扬州市新闻传媒中心记者 屠明娟 文/图 8月22日—23日，扬州发布、扬州日报、扬州晚报陆续报道《扬州"山姆"开业时间定了！》的消息，受 到市民的广泛关注，有网友提出："胖东来啥时候来扬州？"有网友回复："SM广场金城万家超市已经有 胖东来专区了！"为此，记者专门进行了现场探访，发现随着M会员店、盒马鲜生、山姆会员店等陆续 进驻扬州市场，市民越来越期待胖东来、奥乐齐等更多的超市品牌进入本地市场，在超市消费模式悄然 发生变化的同时，现有超市也进入"调改"阶段。 记者探访 胖东来专区有啥？本土超市品牌今年有啥新变化？ 8月24日，记者探访SM广场金城万家超市了解到，这里不但新增了"胖东来商品专购区"，还新增了"奥 乐齐专购区"的字样，每个专区摆放着几十种来自胖东来、奥乐齐的网红商品，比如：果汁、坚果、食 用油、气泡水、洗衣液、酱油等，不少市民正在选购。 市民王女士说："之前去胖东来买过燕麦片、坚果等零食，还在奥乐齐买过好大一桶脆锅巴，味道很不 错，没想到现在扬州也能买到了，挺方便的。" 除了胖东来和奥乐齐专区，记者还注意到，金城万家超市内有不少自有品牌商品，涵盖饮料、酒、日用 品等多个品类。该超市相关负责人介绍， ...

食品饮料/休闲食品 洽洽食品（002557.SZ） 成本上涨及费用投放增加，盈利能力短期承压 2025 年 08 月 25 日 投资评级：增持（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 23.37 | | 一年最高最低(元) | 36.86/21.21 | | 总市值(亿元) | 118.22 | | 流通市值(亿元) | 117.97 | | 总股本(亿股) | 5.06 | | 流通股本(亿股) | 5.05 | | 近 3 个月换手率(%) | 86.09 | 公 司 信 息 更 新 报 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 洽洽食品 沪深300 相关研究报告 《2025Q1 收入略有下滑，成本上涨致 盈 利 承 压 — 公 司 信 息 更 新 报 告 》 -2025.4.25 《2024Q3 收入平稳微增，盈利能力同 比改善 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《Q2 增长短期承压，2024H2 业绩表 现有望逐季改善—公司信息更新 ...

见习记者 夏天 " 瓜子大王 " 洽 洽食 品近年来陷入了增长困境。 根据最新发布的 2025 年半年度报告，公司迎来 了 近 10 年来最糟糕的中期业绩表现 ：营收 27.52 亿元，同比下降 5.05% ；归母净利润为 8864.16 万元，同比下降 73.68% 。 （近 10 年洽洽食品中期净利润表现） 尽管在半年报中，洽洽食品将业绩大幅下滑归因为原材料成本上升、产品结构调整和渠道结构调整等，但却也暴露了其在产品创新和渠道 转型等方面的深层次问题。 伴随着业绩不振，洽洽食品股价也长期低迷。截至 8 月 22 日收盘，公司股价报 23.37 元 / 股，较 2020 年高点跌逾 60% ，总市值为 118 亿元。 【导读】 2025 年上半年，洽洽食品净利润同比下降 73.68% ，创下近 10 年来最糟糕的中期业绩表现 上半年净利润 " 跳水 " 洽洽食品 于 2011 年上市，此后多年保持着稳健增长，并在 2022 年创下净利润高峰。 不过，从 2023 年开始， 洽洽食品 收入增长停滞，净利润波动变大。特别是 2025 年上半年，公司净利润大幅掉头向下，引发广泛关 注。 在沪上一位食品饮料分析师看 ...

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 ...

