证券研究报告 | 行业专题 | 食品饮料 把握新品新渠道中的结构性成长机会 ——大众品 25Q3 业绩前瞻 ❑ 投资要点 食品饮料 报告日期：2025 年 10 月 12 日 行业评级: 看好(维持) 分析师：孙天一 执业证书号：S1230521070002 suntianyi@stocke.com.cn 分析师：杜宛泽 执业证书号：S1230521070001 17621373969 duwanze@stocke.com.cn 分析师：张家祯 执业证书号：S1230523080001 zhangjiazhen@stocke.com.cn 分析师：满静雅 执业证书号：S1230524100004 manjingya@stocke.com.cn 相关报告 1 《白酒关注绩优和改革，大众 品首推青岛啤酒》 2025.03.29 2 《春糖反馈平稳，港股业绩 密集发布》 2025.03.22 3 《大众品 2025 年十大预 测》 2025.03.20 ❑ 风险提示 原材料价格大幅上涨、终端需求疲软或需求修复不及预期、行业数据存在主观分 类和筛选，存在实际情况与数据结论不符的风险。 行业专题 http://www. ...

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].

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：2025-075 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2025年第三季度可转债转股情况的 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。 特别提示： ● 转股期起止日期：2021年4月26日至2026年10月19日 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第15号一一可转换公 司债券》的有关规定，洽洽食品股份有限公司（以下简称"公司"）现将2025年第三季度可转换公司债券 （以下简称"可转债"）转股及公司股份变动情况公告如下： 一、可转债发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可〔2020〕2297号"文核准，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。 （二）可转换公司债券上市情况 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 ...

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 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-075 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： 根据《深圳证券交易所股票上市规则》、《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》的有关规定，洽洽食品股份有限公司（以 下简称"公司"）现将 2025 年第三季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动情况公告如下： 一、可转债发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可〔2020〕2297 号"文核准，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。 （二）可转换公司债券上市情况 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2025年第三季度可转债转股情况的公告 2024 年 6 月 14 日，公司实施 2023 年年度权益分派方案。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》发行条款的有关规定，当公 司发生派送红股 ...

2024年11月14日，洽洽食品董事会通过回购股份方案，拟用自有和专项贷款资金，以集中竞价回购A 股，资金4000 - 8000万元，原回购价不超47.48元/股，经权益分派调整为不超46.21元/股。截至2025年9 月30日，公司已回购1,055,192股，占总股本0.209%，最高成交价29.53元/股，最低21.40元/股，成交金 额27,659,906.01元（不含交易费），且回购符合相关规定。公司后续将继续实施回购并依规披露信息。 ...

Core Insights - On September 30, Qiaqia Food's stock fell by 0.33%, with a trading volume of 68.85 million yuan [1] - The company experienced a net financing outflow of 9.91 million yuan on the same day, with total financing and securities lending balance reaching 393 million yuan [1] Financing Summary - On September 30, Qiaqia Food had a financing buy-in of 5.76 million yuan, with a current financing balance of 392 million yuan, accounting for 3.62% of its market capitalization [1] - The financing balance is above the 60th percentile level over the past year, indicating a relatively high position [1] Securities Lending Summary - On September 30, Qiaqia Food repaid 12,400 shares in securities lending and sold 2,800 shares, amounting to 59,900 yuan based on the closing price [1] - The remaining securities lending volume was 72,400 shares, with a balance of 1.55 million yuan, which is below the 30th percentile level over the past year, indicating a low position [1] Business Performance - As of June 30, Qiaqia Food had 57,700 shareholders, an increase of 13.79% from the previous period, while the average circulating shares per person decreased by 12.12% [2] - For the first half of 2025, Qiaqia Food reported revenue of 2.752 billion yuan, a year-on-year decrease of 5.05%, and a net profit attributable to shareholders of 88.64 million yuan, down 73.68% year-on-year [2] Dividend Information - Since its A-share listing, Qiaqia Food has distributed a total of 4.693 billion yuan in dividends, with 1.654 billion yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 19.9726 million shares, an increase of 225,400 shares from the previous period [2] - New institutional shareholders include Xingzheng Global Xinyue Mixed A and Southern CSI 1000 ETF, while several others exited the top ten circulating shareholders list [2]

Core Viewpoint - The company has adjusted the exercise price of its 2024 stock option incentive plan from 19.97 yuan to 18.67 yuan per share, following the completion of its profit distribution plans and in accordance with the provisions of the incentive plan [6][7][34]. Group 1: Approval Process - The company held multiple board and supervisory meetings to review and approve the stock option incentive plan, ensuring compliance with relevant regulations [30][31][33]. - The first temporary shareholders' meeting in 2024 authorized the board to handle matters related to the stock option incentive plan [30][34]. - The company publicly solicited voting rights from shareholders regarding the incentive plan, with no objections received during the public notice period [31][32]. Group 2: Adjustment Details - The adjustment of the exercise price was necessitated by the company's profit distribution, which included cash dividends of 3.00 yuan per 10 shares and 10.00 yuan per 10 shares for different periods [6][34]. - The new exercise price was calculated by deducting the total cash dividend from the previous exercise price, resulting in an adjusted price of 18.67 yuan per share [7][34]. Group 3: Impact on the Company - The adjustment of the exercise price is in line with the regulations and will not materially affect the company's financial status or operational results [8]. - The company’s remuneration and assessment committee confirmed that the adjustment process was legal and effective, supporting the new exercise price [9][45]. Group 4: Legal and Financial Opinions - Legal opinions confirm that the adjustment has received necessary approvals and complies with relevant laws and regulations [11][46]. - The independent financial advisor also affirmed that the stock option incentive plan adjustments meet the required conditions and legal standards [47].

Core Insights - The leisure food sector experienced a rise of 0.66% on September 30, with ST Juewei leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance Summary - ST Juewei (603517) closed at 13.52, with a gain of 4.81% and a trading volume of 288,000 shares, amounting to a transaction value of 383 million [1] - Wanchen Group (300972) closed at 181.50, up 3.82%, with a trading volume of 25,300 shares [1] - Yanjin Puzhou (002847) closed at 70.10, up 1.80%, with a trading volume of 23,000 shares [1] - Other notable performances include Maiqu'er (002719) at 9.24 (+1.20%) and Haoxiangni (002582) at 9.30 (+0.22%) [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 91.41 million from institutional investors, while retail investors contributed a net inflow of 82.63 million [2] - The main capital inflow and outflow for specific stocks include: - Wanchen Group: 11.84 million inflow from main capital, with a net outflow of 15.09 million from speculative capital [3] - Jinzai Food (003000): 3.33 million inflow from main capital, with a net outflow of 3.21 million from speculative capital [3] - Good Products (603719): 2.33 million inflow from main capital, with a net inflow of 1.02 million from speculative capital [3]