智通财经记者 | 赵晓娟 智通财经编辑 | 牙韩翔 瓜子大王洽洽食品的新品越来越剑走偏锋，今年开始卖魔芋和冷饮。 8月21日，洽洽食品(SZ:002557)发布的半年报显示，2025年上半年，公司实现营收27.5亿元，同比下降5.1%；实现归属于上市公司股东的净利润8864万元， 同比降幅达到73.7%。 单从净利润指标看，刨去今年一季度7725万元的净利润，洽洽食品在二季度的净利润水平仅达到1139元，可以说是上市以来最差一季的净利润水平。 在今年净利润下滑之前，洽洽早已意识到不能只依赖瓜子这一大单品，而是自2017年就推出坚果品类，力图将这一品类做成公司的第二增长曲线，到2024年 这一，从对营收贡献占比的变化看，以"小黄袋每日坚果"系列产品的坚果业务实现营收19.24亿元，占总收入的26.97%。 但在今年上半年，坚果类产品的营收占比下滑到了22.3%，第一大单品增长不稳、第二曲线下滑之后，从洽洽食品最近的新品推进策略看，洽洽要将魔芋、 瓜子冰淇淋冷饮等产品推上第三增长曲线的轨道。 今年7月，洽洽食品正式推出魔芋产品"魔芋公主"，洽洽食品将该产品定位为健康零食新赛道，并在新品发布会上称，魔芋产品将在国内 ...

Core Viewpoint - The article discusses the recent entry of Qiaqia Food into the ice cream market with its new sunflower seed ice cream product, highlighting the challenges the company faces in promoting this product and its overall business performance decline [2][4][6]. Group 1: Product Launch and Market Entry - Qiaqia Food launched a new sunflower seed ice cream in mid to late June, featuring a combination of sunflower seeds and ice cream in three flavors: melon seed, caramel sunflower seed, and walnut sunflower seed [3]. - The product is currently in the trial sales phase, available on platforms like JD, Tmall, and Pinduoduo, with a price of approximately 7 yuan per 60g unit, totaling around 125 yuan for an 18-pack [4][6]. - Despite the launch, the product is reportedly hard to find in mainstream fresh food channels like Hema and Dingdong Maicai, with many retailers unaware of its existence [6]. Group 2: Business Performance and Challenges - Qiaqia Food has faced significant business challenges, with both revenue and net profit declining for the first time in 2023, and a staggering 67.88% drop in net profit in Q1 2025, marking the worst performance since its listing [2][13]. - The core business of sunflower seeds, which accounts for over 60% of revenue, is nearing a growth ceiling, with revenue growth of only 2.6% in 2024 [15]. - The company has struggled with competition in the sunflower seed market, particularly from fresh-roasted brands, and has seen increasing return rates on unsold products [15]. Group 3: Diversification Attempts - The ice cream venture is part of Qiaqia's broader diversification strategy, which has included attempts to enter various snack categories since 2008, but these efforts have not significantly contributed to revenue [9][12]. - Qiaqia's diversification has faced challenges due to resource dispersion and brand dilution, with past attempts in categories like jelly and chips failing to maintain profitability [12]. - The company aims to leverage its existing resources in nuts and seeds to create differentiated products, but faces stiff competition from established brands like Nestlé and Yili [6][12].

