管理费用率为7.1%，同比-0.5pcts，相对保持稳定。财务费用率为0.1%，同比+2.3pcts， 主要受汇兑损 益影响。 积极探索第三曲线和势能渠道，关注原料成本波动情况。短期来看，公司持续深化布局零食量贩、抖音 应对渠道变革，叠加中秋旺季来临，25Q3 有望贡献收入增长；成本端，Q3 坚果成本有望改善， 关注 新采购季葵花籽的成本变化。长期来看，公司1）积极推新，推出山野系列瓜子、瓜子仁冰淇淋、鲜切 薯条、全坚果系列、魔芋千层肚等新品，有望拓展SKU 补充传统品类增长动能，且借助景气新品类打 开第三曲线；2）发展海外，进驻加拿大、日本、东南亚主流渠道，有望提升海外渗透率和铺市率，远 期成长空间充足。 事件：公司发布公告，25H1 实现营收27.5 亿元，同比-5.0%；归母净利润0.9亿元，同比-73.7%，位于 预告中枢；扣非归母净利润0.4 亿元，同比-84.8%。 其中25Q2 营收11.8 亿元，同比+9.7%；归母净利润0.1 亿元，同比-88.2%；扣非归母净利润亏损0.1 亿 元，同比由盈转亏。 25Q2 收入增速环比修复，海外市场与新兴渠道贡献增长。25H1/25Q2 公司收入分别同比 ...

【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 ...

（企业公告） 谈及"公司上半年电商渠道的毛利率较低的原因，未来如何发展？"，洽洽食品表示，公司电商毛利率较 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。 关于"公司新品发布会上提到的新品是否会延续大单品的思路？目前在新产品和品类中是否已经选定了 重点发展的产品？"提问，洽洽食品称，公司对新品的发展仍会继续延续大单品的思路，希望能推出市 场认可度高的3至5亿以及5至10亿的大单品。公司会持续投入资源，加大新品的试销和推广。公司现在 主推的新品：打手瓜子、全坚果系列产品、鲜切薯条、魔芋、瓜子仁冰激凌等产品都有希望成为大单 品。魔芋品类目前销售的渠道主要是线上渠道、海外东南亚市场以及国内线下部分重点城市线下渠道。 近日，洽洽食品发布投资者关系活动记录表。当中披露，针对"今年瓜子和坚果的毛利率下降，除了原 材料成本上涨外，是否有促销或渠道折扣投入加大的影响？"问题，洽洽食品回复，公司产品毛利率下 降主要是因为原料成本上涨，另外还受到一些产品加量不加价活动、坚果礼盒定制以及竞争性产品毛利 率较低的影响，使得公司总体毛利率 ...

| | 4、请问公司新品发布会上提到的新品是否会延续大单品的思路？目前在新产品和 | | --- | --- | | | 品类中是否已经选定了重点发展的产品？ | | 投资者关系 | 回答：公司对新品的发展仍会继续延续大单品的思路，希望能推出市场认可度高的 | | 活动主要 内容介绍 | 3 至 5 亿以及 5 至 10 亿的大单品。公司会持续投入资源，加大新品的试销和推广。 | | | 公司现在主推的新品：打手瓜子、全坚果系列产品、鲜切薯条、魔芋、瓜子仁冰激 | | | 凌等产品都有希望成为大单品。魔芋品类目前销售的渠道主要是线上渠道、海外东 | | | 南亚市场以及国内线下部分重点城市线下渠道。 | | | 5、公司如何展望坚果品类的增长空间以及提升日常消费习惯和匹配购买场景？ | | | 回答：坚果品类因其具有高营养性逐渐被消费者认知，仍有较大提升空间，但目前 | | | 消费者尚未养成日常消费的习惯。公司会持续扩大坚果营养传播的覆盖面，创新不 | | | 同的产品匹配不同的应用场景。公司今年推出了全坚果系列产品，销售额达到了一 | | | 个多亿；同时增加了风味坚果产品，以满足不同消费者需求。公司会与 ...

