Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company achieved an operating revenue of 7.131 billion yuan in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of 0.852 billion yuan, up 6.19% year-on-year [1]. - The company is focusing on long-term strategic goals, emphasizing product quality and innovation to adapt to market changes, while expanding its distribution channels and enhancing its market presence [1][2]. - The company is expected to improve its performance through operational efficiency and promotional activities, balancing sales volume and profit [3]. Financial Summary - The projected operating revenues for 2024, 2025, and 2026 are 71.4 billion yuan, 79.2 billion yuan, and 88.2 billion yuan, with respective growth rates of 4.9%, 11.0%, and 11.3% [4]. - The net profit attributable to shareholders is forecasted to be 0.851 billion yuan in 2024, 0.969 billion yuan in 2025, and 1.134 billion yuan in 2026, with growth rates of 6.1%, 13.9%, and 17.0% respectively [4]. - The earnings per share are expected to be 1.68 yuan in 2024, 1.91 yuan in 2025, and 2.24 yuan in 2026 [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company achieved a revenue of 7.131 billion yuan in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of 0.852 billion yuan, up 6.19% year-on-year [1]. - The company is focusing on long-term strategic goals, emphasizing product quality and innovation to adapt to market changes, while expanding its distribution channels and enhancing its market presence [1][2]. - The company is expected to see revenue growth of 4.9%, 11.0%, and 11.3% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 6.1%, 13.9%, and 17.0% in the same period [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2.00% increase year-on-year, but a net profit of 0.226 billion yuan, which is a decline of 23.79% year-on-year [1]. - The net profit margin for Q4 2024 was 9.53%, down 3.23 percentage points compared to the previous year [1]. Strategic Initiatives - The company is enhancing its terminal coverage and expanding into new channels such as snack wholesale stores and membership stores, while also making strides in overseas markets [1]. - The company is increasing its investment in high-end products and innovative nut offerings, which have contributed to overall performance growth [1][2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 71.4 billion yuan, 79.2 billion yuan, and 88.2 billion yuan, respectively [4]. - The projected net profits for the same years are 8.5 billion yuan, 9.7 billion yuan, and 11.3 billion yuan [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company achieved a revenue of 7.131 billion yuan in 2024, representing a 5% year-on-year increase, while the net profit attributable to shareholders was 852 million yuan, up 6% year-on-year [5] - The company is experiencing pressure on profit margins due to high costs, particularly from rising raw material prices for sunflower seeds, although there is a slight downward trend in costs [5] - The company is expanding its overseas market presence, with an estimated revenue of around 600 million yuan from international operations in 2024, and expects growth in overseas markets to outpace domestic growth [6] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2% increase year-on-year, but a 24% decrease in net profit attributable to shareholders [5] - The company’s earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 1.68, 1.80, and 2.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 13 times [7] Market Strategy - The company is focusing on product diversification by developing new categories such as nut milk, fresh-cut potato strips, and peanut products, while also enhancing its high-end product line "Kuaizhen" [6] - The company is actively penetrating lower-tier markets and expects to see increased sales through channels like Sam's Club and Hema [6] Growth Projections - The company anticipates steady revenue growth, with projections of 7.613 billion yuan in 2025 and 8.211 billion yuan in 2026, reflecting growth rates of 6.8% and 7.9% respectively [11] - The net profit is expected to reach 915 million yuan in 2025 and 1.041 billion yuan in 2026, with growth rates of 7.4% and 13.7% respectively [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company achieved a revenue of 7.131 billion yuan in 2024, representing a 5% year-on-year increase, while the net profit attributable to shareholders was 852 million yuan, up 6% [5] - The company is experiencing pressure on profit margins due to high costs, particularly from rising raw material prices for sunflower seeds, although there is a slight downward trend in costs [5] - The company is expanding its overseas market presence, with an estimated revenue of around 600 million yuan from international operations in 2024, and expects growth in overseas markets to outpace domestic growth [6] Summary by Sections Revenue and Profitability - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2% increase year-on-year, but a 24% decrease in net profit attributable to shareholders at 226 million yuan [5] - The company is adjusting its procurement strategy in response to market conditions to manage costs effectively [5] Product and Market Development - The company is focusing on new product categories such as nut milk, fresh-cut potato strips, and peanut products to explore growth opportunities [6] - The high-end sunflower seed product "Kuaizhen" is gaining market share, and the company is actively penetrating lower-tier markets [6] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.68, 1.80, and 2.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 13 times [7] - The company is expected to maintain a stable growth trajectory with a focus on both sunflower seeds and nuts, while optimizing its product mix [7]

