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 关于第五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《关于第五期员工持股计划延期的议案》， 现将相关事项公告如下： 计划名下时起计算，即 2021 年 4 月 8 日起 2024 年 4 月 7 日止。本次员工持股计 划所获公司股票的锁定期为 12 个月，自公司公告本次员工持股计划最后一笔回 购之公司股票过户登记至本次员工持股计划名下时起计算，本次员工持股计划锁 定期于 2022 年 4 月 7 日届满。 2024 年 2 月 2 日，公司本次员工持股计划管理委员会召开员工持股计划持 有人会议，审议通过了《关于第五期员工持股计划延期的议案》。 2024 年 2 月 7 日，公司召开了第六届董事会第五次会议，审议通过了《关 于第五期员工持股计划延期的议案》。经公司本次员工持股计划持有 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-021 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第十六次会议决议公告 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、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")第六届董事会第十六次会议于 2025 年 3 月 25 日以书面及邮件方式通知全体董事，并于 2025 年 3 月 28 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， 公司监事和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。 本次会议经过有效表决，形成如下决议： （一）会议以 6 票同意，0 票反对、0 票弃权，通过了《关于第五期员工持 股计划延期的议案》； 董事陈俊先生作为本期员工持股计划的参与人，为该议案的关联董事，进行 回避表决。 同意将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。 《关于第五期员工 ...

管理人名称：广州绝了股权投资基金管理有限公司 托管人名称：兴业银行股份有限公司 证券代码：002557 证券简称：洽洽食品 公告编号：2025-020 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于公司全资子公司参与设立投资基金完成备案登记的公告 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（下称"公司"）全资子公司上海创味来投资有限责 任公司作为有限合伙人与广州绝了企业管理有限公司、湖南绿叶水果有限公司共 同出资设立长沙绿叶水果股权投资基金合伙企业（有限合伙），该基金主要投资 领域为水果连锁品牌及水果产业上下游，有助于公司在该类渠道中的业务拓展。 该基金认缴出资总额为人民币 10,000.00 万元，公司全资子公司上海创味来投资 有限责任公司认缴出资额 2,500.00 万元人民币，占投资基金认缴出资总额的 25%； 出资方式为货币出资，资金来源为自有资金。具体内容详见公司于 2024 年 11 月 2 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于全资子公司与专业投 资机构共同投资的公告》（ ...

Core Viewpoint - The company, Qiaqia Foods, is expected to be impacted by the recent announcement from the State Council Tariff Commission regarding the imposition of tariffs on certain imported goods from the United States, as some of its nut raw materials are sourced from the U.S. [1] Group 1 - The company has indicated that the new tariffs will have a certain effect on its operations due to the import of nut raw materials from the U.S. [1] - Qiaqia Foods' associate company, Nut Pie Agricultural Co., Ltd., has been cultivating macadamia nuts and pecans domestically, which is expected to replace 10-20% of the company's nut supply once the harvest is abundant [1]

Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") due to external demand pressure and a downward revision of profit forecasts [2][9]. Core Insights - The company reported a revenue of 71.31 billion yuan for 2024, a year-on-year increase of 4.79%, and a net profit of 8.52 billion yuan, up 6.19% year-on-year. However, the Q4 performance was below market expectations, with a revenue of 23.74 billion yuan, reflecting a 2% year-on-year growth and a net profit decline of 23.8% [9]. - The company is focusing on new product development and channel expansion to drive growth, particularly in the sunflower seed and nut segments, despite facing raw material cost pressures [9]. - The company anticipates a stable performance in the upcoming year, with new products like potato chips and peanuts expected to contribute positively to sales [9]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 68.06 billion yuan, with a slight increase to 71.31 billion yuan in 2024, and further growth to 73.92 billion yuan in 2025 [8]. - The net profit for 2023 is estimated at 8.03 billion yuan, with a forecasted increase to 8.52 billion yuan in 2024 and 8.55 billion yuan in 2025 [8]. - The gross margin is expected to decline due to rising raw material costs, particularly for sunflower seeds, impacting profitability [9].

2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 回购股份 1,147,400 股已于近日完成注销。 证券代码：002557 证券简称：洽洽食品 公告编号：2025-018 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于部分回购股份注销完成暨股份变动的公告 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： 1、洽洽食品股份有限公司（以下简称"公司"）本次注销部分回购股份 1,147,400 股，占本次注销前公司总股本比例为 0.23%。本次注销完成后，公司 总股本将由 507,002,492 股变更为 505,855,092 股。 一、本次回购股份的批准及实施情况 公司于 2021 年 9 月 6 日召开了第五届董事会第十五次会议审议通过《关于 回购公司股份的议案》，拟使用自有资金以集中竞价交易方式回购公司部分社会 公众股份（A 股），回购金额不低于人民币 3,000 万元（含）且不超过 6,000 万元（含），回购价格不超过人民币 60.16 元/股（含），公司回购股份将用于 公司股权激励计划或员工持股计划 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-019 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于可转债转股价格调整的公告 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： 本次调整前"洽洽转债"转股价格：人民币 56.90 元/股 本次调整后"洽洽转债"转股价格：人民币 56.91 元/股 转股价格调整生效日期：2025 年 3 月 7 日 洽洽食品股份有限公司（以下简称"公司"）于 2020 年 10 月 20 日公开发 行了 1,340 万张可转换公司债券（以下简称"可转债"），每张面值 100 元，发 行总额 13.40 亿元。可转债于 2020 年 11 月 18 日在深圳证券交易所上市交易， 债券简称："洽洽转债"，债券代码："128135"。 一、关于可转债转股价格调整的相关依据 上述两项同时进行：P1=（P0+A×k）/（1+n+k）； 派送现金股利：P1=P0－D； 上述三项同时进行：P1＝（P0－D+A×k）/（1+n+k） 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-017 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 六届董事会第十三次会议审议通过了《洽洽食品股份有限公司关于回购公司股份 方案暨取得股票回购专项贷款的议案》，拟使用公司自有资金和股票回购专项贷 款资金以集中竞价交易方式回购公司部分社会公众股份（A 股），公司拟回购股 份用于后期实施股权激励计划或员工持股计划的股份来源；回购的资金总额不低 于人民币 4,000 万元（含），且不超过人民币 8,000 万元（含）；回购价格不超 过人民币 47.48 元/股（含）。本次回购股份的实施期限为自公司董事会审议通 过本次回购方案之日起 12 个月内。公司于 2024 年 11 月 23 日披露了《洽洽食 品股份有限公司回购报告书》。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（ ...

