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 ...

国海证券研报指出，洽洽食品2025H1归母净利润0.89亿元，同比-73.68%；公司2025Q2归母净利润0.11 亿元，同比-88.17%；扣非归母净利润-0.15亿元，同比由盈转亏。短期经营承压，期待后续收入和利润 修复。展望后续，利润端，原料价格提升为短期因素，随着原料价格回落，毛利率有望修复，盈利能力 回升。收入端，我们认为公司将持续受益于重点品类的差异化上新，打手瓜子/葵珍/茶衣瓜子延续增 长，并加快山野系列瓜子、瓜子仁冰淇淋、全/白/风味坚果及蜂蜜黄油味鲜切薯条、魔芋等新品落地， 推动产品结构优化；渠道端，公司将深化渠道精耕，加大量贩零食店、会员店、即时零售与O2O投入， 线上以新品孵化与内容营销提升渗透率，海外聚焦东南亚并拓展北美/日本等主流渠道，扩大终端覆 盖。公司是我国休闲零食的领军企业，在瓜子行业已经有很高的市占率，坚果第二增长曲线仍有较高成 长性，并积极拓展其他品类。维持"增持"评级。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.752 billion yuan, down 5.05% year-on-year, and net profit at 89 million yuan, down 73.68% year-on-year [1]. - The company is focusing on new product performance and optimizing channel layouts to address the challenges faced in the current market environment [2][3]. - Despite short-term profit pressures, the company aims for long-term growth through innovation and product upgrades, with expectations for improved performance in the coming years [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.752 billion yuan, a decrease of 5.05% year-on-year, and a net profit of 89 million yuan, down 73.68% year-on-year [1]. - The second quarter of 2025 saw revenue of 1.181 billion yuan, an increase of 9.69% year-on-year, but net profit dropped to 11 million yuan, down 88.17% year-on-year [1]. - The gross margin for H1 2025 was 20.31%, a decline of 8.1 percentage points year-on-year, primarily due to rising raw material costs [3]. Product and Channel Analysis - Revenue from sunflower seeds, nuts, and other products in H1 2025 was 1.772 billion yuan, 614 million yuan, and 304 million yuan respectively, with declines of 4.45%, 6.98%, and 13.76% year-on-year [2]. - The company is enhancing its direct sales channels, which saw a 63.01% increase in revenue, while distributor channels experienced an 18.49% decline [2]. - New product launches include various snack items, which are expected to contribute to future revenue growth [3]. Future Outlook - The company forecasts net profits of 400 million yuan, 540 million yuan, and 670 million yuan for 2025, 2026, and 2027 respectively, with a significant expected recovery in 2026 and 2027 [4][5]. - The current stock price corresponds to a P/E ratio of 29 for 2025, which is projected to decrease to 18 by 2027, indicating potential value for investors [4][5].

本报记者 梁傲男 食品饮料行业作为大消费产业的重要组成部分，依托其满足基本生活需求的刚需属性与独特的商业模式，不仅在经济运行 中发挥着关键作用，更被广泛视为抵御经济周期波动能力较强的行业。 今年上半年，在一系列促消费扩内需政策带动下，国内消费市场发展态势向好。国家统计局数据显示，2025年上半年，我 国社会消费品零售总额24.55万亿元，同比增长5.0%。其中，餐饮收入2.75万亿元，同比增长4.3%。 Wind数据显示，截至8月24日，A股231家食品饮料行业上市公司中已有82家披露2025年上半年业绩。综合来看，上述公司 合计实现营业收入5508.42亿元，同比增长7.12%；实现归属于上市公司股东的净利润821.28亿元，同比增长15.30%，行业整体 呈现收入与利润稳健增长的良好态势。 以创新推动发展 太平洋证券研报显示，从财报数据来看，零食、饮料龙头新品表现持续亮眼。零食量贩、山姆等新渠道渗透率的快速提 升，为板块企业带来新品放量机会，品类创新相应迅速的大单品公司有望率先抓住新渠道风口。 在竞争日趋激烈的背景下，传统食品饮料企业正通过自我革新寻找突破。广东省食品安全保障促进会副会长朱丹蓬表 示："食 ...

经济导报记者 杨佳琪 曾经靠一包红袋瓜子成为"瓜子大王"的洽洽食品（002557.SZ），如今正面临增长困境。最新公布的半年报显示，公司归母净利润同比大幅下滑73.68%， 创下自上市以来的最大中期净利润跌幅。 经济导报记者注意到，洽洽食品利润大幅下滑的背后，存在原料成本上涨、毛利率骤降、渠道结构调整等问题。与此同时，洽洽食品今年推出瓜子仁冰 激凌、魔芋产品，试图拓宽多元化布局的边界，以寻找新增长点。 归母净利润下滑超七成 半年报显示，今年上半年，洽洽食品实现营收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%；扣非后归母净利润4309万元， 同比下降84.77%。 实际上，这种下滑态势自2024年第四季度就已显现，当季公司归母净利润2.23亿元，同比下滑24.79%。进入2025年，公司仍延续下滑态势，一季度归母 净利润7724.78万元，同比下跌67.88%。 其中，作为洽洽食品的支柱业务板块，葵花子业务已显露增长疲态。今年上半年，葵花子业务营收17.72亿元，同比下降4.45%，占总收入的64.39%。尽 管洽洽食品曾推出臭味系列、茶系列等十余款创新口味，但未能在 ...

