit Nut Products Co., Ltd. and Shandong Sanyang Hazelnut Biotechnology Co., Ltd., which focus on various hazelnut products and processing technologies [20][22]. Future Trends - The industry is expected to focus on developing high-yield, quality hazelnut varieties and adopting modern agricultural technologies to improve efficiency and reduce costs. There will also be an emphasis on health-oriented products, including low-sugar and low-fat options [25].

Core Insights - The supply-demand structure of China's flaxseed oil industry is showing a balanced trend, with domestic cultivation and some imports meeting the demand for high-quality raw materials [1] - The production of flaxseed oil in China is approximately 386,000 tons in 2023, while the demand is around 423,000 tons, indicating a growing market [1] - The increasing health awareness among consumers is driving the demand for flaxseed oil, which is rich in unsaturated fatty acids and nutritional value [1] Supply and Demand Analysis - The supply side relies on domestic flaxseed cultivation and imports to satisfy the market's high-quality raw material needs [1] - The limited growth in production is due to climate and regional planting restrictions, necessitating imports for high-end flaxseed oil products [1] - The demand for flaxseed oil continues to grow, driven by consumer health consciousness [1] Technological Trends - The industry is focusing on enhancing product nutrition, quality, and market applications through advanced technologies [3] - Cold pressing and supercritical extraction technologies will ensure that nutritional components are preserved [3] - Innovations in precise nutrition and formulation will cater to specific health needs of target populations [3] - Traceability technology and quality control will improve supply chain transparency and safety [3] - Smart production and automated testing technologies will enhance production efficiency and reduce costs, increasing market competitiveness [3] Market Research Methodology - The research team employs a combination of desktop research, quantitative surveys, and qualitative analysis to comprehensively analyze the flaxseed oil industry's market capacity, industry chain, operational characteristics, profitability, and business models [5] - Various analytical models such as SCP, SWOT, PEST, regression analysis, and SPACE matrix are utilized to assess market environment, industry policies, competitive landscape, technological innovations, market risks, industry barriers, opportunities, and challenges [5] Future Development and Investment Recommendations - A detailed report titled "2025-2031 China Flaxseed Oil Industry Development Prospects and Investment Planning Suggestions" has been prepared to provide important references for enterprises, research institutions, and investment organizations [5]

在四川雅江县平均海拔 3000 多米的原始森林中，有着 "菌中之王" 美誉的松茸正悄然成熟。两千公里外 的杭州，本土企业杭州松鲜鲜自然调味品有限公司（以下简称"松鲜鲜"）正通过产品创新与渠道赋能， 将这份高原珍馐转化为日常健康调味品，送入万千中国家庭的厨房。 易子涵，松鲜鲜品牌创始人，不仅带领团队推出国内首款松茸调味品，更携手 "遇上雅江" 推出 "3% 真 实松茸添加" 调味料新品。依托超20万个线下终端零售的广泛覆盖，以及线上全域渠道的完善布局，松 鲜鲜正持续推动雅江松茸品牌化、产业化发展，切实助力这份高原珍馐"出山入城"。 从"零添加"起步 以松茸调味品破局 在印度游学期间，易子涵深受当地瑜伽文化中健康饮食理念的影响，传播健康生活方式的种子自此埋 下。2012年回国后，易子涵果断进入健康食品赛道，率先推出"零添加"花生酱、火锅底料等产品，以透 明配方打开市场，开启了近十年在健康食品领域的探索。 2021年，易子涵正式创立以松茸为核心的调味品创新品牌"松鲜鲜"。选择松茸作为品牌主打原料，背后 既有深厚的乡土情结支撑，也离不开易子涵对市场需求的精准判断。作为四川都江堰人，儿时与松茸相 关的记忆，让她对这一食 ...

