证券代码：002557 证券简称：洽洽食品 公告编号：2025-091 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"洽洽转债"回售的公告 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、投资者回售选择权：根据《洽洽食品股份有限公司公开发行可转换公司 债券募集说明书》（以下简称《募集说明书》）的约定，"洽洽转债"持有人可 回售部分或者全部未转股的"洽洽转债"。"洽洽转债"持有人有权选择是否进 行回售，本次回售不具有强制性。 2、回售价格：100.236 元/张（含息税） 3、回售条件触发日：2025 年 11 月 28 日 4、回售申报期：2025 年 12 月 2 日至 2025 年 12 月 8 日 5、发行人资金到账日：2025 年 12 月 11 日 6、回售款划拨日：2025 年 12 月 12 日 7、投资者回售款到账日：2025 年 12 月 15 日 8、回售申报期内"洽洽转债"暂停转股 根据《募集说明书》的约定，"洽洽转债"的有条件回售条款生效。 公司根据《深圳证券交易所股票上市规则》《深圳证券交易所 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-092 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"洽洽转债"回售期间暂停转股的公告 处于最后两个计息年度，根据《募集说明书》的约定，"洽洽转债"的有条件回 售条款生效。 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： 债券代码：128135 债券简称：洽洽转债 转股起止时间：2021 年 4 月 26 日至 2026 年 10 月 19 日 暂停转股时间：2025 年 12 月 2 日至 2025 年 12 月 8 日 恢复转股时间：2025 年 12 月 9 日 经中国证券监督管理委员会"证监许可[2020]2297 号"文核准，洽洽食品 股份有限公司（以下简称"公司"）于 2020 年 10 月 20 日公开发行了 1,340.00 万张可转换公司债券，每张面值 100 元，发行总额 13.40 亿元，期限为六年。 经深圳证券交易所"深证上[2020]1046 号"文同意，公司本次公开发行的 13.40 亿元可转换公司债券于 2020 年 11 月 1 ...

上海市通力律师事务所 关于洽洽食品股份有限公司 可转换公司债券回售的法律意见书 致：洽洽食品股份有限公司 敬启者： 上海市通力律师事务所（以下简称"本所"）受洽洽食品股份有限公司（以下简称 "洽洽食品"或"公司"）委托，指派本所陈杨律师、梁翔蓝律师（以下合称"本所律 师"）作为公司特聘专项法律顾问，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》"）、《可转换公司债券管理办法》 （以下简称"《管理办法》"）、《深圳证券交易所上市公司自律监管指引第 15 号——可转 换公司债券》（以下简称"《监管指引第 15 号》"）等法律、行政法规和其他规范性文件 （以下简称"法律、法规和规范性文件"）的有关规定，就公司可转换公司债券（以下 简称"本次可转债"）回售相关事项（以下简称"本次回售"）出具本法律意见书。 为出具本法律意见书，本所律师已对公司向本所提交的有关文件、资料进行了必要 的核查和验证。 本所在出具本法律意见书之前已得到公司如下保证：（1）其已向本所提供了出具本 法律意见书所需的全部原始书面资料、副本资料或口头陈述，且全部文件、资料或口头 陈述均真实、完 ...

Core Insights - The food and beverage industry has experienced a stepwise decline in revenue growth since 2021, with a further slowdown in the first three quarters of 2025 [6][7][21] - Despite the overall decline, certain segments such as snacks and soft drinks continue to show robust growth, indicating emerging opportunities within the industry [6][17][64] Revenue Growth Trends - Revenue growth in the food and beverage sector recorded only 0.18% in the first three quarters of 2025, a decline of 2.29 percentage points from the first half of the year [7][8] - Among sub-sectors, snacks and soft drinks achieved significant growth rates of 30.97% and 10.93% respectively, while categories like prepared foods and health products saw revenue declines [8][13] Inventory Turnover and Sales Dynamics - The industry has seen a decrease in inventory turnover rates, indicating a slowdown in sales activity, primarily due to insufficient consumer demand [21][24] - Inventory turnover rates have declined from 2.05 in 2021 to 1.65 in 2025, reflecting a consistent downward trend [21][23] Profitability and Cost Pressures - The gross profit margin in the food and beverage sector peaked in 2024 but has since begun to decline due to rising costs outpacing revenue growth [24][25] - The gross profit margin was recorded at 49.53% in the first three quarters of 2025, down from 50.91% in 2024, highlighting the impact of cost pressures [24][26] Changes in Expense Ratios - There has been a significant reduction in sales expenses, with the sales expense ratio decreasing from 12.35% in 2021 to 11.07% in 2025, reflecting a shift in management values towards cost efficiency [40][41] - Management expense ratios have also declined, indicating a focus on internal control and cost reduction [44][46] Segment-Specific Growth Opportunities - The snack market in China has surpassed 1 trillion yuan and is expected to grow at a rate of 6% to 8% annually, potentially reaching 1.4 trillion yuan by 2026 [6][55] - The soft drink market is projected to reach 1.35 trillion yuan in 2025, with an expected growth rate of 8%, indicating strong demand in this segment [64][66] - The health products market is anticipated to grow to 800 billion yuan by 2025, reflecting a 1.8 times increase since 2020 [75] Investment Recommendations - The report maintains a "market perform" rating for the industry, recommending investments in segments such as soft drinks, health products, baking, and snacks [6][54] - Specific companies highlighted for potential investment include Baoli Food, Lihigh Food, and Xianle Health, among others [6][54]

