证券代码：002557 证券简称：洽洽食品 公告编号：2025-042 债券代码：128135 债券简称：洽洽转债 转股起止时间：2021 年 4 月 26 日至 2026 年 10 月 19 日 暂停转股时间：2025 年 6 月 4 日至 2024 年年度权益分派股权登记日 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于实施权益分派期间"洽洽转债"暂停转股的公告 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： 附件：《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》中"转 股价格的调整方式及计算公式"条款的规定： 在本次发行之后，当公司发生派送股票股利、转增股本、增发新股或配股、 派送现金股利等情况（不包括因本次发行的可转债转股而增加的股本）使公司股 份发生变化时，将按下述公式进行转股价格的调整（保留小数点后两位，最后一 位四舍五入）： 派送股票股利或转增股本：P1=P0/（1+n）； 增发新股或配股：P1=（P0+A×k）/（1+k）； 上述两项同时进行：P1=（P0+A×k）/（1+n+k）； 恢复转股时间：公 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a focus on expanding its product offerings and distribution channels, despite facing challenges in profit margins and traditional sales channels [1][2][3][4]. Financial Performance - In 2024, the company's revenue and net profit were 7.131 billion and 849 million yuan, respectively, representing year-on-year increases of 4.79% and 5.82% [1]. - For Q4 2024, revenue and net profit were 2.374 billion and 223 million yuan, showing a year-on-year increase of 1.99% but a decline in net profit by 24.79% [1]. - In Q1 2025, revenue and net profit dropped to 1.571 billion and 77 million yuan, reflecting year-on-year decreases of 13.76% and 67.88% [1]. Product Performance - Key products showed robust growth, with revenue from sunflower seeds, nuts, and other products reaching 4.381 billion, 1.923 billion, and 773 million yuan, respectively, with year-on-year growth rates of 2.60%, 9.74%, and 8.04% [1]. - The company is focusing on establishing its brand in the sunflower seed market and has launched new products like "Da Shou" peanuts, which have seen rapid sales growth [1]. - The high-end sunflower seed product "Kuaizhen" is expanding through new channels such as high-end membership stores and boutique supermarkets [1]. Channel Development - New channels such as volume sales and e-commerce are growing rapidly, while traditional channels are under pressure [2]. - In 2024, revenue from southern, northern, eastern regions, e-commerce, and overseas markets were 2.266 billion, 1.343 billion, 2.121 billion, 779 million, and 569 million yuan, with year-on-year growth rates of 3.88%, -3.25%, 9.47%, 8.86%, and 10.28%, respectively [2]. - The number of distributors decreased by 99 to 1,380, but average distributor income increased by 6% to 4.11 million yuan per distributor [2]. Profitability and Cost Structure - The company's gross margin and net margin improved by 2.02 and 0.12 percentage points to 28.78% and 11.92%, respectively, in 2024 [3]. - In Q4 2024, due to rising raw material prices, the overall cost increased as the company utilized both reserve and newly procured raw materials [3]. - For Q1 2025, gross margin and net margin decreased to 19.47% and 4.93%, with changes in expense ratios reflecting a mixed trend [3]. Investment Outlook - The company is expected to achieve revenues of 7.4 billion, 7.8 billion, and 8.2 billion yuan in 2025-2027, with year-on-year growth rates of 3%, 6%, and 5% [4]. - Net profit forecasts for the same period are 720 million, 850 million, and 920 million yuan, with a projected year-on-year decline of 15% in 2025, followed by increases in subsequent years [4]. - The company aims to enhance business growth quality and maintain a "buy" rating based on its strategic initiatives [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to see revenue and net profit growth in 2024, with revenue projected at 7.131 billion yuan (+4.79% YoY) and net profit at 849.48 million yuan (+5.82% YoY) [1] - The company is focusing on expanding its product lines, particularly in the sunflower seed and nut categories, with notable growth in sales from high-end products and new product launches [1][4] - The company is actively exploring new sales channels, including e-commerce and overseas markets, while traditional channels are experiencing slight pressure [2][4] Financial Performance Summary - In 2024, the company reported revenue of 7.131 billion yuan, with a growth rate of +4.79% compared to the previous year [5] - The gross profit margin for 2024 was 28.78%, an increase of 2.02 percentage points YoY, while the net profit margin was 11.92%, up by 0.12 percentage points YoY [3] - The company’s net profit for Q1 2025 is projected to decline significantly to 770 million yuan, a decrease of 67.88% YoY [1] Product and Channel Development - The company is enhancing its product offerings, particularly in the nut category, and is expanding its sales channels to include county-level distributors and new retail formats [4][2] - The company has seen a significant