Group 1: Research Basic Information - The research object is Qiaqia Food, belonging to the food and beverage industry, and the reception time was on May 16, 2025 [8] - The listed company's reception staff included the chairman and general manager Chen Xianbao, vice - chairman and deputy general manager Chen Qi, etc. [8] - Participating research institutions included Dongxing Securities, CITIC Securities, Tianfeng Securities, etc., as well as some fund management companies and asset management companies [2][9][10] Group 2: Core Views - The company's future development depends on product innovation and product strength, and each double - digit growth is accompanied by the emergence of a new large - scale product series [21] - The company aims to expand sales volume and increase gross profit margin through category innovation, product innovation, and channel sales service innovation, while continuously improving supply chain efficiency [17][19] Group 3: Specific Content Summaries Reasons for the decline in the company's first - quarter gross profit margin - The decline in the first - quarter gross profit margin was mainly due to the increase in sunflower seed raw material costs (affected by continuous rain in Inner Mongolia, the mold rate increased, and the output of qualified raw materials decreased, leading to price increases) and the increase in the purchase price of some nut raw materials. Product structure also had an impact [17] Scale and future plans of Sam's Club and snack retail channels - Sam's Club revenue increased by 50 - 60% last year, and the snack retail channel doubled. The company will increase investment in these channels this year [17] Plans for the third - largest product category - In the short - to - medium term, the company focuses on nuts and melon seeds. The third - largest category, such as peanuts, is in the incubation stage, and the company hopes to become a leading brand in this segment. The fresh - cut fries have achieved revenues of several million yuan in less than a year [17] Overseas development strategy for konjac products - The company first conducts trial sales overseas, leveraging its brand and channel advantages [17] Sales channels for Kui Zhen products - Kui Zhen is sold both online (e.g., its official flagship store) and offline (e.g., Sam's Club and RT - Mart's premium stores), and will continue to expand in these channels [19] Company's competitive points for nuts - The most important thing for products is quality, and for nuts, freshness must be ensured [19] Company's learning from Coca - Cola and农夫山泉 - These two companies are learning examples for Qiaqia Food in terms of products, channels, and brands. Qiaqia Food focuses more on product raw materials due to its high direct raw material cost ratio and is seeking a suitable model for itself [20] Company's view on KA direct - sales channels - The company pays attention to changes in offline retail channels, hopes that each link in the value chain can obtain reasonable profits, and will actively embrace the trend of KA direct - sales and explore a suitable cooperation model with distributors [20] Company's R & D considering population aging - The company has considered population aging in product R & D, such as nut powder products, and will develop specialized deep - processed products for the elderly. It has also launched low - GI nuts for people with sugar - control needs, and health is one of the future R & D directions [21]

Group 1: Financial Performance - The company's gross margin decreased in Q1 due to rising sunflower seed raw material costs and increased procurement prices for certain nut raw materials [1] - Revenue from Sam's Club increased by 50-60%, and the snack wholesale channel saw a doubling in growth [1] - The company aims to enhance sales and gross margin through category innovation, product innovation, and channel sales service innovation [1] Group 2: Product Development and Market Strategy - The company is focusing on nuts and seeds in the short to medium term, with plans to develop a third major category, such as fresh-cut potato strips, which has already generated several million in revenue within a year [2] - The strategy for overseas expansion includes a country-specific approach, leveraging brand and channel advantages [2] - Future innovations will not only focus on flavor but also on packaging and technology to improve gross margin and brand premium [2] Group 3: Competitive Positioning and Consumer Trends - The company emphasizes product quality, particularly freshness, as a key competitive advantage in the nut market [2] - There is a focus on developing products tailored for health-conscious consumers, including low GI nuts for those with sugar control needs [3] - The company is also considering the aging population in its product development, such as nut powder products [3] Group 4: Intellectual Property and Market Trends - The company is advised to strengthen intellectual property protection due to the prevalence of imitation products in the market [2] - The company is committed to promoting nutritional knowledge about nuts to consumers, addressing both nutrition and taste [2] Group 5: Channel Strategy and Collaboration - The company is adapting to changes in offline retail channels and is open to exploring suitable collaboration models with distributors [2] - The trend towards direct sales in key accounts (KA) is acknowledged, and the company aims to embrace this change [2]