Core Viewpoint - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for various indices, including the Shenzhen Component Index, with Qiaqia Food (002557) being removed from the index due to its declining performance [1] Group 1: Company Performance - In the first three quarters of this year, Qiaqia Food reported revenue of 4.501 billion CNY, a year-on-year decrease of 5.38% [3] - The net profit attributable to shareholders was 168 million CNY, down 73.17% year-on-year, with a significant drop in the net profit margin from 15.53% in 2021 to 3.76% in Q3 of this year [4] - The company's gross profit margin fell to 21.94% in the first three quarters, down 8.31 percentage points from 30.25% in the same period last year [4] Group 2: Reasons for Decline - The decline in profitability is attributed to rising costs of sunflower seeds and core nut raw materials, along with increased expenses for product and channel restructuring [4] - The company has faced ongoing quality complaints, including issues related to product freshness and safety, which have resurfaced recently due to social media controversies [7] Group 3: Market Reaction - Qiaqia Food's stock performance has been negatively impacted by its removal from the Shenzhen Component Index, raising concerns about its future market position [1] - The company has been under scrutiny for quality issues, which may further affect consumer trust and sales [7]

Core Viewpoint - The company announced the results of the buyback of its convertible bonds, indicating minimal impact on its financial status and operations [1][2]. Group 1: Buyback Announcement - The company disclosed the buyback price of the convertible bonds at 100.236 CNY per bond, including interest and tax [1]. - The buyback period was set from December 2, 2025, to December 8, 2025, during which investors could choose to sell their bonds back to the company [1][2]. Group 2: Buyback Results - The total number of valid buyback applications was 18 bonds, amounting to 1,804.24 CNY, including interest and tax [2]. - The funds for the buyback will be transferred to the designated account of the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, with the payment date set for December 15, 2025 [2]. Group 3: Impact on the Company - The buyback will not materially affect the company's financial condition, operating results, cash flow, or capital structure [2]. - The company’s ability to fulfill its debt obligations and maintain ongoing operations remains intact [2]. Group 4: Future Trading - Unredeemed convertible bonds will continue to be traded on the Shenzhen Stock Exchange [3].

证券代码：002557 证券简称：洽洽食品 公告编号：2025-101 债券代码：128135 债券简称：洽洽转债 二、本次可转换公司债券回售结果和本次回售对公司的影响 "洽洽转债"回售申报期已于 2025 年 12 月 8 日收市后结束，根据中国证券 登记结算有限责任公司深圳分公司提供的《回售申报汇总》及《证券回售付款通 知》，"洽洽转债"（债券代码：128135）本次回售有效申报数量为 18 张，回 售金额为 1,804.24 元（含息税）。 公司将根据有效回售的申报数量将回售资金及回售手续费足额划至中国证 券登记结算有限责任公司深圳分公司指定账户。按照中国证券登记结算有限责任 公司深圳分公司的有关业务规则，投资者回售款到账日为 2025 年 12 月 15 日。 本次回售不会对公司财务状况、经营成果、现金流量和股本结构等产生实质影响， 不会损害公司的债务履行能力和持续经营能力。 洽洽食品股份有限公司 关于"洽洽转债"回售结果的公告 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、债券代码：128135 债券简称：洽洽转债 2、回售价格：1 ...

