MARKET ANALYSIS 坚果零食 行业简析报告 2026 商业合作/内容转载/更多报告 版权归属上海嘉世营销咨询有限公司 报告摘要 Report Summary 中国坚果零食市场已正式进入稳健增长的新周期，2024年市场规模突破3,000亿元大关 。尽管增速较早期高位有所回落，但行业正经历从"规模驱动"向"效率驱动" 的结构性转型 。在后疫情时代，国民健康意识的深化促使坚果从节庆礼品转型为高频次的"日常健康补给"，而直播电商的爆发与零食量贩店的快速渗透，则进一 步拓宽了产品的触达边界 。 产业链端正通过结构化重塑实现价值跃迁。随着食品安全标准体系从成品管控转向全链条闭环，行业准入门槛显著提高，加速了市场出清与集中度提升 。同时，在 RCEP关税红利与国产扶持政策的双重驱动下，新疆核桃、云南澳洲坚果等国产供应链加速成熟，不仅有效平抑了进口原料的价格波动风险，更为品牌端向下沉市场 渗透提供了高性价比的空间 。 品牌竞争已由单一的"流量博弈"转向全渠道融合与产品功能化的深度博弈 。消费人群呈现出明显的代际差异，从追求社交属性的Z世代到关注健康养生的银发族， 需求日益细分 。未来，产品创新将聚焦于"轻量化"包 ...

Core Insights - The article highlights the vitality and potential of Shaanxi agricultural products in the international market, showcasing successful examples of exports such as buckwheat, carrots, wild vegetables, and walnuts. Group 1: Quality Control - The competition in the international market is fundamentally about standards and stable delivery capabilities, emphasizing the importance of full-process control from production to distribution [1] - Companies like Dingbian and Ningqiang focus on quality sourcing and strict control of key indicators to enhance product quality stability [1] Group 2: Value Addition - The export of primary products has low added value and weak risk resistance, making deep processing crucial for increasing profitability [1] - Companies like Luonan are transforming walnuts into various products, significantly enhancing profit margins [1] Group 3: Logistics and Infrastructure - For inland provinces, logistics efficiency and service systems are vital for agricultural exports, with Luonan integrating resources to achieve regular exports via the China-Europe Railway Express [2] - There is a need to enhance cross-border logistics networks and address infrastructure gaps in cold chain storage and packaging [2] Group 4: Brand Development - The international market values brands and reputation, necessitating the strengthening of brand recognition and premium capabilities for geographical indication products [2] - Companies are encouraged to tell the ecological and cultural stories of Shaanxi agricultural products to avoid low-price competition and access mid-to-high-end markets [2] Group 5: Strategic Transition - Shaanxi agricultural exports are transitioning from resource-driven to innovation-driven models, focusing on chain-based exports rather than single product breakthroughs [2] - Emphasizing a full-chain approach with quality, processing, logistics, and branding as core elements is essential for replicating successful experiences and promoting industry collaboration [2]

Core Points - The "Zhejiang-Batang" Hangzhou Week series of activities successfully facilitated cultural exchange and economic cooperation between Hangzhou and Batang County, Sichuan, showcasing local arts and products [1][2][4] - The event featured over 10 performances of traditional Tibetan opera and Xianzi, attracting more than 10,000 viewers both online and offline, highlighting the rich cultural heritage of Batang [2][3] - The activities included a market for local agricultural products, generating sales of nearly 50,000 yuan and engaging over 50,000 participants, indicating a strong consumer interest in highland products [6][8] Cultural Exchange - The event emphasized the importance of cultural integration, with Hangzhou responding with local elements such as non-heritage master interactions and performances, enhancing mutual appreciation [3][4] - Batang artists showcased their unique cultural heritage through performances at various iconic locations in Hangzhou, creating a vibrant cultural dialogue [2][3] Economic Cooperation - The event served as a platform for Batang enterprises to connect with Hangzhou businesses, addressing challenges such as market recognition and logistics costs, and fostering a collaborative environment for product promotion [8][9] - A production and sales docking meeting was held, where Batang enterprises shared their stories and sought support from Hangzhou companies to enhance product standards and market adaptability [8][9] Future Development - The collaboration aims to establish a sustainable model for cultural and economic exchange, with plans for ongoing partnerships in talent cultivation and cultural transmission [5][10] - The initiative is seen as a new opportunity for mutual growth, with both regions looking to leverage their strengths for long-term benefits [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is under pressure due to high raw material costs, but there is a trend of marginal improvement [6] - The company has shown a notable performance in new sales channels, particularly in membership and bulk stores, contributing to revenue growth despite overall revenue decline [6] - The company is a leading player in the leisure snack industry in China, with significant market share in the seed industry and growth potential in the nut segment [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 45.01 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of 1.68 billion yuan, down 73.17% year-on-year [4] - In Q3 2025, the company reported revenue of 17.49 billion yuan, a decline of 5.91% year-on-year, and a net profit of 0.79 billion yuan, down 72.58% year-on-year [4] - The gross profit margin for Q3 2025 was 24.52%, a decrease of 8.59 percentage points year-on-year, primarily due to high prices of sunflower seeds and nuts [6] Revenue and Profit Forecast - The revenue projections for 2025-2027 are 68.50 billion yuan, 73.43 billion yuan, and 77.75 billion yuan, with year-on-year growth rates of -4%, +7%, and +6% respectively [6] - The net profit forecasts for the same period are 3.20 billion yuan, 6.98 billion yuan, and 8.17 billion yuan, with year-on-year growth rates of -62%, +118%, and +17% respectively [6] - The earnings per share (EPS) estimates are 0.63 yuan, 1.38 yuan, and 1.61 yuan for 2025, 2026, and 2027 respectively [6]

