北京商报讯（记者 郭秀娟 王悦彤） 11月23日，洽洽食品在投资者互动平台回答投资者提问称，目前公 司产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业 务尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

洽洽食品（002557.SZ）11月23日在投资者互动平台表示，目前公司产品主要出口到泰国、越南、马来 西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业务尚在拓展中，目前在荷兰、德国、 法国等国的部分市场进行销售。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：我看到年报上写公司在欧洲地区收入增长良好，请问 包括欧盟国家吗？ ...

Core Viewpoint - The company is actively procuring sunflower seeds and is adjusting its purchasing strategy based on market conditions and inventory levels [2] Group 1 - Investors inquired about the company's sunflower seed storage status for the year [2] - The company confirmed that sunflower seed procurement is ongoing [2] - The company will dynamically adjust the proportion of procurement before and after the Spring Festival based on market trends and inventory changes [2]

洽洽食品11月23日在互动平台表示，公司已积极推进白坚果产品入驻山姆等渠道的相关工作。目前公司 产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业务 尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

人民财讯11月23日电，洽洽食品（002557）11月23日在互动平台表示，公司已积极推进白坚果产品入驻 山姆等渠道的相关工作。目前公司产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大 等国家和地区。公司在欧洲的业务尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

Market Overview - The leisure food sector experienced a decline of 2.33% on November 20, with Nanjiao Food leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Nanjiao Food (605339) closed at 19.05, down 9.37% with a trading volume of 175,500 shares [1] - Jin Zai Food (003000) closed at 11.86, down 3.18% with a trading volume of 80,900 shares [1] - Wanchen Group (300972) closed at 168.22, down 3.10% with a trading volume of 18,300 shares [1] - Three Squirrels (300783) closed at 23.22, down 2.85% with a trading volume of 81,500 shares [1] - Black Sesame (000716) closed at 6.26, down 2.80% with a trading volume of 224,500 shares [1] - Other notable declines include Lihai Food (300973) down 2.52% and Liangpinpuzi (603719) down 2.51% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 178 million yuan from main funds, while retail investors contributed a net inflow of 118 million yuan [1] - Speculative funds recorded a net inflow of 60.43 million yuan [1] Detailed Capital Flow for Selected Stocks - Lihai Food (300973) had a main fund net inflow of 5.90 million yuan, but a retail net outflow of 13.17 million yuan [2] - Ziyan Food (603057) experienced a main fund net inflow of 42,400 yuan, with a retail net outflow of 1.79 million yuan [2] - Maquur (002719) had a negligible main fund net inflow of 4,364 yuan, with a retail net outflow of 127,690 yuan [2] - Other stocks like Guangzhou Restaurant (603043) and Huangshanghuang (002695) also reported net outflows from main funds [2]

Core Viewpoint - Qiaqia Food (002557) has entered into a partnership with Chengdu Zhengchuang Laomofang Enterprise Management Center to establish a joint venture in Qujing City, Yunnan Province, focusing on high-quality konjac products in the health food sector [1] Group 1 - The joint venture will be controlled by Qiaqia Food, leveraging both parties' strengths in resource reserves, production technology, channel networks, and management [1] - The collaboration aims to enhance consumer demand by focusing on taste improvement and nutritional retention [1] - The initiative represents a strategic move to capitalize on the growing health food market [1]

Market Overview - The leisure food sector experienced a decline of 1.9% on November 18, with Wancheng Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Wancheng Group (300972) closed at 174.91, down 3.24% with a trading volume of 13,800 [1] - Lihai Food (300973) closed at 41.91, down 3.19% with a trading volume of 29,500 [1] - Yanjinpuzi (002847) closed at 74.60, down 2.89% with a trading volume of 27,500 [1] - Maiqu'er (002719) closed at 10.05, down 2.62% with a trading volume of 82,600 [1] - Ximai Food (002956) closed at 25.20, down 2.36% with a trading volume of 44,000 [1] - Nanjiao Food (605339) closed at 19.11, down 2.25% with a trading volume of 86,000 [1] - Huangshanghuang (002695) closed at 12.51, down 2.04% with a trading volume of 50,500 [1] - ST Juewei (603517) closed at 13.96, down 1.76% with a trading volume of 85,000 [1] - Guifaxiang (002820) closed at 13.85, down 1.63% with a trading volume of 113,400 [1] - Hezhima (000716) closed at 6.47, down 1.52% with a trading volume of 201,600 [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 222 million yuan from main funds, while retail investors had a net inflow of 254 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in stocks like Huangshanghuang and Guifaxiang [2]

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Core Insights - Qiaqia Food experienced a decline of 1.17% in stock price on November 14, with a trading volume of 127 million yuan [1] - The company reported a significant decrease in revenue and net profit for the first nine months of 2025 compared to the previous year [2] Financing and Trading Activity - On November 14, Qiaqia Food had a financing buy amount of 12.68 million yuan and a financing repayment of 19.38 million yuan, resulting in a net financing outflow of 6.69 million yuan [1] - The total financing and securities lending balance for Qiaqia Food reached 366 million yuan as of November 14, with the financing balance accounting for 3.17% of the circulating market value, which is below the 40th percentile level over the past year [1] - The company repaid 3,000 shares in securities lending and sold 1,700 shares on the same day, with a total selling amount of 38,700 yuan [1] Financial Performance - For the period from January to September 2025, Qiaqia Food achieved a revenue of 4.501 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of 168 million yuan, down 73.17% year-on-year [2] - The company has distributed a total of 4.693 billion yuan in dividends since its A-share listing, with 1.654 billion yuan distributed in the last three years [2] Shareholder Structure - As of September 30, 2025, Qiaqia Food had 54,300 shareholders, a decrease of 5.84% from the previous period, with an average of 9,297 circulating shares per shareholder, an increase of 6.20% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 15.99 million shares, and new entrants such as E Fund Yuxin Bond A and Ping An Low Carbon Economy Mixed A [2]