Core Viewpoint - Qiaqia Food has announced its earnings forecast for 2025, projecting a significant decline in net profit due to rising raw material costs [1] Financial Performance - The company expects a net profit attributable to shareholders of 300 million to 320 million yuan for 2025, representing a year-on-year decrease of 62.33% to 64.68% [1] - The forecasted net profit after deducting non-recurring gains and losses is estimated to be between 230 million and 250 million yuan, reflecting a year-on-year decline of 67.64% to 70.23% [1] Operational Challenges - The primary reason for the anticipated decline in net profit is the significant increase in raw material procurement prices, which has led to a substantial decrease in gross profit margin [1]

Financial Projections - The estimated net profit for 2025 is projected to be between ¥30,000 and ¥32,000, representing a decline of 62.33% to 64.68% compared to the previous year's profit of ¥84,948.08[4] - The net profit after deducting non-recurring gains and losses is expected to be between ¥23,000 and ¥25,000, a decrease of 67.64% to 70.23% from last year's ¥77,266.78[4] - The basic earnings per share is forecasted to be between ¥0.59 and ¥0.63, down from ¥1.676 in the previous year[4] Reasons for Decline - The primary reason for the decline in net profit is the significant increase in raw material procurement prices, leading to a substantial decrease in gross margin[6] Caution for Investors - The financial data provided in the earnings forecast has not been audited by the accounting firm, and investors are advised to exercise caution[7]

| | | | | 单位: 力 | | --- | --- | --- | --- | --- | | 原募投项目预 | 变更后新募投项 | 调整后剩余募集 | 利息收入 | 永久补流金额 | | 计投入金额 | 目预计投入金额 | 资金金额 | | | | 26, 000. 00 | 6, 086. 43 | 19, 913. 57 | 2, 146. 60 | 22, 060. 17 | （图片来源：截图自洽洽食品公告） 洽洽食品董事会审计委员会审议认为，本次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事项，是公司根据实际经营需要所作出 的合理决策，不会对公司生产经营造成不利影响。 每经记者｜章光日 每经编辑｜吴永久 近期，洽洽食品变更了部分募投项目。洽洽食品主要生产坚果炒货类休闲食品，公司产品有洽洽红袋香瓜子、洽洽蓝袋风味瓜子、洽洽小黄袋每日坚果、洽 洽小蓝袋益生菌每日坚果、每日坚果燕麦片、坚果礼盒等。2024年，根据沙利文认证，洽洽品牌瓜子连续5年全球销量第一。 为了寻求新的增长点，洽洽食品前些年通过发债等方式大力发展坚果类业务。2020年10月20日，公司发行总额为13.40亿元 ...

当前时点如何看消费顺周期？20260129 摘要 房地产市场：预计 2027 年接近底部，短期一线城市二手房成交量回升， 价格跌幅收窄，政策稳定预期，显示边际向好信号。关注未来超常规政 策如房贷结构性工具、公积金降息及城市更新货币化安置。 货币政策与流动性：央行维持低利率，定期存款到期或转向理财及权益 市场，活期存款增加，资金更易流入资本市场。地产板块持仓比例仅 0.4%，刷新历史新低，估值修复迅速。 财政政策与消费：财政支出倾斜社保民生等领域，多地发放消费券支撑 春节消费，1 月政府债同比多增，表明财政前置发力。2026 年一季度经 济量价预计整体提升。 通胀预期：春节临近及季节性因素致蔬菜、水果、白酒价格上涨，国际 金属价格上行推动 PPI 向 CPI 传导，预计 2026 年 CPI 中枢高于去年。 白酒板块持仓降至新低，有望迎来反弹。 消费品市场：大众品复苏节奏超前于白酒，连锁业态维持高景气，规模 效应提升利润率。调味品板块库存消化完毕，进入发货周期，餐饮供应 链复苏，经销商备货积极。 Q&A 当前如何看待消费顺周期的表现？ 当前消费顺周期的表现主要受到几个因素的影响。首先，从地产层面来看，我 们总结 ...

