证券代码：002557 证券简称：洽洽食品 公告编号：2026-004 一、募集资金基本情况 （一）首次公开发行股票募集资金基本情况 经中国证券监督管理委员会证监许可[2011]198 号文《关于核准洽洽食品股 份有限公司首次公开发行股票的批复》核准，公司于 2011 年 2 月向社会公开发 行人民币普通股（A 股）5,000 万股，每股发行价为人民币 40.00 元，应募集资 金总额为人民币 200,000.00 万元，根据有关规定扣除发行费用人民币 11,160.00 万元后，实际募集资金金额为人民币 188,840.00 万元。该募集资金已于 2011 1 年 2 月到位。上述资金到位情况业经华普天健会计师事务所（特殊普通合伙）会 验字[2011]3442 号《验资报告》验证。公司对募集资金采取了专户存储管理。 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于部分募集资金投资项目变更及延期并将剩余募集资金 永久补充流动资金的公告 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""洽洽食品")于2 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2026-005 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 2026 年度日常关联交易预计的公告 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、日常关联交易基本情况 （一）日常关联交易概述 根据《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"） 有关规范关联交易的规定，洽洽食品股份有限公司（以下简称"公司"）以 2025 年度相关关联交易为基础，结合 2026 年度业务开展情况，对 2026 年度公司同关 联方发生的日常交易进行预计，预计总金额为 18,500.00 万元，去年同类交易实 际发生总金额为 8,120.17 万元。公司日常关联交易预计工作履行审议程序如下： 1、公司于 2026 年 1 月 28 日召开第六届董事会第二十三次会议，以 3 票赞 成，0 票弃权，0 票反对的表决结果审议通过了《关于 2026 年度日常关联交易预 计的议案》。 2、审议本议案时，根据《深圳证券交易所股票上市规则》规定，公司 4 名 关联董事（陈先保先生、陈奇女士、陈冬 ...

国元证券股份有限公司关于洽洽食品股份有限公司 募集资金使用相关事项的专项意见 2026 年 1 月 28 日，洽洽食品股份有限公司（以下简称"洽洽食品"或"公 司"）第六届董事会第二十三次会议审议通过了《关于部分募集资金投资项目变 更及延期并将剩余募集资金永久补充流动资金的议案》。国元证券股份有限公司 （以下简称"国元证券"或"保荐机构"）作为洽洽食品持续督导保荐机构，根 据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券 交易所股票上市规则》《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》等有关规定，对洽洽食品上述相关事项进行了尽职核查，核查 情况如下： 一、洽洽食品募集资金到位情况 （一）首次公开发行 A 股股票 洽洽食品首次公开发行股票募集资金总额为 200,000.00 万元，扣除发行费 用后，募集资金净额为 188,840.00 万元。华普天健会计师事务所（北京）有限 公司对洽洽食品首次公开发行股票的资金到位情况进行了审验，并出具了《验资 报告》（会验字[2011]3442 号）。 （二）2020 年公开发行可转换公司债券募集资金 洽洽食品股份有限公司于 ...

| 证券简称：洽洽食品 | 公告编号：2026-006 | | --- | --- | | 证券代码：002557 | | 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 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）第六届董事会第二十三次会议于 2026 年 1 月 28 日召开，会议决定于 2026 年 2 月 13 日（星期五）召开公司 2026 年第一次临时股东 会，现将本次股东会的有关事项公告如下： 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《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》等法律、 行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 02 月 13 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2026-003 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第二十三次会议决议的公告 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、董事会会议召开情况： 洽洽食品股份有限公司(以下简称"公司")第六届董事会第二十三次会议于 2026 年 1 月 24 日以书面及邮件等方式通知全体董事，并于 2026 年 1 月 28 日以 现场及通讯表决的方式在公司四楼会议室召开。会议应到会董事七人，实际到会 董事七人，符合召开董事会会议的法定人数。会议由公司董事长陈先保先生主持， 公司高级管理人员列席了会议，本次会议的召开符合《公司法》及《公司章程》 的有关规定。 二、董事会会议审议情况： 本次会议经过有效表决，形成如下决议： （一）会议以 7 票同意，0 票反对、0 票弃权，审议通过了《关于部分募集 资金投资项目变更及延期并将剩余募集资金永久补充流动资金的议案》； 公司《关于部分募集资金投资项目变更及延期并将剩余募集资金永久补充流 动资金的公告》详见信息披露媒体《中国证券报》《 ...

