"Z世代"消费群体的崛起，电商渠道、高端会员店渠道和零食量贩渠道成为品牌新增量的重要来源。上半年，洽 洽电商业务营收为4.51亿元，同比增长24.79%。公司通过渠道数字化平台已掌控终端网点56万家。与此同时，国 际市场也成为洽洽食品的重要增长点，上半年海外收入同比增长13.18%，产品目前已覆盖亚洲、欧洲、美洲等 近70个国家和地区。 休闲食品正朝着出个性化、定制化、多样化方向发展，对企业创新能力以及供应链效率提出更高要求。在业内 看来，洽洽食品通过持续加大品牌投入和建设，抢占消费分层带来的结构性机遇。未来，随着供应链管理水平 的不断提升以及海外市场的持续突破，有望打开新的增长空间。 全渠道转型 电商业务双位数增长 在休闲食品市场逐渐饱和、竞争日趋激烈、同质化严重的行业背景下，行业加速向全渠道转型。 2025年上半年，洽洽食品实现营收27.52亿元，归母净利润为0.89亿元。从具体产品来看，葵花子产品收入17.72 亿元，占比总营收的64.39%，依旧是洽洽食品的第一大收入来源；坚果类产品收入6.14亿元，占总收入 22.32%。 随着全球化布局提速，休闲食品行业正迎来新的增长势头。8月21日晚间，洽洽食品 ...

出品｜搜狐财经 2025年上半年，洽洽食品实现营业收入27.52亿元，同比下滑5.05%，其中葵花子产品仍为核心收入来源，贡献64.39%的营收。 然而归属于上市公司股东的净利润同比大幅下降73.68%，仅为8864万元。 8月21日，"瓜子大王"洽洽食品公布2025年半年报。 洽洽食品表示，业绩承压主要是由于宏观经济形势、外部渠道的变化以及一季度春节错期等因素的影响。 值得注意的是，洽洽归母净利润同比大幅下降，主要是由于葵花籽和核心坚果原料成本上升。公司主动调整产品结构、渠道结构等，加 大了新品研发和势能渠道的费用投入，对公司利润情况产生影响。 截至今日收盘，洽洽食品报23.37元/股，跌0.85%，总市值118.2亿元。 2025年上半年营收27.52亿元，葵花子产品贡献64.39%收入 作者｜柴鑫洋 编辑｜李文贤 洽洽食品2025年上半年营业收入27.52亿元，同比减少5.05%。 其中第二季度，公司营业收入为11.81亿元，同比上升9.69%；归母净利润为1139万元，同比下降88.2%；扣非归母净利润亏损1499万元， 同比下降124.4%； 分产品看，葵花子产品贡献了洽洽食品超六成营收。 财报显示 ...

Core Viewpoint - Despite being the global sales champion for five consecutive years, Qiaqia Food (002557.SZ) has faced increasing pressure on its performance in recent years, with a significant decline in revenue and net profit in the first quarter of 2023 [2]. Group 1: Financial Performance - In Q1 2023, Qiaqia Food reported revenue of 1.57 billion yuan, a year-on-year decrease of 13.76%, and a net profit of 77.25 million yuan, down 67.88%, marking the worst quarterly performance since its listing [2]. - The decline in revenue is attributed to the timing of the Spring Festival and a high base from the previous year, while the sharp drop in net profit is due to rising costs of sunflower seeds and certain nut raw materials, which have negatively impacted gross margins [2][5]. - The company's overall sales volume decreased by 4.62% in 2023, with sunflower seed revenue experiencing a year-on-year decline for the first time in six years [5]. Group 2: Pricing Strategy and Cost Management - Qiaqia Food has relied on price increases to offset rising raw material costs, with significant price hikes implemented in 2018, 2021, and 2022, which initially led to revenue growth [4]. - However, in 2023, the previous pricing strategy failed to enhance profits, resulting in a 5.36% decline in sunflower seed revenue [5]. - The overall gross margin fell from 28.78% in 2024 to 19.47% in Q1 2023 due to increased procurement costs [7]. Group 3: Channel Structure and Revenue Sources - In 2024, revenue from distribution and other channels reached 5.67 billion yuan, accounting for 79.49% of total revenue, marking the first time this channel's revenue share fell below 80% since 2021 [9]. - Direct sales revenue increased from 1.06 billion yuan in 2023 to 1.46 billion yuan in 2024, with a revenue share rising from approximately 15% to 20.51% [9][10]. - The rapid expansion of discount snack stores has disrupted traditional distribution channels, with Qiaqia Food's gross margin from distribution channels at 29.75%, compared to 25.01% from direct sales, which has decreased by 4.32 percentage points year-on-year [11][12]. Group 4: E-commerce and Market Competition - E-commerce, another important direct sales channel, generated 779 million yuan in 2024, a year-on-year increase of 8.86%, but with a gross margin of only 19.39%, significantly lower than offline sales [12]. - Compared to competitors like Three Squirrels and Good Products, which have higher online gross margins and revenue, Qiaqia Food faces challenges in capturing the e-commerce market [12].