Core Insights - The company reported its first revenue decline since going public, with a revenue of 524 million yuan in the first half of 2025, a year-on-year decrease of 2.5% [1] - The core seasoning food segment generated 310 million yuan, down 2.31% year-on-year, while the seasoning ingredient segment saw a revenue of 212 million yuan, down 1.31% but with a gross margin increase of 5.19 percentage points to 49.19% [1] - The e-commerce channel, particularly on platforms like Tmall and JD.com, experienced a significant sales drop of 10.69%, indicating challenges in online traffic acquisition and conversion efficiency [1] Business Challenges - The company's performance is primarily affected by its reliance on a few major products and intensified market competition [2] - The shiitake mushroom sauce, a key product, has seen a slowdown in growth due to brand influence issues and regional taste differences [2] - The Shanghai scallion oil product faced market challenges from low-priced infringing products and increased competition, leading to a decline in revenue despite maintaining category leadership [2] Strategic Adjustments - The company is initiating a multi-faceted strategic adjustment, including the sale of assets valued at 55.01 million yuan to refocus on core business [3] - New product promotion is centered around "flavor + health," with items like garlic sauce and zero-fat spicy sauce being highlighted [3] - The company is also venturing into the health sector with the development of ready-to-eat health products, leveraging its traditional Chinese medicine background for market promotion [3]

Overview - The increasing health awareness among consumers has led to a rising demand for health foods and functional ingredients, with inulin being recognized for its dietary fiber and prebiotic properties, significantly impacting blood lipid control, blood sugar reduction, and gut health improvement [1][11] - In 2024, China's demand for inulin is projected to reach 18,200 tons, with a market size of 450 million yuan, while the domestic production is only 16,500 tons, indicating a substantial need for imports [11] Industry Chain - The upstream of the inulin industry includes the cultivation and harvesting of plants like Jerusalem artichoke and chicory, along with processing equipment; the midstream involves inulin production and processing; and the downstream encompasses application markets in food, health products, and pharmaceuticals [7][9] - In the food sector, inulin is used as a prebiotic in dairy products, beverages, and baked goods to enhance taste and nutritional value, while in health products, it is often formulated as dietary fiber supplements [7] Market Demand - The food and beverage sector is the largest consumer market for inulin in China, accounting for over 70% of the total consumption; in the first five months of 2025, the revenue of large-scale food manufacturing enterprises reached 894.49 billion yuan, showing a year-on-year growth of 2% [9][11] Competitive Landscape - The inulin industry in China has a high market concentration, with foreign companies like Beneo, Sensus, and Cosucra holding significant market shares due to their established technology and brand influence; domestic companies such as Morning Light Biotechnology and Chongqing Jiao Wang Natural Products are gradually expanding their market presence [15][18] - Beneo-Orafti is a leading global player in the inulin market, with production bases in Belgium and Chile, while domestic companies are also gaining traction through technological advancements and product quality improvements [15][18] Development Trends - Future applications of inulin will extend beyond conventional uses in food and health products, with potential developments in functional foods and beverages, as well as in pharmaceuticals and cosmetics, driven by ongoing research into its physiological activities [22] - Increased market competition is expected, prompting inulin companies to focus on technological innovation, quality enhancement, and cost control to develop high-value-added products and improve profit margins [22]

内容概要：随着国民收入水平的不断提高，消费者对休闲食品需求不断增加，薯片作为休闲食品重要组 成部分市场需求也与日俱增，据统计，2023年我国薯片销量达31.47万吨，市场规模达321亿元，2024年 虽然销量有所下滑，但受益于产品价格的增长，市场规模仍然保持增长趋势，据统计，2024年我国薯片 市场规模达328亿元，其中，油炸薯片占比超60%，但近年来，随着消费者健康意识日益增强，对低 脂、低盐、无添加等健康属性的产品越来越青睐，带动非油炸薯片占比逐年攀升，2024年非油炸薯片占 比从2020年的28.40%增至34.3%。 上市企业：洽洽食品（002557）、盐津铺子（002847）、三只松鼠（300783） 相关企业：洽洽食品股份有限公司、福建达利食品集团有限公司、福建盼盼食品有限公司、福建亲亲股 份有限公司、漯河市恒达食品工业有限公司、山东乐利事食品有限公司、百事食品（中国）有限公司、 益海嘉里家乐氏食品（上海）有限公司、昆明子弟食品有限公司、卡乐比(杭州)食品有限公司、浙江小 王子食品有限公司 关键词：薯片市场政策、薯片产业链、薯片发展现状、薯片竞争格局、薯片发展趋势 一、概述 薯片是指以马铃薯（土豆 ...