日前，深圳证券交易所及深圳证券信息有限公司发布公告，根据指数编制规则，将对深证成指、创业板指、深证100、创业板50等深市指数实施样本定期 调整。 其中，"瓜子大王"洽洽食品（002557）被调出深证成份指数样本股。本次调整将于12月15日正式实施。 当下，洽洽食品正在经历业绩"寒冬"，此次调出又会对其股价造成什么影响呢？ | | 调入名单 | | 调出名单 | | --- | --- | --- | --- | | 证券代码 | 证券简称 | 证券代码 | 证券简称 | | 000029 | 深深房 A | 000028 | 国药一致 | | 001309 | 德明利 | 000035 | 中国天楹 | | 001391 | 国货航 | 000567 | 海德股份 | | 002130 | 沃尔核材 | 000762 | 西藏矿业 | | 002261 | 拓维信息 | 002498 | 汉缆股份 | | 002583 | 海能达 | 002557 | 治治食品 | | 002755 | 奥赛康 | 002705 | 新宝股份 | | 300468 | 四方精创 | 002737 | 葵花药业 | | 30 ...

一切始于一条看似平常的宣传内容。 根据网络流传截图， 2025 年 12 月 2 日，洽洽瓜子在其官方社交账号 " 洽洽坚果 " 上发布文案，强调 " 我们的瓜子没有多余水分，很干燥，不潮 湿 " 。随后，有网友在评论区调侃： " 是洽洽瓜 ' 紫 ' 那个梗吧哈哈哈太好笑了 " ，洽洽账号则回复： " 洽洽瓜 ' 紫 ≠'洽洽瓜子 " 。 来源丨凤凰网财经《公司研究院》 近日，一个典型的 " 蝴蝶效应 " 案例 ，正在社交网络上演。 # 洽洽瓜子 洽洽瓜紫 # 登上微博主榜热搜， # 洽洽瓜子疑似内涵杨紫 # 冲上文娱 榜 热搜第一，阅读量超 1.6 亿。 洽洽瓜子可能 也从未预料到， 自己会以这样的方式与演员杨紫一同登上热搜，并牵连近十个品牌陷入舆论漩涡。 据了解， 罗云熙主演的《水龙吟》（近日收官）与杨紫主演的《国色芳华》（ 2025 年年初收官） 均在芒果 TV 播出 ，双方粉丝在争夺 " 芒果 TV 史冠 " （历史冠军）的成绩称号。 杨紫方的依据 中，有 来自影视数据平台 " 云合数据 " ，称《国色芳华》集均（指单集平均播放量）高于《水龙吟》。 图源网络 而在这之前， 11 月底，由于粉丝间的纠 ...

Core Insights - The article highlights the success of a discount supermarket chain in Japan, known for its low prices and high-quality products, primarily sourced from China, and its origins in a food factory in Dalian [1][4]. Group 1: Business Model and Growth - The supermarket operates with a cost-driven "everyday low price" strategy, leveraging a self-owned supply chain to maintain competitive pricing and quality [4][8]. - From 2015 to 2024, the supermarket's net sales grew by 154.7%, with an average annual growth rate of approximately 10.9%, and it accounted for over 90% of the parent company's total sales [4][6]. - The number of stores increased from 713 to 1084 over ten years, with an average of 37 new stores added annually, indicating a steady expansion pace [4][6]. Group 2: Supply Chain and Product Strategy - The company has developed a "food production and sales integration" system over nearly 30 years, allowing it to offer low-priced, high-quality products [8][9]. - The product range includes national brand (NB) items, local private brand (PB) products, and imported PB products, focusing on uniqueness, low prices, and high quality [9][10]. - As of Q3 FY2025, the sales proportion of self-owned brands was 34.3%, with goals to increase this to over 40% by FY2026 [10]. Group 3: Franchise Model and Operations - The supermarket employs a convenience store-style franchise model, with only 4 out of over 1100 stores being company-owned, allowing for a focus on product development and support for franchisees [11][12]. - Each store typically covers an area of about 150 tsubo (approximately 490 square meters) and selects 2500 to 3000 products from a total of around 7000 SKUs [12]. - The main revenue source comes from wholesale of products produced by the company's factories and directly imported goods, rather than franchise fees [12]. Group 4: Market Adaptation and Future Plans - Initially avoiding fresh produce due to high spoilage rates, the company has adapted its strategy to include limited fresh and alcoholic products based on market trends [13][15]. - The company is expanding into the restaurant sector with new brands and aims to enhance existing stores through renovations and upgrades [13][15]. - The company strategically avoids high-rent urban areas, focusing on suburban locations and adhering to a principle of opening one store for every 50,000 residents to ensure profitability [15][16]. Group 5: Competitive Advantage - The supermarket's success is attributed to its focus on supply chain advantages and a balance between cost-effectiveness and product variety, appealing to budget-conscious families while providing a unique shopping experience [16].