Financial Performance - Total revenue for 2024 reached CNY 7,131,379,107.46, an increase of 4.79% compared to the previous year[5] - Net profit attributable to shareholders was CNY 852,454,896.85, reflecting a growth of 6.19% year-over-year[5] - Basic earnings per share increased to CNY 1.681, a rise of 6.12% compared to the same period last year[5] - The weighted average return on equity slightly decreased to 14.65%, down 0.11 percentage points from the previous year[5] - Total assets at the end of the reporting period amounted to CNY 10,094,067,652.29, representing a year-on-year increase of 7.40%[6] - Shareholders' equity attributable to the company reached CNY 5,733,339,058.63, up 3.69% from the previous year[6] - The financial data presented is preliminary and subject to change upon final audit, highlighting the need for cautious investment decisions[3][8] Market Strategy - The company focused on expanding its market presence through new channels, including cooperation with snack wholesale stores and membership stores[6] - The high-end sunflower seed product "Kui Zhen" saw continuous market growth, and the sales of nut gift boxes also increased significantly[6] - The company emphasized innovation in its nut product offerings, contributing to overall performance growth[6]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-015 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 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品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国证监会及深圳证券交易所规定的其他情形。 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 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-014 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于第七期员工持股计划第二个锁定期届满的提示性公告 二、本员工持股计划第二个锁定期届满后的后续安排 根据《洽洽食品股份有限公司第七期员工持股计划（草案）》有关规定，在 锁定期届满后，管理委员会应于员工持股计划解锁日后于存续期内择机出售相应 的标的股票，并决定是否对本次员工持股计划所对应的收益进行分配，如决定分 配，由管理委员会在依法扣除相关税费后，按照持有人所持份额进行分配。 本次员工持股计划将严格遵守市场交易规则，遵守中国证监会、深圳证券交 易所关于信息敏感期不得买卖股票的相关规定。 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，现将公 司第七期员工持股计划第二个锁定期届满的相关情况公告如下： 一、本员工持股计划持有情况和锁定期 2023 年 1 月 20 日，公司收到中国证券登记结算有限责任公司深圳分公司出 具的《证券过户登记确认书》，公司回购专用证券账户所持有的 36.23 万股 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-012 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"恢复转股的提示性公告 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。 债券代码：128135 债券简称：洽洽转债 暂停转股时间：2025年1月8日至2025年1月16日 恢复转股时间：自 2025 年 1 月 17 日起恢复转股 洽洽食品股份有限公司（以下简称"公司"）因实施 2024 年前三季度权益 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》 相关条款的规定，自 2025 年 1 月 8 日起至公司 2024 年前三季度权益分派股权登 记日 2025 年 1 月 16 日止，公司可转换公司债券（债券简称：洽洽转债；债券代 码：128135）暂停转股。具体内容详见公司于 2025 年 1 月 7 日刊登在《中国证 券报》《上海证券报》《证券时报》《证券日报》及巨潮资讯网（www.cninfo.com.cn） 上的《洽洽食品股份有限公司关于实施权益分派期间"洽洽转债"暂停转股的公 告 ...

Investment Rating - The report maintains a **Neutral** rating for the company, with a 12-month target price revised down from RMB 33.00 to RMB 29.00 [4][5] Core Views - The company's **Spring Festival sales performance** in December showed double-digit year-on-year growth but fell short of expectations due to weaker-than-expected terminal demand and cautious distributor attitudes [1][2] - **Gross margin pressure** is expected to persist due to elevated raw material costs for sunflower seeds, despite a recent pullback from peak levels [1][3] - The company targets **10% revenue growth** in 2025, with potential growth drivers including specific product lines (e.g., hand-picked sunflower seeds, peanuts, nut milk) and channels (e.g., discount stores, Sam's Club) [1] - The company does not rule out further increasing its **dividend payout ratio**, with guidance in the range of 60-80% [1] Financial Performance and Valuation - The **DCF-based target price** was revised down to RMB 29.00 (WACC: 7.7%), reflecting more conservative expectations for revenue growth and gross margins [4] - **EPS forecasts** for 2025/26/27 were revised down by 16%, 16%, and 8%, respectively [4][6] - The company's **market cap** stands at RMB 14.1 billion (USD 1.93 billion), with a P/B ratio of 2.4x for 12/24E [5] - **Revenue** is projected to grow from RMB 7.29 billion in 2024E to RMB 9.07 billion in 2028E, with EBIT margins expected to recover to 14.4% by 2027E [8] Business Strategy and Outlook - The company is refocusing on its core **sunflower seed and nut businesses** after unsuccessful diversification attempts, with seeds accounting for 63% of 2023 revenue and nuts for 26% [11] - **Channel replenishment** has started in January, potentially leading to better-than-expected year-on-year performance for the Spring Festival period [2] - The company's **product mix** and channel expansion are expected to drive growth, particularly in discount stores and membership-based retail channels [1] Market and Industry Context - The **snack food industry** in China faces intensifying competition, which could impact the company's growth trajectory [12] - **Raw material price volatility**, particularly for sunflower seeds and certain nuts, remains a key risk factor for the company's profitability [3][12]

上海市通力律师事务所 副董事长兼副总经理增持公司股份的专项核查意见 本所出具的专项核查意见, 是依据本所对《证券法》《收购管理办法》等相关法律、行 政法规、行政规章以及规范性文件的理解作出的。本专项核查意见所依赖的相关法律、行政 法规、行政规章以及规范性文件指在本专项核查意见出具之日前公布并生效的中国法律、行 政法规、行政规章以及规范性文件(以下简称"法律、法规", 该等法律、法规不包括中国香 港特别行政区、中国澳门特别行政区和中国台湾地区的法律法规), 本所并不保证上述法律、 法规在本专项核查意见出具之后发生的任何变化或被作出的任何解释对本专项核查意见不 会产生影响。 本所以及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和《律师 事务所证券法律业务执业规则(试行)》等规定以及专项核查意见出具日以前已经发生或者存 在的事实, 严格履行了法定职责, 遵循了勤勉尽责和诚实信用原则, 进行了充分的核查验证, 保证法律意见所认定的事实真实、准确、完整, 所发表的结论性意见合法、准确, 不存在虚 假记载、误导性陈述或者重大遗漏, 并承担相应法律责任。 致: 洽洽食品股份有限公司 关于洽洽食品股份有限公司 ...