事件：公司发布2025 年半年度报告，25H1 实现营收27.52 亿元，同比-5.05%，实现归母净利0.89 亿 元，同比-73.68%，实现扣非归母净利0.43亿元，同比-84.77%。25Q2 实现营业收入11.81 亿元，同比增 长9.69%，实现归母净利0.11 亿元，同比-88.17%，实现扣非归母净利-0.15 亿元，同比-124.39%。 风险提示：渠道拓展不及预期，食品安全问题，品牌建设不及预期等 净利率同比下滑。25Q2 归母净利率为0.96%，同比-7.98pct，扣非归母净利率为-1.27%，同比-6.98pct。 持续推新拓展品类矩阵，优化渠道服务提升效率。产品方面25 年公司加速推新，瓜子方面推出山野系 列瓜子、瓜子仁冰淇淋等新品；坚果品类推出全坚果、白坚果、风味坚果等系列产品；休闲食品推出蜂 蜜黄油味鲜切薯条以及魔芋等。全渠道覆盖，积极发力弱势市场，占比较大的传统渠道全面开展渠道精 耕战略，不断提升终端门店的运营效率，截止25H1 数字化终端网点数量约56 万家（24 年底为49 万 家），新渠道如会员店系统持续上新，积极拥抱零食量贩、即时零售等新兴渠道，此外积极拓展海外市 场 ...

休闲食品 2024-10-27 2、《洽洽食品（002557.SZ）2024 投放加大》2024-08-30 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 505.86 | | 流通股本(百万股) | 504.77 | | 市价(元) | 23.57 | | 市值(百万元) | 11,923.00 | | 流通市值(百万元) | 11,897.51 | 洽洽食品（002557.SZ） 证券研究报告/公司点评报告 2025 年 08 月 22 日 破局革新，盈利短期承压 ——洽洽食品 2025 年半年报点评 收入端：受春节错期、渠道变化影响收入小幅下滑，电商及海外增势良好。25H1， 公司葵花子/坚果类/其他产品收入分别同比-4.45%/-6.98%/-13.76%至 17.72/6.14/3.04 亿元。25H1，公司经销和其他/直营渠道收入分别同比 -18.49%/+63.01%至 19.73/7.80 亿元。25H1，东方/南方/北方/电商/海外地区收入分 别同比-24.76%/+2 ...

公司研究 证 券 研 究 报 告 洽洽食品（002557）2025 年中报点评 强推（维持） 经营持续调整，高股息较优 目标价：28.5 元 事项： 公司发布 2025 年中报。25 年 H1 实现营收 27.52 亿元，同比-5.05%；归母净 利润 0.89 亿元，同比-73.68%；扣非归母净利润 0.43 亿元，同比-84.77%。单 Q2 实现营收 11.81 亿元，同比+9.69%；归母净利润 0.11 亿元，同比-88.17%； 扣非归母净利-0.15 亿元，同比-124.39%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,131 | 7,212 | 7,597 | 7,988 | | 同比增速(%) | 4.8% | 1.1% | 5.3% | 5.2% | | 归母净利润(百万) | 849 | 577 | 816 | 937 | | 同比增速(%) | 5.8% | -32.1% | 41.7% | ...

Core Viewpoint - Company is at a critical juncture of short-term profit pressure and long-term structural adjustment, with a significant expected decline in net profit for the first half of 2025 due to rising raw material costs [1] Group 1: Financial Performance - The company forecasts a net profit of 80-97.5 million yuan for the first half of 2025, representing a year-on-year decline of approximately 71-76% [1] - In Q1 2025, revenue decreased by 13.7% year-on-year, indicating a slowdown in the sales of main product categories and ongoing inventory destocking [1] - The company has revised its earnings per share (EPS) forecasts for 2025-2027 to 1.25, 1.42, and 1.67 yuan, down from previous estimates of 2.42 and 2.75 yuan for 2025 and 2026 respectively [2] Group 2: Strategic Initiatives - The company is actively compressing profit release pace while optimizing structure to create space for future growth recovery, ensuring brand maintenance and terminal investment [1] - The company has accelerated product innovation, launching five new products on July 29, including various healthy snack options, which aim to enhance connection with younger consumers and non-traditional consumption occasions [1] - The company has established a systematic raw material assurance mechanism, with nearly one million acres of sunflower planting bases across regions like Xinjiang and Inner Mongolia, utilizing an order agriculture model to enhance quality stability [2] Group 3: Market Outlook - Despite short-term cost pressures, the company's long-term investments in upstream raw materials are expected to gradually build resilience against cost fluctuations, supporting the profitability of core product categories [2] - The company continues to refine its channel strategies and sees potential in overseas markets for medium to long-term growth [2] - The target price for the company is set at 26.25 yuan, based on a 21 times price-to-earnings ratio for 2025, maintaining a "buy" rating [2]

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].