Core Viewpoint - The essence of capital should be to create real value for society, rather than merely engaging in speculative financial games [3][4][5]. Group 1: Investment Philosophy - The investment philosophy of the company emphasizes long-term value creation over short-term financial gains, focusing on sectors that provide stable employment and meet societal needs [8][9][12]. - The company adopts a "less is more" investment strategy, prioritizing quality over quantity in its portfolio, which includes well-known consumer brands [9][12]. - The company believes that consumer spending, particularly on essential goods, is a resilient force in the economy and offers significant growth opportunities [9][10]. Group 2: Financial Industry Critique - The company critiques the financial industry's shift towards profit maximization at the expense of serving the real economy, leading to a disconnect between capital and value creation [4][5][6]. - It identifies three main obstacles in the financial system that hinder effective service to the real economy: capital idling within the financial system, flawed risk pricing mechanisms, and financial innovations that stray from their core purpose [8][9]. Group 3: Investment Strategy and Execution - The company employs a "Five Truths" methodology in its investment approach, which includes deep involvement in the operational aspects of its portfolio companies [10][12]. - The company has achieved over 20 times return on investment by focusing on long-term, value-driven strategies in the consumer sector [12][15]. - The company emphasizes the importance of understanding industry dynamics and consumer needs, which informs its investment decisions and operational support for portfolio companies [10][12]. Group 4: Future Outlook - The company is optimistic about the future of the Chinese consumer market, anticipating the emergence of globally influential consumer brands as the economy transitions [18]. - It aims to continue its role as a supportive partner for companies rooted in the real economy, contributing to high-quality economic development [18].

Core Viewpoint - The essence of capital is to serve the real economy and create genuine value, rather than merely engaging in speculative financial games [3][6][10]. Group 1: Investment Philosophy - The investment philosophy emphasizes long-term value creation over short-term returns, focusing on sectors that contribute to real GDP and stable employment [10][11]. - The approach is characterized by a commitment to "necessity, frequency, and livelihood," targeting essential consumer goods that are resilient to economic fluctuations [15][18]. - The investment strategy is described as "less but better," prioritizing deep industry knowledge and long-term partnerships over a broad investment portfolio [15][18]. Group 2: Market Dynamics - The current market environment is marked by a shift from rapid growth driven by capital influx to a focus on operational efficiency and product innovation [20][21]. - The imbalance in resource allocation has led to a decline in the manufacturing and consumer sectors, while financial and internet sectors have thrived, creating a vicious cycle that weakens the real economy [9][10]. - The financial industry has strayed from its original purpose of serving the real economy, leading to increased volatility and a lack of sustainable growth [7][8]. Group 3: Future Outlook - The future of the Chinese consumer market is seen as promising, with expectations for the emergence of globally influential consumer brands driven by economic transformation and rising middle-income groups [26][27]. - The company aims to continue its role as a supportive partner for businesses, focusing on empowering industries and fostering sustainable growth [26][27]. - The belief in the importance of patience and long-term commitment in investment is highlighted as a key to navigating market cycles and achieving lasting success [23][27].

Core Viewpoint - Qiaqia Food (002557.SZ), owned by former Anhui richest Chen Xianbao, reported disappointing Q3 results with a revenue decline of 5.38% year-on-year and a staggering 73.17% drop in net profit [3][5][30]. Financial Performance - For the first three quarters of 2025, Qiaqia Food recorded revenue of 4.501 billion yuan, down from 4.758 billion yuan in 2024, marking a 5.38% decrease [5][6]. - The net profit attributable to shareholders was 168 million yuan, a significant decline from 626 million yuan in the same period last year, representing a 73.17% drop [5][6]. - Operating cash flow also halved, decreasing from 1.235 billion yuan to 581 million yuan, a 52.95% reduction [7][6]. Cost and Revenue Challenges - The decline in performance is attributed to high costs and a drop in revenue from traditional distribution channels, with operating costs reaching 3.514 billion yuan, accounting for 78.07% of revenue [4][8]. - Revenue from distribution channels fell by 18.47% to 1.973 billion yuan in the first half of 2025 [4][18]. - The gross margin for Q3 was 24.52%, down from 33.1% year-on-year, while the net margin plummeted from 15.6% to 4.6% [6][7]. Raw Material Costs - Rising raw material costs, particularly for sunflower seeds and core nut ingredients, have significantly impacted profitability [8][11]. - In the first half of 2025, the cost of goods sold was 2.193 billion yuan, a 5.70% increase from the previous year [9][10]. - The gross margin for sunflower seeds, which account for 64.39% of total revenue, fell to 20.93%, down 7.67% year-on-year [12][14]. Distribution Channel Issues - The number of domestic distributors decreased from 1,362 to 1,306, and international distributors dropped from 108 to 100 [17][18]. - Distributors reported issues with inventory pressure and pricing chaos due to forced stockpiling by Qiaqia Food [18]. - The company is attempting to pivot towards e-commerce, but this channel only accounted for 16.38% of total revenue in the first half of 2025, with lower gross margins compared to traditional channels [20][21]. Strategic Initiatives - In response to declining traditional sales, Qiaqia Food launched five new products in July 2025, aiming for innovation in taste and health, though these have yet to achieve significant sales [22]. - The company announced a major investment plan with its subsidiary to focus on the snack food industry, aiming to enhance financial returns and share risks with partners [23].