Core Viewpoint - The entry of Qiaqia Food into the ice cream market with its new seed ice cream product aims to attract the younger demographic, but the company faces significant challenges in distribution and market competition [2][5][10]. Group 1: Product Launch and Market Presence - Qiaqia Food has launched a new seed ice cream product, featuring flavors like melon seed ice cream and caramel seed ice cream, targeting the frozen food segment [2][3]. - The product is currently in the trial sales phase, available on platforms like JD, Tmall, and Pinduoduo, with a price of approximately 7 yuan per 60g unit [3][5]. - Despite the online presence, the product is reportedly hard to find in mainstream fresh food channels, indicating a lack of effective distribution [5][6]. Group 2: Business Challenges - Qiaqia Food's recent financial performance has been poor, with a 1.13% decline in revenue to 6.806 billion yuan and a 17.7% drop in net profit in 2023, marking the first negative growth since its listing [10][12]. - The company’s core business, sunflower seeds, which accounts for over 60% of revenue, is facing stagnation, with a mere 2.6% growth in 2024 [12][13]. - Increased competition in the sunflower seed market and changing consumer preferences towards healthier snacks have further pressured Qiaqia's traditional product lines [12][13]. Group 3: Strategic Considerations - Qiaqia Food's diversification efforts, including the ice cream venture, reflect a broader strategy to find new growth avenues amid declining core business performance [7][9]. - The company has previously struggled with diversification, as seen in its attempts to enter various snack categories without significant success [7][9]. - The need for effective cold chain logistics and marketing strategies is critical for Qiaqia to succeed in the competitive ice cream market [6][10].

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a focus on expanding its product offerings and distribution channels, despite facing challenges in profit margins and traditional sales channels [1][2][3][4]. Financial Performance - In 2024, the company's revenue and net profit were 7.131 billion and 849 million yuan, respectively, representing year-on-year increases of 4.79% and 5.82% [1]. - For Q4 2024, revenue and net profit were 2.374 billion and 223 million yuan, showing a year-on-year increase of 1.99% but a decline in net profit by 24.79% [1]. - In Q1 2025, revenue and net profit dropped to 1.571 billion and 77 million yuan, reflecting year-on-year decreases of 13.76% and 67.88% [1]. Product Performance - Key products showed robust growth, with revenue from sunflower seeds, nuts, and other products reaching 4.381 billion, 1.923 billion, and 773 million yuan, respectively, with year-on-year growth rates of 2.60%, 9.74%, and 8.04% [1]. - The company is focusing on establishing its brand in the sunflower seed market and has launched new products like "Da Shou" peanuts, which have seen rapid sales growth [1]. - The high-end sunflower seed product "Kuaizhen" is expanding through new channels such as high-end membership stores and boutique supermarkets [1]. Channel Development - New channels such as volume sales and e-commerce are growing rapidly, while traditional channels are under pressure [2]. - In 2024, revenue from southern, northern, eastern regions, e-commerce, and overseas markets were 2.266 billion, 1.343 billion, 2.121 billion, 779 million, and 569 million yuan, with year-on-year growth rates of 3.88%, -3.25%, 9.47%, 8.86%, and 10.28%, respectively [2]. - The number of distributors decreased by 99 to 1,380, but average distributor income increased by 6% to 4.11 million yuan per distributor [2]. Profitability and Cost Structure - The company's gross margin and net margin improved by 2.02 and 0.12 percentage points to 28.78% and 11.92%, respectively, in 2024 [3]. - In Q4 2024, due to rising raw material prices, the overall cost increased as the company utilized both reserve and newly procured raw materials [3]. - For Q1 2025, gross margin and net margin decreased to 19.47% and 4.93%, with changes in expense ratios reflecting a mixed trend [3]. Investment Outlook - The company is expected to achieve revenues of 7.4 billion, 7.8 billion, and 8.2 billion yuan in 2025-2027, with year-on-year growth rates of 3%, 6%, and 5% [4]. - Net profit forecasts for the same period are 720 million, 850 million, and 920 million yuan, with a projected year-on-year decline of 15% in 2025, followed by increases in subsequent years [4]. - The company aims to enhance business growth quality and maintain a "buy" rating based on its strategic initiatives [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to see revenue and net profit growth in 2024, with revenue projected at 7.131 billion