Core Insights - Qiaqia has grown alongside Hefei, becoming a significant player in the food industry and earning recognition for its quality and innovation [1][3][4] Group 1: Company Growth and Development - Qiaqia has been a benchmark enterprise in Hefei, witnessing the city's rapid development and contributing to its reputation as a center for the nut and snack industry [1][3] - The company has benefited from Hefei's supportive policies and improved business environment, which have provided a solid foundation for its growth [3] Group 2: Quality Control and Innovation - Qiaqia emphasizes a "fresh" strategy, ensuring product quality through comprehensive supply chain management and direct sourcing from global planting bases [4] - The company has implemented advanced production techniques and has been recognized for its key preservation technology, receiving national awards for its research and development efforts [4][5] Group 3: Technological Advancements - Qiaqia has consistently prioritized technological innovation, evolving its production methods and developing a proprietary technology system across all stages of production [5] - The company has established a national research center for nut processing technology and has been involved in setting industry standards, showcasing its commitment to advancing the sector [5] Group 4: Global Expansion and Cultural Promotion - Since 2000, Qiaqia has expanded internationally, with products now available in over 50 countries, promoting Chinese culture through localized product offerings [7] - The brand aims to convey cultural confidence and has engaged in initiatives to educate international markets about Chinese traditions, particularly through its products [7]

Core Viewpoint - The company is announcing the conditional redemption of its convertible bonds, allowing bondholders to sell back their bonds at a specified price due to the stock price falling below a certain threshold [4][6]. Redemption Overview - The company has triggered the conditional redemption clause for its convertible bonds, allowing holders to sell back their bonds if the stock price has been below 70% of the conversion price for 30 consecutive trading days [4]. - The redemption price is set at 100.236 CNY per bond, which includes accrued interest [3][7]. - The redemption period is from December 2, 2025, to December 8, 2025, during which the bonds will not be convertible [3][10]. Redemption Conditions - The redemption clause is activated if the company's stock price falls below 55.93 CNY (the conversion price) for 30 consecutive trading days during the last two interest periods of the bonds [4]. - The calculation for accrued interest is based on a formula that considers the bond's face value, interest rate, and the number of days since the last interest payment [6]. Redemption Process - Bondholders must declare their intention to redeem during the specified period through the Shenzhen Stock Exchange trading system [10]. - The company will announce the results of the redemption and its impact on the company after the redemption period ends [12]. Payment Details - The payment for the redeemed bonds will be processed through the China Securities Depository and Clearing Corporation, with funds expected to be credited to investors by December 15, 2025 [12].

证券代码：002557 证券简称：洽洽食品 公告编号：2025-100 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"洽洽转债"回售的第六次提示性公告 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： 1、投资者回售选择权：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》）的约定，"洽洽转债"持有人 可回售部分或者全部未转股的"洽洽转债"。"洽洽转债"持有人有权选择是 否进行回售，本次回售不具有强制性。 2、回售价格：100.236 元/张（含息税） 3、回售申报期：2025 年 12 月 2 日至 2025 年 12 月 8 日 4、发行人资金到账日：2025 年 12 月 11 日 5、回售款划拨日：2025 年 12 月 12 日 6、投资者回售款到账日：2025 年 12 月 15 日 7、回售申报期内"洽洽转债"暂停转股 8、风险提示：投资者选择回售等同于以 100.236 元人民币/张（含当期利 息）卖出持有的"洽洽转债"。截至目前，"洽洽转债"的收盘价格高于本次 回售价格， ...

Group 1 - The company issued 13.40 billion yuan of convertible bonds on October 20, 2020, with a maturity of six years and a face value of 100 yuan per bond [1] - The convertible bonds, named "Qiaqia Convertible Bonds," began trading on the Shenzhen Stock Exchange on November 18, 2020, and are currently in the conversion period since April 26, 2021 [1] - The conversion price for the bonds is set at 55.93 yuan per share [2] Group 2 - If the stock price remains below 70% of the conversion price for 30 consecutive trading days from October 20, 2025, the conditional redemption clause for the bonds will take effect [2] - The bonds will be suspended from conversion starting December 2, 2025, until December 8, 2025, during the redemption application period [2] - Conversion will resume on December 9, 2025, after the redemption application period ends [2]