Group 1 - The core viewpoint of the news is that Qiaqia Food has experienced a decline in stock price, with a 5-day cumulative drop of 5.03%, currently trading at 22.64 CNY per share and a market capitalization of 11.453 billion CNY [1] - Qiaqia Food Co., Ltd. is located in Hefei, Anhui Province, and was established on August 9, 2001, with its listing date on March 2, 2011. The company specializes in the production and sale of nut snacks and baked leisure foods [1] - The main business revenue composition of Qiaqia Food includes sunflower seeds at 64.38%, nuts at 22.32%, other products at 11.05%, and additional items at 2.24% [1] Group 2 - From the perspective of major fund holdings, one fund under the Fuguo Fund has a significant position in Qiaqia Food, specifically the Fuguo New Trend Flexible Allocation Mixed A (005517), which holds 78,600 shares, accounting for 2.15% of the fund's net value [2] - The Fuguo New Trend Flexible Allocation Mixed A fund has incurred a floating loss of approximately 32,200 CNY today, with a total floating loss of 94,300 CNY during the 5-day decline [2] - The fund was established on March 12, 2018, with a latest scale of 64.8607 million CNY, and has achieved a year-to-date return of 8.41% and a one-year return of 34.73% [2]

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

Summary of Conference Call Records Industry Overview - The conference call focuses on the **food and beverage industry**, particularly the impact of raw material cost fluctuations on company profitability and investment opportunities in 2026 [1][2]. Key Points on Companies and Financial Impacts 1. Impact of Sunflower Seed Prices on ChaCha Food - In 2025, the price of sunflower seeds increased, causing ChaCha Food's sunflower seed business gross margin to drop from nearly 30% to around 21%, significantly pressuring profitability [1][3]. - It is expected that in 2026, sunflower seed procurement prices will decrease by 10% to 15% year-on-year, which will positively impact the gross margin of sunflower seeds by 5 to 8 percentage points and contribute 3 to 5 percentage points to the overall gross margin [1][3]. - This improvement is projected to lead to a profit increase of approximately 70%, reaching 640 million yuan, with a corresponding PE valuation of less than 19 times [1][3]. 2. Impact of Konjac Powder Prices on Wei Long and Yan Jin Pu Zi - The konjac snack market gained attention in 2025, but the significant rise in konjac powder prices (from 4.2 yuan/kg to 7-8 USD/kg) pressured the gross margins of related companies [1][4]. - In 2026, it is anticipated that the cost of konjac powder will decrease by 10% to 20% year-on-year, which will positively contribute 1 to 3 percentage points to Wei Long's gross margin and 1 to 2 percentage points to Yan Jin Pu Zi's gross margin [1][4]. Non-linear Effects of Cost Declines - The impact of declining raw material costs on company performance is typically non-linear. Factors such as the need to digest high-priced raw material inventory, aggressive pricing pressure from downstream channels, and competitive strategies may lead to a loss of some benefits [1][5]. - Companies may also take the opportunity to reinvest strategically, making the final transmission effects dependent on specific market dynamics and competitive outcomes [1][5]. Additional Insights - The recovery of sunflower seed planting areas and normal weather conditions are the main reasons for the expected decline in sunflower seed prices [1]. - An increase in konjac planting areas is driving the anticipated decrease in konjac powder prices [1].

Market Performance - The leisure food sector increased by 0.73% compared to the previous trading day, with "Good Idea" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Good Idea" (002582) closed at 16.18, up 6.03% with a trading volume of 698,800 shares and a transaction value of 1.123 billion yuan [1] - "Wancheng Group" (300972) closed at 219.50, up 3.51% with a transaction value of 601 million yuan [1] - "Lihigh Food" (300973) closed at 46.56, up 1.77% with a transaction value of 155 million yuan [1] - "Nanjiao Food" (605339) closed at 18.94, up 1.39% with a transaction value of 47.9721 million yuan [1] - "Purple Lotus Food" (603057) closed at 29.69, up 1.19% with a transaction value of 224 million yuan [1] - "Three Squirrels" (300783) closed at 24.50, up 0.82% with a transaction value of 221 million yuan [1] - "Maiqu'er" (002719) closed at 9.21, up 0.66% with a transaction value of 52.3833 million yuan [1] - "Liangpinpuzi" (603719) closed at 12.12, up 0.33% with a transaction value of 48.7241 million yuan [1] - "Guifaxiang" (002820) closed at 12.63, up 0.32% with a transaction value of 84.7587 million yuan [1] - "Ganyuan Food" (002991) closed at 62.82, up 0.05% with a transaction value of 59.5207 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 112 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [2] - The capital flow for individual stocks shows varying trends, with "Wancheng Group" having a net inflow of 9.9595 million yuan from institutional investors [3] - "Lihigh Food" had a net inflow of 295.83 million yuan from retail investors, while "Salted Fish" (002847) saw a net outflow of 2.19959 million yuan from institutional investors [3]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].