Core Viewpoint - The article discusses the recent performance and strategic shifts of Three Squirrels, highlighting its efforts to regain a billion yuan revenue and diversify its product offerings beyond nuts into various retail categories [1][2]. Group 1: Company Performance - Three Squirrels' revenue fluctuated significantly, peaking at 10.2 billion yuan in 2019 and dropping to over 7 billion yuan in 2022 and 2023, before rebounding to 10.6 billion yuan in 2024 [1]. - The company reported a 49.3% year-on-year increase in revenue for 2024, reaching 10.622 billion yuan, with a net profit of 408 million yuan, up 85.5% [6]. - In Q1 2025, Three Squirrels achieved a revenue of 3.723 billion yuan, a 2.1% increase year-on-year, but net profit declined by 22.5% [6]. Group 2: Strategic Initiatives - Three Squirrels has expanded its product range by acquiring three companies in 2024, entering the mass snack, discount supermarket, and nut milk sectors [1]. - The company is developing 33 sub-brands, including pet food and personal care products, to diversify its offerings [1]. - The strategy focuses on "high-end cost performance," aiming to reduce costs through supply chain integration and internal management improvements [4]. Group 3: Supply Chain and Channel Development - The company is enhancing its supply chain by building its own factories to increase the proportion of self-produced products and improve quality control [5]. - Three Squirrels is transitioning from an online-only model to a full-channel approach, including offline retail such as convenience stores and discount shops [3]. - The company aims to address unhealthy profit distribution in various categories by adopting a "front store, back factory" model to lower costs [2].

Core Viewpoint - The company has experienced significant revenue fluctuations in recent years, with a strategic shift towards diversifying its product offerings and enhancing supply chain efficiency to regain its position in the market [1][3]. Group 1: Revenue and Financial Performance - The company's revenue increased from 9 billion in 2014 to 102 billion in 2019, but then declined to over 70 billion in 2022 and 2023, before rebounding to 106.22 billion in 2024, marking a 49.30% year-on-year growth [1][5]. - The net profit attributable to the parent company for 2024 was 4.08 billion, up 85.51% year-on-year, with nut products generating 53.66 billion, accounting for 50.5% of total revenue [5]. - In Q1 2025, the company reported revenue of 37.23 billion, a 2.13% increase year-on-year, while net profit decreased by 22.46% [5]. Group 2: Strategic Initiatives - The company has acquired three firms in October 2024, entering the bulk snack, discount supermarket, and nut milk sectors, and has launched sub-brands in pet food and personal care [1][2]. - The company is currently incubating 33 sub-brands, aiming to disrupt unhealthy profit distribution systems in various retail categories [2]. - The company has adopted a "high-end cost-performance" strategy, focusing on supply chain integration and internal management to maintain competitive pricing while ensuring profitability [3]. Group 3: Supply Chain and Production - The company has increased its self-production ratio through the establishment of its own factories, enhancing product quality control [1][4]. - Despite concerns about high investment costs and risks, the company claims to minimize waste through meticulous cost management and a testing model for new products [5].