融券方面，洽洽食品12月29日融券偿还1000.00股，融券卖出1400.00股，按当日收盘价计算，卖出金额 3.07万元；融券余量3.32万股，融券余额72.77万元，低于近一年20%分位水平，处于低位。 12月29日，洽洽食品跌0.36%，成交额9234.18万元。两融数据显示，当日洽洽食品获融资买入额730.85 万元，融资偿还823.97万元，融资净买入-93.13万元。截至12月29日，洽洽食品融资融券余额合计3.50 亿元。 分红方面，洽洽食品A股上市后累计派现46.93亿元。近三年，累计派现16.54亿元。 融资方面，洽洽食品当日融资买入730.85万元。当前融资余额3.50亿元，占流通市值的3.15%，融资余 额低于近一年20%分位水平，处于低位。 资料显示，洽洽食品股份有限公司位于安徽省合肥市经济技术开发区莲花路1307号，成立日期2001年8 月9日，上市日期2011年3月2日，公司主营业务涉及坚果炒货类、焙烤类休闲食品的生产和销售。主营 业务收入构成为：葵花子64.38%，坚果类22.32%，其他产品11.05%，其他(补充)2.24%。 截至9月30日，洽洽食品股东户数5.43万，较上 ...

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Food [2][6]. Core Insights - The report highlights a recovery in costs and anticipates a seasonal boost due to the upcoming Spring Festival, suggesting potential for bottom-line recovery [1][6]. - The company is expected to see a revenue decline of 3.6% in 2025, followed by growth of 7.0% in 2026 and 5.8% in 2027, with projected revenues of 68.76 billion, 73.53 billion, and 77.77 billion yuan respectively [2][6]. - Net profit is forecasted to drop significantly by 54.6% in 2025, but rebound with growth rates of 69.9% and 17.5% in the following years [2][6]. Financial Forecast Summary - **Revenue Forecast**: - 2024: 7,131 million yuan - 2025: 6,876 million yuan - 2026: 7,353 million yuan - 2027: 7,777 million yuan [2][7] - **Net Profit Forecast**: - 2024: 849 million yuan - 2025: 385 million yuan - 2026: 655 million yuan - 2027: 769 million yuan [2][7] - **Gross Margin**: - 2024: 28.78% - 2025: 22.10% - 2026: 26.46% - 2027: 26.83% [2][7] - **Earnings Per Share (EPS)**: - 2024: 1.68 yuan - 2025: 0.76 yuan - 2026: 1.29 yuan - 2027: 1.52 yuan [2][7] - **Price-to-Earnings (PE) Ratio**: - 2024: 13.10 - 2025: 28.88 - 2026: 17.00 - 2027: 14.46 [2][7] - **Price-to-Book (PB) Ratio**: - 2024: 1.94 - 2025: 1.92 - 2026: 1.86 - 2027: 1.79 [2][7]

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

Group 1 - The Anhui Provincial Market Supervision Administration conducted a special sampling inspection of 200 batches of food products based on consumer feedback, focusing on 16 categories including edible oils, dairy products, and frozen foods [2] - Out of the 200 samples tested, 197 were found to be compliant with national food safety standards, while 3 samples were deemed non-compliant [2] - Local market supervision departments have initiated verification and disposal actions for the non-compliant food products identified during the inspection [2] Group 2 - The inspection included a wide range of food categories such as condiments, beverages, canned foods, and agricultural products, reflecting a comprehensive approach to food safety [2] - Specific non-compliant products included items with excessive bacterial counts and aluminum residue, indicating potential health risks associated with these products [2][3] - The announcement emphasizes the commitment of the Anhui Provincial Market Supervision Administration to ensure food safety and consumer protection [2]

Group 1 - The leisure snack industry is undergoing a significant transformation driven by changes in consumer demand and channel dynamics, moving from a reliance on single-channel growth to a focus on supply chain efficiency [1][4] - The industry has experienced three phases of change: the supermarket era, the e-commerce boom, and the current phase characterized by diversification and a demand for high cost-performance products [9][10] - Key players in the market are adapting to these changes by either enhancing supply chain capabilities or focusing on brand strength to navigate the evolving landscape [3][4] Group 2 - Offline discount snack stores and online platforms like Douyin are emerging as significant channels, offering high cost-performance options and driving competition beyond just price [2][4] - The competition among brands has shifted from price wars to a comprehensive evaluation of store experience, supply chain responsiveness, and franchise support [2][3] - The current market environment emphasizes the need for companies to build long-term competitive advantages through either supply chain optimization or brand loyalty [4][10] Group 3 - The industry consensus is that a multi-channel approach and moderate category focus are essential strategies for success, with companies differentiating their responses based on their core competencies [3][4] - "Traffic-oriented" companies like Salted Fish and Three Squirrels are transitioning to strengthen their internal capabilities, while "big product" companies like Qiaqia and Jin Zai Foods are focusing on reinforcing their brand recognition [3][4] - The transformation in the snack industry reflects broader consumer trends, indicating that companies must adapt to changing market conditions to maintain competitiveness [4][10]

