Financial Performance - The company's revenue for Q1 2025 was ¥1,570,972,741.36, a decrease of 13.76% compared to ¥1,821,560,933.22 in the same period last year[5] - Net profit attributable to shareholders was ¥77,247,792.43, down 67.88% from ¥240,476,526.90 year-on-year[5] - Basic earnings per share fell to ¥0.1524, a decline of 67.88% from ¥0.4744 in the same period last year[5] - Net profit for the period was ¥77,390,064.19, down from ¥240,661,829.01, indicating a decline of approximately 67.9% year-over-year[24] - Operating profit fell to ¥75,167,839.44 from ¥277,767,263.21, a decrease of around 72.9% year-over-year[24] - Total comprehensive income amounted to CNY 103,089,246.46, a decrease from CNY 219,088,282.55 in the previous period[25] Cash Flow - The net cash flow from operating activities decreased by 67.31%, amounting to ¥177,510,937.22 compared to ¥543,086,508.90 in the previous year[5] - Cash inflow from operating activities totaled CNY 1,916,662,976.26, compared to CNY 2,163,090,211.86 last year[26] - Cash outflow for investing activities was CNY 993,026,092.99, significantly higher than CNY 289,195,599.05 in the previous period[27] - Net cash flow from financing activities was CNY 27,930,288.60, a decrease from CNY 271,930,289.02 year-on-year[27] - The ending balance of cash and cash equivalents was CNY 4,357,375,606.75, down from CNY 5,159,819,236.92 in the previous period[27] - Cash received from investment recovery was CNY 742,097,720.41, compared to CNY 268,617,611.90 last year[27] - The company reported a decrease in cash received from sales of goods and services to CNY 1,867,380,613.05 from CNY 2,114,812,338.39[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,465,909,232.30, down 5.88% from ¥10,057,056,869.68 at the end of the previous year[5] - Total liabilities decreased to ¥3,808,514,853.84 from ¥4,328,912,448.44, reflecting a decline of about 12.0%[21] - Total equity decreased to ¥5,657,394,378.46 from ¥5,728,144,421.24, a decrease of approximately 1.2%[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 50,667, with the largest shareholder holding 42.57% of the shares[11] - The company plans to repurchase shares with a total amount not less than RMB 40 million and not exceeding RMB 80 million, with a maximum repurchase price of RMB 47.48 per share[13] - As of March 31, 2025, the company has repurchased a total of 723,200 shares, accounting for 0.143% of the total share capital, with a total transaction amount of RMB 19,998,147[13] - The company’s repurchase account holds 8,542,269 shares, representing 1.69% of the total shares[14] - The company completed the cancellation of 1,147,400 repurchased shares, reducing the registered capital accordingly, with the cancellation amounting to RMB 59,977,700[17] - The company’s total share capital decreased from 507,002,492 shares to 505,855,092 shares after the cancellation[17] Other Financial Metrics - The company reported a significant increase in trading financial assets, rising by 98.82% to ¥60,629,000 from ¥30,494,000[9] - Accounts receivable increased by 169.78% to ¥17,290,000, primarily due to endorsements that have not yet matured[9] - Inventory decreased by 40.27% to ¥92,338,000, attributed to a reduction in raw material stock[9] - The company experienced a 66.42% reduction in income tax expenses, amounting to ¥1,899,000, due to a decrease in total profit[9] - Total operating revenue decreased to ¥1,570,972,741.36 from ¥1,821,560,933.22, representing a decline of approximately 13.7% year-over-year[23] - Total operating costs decreased to ¥1,517,750,607.61 from ¥1,558,264,845.58, reflecting a reduction of about 2.6% year-over-year[23] - The company reported a financial expense of -¥15,000,165.88, an improvement compared to -¥35,295,374.58 from the previous period[24] - Research and development expenses remained stable at ¥17,357,926.96, slightly down from ¥17,376,053.76[24] - Other comprehensive income after tax was ¥25,699,182.27, compared to a loss of -¥21,573,546.46 in the previous period[24] Audit Status - The company has not yet audited the first quarter report[29]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