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]

Group 1: Research Basic Information - The research object is Qiaqia Food, belonging to the food and beverage industry, and the reception time was on May 16, 2025 [8] - The listed company's reception staff included the chairman and general manager Chen Xianbao, vice - chairman and deputy general manager Chen Qi, etc. [8] - Participating research institutions included Dongxing Securities, CITIC Securities, Tianfeng Securities, etc., as well as some fund management companies and asset management companies [2][9][10] Group 2: Core Views - The company's future development depends on product innovation and product strength, and each double - digit growth is accompanied by the emergence of a new large - scale product series [21] - The company aims to expand sales volume and increase gross profit margin through category innovation, product innovation, and channel sales service innovation, while continuously improving supply chain efficiency [17][19] Group 3: Specific Content Summaries Reasons for the decline in the company's first - quarter gross profit margin - The decline in the first - quarter gross profit margin was mainly due to the increase in sunflower seed raw material costs (affected by continuous rain in Inner Mongolia, the mold rate increased, and the output of qualified raw materials decreased, leading to price increases) and the increase in the purchase price of some nut raw materials. Product structure also had an impact [17] Scale and future plans of Sam's Club and snack retail channels - Sam's Club revenue increased by 50 - 60% last year, and the snack retail channel doubled. The company will increase investment in these channels this year [17] Plans for the third - largest product category - In the short - to - medium term, the company focuses on nuts and melon seeds. The third - largest category, such as peanuts, is in the incubation stage, and the company hopes to become a leading brand in this segment. The fresh - cut fries have achieved revenues of several million yuan in less than a year [17] Overseas development strategy for konjac products - The company first conducts trial sales overseas, leveraging its brand and channel advantages [17] Sales channels for Kui Zhen products - Kui Zhen is sold both online (e.g., its official flagship store) and offline (e.g., Sam's Club and RT - Mart's premium stores), and will continue to expand in these channels [19] Company's competitive points for nuts - The most important thing for products is quality, and for nuts, freshness must be ensured [19] Company's learning from Coca - Cola and农夫山泉 - These two companies are learning examples for Qiaqia Food in terms of products, channels, and brands. Qiaqia Food focuses more on product raw materials due to its high direct raw material cost ratio and is seeking a suitable model for itself [20] Company's view on KA direct - sales channels - The company pays attention to changes in offline retail channels, hopes that each link in the value chain can obtain reasonable profits, and will actively embrace the trend of KA direct - sales and explore a suitable cooperation model with distributors [20] Company's R & D considering population aging - The company has considered population aging in product R & D, such as nut powder products, and will develop specialized deep - processed products for the elderly. It has also launched low - GI nuts for people with sugar - control needs, and health is one of the future R & D directions [21]

Group 1 - The company focuses on nuts and seeds in the short to medium term, with plans to develop a third category, such as peanut products, which has significant market potential and lacks dominant brands [1] - The company has achieved several million in revenue from its fresh-cut potato fries within a year of launch [1] - The company is implementing a country-specific strategy for overseas expansion, leveraging its brand and channel advantages [1] Group 2 - The decline in gross margin in the first quarter is attributed to rising raw material costs for sunflower seeds and nuts, as well as changes in product mix [1] - The company has seen a 50%-60% revenue growth from Sam's Club and a doubling of revenue from bulk snack channels, with plans to increase investment in these channels [1] - The company aims to enhance sales volume and gross margin through product and category innovation, as well as channel sales service innovation [1] Group 3 - The company emphasizes product quality, particularly freshness, as a key competitive point in the nut market [2] - The company is focusing on product development that addresses the aging population, including products like nut powder and low-GI nuts [2] - The company is adapting to changes in offline retail channels and is exploring suitable cooperation models with distributors [2]

Group 1: Financial Performance - The company's gross margin decreased in Q1 due to rising sunflower seed raw material costs and increased procurement prices for certain nut raw materials [1] - Revenue from Sam's Club increased by 50-60%, and the snack wholesale channel saw a doubling in growth [1] - The company aims to enhance sales and gross margin through category innovation, product innovation, and channel sales service innovation [1] Group 2: Product Development and Market Strategy - The company is focusing on nuts and seeds in the short to medium term, with plans to develop a third major category, such as fresh-cut potato strips, which has already generated several million in revenue within a year [2] - The strategy for overseas expansion includes a country-specific approach, leveraging brand and channel advantages [2] - Future innovations will not only focus on flavor but also on packaging and technology to improve gross margin and brand premium [2] Group 3: Competitive Positioning and Consumer Trends - The company emphasizes product quality, particularly freshness, as a key competitive advantage in the nut market [2] - There is a focus on developing products tailored for health-conscious consumers, including low GI nuts for those with sugar control needs [3] - The company is also considering the aging population in its product development, such as nut powder products [3] Group 4: Intellectual Property and Market Trends - The company is advised to strengthen intellectual property protection due to the prevalence of imitation products in the market [2] - The company is committed to promoting nutritional knowledge about nuts to consumers, addressing both nutrition and taste [2] Group 5: Channel Strategy and Collaboration - The company is adapting to changes in offline retail channels and is open to exploring suitable collaboration models with distributors [2] - The trend towards direct sales in key accounts (KA) is acknowledged, and the company aims to embrace this change [2]