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瓜子卖不动了,洽洽食品业绩规模首次被盐津铺子反超
Guan Cha Zhe Wang· 2025-08-27 10:01
业绩规模首次被盐津铺子(002847)反超,洽洽食品(002557)在休闲食品行业的领先地位开始松动。 近日,洽洽食品发布2025年上半年业绩报告,期内,洽洽食品实现营业收入27.52亿元,同比减少 5.05%,其中,葵花子实现营业收入17.72亿元,占比64.39%,同比减少4.45%;坚果类实现营业收入 6.14亿元,占比22.32%,同比减少6.98%;其他产品实现营业收入3.04亿元,占比11.05%,同比减少 13.76%。 对于营业收入的下滑,洽洽食品表示,主要是由于宏观经济形势、外部渠道的变化以及一季度春节错期 等因素的影响。 具体来看,近年来,休闲食品行业销售渠道格局发生显著变化,渠道竞争方面,折扣化、近场化趋势加 剧,大卖场、超市、便利等传统渠道客流持续下滑,而洽洽食品在以上渠道的销售占比较大,因此销售 业绩出现一定程度下降。 成本方面,公司葵花籽原料成本上升,主要由于在2024年9月下旬内蒙区域葵花籽收获期连续阴雨导致 葵花籽的霉变率提升,符合公司质量标准的原料产量减少,原料价格上升;公司巴旦木原料受供需关系 影响、腰果原料受行业周期性及天气的影响,采购价格均有所上涨,原料价格的上涨对公司 ...
洽洽食品(002557):业绩短期承压 静待盈利修复
Xin Lang Cai Jing· 2025-08-27 08:38
事件:公司发布 2025年半年度报告,25H1公司实现营收27.5亿元,同比-5.1%;归母净利润0.9亿元,同 比-73.7%。业绩下滑主要系宏观经济环境、渠道变革、春节错期等因素导致收入承压,同时葵花籽及部 分坚果原料成本高企大幅压缩毛利率,叠加公司在新兴渠道和新品研发上加大投入所致。 新兴渠道快速增长,海外市场表现亮眼。分产品看,25H1 公司葵花子、坚果类、其他产品分别实现营 收17.7 亿元(-4.5%)、6.14 亿元(-7.0%)、3.0 亿元(-13.8%)。瓜子品类中,打手瓜子、葵珍等系 列保持增长;坚果品类聚焦每日坚果与礼盒两大核心,并积极拓展风味及单品坚果,其中"全坚果"新品 上市后表现良好,销售额已突破1 亿元。公司亦推出蜂蜜黄油味鲜切薯条及魔芋等新品,构建新增长 点。分地区看,25H1 南方区、东方区、北方区、电商、海外分别实现营收8.8 亿元(+2.4%)、6.6亿元 (-24.8%)、4.2亿元(-19.8%)、4.5亿元(+24.8%)、2.8 亿元(+13.2%)。传统商超渠道客流下滑 对东、北区业绩造成一定影响,但公司积极拓展零食量贩、会员店及即时零售等新兴渠道,海外市场通 ...
国海证券晨会纪要-20250827
Guohai Securities· 2025-08-27 00:00
研究所: 证券分析师: 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 149 期 2025 年 08 月 27 日 晨会纪要 观点精粹: 最新报告摘要 营收、净利润均维持同比高增速--江苏银行/城商行Ⅱ(600919/214804) 公司点评 2025H1 海外市场拓展顺利,灵犀智能体上线有望加速 AI 收入兑现--金山办公/软件开发(688111/217104) 科 创板公司普通报告 交易承压,配置入场--债券研究周报 Q2 收入同比增速回正,盈利能力承压--洽洽食品/休闲食品(002557/213408) 公司点评 铝产量增长增厚业绩,中期分红提升至 40%--云铝股份/工业金属(000807/212403) 公司点评 卫星化学(002648)深度报告之四:高端烯烃项目加速布局,引领公司成长新征程--卫星化学/化学原料 (002648/212202) 公司 PPT 报告 会员表现优于行业,运营商重回正增长--芒果超媒/数字媒体(300413/217207) 公司点评 B 端表现亮眼,净利率同比改善--妙可蓝多/饮料乳品(6 ...
