Core Viewpoint - Qiaqia Food experienced a decline in stock price by 1.54% on February 3, with a trading volume of 301 million yuan, indicating potential investor concerns about the company's performance and market position [1]. Financing Summary - On February 3, Qiaqia Food had a financing buy-in amount of 30.49 million yuan and a financing repayment of 22.88 million yuan, resulting in a net financing buy of 7.60 million yuan [1]. - The total financing and securities balance for Qiaqia Food reached 376 million yuan, with the financing balance accounting for 3.14% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing position [1]. - In terms of securities lending, Qiaqia Food repaid 28,500 shares and sold 1,200 shares on February 3, with a selling amount of 28,300 yuan, while the securities lending balance was 707,700 yuan, also below the 20th percentile level over the past year [1]. Company Performance - As of September 30, Qiaqia Food had 54,300 shareholders, a decrease of 5.84% from the previous period, while the average circulating shares per person increased by 6.20% to 9,297 shares [2]. - For the period from January to September 2025, Qiaqia Food reported a revenue of 4.50 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]. - Since its A-share listing, Qiaqia Food has distributed a total of 4.69 billion yuan in dividends, with 1.65 billion yuan distributed over the past three years [2]. Shareholder Composition - As of September 30, 2025, the third-largest circulating shareholder of Qiaqia Food was Hong Kong Central Clearing Limited, holding 3.98 million shares, a decrease of 15.99 million shares from the previous period [2]. - New shareholders include E Fund Yuxin Bond A and Ping An Low Carbon Economy Mixed A, holding 3.97 million shares and 3.70 million shares respectively [2]. - The Southern CSI 1000 ETF and Ping An Value Enjoy Mixed A also appeared among the top ten circulating shareholders, with slight changes in their holdings [2].

Market Overview - The leisure food sector experienced a decline of 0.34% on February 3, with "Good Idea" leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - "Maiqu'er" (002719) closed at 9.45, up 3.39% with a trading volume of 163,400 shares and a transaction value of 154 million [1] - "Lihigh Food" (300973) closed at 43.29, up 2.73% with a trading volume of 62,400 shares and a transaction value of 262 million [1] - "Good Idea" (002582) closed at 13.03, down 3.05% with a trading volume of 477,400 shares and a transaction value of 623 million [2] - "Ximai Food" (002956) closed at 27.52, down 2.31% with a trading volume of 33,800 shares and a transaction value of 92 million [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 84.37 million from main funds, while retail investors contributed a net inflow of 79.99 million [2] - "Youyou Food" (603697) had a main fund net inflow of 21.20 million, while retail investors had a net outflow of 28.12 million [3] - "Wancheng Group" (300972) experienced a main fund net inflow of 13.24 million, with a retail net inflow of 27.37 million [3]

Core Viewpoint - Qiaqia Foods has experienced a decline in stock price and significant decreases in revenue and net profit for the year 2025, indicating potential challenges in its financial performance and market position [2][3]. Group 1: Stock Performance - On February 3, Qiaqia Foods' stock fell by 2.00%, trading at 23.48 yuan per share with a total market capitalization of 11.877 billion yuan [1]. - The stock has increased by 8.60% year-to-date, with a 3.71% rise over the last five trading days, 4.82% over the last twenty days, and 6.15% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Qiaqia Foods reported 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]. - Cumulatively, since its A-share listing, Qiaqia Foods has distributed a total of 4.693 billion yuan in dividends, with 1.654 billion yuan distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Qiaqia Foods was 54,300, 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 as the third-largest shareholder, holding 3.9811 million shares, a decrease of 15.9915 million shares from the previous period [3].

Core Viewpoint - The company has initiated its tenth employee stock ownership plan, which was approved by the board and shareholders, and has opened a dedicated securities account for this plan [1][2]. Group 1: Employee Stock Ownership Plan - The company held its sixth board meeting on November 14, 2025, and a temporary shareholders' meeting on December 2, 2025, where the employee stock ownership plan was approved [1]. - The tenth employee stock ownership plan was officially implemented, with a dedicated securities account opened on December 8, 2025, at the Shenzhen branch of China Securities Depository and Clearing Corporation [1]. - As of February 2, 2026, the company has not yet purchased any stocks under the tenth employee stock ownership plan [2].

洽洽食品股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日召开第 六届董事会第二十二次会议，于 2025 年 12 月 2 日召开 2025 年第三次临时股东 会，审议通过《关于<洽洽食品股份有限公司第十期员工持股计划（草案）>及摘 要的议案》等员工持股计划相关议案，同意公司实施第十期员工持股计划（以下 简称"本次员工持股计划"）。具体内容详见公司于 2025 年 11 月 15 日、2025 年 12 月 3 日在指定信息披露媒体及巨潮资讯网（http://www.cninfo.com.cn） 上刊登的公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，现将本 次员工持股计划实施进展情况公告如下： 公司已于 2025 年 12 月 8 日在中国证券登记结算有限责任公司深圳分公司开 立第十期员工持股计划证券专用账户，账户名称：洽洽食品股份有限公司－第十 期员工持股计划，证券账户号码：0899513586。 截至 2026 年 2 月 2 日，公司第十期员工持股计划尚未购买公司股票。公司 将持续关注本次 ...

