本报记者 徐一鸣 可以看到，三只松鼠在"制造型自有品牌零售商"定位下，以"一区一品一链"战略布局为核心驱动力，全 国协同供应链网络已然成型，正成为筑牢三只松鼠稳健发展根基的核心基建。 上述三只松鼠相关负责人表示，公司通过对全链路、全要素的整合重组，做到"链路更短、工具更先 进、组织更协同"，实现全品类、全渠道在交易全链路总成本领先的基础条件下，实现产品更高品质， 更有差异化、价格更亲民，同时叠加松鼠品牌力，让消费者重新感受到品牌新价值。 同花顺iFinD数据显示，截至8月28日记者发稿，A股已有19家休闲食品行业公司发布2025年上半年业绩 报告。其中，有12家公司归母净利润同比下滑。 三只松鼠表示，从休闲食品行业已发布的半年度报告看，大部分企业业绩表现承压。相对而言，三只松 鼠则保住了营收同比增长，利润虽受坚果原料成本上涨和外部环境影响短期波动，但在扩渠道、新品牌 孵化、供应链建设等相关动作方面稳步前进，企业内在成长潜能依旧充足。 整体来看，上海大学悉尼工商学院讲师王雨婷对《证券日报》记者表示，休闲食品行业在规模扩张的同 时，呈现出结构升级加速、竞争分化加剧的特征。头部企业能凭借品牌、渠道和研发优势巩固地位 ...

智通财经记者 | 赵晓娟 智通财经编辑 | 牙韩翔 瓜子大王洽洽食品的新品越来越剑走偏锋，今年开始卖魔芋和冷饮。 8月21日，洽洽食品(SZ:002557)发布的半年报显示，2025年上半年，公司实现营收27.5亿元，同比下降5.1%；实现归属于上市公司股东的净利润8864万元， 同比降幅达到73.7%。 单从净利润指标看，刨去今年一季度7725万元的净利润，洽洽食品在二季度的净利润水平仅达到1139元，可以说是上市以来最差一季的净利润水平。 在今年净利润下滑之前，洽洽早已意识到不能只依赖瓜子这一大单品，而是自2017年就推出坚果品类，力图将这一品类做成公司的第二增长曲线，到2024年 这一，从对营收贡献占比的变化看，以"小黄袋每日坚果"系列产品的坚果业务实现营收19.24亿元，占总收入的26.97%。 但在今年上半年，坚果类产品的营收占比下滑到了22.3%，第一大单品增长不稳、第二曲线下滑之后，从洽洽食品最近的新品推进策略看，洽洽要将魔芋、 瓜子冰淇淋冷饮等产品推上第三增长曲线的轨道。 今年7月，洽洽食品正式推出魔芋产品"魔芋公主"，洽洽食品将该产品定位为健康零食新赛道，并在新品发布会上称，魔芋产品将在国内 ...

食品饮料/休闲食品 洽洽食品（002557.SZ） 成本上涨及费用投放增加，盈利能力短期承压 2025 年 08 月 25 日 投资评级：增持（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 23.37 | | 一年最高最低(元) | 36.86/21.21 | | 总市值(亿元) | 118.22 | | 流通市值(亿元) | 117.97 | | 总股本(亿股) | 5.06 | | 流通股本(亿股) | 5.05 | | 近 3 个月换手率(%) | 86.09 | 公 司 信 息 更 新 报 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 洽洽食品 沪深300 相关研究报告 《2025Q1 收入略有下滑，成本上涨致 盈 利 承 压 — 公 司 信 息 更 新 报 告 》 -2025.4.25 《2024Q3 收入平稳微增，盈利能力同 比改善 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《Q2 增长短期承压，2024H2 业绩表 现有望逐季改善—公司信息更新 ...

【导读】2025年上半年，洽洽食品（002557）净利润同比下降73.68%，创下近10年来最糟糕的中期业绩表现 "瓜子大王"洽洽食品近年来陷入了增长困境。根据最新发布的2025年半年度报告，公司迎来了近10年来最糟糕的中期业绩表现：营收27.52亿元，同比下 降5.05%；归母净利润为8864.16万元，同比下降73.68%。 尽管在半年报中，洽洽食品将业绩大幅下滑归因为原材料成本上升、产品结构调整和渠道结构调整等，但却也暴露了其在产品创新和渠道转型等方面的深 层次问题。 伴随着业绩不振，洽洽食品股价也长期低迷。截至8月22日收盘，公司股价报23.37元/股，较2020年高点跌逾60%，总市值为118亿元。 上半年净利润"跳水" 洽洽食品于2011年上市，此后多年保持着稳健增长，并在2022年创下净利润高峰。 不过，从2023年开始，洽洽食品收入增长停滞，净利润波动变大。特别是2025年上半年，公司净利润大幅掉头向下，引发广泛关注。 "瓜子大王"怎么了？ 对于2025年上半年净利润大幅下滑，洽洽食品表示，主要是由于葵花籽和核心坚果原料成本上升。与此同时，公司主动调整产品结构、渠道结构等，加大 了新品研发和势 ...

