Summary of Conference Call on Dairy and Beverage Industry Industry Overview - The dairy industry is experiencing a continuous capacity reduction, with expectations for supply-demand balance improvement by mid to late 2026, leading to potential stabilization in milk prices. As of October, milk prices remained stable at 2.94 yuan per kilogram, with a production loss of approximately 0.2 yuan per kilogram and a loss rate of about 5% [2][2][2]. Key Points on Dairy Companies New Dairy Industry - New Dairy reported a strong performance in October, continuing the trend from Q3, with double-digit growth in low-temperature fresh milk and yogurt. The company is expanding into new channels, achieving significant revenue from collaborations, and is expected to meet its profit margin targets ahead of schedule by 2026 [4][4][4]. Mengniu Dairy - Mengniu's Q3 results met expectations, with stable market share following price reductions on its flagship product. The company anticipates stable revenue and profit margin growth through 2026, with a relatively low valuation providing investment flexibility [5][5][5]. Yili Group - Despite weak overall demand, Yili's low-temperature milk and other segments showed positive growth, with low-temperature white milk exceeding 20% growth. The company is expected to stabilize its liquid milk business by 2026, benefiting from diversified product offerings and channels [6][7][6][7]. Miao Ke Lan Duo and Youran Dairy - Miao Ke Lan Duo is experiencing rapid growth in the B-end market, with significant C-end product launches. The company is expanding its deep processing of dairy products, which is expected to improve profitability. Youran Dairy is increasing fresh milk supply with stable prices, supporting profits, and is projected to enhance profitability further with a reduction in livestock numbers [8][8][8]. Beverage Industry Insights Master Kong - Master Kong's beverage business saw a slight decline in Q3, but the drop has narrowed in October. The company expects to stabilize its beverage business next year, with a focus on promotional activities and potential price adjustments for its one-liter products [9][10][9][10]. Nongfu Spring - Nongfu Spring's water business experienced double-digit growth in October, with its sugar-free tea brand capturing nearly 80% market share. The company is expected to maintain steady revenue and profit growth, making it a strong long-term investment choice [10][10][10]. Dongpeng Beverage - Dongpeng Beverage reported a nearly 30% growth rate, with ambitious annual targets. The company shows significant growth potential from a valuation perspective [10][10][10]. Investment Recommendations - The dairy sector is recommended for investment due to expected improvements in profitability and market conditions by 2026. Companies like Mengniu, Yili, and New Dairy are highlighted for their growth potential and stable valuations [5][7][4][4]. - In the beverage sector, Master Kong and Nongfu Spring are noted for their resilience and growth prospects, making them attractive investment options [9][10][10].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

Core Viewpoint - The company, Qiaqia Food (002557.SZ), has announced its tenth employee stock ownership plan (draft), aiming to raise a total of no more than 100 million yuan [1] Summary by Sections Employee Stock Ownership Plan - The total amount to be raised through the employee stock ownership plan is capped at 100 million yuan [1] - Participants will contribute a maximum of 60 million yuan from their own funds, with a financing ratio of no more than 1:0.67, meaning financing funds will not exceed 40 million yuan [1] Source of Stocks - Part of the stocks for the employee stock ownership plan will come from the company's repurchased A-shares, specifically 2,715,177 shares, purchased at an average price of approximately 22.098 yuan per share over the twenty days prior to the board meeting [1] - The remaining stocks will be acquired through secondary market purchases, including but not limited to block trades and competitive bidding, with a funding limit of 40 million yuan, based on market prices at the time of purchase [1]

Core Viewpoint - Qiaqia Food (002557.SZ) has announced its tenth employee stock ownership plan, aiming to raise a total of no more than 100 million yuan [1] Summary by Sections Fundraising Details - The total amount to be raised through the employee stock ownership plan is capped at 100 million yuan, with participants contributing no more than 60 million yuan from their own funds [1] - The ratio of self-raised funds to financing funds is set at a maximum of 1:0.67, meaning financing funds will not exceed 40 million yuan [1] Stock Acquisition - The stock source for this plan includes shares repurchased by the company, specifically 2,715,177 shares at an average price of approximately 22.098 yuan per share, with a total expenditure not exceeding 60 million yuan [1] - Additional shares will be acquired through the secondary market, including but not limited to block trades and competitive bidding, with a budget not exceeding 40 million yuan, based on market prices at the time of purchase [1]

Core Viewpoint - The company, Qiaqia Food (002557.SZ), has announced its tenth employee stock ownership plan, aiming to raise a total of no more than 100 million yuan, with specific funding arrangements and stock acquisition methods outlined [1][2]. Group 1: Employee Stock Ownership Plan - The total amount to be raised in the employee stock ownership plan is capped at 100 million yuan, with participants contributing no more than 60 million yuan from their own funds [1]. - The ratio of self-raised funds to financing funds is set at a maximum of 1:0.67, meaning that financing funds will not exceed 40 million yuan [1]. - The plan complies with relevant regulations, including the guidelines on asset management by financial institutions and the revised rules for margin trading on the Shenzhen Stock Exchange [1]. Group 2: Stock Acquisition Details - The stock for the employee stock ownership plan will be sourced partly from the company's repurchased A-shares, with 2,715,177 shares being acquired at an average price of approximately 22.098 yuan per share, totaling no more than 60 million yuan [2]. - Additional shares will be obtained through secondary market purchases, including but not limited to block trades and competitive bidding, with a funding limit of 40 million yuan, based on market prices at the time of purchase [2].