increase in direct sales, with a growth rate of 38% and an increase in the number of terminal outlets to over 490,000 [2][4] Profitability and Cost Management - The company is facing pressure on profit margins due to rising raw material costs, with a gross margin of 19.47% in Q1 2025, down by 10.97 percentage points YoY [3] - The selling expense ratio increased to 10.60%, reflecting higher marketing investments [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to see revenue and net profit growth in 2024, with revenue projected at 7.131 billion yuan (+4.79% YoY) and net profit at 849.48 million yuan (+5.82% YoY) [1] - The company is focusing on expanding its product lines, particularly in the sunflower seed and nut categories, with notable growth in sales from high-end products and new product launches [1][4] - The company is actively expanding its distribution channels, including new TO-B group purchasing and restaurant partnerships, while also increasing its presence in e-commerce and overseas markets [2][4] Financial Performance - In 2024, the company reported revenue of 7.131 billion yuan, with a growth rate of 4.79%, and a net profit of 849.48 million yuan, reflecting a growth rate of 5.82% [5] - The gross margin for 2024 was 28.78%, an increase of 2.02 percentage points YoY, while the net margin was 11.92%, up 0.12 percentage points YoY [3] - The company’s revenue for Q1 2025 was 1.571 billion yuan, a decrease of 13.76% YoY, and net profit was 770 million yuan, down 67.88% YoY [1] Product and Channel Development - The company is enhancing its product offerings, particularly in the nut category, and is focusing on high-end sunflower seed products through new sales channels [1][4] - The company has seen a significant increase in direct sales, with a growth rate of 38% and an increase in the number of terminal outlets to over 490,000 [2][4] - The company is also expanding its international market presence, particularly in Southeast Asia and Canada [2]

Group 1: Research Basic Information - The research object is Qiaqia Food, belonging to the food and beverage industry, and the reception time was on May 16, 2025 [8] - The listed company's reception staff included the chairman and general manager Chen Xianbao, vice - chairman and deputy general manager Chen Qi, etc. [8] - Participating research institutions included Dongxing Securities, CITIC Securities, Tianfeng Securities, etc., as well as some fund management companies and asset management companies [2][9][10] Group 2: Core Views - The company's future development depends on product innovation and product strength, and each double - digit growth is accompanied by the emergence of a new large - scale product series [21] - The company aims to expand sales volume and increase gross profit margin through category innovation, product innovation, and channel sales service innovation, while continuously improving supply chain efficiency [17][19] Group 3: Specific Content Summaries Reasons for the decline in the company's first - quarter gross profit margin - The decline in the first - quarter gross profit margin was mainly due to the increase in sunflower seed raw material costs (affected by continuous rain in Inner Mongolia, the mold rate increased, and the output of qualified raw materials decreased, leading to price increases) and the increase in the purchase price of some nut raw materials. Product structure also had an impact [17] Scale and future plans of Sam's Club and snack retail channels - Sam's Club revenue increased by 50 - 60% last year, and the snack retail channel doubled. The company will increase investment in these channels this year [17] Plans for the third - largest product category - In the short - to - medium term, the company focuses on nuts and melon seeds. The third - largest category, such as peanuts, is in the incubation stage, and the company hopes to become a leading brand in this segment. The fresh - cut fries have achieved revenues of several million yuan in less than a year [17] Overseas development strategy for konjac products - The company first conducts trial sales overseas, leveraging its brand and channel advantages [17] Sales channels for Kui Zhen products - Kui Zhen is sold both online (e.g., its official flagship store) and offline (e.g., Sam's Club and RT - Mart's premium stores), and will continue to expand in these channels [19] Company's competitive points for nuts - The most important thing for products is quality, and for nuts, freshness must be ensured [19] Company's learning from Coca - Cola and农夫山泉 - These two companies are learning examples for