Core Viewpoint - The leisure food industry is experiencing new growth momentum driven by globalization, with companies like Qiaqia Food leveraging digital channels and international markets to enhance their market position [1][4]. Group 1: Financial Performance - In the first half of 2025, Qiaqia Food reported revenue of 2.752 billion yuan, with net profit attributable to shareholders at 88.642 million yuan and net profit excluding non-recurring items at 43.09 million yuan [1][2]. - In Q2, revenue grew by 9.69% year-on-year to 1.181 billion yuan, indicating a stable market position [1]. - The sunflower seed product line generated 1.772 billion yuan, accounting for 64.39% of total revenue, while nut products contributed 614 million yuan, representing 22.32% of total revenue [2]. Group 2: Market Trends and Consumer Behavior - The rise of the "Z generation" consumer group is shifting demand towards personalized, customized, and diverse snack options, emphasizing the need for innovation and supply chain efficiency [1][2]. - There is a growing consumer focus on health and nutrition, leading to a transformation in the leisure food industry, with a notable increase in R&D investment [2][5]. Group 3: Channel Strategy - Qiaqia Food is accelerating its transformation towards an omnichannel strategy, with its digital platform serving approximately 560,000 terminal outlets, a growth of 16.7% [3]. - E-commerce revenue reached 451 million yuan, reflecting a year-on-year growth of 24.79%, highlighting the success of the company's channel optimization efforts [3]. Group 4: International Expansion - Qiaqia Food's overseas revenue grew by 13.18% to 278 million yuan in the first half of 2025, with products now available in nearly 70 countries and regions [1][4]. - The company is actively entering mainstream channels in Canada, Japan, and the Philippines, and is expanding into diverse consumer scenarios in Thailand and Indonesia [4][5]. - Qiaqia Food is focusing on brand internationalization and localizing products to enhance competitiveness in overseas markets [5].

Core Viewpoint - Qiaqia Food reported a significant decline in net profit and revenue for the first half of 2025, primarily due to rising raw material costs and changes in external channels [3][8][10]. Financial Performance - In the first half of 2025, Qiaqia Food achieved revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% [5]. - The net profit attributable to shareholders was 88.64 million yuan, down 73.68% year-on-year, marking the largest mid-year net profit decline since the company went public in 2011 [8][9]. - The second quarter saw revenue of 1.181 billion yuan, a year-on-year increase of 9.69%, but the net profit dropped 88.2% to 11.39 million yuan [5][10]. Product Contribution - Sunflower seed products accounted for 64.39% of total revenue, generating approximately 1.772 billion yuan [5]. - Nut products contributed 22.32% of revenue, amounting to about 614 million yuan, while other products generated around 304 million yuan, making up 11.05% of total revenue [5]. Regional Performance - Revenue in the Eastern and Northern regions declined by 24.76% and 19.83% respectively, while e-commerce and overseas sales grew by 24.79% and 13.18% [6]. Cost and Profitability - The gross margin for the second quarter was 21.42%, down 3.56% year-on-year, primarily due to rising costs of core raw materials [10]. - The company faced increased costs for sunflower seeds and nuts, influenced by weather conditions and supply-demand dynamics [10]. Strategic Adjustments - Qiaqia Food is actively adjusting its product and channel structures, increasing investment in new product development and channel capabilities [11][12]. - The company plans to expand its snack wholesale channel, which generated sales of approximately 450 million yuan last year, and aims to increase its SKU offerings [13]. Market Expansion - Qiaqia Food intends to expand into nearly 200 county markets annually, focusing on optimizing channel strategies and enhancing brand penetration in overseas markets [13][14]. - The company is also strengthening its e-commerce presence on platforms like Pinduoduo and JD.com, while exploring new online channels [14].