Core Insights - Q3 2025 financial results for Qiaqia Foods show significant declines in revenue and profit, indicating a challenging business environment [2][3][4] - The company's revenue for the first three quarters of 2025 was 4.501 billion yuan, down 5.38% year-on-year, while net profit dropped 73.17% to 168 million yuan [3][4] - Rising raw material costs and declining revenue from traditional distribution channels are major factors contributing to the poor performance [2][5][9] Financial Performance - Q3 2025 revenue was 1.749 billion yuan, a decrease of 5.91% compared to the same quarter last year [3] - Cumulative revenue for the first three quarters of 2025 was 4.501 billion yuan, down from 4.758 billion yuan in 2024 [3] - Net profit for Q3 2025 was 79.36 million yuan, a decline of 72.58% year-on-year, with cumulative net profit for the first three quarters at 168 million yuan [3][4] Cost and Cash Flow Issues - Operating costs for the first three quarters of 2025 reached 3.514 billion yuan, accounting for 78.07% of revenue [2][4] - Operating cash flow decreased by 52.95% to 581 million yuan compared to 1.235 billion yuan in the same period last year [4] - The increase in costs is attributed to higher prices for sunflower seeds and core nut raw materials [5][6][7] Distribution Channel Challenges - Revenue from traditional distribution channels fell by 18.47% to 1.973 billion yuan in the first half of 2025 [9] - The number of domestic distributors decreased from 1,362 to 1,306, indicating a loss of confidence among distributors [9] - The company is attempting to shift towards e-commerce, but this segment only accounted for 16.38% of total revenue in the first half of 2025 [9] Strategic Initiatives - In July 2025, the company launched five new products aimed at innovation in taste and health, although these have not yet significantly impacted sales [10] - A major investment plan was announced, with the establishment of a new investment company focused on the snack food industry, aiming to enhance financial returns and resource integration [11]

Core Insights - The article discusses the rising trend of Chinese snack brands expanding into international markets, driven by intense domestic competition and the need for growth opportunities [2][3]. Group 1: Market Trends - Chinese snacks have become popular not only among overseas Chinese but also among local young consumers in foreign markets [1]. - Social media influencers are showcasing Chinese snacks like spicy strips and sunflower seeds, indicating a growing acceptance and demand in regions like Southeast Asia [2]. - Domestic brands are facing challenges due to increased competition from low-cost retailers, prompting them to seek growth abroad [2]. Group 2: Financial Performance - In the first half of the year, Qiaqia Foods reported a 6.4% decline in domestic revenue, while overseas revenue grew by 13.18% [2]. - Weidong's overseas revenue surged by 54.4%, significantly outpacing its domestic growth of around 20% [2]. - Yanjinpuzi's overseas business saw an astonishing growth of 67,800% due to a low base effect [2]. Group 3: Historical Context - The trend of Chinese snacks going international began in the early 2000s, with Qiaqia Foods being one of the pioneers [4]. - Initial international efforts were primarily focused on Chinese communities abroad, limiting brand reach [4]. - A shift occurred in 2015 when Qiaqia began to focus on brand storytelling and international trademark registration [4]. Group 4: Market Strategies - Qiaqia emphasizes offline channels, targeting high-traffic convenience stores like 7-Eleven in Thailand, which holds a 70% market share in the local convenience store sector [6]. - Three squirrels adopted an online strategy, launching flagship stores on platforms like Lazada and Amazon, and utilizing social media for brand promotion [7]. - Post-2018, brands have shown increased initiative and sophistication in their international strategies, reflecting a better alignment with market positioning [7]. Group 5: Competitive Landscape - Despite the growth, Chinese snack brands still face significant competition from established Western and Japanese brands in international markets [8]. - Unique Chinese snacks like spicy strips and quail eggs are being positioned as niche products to carve out market space [8][9]. Group 6: Localization and Compliance - Successful international brands like Weidong have adapted their products to local tastes, such as offering milder flavors in Italy and incorporating local ingredients in Southeast Asia [10]. - Compliance with local food regulations is critical, as different countries have varying standards that can impact product viability [11][12]. - The need for halal certification in Indonesia and strict labeling requirements in Western markets highlight the complexities of international expansion [12]. Group 7: Long-term Strategies - Companies are moving from merely exporting products to establishing local production facilities, which helps reduce logistics costs and respond to local demand [14][15]. - Qiaqia has invested significantly in overseas production, with its first factory in Thailand contributing to a notable increase in overseas revenue [15]. - The long-term goal is to integrate into global supply chains, enhancing brand recognition and acceptance similar to established brands like Oreo [15].