Qiaqia Food in terms of products, channels, and brands. Qiaqia Food focuses more on product raw materials due to its high direct raw material cost ratio and is seeking a suitable model for itself [20] Company's view on KA direct - sales channels - The company pays attention to changes in offline retail channels, hopes that each link in the value chain can obtain reasonable profits, and will actively embrace the trend of KA direct - sales and explore a suitable cooperation model with distributors [20] Company's R & D considering population aging - The company has considered population aging in product R & D, such as nut powder products, and will develop specialized deep - processed products for the elderly. It has also launched low - GI nuts for people with sugar - control needs, and health is one of the future R & D directions [21]

Group 1 - The company focuses on nuts and seeds in the short to medium term, with plans to develop a third category, such as peanut products, which has significant market potential and lacks dominant brands [1] - The company has achieved several million in revenue from its fresh-cut potato fries within a year of launch [1] - The company is implementing a country-specific strategy for overseas expansion, leveraging its brand and channel advantages [1] Group 2 - The decline in gross margin in the first quarter is attributed to rising raw material costs for sunflower seeds and nuts, as well as changes in product mix [1] - The company has seen a 50%-60% revenue growth from Sam's Club and a doubling of revenue from bulk snack channels, with plans to increase investment in these channels [1] - The company aims to enhance sales volume and gross margin through product and category innovation, as well as channel sales service innovation [1] Group 3 - The company emphasizes product quality, particularly freshness, as a key competitive point in the nut market [2] - The company is focusing on product development that addresses the aging population, including products like nut powder and low-GI nuts [2] - The company is adapting to changes in offline retail channels and is exploring suitable cooperation models with distributors [2]

Investment Rating - The report maintains a rating of "Outperform" for the food and beverage sector [4]. Core Insights - The food and beverage sector's Q1 performance remains stable, with a focus on boosting consumption as a key driver for economic growth. The government has introduced a comprehensive action plan to stimulate consumption, highlighting opportunities in four key areas: 1) Baijiu, with Moutai leading the industry; 2) Low-alcohol beverages, with beer sales rebounding; 3) Restaurant chains benefiting from product diversification; 4) Snack foods maintaining high demand due to new products and channels [1][3][7]. Summary by Relevant Sections Food and Beverage Sector Performance - The A-share market saw an increase, with the Shanghai Composite Index closing at 3367.46 points, up 0.76%. The food and beverage sector rose by 0.48%, underperforming the market by 0.29 percentage points [2][54]. - Among sub-sectors, health products showed the highest increase at 8.54%, while other alcoholic beverages experienced the largest decline at -3.12% [2][60]. Investment Recommendations - The report suggests that the food and beverage sector, as a typical domestic demand sector, presents significant investment value. The Baijiu sector is expected to recover as domestic consumption increases, with leading companies likely to see improved profitability. Current valuations in the Baijiu sector are still low, indicating long-term investment potential [3][7]. - The report emphasizes the high growth potential in snack foods and beverages, driven by new channels and products, particularly in the konjac product category [3][11][13]. Company-Specific Insights - Salted Fish Company (盐津铺子) is focusing on six core categories, with its konjac products performing exceptionally well, indicating strong growth potential [19][70]. - Qiaqia Food (洽洽食品) is concentrating on sunflower seeds and nuts, with a focus on flavor innovation and market penetration, expecting cost pressures to ease in the coming quarters [28][71]. Market Trends and Developments - The report highlights the ongoing transformation in retail channels, with an emphasis on the growth of discount stores and the adaptation of food companies to new retail formats [13][70]. - The government’s initiatives to boost consumption are expected to positively impact the food and beverage sector, particularly in the context of restaurant recovery and consumer spending [3][10].

