登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002557 证券简称：洽洽食品 公告编号：2025-077 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 可转换公司债券2025年付息公告 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。 特别提示： 1、"洽洽转债"将于2025年10月20日按面值支付第五年利息，每10张"洽洽转债"（合计面值1,000.00元） 利息为18.00元（含税）。 2、债权登记日：2025年10月17日。 3、除息日：2025年10月20日。 4、付息日：2025年10月20日。 5、"洽洽转债"票面利率：第一年0.30%、第二年0.60%、第三年1.00%、第四年1.50%、第五年1.80%、 第六年2.00%。 经中国证券监督管理委员会"证监许可[2020]2297号"文核准，洽洽食品股份有限公司（以下简称"公 司"）于2020年10月20日公开发行了1,340.00万张可转换公司债券，每张面值100元，发行总额13.40亿 元。 根据《洽洽食品股份有限公司公开发行可转换公司债券募集说明书》有关条 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-077 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 可转换公司债券 2025 年付息公告 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。 特别提示： 1、"洽洽转债"将于 2025 年 10 月 20 日按面值支付第五年利息，每 10 张 "洽洽转债"（合计面值 1,000.00 元）利息为 18.00 元（含税）。 2、债权登记日：2025 年 10 月 17 日。 4、付息日：2025 年 10 月 20 日。 5、"洽洽转债"票面利率：第一年 0.30%、第二年 0.60%、第三年 1.00%、 第四年 1.50%、第五年 1.80%、第六年 2.00%。 6、"洽洽转债"本次付息的债权登记日为 2025 年 10 月 17 日，凡在 2025 年 10 月 17 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 10 月 17 日卖出本期债券的投资者不享有本次派发的利息。 7、下一付息期起息日：2025 年 10 月 20 日。 8、下一付息期利率 ...

Core Insights - Company plans to launch a new sesame-flavored konjac product in October and aims to expand its konjac product distribution channels [1] - Positive feedback from online sales indicates potential for significant growth, particularly for the konjac products [3] Group 1 - The company announced the upcoming launch of its sesame-flavored konjac product in October [1] - There is a focus on accelerating the expansion of konjac products in various distribution channels [1] - The company appreciates investor feedback and intends to relay suggestions to management and product departments [1] Group 2 - Recent online products have shown strong sales potential, with konjac products ranking second in sales on Douyin [3] - Customer feedback indicates a desire for improved packaging, suggesting a shift from plastic bags to boxes for better delivery experience [3] - The company is encouraged to enhance offline distribution of konjac products and develop new sesame-flavored options to capitalize on market opportunities [3]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights the upcoming Q3 performance period and suggests a focus on valuation shifts in thriving sectors such as beverages, snacks, and pet products [13][14]. - It notes that the consumption sector has shown relative weakness, but low valuations may attract investment [13]. - The report emphasizes the stable growth of key companies like Shanxi Fenjiu and Wuliangye, with the latter's major shareholder completing a significant share buyback, reflecting confidence in the company [2][3]. Summary by Sections Core Company Tracking - Shanxi Fenjiu's "Glass Fen" series is experiencing steady growth, with plans to expand into markets with weaker consumption atmospheres [10]. - Wuliangye's major shareholder has completed a buyback of shares worth over 800 million yuan, increasing their stake to 55.1% [3]. - Chongqing Beer is expected to continue gaining market share in China, with a current market share of 9%, up from 6% in 2017 [11]. - Qiaqia Foods has seen improved sales in September, with expectations of a slight recovery in gross margin for Q3 [12]. Investment Recommendations - The report recommends focusing on growth stocks in the snack sector, particularly Ximai Foods and Wei Long [14]. - It continues to recommend leading companies in the Hong Kong market such as Nongfu Spring and H&H International Holdings, while suggesting attention to Haitian Flavoring [14]. - In the new consumption sector, it highlights Zhongchong Co., Guibao Pet, and Bairun Co., with additional recommendations for Yuanfei Pet and Petty Co. [14]. - Traditional consumption is entering a configuration phase, with a focus on leading liquor brands like Shanxi Fenjiu, Luzhou Laojiao, and Guizhou Moutai [14].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Viewpoint - Qiaqia Food's stock option incentive plan has faced skepticism from investors due to the company's declining performance and stock price, raising concerns about the effectiveness of the incentive amidst ongoing financial struggles [1][2][3]. Group 1: Stock Option Incentive Plan - Qiaqia Food announced a stock option incentive plan, granting 600,000 options at a price of RMB 18.67 per share, which is approximately 13% lower than the current stock price of RMB 21.47 [1]. - The plan includes a performance trigger requiring a 10.8% increase in revenue and a 21.6% increase in net profit for 2024, with similar targets for 2025 [2]. - As of 2024, the company's revenue is projected to grow only 4.79%, and net profit is expected to increase by 8.86%, both significantly below the required thresholds [2]. Group 2: Financial Performance - Qiaqia Food's revenue growth stagnated in 2023, marking a 1.13% decline, with net profit dropping by 17.77%. In the first half of 2024, revenue further decreased by 5.05%, and net profit fell by 73.68% [4][5]. - The company's cash flow from operating activities has significantly decreased to RMB 1.64 billion, while accounts receivable have increased by 28% [5]. - The company has faced challenges due to a decline in demand for sunflower seeds and increased competition from other snack brands [5]. Group 3: Market and Competitive Landscape - Qiaqia Food primarily relies on traditional distribution channels, which accounted for 84% of sales, but has seen a decline in foot traffic in these channels [5]. - The company is attempting to expand into e-commerce and promote nut products, with nut revenue increasing from 18% in 2020 to 27% in 2024, although nut revenue also declined by 6.98% in the first half of the year [5]. - The gross margin has decreased from 31.96% in 2023 to 20.31% in the first half of 2024, primarily due to rising raw material costs and increased promotional expenses [6].

