记者丨陶力 实习生蒋雨彤 编辑丨张伟贤 在零食行业普遍寻求高增长的当下，一代人记忆中的"瓜子大王"洽洽食品却交出了一份极为刺眼的半年 报。 另一方面，还受到一些产品加量不加价等营销活动以及企业主动加大了新品研发和势能渠道的费用投 入，使得毛利率下降。 对于依赖规模效应取胜的洽洽而言，成本端的压力难以通过提价来得到改善。毕竟瓜子作为高频刚需零 食，消费者价格敏感度极高，一旦涨价，被替代的可能就大大增加。于是，成本上升与售价刚性之间的 矛盾，压缩了洽洽的利润空间。 随着互联网的不断发展，电商市场规模持续扩大，但是高昂的流量成本令休闲零食赛道面临渠道重塑。 洽洽食品财报数据显示，2022年至2024年，公司毛利率分别为31.96%、26.75%、28.78%，而2025年上 半年毛利率骤降至20.31%，同比减少约8个百分点。 从渠道来看，公司电商渠道实现收入4.51亿元，同比增长24.79%，但占营收比重仅为16.38%。对此，该 公司在投资者问答中回应称，电商毛利率较低主要是由于受原料成本的影响，公司将通过优化产品结 构、定制专供款、推出首发新品、增加抖音直播、加强内容营销等提高销售额和经营质量，提升毛利 率。 ...

记者丨 陶力 实习生蒋雨彤 编辑丨张伟贤 在零食行业普遍寻求高增长的当下，一代人记忆中的"瓜子大王"洽洽食品却交出了一份极为刺 眼的半年报。 日前，洽洽食品股份有限公司发布了2025年半年度报告，当期内营收27.52亿元，同比下滑 5.05%； 归母净利润8864万元，同比骤降73.68% ，远低于上年同期的3.37亿元。同时，经营 活动产生的现金流量净额同比减少76.12%。 作为休闲零食的代表性品类，曾经家喻户晓的洽洽瓜子，正遭遇原材料成本攀升与行业竞争加 剧、消费分流的双重夹击。从机构关注度来看，近六个月，累计有26家机构发布了洽洽食品的 研究报告，预测2025年净利润最高为8.89亿元，最低为2.86亿元，均值为6.40亿元，较去年同 比下降24.61%。 但是，实现上述盈利目标并不容易。21世纪经济报道记者在其官网获取的一份投资者问答显 示，洽洽食品披露，公司上半年的成本主要受葵花籽原料价格上涨影响较大，目前新采购季的 采购量较小，公司会实时关注葵花籽收获情况以及天气情况等，根据综合情况做出判断；目前 坚果原料价格总体比较稳定。 "瓜子大王"为何失速 洽洽食品公司主要以生产坚果炒货类休闲食品为主，其 ...

21世纪经济报道记者 陶力 实习生蒋雨彤 从渠道来看，公司电商渠道实现收入4.51亿元，同比增长24.79%，但占营收比重仅为16.38%。对此，该 公司在投资者问答中回应称，电商毛利率较低主要是由于受原料成本的影响，公司将通过优化产品结 构、定制专供款、推出首发新品、增加抖音直播、加强内容营销等提高销售额和经营质量，提升毛利 率。 在零食行业普遍寻求高增长的当下，一代人记忆中的"瓜子大王"洽洽食品却交出了一份极为刺眼的半年 报。 日前，洽洽食品股份有限公司发布了2025年半年度报告，当期内营收27.52亿元，同比下滑5.05%；归母 净利润8864万元，同比骤降73.68%，远低于上年同期的3.37亿元。同时，经营活动产生的现金流量净额 同比减少76.12%。 作为休闲零食的代表性品类，曾经家喻户晓的洽洽瓜子，正遭遇原材料成本攀升与行业竞争加剧、消费 分流的双重夹击。从机构关注度来看，近六个月，累计有26家机构发布了洽洽食品的研究报告，预测 2025年净利润最高为8.89亿元，最低为2.86亿元，均值为6.40亿元，较去年同比下降24.61%。 但是，实现上述盈利目标并不容易。21世纪经济报道记者在其官网获 ...