Core Viewpoint - The company is experiencing significant growth in its snack wholesale and membership store channels, with a notable increase in sales and new product launches tailored for these markets [1][2]. Group 1: Channel Expansion - The snack wholesale channel's sales exceeded 90 million yuan in September, indicating rapid growth [1]. - The company has launched new products, such as amber walnut kernels, in collaboration with Sam's Club, and plans to introduce more products in the future [1]. - Collaborations with Hema have led to the creation of customized products, including walnut milk and flavored nuts, contributing to strong sales growth in the third quarter [1]. Group 2: E-commerce and Profitability - The gross margin for the e-commerce channel has improved in the first three quarters, although it remains low due to raw material costs [2]. - The e-commerce channel is viewed as a critical platform for brand promotion, new product incubation, and consumer interaction [2]. - The company aims to enhance sales and operational quality by optimizing product structure, launching new products, increasing Douyin live streaming, and strengthening content marketing [2]. Group 3: International Market Development - The company has seen growth in its overseas market, primarily through sunflower seed products, with plans to promote nuts, crispy potato chips, and konjac snacks [2]. - In mature markets like Southeast Asia, the focus is on expanding product categories, while in potential markets like the Middle East, the company will collaborate with partners for growth [2]. Group 4: Product Performance - The company reports strong growth in its whole nut products and peanuts, with potential in cilantro-flavored melon seeds and ongoing development of fresh-cut potato strips and konjac products [2]. - The company is also preparing new ice cream products and expanding distribution channels [2]. - A partnership model is being employed to empower partners for independent operation and decision-making, enhancing market competitiveness [2].

Core Viewpoint - The establishment of the "Zheyang Batang" special agricultural products pavilion in Hangzhou marks a significant step in promoting the unique flavors of Batang County, Sichuan, to a broader market, overcoming geographical and logistical challenges [2][3] Group 1: Product and Market Development - The "Zheyang Batang" brand showcases high-quality plateau specialties such as barley, yak meat, chili peppers, and walnuts, which are cultivated in Batang's unique climate [2] - The collaboration between Batang County government and Zhejiang enterprises has led to the creation of a supply chain for specialty agricultural and pastoral products [3] - The pavilion aims to provide a direct sales channel to the Hangzhou market, enhancing the visibility and accessibility of Batang's products [3] Group 2: Collaborative Model - The initiative employs an innovative model of "government guidance + state-owned enterprise support + media empowerment + university innovation" to drive consumption assistance [3] - Hangzhou Daily Newspaper Group utilizes its multimedia platform to highlight Batang's cultural heritage and ecological value [3] - Zhejiang University of Science and Technology's design team integrates Batang's cultural elements into the store design, creating an appealing atmosphere that combines Tibetan style with modern aesthetics [3] Group 3: Future Plans and Strategies - Future strategies include exploring innovative models such as "online live streaming + offline experiences" and "cultural tourism integration + agricultural product exhibitions" to enhance brand influence and market competitiveness [3] - The goal is to increase awareness and engagement with Batang's products among consumers in Zhejiang and across the nation [3]