Core Viewpoint - Q1 2024 financial results for Qiaqia Foods show a significant decline in net profit, raising concerns about the company's growth trajectory and market position [3][5][6]. Financial Performance - In 2023, Qiaqia Foods reported a revenue of 7.13 billion yuan, a year-on-year increase of 4.8%, and a net profit of 850 million yuan, up 5.8% [3][5]. - For Q1 2024, the company experienced a revenue drop to 1.57 billion yuan, a decrease of 13.8%, and a net profit of 77.24 million yuan, down 67.9% year-on-year [3][5]. Market Position and Challenges - Qiaqia Foods, established in 2001, has been a leading player in the snack food industry, particularly known for its sunflower seeds [4]. - The company is facing challenges due to a shift in consumer preferences and increased competition from brands like Three Squirrels and Good Products [7][8]. Product Performance - Sunflower seed products remain the largest revenue contributor, generating 4.38 billion yuan, accounting for 61.45% of total revenue, but growth is slowing [7]. - The nut product line has grown from 247 million yuan in 2017 to 1.75 billion yuan in 2023, but growth rates have declined significantly [8]. Strategic Initiatives - Qiaqia Foods has announced a cash dividend plan of 4.97 billion yuan and has repurchased shares worth 172 million yuan to support its stock price [9][10]. - The company is also focusing on expanding its overseas market, achieving 569 million yuan in revenue from international sales, a 10.28% increase [10].