洽洽食品股份有限公司 第十期员工持股计划管理办法 第一章 总 则 为规范洽洽食品股份有限公司（以下简称"洽洽食品"、"公司"）第十期员 工持股计划（以下简称"本次员工持股计划"）的实施，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意 见》"）以及其他法律、法规、规范性文件和《洽洽食品股份有限公司章程》（以 下简称"《公司章程》"）、《洽洽食品股份有限公司第十期员工持股计划（草案）》 （以下简称"《员工持股计划（草案）》"）的规定，特制定《洽洽食品股份有限公 司第十期员工持股计划管理办法》（以下简称"本管理办法"）。 一、本次员工持股计划遵循的基本原则 1、依法合规原则 公司实施本次员工持股计划，严格按照法律、行政法规的规定履行程序，真 实、准确、完整、及时地实施信息披露。任何人不得利用员工持股计划进行内幕 交易、操纵证券市场等证券欺诈行为。 2、自愿参与原则 公司实施本次员工持股计划遵循公司自主决定，员工自愿参加，公司不以摊 派、强行分配等方式强制员工参加本次员工持股计划。 3、 ...

洽洽食品股份有限公司 第十期员工持股计划（草案） 二〇二五年十一月 风险提示 1、洽洽食品股份有限公司第十期员工持股计划须经公司股东会批准后方可 实施，本计划能否获得公司股东会批准，尚存在不确定性； 2、有关本计划的出资金额、出资来源、实施方案等要素属初步结果，尚存 在不确定性； 23 特别提示 1、洽洽食品股份有限公司（以下简称"洽洽食品"、"公司"、"本公司"） 第十期员工持股计划（以下简称"本次员工持股计划"）系公司依据《中华人民 共和国公司法》《中华人民共和国证券法》《关于上市公司实施员工持股计划试 点的指导意见》等有关法律、行政法规、规章、规范性文件和《洽洽食品股份有 限公司章程》的规定制定。 2、参加本次员工持股计划的对象范围包括：公司董事（不含独立董事）、 高级管理人员；公司一级经营单位和职能部门负责人及总监级管理技术人员、二 级经营单位和职能部门负责人、经理级专业人员和核心骨干、主管级管理人员和 其他骨干员工，总人数不超过614人，以上人员要求上一考核年度考核结果为 B 级（含）以上。具体参加人数根据员工实际缴款情况确定。 3、本次员工持股计划的资金来源为参加对象合法薪酬、融资资金、自筹资 金 ...

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 2025 年 11 月 14 日召开第 六届董事会第二十二次会议，审议通过了《关于第九期员工持股计划延期的议案》， 现将相关事项公告如下： 证券代码：002557 证券简称：洽洽食品 公告编号：2025-090 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于第九期员工持股计划延期的公告 一、公司第九期员工持股计划基本情况 公司于 2023 年 10 月 26 日召开第六届董事会第四次会议、第六届监事会第 四次会议，于 2023 年 11 月 13 日召开 2023 年第一次临时股东大会，审议通过《关 于<洽洽食品股份有限公司第九期员工持股计划（草案）>及摘要的议案》等员工 持股计划相关议案，同意公司实施第九期员工持股计划（以下简称"本次员工持 股计划"或"本员工持股计划"）。具体内容详见 2023 年 10 月 27 日、2023 年 11 月 14 日巨潮资讯网及《证券时报》《中国证券报》《上海证券报》《证券日 报》刊登的相关公告。 三、备查文 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-088 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 2、有关本计划的出资金额、出资来源、实施方案等要素属初步结果，尚存 在不确定性； 3、本计划设立后拟通过融资融券等法律法规允许的方式实现融资，本计划 涉及的相关合同等未确认签订，尚存在不确定性； 4、公司股票价格受宏观经济周期、公司经营业绩、经济形势及资本市场环 境多种复杂因素影响。股票交易具有一定的风险，投资者对此应有充分准备。 敬请广大投资者谨慎决策，注意投资风险。 1 声明 本公司及董事会全体成员保证本次员工持股计划内容真实、准确和完整，不 存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个 别和连带的法律责任。 第十期员工持股计划（草案）摘要 二〇二五年十一月 风险提示 1、洽洽食品股份有限公司第十期员工持股计划须经公司股东会批准后方可 实施，本计划能否获得公司股东会批准，尚存在不确定性； 8、本次员工持股计划草案获得公司股东会批准后，将由本公司员工持股计 划管理委员会自行管理。公司成立管理委员会，代表本次员工持股计划行使股东 权利或者授权资产管 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-089 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于召开 2025 年第三次临时股东会的通知 4、会议时间： （1）现场会议时间：2025 年 12 月 02 日 14:00:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 02 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 12 月 02 日 9:15 至 15:00 的任意 时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 11 月 25 日 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"）第六届董事会第二十二次会 议于 2025 年 11 月 14 日召开，会议决定于 2025 年 12 月 2 日（星期二）召开公 司 2025 年第三次临时股东会，现将本次股东会的有关事项公告如下： 一、召开会议的 ...