根据《上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司 章程》的相关规定，杨煜坤先生的辞职报告自送达董事会之日起生效，截至本公 告披露日，杨煜坤先生未直接持有公司股份。 公司董事会对杨煜坤先生任职期间所做的工作及对公司发展做出的贡献表 示衷心的感谢！ 特此公告。 洽洽食品股份有限公司董事会 证券代码：002557 证券简称：洽洽食品 公告编号：2025-039 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 洽洽食品股份有限公司（以下简称"公司"）董事会收到公司副总经理杨煜 坤先生的辞职报告。杨煜坤先生因个人原因辞去公司副总经理职务，辞职后不再 担任公司及公司控股子公司任何职务。杨煜坤先生所负责的相关工作已进行了交 接，其离职不会影响公司正常的生产经营。 二〇二五年四月三十日 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company achieved stable performance in 2024, focusing on the development of nuts and sunflower seeds, with strong performance in overseas and direct sales channels. However, the profitability faced significant pressure in Q1 2025, awaiting recovery in subsequent periods [2][10] - The company reported a revenue of 71.31 billion yuan in 2024, a year-on-year increase of 4.79%, with a gross margin rising by 2.02 percentage points to 28.78% [10] - The report revises the EPS forecast for 2025 and 2026 to 1.25 yuan and 1.71 yuan respectively, with a new forecast for 2027 EPS at 1.93 yuan [10] Financial Summary - Revenue for 2023 was 68.06 billion yuan, with a projected increase to 71.31 billion yuan in 2024, and further growth expected in subsequent years [4] - Net profit attributable to the parent company for 2023 was 803 million yuan, with a forecasted decline to 630 million yuan in 2025, followed by recovery to 975 million yuan in 2027 [4] - The company’s net asset return rate is projected to be 14.5% in 2023, increasing to 15.5% by 2027 [4] Market Data - The company's stock price has fluctuated between 23.89 yuan and 37.50 yuan over the past 52 weeks, with a total market capitalization of 12.085 billion yuan [5] - The report indicates a current price of 23.89 yuan, with a target price set at 28.13 yuan per share [10] Sales Performance - The company’s sales in the sunflower seed segment reached 4.38 billion yuan in 2024, with a year-on-year increase of 2.60%, while the nut segment achieved 1.924 billion yuan, up 9.74% [10] - Direct sales channels showed a significant increase of 38.29% year-on-year, contributing 1.462 billion yuan to revenue [10]

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Foods [2][6]. Core Views - Qiaqia Foods is expected to achieve a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 4.8%, with a net profit of 850 million yuan, up 5.8% year-on-year [3]. - The first quarter of 2025 saw a decline in revenue to 1.57 billion yuan, down 13.8% year-on-year, and a significant drop in net profit to 77.24 million yuan, down 67.9% year-on-year, primarily due to intensified competition and the timing of the Spring Festival [3][4]. - The company’s main products, sunflower seeds and nuts, showed modest growth, with revenues of 4.38 billion yuan and 1.92 billion yuan respectively in 2024, reflecting year-on-year increases of 2.6% and 9.7% [4]. Revenue and Profitability - The revenue from distribution and other channels was 5.67 billion yuan, down 1.4% year-on-year, while direct sales (including bulk snacks, e-commerce, and key accounts) reached 1.46 billion yuan, up 38.3% year-on-year [4]. - The gross margin for 2024 and Q1 2025 was 28.8% and 19.5% respectively, with a year-on-year increase of 2.0 percentage points for 2024 but a decrease of 11.0 percentage points for Q1 2025 [5]. - The net profit margin for 2024 and Q1 2025 was 11.9% and 4.9% respectively, with a year-on-year increase of 0.1 percentage points for 2024 but a decrease of 8.3 percentage points for Q1 2025 [5]. Financial Forecast - The forecast for net profit from 2025 to 2027 is 756 million yuan, 919 million yuan, and 990 million yuan respectively, with year-on-year growth rates of -10.97%, 21.50%, and 7.79% [6][7]. - Earnings per share (EPS) for the same period are projected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 [6][7]. Company Overview - Qiaqia Foods Co., Ltd. primarily produces nut snacks and baked leisure foods, with key products including Qiaqia red bag melon seeds and various nut mixes [8]. - In 2023, the company was recognized as one of the "Top 500 Asian Brands" with a brand value of 46.868 billion yuan [8]. Market Position - The company has expanded its international market presence, exporting to nearly 70 countries and regions, and is actively developing the Southeast Asian market [4]. - The company’s sales in the Eastern region and e-commerce channels have shown higher growth rates compared to overall company performance, indicating a strong market position [4].

