证券代码：002557 证券简称：洽洽食品 公告编号：2025-058 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于蔚然（天津）股权投资基金合伙企业（有限合伙） 延长经营期限的公告 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。 一、概述 洽洽食品股份有限公司（以下简称"公司"）于2012年3月26日召开第二 届董事会第五次会议以及于2012年4月18日召开2011年年度股东大会，分别审议 通过了《关于拟投资蔚然（天津）股权投资基金合伙企业（有限合伙）的议案》， 同意公司作为有限合伙人使用自有资金3亿元入伙蔚然（天津）股权投资基金合 伙企业（有限合伙）（以下简称"蔚然基金"），占蔚然基金认缴出资总额的59.9988%， 基金存续期为七年。 然基金的财产份额，并就蔚然基金的经营期限由原先的9年调整为11年等内容进 行调整。2022年8月17日，经全体合伙人一致决定，同意将蔚然基金的经营期限 由11年延长为14年，经营期限的起算点为蔚然基金成立之日，即2011年8月30日， 并修改蔚然基金合伙协议的相关条款。 上述具体情况及进展详见公司分 ...

Core Viewpoint - The leisure food sector experienced a decline of 0.36% on August 8, with Lihigh Food leading the drop. The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index closed at 11128.67, down 0.26% [1]. Group 1: Stock Performance - Ziyan Food (603057) saw a closing price of 22.35, with an increase of 3.28% and a trading volume of 86,300 shares, amounting to a transaction value of 193 million yuan [1]. - Huangshanghuang (002695) closed at 14.99, up 3.09%, with a trading volume of 223,500 shares and a transaction value of 331 million yuan [1]. - Maichuer (002719) closed at 10.05, increasing by 2.45%, with a trading volume of 126,800 shares and a transaction value of 126 million yuan [1]. - Lihigh Food (300973) closed at 43.30, down 4.05%, with a trading volume of 32,800 shares and a transaction value of 143 million yuan [2]. - Yanjinpuzi (002847) closed at 70.82, down 2.77%, with a trading volume of 30,300 shares and a transaction value of 215 million yuan [2]. Group 2: Capital Flow - The leisure food sector saw a net inflow of 49.32 million yuan from main funds, while speculative funds had a net inflow of 8.76 million yuan. However, retail investors experienced a net outflow of 58.08 million yuan [2].

Market Overview - The leisure food sector increased by 2.84% on August 7, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3639.67, up 0.16%, while the Shenzhen Component Index closed at 11157.94, down 0.18% [1] Key Performers - Wancheng Group (300972) closed at 160.01, up 8.44% with a trading volume of 48,300 lots and a transaction value of 764 million [1] - Ximai Food (002956) closed at 22.52, up 6.28% with a trading volume of 81,300 lots and a transaction value of 180 million [1] - Juewei Food (603517) closed at 16.20, up 6.02% with a trading volume of 278,800 lots and a transaction value of 438 million [1] - Ziyan Food (603057) closed at 21.64, up 4.84% with a trading volume of 45,000 lots and a transaction value of 9.51 million [1] - Liangpin Shop (603719) closed at 13.43, up 3.63% with a trading volume of 256,700 lots and a transaction value of 344 million [1] Capital Flow - The leisure food sector saw a net inflow of 329 million from main funds, while retail funds experienced a net outflow of 298 million [2][3] - Main funds showed significant net inflows in Wancheng Group (1.18 million) and Juewei Food (73.08 million) [3] - Retail funds had notable outflows in Wancheng Group (-1.33 million) and Juewei Food (-4.99 million) [3] Summary of Individual Stocks - Wancheng Group: Main fund inflow of 1.18 million, retail outflow of -1.33 million [3] - Juewei Food: Main fund inflow of 73.08 million, retail outflow of -4.99 million [3] - Liangpin Shop: Main fund inflow of 52.97 million, retail outflow of -4.61 million [3] - Ximai Food: Main fund inflow of 12.45 million, retail inflow of 721,530 [3]