Core Viewpoint - Brands must move beyond relying on hit products for quick profits; only by deeply respecting and understanding local markets can sustainable growth be achieved [16] Group 1: Market Trends - Chinese snacks have become popular not only among overseas Chinese but also among local young consumers, with products like spicy strips and sunflower seeds gaining traction [3] - The domestic market for snacks is highly competitive, prompting brands to seek growth opportunities abroad as domestic revenues stagnate [3][4] - For instance, Qiaqia Foods reported a 6.4% decline in domestic revenue while experiencing a 13.18% increase in overseas revenue in the first half of the year [3] Group 2: International Expansion - The trend of Chinese snack brands going overseas began in the early 2000s, with Qiaqia Foods being a notable example [4] - Qiaqia established its first overseas office in Vietnam in 2008, marking the start of its international strategy [4] - By 2016, Qiaqia's overseas revenue grew by 48.58%, and the brand has maintained double-digit growth in subsequent years [5] Group 3: Market Entry Strategies - Qiaqia focuses on offline channels, targeting convenience stores like 7-Eleven in Thailand, which holds a 70% market share in the local convenience store sector [6] - The brand faced challenges entering 7-Eleven due to existing local competitors and stringent entry standards [6][7] - In contrast, Three Squirrels adopted an online-first approach, launching flagship stores on platforms like Lazada and Amazon in 2018 [8][9] Group 4: Product Localization - Successful brands like Weidong have adapted their products to local tastes, such as offering milder flavors in Italy and incorporating local ingredients in Southeast Asia [14][15] - Compliance with local food regulations is crucial, as different countries have varying standards that can impact product availability [15] Group 5: Supply Chain Development - Companies like Qiaqia and Yanjin Puhui are shifting from merely exporting products to establishing local production facilities, enhancing their supply chain capabilities [16][17] - Qiaqia invested 500 million yuan in a sunflower seed factory in Thailand, which has become a significant asset for the brand [16][18] - As of the first half of this year, Qiaqia's overseas revenue reached 278 million yuan, accounting for 10.1% of total revenue, with a higher gross margin compared to domestic operations [18]

Core Viewpoint - Qiaqia Food Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025, indicating challenges in the snack industry due to rising raw material costs and intensified competition [1][3]. Financial Performance - Revenue for the first half of 2025 was 2.752 billion yuan, a year-on-year decrease of 5.05% [1]. - Net profit attributable to shareholders was 88.64 million yuan, down 73.68% from 337 million yuan in the same period last year [1]. - Net cash flow from operating activities decreased by 76.12% year-on-year [1]. Cost and Margin Pressure - The increase in raw material costs, particularly sunflower seeds, has significantly impacted the company's expenses [3]. - Gross margin dropped to 20.31% in the first half of 2025, a decrease of approximately 8 percentage points compared to previous years [4]. - The company's reliance on low-margin, high-volume sales is being challenged by rising costs and price sensitivity among consumers [3]. Market Dynamics - The snack industry is experiencing a shift towards bulk retail channels, which accounted for 37% of snack consumption in 2024, surpassing supermarkets and e-commerce [6]. - New entrants in the snack market, such as Mingming Hen Mang and Wancheng Group, are leveraging efficient supply chains to offer lower prices and higher profit margins, further squeezing traditional brands like Qiaqia [6]. Product and Channel Strategy - Qiaqia is attempting to diversify its product offerings and enhance its digital presence, launching new products like the Mountain Wild series and ice cream [8]. - The company aims to improve sales and gross margins through product structure optimization and increased marketing efforts, including live streaming on platforms like Douyin [4][8]. - As of June 30, 2025, Qiaqia's digital platform served approximately 560,000 terminal outlets, indicating a focus on digital transformation [8]. Future Outlook - Analysts predict that Qiaqia's revenue may see slight adjustments due to ongoing cost pressures and competitive market conditions, with a potential for improved growth in emerging channels [8]. - The company is also looking to expand into Southeast Asia and other international markets to drive future growth [8].