洽洽食品股份有限公司 关于不向下修正"洽洽转债"转股价格的公告 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 证券代码：002557 证券简称：洽洽食品 公告编号：2025-056 债券代码：128135 债券简称：洽洽转债 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 3、转股价格：人民币 55.93 元/股 4、转股期限：2021 年 4 月 26 日至 2026 年 10 月 19 日 5、自 2025 年 7 月 7 日至 2025 年 7 月 25 日，洽洽食品股份有限公司（以下 简称"公司"）股票已有十五个交易日的收盘价低于当期转股价格的 85%（即 47.54 元/股）的情形，已触发"洽洽转债"转股价格的向下修正条款。 6、经公司第六届董事会第十八次会议审议通过，公司董事会决定不向下修 正"洽洽转债"转股价格；自本次董事会审议通过后的首个交易日起的六个月内 （即 2025 年 7 月 28 日至 2026 年 1 月 27 日期间），如再次触发"洽洽转债"转 股价格向下修正条件，亦不提出向下修正方案。敬请广大投资者注意投资风险。 一、可转换公司债券发行上市概况 1、可转换公司债 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-055 公司《关于不向下修正"洽洽转债"转股价格的公告》（公告编号：2025-056） 详见信息披露媒体《中国证券报》《上海证券报》《证券时报》《证券日报》和 巨潮资讯网（www.cninfo.com.cn）。 三、备查文件 一、董事会会议召开情况： 洽洽食品股份有限公司（以下简称"公司"）第六届董事会第十八次会议于 2025 年 7 月 22 日以书面及邮件等方式通知全体董事，并于 2025 年 7 月 25 日以 现场及通讯表决的方式在公司四楼会议室召开。会议应到会董事七人，实际到会 董事七人，符合召开董事会会议的法定人数。会议由公司董事长陈先保先生主持， 公司监事和高级管理人员列席了会议，本次会议的召开符合《中华人民共和国公 司法》及《公司章程》的有关规定。 二、董事会会议审议情况： 本次会议经过有效表决，形成如下决议： （一）会议以 7 票同意，0 票反对、0 票弃权，通过了公司《关于不向下修 正"洽洽转债"转股价格的议案》。 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第十八次会议决议公告 本公司及董事 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the liquor sector has faced challenges due to the implementation of the "Regulations on Strict Economy and Opposition to Waste" by the central government, leading to a decline in revenue and profits for most liquor companies in Q2 2025. However, recent media corrections have stabilized the sector, and a gradual recovery is expected [3][20] - The report emphasizes the importance of individual stock opportunities within the consumer goods sector, particularly in the context of the liquor market's recovery and the introduction of innovative products [4][21] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 17226.07, with a 52-week high of 19809.29 [1] - The sector has shown a relative performance decline compared to the CSI 300 index, with a year-on-year retail sales growth of 4.8% in June 2025 [14] Liquor Sector Analysis - The report notes that major liquor companies like Moutai, Wuliangye, and Luzhou Laojiao have varying price-to-earnings ratios, indicating a mixed valuation landscape [20] - The introduction of new products, such as the "Jiu Gui Free Love" by Jiu Gui Jiu and its collaboration with the retail channel "Pang Dong Lai," is expected to drive sales and innovate marketing strategies [5][18] Fund Holdings and Market Sentiment - As of Q2 2025, the food and beverage sector's fund holding ratio is 6.75%, reflecting a decrease of 2.12 percentage points, indicating cautious sentiment among investors [4][20] - The liquor segment's fund holding ratio is 4.98%, also down by 2.42 percentage points, suggesting a trend of risk aversion in the market [20] Company Performance Highlights - Dongpeng Beverage reported stable revenue growth, with significant increases in electrolyte water and fruit tea segments [22] - The report mentions that companies like Youfei Foods and Guoquan are focusing on channel optimization and product innovation to drive growth [23] - The performance of companies such as Zhou Hei Ya and Jiahe Foods is noted, with both showing signs of recovery despite facing challenges [23] Market Trends and Price Movements - The food and beverage sector index increased by 0.68% in the latest week, ranking 13th among 30 sectors, while the dynamic PE ratio stands at 21.26 [24] - The report highlights that soft drinks and dairy products have shown the highest growth rates among sub-sectors [24]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Core Viewpoint - Recent controversies involving brands like Holley, Panpan, and Liuliu Mei at Sam's Club highlight the increasing scrutiny on snack brands and their collaboration with the retailer, emphasizing the need for high-quality standards across the entire supply chain [1][8][9] Group 1: Brand Collaboration with Sam's Club - Sam's Club has established a customized cooperation model with various snack brands, leading to the introduction of "Sam's exclusive" products [8][9] - Brands such as Ganyuan Foods and Youyou Foods have successfully launched products specifically for Sam's, which have gained significant market traction [9][10] - The entry of snack brands into Sam's Club is seen as a pathway to higher market recognition and increased sales [1][9] Group 2: Product Quality and Consumer Perception - The perception of high-end quality is associated with products sold at Sam's Club, which is known for its strict selection standards [8][9] - Some consumers express skepticism about the actual quality improvements of products featuring high-end ingredients, viewing them as marketing strategies rather than genuine enhancements [12][13] - Experts suggest that brands need to focus on real quality improvements and not just on high-end concepts to maintain consumer trust [12][13] Group 3: Market Performance and Sales Data - Companies like Qiaqia Foods reported approximately 200 million yuan in sales through Sam's Club in 2024, marking a 50%-60% year-on-year increase [9] - Liuliu Mei's exclusive product quickly topped the new product popularity chart within eight days of launch at Sam's Club, indicating strong consumer interest [9] - Youyou Foods' duck feet product consistently ranks among the top three in sales within the meat snack category at Sam's Club, with monthly sales exceeding 200,000 units [9][10]