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Foods [2][6]. Core Views - Qiaqia Foods is expected to achieve a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 4.8%, with a net profit of 850 million yuan, up 5.8% year-on-year [3]. - The first quarter of 2025 saw a decline in revenue to 1.57 billion yuan, down 13.8% year-on-year, and a net profit of 77.24 million yuan, down 67.9% year-on-year, primarily due to intensified competition and the timing of the Spring Festival [3][4]. - The company’s main products, sunflower seeds and nuts, showed modest growth, with revenues of 4.38 billion yuan and 1.92 billion yuan respectively in 2024, reflecting year-on-year increases of 2.6% and 9.7% [4]. - The gross margin for 2024 is projected at 28.8%, with a significant drop to 19.5% in Q1 2025, influenced by rising raw material costs and competitive pressures in the nut market [5][6]. Revenue and Profit Forecast - The forecast for net profit from 2025 to 2027 is 756 million yuan, 919 million yuan, and 990 million yuan respectively, with year-on-year growth rates of -10.97%, 21.50%, and 7.79% [6][7]. - Earnings per share (EPS) are expected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan for the years 2025, 2026, and 2027 respectively [6][7]. Financial Performance - In 2024, the company’s revenue is projected to be 7.13 billion yuan, with a growth rate of 4.79% compared to the previous year [7]. - The net profit margin for 2024 is estimated at 11.9%, while for Q1 2025, it is expected to drop to 4.9% [5][6]. Market Position and Strategy - Qiaqia Foods has been expanding its international market presence, exporting to nearly 70 countries and regions, with a focus on Southeast Asia and entry into the Costco channel in Canada [4]. - The company is actively managing its sales and administrative expenses in response to the revenue pressures experienced in Q1 2025 [5].

Core Viewpoint - Company reported a revenue increase in 2024 but faced significant declines in Q1 2025 due to various market pressures and competition [1][2][3] Financial Performance - Total revenue for 2024 reached 7.13 billion yuan, a year-on-year increase of 4.8% [1] - Net profit attributable to shareholders for 2024 was 850 million yuan, up 5.8% year-on-year [1] - Q1 2025 revenue was 1.57 billion yuan, a decline of 13.8% year-on-year [1][2] - Q1 2025 net profit attributable to shareholders was 80 million yuan, down 67.9% year-on-year [1][2] - Q1 2025 non-recurring net profit was 60 million yuan, a decrease of 73.8% year-on-year [1][2] Product Performance - In 2024, revenue from sunflower seeds increased by 2.6%, with strong growth in key products [1] - Nut revenue grew by 9.7% in 2024, with gift boxes seeing double-digit growth [1] - The daily nut series experienced a slight decline in revenue [1] Cost and Profitability - The company saw a recovery in profitability in 2024, with gross margin and net margin increasing by 2.0 and 0.1 percentage points, respectively [1] - Sunflower seed gross margin improved to 29.7%, up 4.4 percentage points year-on-year [1] - Q1 2025 gross margin and net margin were 19.5% and 4.9%, down 11.0 and 8.3 percentage points year-on-year, respectively [2] Market Challenges - Q1 2025 revenue decline was attributed to the timing of the Spring Festival and high base effects from the previous year [2] - Increased competition in the nut market and a decline in traditional channel traffic contributed to the revenue drop [2] - Rising raw material costs, particularly for sunflower seeds and nuts, added significant pressure on profitability [2] Future Outlook - The company is adjusting its product and channel strategies amid rising costs and intense competition [3] - Revenue projections for 2025-2027 are adjusted to 7.46 billion, 7.80 billion, and 8.14 billion yuan, with year-on-year growth rates of 4.7%, 4.4%, and 4.5% respectively [3] - Net profit forecasts for 2025-2027 are 690 million, 870 million, and 980 million yuan, reflecting a decline in 2025 followed by growth in subsequent years [3]

