Core Viewpoint - The Chinese snack food industry is undergoing significant transformation driven by consumer upgrades and heightened health awareness, with Qiaqia Food (002557.SZ) demonstrating resilience in its transition strategy while maintaining its core values. Financial Performance - In Q3 2023, Qiaqia achieved a revenue of 1.749 billion yuan and a net profit attributable to shareholders of 79.36 million yuan, with a net profit of 71.44 million yuan after excluding non-recurring gains and losses [1] - As of September 30, 2023, the company reported a total revenue of 4.501 billion yuan and a net profit of 168 million yuan, with a net profit of 115 million yuan after adjustments [1] Product Innovation and Market Strategy - Qiaqia is focusing on new product launches, including konjac, cilantro melon seeds, mixed nuts, organic walnut kernels, and Yunnan walnut milk, which are rapidly growing and establishing new growth drivers [1] - The company has introduced the "Konjac Princess - Konjac Layered Stomach" as a key product in the healthy snack segment, utilizing traditional techniques and innovative cutting methods to appeal to health-conscious consumers [9][11] - Qiaqia's digital platform now covers 560,000 retail points, with online sales growing over 24% year-on-year, reflecting a shift towards digital management and new retail channels [8] Quality and Production Innovation - Qiaqia maintains a strong focus on its core products, sunflower seeds and nuts, with over 60% of revenue from sunflower seeds in the first half of 2025, showcasing stability in its core business [2] - The company has invested over 1 billion yuan in smart manufacturing, achieving a production efficiency increase of over 30% through advanced technologies like blockchain traceability and multi-material mixed packaging systems [3][4] Brand Development and Consumer Engagement - Qiaqia is enhancing its brand appeal through various consumer engagement initiatives, such as music festivals and competitions, aimed at connecting with younger audiences [4] - The company has adopted a "transparent factory" model, recognized as a national green factory and smart manufacturing pilot, which serves as a unique brand asset [4] Market Expansion and Future Outlook - Qiaqia is targeting Southeast Asia as a key growth area, focusing on markets like Thailand, Indonesia, and Vietnam, while also exploring potential in the Middle East and Europe [15] - The company aims to balance innovation in channels and products with a commitment to quality and corporate culture, positioning itself for sustainable growth in the evolving snack food industry [16]