Group 1: Financial Performance - The company's gross margin decreased in Q1 due to rising sunflower seed raw material costs and increased procurement prices for certain nut raw materials [1] - Revenue from Sam's Club increased by 50-60%, and the snack wholesale channel saw a doubling in growth [1] - The company aims to enhance sales and gross margin through category innovation, product innovation, and channel sales service innovation [1] Group 2: Product Development and Market Strategy - The company is focusing on nuts and seeds in the short to medium term, with plans to develop a third major category, such as fresh-cut potato strips, which has already generated several million in revenue within a year [2] - The strategy for overseas expansion includes a country-specific approach, leveraging brand and channel advantages [2] - Future innovations will not only focus on flavor but also on packaging and technology to improve gross margin and brand premium [2] Group 3: Competitive Positioning and Consumer Trends - The company emphasizes product quality, particularly freshness, as a key competitive advantage in the nut market [2] - There is a focus on developing products tailored for health-conscious consumers, including low GI nuts for those with sugar control needs [3] - The company is also considering the aging population in its product development, such as nut powder products [3] Group 4: Intellectual Property and Market Trends - The company is advised to strengthen intellectual property protection due to the prevalence of imitation products in the market [2] - The company is committed to promoting nutritional knowledge about nuts to consumers, addressing both nutrition and taste [2] Group 5: Channel Strategy and Collaboration - The company is adapting to changes in offline retail channels and is open to exploring suitable collaboration models with distributors [2] - The trend towards direct sales in key accounts (KA) is acknowledged, and the company aims to embrace this change [2]

Meeting Overview - The annual general meeting of shareholders for Qiaqia Food Co., Ltd. was held on May 16, 2025, with both on-site and online voting options available [1][2] - A total of 419 shareholders attended, representing 53,352,313 shares, which is 10.8374% of the total voting shares [1] Voting Results - The meeting saw significant participation from minority shareholders, with 381 voting online, representing 37,139,281 shares, or 7.5441% of the total voting shares [2] - The proposals presented at the meeting were approved with overwhelming support, including: - The 2024 Annual Report, approved by 99.7748% of the votes [3] - The 2024 Board of Directors' Work Report, approved by 99.7744% of the votes [3] - The 2024 Supervisory Board's Work Report, approved by 99.7746% of the votes [4] - The 2024 Financial Settlement Report, approved by 99.7754% of the votes [4] - The 2024 Profit Distribution Plan, approved by 99.8096% of the votes [5] - The Special Report on the Use of Raised Funds, approved by 99.7751% of the votes [6] - The reappointment of the auditing firm for 2025, approved by 99.7337% of the votes [7] - The proposal to use idle raised funds for cash management, approved by 99.7685% of the votes [8] - The proposal for investment management using self-owned funds, approved by 98.6235% of the votes [9] - The application for a comprehensive credit limit for 2025, approved by 99.7270% of the votes [9] - The amendment to the company's articles of association, approved by 99.7718% of the votes [9] Legal Compliance - The meeting was witnessed by lawyers from Shanghai Tongli Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [9]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-041 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、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 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 5 月 16 日（星期五）上午 10:00； （2）网络投票时间：2025 年 5 月 16 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5月16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 5 月 16 日 9:15-15:00 期间的任意时间。 2024年年度股东大会决议公告 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。 2、现场会议地点：安徽省合肥经济技术开发区莲花路 1307 号公司五楼会 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：公司副 ...