洽洽食品(002557):2025年上半年渠道结构调整、成本压力显著
Guoxin Securities· 2025-08-24 11:50
证券研究报告 | 2025年08月24日 洽洽食品公布 2025 年半年度业绩:1H25 实现营业总收入 27.5 亿元,同比 -5.0%;实现归母净利润 0.9 亿元,同比-73.7%;实现扣非归母净利润 0.4 亿元,同比-84.8%。 洽洽食品(002557.SZ) 优于大市 2025 年上半年渠道结构调整、成本压力显著 收入端:渠道结构持续调整,2Q25 收入恢复正增。1H25 收入同比-5.0%,其中 葵花子/坚果/其他品类分别同比-4.4%/-7.0%/-13.8%,主要受到春节错期因 素影响,Q1 收入同比-13.8%;Q2 单季度在去年同期较低基数之上,收入同 比+9.7%。分渠道看,在传统渠道流量持续下滑背景下,公司积极调整渠道 结构、加大力度与新兴渠道合作,1H25 经销及其他渠道收入同比-18.5%; 直营渠道(含电商)收入同比+63.0%,其中电商渠道同比+24.8%、占比提升 至 16.4%。从区域看,东方区/南方区/北方区收入同比 -24.8%/+2.4%/-19.8%,南方区有所增长主要系量贩零食渠道、山姆等新兴 渠道的增长所致。 利润端:成本压力显著,费用投放增多。1H25 毛 ...
洽洽食品(002557):半年报点评:短期较大承压,静待后续复苏
GUOTAI HAITONG SECURITIES· 2025-08-23 12:53
股票研究 /[Table_Date] 2025.08.23 短期较大承压,静待后续复苏 洽洽食品(002557) 洽洽食品(002557)半年报点评 报告副标题 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级: | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [Table_Target] 目标价格(元): | 27.45 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan@gtht.com | S0880525040039 | | | | 陈力宇(分析师) | 021-38677618 | chenliyu@gtht.com | S0880522090005 | | | | 庞瑜泽(分析师) | 021-380 ...
洽洽食品(002557):经营持续调整,高股息较优
Huachuang Securities· 2025-08-22 04:43
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% | ...
洽洽食品(002557):Q2营收环比改善,成本高位与费用拖累盈利
CMS· 2025-08-22 01:35
Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a Q2 revenue increase of 9.7% year-on-year, but a significant profit decline of 88.2% due to high raw material costs and increased expenses from structural adjustments [1][7]. - The company expects revenue and profit to improve in the second half of the year as costs normalize, projecting net profits of 510 million, 730 million, and 800 million for 2025-2027, with EPS of 1.01, 1.43, and 1.58 respectively [1][7]. Financial Performance - For H1 2025, the company achieved revenues of 2.75 billion and a net profit of 90 million, reflecting a year-on-year decline of 5.0% and 73.7% respectively [7]. - The revenue breakdown shows that sunflower seeds and nuts faced pressure, while e-commerce and overseas sales continued to grow [7]. - The gross margin for sunflower seeds and nuts was 20.9% and 14.8%, down 7.7 percentage points and 14.0 percentage points year-on-year [7]. Cost and Expense Analysis - The Q2 gross margin was 21.4%, a decrease of 3.6 percentage points year-on-year, primarily due to high raw material costs [7]. - The company’s selling, administrative, and R&D expenses increased, with selling expenses rising due to investments in new product development and channel expansion [7]. Market Position and Future Outlook - The company aims to maintain its revenue growth target for the year, with expectations of cost reductions as high-priced raw materials are used up by Q3 [7]. - The report indicates that the company is actively expanding new channels, including group purchasing and restaurant partnerships [7].
