证券代码：002557 证券简称：洽洽食品 公告编号：2026-013 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第二十四次会议决议的公告 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。 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")第六届董事会第二十四次会议于 2026 年 2 月 9 日以书面及邮件等方式通知全体董事，并于 2026 年 2 月 13 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， 公司高级管理人员列席了会议，本次会议的召开符合《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，审议通过了《关于召开 2026 年第一次债券持有人会议的议案》。 公司董事会定于 2026 年 3 月 2 日(星期一) 上午 10：00 在公司四楼会议室 召开公司 2026 年第一次债券持有人会议。 具体 ...

Core Viewpoint - The company has approved the implementation of the tenth employee stock ownership plan, which involves the acquisition of shares through a repurchase account and secondary market purchases [1][2]. Group 1: Employee Stock Ownership Plan Details - The stock sources for the employee stock ownership plan include shares repurchased by the company and those acquired through the secondary market [1][2]. - The total amount to be raised through the employee stock ownership plan is capped at 100 million yuan, with participants contributing up to 60 million yuan from their own funds [3]. - A total of 40 employees participated in the plan, raising 40.69 million yuan, which is within the approved limit [3]. Group 2: Share Repurchase Information - The company has completed a share repurchase plan, acquiring 4,314,300 shares, which is 0.85% of the total share capital, at an average price of 34.75 yuan per share [2]. - The repurchase was conducted within a budget of 75 million to 150 million yuan, with a maximum price of 55.06 yuan per share [2]. Group 3: Management and Governance - The employee stock ownership plan is governed by a management committee elected by the plan holders, ensuring independence from the company's controlling shareholders and executives [6]. - The plan holders have waived their voting rights associated with shares held through previous employee stock ownership plans, ensuring independent accounting [6]. Group 4: Compliance and Disclosure - The company adheres to market trading rules and regulations regarding insider trading during sensitive periods [7]. - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its disclosure obligations [7].

证券代码：002557 证券简称：洽洽食品 公告编号：2026-011 债券代码：128135 债券简称：洽洽转债 二、本次员工持股计划的专户开立、认购及股份非交易过户情况 公司于2025年12月8日在中国证券登记结算有限责任公司深圳分公司开立第 十期员工持股计划证券专用账户，账户名称：洽洽食品股份有限公司－第十期员 工持股计划，证券账户号码：0899513586。 本次员工持股计划拟筹集资金总额不超过10,000万元，其中参加对象自筹资 金不超过6,000万元，自筹资金与拟通过融资融券等法律法规允许的方式实现融 资资金的比例不超过1:0.67，即融资资金不超过4,000万元。根据参与对象实际 认购和最终缴款的查验结果，本次员工持股计划实际参与认购的员工共计40人， 实际筹集资金总额为4,069万元，未超过股东会审议通过的自筹资金总额上限， 在实际认购过程中，部分人员因个人原因自愿放弃认购获授份额，管理委员会同 意将该部分权益份额重新分配给了符合条件的其他对象。公司董事、高级管理人 员及实际控制人总体实际认购资金总额占本次员工持股计划出资总额的比例不 超过30%。本次员工持股计划的资金来源为参加对象合法薪酬、 ...

Core Viewpoint - The company, Qiaqia Food Co., Ltd., 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 specified period [1][12]. Group 1: Convertible Bond Issuance and Listing - The company issued 13.40 million convertible bonds at a face value of 100 yuan each, totaling 1.34 billion yuan, with a six-year term approved by the China Securities Regulatory Commission [2]. - The bonds were listed on the Shenzhen Stock Exchange on November 18, 2020, under the name "Qiaqia Convertible Bonds" and code "128135" [3]. Group 2: Conversion Price and Adjustment - The initial conversion price was set at 60.83 yuan per share, and it has undergone seven adjustments since the bonds became convertible on April 26, 2021 [6]. - The conversion price was adjusted to 60.03 yuan on June 11, 2021, 59.18 yuan on June 22, 2022, and 58.18 yuan on June 20, 2023, due to annual dividend distributions [6][7][8]. Group 3: Downward Adjustment Conditions - The company can 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 [9]. - The expected period for triggering this condition starts from January 28, 2026, and ends on February 10, 2026, during which the stock price has already been below 47.54 yuan (85% of the current conversion price) for ten trading days [12]. Group 4: Future Procedures - If the company decides to adjust the conversion price, it will announce the decision through designated media, including the adjustment range and the date for resuming conversion applications [10]. - The company must follow the procedures outlined in the prospectus for any future adjustments and disclosures [13].