上海市通力律师事务所 关于洽洽食品股份有限公司 实施第十期员工持股计划相关事宜的法律意见书 致: 洽洽食品股份有限公司 上海市通力律师事务所(以下简称"本所")接受洽洽食品股份有限公司(以下简称"公 司"或"洽洽食品")的委托, 指派陈杨律师、梁翔蓝律师(以下简称"本所律师")作为公司 的特聘专项法律顾问, 根据《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》(以下简称"《指导意见》")、《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》(以下简称"《自律监管指引》") 和有权立法机构、监管机构已公开颁布、生效且现行有效之有关法律、法规和规范性文件(以 下简称"法律、法规和规范性文件", 为本法律意见书之目的, 本法律意见书所述的"法律、 法规和规范性文件"不包括香港特别行政区、澳门特别行政区以及台湾地区的法律、法规 和规范性文件), 就洽洽食品实施第十期员工持股计划(以下简称"本次员工持股计划")相 关事宜出具本法律意见书。 为出具本法律意见书, 本所律师已经严格履行法定职责, 遵循了勤勉尽责和诚实信用 原则, 对洽洽食品本次员工持股计 ...

Group 1 - Luckin Coffee has surpassed 10,000 stores globally as of November 24, 2025, with pricing primarily between 6-8 yuan, making it cheaper than its competitor, Kudi, which has a flat price of 9.9 yuan [1][2] - As of the end of Q3, Luckin Coffee operates 29,214 stores, while Kudi has 18,000 stores. Luckin Coffee has expanded to over 300 cities, including more than 1,000 stores in first-tier cities [2] - The rapid growth of Luckin Coffee is attributed to the competitive landscape driven by delivery service wars, with a 164% year-on-year increase in new store openings in Q2 [2] Group 2 - The reduction of delivery subsidies is impacting the coffee market, with Luckin Coffee's same-store sales growth facing short-term pressure as noted by its executives [3][4] - The coffee price war may stabilize as delivery subsidies decrease, with expectations that prices will settle in a certain range, potentially around 6-8 yuan for Luckin Coffee [6][9] - Luckin Coffee's growth trajectory positions it as a strategic competitor to established players like Luckin and Kudi, especially as it reaches a significant scale [8][9]

Group 1 - Hema has launched the "Co-creation and Symbiosis" plan to support 10 partners with annual sales exceeding 1 billion yuan and help 100 suppliers achieve threefold growth over the next three years [1] - The plan leverages Hema's nationwide supply chain network and AI decision-making platform to create products focused on health, convenience, and self-indulgence [1] - Hema currently operates nearly 500 fresh stores and 350 Super Hema stores, with an upgraded online platform for nationwide coverage [1] Group 2 - JD Seven Fresh's strawberry box cake has seen a 200% increase in sales within two weeks of launch, becoming the top seller in the baking category [3] - The cake features 16 direct-sourced strawberries and a reduced sugar content, appealing to health-conscious consumers [3] - JD Seven Fresh is shifting the baking industry focus from "traffic hits" to "quality longevity" by utilizing supply chain advantages and user insights [3] Group 3 - Super Hema NB has officially opened its franchise application channel, with the first batch of cities including Shanghai, Hangzhou, Jiaxing, and Huzhou [5] - The annual franchise fee is set at 50,000 yuan, excluding store renovation and equipment costs [5] - Franchisees are required to select locations in large residential communities or mature business districts, with store sizes ranging from 500 to 650 square meters [5] Group 4 - Fudi, a local membership-based retail brand, has partnered with JD for strategic cooperation, allowing its products to be available on JD's instant delivery platform [9] - Starting November 26, users can access Fudi's store on JD App for delivery within 30 minutes [9] - Fudi currently has over 200 million registered members and around 20 million paid members, with each store offering over 4,000 products [9] Group 5 - Luckin Coffee has surpassed 10,000 global stores, achieving its target ahead of schedule [10] - The brand has accelerated its expansion in first and second-tier cities, doubling its store count since 2024 [10] Group 6 - Taobao now hosts over 30,000 intangible cultural heritage brands, with nearly 90 million related products [11] - The sales of intangible cultural heritage products have exceeded 100 billion yuan for two consecutive years, with a stable double-digit growth rate [11] - Young consumers aged 18-24 have become the main force in intangible cultural heritage consumption, with their proportion increasing by 10% year-on-year [11] Group 7 - South Dairy has resumed its listing review on the Beijing Stock Exchange, facing a second round of inquiries regarding market position and R&D expenses [16] - The company's 2024 growth rate is expected to slow, with 2025's net profit increase relying on improved gross margins and reduced asset disposal losses [16] Group 8 - Walmart reported a record revenue of $179.5 billion for Q3 2026, with a 5.8% year-on-year increase [22] - The China market showed strong performance, with net sales reaching $6.1 billion (approximately 43.4 billion yuan), a 21.8% increase year-on-year [22] - E-commerce sales in China grew by over 30%, accounting for more than 50% of total sales [22]

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

北京商报讯（记者 郭秀娟 王悦彤） 11月23日，洽洽食品在投资者互动平台回答投资者提问称，目前公 司产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业 务尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

洽洽食品（002557.SZ）11月23日在投资者互动平台表示，目前公司产品主要出口到泰国、越南、马来 西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业务尚在拓展中，目前在荷兰、德国、 法国等国的部分市场进行销售。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：我看到年报上写公司在欧洲地区收入增长良好，请问 包括欧盟国家吗？ ...