见习记者 夏天 " 瓜子大王 " 洽 洽食 品近年来陷入了增长困境。 根据最新发布的 2025 年半年度报告，公司迎来 了 近 10 年来最糟糕的中期业绩表现 ：营收 27.52 亿元，同比下降 5.05% ；归母净利润为 8864.16 万元，同比下降 73.68% 。 （近 10 年洽洽食品中期净利润表现） 尽管在半年报中，洽洽食品将业绩大幅下滑归因为原材料成本上升、产品结构调整和渠道结构调整等，但却也暴露了其在产品创新和渠道 转型等方面的深层次问题。 伴随着业绩不振，洽洽食品股价也长期低迷。截至 8 月 22 日收盘，公司股价报 23.37 元 / 股，较 2020 年高点跌逾 60% ，总市值为 118 亿元。 【导读】 2025 年上半年，洽洽食品净利润同比下降 73.68% ，创下近 10 年来最糟糕的中期业绩表现 上半年净利润 " 跳水 " 洽洽食品 于 2011 年上市，此后多年保持着稳健增长，并在 2022 年创下净利润高峰。 不过，从 2023 年开始， 洽洽食品 收入增长停滞，净利润波动变大。特别是 2025 年上半年，公司净利润大幅掉头向下，引发广泛关 注。 在沪上一位食品饮料分析师看 ...

Group 1 - As of August 6, 2025, the stock price of Qiaqia Foods is 22.72 yuan, down 0.96% from the previous trading day [1] - The trading volume on that day was 55,200 hands, with a transaction amount of 126 million yuan [1] - Qiaqia Foods primarily engages in the research, production, and sales of nut snacks, including sunflower seeds, peanuts, and beans [1] Group 2 - Qiaqia Foods has recently established an agricultural company in Dali, which will cover food production and sales, nut planting, and smart agricultural machinery sales [1] - This agricultural company is jointly held by Qiaqia Foods and Hefei Huatai Group [1] Group 3 - On August 6, the net outflow of main funds for Qiaqia Foods was 464,900 yuan, while the cumulative net inflow of main funds over the past five days was 6.4944 million yuan [1]

Core Viewpoint - Youyou Foods, known for its spicy chicken feet, has entered the venture capital space by investing 20 million yuan in a biological manufacturing venture capital fund, marking its official entry into the investment sector [1][2]. Group 1: Investment Details - Youyou Foods' wholly-owned subsidiary, Youyou Manufacturing, will invest 20 million yuan to subscribe to shares in the Wenrun Biological Manufacturing Venture Capital Fund, which has a total scale of 482.85 million yuan, giving Youyou a stake of 4.1421% [2]. - The fund includes several limited partners (LPs) such as Guangdong Wens Foodstuff Group Co., Ltd. and Yunnan Plateau Characteristic Agriculture Equity Investment Fund, creating a resource network covering the agricultural and livestock industry chain [2]. - The investment direction of the fund focuses on biological manufacturing, agricultural technology, food engineering, and supply chain, which are highly aligned with Youyou Foods' main business [2]. Group 2: Strategic Intent - Youyou Foods stated that this investment aims to enhance the efficiency of capital use, optimize resource allocation, and leverage the research advantages of professional investment institutions to explore new sectors and enhance the company's competitive edge [2]. - This move reflects a typical path for mature consumer goods companies, where entering equity investment becomes a strategic decision driven by industry expansion or financial returns [2]. Group 3: Market Context - The venture capital industry has been facing a shortage of market funds, and Youyou Foods' investment sends a positive signal to the industry [4]. - Despite market fluctuations, many private enterprises, especially in the consumer sector, are becoming key players in equity investment funds, with a notable increase in activity among non-listed companies [5]. - Companies like Qiaqia Seeds, Zhou Hei Ya, and others have also entered the private equity field, driven by stable cash flows and clear investment intentions [6]. Group 4: Industry Trends - The venture capital market is experiencing a transformation, with increasing participation from industrial capital, indicating a new phase of evolution [7]. - The equity investment industry is undergoing significant changes, with signs of recovery in the primary market, driven by policy support and technological advancements [8][9].