每经记者 章光日 每经编辑 吴永久 2025年3月29日，洽洽食品同时发布了两期员工持股计划延期的公告。其中，有一期员工持股计划属于第二次延期。2025 年4月2日，公司发布了关于股份回购进展情况的公告。然而，有投资者在深交所互动易上呼吁公司扩大回购资金规模。 洽洽食品员工持股计划为何延期？投资者为何呼吁公司扩大回购资金规模？接下来每经资本眼记者就来详细探究一番。 两期员工持股计划同时延期，浮亏均在四成左右 2025年3月29日，洽洽食品发布了公司关于第八期员工持股计划延期的公告和关于第五期员工持股计划延期的公告。相关 公告显示，第八期员工持股计划的存续期延长12个月，即延长至2026年5月10日，而第八期员工持股计划存续期原本为 2023年5月11日至2025年5月10日。第五期员工持股计划的存续期延长12个月，即延长至2026年4月7日，而第五期员工持股 计划的存续期原本为2021年4月8日至2024年4月7日。不难发现，公司第五期员工持股计划的存续期属于第二次进行延期。 每经资本眼记者注意到，洽洽食品上述两期员工持股计划目前皆处于大幅浮亏的状态。截至2025年4月11日收盘，洽洽食 品收盘价为26.17 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

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：2025-025 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年第一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。 根据相关法律法规和《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》"）的有关规定，本次发行的可转换公司债券转股期自可转换公司债券发行结束之日（2020 年10月26日）起满六个月后的第一个交易日（2021年4月26日）起至可转换公司债券到期日（2026年10 月19日）止。"洽洽转债"的初始转股价格为60.83元/股。 2021年6月11日，公司实施2020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、转增股本、增发新股或配股以及派发 现金股利等情况（不包括因本次发行的可转换公司债券转股增加的股本）使公司股份发生变化时，应对 转股价格进行调整。"洽洽转债"的转股价格由60.8 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-024 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 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，现将回购进展情况公告如下： 截至 2025 年 3 月 31 日，公司通过股份回购专用证券账户以集中竞价方式回 购公司股份 723,200 股，占公司目前总股本的 0.143%，最高成交价为 29.53 元/ 股，最低成交价为 26.05 元/股，成交总金额为 19,998,147.00 元（不含交易费 用），本次回购股份资金来源为公司自有资金及股票回购专项贷款，本次回购符 合相关法律法规的要求，符合既定的回购股份方案。 二、其他说明 公司回购股份的时间、回购股份的数量及集中竞价交易的委托时段等均符合 《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十 八条的相关规定。具体情况如下： 1、公司未在下列期间回购股份： （1）自可能对本公司证券及其衍生 ...

洽洽食品股份有限公司 关于2025年第一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： 证券代码：002557 证券简称：洽洽食品 公告编号：2025-025 债券代码：128135 债券简称：洽洽转债 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 年第一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 ● 证券代码：002557 证券简称：洽洽食品 ● 债券代码：128135 债券简称：洽洽转债 ...

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：2025-022 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 二、公司第五期员工持股计划存续期延期情况 一、公司第五期员工持股计划基本情况 公司于2021年1月8日召开第五届董事会第八次会议、第五届监事会第七次会议，于2021年1月26日召开 2021年第一次临时股东大会，审议通过了《〈洽洽食品股份有限公司第五期员工持股计划（草案）〉及 摘要》等议案，同意公司实施第五期员工持股计划（以下简称"本次员工持股计划"或"本员工持股计 划"）。具体内容详见2021年1月9日、2021年1月27日巨潮资讯网及《证券时报》《中国证券报》《上海 证券报》《证券日报》刊登的相关公告。 本次员工持股计划通过非交易过户等法律法规允许的方式获得公司回购专用证券账户所持有的公司股 票。2021年4月1日，公司回购专用证券账户所持有的91,947股（占公司当时总股本比例0.018%）公司股 票通过非交易过户至"洽洽食品股份有限公司-第五期员工持股计划"专户，非交易过户价格为48.36元/ 股。具体内容详见202 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-023 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于第八期员工持股计划延期的公告 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 2025 年 3 月 28 日召开第六 届董事会第十六次会议，审议通过了《关于第八期员工持股计划延期的议案》， 现将相关事项公告如下： 一、公司第八期员工持股计划基本情况 公司于 2022 年 10 月 26 日召开第五届董事会第二十四次会议、第五届监事 会第二十次会议，于 2022 年 11 月 11 日召开 2022 年第二次临时股东大会，审议 通过《关于<洽洽食品股份有限公司第八期员工持股计划（草案）>及摘要的议案》 等员工持股计划相关议案，同意公司实施第八期员工持股计划（以下简称"本次 员工持股计划"或"本员工持股计划"）。具体内容详见 2022 年 10 月 27 日、 2022 年 11 月 12 日巨潮资讯网及《证券时报》《中国证券报》《上海证券报》 《证券日报》刊登的相关公告。 本次员 ...