Core Insights - The article highlights the significant growth of snack brands like Three Squirrels and Qiaqia on the Pinduoduo platform, with projected GMV reaching 800 million this year, marking a doubling compared to 2023 [1][2] - Brands are shifting their focus from traditional e-commerce platforms to Pinduoduo, driven by the need for new growth avenues as traditional platforms face stagnation [2][7] - Consumer behavior is evolving towards a preference for quality-price ratio rather than just low prices, aligning with brands' strategies to enhance average transaction values and expand mid-to-high-end products [3] Brand Strategy Shift - Brands are adapting their strategies to fit the unique characteristics of Pinduoduo, launching exclusive products tailored for the platform [4][5] - Qiaqia has developed unique flavors like "Coriander Sunflower Seeds" specifically for Pinduoduo, leveraging the platform's recommendation algorithms to reduce operational complexity [4] - Three Squirrels focuses on cost reduction through simplified packaging and direct shipping methods, which enhances efficiency and lowers logistics costs [5][6] Performance and Growth - The transition to Pinduoduo has resulted in tangible performance improvements, with brands like Qiaqia achieving significant sales growth, including a new product generating over 200,000 in GMV within two weeks [7] - Pinduoduo serves as an effective testing ground for new product categories, with Qiaqia's canned pistachios achieving substantial sales after being launched on the platform [7] - The platform's support policies, including subsidies and promotional resources, have lowered operational barriers for brands, fostering a positive cycle of growth [8]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-099 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 经深圳证券交易所（以下简称"深交所"）"深证上[2020]1046 号"文同 意，公司本次公开发行的 13.40 亿元可转换公司债券于 2020 年 11 月 18 日起在 深交所挂牌交易，债券简称"洽洽转债"，债券代码"128135"。"洽洽转债" 自 2021 年 4 月 26 日起可转换为公司股份，目前处于转股期。 公司的股票自 2025 年 10 月 20 日至 2025 年 11 月 28 日连续三十个交易日的 收盘价低于当期"洽洽转债"转股价格(55.93 元/股)的 70%，且"洽洽转债"处 于最后两个计息年度，根据《募集说明书》的约定，"洽洽转债"的有条件回售 条款生效。 根据《深圳证券交易所上市公司自律监管指引第 15 号--可转换公司债券》 的相关规定，可转换公司债券实施回售的，应当暂停可转换公司债券转股。经向 1 深交所申请，"洽洽转债"在回售申报期间将暂停转股，即自 2025 年 12 月 2 日(星期二)开始暂停转股,暂停转股期为五个交易日,至 2 ...

Core Viewpoint - The company announces the fifth reminder regarding the repurchase of its convertible bonds, "Qiaqia Convertible Bonds," allowing bondholders to sell back their bonds under specific conditions due to the stock price falling below a certain threshold [4][5]. Summary by Sections Repurchase Conditions - Bondholders of "Qiaqia Convertible Bonds" have the right to sell back part or all of their unconverted bonds, and this repurchase is not mandatory [2][8]. - The repurchase price is set at 100.236 CNY per bond, including interest and tax [3][8]. - The repurchase application period is from December 2, 2025, to December 8, 2025 [3][10]. Triggering Conditions - The repurchase clause is activated as the company's stock price has been below 70% of the conversion price (55.93 CNY per share) for thirty consecutive trading days [4][5]. - The repurchase right can be exercised once per year during the last two interest periods if the conditions are met [6][8]. Repurchase Process - The company will announce the repurchase results and its impact after the repurchase period ends [11]. - Bondholders must submit their repurchase applications through the Shenzhen Stock Exchange trading system during the specified period [10][11]. - The funds will be processed and credited to investors' accounts by December 15, 2025 [11].

1、投资者回售选择权：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》）的约定，"洽洽转债"持有人 可回售部分或者全部未转股的"洽洽转债"。"洽洽转债"持有人有权选择是 否进行回售，本次回售不具有强制性。 2、回售价格：100.236 元/张（含息税） 3、回售申报期：2025 年 12 月 2 日至 2025 年 12 月 8 日 证券代码：002557 证券简称：洽洽食品 公告编号：2025-098 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"洽洽转债"回售的第五次提示性公告 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： 4、发行人资金到账日：2025 年 12 月 11 日 5、回售款划拨日：2025 年 12 月 12 日 6、投资者回售款到账日：2025 年 12 月 15 日 7、回售申报期内"洽洽转债"暂停转股 8、风险提示：投资者选择回售等同于以 100.236 元人民币/张（含当期利 息）卖出持有的"洽洽转债"。截至目前，"洽洽转债"的收盘价格高于本次 回售价格， ...

