Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Group 1 - The company approved a proposal for joint investment with its controlling shareholder, Hefei Huatai Group, to establish a new subsidiary, with the company’s wholly-owned subsidiary, Shanghai Chuangweilai Investment Co., Ltd., contributing 160 million yuan, accounting for 40% of the investment, while Hefei Huatai Group will contribute 240 million yuan, accounting for 60% [1] - The newly established joint venture is named Hefei Kunlin Kai Enterprise Management Co., Ltd., with a registered capital of 400 million yuan, and it has completed registration and obtained a business license from the Hefei Market Supervision Administration [2] - The joint venture's business scope includes investment activities with its own funds and enterprise management consulting, excluding licensed businesses [2]

Group 1 - The company has approved a proposal to jointly invest in a subsidiary with its controlling shareholder, Hefei Huatai Group, with the company’s wholly-owned subsidiary, Shanghai Chuangwei Lai Investment Co., Ltd., contributing 160 million yuan, accounting for 40% of the investment, while Hefei Huatai Group will invest 240 million yuan, accounting for 60% [2] - The joint venture company, Hefei Kunlin Kai Enterprise Management Co., Ltd., has been officially registered and has obtained a business license from the Hefei Market Supervision Administration [3] - The registered capital of the joint venture company is 400 million yuan, and it was established on November 3, 2025 [3]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-083 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于与关联方共同投资设立参股公司暨关联交易的进展公告 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、与关联方共同投资暨关联交易概述 洽洽食品股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日召开第 六届董事会第二十一次会议审议通过了《关于与关联方共同投资设立参股公司暨 关联交易的议案》，关联董事陈先保、陈奇、陈冬梅、张婷婷进行了回避表决， 非关联董事一致表决通过，同意公司全资子公司上海创味来投资有限责任公司 （以下简称"创味来"）与公司控股股东合肥华泰集团股份有限公司（以下简称 "合肥华泰集团"）共同投资设立参股公司，公司全资子公司创味来出资 1.6 亿元，出资占比 40%；公司控股股东合肥华泰集团出资 2.4 亿元，出资占比 60%。 具体内容详见公司于 2025 年 10 月 24 日在巨潮资讯网（www.cninfo.com.cn）上 披露的《关于与关联方共同投资设立参股公司暨关联交易的公告》（ ...

Group 1 - The company announced a share buyback plan, intending to repurchase 1,766,691 shares [2] - This repurchase represents 0.349% of the company's total share capital [2] - The buyback will be conducted through a dedicated securities account via centralized bidding [2]

Group 1 - The company has completed the registration work for the 2024 stock option incentive plan, with a reserved grant quantity of 600,000 shares, accounting for 0.12% of the current total share capital [1] - The number of individuals receiving the reserved grants is 7 [1] - The stock option is referred to as "洽洽JLC2" with the code 037932, and the stock source includes shares issued to incentive objects and/or shares repurchased from the secondary market [1]

Core Viewpoint - Qiaqia Food (002557.SZ) announced a share buyback plan, repurchasing 1,766,691 shares, which represents 0.349% of the total share capital, with a total transaction amount of 43,358,627.02 yuan [1] Summary by Categories Share Buyback Details - The company repurchased shares through a special securities account via centralized bidding [1] - The highest transaction price was 29.53 yuan per share, while the lowest was 21.40 yuan per share [1] - The total amount spent on the buyback was 43,358,627.02 yuan, excluding transaction fees [1] Funding Sources - The funds for the buyback came from the company's own funds and a special loan for share repurchase [1] - The buyback complies with relevant laws and regulations and aligns with the established share repurchase plan [1]

Group 1 - The company Qiaqia Food announced a share buyback plan, repurchasing approximately 1.77 million shares, which accounts for 0.349% of its total share capital [1] - The maximum transaction price for the buyback was 29.53 yuan per share, while the minimum was 21.4 yuan per share, with a total transaction amount of approximately 43.36 million yuan [1] - The funds for the buyback will come from the company's own funds and a special loan for share repurchase, and the buyback complies with relevant laws and regulations [1]

证券代码：002557 证券简称：洽洽食品 公告编号：2025-082 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于股份回购进展情况的公告 截至 2025 年 10 月 31 日，公司通过股份回购专用证券账户以集中竞价方式 回购公司股份 1,766,691 股，占公司目前总股本的 0.349%，最高成交价为 29.53 元/股，最低成交价为 21.40 元/股，成交总金额为 43,358,627.02 元（不含交易 费用），本次回购股份资金来源为公司自有资金及股票回购专项贷款，本次回购 符合相关法律法规的要求，符合既定的回购股份方案。 二、其他说明 公司回购股份的时间、回购股份的数量及集中竞价交易的委托时段等均符合 《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十 八条的相关规定。具体情况如下： 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）中国证券监督管理委员会及深圳证券交易所规定的其他情形。 | 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 ...

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。 证券代码：002557 证券简称：洽洽食品 公告编号：2025-081 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 2024 年股票期权激励计划预留授予登记完成的公告 重要内容提示： 1.预留授予数量：60.00 万份，占目前公司股本总额的 0.12%； 2.预留授予人数：7 人； 3.股票期权简称及代码：洽洽 JLC2，037932； 4.股票来源：公司向激励对象定向发行的公司 A 股普通股股票和/或从二级 市场回购的公司 A 股普通股股票； 5.预留授予登记完成日：2025 年 11 月 3 日。 经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司审核确认， 洽洽食品股份有限公司（以下简称"洽洽食品"或"公司"）已完成 2024 年股 票期权激励计划（以下简称"激励计划"、"本激励计划"）预留授予登记工作。 现将有关事项公告如下： 一、激励计划的决策程序和批准情况 （一）2024 年 9 月 18 日，公司召开第六届董事会第十次会议，会议审议通 过了《<洽洽食品股份有限公司 ...