入驻山姆产品被质疑装洋品牌,盼盼回应!洽洽也有产品换名字
Nan Fang Du Shi Bao· 2025-07-16 14:37
Core Viewpoint - The controversy surrounding Sam's Club's product selection strategy has led to the removal of certain products, including those from the brand "Panpan," which faced accusations of masquerading as an international brand [1][3][15] Group 1: Product Controversy - Sam's Club has faced criticism for its product selection, particularly regarding the brand "Panpan," which was accused of using a misleading brand name [1][3] - Following customer dissatisfaction, Sam's Club quickly removed the "Panpan" products from its shelves [1] - The "Panpan" brand is registered by Panpan Food, which claims to provide high-quality products for consumers [1][13] Group 2: Brand Naming Practices - Products from Panpan sold at Sam's Club did not prominently display the brand name, leading to confusion among consumers [3][5] - Other brands, such as Chacha and Ganyuan, also employed similar strategies by using English names for their products, which were not clearly identified as their own [7][9] - Ganyuan's products had a more subtle branding approach, with the brand name less visible on the packaging [11] Group 3: Market Performance - Panpan Food reported a 50% increase in sales for its "Panpan" brand in Southeast Asia, which constitutes 80% of its export market share [15] - The company has been focusing on expanding its business in Southeast Asia, with key markets including Thailand, Myanmar, Cambodia, and the Philippines [15] - Panpan Food ranked 63rd in the 2024 list of the top 100 private enterprises in Fujian Province, with a revenue of 8.16 billion yuan [15]
洽洽食品: 洽洽食品股份有限公司公开发行可转换公司债券2025年跟踪评级报告
Zheng Quan Zhi Xing· 2025-06-23 16:43
Core Viewpoint - The credit rating agency maintains the long-term credit rating of Qiaqia Food Co., Ltd. at AA with a stable outlook, reflecting the company's strong competitive advantages in the snack food manufacturing industry and its solid financial position [1][3][4]. Company Overview - Qiaqia Food Co., Ltd. is a leading manufacturer of snack foods in China, primarily engaged in the research, production, and sales of nut and seed products [10]. - As of March 2025, the company has a registered capital of 507 million yuan and operates 35 subsidiaries [10]. Financial Performance - For the year 2024, Qiaqia achieved total revenue of 71.31 billion yuan and a profit of 10.79 billion yuan, with a significant increase in revenue from nut products [10][17]. - The company's cash assets were reported at 49.52 billion yuan as of 2024, with a debt-to-asset ratio of 43.04% [9][10]. - The EBITDA for 2024 was 13.19 billion yuan, indicating strong operational cash flow [9]. Competitive Advantages - The company maintains a strong brand reputation, stable supply chain, innovative product processes, and extensive distribution networks, which contribute to its competitive edge in the snack food sector [3][4][12]. - Qiaqia has established a robust procurement system for raw materials, ensuring quality and stability through direct partnerships with farmers and international suppliers [13][19]. Market Position and Challenges - The snack food industry is characterized by intense competition, with Qiaqia facing challenges such as fluctuating raw material prices and the need to adapt to changing consumer preferences [4][5][11]. - The company is expanding its product lines and optimizing its product structure to capture growth in emerging markets [3][4]. Future Outlook - The outlook for Qiaqia is positive, with expectations of enhanced market strength through continued expansion into lower-tier markets and the introduction of new products [4][11]. - Potential factors for rating upgrades include significant improvements in capital strength and market demand for its products [4][5].
开卖冰淇淋,洽洽食品欲破增长瓶颈
Bei Jing Shang Bao· 2025-06-19 12:22
Core Viewpoint - Qiaqia Food has launched a new ice cream product combining sunflower seeds and ice cream, aiming to attract younger consumers and enhance brand visibility amid declining performance in its core business [1][3]. Group 1: Product Launch and Strategy - Qiaqia Food has introduced a new ice cream product featuring sunflower seeds, available in three flavors: vanilla, pecan, and caramel [1]. - The company is diversifying its product offerings beyond its core sunflower seed business, which has reached saturation, by exploring new categories such as ice cream and konjac products [3]. - The introduction of niche flavors in the past, such as wasabi, durian, and snail powder, indicates a strategy to capture market attention and appeal to younger demographics [3]. Group 2: Financial Performance - Qiaqia Food's revenue growth rates from 2021 to 2024 are 13.15%, 15.01%, -1.13%, and 4.79%, while net profit growth rates are 15.35%, 5.12%, -17.77%, and 5.82% respectively [3]. - In Q1 2025, the company experienced a significant decline in performance, with revenue down 13.76% and net profit down 67.88% year-on-year [3]. - The decline in profitability is attributed to rising costs of sunflower seeds and certain nut raw materials, as well as changes in product and channel structures [3][4]. Group 3: Market Position and Challenges - The saturated sunflower seed market has prompted Qiaqia Food to frequently launch new products and explore cross-category expansions to maintain brand relevance [3][4]. - Analysts suggest that while the ice cream venture aims to attract younger consumers, the effectiveness of this strategy in generating sustainable growth remains uncertain [4]. - The company's past price increases on core sunflower seed products have not led to sustained growth, as evidenced by a 5.36% decline in revenue from sunflower seed products in 2023 [4].