被誉为"中国炒货第一股"的"瓜子大王"洽洽食品最近日子不太好过。 8月21日晚，洽洽食品股份有限公司（以下简称"洽洽食品"）披露半年报。报告期内，公司业绩显著承压，营收与净利润同比双降，其中 净利润跌幅超七成，创近年来同期最大降幅。 01 净利下滑近74% 据半年报显示，上半年，洽洽食品实现营收27.52亿元，同比下滑5.05%；归母净利润8864万元，远低于上年同期的3.37亿元，同比下滑 73.68%；经营活动产生的现金流量净额为1.64亿元，同比减少76.12%；公司毛利率从上年同期的28.41%骤降至20.31%，净利率从11.62% 降至3.24%，下滑均超过8个百分点，盈利能力显著弱化。 归属于上市公司股东的扣除非经常性损益的净利润4309万元，同比下降84.77%。公司计划不派发现金红利，不送红股，不以公积金转增 股本。 考虑到成本压力，东吴证券下调了对洽洽食品的盈利预测：预计2025—2027年公司归母净利润分别为6亿、10.5亿、11.2亿元，此前分别 为7.6亿、10.9亿、11.6亿元。 时间再拉长一点，自2020年9月以来，公司已经连跌了5年，现在股价不及巅峰时期的三分之一。 02 罪 ...

被誉为"中国炒货第一股"的"瓜子大王"洽洽食品最近日子不太好过。 8月21日晚 ， 洽洽食品股份有限公司（以下简称"洽洽食品" ） 披露半年报。报告期内，公司业绩显著承压，营收与净利润同比双降，其中净利润跌 幅超七成，创近年来同期最大降幅。 01 净利下滑近74% 据半年报显示，上半年，洽洽食品实现营收27.52亿元，同比下滑5.05%；归母净利润8864万元，远低于上年同期的3.37亿元，同比下滑73.68%； 经营活动产生的现金流量净额为1.64亿元，同比减少76.12%；公司毛利率从上年同期的28.41%骤降至20.31%，净利率从11.62%降至3.24%，下 滑均超过8个百分点，盈利能力显著弱化。 归属于上市公司股东的扣除非经常性损益的净利润4309万元，同比下降84.77%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 考虑到成本压力，东吴证券下调了对洽洽食品的盈利预测：预计2025—2027年公司归母净利润分别为6亿、10.5亿、11.2亿元，此前分别为7.6亿、 10.9亿、11.6亿元。 时间再拉长一点，自2020年9月以来，公司已经连跌了5年，现在股价不及巅峰时期的三分之一。 0 ...

洽洽食品市值118.22亿元 原料成本上升、新品研发等因素影响利润 自2020年9月以来，公司已连跌了5年，现在股价不及巅峰时期的三分之一。据半年报显示，上半年，洽洽食品实现营收27.52亿元，同比下滑5.05%；归母 净利润8864万元，远低于上年同期的3.37亿元，同比下滑73.68%；经营活动产生的现金流量净额为1.64亿元，同比减少76.12%；公司毛利率从上年同期的 28.41%骤降至20.31%，净利率从11.62%降至3.24%，下滑均超过8个百分点，盈利能力显著弱化。 8月21日晚，洽洽食品（002557）股份有限公司(下称"洽洽食品")披露半年报。报告期内，公司营收与净利润同比双降，其中净利润跌幅超七成，创近年 来同期最大降幅。显然，被誉为"中国炒货第一股"的"瓜子大王"洽洽食品最近日子不太好过。 | 23.37 -0.20 -0.85% | | | | | | | --- | --- | --- | --- | --- | --- | | 行业 | 食品饮料 -0.24% > | | | | | | 23.48 今开 | 最高 | 23.50 | 成交额 | | 1.85亿 | | 昨收 ...

被誉为"中国炒货第一股"的"瓜子大王"洽洽食品最近日子不太好过。 8月21日晚，洽洽食品股份有限公司（以下简称"洽洽食品"）披露半年报。报告期内，公司业绩显著承压，营收与净利润同比双降，其中净利润跌幅超七 成，创近年来同期最大降幅。 净利下滑近74% 据半年报显示，上半年，洽洽食品实现营收27.52亿元，同比下滑5.05%；归母净利润8864万元，远低于上年同期的3.37亿元，同比下滑73.68%；经营活动 产生的现金流量净额为1.64亿元，同比减少76.12%；公司毛利率从上年同期的28.41%骤降至20.31%，净利率从11.62%降至3.24%，下滑均超过8个百分 点，盈利能力显著弱化。 归属于上市公司股东的扣除非经常性损益的净利润4309万元，同比下降84.77%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 考虑到成本压力，东吴证券下调了对洽洽食品的盈利预测：预计2025—2027年公司归母净利润分别为6亿、10.5亿、11.2亿元，此前分别为7.6亿、10.9亿、 11.6亿元。 时间再拉长一点，自2020年9月以来，公司已经连跌了5年，现在股价不及巅峰时期的三分之一。 罪魁祸首：天气与 ...