天眼查App显示，近日，普洱云象咖啡有限公司成立，法定代表人为赵兴文，注册资本50万人民币，经 营范围为许可项目：食品销售。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相关部门批准文件或许可证件为准）一般项目：咖啡豆种植；农副产品销售；食用农产品批 发；食用农产品零售；食用农产品初加工；初级农产品收购；茶叶种植；坚果种植；未经加工的坚果、 干果销售；农产品的生产、销售、加工、运输、贮藏及其他相关服务；货物进出口；进出口代理；食品 进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.75 billion and net profit at 90 million, reflecting year-on-year changes of -5.0% and -73.7% respectively. The second quarter showed a revenue increase of 9.7% but a significant drop in net profit [1][2]. - The company is actively launching new snack products such as nuts, ice cream, and konjac, which are expected to contribute to revenue growth. The recent launch of a new nut product achieved sales of 100 million within a month [2][3]. - The gross margin for the first half of 2025 was 20.3%, down 8.1 percentage points year-on-year, primarily due to rising raw material costs and increased promotional expenses [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenues of 2.75 billion, with a net profit of 90 million, showing a year-on-year decline of 5.0% and 73.7% respectively. The second quarter saw revenues of 1.18 billion, a 9.7% increase, but net profit fell by 88.2% [1][2]. - The company’s gross margin decreased to 20.3%, with significant drops in the margins for sunflower seeds and nuts, attributed to higher procurement costs [3][4]. Product Development and Market Strategy - The company is focusing on expanding its product line with new snacks, which are expected to drive additional revenue. Recent product launches have shown promising sales figures [2][3]. - The company is also expanding its distribution channels, including high-potential markets, to enhance its product reach [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been adjusted to 1.07, 1.50, and 1.98 RMB respectively, reflecting a downward revision due to a weaker consumption environment and increased competition [4][10]. - The target price for the company is set at 27.36 RMB, based on a price-to-earnings (PE) ratio of 18x for 2026 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a Q2 revenue increase of 9.7% year-on-year, but a significant profit decline of 88.2% due to high raw material costs and increased expenses from structural adjustments [1][7]. - The company expects revenue and profit to improve in the second half of the year as costs normalize, projecting net profits of 510 million, 730 million, and 800 million for 2025-2027, with EPS of 1.01, 1.43, and 1.58 respectively [1][7]. Financial Performance - For H1 2025, the company achieved revenues of 2.75 billion and a net profit of 90 million, reflecting a year-on-year decline of 5.0% and 73.7% respectively [7]. - The revenue breakdown shows that sunflower seeds and nuts faced pressure, while e-commerce and overseas sales continued to grow [7]. - The gross margin for sunflower seeds and nuts was 20.9% and 14.8%, down 7.7 percentage points and 14.0 percentage points year-on-year [7]. Cost and Expense Analysis - The Q2 gross margin was 21.4%, a decrease of 3.6 percentage points year-on-year, primarily due to high raw material costs [7]. - The company’s selling, administrative, and R&D expenses increased, with selling expenses rising due to investments in new product development and channel expansion [7]. Market Position and Future Outlook - The company aims to maintain its revenue growth target for the year, with expectations of cost reductions as high-priced raw materials are used up by Q3 [7]. - The report indicates that the company is actively expanding new channels, including group purchasing and restaurant partnerships [7].