Core Viewpoint - Qiaqia Food reported a dual growth in revenue and net profit for 2024, but experienced a decline in both metrics in the first quarter of 2025 due to seasonal effects and rising raw material costs [2][5]. Financial Performance - In 2024, the company achieved a revenue of 7.131 billion yuan, a year-on-year increase of 4.79%, and a net profit of 849 million yuan, up 5.82% [3][4]. - The first quarter of 2025 saw a revenue of 1.571 billion yuan, a year-on-year decrease of 13.76%, and a net profit of 77 million yuan, down 67.88% [5][6]. Product Contribution - Sunflower seeds contributed over 61.45% of the total revenue, generating 4.382 billion yuan, with a growth of 2.60% and a gross margin of 29.68% [4]. - Nut revenue was 1.924 billion yuan, a year-on-year increase of 9.74%, accounting for 26.97% of total revenue, but with a gross margin of 27.18%, down 4.38% [4]. Dealer Network - As of the end of the reporting period, the company had 1,380 dealers, with 1,272 in China and 108 overseas, a decrease of 99 dealers compared to the end of 2023 [4]. R&D Investment - The company increased its R&D expenditure by 17.15% to 75.684 million yuan, focusing on technological innovation across various production stages [4]. Non-Recurring Gains - In 2023, non-recurring gains amounted to 76.813 million yuan, accounting for 9.04% of net profit, with government subsidies making up 75.604 million yuan, or 8.90% of net profit [4].

Core Viewpoint - Qiaqia Food reported a year-on-year increase in both revenue and net profit for 2024, but the stock price declined due to low growth rates and market concerns [2][3][11]. Financial Performance - In 2024, Qiaqia Food achieved a revenue of approximately 71.31 billion yuan, a year-on-year increase of 4.79%, and a net profit attributable to shareholders of about 8.49 billion yuan, up 5.82% [4][10]. - The company's revenue from sunflower products was about 43.82 billion yuan, accounting for 61.45% of total revenue, while nut products generated approximately 19.24 billion yuan, making up 26.97% of total revenue [5][19]. Profitability - The gross margin for nut products in 2024 was 27.18%, down 4.38% year-on-year, while the gross margin for sunflower products was 29.68%, up 4.45% [6][12]. Strategic Initiatives - Qiaqia Food is focusing on developing a third growth curve by exploring new snack categories such as crispy potato chips and nut milk through a "horse racing" strategy, which emphasizes market performance and potential [7][8]. - The company aims to enhance its channel coverage and expand into new markets, including overseas, to support revenue growth [11][12]. Sales Channels - The company has established a global marketing network primarily through distributors, with 1,380 distributors as of the end of 2024, including 1,272 in China and 108 overseas [16]. - Qiaqia Food's sales through the snack wholesale channel reached approximately 4.5 billion yuan in 2024, with plans to increase SKU offerings in this channel [14][20]. Cost Management - Sales expenses for Qiaqia Food rose to about 7.12 billion yuan in 2024, a year-on-year increase of 15.55%, marking the highest sales expenses since its listing [20][21]. - The company plans to manage expenses while continuing to invest in brand promotion and marketing efforts [22].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30 yuan [2][7][8]. Core Views - The company reported a revenue of 7.13 billion yuan for 2024, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 849 million yuan, up 5.8% year-on-year. However, Q4 2024 showed a decline in net profit by 24.8% year-on-year [2][8]. - The company has a high dividend payout ratio of 76.12%, distributing a total of 649 million yuan in cash dividends [2][8]. - Despite facing operational adjustments and external pressures, the company is expected to achieve steady revenue growth throughout the year, although profit pressures may persist in the short term [2][7]. Financial Summary - **2024 Financials**: Total revenue of 7.13 billion yuan, net profit of 849 million yuan, and earnings per share (EPS) of 1.68 yuan [8]. - **2025 Projections**: Expected revenue of 7.43 billion yuan, net profit of 702 million yuan, and EPS of 1.39 yuan, reflecting a decrease in profit due to market conditions [8]. - **2026-2027 Projections**: Revenue is projected to grow to 7.85 billion yuan in 2026 and 8.27 billion yuan in 2027, with net profits expected to recover to 855 million yuan and 982 million yuan respectively [8]. Market Performance - The company's stock price as of April 25, 2025, is 23.99 yuan, with a 12-month high of 37.50 yuan and a low of 23.99 yuan [4][8]. - The company has a total market capitalization of 12.135 billion yuan and a circulating market value of 12.110 billion yuan [4][8]. Operational Insights - The company is focusing on enhancing product quality to maintain brand strength amidst increasing competition and market pressures. This includes improving the quality of raw materials and increasing the proportion of high-quality products [2][7]. - The company is also adapting to market demands by implementing promotional strategies while maintaining product quality [2][7].