Core Viewpoint - Recently, Qiaqia Food announced on its investor interaction platform that it has launched over 30 SKUs in the snack wholesale channel, including sunflower seeds, nuts, potato chips, and fresh-cut fries, and the company will actively expand this channel while continuously enriching its SKU offerings and increasing store coverage [1] Group 1 - The company has introduced more than 30 SKUs in the snack wholesale channel [1] - The product categories include sunflower seeds, nuts, potato chips, and fresh-cut fries [1] - The company aims to actively expand the snack wholesale channel and enhance its SKU variety and store presence [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][2] - The target price is set at 29.03 CNY per share [5][2] Core Insights - The company is expected to see a recovery in revenue and profit in 2026, despite short-term performance pressures [2] - The decline in profit for Q4 2025 has narrowed, indicating potential stabilization [2] - The company anticipates a significant drop in net profit for 2025, with estimates ranging from 308 million to 320 million CNY, reflecting a year-on-year decline of 62.33% to 64.68% [11] Financial Summary - Total revenue for 2023 is reported at 6,806 million CNY, with a slight decline of 1.1% [4] - Net profit attributable to shareholders for 2023 is 803 million CNY, down 17.8% [4] - Earnings per share (EPS) for 2023 is 1.59 CNY, with projections for 2025 at 0.61 CNY and 1.29 CNY for 2026 [4] - The return on equity (ROE) for 2023 is 14.5%, expected to drop to 5.4% in 2025 before recovering to 11.1% in 2026 [4] - The price-to-earnings (P/E) ratio is projected to be 37.62 for 2025 and 17.73 for 2026 [4] Market Data - The company's market capitalization is 11,574 million CNY [6] - The stock has traded within a range of 20.96 to 27.82 CNY over the past 52 weeks [6] - The current stock price is 22.88 CNY [5] Future Outlook - The company is expected to benefit from a later Chinese New Year in 2026, positively impacting Q1 sales [11] - New product developments, particularly in the konjac product line, are anticipated to drive growth [11] - The snack wholesale channel has shown rapid sales growth, exceeding 90 million CNY in September 2025 [11]

Investment Rating - The report maintains a "Buy" rating for the company [5][2] - The target price is set at 29.03 CNY per share [5][2] Core Insights - The company is expected to see a recovery in revenue and profit in 2026, despite short-term performance pressures [2][11] - The decline in profit for Q4 2025 has narrowed, indicating potential stabilization [11] - The company anticipates a significant drop in net profit for 2025, with estimates ranging from 308 million to 320 million CNY, reflecting a year-on-year decline of 62.33% to 64.68% [11] Financial Summary - Total revenue for 2023 is reported at 6,806 million CNY, with a slight decline of 1.1% [4] - Net profit attributable to shareholders for 2023 is 803 million CNY, down 17.8% [4] - Earnings per share (EPS) for 2023 is 1.59 CNY [4] - The company expects a recovery in net profit to 653 million CNY in 2026, representing a growth of 112.1% compared to 2025 [4] - The projected net profit for 2027 is 785 million CNY, showing a further increase of 20.3% [4] Market Data - The company's market capitalization is 11,574 million CNY [6] - The stock has traded within a range of 20.96 to 27.82 CNY over the past 52 weeks [6] - The current price is 22.88 CNY, indicating potential upside to the target price [5][6] Valuation Metrics - The price-to-earnings (P/E) ratio for 2026 is projected at 17.73 [4] - The price-to-book (P/B) ratio at the current price is 2.2 [7] - The return on equity (ROE) is expected to be 11.1% in 2026 [4]

Investment Rating - The report suggests a positive investment outlook for the liquor and food sectors, particularly highlighting the potential for growth during the upcoming Spring Festival season [1][2]. Core Insights - The report emphasizes the initiation of the Spring Festival peak season for liquor sales, with leading brands like Moutai showing significant improvements in sales and pricing, indicating a recovery in market sentiment and expectations [1][2]. - In the food sector, there is an anticipated boost in demand due to pre-holiday stocking, with specific focus on snack foods and beverages as key growth areas [1][2]. Summary by Sections Liquor Sector - The report indicates that the liquor market is entering a peak season, with Moutai leading the way in sales and price recovery, driven by increased demand and channel reforms [2]. - Other notable brands such as Guizhou Moutai, Ancient Well, and Luzhou Laojiao are recommended for short-term investment due to their strong performance and market positioning [1]. Food Sector - The food sector is expected to benefit from pre-holiday stocking, with companies like Anjuke and Qiaqia Foods positioned to capitalize on the festive demand [2][4]. - Anjuke is focusing on new product launches and expanding into overseas markets, while Qiaqia Foods is set to improve profitability in 2026 due to lower raw material costs [4][3]. Growth Opportunities - The report identifies growth opportunities in the snack and beverage segments, with specific companies such as H&H International Holdings and Nongfu Spring highlighted for their potential [1][2]. - The emphasis is placed on the recovery of the restaurant and dairy sectors, with companies like Yili and Qingdao Beer expected to show positive performance [1][2].

您好！感谢您的关注和提出的建议！查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 投资者提问： 尊敬的陈先保董事长，作为洽洽的投资者和消费者，强烈建议洽洽扩展辣条、薯片、肉干肉脯等品类， 这三个品类是零食店复购率最高的，如洽洽不布局，则新增零食品类将稀释瓜子消费在零食消费的份 额，瓜子消费的场景和份额恐将逐渐减少。洽洽完全可以委托代工厂进行加工，严把质量关，拓展零食 品类，让洽洽无处不在。谢谢 ...