Core Viewpoint - The company announces the conditional redemption of its convertible bonds ("Qiaqia Convertible Bonds") due to the stock price falling below a specified threshold, allowing bondholders to sell their bonds back to the company at a predetermined price [4][6]. Redemption Overview - The redemption clause is activated when the company's stock price is below 70% of the conversion price (55.93 CNY/share) for 30 consecutive trading days during the last two interest years of the bonds [4]. - The redemption price is set at 100.236 CNY per bond, including interest [3][7]. - The redemption period is from December 2, 2025, to December 8, 2025 [3][10]. Redemption Conditions - Bondholders can choose to redeem part or all of their unconverted bonds, and this redemption is not mandatory [8]. - The interest calculation for the redemption price is based on a formula that includes the bond's face value, interest rate (2.00%), and the number of days since the last interest payment [6][7]. Redemption Process and Payment - The company will announce the redemption details in compliance with regulations, including the redemption conditions and payment methods [9]. - The payment for redeemed bonds will be processed through the China Securities Depository and Clearing Corporation, with funds expected to be credited to investors by December 15, 2025 [12]. - During the redemption period, the bonds will continue to trade but will not be convertible [12].

Group 1: Snack Food Industry - Qiaqia Food achieved steady revenue growth in October, but nut category volume contracted in November due to the timing of the Spring Festival, while the sunflower seed category continued to grow. The main focus for future product development will be on nuts, including single nuts and flavored nuts, with increased promotion and distribution efforts. New products in the pipeline include konjac, peanut fruit, potato chips, and nut milk, indicating a stronger push for category expansion compared to the past [4] - Ximai Food's sales performance in Q4 2025 is strong, continuing the trend from the previous three quarters. The company aims to maintain steady revenue growth in its oatmeal business for 2026, with new health products expected to contribute additional revenue. The online sales of new health products launched in late November are performing well, and the company plans to continue channel expansion [4] - Wancheng Group is focusing on improving store quality while controlling the speed of new store openings. The performance of same-store sales has improved compared to H1 2025, and the company plans to accelerate store openings in 2026. The company is also experimenting with new product categories in different city tiers, including short shelf-life products and daily necessities [4] Group 2: Food Supply Chain - Anjijia Food reports continued improvement in operations, with reduced price competition in the frozen food industry. The company has seen improved downstream restaurant demand and has maintained low promotional efforts, resulting in lower inventory levels among distributors. The focus has shifted from channel-driven to new product-driven strategies, with notable sales growth in new products like shrimp slices [5][6] - The company is also expanding into frozen baking and halal food sectors, indicating a diversification of its product offerings. The channel strategy has evolved from fully embracing customization to a more controlled approach, enhancing operational efficiency [6]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-097 债券代码：128135 债券简称：洽洽转债 3、回售申报期：2025 年 12 月 2 日至 2025 年 12 月 8 日 4、发行人资金到账日：2025 年 12 月 11 日 5、回售款划拨日：2025 年 12 月 12 日 6、投资者回售款到账日：2025 年 12 月 15 日 7、回售申报期内"洽洽转债"暂停转股 洽洽食品股份有限公司 关于"洽洽转债"回售的第四次提示性公告 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、投资者回售选择权：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》）的约定，"洽洽转债"持有人 可回售部分或者全部未转股的"洽洽转债"。"洽洽转债"持有人有权选择是 否进行回售，本次回售不具有强制性。 2、回售价格：100.236 元/张（含息税） 8、风险提示：投资者选择回售等同于以 100.236 元人民币/张（含当期利 息）卖出持有的"洽洽转债"。截至目前，"洽洽转债"的收盘价格高于本次 回售价格， ...

北京商报讯 12月2日，洽洽食品在投资者互动平台回答投资者提问称，目前公司葵花籽采购价格比去年 同期有所下降，葵花籽采购仍在持续进行中。 （文章来源：北京商报） ...

洽洽食品12月2日在互动平台表示，目前公司葵花籽采购价格比去年同期有所下降，葵花籽采购仍在持 续进行中。 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-094 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 2025年第三次临时股东会决议公告 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。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议时间：2025 年 12 月 2 日（星期二）下午 14:00； （2）网络投票时间：2025 年 12 月 2 日；其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为2025年12月2日上午9:15—9:25，9:30-11:30， 下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时 间为 2025 年 12 月 2 日 9:15-15:00 期间的任意时间。 2、现场会议地点：安徽省合肥经济技术开发区莲花路 1307 号公司四楼会议 室； 3、表决方式：现场投票、网络投票； 4、会议召集人：公司董事会； 5、会议主持人：公司董事 ...