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food (002557) with a target price of 34.02 CNY over the next six months, compared to the current price of 26.37 CNY [1]. Core Views - The company reported a revenue of 71.3 billion CNY for 2024, reflecting a year-on-year growth of 4.8%. The net profit attributable to the parent company was 8.5 billion CNY, up 6.2% year-on-year. However, Q4 2024 saw a revenue of 23.7 billion CNY, a 2.0% increase year-on-year, but net profit dropped by 23.8% due to increased competition and rising costs [7][8]. - The company is focusing on category innovation and channel expansion, with a strategic emphasis on high-quality and cost-effective products. The nut category is expected to grow significantly, with revenue growth rates projected at 10.0%, 9.0%, and 8.0% for 2024-2026 [8][9]. - The report highlights the potential for improved profitability in the long term, driven by scale effects and successful product launches in new categories such as nut milk and peanuts [8][9]. Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 68.06 billion CNY, with a slight decline of 1.13%. The projected revenues for 2024, 2025, and 2026 are 71.31 billion CNY, 75.65 billion CNY, and 79.52 billion CNY, respectively, indicating growth rates of 4.79%, 6.08%, and 5.11% [2][10]. - The net profit attributable to the parent company for 2023 was 8.03 billion CNY, with forecasts of 8.52 billion CNY, 9.59 billion CNY, and 10.75 billion CNY for the following years, reflecting growth rates of -17.75%, 6.19%, 12.48%, and 12.10% [2][10]. Profitability Metrics - The report indicates an improvement in the overall net profit margin for 2024, which increased by 0.2 percentage points year-on-year. However, the Q4 net profit margin decreased by 3.2 percentage points year-on-year due to rising costs and increased marketing expenses [7][8]. - The gross margin is expected to improve from 26.8% in 2023 to 31.2% by 2026, driven by lower raw material costs and scale effects in the nut category [10][13]. Market Position and Strategy - The company is actively expanding its market presence by penetrating lower-tier cities and enhancing its product offerings in the nut and seed categories. The strategy includes increasing SKU counts in bulk channels and promoting high-margin products through e-commerce [8][9]. - The competitive landscape is challenging, with intense price competition in the gift box segment and reduced foot traffic in key sales channels impacting revenue growth [7][8]. Valuation - The report assigns a PE ratio of 18 for 2025, leading to a target price of 34.02 CNY, which reflects a favorable valuation compared to peers in the industry [9][11].

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food (002557) with a target price of 34.02 CNY over the next six months, compared to the current price of 26.37 CNY [1]. Core Views - The company reported a revenue of 71.3 billion CNY for 2024, reflecting a year-on-year growth of 4.8%. The net profit attributable to the parent company was 8.5 billion CNY, up 6.2% year-on-year. However, Q4 2024 saw a revenue of 23.7 billion CNY, a 2.0% increase year-on-year, but net profit dropped by 23.8% due to increased competition and rising costs [7][8]. - The company is focusing on category innovation and channel expansion, with a strategic emphasis on high-quality and cost-effective product offerings. The nut category is expected to grow significantly, with revenue growth rates projected at 10.0%, 9.0%, and 8.0% for 2024-2026 [8][9]. - The overall profitability is expected to improve in the long term, driven by scale effects and cost management, despite short-term pressures from rising raw material prices and increased marketing expenses during peak seasons [7][8]. Financial Summary - **Revenue Forecast**: - 2023A: 68.06 billion CNY - 2024E: 71.31 billion CNY (4.79% growth) - 2025E: 75.65 billion CNY (6.08% growth) - 2026E: 79.52 billion CNY (5.11% growth) [2][10] - **Net Profit Forecast**: - 2023A: 8.03 billion CNY - 2024E: 8.52 billion CNY (6.19% growth) - 2025E: 9.59 billion CNY (12.48% growth) - 2026E: 10.75 billion CNY (12.10% growth) [2][10] - **Earnings Per Share (EPS)**: - 2023A: 1.58 CNY - 2024E: 1.68 CNY - 2025E: 1.89 CNY - 2026E: 2.12 CNY [2][10] - **Return on Equity (ROE)**: - 2023A: 14.52% - 2024E: 14.35% - 2025E: 14.53% - 2026E: 14.65% [2][10] - **Price-to-Earnings (PE) Ratio**: - 2023A: 17 - 2024E: 16 - 2025E: 14 - 2026E: 12 [2][10] Market Position and Competitive Analysis - Qiaqia Food's product innovation and market promotion capabilities have been validated in the nut and seed categories. The company is expected to open new growth avenues through the introduction of new product lines such as nut milk and peanuts [9]. - The company is actively expanding its distribution channels, particularly in lower-tier cities, and increasing the number of SKUs in bulk channels to enhance market penetration [8][9].