Core Viewpoint - The article discusses the complexities and challenges faced by suppliers partnering with Sam's Club, highlighting both the potential benefits and risks associated with such collaborations [1][3][10]. Supplier Performance - At least 18 domestic listed food companies have partnered with Sam's Club, with many entering in the last two years [3] - Some suppliers, like Youyou Food, have seen significant revenue increases after entering Sam's Club, with projected revenue for the first half of 2025 expected to rise by 40.91% to 50.77% [4][6] - Conversely, other suppliers have struggled, with companies like Ganyuan Food experiencing a decline in net profit by 54.96% to 56.16% in the first half of the year [9] Market Dynamics - The entry of Youyou Food into Sam's Club marked a turnaround for the company, which had seen declining revenues in 2022 and 2023 [6][5] - Sam's Club's reputation for high quality and cost-effectiveness provides a branding advantage for suppliers, but long-term success depends on customer feedback and repurchase rates [6][10] Financial Implications - Suppliers face challenges such as long payment terms and increased accounts receivable, with Youyou Food's accounts receivable rising 18 times from the previous year [8] - The pressure to lower prices for Sam's Club can lead to reduced profit margins for suppliers, as seen with Qiaqia Food, which reported a decline in gross margin despite increased revenue from direct sales [7][9] Supplier Challenges - Suppliers must invest in product development to meet Sam's Club's stringent quality standards, which can be a burden for smaller companies [10] - Sam's Club's strict entry requirements and product exclusivity can limit suppliers' ability to sell similar products through other channels, creating dependency on Sam's Club [10]

Group 1 - As of August 6, 2025, the stock price of Qiaqia Foods is 22.72 yuan, down 0.96% from the previous trading day [1] - The trading volume on that day was 55,200 hands, with a transaction amount of 126 million yuan [1] - Qiaqia Foods primarily engages in the research, production, and sales of nut snacks, including sunflower seeds, peanuts, and beans [1] Group 2 - Qiaqia Foods has recently established an agricultural company in Dali, which will cover food production and sales, nut planting, and smart agricultural machinery sales [1] - This agricultural company is jointly held by Qiaqia Foods and Hefei Huatai Group [1] Group 3 - On August 6, the net outflow of main funds for Qiaqia Foods was 464,900 yuan, while the cumulative net inflow of main funds over the past five days was 6.4944 million yuan [1]

Core Insights - Dali Qiapai Agriculture Co., Ltd. has been established with a registered capital of 1 million yuan, focusing on food production, sales, and nut cultivation [1][2]. Company Information - The legal representative of Dali Qiapai Agriculture Co., Ltd. is Zhang Jingfa, and the company is registered in Dali Bai Autonomous Prefecture, Yunnan Province [2]. - The company is wholly owned by Qian Guo Agriculture Co., Ltd., which is jointly held by Hefei Huatai Group Co., Ltd. and Qiaqia Food Co., Ltd. (stock code: 002557) [1]. Business Scope - The business scope includes food production, food sales, nut cultivation, and sales of unprocessed nuts and dried fruits [1][2]. - Additional activities include agricultural machinery sales, initial processing of agricultural products, and various agricultural services [2].

山姆已与18家中国供应商合作#随着山姆选品风波持续发酵，山姆背后的中国供应商，也受到较大关 注。据21记者不完全统计，目前与山姆有合作关系的国内上市食品类企业至少有18家。对于企业来说， 进入山姆真的是"百利而无一害"吗？作为山姆的大供应商，安徽 洽洽食品 2024年直营渠道毛利率相比 于2023年同期下降4.32%。洽洽甚至在山姆的货架上"失去了姓名"。21记者在广州某家山姆会员超市发 现，货架上的一款"意式火腿风味坚果仁"产品实为洽洽生产，却在包装上标注着"ChaCheer"的Logo。企 图通过弱化中文标识、强化英文设计，给消费者们制造"进口平替"感觉。 ...