Core Viewpoint - The company announces the resumption of the conversion of its convertible bonds, "Qiaqia Convertible Bonds," after a temporary suspension period due to specific market conditions [2][3]. Group 1: Convertible Bonds Details - The company issued 13.40 million convertible bonds with a face value of 100 yuan each, totaling 1.34 billion yuan, with a six-year term starting from October 20, 2020 [2]. - The bonds were listed on the Shenzhen Stock Exchange on November 18, 2020, and have been convertible into company shares since April 26, 2021 [2]. - The conversion price is set at 55.93 yuan per share, and the bonds are subject to conditional redemption due to the stock price being below 70% of the conversion price for 30 consecutive trading days [2]. Group 2: Suspension and Resumption of Conversion - The conversion of "Qiaqia Convertible Bonds" will be suspended from December 2, 2025, to December 8, 2025, during the redemption application period [3]. - The conversion will resume on December 9, 2025, following the end of the suspension period [3].

Group 1 - Qianwei Central Kitchen announced a shareholder gift plan, offering frozen product gift packages worth 200 yuan to shareholders holding 100 shares or more, clarifying that this is a seasonal reward and not a stock clearance effort [3][4] - Former Wahaha Group executive Pan Jiajie has joined Guming as Senior Vice President of Supply Chain, focusing on new business incubation, which is expected to enhance the company's supply chain and production management [3][4] - Country Garden Services has formed a strategic partnership with Mengniu Group to collaborate on various dairy products, aiming to reduce delivery costs and improve service efficiency in community logistics [6][7] Group 2 - Lu Hua Group signed a strategic cooperation agreement with NetEase Yanxuan to leverage each other's strengths in channel capabilities and product quality to expand online market reach [6][7] - Zilin Vinegar's main products have received EU organic certification, allowing them to use the EU organic logo and access the EU market [6] - COFCO Technology plans to invest 880 million yuan to build a new starch sugar project in Pingliang, with a capacity of 250,000 tons per year, aiming to fill a gap in the northwest region [6][7] Group 3 - Gai Shi Food launched a new black gold gift box featuring rare seafood, inspired by "Seven Swords Descend from the Sky," targeting various gifting scenarios [7] - Jiangzhong Shiliao introduced a new series of vegetarian noodles, emphasizing high protein and low fat, suitable for health-conscious consumers [7] - The market has seen a rise in discussions around "hormone eggs," with misinformation spreading about their characteristics, highlighting the public's concern for food safety [10][11] Group 4 - Chilean cherry exporters have officially launched the 2025/26 cherry season in China, with over 546,000 tons imported in the previous season, amounting to approximately 3.3 billion USD [12] - Beijing's government has proposed to enhance the modern logistics system, focusing on food safety in key sectors and promoting cold chain logistics for fresh food [12]

Core Insights - The article highlights the significant growth of snack brands like Three Squirrels and Qiaqia on the Pinduoduo platform, with projected GMV reaching 800 million this year, marking a doubling compared to 2023 [1][2] - Brands are shifting their focus from traditional e-commerce platforms to Pinduoduo, driven by the need for new growth avenues as traditional platforms face stagnation [2][7] - Consumer behavior is evolving towards a preference for quality-price ratio rather than just low prices, aligning with brands' strategies to enhance average transaction values and expand mid-to-high-end products [3] Brand Strategy Shift - Brands are adapting their strategies to fit the unique characteristics of Pinduoduo, launching exclusive products tailored for the platform [4][5] - Qiaqia has developed unique flavors like "Coriander Sunflower Seeds" specifically for Pinduoduo, leveraging the platform's recommendation algorithms to reduce operational complexity [4] - Three Squirrels focuses on cost reduction through simplified packaging and direct shipping methods, which enhances efficiency and lowers logistics costs [5][6] Performance and Growth - The transition to Pinduoduo has resulted in tangible performance improvements, with brands like Qiaqia achieving significant sales growth, including a new product generating over 200,000 in GMV within two weeks [7] - Pinduoduo serves as an effective testing ground for new product categories, with Qiaqia's canned pistachios achieving substantial sales after being launched on the platform [7] - The platform's support policies, including subsidies and promotional resources, have lowered operational barriers for brands, fostering a positive cycle of growth [8]