投资建议：把握五条主线、重视供需出清下的拐点机会。1）具备价格弹性标的；2）饮料受益出行良好 景气度，重视低估值高股息；3）零食及食品原料成长标的；4）啤酒；5）调味品平稳、牧业产能去 化，餐供有望恢复。 智通财经APP获悉，国泰海通证券发布研报称，2025Q4食品饮料板块获配比例环比回落，细分来看白 酒、非白酒板块重仓环比下降，其他板块配比均呈环比回升，其中饮料乳品及休闲食品增幅居前。 2025Q4主动偏股类公募基金食品饮料重仓配置比例延续环比下行。从主动偏股类公募基金重仓配置比 例来看，2025Q4食品饮料重仓股配置比例环比-0.14pct至4.04%，位列各行业第九。其他前五获配板块 分别为电子、电力设备、通信、医药生物以及有色金属，对应2025Q4配置比例分别为21.47%（环 比-1.84pct）、9.87%（-0.32pct）、9.83%（+1.78pct）、9.16%（-1.92pct）及7.83%（+2.12pct）。 把握五条主线、重视供需出清下的拐点机会。1）具备价格弹性标的；2）饮料受益出行良好景气度，重 视低估值高股息；3）零食及食品原料成长标的；4）啤酒；5）调味品平稳、牧业产能去化 ...

Core Viewpoint - The allocation ratio of the food and beverage sector is expected to decline in Q4 2025, with a notable decrease in both the liquor and non-liquor segments, while other sectors such as beverages, dairy, and snacks show an increase in allocation [1][2]. Group 1: Investment Recommendations - Focus on five main investment lines: 1) Stocks with price elasticity; 2) Beverages benefiting from travel demand; prioritize low valuation and high dividend yields; 3) Growth stocks in snacks and food raw materials; 4) Beer; 5) Stable condiments and livestock capacity reduction, with a recovery expected in food service [2]. - The allocation ratio of actively managed equity public funds in the food and beverage sector decreased by 0.14 percentage points to 4.04%, ranking ninth among all sectors [2]. Group 2: Sector Analysis - In Q4 2025, the allocation ratio for liquor stocks decreased by 0.29 percentage points to 2.92%, driven by declines in leading liquor companies such as Wuliangye and Shanxi Fenjiu [3][4]. - Non-liquor segments, including food processing, beverage dairy, and snacks, saw an increase in allocation ratios, with notable gains in the dairy sector led by Yili and Mengniu, and in snacks led by companies like Wancheng Group and Ximai Foods [3][4]. - The condiment sector also experienced an increase in allocation, with significant rises in stocks like Angel Yeast and Zhongju High-tech, while Haitian Flavoring saw a decrease [4].

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。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002557 证券简称：洽洽食品 公告编号：2026-005 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 ...

Core Viewpoint - Qiaqia Food announced a significant reduction and postponement of its "Hefei Qiaqia Industrial Park Nut Flexible Factory Construction Project," with the investment scale decreased by over 70% [1][2] Group 1: Project Changes - The original investment for the "Hefei Qiaqia Industrial Park Nut Flexible Factory Construction Project" was planned at 260 million yuan, with a projected annual capacity of 9,000 tons of daily nuts, 2,400 tons of shell nuts, and 2,400 tons of flavored nuts [1] - The revised project, now named "Qiaqia Hefei No. 1 Nut Flexible Factory Construction Project," will involve a single nut workshop with a 10 tons/day flavored nut production line and a 5 tons/day flavored nut production line, with a total construction cost of 60.8643 million yuan [1][2] - The completion date for the project has been extended from September 30, 2026, to October 31, 2026 [2] Group 2: Financial Adjustments - The investment amount has been reduced from 260 million yuan to 60.8643 million yuan, representing a reduction of 73.82% [2] - The remaining 199 million yuan and related interest income will be permanently reallocated to supplement working capital [2] Group 3: Strategic Implications - Qiaqia Food has established nine major production bases in China, including Hefei, Fuyang, Changsha, and Chongqing, and plans to build a new nut factory and production line in Thailand [2] - The adjustment of the fundraising project is a careful decision made by the company based on external circumstances and its strategic development needs, aligning with its actual operational requirements [2] - The construction of the nut flexible factory aims to achieve standardized processes from raw material selection to packaging, ensuring product stability and food safety, while enabling quick adaptation to market demands through small-batch, multi-batch production [2]

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 ...