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company's revenue and profit in Q1 2025 were slightly below expectations, with revenue of 1.57 billion and net profit of 80 million, representing a year-on-year decline of 13.8% and 67.9% respectively. This decline is attributed to rising costs and a high base from the previous year [4][5] - The report has adjusted the profit forecast for 2025-2026 downwards due to cost pressures, with projected net profits of 780 million, 910 million, and 1.01 billion for 2025-2027, reflecting year-on-year changes of -8.5%, +16.6%, and +11.2% respectively [4][5] - Despite the challenges, the company is actively seeking new growth avenues and expanding into new channels, which supports the "Outperform" rating [4] Revenue and Profitability - In 2024, the company's revenue from leisure snacks grew by 4.8%, with volume and price increases of 1.0% and 3.8% respectively. However, Q1 2025 saw a revenue decline of 13.8%, primarily due to a high base from the previous year and early inventory buildup for the Spring Festival [5] - The company's gross margin for 2024 improved to 28.78%, while the net margin was 11.92%. However, Q1 2025 saw a gross margin decline to 19.5% due to rising sunflower seed prices [6] Cost and Expense Management - The report indicates that the cost of raw materials has increased, impacting profitability in the short term. The sales expense ratio increased due to a 27% rise in advertising and promotional expenses [6] - The company is expected to face continued cost pressures in the first half of 2025, but there is potential for relief in the second half as sunflower seed prices are projected to decline [7] Financial Summary and Valuation Metrics - The financial summary indicates a revenue forecast of 7.639 billion for 2025, with a year-on-year growth of 7.1%. The projected net profit for 2025 is 778 million, reflecting a decline of 8.5% [9] - The company's P/E ratios for 2025, 2026, and 2027 are projected at 15.6, 13.4, and 12.0 respectively, indicating a potential for valuation improvement over the forecast period [9]

Core Viewpoint - Qiaqia Food achieved a revenue of 7.131 billion yuan in 2024, marking a year-on-year growth of 4.79%, and a net profit of 849 million yuan, up 5.82% year-on-year, indicating a successful breakthrough in revenue and potential for future growth through channel expansion and overseas markets [1] Group 1: Revenue and Growth Highlights - The revenue of Qiaqia Food surpassed 7 billion yuan, driven by the expansion of new channels and market penetration [1][4] - The "Kuaizhen" high-end product line has shown continuous growth through new channel expansions such as high-end membership stores and boutique supermarkets [2] - The sales of nut gift boxes have been steadily increasing, with nut revenue accounting for nearly 27% of total revenue in 2024, showcasing a strong second growth curve for the company [2][4] Group 2: Brand Development and Market Position - Qiaqia Food has strengthened its brand image with initiatives like the new brand proposition "Happiness is Qiaqia" and collaborations with popular figures and events to appeal to younger consumers [3] - The company has maintained its position as the market leader in the nut and snack industry, with a brand value of 52.678 billion yuan, ranking among the "Asia's Top 500 Brands" [3] Group 3: Supply Chain and Production Advantages - Qiaqia Food has established over 1 million acres of sunflower planting bases in major production areas and collaborates with international suppliers to ensure quality raw materials [5] - The company operates 11 factories globally, with the latest factory in Baotou set to enhance production efficiency and quality control [5] - The "transparent factory" initiative reflects the company's commitment to product quality and brand strength, combining technological innovation with marketing [5] Group 4: Future Growth Drivers - The company is expected to benefit from channel penetration into lower-tier markets and the development of new sales channels, including community fresh supermarkets and discount stores [6] - The overseas market is also anticipated to provide new growth opportunities for Qiaqia Food [6]