Company Overview - As of July 29, 2025, the stock price of Qiaqia Food is reported at 22.40 yuan, with a decrease of 0.16 yuan, representing a decline of 0.71% from the previous trading day [1] - The trading volume on that day was 71,195 hands, with a total transaction amount of 160 million yuan [1] Business Operations - Qiaqia Food primarily engages in the research, production, and sales of nut and snack foods, including sunflower seeds and nuts [1] - The company operates within the food and beverage sector [1] - Qiaqia Food has established over 100 raw material planting bases in regions such as Xinjiang, Gansu, and Inner Mongolia, with the sunflower raw material base in Xinjiang covering an area of 300,000 acres [1] Recent Developments - The company recently held the 10th Sunflower Festival in Yili, Xinjiang, which is one of the core sourcing bases for high-quality sunflower seeds [1] - Qiaqia Food emphasizes strict selection of raw materials and continues to invest in research and development to address technical challenges in the sunflower planting process [1]

Core Viewpoint - The article discusses the recent entry of Qiaqia Food into the ice cream market with its new sunflower seed ice cream product, highlighting the challenges the company faces in promoting this product and its overall business performance decline [2][4][6]. Group 1: Product Launch and Market Entry - Qiaqia Food launched a new sunflower seed ice cream in mid to late June, featuring a combination of sunflower seeds and ice cream in three flavors: melon seed, caramel sunflower seed, and walnut sunflower seed [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, totaling around 125 yuan for an 18-pack [4][6]. - Despite the launch, the product is reportedly hard to find in mainstream fresh food channels like Hema and Dingdong Maicai, with many retailers unaware of its existence [6]. Group 2: Business Performance and Challenges - Qiaqia Food has faced significant business challenges, with both revenue and net profit declining for the first time in 2023, and a staggering 67.88% drop in net profit in Q1 2025, marking the worst performance since its listing [2][13]. - The core business of sunflower seeds, which accounts for over 60% of revenue, is nearing a growth ceiling, with revenue growth of only 2.6% in 2024 [15]. - The company has struggled with competition in the sunflower seed market, particularly from fresh-roasted brands, and has seen increasing return rates on unsold products [15]. Group 3: Diversification Attempts - The ice cream venture is part of Qiaqia's broader diversification strategy, which has included attempts to enter various snack categories since 2008, but these efforts have not significantly contributed to revenue [9][12]. - Qiaqia's diversification has faced challenges due to resource dispersion and brand dilution, with past attempts in categories like jelly and chips failing to maintain profitability [12]. - The company aims to leverage its existing resources in nuts and seeds to create differentiated products, but faces stiff competition from established brands like Nestlé and Yili [6][12].

Core Viewpoint - The article discusses the emergence of a new generation of retail chains in China, particularly focusing on the "ten thousand stores" model, which has transformed the retail landscape by emphasizing convenience, affordability, and efficiency in consumer goods distribution [4][11]. Group 1: Retail Innovations - The "ten thousand stores" model in China has seen the rise of several successful chains, including Mi Xue Bing Cheng, Wallace, and Luckin Coffee, with Mi Xue Bing Cheng leading with over 30,000 stores [4][6]. - The retail sector has shifted towards a model that combines community engagement with discount offerings, making it easier for consumers to access products [11]. Group 2: Case Studies of Successful Brands - Guoquan, which started with around 1,000 stores in 2019, has rapidly expanded to over 10,000 stores, focusing on frozen food retail, making hot pot dining more accessible and affordable for consumers [7]. - Snack brand "Zero Snacks" has also seen significant growth, surpassing 10,000 stores, and operates on a discount model that allows for lower prices while maintaining quality [8]. - Qian Dama, which specializes in fresh food with a unique discounting strategy, has grown from 200 stores and 600 million yuan in sales to over 3,000 stores and 10 billion yuan in sales [10]. Group 3: Market Dynamics - The shift in consumer behavior has led to a decline in sales for traditional snack brands like Three Squirrels, which saw a drop from 10 billion yuan to around 7 billion yuan, as consumers increasingly prefer discount stores [9]. - The article highlights the importance of adapting to consumer preferences, with many brands now focusing on creating tailored products for discount retail environments [9]. Group 4: Investment Strategy - The company emphasizes investing in essential goods and innovative business models, which are more likely to yield significant returns and create large companies [16]. - A strong business logic and competitive advantage are crucial for successful investments in the retail sector [17]. Group 5: Efficiency and Quality - The significance of commercial innovation lies in combining quality with efficiency, ensuring that consumers receive real value for their money [18][19].