Core Viewpoint - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for various indices, including the Shenzhen Component Index, with Qiaqia Food (002557) being removed from the index due to its declining performance [1] Group 1: Company Performance - In the first three quarters of this year, Qiaqia Food reported revenue of 4.501 billion CNY, a year-on-year decrease of 5.38% [3] - The net profit attributable to shareholders was 168 million CNY, down 73.17% year-on-year, with a significant drop in the net profit margin from 15.53% in 2021 to 3.76% in Q3 of this year [4] - The company's gross profit margin fell to 21.94% in the first three quarters, down 8.31 percentage points from 30.25% in the same period last year [4] Group 2: Reasons for Decline - The decline in profitability is attributed to rising costs of sunflower seeds and core nut raw materials, along with increased expenses for product and channel restructuring [4] - The company has faced ongoing quality complaints, including issues related to product freshness and safety, which have resurfaced recently due to social media controversies [7] Group 3: Market Reaction - Qiaqia Food's stock performance has been negatively impacted by its removal from the Shenzhen Component Index, raising concerns about its future market position [1] - The company has been under scrutiny for quality issues, which may further affect consumer trust and sales [7]

Core Viewpoint - The company announced the results of the buyback of its convertible bonds, indicating minimal impact on its financial status and operations [1][2]. Group 1: Buyback Announcement - The company disclosed the buyback price of the convertible bonds at 100.236 CNY per bond, including interest and tax [1]. - The buyback period was set from December 2, 2025, to December 8, 2025, during which investors could choose to sell their bonds back to the company [1][2]. Group 2: Buyback Results - The total number of valid buyback applications was 18 bonds, amounting to 1,804.24 CNY, including interest and tax [2]. - The funds for the buyback will be transferred to the designated account of the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, with the payment date set for December 15, 2025 [2]. Group 3: Impact on the Company - The buyback will not materially affect the company's financial condition, operating results, cash flow, or capital structure [2]. - The company’s ability to fulfill its debt obligations and maintain ongoing operations remains intact [2]. Group 4: Future Trading - Unredeemed convertible bonds will continue to be traded on the Shenzhen Stock Exchange [3].

证券代码：002557 证券简称：洽洽食品 公告编号：2025-101 债券代码：128135 债券简称：洽洽转债 二、本次可转换公司债券回售结果和本次回售对公司的影响 "洽洽转债"回售申报期已于 2025 年 12 月 8 日收市后结束，根据中国证券 登记结算有限责任公司深圳分公司提供的《回售申报汇总》及《证券回售付款通 知》，"洽洽转债"（债券代码：128135）本次回售有效申报数量为 18 张，回 售金额为 1,804.24 元（含息税）。 公司将根据有效回售的申报数量将回售资金及回售手续费足额划至中国证 券登记结算有限责任公司深圳分公司指定账户。按照中国证券登记结算有限责任 公司深圳分公司的有关业务规则，投资者回售款到账日为 2025 年 12 月 15 日。 本次回售不会对公司财务状况、经营成果、现金流量和股本结构等产生实质影响， 不会损害公司的债务履行能力和持续经营能力。 洽洽食品股份有限公司 关于"洽洽转债"回售结果的公告 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。 特别提示： 1、债券代码：128135 债券简称：洽洽转债 2、回售价格：1 ...

Core Insights - Qiaqia has grown alongside Hefei, becoming a significant player in the food industry and earning recognition for its quality and innovation [1][3][4] Group 1: Company Growth and Development - Qiaqia has been a benchmark enterprise in Hefei, witnessing the city's rapid development and contributing to its reputation as a center for the nut and snack industry [1][3] - The company has benefited from Hefei's supportive policies and improved business environment, which have provided a solid foundation for its growth [3] Group 2: Quality Control and Innovation - Qiaqia emphasizes a "fresh" strategy, ensuring product quality through comprehensive supply chain management and direct sourcing from global planting bases [4] - The company has implemented advanced production techniques and has been recognized for its key preservation technology, receiving national awards for its research and development efforts [4][5] Group 3: Technological Advancements - Qiaqia has consistently prioritized technological innovation, evolving its production methods and developing a proprietary technology system across all stages of production [5] - The company has established a national research center for nut processing technology and has been involved in setting industry standards, showcasing its commitment to advancing the sector [5] Group 4: Global Expansion and Cultural Promotion - Since 2000, Qiaqia has expanded internationally, with products now available in over 50 countries, promoting Chinese culture through localized product offerings [7] - The brand aims to convey cultural confidence and has engaged in initiatives to educate international markets about Chinese traditions, particularly through its products [7]

Core Viewpoint - The company is announcing the conditional redemption of its convertible bonds, allowing bondholders to sell back their bonds at a specified price due to the stock price falling below a certain threshold [4][6]. Redemption Overview - The company has triggered the conditional redemption clause for its convertible bonds, allowing holders to sell back their bonds if the stock price has been below 70% of the conversion price for 30 consecutive trading days [4]. - The redemption price is set at 100.236 CNY per bond, which includes accrued interest [3][7]. - The redemption period is from December 2, 2025, to December 8, 2025, during which the bonds will not be convertible [3][10]. Redemption Conditions - The redemption clause is activated if the company's stock price falls below 55.93 CNY (the conversion price) for 30 consecutive trading days during the last two interest periods of the bonds [4]. - The calculation for accrued interest is based on a formula that considers the bond's face value, interest rate, and the number of days since the last interest payment [6]. Redemption Process - Bondholders must declare their intention to redeem during the specified period through the Shenzhen Stock Exchange trading system [10]. - The company will announce the results of the redemption and its impact on the company after the redemption period ends [12]. Payment Details - The payment for the redeemed bonds will be processed through the China Securities Depository and Clearing Corporation, with funds expected to be credited to investors by December 15, 2025 [12].