证券研究报告 | 2025年08月24日 洽洽食品公布 2025 年半年度业绩：1H25 实现营业总收入 27.5 亿元，同比 -5.0%；实现归母净利润 0.9 亿元，同比-73.7%；实现扣非归母净利润 0.4 亿元，同比-84.8%。 洽洽食品（002557.SZ） 优于大市 2025 年上半年渠道结构调整、成本压力显著 收入端：渠道结构持续调整，2Q25 收入恢复正增。1H25 收入同比-5.0%，其中 葵花子/坚果/其他品类分别同比-4.4%/-7.0%/-13.8%，主要受到春节错期因 素影响，Q1 收入同比-13.8%；Q2 单季度在去年同期较低基数之上，收入同 比+9.7%。分渠道看，在传统渠道流量持续下滑背景下，公司积极调整渠道 结构、加大力度与新兴渠道合作，1H25 经销及其他渠道收入同比-18.5%； 直营渠道（含电商）收入同比+63.0%，其中电商渠道同比+24.8%、占比提升 至 16.4%。从区域看，东方区/南方区/北方区收入同比 -24.8%/+2.4%/-19.8%，南方区有所增长主要系量贩零食渠道、山姆等新兴 渠道的增长所致。 利润端：成本压力显著，费用投放增多。1H25 毛 ...

Summary of Li Ziyuan's Conference Call Industry Overview - The overall consumption market remains weak, particularly affecting traditional channels like supermarkets, which have seen a decline of over 10% in sales during the first half of the year. In contrast, emerging channels such as snack systems, convenience stores, and e-commerce have shown growth trends, with snack systems growing at a rate of 40% [2][3] Company Performance - Traditional channel sales have significantly declined, leading to a decrease in overall revenue. The company is adjusting its structure to strengthen cooperation with emerging channels, which have achieved double-digit growth, but their small proportion cannot offset the decline in traditional channels [2][5] - The company reported a net profit growth of 15%-16% year-on-year, with a non-recurring profit growth of about 5%-6%. Gross margin improved due to raw material cost advantages, but the decline in revenue in the second quarter led to increased manufacturing costs, resulting in a lower gross margin increase compared to the first quarter [2][7] New Product Performance - New products have outperformed older ones, with the nutrient water launched at the end of May achieving sales of approximately 15 million units. Over 40% of retail channel growth is attributed to new product contributions, including 380ml and 100ml sweet milk products [2][6] Sales Channel Expansion - The company is expanding modern sales channels, including snack systems, special channels (breakfast, small dining, etc.), and convenience stores. It is developing specialized products for vending machines to find new market increments and stabilize traditional channels [2][8] - The vitamin water product is being promoted primarily through traditional clients with school or convenience store resources, and e-commerce channels are leveraging events like the 618 shopping festival for promotion [4][10] Future Projections - The company aims to cultivate vitamin water as a second growth curve, targeting sales of several tens of millions this year and hoping to reach 200 million to 500 million in the coming years [10] - The company has locked in large package powder procurement until early next year, with a new spray powder factory expected to be operational by the end of the year, which will help secure raw material costs [4][23][24] Marketing and Brand Strategy - The e-commerce channel is expected to grow by 20%-30% this year, with significant investments in brand promotion, including new media and celebrity endorsements. The marketing budget is projected to be around 50 million to 60 million [20] - The company is also exploring partnerships with major supermarkets like Sam's Club, Hema, and Yonghui, with discussions ongoing for potential collaborations [22] Conclusion - The company is navigating a challenging market environment with a focus on expanding into new channels and promoting new products to offset declines in traditional sales. The strategic emphasis on e-commerce and modern retail partnerships is expected to drive future growth.