Financial Data and Key Metrics Changes - Net sales for fiscal 2025 decreased slightly by 0.2% to $269.1 million compared to $269.6 million in fiscal 2024, primarily due to a 5.9% decrease in sales volume, offset by a 6% increase in the weighted average sales price per pound [14][15] - Net income for fiscal 2025 was $58.9 million or $5.03 per diluted share, compared to $60.2 million or $5.15 per diluted share for fiscal 2024 [22] - Gross profit margin decreased from 20.1% to 18.4% of net sales, mainly due to increased commodity acquisition costs for substantially all major nuts except pecans [21] Business Line Data and Key Metrics Changes - Sales volume decreased 11.5% in the consumer distribution channel, primarily due to a 10.7% decrease in private brand sales volume [15] - Sales volume increased 8.7% in the commercial ingredients distribution channel, driven by increased cinnabar volume to existing customers [17] - Sales volume increased 18.7% in the contract manufacturing distribution channel, primarily due to increased granola volume processed in the Lakeville facility [17] Market Data and Key Metrics Changes - The snack nut and trail mix category was down 1% in pounds but up 4% in dollars, indicating rising prices [25] - Prices rose 5% for snack nuts and 4% for trail mixes, with significant increases in cashews, mixed nuts, and pistachios [26] - The bars category grew 7% in pounds and 8% in dollars, indicating a rebound after a major recall in 2023 [29] Company Strategy and Development Direction - The company is focused on accelerating volume growth by expanding its private brand bar portfolio and rebuilding its nut and trail business through innovation [13] - Strategic investments are being made to unlock new opportunities and broaden the product portfolio [12] - The company aims to navigate external uncertainties such as tariffs and inflation while maintaining operational efficiencies [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that financial performance fell short of expectations but highlighted positive momentum in the latter part of the year [6][7] - The company remains committed to delivering long-term sustainable growth and enhancing margins despite external challenges [30][31] - Management expressed optimism about early signs of success in executing the strategic plan [30] Other Important Information - The company declared a special dividend of 60¢ per share, marking the fourteenth consecutive year of returning capital through dividends [7][8] - The total value of inventories increased by $58 million or 29.5% compared to the prior year's comparable quarter, driven by higher commodity acquisition costs [19][20] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may not have occurred or was not included in the transcript.

Group 1 - The core point of the news is that the United States and the European Union have reached a framework agreement for a trade deal, which includes a 15% uniform tariff on most EU imports and the elimination of all tariffs on US industrial products by the EU [1][3][4] - The agreement outlines 19 key areas, including agricultural products, automobiles, aircraft, semiconductor chips, energy, and digital trade barriers [3][8] - The US will apply either the most-favored-nation (MFN) tariff rate or a 15% tariff rate on EU-origin goods, with specific products subject to MFN tariffs starting from September 1, 2025 [3][5] Group 2 - The EU will eliminate all tariffs on US industrial products and provide preferential market access for various US agricultural products, including nuts, dairy, and meat [7][8] - The EU plans to purchase $750 billion worth of US energy products, including liquefied natural gas and nuclear products, and at least $40 billion in US AI chips for data center construction [8][9] - Both parties agreed to negotiate rules of origin to ensure that the benefits of the agreement are shared primarily between the US and the EU [9][10]

Core Viewpoint - The article discusses the recent trade agreement framework reached between the United States and the European Union, highlighting key areas of cooperation and tariff adjustments across various sectors [3]. Group 1: Trade Agreement Framework - The trade agreement framework includes 19 key points covering agricultural products, automobiles, aircraft, semiconductor chips, energy, EU investments in the US, environmental regulations, cybersecurity agreements, and digital trade barriers [3]. - The EU will eliminate tariffs on all US industrial products and provide preferential market access for various US agricultural products, including nuts, dairy, fresh and processed fruits and vegetables, processed foods, seeds, soybean oil, and meat products [4]. - The EU will extend the terms regarding lobster from the 2020 agreement, which was set to expire in July 2025, and expand the product range to include processed lobster [4]. Group 2: Tariff Adjustments - The US will apply the higher of the Most Favored Nation (MFN) tariff rate or a 15% tariff rate on most EU goods, which includes automobiles, pharmaceuticals, semiconductor chips, and timber [5][6]. - Starting September 1, 2025, the US will only apply MFN tariffs to certain products from the EU, including non-renewable natural resources, all aircraft and aircraft parts, generic drugs, and their raw materials [6]. Group 3: Energy and Investment Commitments - The EU plans to purchase US energy products, including liquefied natural gas, oil, and nuclear products, with expected purchases reaching $750 billion by 2028 [7]. - The EU commits to acquiring at least $40 billion worth of US artificial intelligence chips for the construction of data centers in Europe [7]. - European companies are expected to invest an additional $600 billion in strategic sectors in the US by 2028 [7]. Group 4: Future Cooperation - The EU will continue discussions with the US to negotiate further tariff reductions and identify additional areas for cooperation [9]. - The European Commission will initiate the implementation of the agreement's main content with the support of EU member states and the European Parliament [9].