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, suggesting investors take advantage of low prices to acquire quality leading companies [6]. Core Insights - The report highlights a positive outlook for the food and beverage sector, driven by seasonal demand and improved sales performance during the Chinese New Year [1]. - It emphasizes the importance of focusing on leading brands with strong fundamentals, particularly in the liquor and dairy segments, as they are expected to outperform their peers [2][4]. Summary by Category Liquor - The liquor industry is experiencing a divergence in performance, with top brands like Kweichow Moutai and Wuliangye showing strong sales, while others face challenges [1]. - Kweichow Moutai benefits from marketing reforms and strong demand, with its product prices stabilizing above 1600 RMB [1]. - Recommendations include Kweichow Moutai, Wuliangye, and other leading brands for investment [1]. Dairy Products - Major dairy companies like Yili and Mengniu are expected to achieve strong sales during the Chinese New Year, with inventory levels remaining healthy [2]. - The report anticipates a turning point in the raw milk cycle, with prices expected to stabilize, benefiting leading dairy firms [2]. - Recommended stocks include Yili and Mengniu, which are expected to gain market share in 2026 [2]. Restaurant Supply Chain and Condiments - The report sees a recovery in the restaurant sector, supported by government policies and improved consumer confidence [3]. - Leading companies are adjusting pricing strategies to enhance profitability, with inventory levels remaining healthy [3]. - Key recommendations include Anjijia and Haitian Flavoring, which are expected to benefit from improved market conditions [3]. Snacks - The snack industry is poised for growth, with increased sales during the Chinese New Year and a shift towards efficient retail channels [4]. - Recommended stocks include Weilian and Qiaqia, which are expected to maintain high profitability levels [4].

证券代码：002557 证券简称：洽洽食品 公告编号：2026-010 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： 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会审议表决。 本次触发转股价格向下修正条件的期间自 2026 年 1 月 28 日起算，截至 2026 年 2 月 10 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"洽洽转债"转股价格向下修正 条件。 一、可转换公司债券发行上市概况 1、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 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The January e-commerce data shows a significant increase in sales and promotional heat, driven by the successful New Year shopping festival, which has injected strong momentum into the market [5][58] - Various product categories, particularly in food and beverages, have experienced high growth rates, indicating a robust consumer demand during the festive season [14][27] Summary by Sections January E-commerce Data Review - The sales heat increased by 1.87% and promotional heat by 0.91% compared to December [5] - The New Year shopping festival, starting on January 15, successfully stimulated consumer purchasing behavior, leading to multiple sales peaks throughout the month [5] Industry Marketing Situation - The food and beverage sector saw a surge in consumer interest, with gift box products becoming a market focal point [14] - Key high-growth categories included snacks, beverages, and alcoholic drinks, with specific products like nuts and chocolates leading the sales [10][25][29] January Category Sales Overview - The sales heat for nuts and snacks grew by 286.58%, with promotional heat increasing by 32.96% [20] - The beverage category saw substantial growth, particularly in fruit juices and carbonated drinks, with some segments experiencing over 600% growth [27] February E-commerce Trend Forecast - Key marketing dates for February include Valentine's Day and the Spring Festival, with brands encouraged to launch themed products and promotions [41][45] - The report highlights the importance of targeting family gatherings and gifting needs during the festive season to drive sales [48] Monthly Rankings - The report includes a sales ranking of brands across various categories, with notable mentions in jewelry, clothing, and food products, indicating strong market competition [62][64][66]