Core Viewpoint - The article discusses the significant decline in the performance of Chacha Food, once a leading brand in the sunflower seed market, highlighting its struggles with sales growth, pricing strategies, and competition from emerging brands [3][7][30]. Financial Performance - Chacha Food's net profit for the first half of 2025 is projected to drop by 79.85% to 85.86%, amounting to only 40 million to 57 million yuan, marking the worst performance since its listing in 2011 [3][5]. - The company's revenue for the first quarter of 2025 was approximately 1.57 billion yuan, a decrease of 13.76% compared to the previous year, with a net profit decline of 67.88% [15][16]. - The basic earnings per share are expected to be between 0.158 yuan and 0.192 yuan, down from 0.663 yuan in the same period last year [5][15]. Market Position and Strategy - Chacha Food, originally known for its "water-boiled sunflower seeds," is facing challenges in maintaining its market position due to a lack of innovation and failure to adapt to changing consumer preferences [7][10]. - The company attempted to rebrand itself as "chacheer" to appeal to younger consumers but has struggled to retain market share against competitors like Three Squirrels and Yan Jin Pu Zi, which have adopted more flexible pricing and marketing strategies [7][25][30]. - Despite efforts to expand into international markets and offer high dividends to shareholders, these strategies have not significantly improved the company's financial situation [20][21]. Competitive Landscape - Competitors such as Three Squirrels and Yan Jin Pu Zi have successfully captured market share by focusing on affordability and innovative product offerings, leading to substantial revenue growth [25][28]. - Three Squirrels reported a revenue increase of 49.3% in 2024, while Yan Jin Pu Zi achieved a 25.69% growth in the first quarter of 2025, showcasing the effectiveness of their strategies [26][28]. - The article emphasizes that Chacha Food's traditional marketing methods and product pricing are becoming outdated in a rapidly evolving market [30][31]. Brand Perception and Future Outlook - Chacha Food's brand recognition as the "king of sunflower seeds" is at risk due to its inability to connect with the new generation of consumers who prioritize value and novelty over brand loyalty [30][31]. - The company must adapt to the changing market dynamics and consumer interests to avoid being overshadowed by more agile competitors [31].

Group 1: Economic Indicators - The U.S. June CPI rose by 2.7% year-on-year, the highest since February, slightly exceeding expectations of 2.6% and up from 2.4% in the previous month [1] - Core CPI for June increased by 2.9% year-on-year, meeting expectations but slightly higher than the previous value of 2.8% [1] - The probability of a 25 basis point rate cut by the Federal Reserve in September is estimated at 62%, with expectations of nearly two cuts by the end of the year [1] Group 2: Smartphone Market in China - In Q2 2025, China's smartphone market shipments declined by 4% year-on-year, ending six consecutive quarters of growth, with total shipments at 69 million units [3] - Huawei regained the top position with 12.5 million units shipped, holding an 18.1% market share, while other major brands like Vivo, OPPO, and Apple saw declines in shipments [3][4] - The decline in shipments is attributed to cautious market sentiment and the end of government subsidies, leading manufacturers to reduce inventory pressure [4] Group 3: Local Asset Management Companies - The Financial Regulatory Bureau released new regulations for local asset management companies (AMCs) to clarify business scope and improve risk management [5][6] - The regulations aim to prevent AMCs from engaging in activities that could increase financial risks, such as facilitating new hidden debts [7] - The focus is on ensuring AMCs serve local economies effectively while adhering to defined operational boundaries [6][7] Group 4: Geely's Acquisition of Zeekr - Geely announced the acquisition of all remaining shares of Zeekr, with a total cash consideration of approximately $2.399 billion [8] - Zeekr is projected to achieve revenues of 75.913 billion yuan in 2024, a 46.9% increase year-on-year, while its net loss is expected to narrow by 29.9% [8] - The acquisition is part of Geely's strategy to consolidate its electric vehicle brands and reduce internal competition [9] Group 5: Apple’s Foldable iPhone Development - Apple has decided to use Samsung's display technology for its first foldable iPhone, moving away from in-house development due to slow progress [10][11] - The foldable iPhone is expected to enter production by late 2025, with Samsung providing the core display components [10] - This shift reflects Apple's cautious approach to emerging technologies and the need to maintain its competitive edge in the market [11] Group 6: Sam's Club Brand Strategy - Sam's Club has introduced mainstream brands like Haoliyou and Weilong, causing dissatisfaction among members who expect unique product offerings [12][13] - The expansion of Sam's Club is projected to increase the number of stores significantly, with sales exceeding 5 billion USD in some locations [13] - Consumer reactions indicate that even with branding adjustments, acceptance of mainstream products may take time, challenging Sam's Club's brand positioning [14] Group 7: A-Share Market Trends - As of June 2025, the total number of A-share investors surpassed 240 million, with a significant increase in individual investors [15] - The market is transitioning towards a more mature structure, with a decline in individual investor holdings and an increase in institutional participation [16] - Recent market activity shows a lack of clear trends, with various sectors experiencing mixed performance amid ongoing adjustments [17][18]

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].