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for the sector as a whole [5]. Core Insights - The actual demand in the liquor industry has significantly decreased in Q2 2025, with companies like Water Well and Jiu Gui Jiu showing early indicators of industry performance through their earnings forecasts [1][18]. - Moutai's establishment of a joint venture and Jiu Gui Jiu's collaboration with Pang Dong Lai for product launches reflect the multi-faceted strategies employed by major liquor companies to mitigate industry pressures and enhance annual performance [1][18]. - The beverage sector is expected to see leading water companies continue to capture market share, with Farmer Spring's market share rapidly recovering, leading to potential upward revisions in profit forecasts [1][18]. - The snack sector is facing short-term challenges due to rising costs and increased expenses, with a focus on new product launches and net profit margin improvements in the second half of the year [1][18]. - The pet sector presents a buying opportunity following recent corrections, with a focus on valuation shifts in the second half of the year [1][18]. Summary by Sections Core Company Tracking - Moutai is forming platform companies with provincial distributors to develop local cultural Moutai products, which is expected to stabilize pricing and support annual targets while alleviating pressure on the main product's volume growth [12]. - Water Well reported a 13% decline in revenue and a 57% drop in net profit for H1 2025, with significant Q2 revenue declines attributed to inventory reduction pressures and policy impacts [13]. - Jiu Gui Jiu's net profit for H1 2025 is expected to drop by 90%-93%, with a 43% revenue decline, as the company increases sales expenses and new product promotion efforts [14]. - Hai Tian Wei Ye anticipates rapid overseas growth and is enhancing its market share through localized strategies and channel expansion [15]. - Qia Qia Food's net profit is projected to decrease by 71%-76% in H1 2025, with expectations for improvement in H2 as costs normalize [16]. - Gan Yuan Food's net profit is expected to decline by 55%-56% in H1 2025, with plans to strengthen sales of new and core products in H2 [17]. Investment Recommendations - The report suggests focusing on liquor companies that are adjusting their strategies in response to market pressures, particularly those with a safety margin in valuations [18][19]. - In the beverage sector, companies like Farmer Spring and Uni-President China are expected to perform well, while traditional consumer stocks like Moutai and Lu Zhou Lao Jiao are recommended for their recovery potential [19]. - The report highlights opportunities in the snack sector with companies like Qia Qia and Gan Yuan, emphasizing the importance of new product launches and margin improvements [19].

Core Viewpoint - The company is expected to trigger the condition for a downward adjustment of the conversion price for its convertible bonds, "Qiaqia Convertible Bonds," due to the stock price being below 85% of the current conversion price for a significant number of trading days [1][7]. Group 1: Convertible Bond Issuance Overview - The company issued a total of 1.34 billion yuan in convertible bonds, with a term of six years, approved by the China Securities Regulatory Commission [2]. - The bonds began trading on November 18, 2020, and the conversion period started on April 26, 2021, lasting until the maturity date of October 19, 2026 [2]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 60.83 yuan per share, which was adjusted to 60.03 yuan per share on June 11, 2021, following a cash dividend distribution [2]. - Subsequent adjustments were made due to annual dividend distributions, with the conversion price changing to 59.18 yuan on June 22, 2022, and further to 58.18 yuan on June 20, 2023, and then to 57.19 yuan on June 20, 2024 [3][4]. Group 3: Downward Adjustment Conditions - The company’s board has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][7]. - The current period for assessing this condition began on July 7, 2025, and as of July 18, 2025, the stock price has been below the threshold for ten trading days [7]. Group 4: Future Considerations - If the company decides to adjust the conversion price, it will announce the decision through designated media, including the adjustment magnitude and relevant dates [6]. - The next assessment period for triggering a downward adjustment will restart from July 7, 2025, if the condition is met again within six months [6].