Core Insights - The ongoing controversy surrounding Sam's Club has drawn significant attention to its Chinese suppliers, with at least 18 domestic listed food companies currently collaborating with Sam's, most of which have entered the market in the past two years [1] Supplier Overview - A list of suppliers includes notable companies such as: - Youyou Foods, which saw a revenue surge after launching its "Deboned Duck Feet" product at Sam's [2] - Other suppliers like Yili Group and Nongfu Spring have also entered the market recently, with various products ranging from dairy to snacks [2] - Some suppliers, like Youyou Foods, have experienced substantial revenue growth, while others have struggled with declining profits and brand visibility [2][6] Business Dynamics - Entering Sam's Club can be a double-edged sword for suppliers. While it offers exposure and potential sales growth, it also imposes significant operational challenges [3][7] - Suppliers face long payment terms and increased accounts receivable, as seen with Youyou Foods, which reported an 18-fold increase in accounts receivable due to new customer contracts [7] - The pressure to lower prices for Sam's can lead to reduced profit margins, as evidenced by companies like Qiaqia Foods, which saw a decline in gross margins despite increased revenue from direct channels [8] Performance Metrics - Youyou Foods projected a revenue increase of 40.91% to 50.77% for the first half of 2025, largely attributed to the success of its "Deboned Duck Feet" product [4] - In contrast, Ganyuan Foods reported a significant decline in net profit, down 54.96% to 56.16% in the first half of the year, highlighting the risks associated with entering the Sam's channel [10] Strategic Considerations - Brands must evaluate their operational capabilities before entering Sam's, as the partnership can lead to both short-term gains and long-term challenges, including brand dilution and dependency on a single channel [3][11] - The stringent quality management and product customization requirements imposed by Sam's can create additional burdens for suppliers, particularly smaller companies that may struggle with the associated costs [10][11]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1][4]. Core Insights - The implementation of the national childcare subsidy is expected to stimulate overall consumption in the long term, particularly benefiting the infant food sector [8]. - Recent policy signals from the Political Bureau meeting indicate a commitment to proactive fiscal and monetary policies aimed at boosting domestic demand and consumption [5]. - The food and beverage sector has underperformed compared to the broader market, with a decline of 1.45% over the past two weeks, while the Shanghai Composite Index rose by 0.72% [3][17]. Summary by Sections Industry Performance - Over the past year, the food and beverage sector has shown a 5.7% increase, but it has lagged behind the Shanghai Composite Index in the short term [3][17]. - The health products segment experienced the smallest decline of 0.01%, while processed foods and meat products fell by 0.16% and 0.30%, respectively [17]. Key Companies and Recommendations - Recommended stocks in the liquor segment include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [28]. - In the consumer goods segment, recommended stocks include BaiRun Co., WeiLong, Salted Fish, Nongfu Spring, and others [28]. Market Trends - The report highlights a significant drop in the number of banquet reservations for graduation ceremonies, indicating a shift in consumer behavior due to recent restrictions [5]. - New product launches by companies like Qiaqia are accelerating, with a focus on innovative and differentiated products to capture market share [9]. Financial Performance - Dongpeng Beverage reported a revenue of 10.737 billion yuan for H1 2025, a year-on-year increase of 36.4%, with a net profit of 2.375 billion yuan, up 37.2% [10]. - The report notes that the beverage market is facing pressure from price wars, particularly in the bottled water segment, impacting profitability [11]. Valuation Metrics - As of August 1, 2025, the dynamic price-to-earnings ratio for the food and beverage sector stands at 20.23x, indicating a relatively low valuation compared to historical averages [23].

Core Viewpoint - The article discusses the current state of the stock market, highlighting that while the Shanghai and Shenzhen indices have reached 3600 points, many stocks have seen significant declines, indicating a potential re-evaluation of value in the consumer sector and other industries [2][4]. Group 1: Consumer Sector Challenges - The consumer sector is experiencing a downturn, with notable declines in stocks such as Qiaqia Food (-15.91%) and Fuling Pickles (-4.21%), reflecting a broader trend of value reassessment in national brands amidst the new consumption era [7]. - The transition in the soy sauce industry from "volume growth" to "price growth" is causing short-term profit pressures as companies invest in high-end products, similar to Japan's Kikkoman's long-term transformation [7]. Group 2: Innovation and Market Dynamics - The pharmaceutical and medical device sectors are facing harsh realities, with price reductions in generic drugs and medical devices forcing companies to reassess their R&D investments [9]. - The divergence between the performance of the CSI 300 index (+3.05%) and individual stocks illustrates the market's short-term voting behavior versus long-term valuation [9]. - Companies with stable cash flow, clear competitive landscapes, and untapped growth potential are seen as value opportunities in the current market [9]. Group 3: Investment Opportunities - Low stock performance is viewed as a starting point for re-evaluating value, prompting questions about the sustainability of business models, management's value creation for shareholders, and whether current valuations reflect pessimistic expectations [10]. - The article emphasizes that true investment opportunities often lie in market sentiment lows, where companies like Jin Zai Food and Jingxin Pharmaceutical may show signs of improvement [10]. - The stock market is characterized by dynamic boundaries between low performance and high growth, necessitating a long-term perspective to navigate short-term fluctuations [10].