Core Viewpoint - The announcement details the conversion and adjustment of the convertible bonds issued by Qiaqia Food Co., Ltd., including the bond's issuance, trading, and price adjustments due to equity distributions over the years [1][2][3][4][5][6][7][10][11]. Group 1: Convertible Bond Issuance and Trading - Qiaqia Food issued 13.40 billion RMB worth of convertible bonds on October 20, 2020, with a face value of 100 RMB per bond, totaling 13.40 million bonds [1][2]. - The bonds were listed on the Shenzhen Stock Exchange on November 18, 2020, with an initial conversion price set at 60.83 RMB per share [2]. Group 2: Conversion Price Adjustments - The conversion price was adjusted from 60.83 RMB to 60.03 RMB on June 11, 2021, following the annual equity distribution [3]. - Further adjustments were made to the conversion price on June 22, 2022, changing it from 60.03 RMB to 59.18 RMB [4]. - The conversion price was adjusted again on June 20, 2023, from 59.18 RMB to 58.18 RMB [5]. - The most recent adjustment occurred on June 14, 2024, reducing the price from 58.18 RMB to 57.19 RMB [6]. Group 3: Conversion and Share Changes - In the third quarter of 2025, 34 bonds were converted, resulting in a total of 56 shares being issued, with 13,398,420 bonds remaining unconverted, representing a conversion ratio of 99.9882% [7]. - The total amount of unconverted bonds is valued at 1,339.84 million RMB [7]. Group 4: Share Buyback Progress - Qiaqia Food announced a share buyback plan with a total budget between 40 million RMB and 80 million RMB, with a maximum buyback price set at 47.48 RMB per share [10]. - As of September 30, 2025, the company had repurchased 1,055,192 shares, accounting for 0.209% of the total share capital, with a total expenditure of approximately 27.66 million RMB [11].

Group 1 - The company Qiaqia Food announced a share buyback plan, repurchasing approximately 1.06 million shares, which represents 0.209% of its total share capital, with a total transaction amount of about 27.66 million yuan [1] - The highest transaction price during the buyback was 29.53 yuan per share, while the lowest was 21.4 yuan per share [1] - The source of funds for the buyback includes the company's own funds and a special loan for stock repurchase [1] Group 2 - For the first half of 2025, Qiaqia Food's revenue composition is entirely from snack foods, accounting for 100% [1] - As of the report date, the market capitalization of Qiaqia Food is 10.7 billion yuan [1]

因公司实施 2024 年前三季度权益分派，公司回购股份的价格由不超过人民 币 47.48 元/股（含）相应调整为不超过 47.19 元/股（含）。因公司实施 2024 年年度权益分派，公司回购股份的价格由不超过人民币 47.19 元/股（含）相应 调整为不超过 46.21 元/股（含）。具体内容详见公司刊登在《证券时报》《中 国证券报》《上海证券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn） 上的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司在回购期间应当在每个月的前三个交 易日内披露截至上月末的回购进展情况，现将公司回购进展情况公告如下： 证券代码：002557 证券简称：洽洽食品 公告编号：2025-076 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于股份回购进展情况的公告 | 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"）于 2024 年 11 月 14 日召开第 六 ...