Core Viewpoint - The upcoming Spring Festival is driving a surge in sales for leisure snacks, with strong demand for gift boxes and bulk snack packages, although the industry faces intense competition and cost pressures [1][5][6] Group 1: Sales Trends - Sales of gift boxes are booming, particularly for brands like Three Squirrels and Qiaqia Foods, with prices around 50 to 290 yuan [1][2] - Recent data indicates that the sales of "snack gift boxes" exceeded 1 billion yuan in the last 30 days, with core categories like "mountain walnuts/nuts/roasted goods" accounting for over 51.6% of sales [2][6] - Bulk snack packages are gaining popularity, with brands like Yanjinpuzi and Jinzhai Foods seeing strong sales ahead of traditional gift box sales [2][4] Group 2: Production and Supply Chain - Companies are ramping up production to meet demand, with Jinzhai Foods reporting a daily production capacity exceeding 10 million packages [4] - The industry is actively ensuring stable supply through sales forecasts and pre-fulfillment strategies, particularly for high-demand categories like gift boxes and nuts [4][5] Group 3: Pricing and Cost Pressures - Despite strong sales, companies are cautious about raising prices due to competitive pressures and rising raw material costs, which are impacting profit margins [5][6] - Three Squirrels and Qiaqia Foods have both projected significant declines in net profit for the year, attributed to increased raw material prices and structural changes in sales [5] - The industry is exploring upstream strategies to mitigate the impact of raw material price fluctuations, such as Qiaqia Foods' trial planting of sunflower seeds overseas [5] Group 4: Market Outlook - Analysts are optimistic about the first quarter, expecting double-digit revenue growth for many snack brands due to the favorable timing of the Spring Festival and returning consumer traffic [6]

Core Insights - The demand for snack gift boxes is surging ahead of the upcoming Spring Festival, with sales exceeding 1 billion in the last 30 days and a month-on-month growth of 383.84% [2] - Companies are leveraging a multi-brand and multi-category strategy to capture market share, focusing on innovative packaging and product offerings to meet consumer preferences [3][7] Group 1: Market Trends - The snack gift box market is a critical component of the Chinese food industry, with gift boxes accounting for 60% of sales for companies focused on this segment [1] - The overall retail sales for the Spring Festival in 2025 are projected to grow by 8.7% year-on-year, indicating a strong purchasing power among consumers [2] - The trend of combining various brands and product categories is becoming more pronounced, allowing companies to penetrate multiple consumer segments and occasions [2][3] Group 2: Company Strategies - Three Squirrels has introduced creative gift boxes, such as the "Golden Gourd" nut gift box, and expanded its offerings to include various themed gift boxes for different occasions [3] - Mondelez China has launched a "custom gift box" initiative, allowing distributors to create personalized gift boxes based on regional preferences [7] - Snack companies are increasingly collaborating with well-known brands to enhance their product visibility and appeal, as seen with Qiaqia Food's partnerships with Coca-Cola and Sprite [8] Group 3: Channel Development - Companies are adopting a multi-channel approach, integrating online and offline strategies to enhance consumer experience and drive sales [9][10] - Retailers are creating immersive experiences in physical stores, such as themed pop-up areas and interactive tasting stations, to stimulate immediate purchasing behavior [13] - The online sales channels are being optimized with tailored marketing strategies, including live streaming and social media promotions, to engage consumers effectively [9][14] Group 4: Future Outlook - The snack gift box segment is expected to continue its growth trajectory, becoming a long-term potential driver for the industry [14] - The overall snack market is projected to see a 3.9% sales growth, with gift boxes emerging as a significant breakthrough point for innovation and consumer engagement [14]

Core Viewpoint - The leisure food sector experienced a 2.4% increase on February 4, with Wancheng Group leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up 0.85% [1]. - The Shenzhen Component Index closed at 14156.27, up 0.21% [1]. Group 2: Individual Stock Performance - Wancheng Group (300972) closed at 209.30, with a rise of 7.33% and a trading volume of 36,300 lots, amounting to 739 million yuan [1]. - Guangzhou Restaurant (603043) closed at 18.15, up 2.83% with a trading volume of 58,500 lots, totaling 10.5 million yuan [1]. - Yanjin Puhui (002847) closed at 69.95, increasing by 2.70% with a trading volume of 49,400 lots, amounting to 344 million yuan [1]. - Other notable stocks include Ximai Food (002956) at 28.12 (+2.18%), Ligao Food (300973) at 44.20 (+2.10%), and Youyou Food (603697) at 13.78 (+2.07%) [1]. Group 3: Capital Flow Analysis - The leisure food sector saw a net outflow of 46.24 million yuan from institutional investors, while retail investors contributed a net inflow of 29.96 million yuan [2]. - Notable individual stock capital flows include Youyou Food with a net outflow of 36.51 million yuan from institutional investors and a net inflow of 3.84 million yuan from retail investors [3]. - Salted Food (002847) experienced a net inflow of 10.05 million yuan from institutional investors, while retail investors had a slight outflow [3].