证券代码：002557 证券简称：洽洽食品 公告编号：2025-054 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于预计触发"洽洽转债"转股价格向下修正条件的 提示性公告 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、证券代码：002557 证券简称：洽洽食品 4、转股期限：2021 年 4 月 26 日至 2026 年 10 月 19 日 5、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》（以 下简称"《募集说明书》"）的规定，在本次发行的可转换公司债券（以下简称 "可转债"）存续期间，当洽洽食品股份有限公司（以下简称"公司"）股票在 任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85% 时，公司董事会有权提出转股价格向下修正方案并提交公司股东大会审议表决。 本次触发转股价格向下修正条件的期间自 2025 年 7 月 7 日起算，截至 2025 年 7 月 18 日，公司股票已有十个交易日的收盘价低于"洽洽转债"当期转股价格的 85%（即 47.54 元/股）的情形，预计将触发" ...

Group 1 - Sam's Club's product selection strategy has faced scrutiny, particularly regarding brands like Holley and Panpan, with consumers questioning the value of purchasing products available in regular supermarkets [1][5] - Following the controversy, Sam's Club quickly removed Holley products from its shelves on July 15 [1] - Panpan Foods has been criticized for using the brand name "panpan," which some perceive as an attempt to disguise itself as an international brand [1][5] Group 2 - Other brands, such as Qiaqia Foods, have also adopted English names for their products sold at Sam's Club, with Qiaqia's "chacheer" being a sub-brand aimed at international markets [3][5] - Qiaqia reported that its sales from Sam's Club reached approximately 200 million yuan last year, with a year-on-year growth of 50%-60% [8] - Panpan Foods has seen a 50% increase in overall sales of its "panpan" brand in Southeast Asia, accounting for 80% of its export market share in that region [7] Group 3 - The controversy has prompted responses from the companies involved, with Qiaqia emphasizing that its English branding is part of a broader international strategy [5] - Panpan Foods has not directly addressed the criticisms but maintains its commitment to high-quality products [5][7] - Qiaqia Foods is expected to increase its investment in Sam's Club and other retail channels this year, despite a significant drop in net profit for the first half of the year [8]

Core Viewpoint - Qiaqia Food has reported its largest decline in net profit since its listing in 2011, with a projected net profit drop of 71.05% to 76.25% for the first half of 2025 compared to the previous year [2] Group 1: Financial Performance - The company expects a net profit of approximately 80 million to 97.5 million yuan for the first half of 2025, with a significant decline in both net profit and non-net profit [2] - In Q1 2025, Qiaqia Food's revenue decreased by 13.76% year-on-year, and net profit fell by 67.88% [2] - The decline in net profit further worsened in Q2 2025, indicating ongoing financial challenges [2] Group 2: Cost Pressures - The primary reason for the profit decline is the rising cost of raw materials, particularly sunflower seeds, which has led to a significant drop in gross margin [2][3] - The company has acknowledged the impact of rising costs on its operations, citing increased procurement prices for sunflower seeds and nuts [2][3] - Qiaqia Food has attempted to mitigate cost pressures by raising product prices multiple times over the past few years, but the positive impact on gross margin has diminished [3] Group 3: Supply Chain and Procurement - Qiaqia Food employs a mixed procurement model for sunflower seeds, which may weaken its control over quality and cost [3] - The company plans to optimize its procurement strategy by increasing the proportion of direct purchases [3] Group 4: Channel Strategy - In response to market conditions, Qiaqia Food is adjusting its channel strategy, increasing its focus on direct sales channels, which saw a revenue increase of 38.29% to 1.462 billion yuan in 2024 [4] - Despite the growth in direct sales, the gross margin for this channel has declined, with e-commerce channels showing particularly low margins [4][5] - The company aims to enhance e-commerce profitability through product structure optimization and is also exploring new channels such as snack wholesale systems and membership stores [5]