yuan (+4.79% YoY) and net profit at 849.48 million yuan (+5.82% YoY) [1] - The company is focusing on expanding its product lines, particularly in the sunflower seed and nut categories, with notable growth in sales from high-end products and new product launches [1][4] - The company is actively exploring new sales channels, including e-commerce and overseas markets, while traditional channels are experiencing slight pressure [2][4] Financial Performance Summary - In 2024, the company reported revenue of 7.131 billion yuan, with a growth rate of +4.79% compared to the previous year [5] - The gross profit margin for 2024 was 28.78%, an increase of 2.02 percentage points YoY, while the net profit margin was 11.92%, up by 0.12 percentage points YoY [3] - The company’s net profit for Q1 2025 is projected to decline significantly to 770 million yuan, a decrease of 67.88% YoY [1] Product and Channel Development - The company is enhancing its product offerings, particularly in the nut category, and is expanding its sales channels to include county-level distributors and new retail formats [4][2] - The company has seen a significant increase in direct sales, with a growth rate of 38% and an increase in the number of terminal outlets to over 490,000 [2][4] Profitability and Cost Management - The company is facing pressure on profit margins due to rising raw material costs, with a gross margin of 19.47% in Q1 2025, down by 10.97 percentage points YoY [3] - The selling expense ratio increased to 10.60%, reflecting higher marketing investments [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to see revenue and net profit growth in 2024, with revenue projected at 7.131 billion yuan (+4.79% YoY) and net profit at 849.48 million yuan (+5.82% YoY) [1] - The company is focusing on expanding its product lines, particularly in the sunflower seed and nut categories, with notable growth in sales from high-end products and new product launches [1][4] - The company is actively expanding its distribution channels, including new TO-B group purchasing and restaurant partnerships, while also increasing its presence in e-commerce and overseas markets [2][4] Financial Performance - In 2024, the company reported revenue of 7.131 billion yuan, with a growth rate of 4.79%, and a net profit of 849.48 million yuan, reflecting a growth rate of 5.82% [5] - The gross margin for 2024 was 28.78%, an increase of 2.02 percentage points YoY, while the net margin was 11.92%, up 0.12 percentage points YoY [3] - The company’s revenue for Q1 2025 was 1.571 billion yuan, a decrease of 13.76% YoY, and net profit was 770 million yuan, down 67.88% YoY [1] Product and Channel Development - The company is enhancing its product offerings, particularly in the nut category, and is focusing on high-end sunflower seed products through new sales channels [1][4] - The company has seen a significant increase in direct sales, with a growth rate of 38% and an increase in the number of terminal outlets to over 490,000 [2][4] - The company is also expanding its international market presence, particularly in Southeast Asia and Canada [2]

Core Viewpoint - The company, Qiaqia, is actively supporting students in their preparation for the 2025 college entrance examination by providing nutritional assistance and promoting a balanced approach to health and study [1][3]. Group 1: Corporate Social Responsibility - Qiaqia has partnered with Hebei Hengshui High School for the third time to provide nutritional support to students, demonstrating the brand's commitment to social responsibility [3]. - The initiative includes the distribution of nutritious snacks in yellow bags, aimed at helping students perform at their best during exams [1][3]. Group 2: Innovative Activities - In 2023, Qiaqia introduced the "Running Towards the Light" night run event as part of its public welfare activities, aligning with the theme of "Eating and Moving for Health" on China's Student Nutrition Day [3]. - This innovative approach encourages students to maintain physical activity amidst their exam preparations, promoting a balance between nutrition and exercise [3]. Group 3: Nutritional Initiatives - Since 2019, Qiaqia has been involved in student meal programs, with over 20,000 kindergartens and primary and secondary schools in cities like Nanjing, Jinan, and Zhengzhou incorporating Qiaqia's daily nuts into their nutrition plans [5]. - The company collaborates with nutritionists to conduct various educational and "food education" activities, including the "Nut Nutrition Campus Tour" in 2024, which will cover five major cities and ten schools [5]. - Qiaqia is also launching free breakfast programs in remote schools and establishing "Qiaqia Nut Hope Houses" to further support student nutrition and health [5].