洽洽食品股份有限公司 关于不向下修正"洽洽转债"转股价格的公告 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 证券代码：002557 证券简称：洽洽食品 公告编号：2025-056 债券代码：128135 债券简称：洽洽转债 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 3、转股价格：人民币 55.93 元/股 4、转股期限：2021 年 4 月 26 日至 2026 年 10 月 19 日 5、自 2025 年 7 月 7 日至 2025 年 7 月 25 日，洽洽食品股份有限公司（以下 简称"公司"）股票已有十五个交易日的收盘价低于当期转股价格的 85%（即 47.54 元/股）的情形，已触发"洽洽转债"转股价格的向下修正条款。 6、经公司第六届董事会第十八次会议审议通过，公司董事会决定不向下修 正"洽洽转债"转股价格；自本次董事会审议通过后的首个交易日起的六个月内 （即 2025 年 7 月 28 日至 2026 年 1 月 27 日期间），如再次触发"洽洽转债"转 股价格向下修正条件，亦不提出向下修正方案。敬请广大投资者注意投资风险。 一、可转换公司债券发行上市概况 1、可转换公司债 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-055 公司《关于不向下修正"洽洽转债"转股价格的公告》（公告编号：2025-056） 详见信息披露媒体《中国证券报》《上海证券报》《证券时报》《证券日报》和 巨潮资讯网（www.cninfo.com.cn）。 三、备查文件 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"）第六届董事会第十八次会议于 2025 年 7 月 22 日以书面及邮件等方式通知全体董事，并于 2025 年 7 月 25 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， 公司监事和高级管理人员列席了会议，本次会议的召开符合《中华人民共和国公 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，通过了公司《关于不向下修 正"洽洽转债"转股价格的议案》。 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第十八次会议决议公告 本公司及董事 ...

Core Viewpoint - Youyou Food's performance surge has drawn market attention to "Sam's concept stocks" with significant revenue and profit growth expected in the upcoming half of 2025 [1][2]. Group 1: Performance Highlights - Youyou Food's revenue is projected to be between 746 million to 798 million yuan, marking a year-on-year increase of 40.91% to 50.77% [1]. - The expected net profit attributable to shareholders is estimated to reach between 105 million to 112 million yuan, reflecting a year-on-year growth of 37.91% to 47.57% [1][2]. - The collaboration with Sam's Club has been pivotal, with Youyou Food's sales of deboned duck feet reportedly exceeding 30 million units monthly since the partnership began [2][4]. Group 2: Market Dynamics - Sam's Club has emerged as a dominant retail channel in China, significantly boosting the sales and profits of various domestic suppliers, including Youyou Food [3][4]. - The partnership with Sam's Club has revitalized Youyou Food, which previously faced declining revenues in 2022 and 2023, with respective revenues of 1.024 billion and 966 million yuan, both showing negative growth [5]. Group 3: Challenges and Controversies - While many suppliers benefit from the Sam's Club partnership, not all experience profit surges; companies like Chacha Food and Ganyuan Food have reported significant profit declines despite being present in Sam's [9][10]. - The rise of Sam's Club has also led to increased accounts receivable for suppliers, with Youyou Food's accounts receivable reaching 74.61 million yuan in 2024, an 18-fold increase from the previous year [11][12]. Group 4: Brand Ethics and Standards - The OEM model adopted by Sam's Club raises ethical concerns regarding brand identity, as products may be perceived as lower quality compared to those sold through other channels [13][14]. - There are implications for brand reputation, as consumers may associate products sold at Sam's with lower standards, potentially harming the brand's image in broader markets [16][17]. - The issue of product standards has also emerged, with discrepancies between domestic and international quality standards leading to consumer distrust [19][20].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the liquor sector has faced challenges due to the implementation of the "Regulations on Strict Economy and Opposition to Waste" by the central government, leading to a decline in revenue and profits for most liquor companies in Q2 2025. However, recent media corrections have stabilized the sector, and a gradual recovery is expected [3][20] - The report emphasizes the importance of individual stock opportunities within the consumer goods sector, particularly in the context of the liquor market's recovery and the introduction of innovative products [4][21] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 17226.07, with a 52-week high of 19809.29 [1] - The sector has shown a relative performance decline compared to the CSI 300 index, with a year-on-year retail sales growth of 4.8% in June 2025 [14] Liquor Sector Analysis - The report notes that major liquor companies like Moutai, Wuliangye, and Luzhou Laojiao have varying price-to-earnings ratios, indicating a mixed valuation landscape [20] - The introduction of new products, such as the "Jiu Gui Free Love" by Jiu Gui Jiu and its collaboration with the retail channel "Pang Dong Lai," is expected to drive sales and innovate marketing strategies [5][18] Fund Holdings and Market Sentiment - As of Q2 2025, the food and beverage sector's fund holding ratio is 6.75%, reflecting a decrease of 2.12 percentage points, indicating cautious sentiment among investors [4][20] - The liquor segment's fund holding ratio is 4.98%, also down by 2.42 percentage points, suggesting a trend of risk aversion in the market [20] Company Performance Highlights - Dongpeng Beverage reported stable revenue growth, with significant increases in electrolyte water and fruit tea segments [22] - The report mentions that companies like Youfei Foods and Guoquan are focusing on channel optimization and product innovation to drive growth [23] - The performance of companies such as Zhou Hei Ya and Jiahe Foods is noted, with both showing signs of recovery despite facing challenges [23] Market Trends and Price Movements - The food and beverage sector index increased by 0.68% in the latest week, ranking 13th among 30 sectors, while the dynamic PE ratio stands at 21.26 [24] - The report highlights that soft drinks and dairy products have shown the highest growth rates among sub-sectors [24]

Core Viewpoint - The emergence of cross-border ice cream products, such as sunflower seed, soy sauce, and ham ice creams, has gained popularity among young consumers this summer, leading to strong sales in both online and offline markets [1][5][15]. Group 1: Product Launch and Popularity - The launch of Qiaqia sunflower seed ice cream in June has attracted significant consumer attention, with reports of good sales within a month of its release [5][7]. - Consumers have praised the unique flavor combination of sweet and salty in the Qiaqia sunflower seed ice cream, contributing to its positive reception [7]. - Other cross-border ice cream products, including Costa coffee and Dove chocolate ice creams, have also been spotted in various retail locations, indicating a trend in innovative flavors [11]. Group 2: Consumer Engagement and Trends - The ham ice cream from Jinziham has gained traction on social media platforms, ranking high in ice cream searches, with over 500 purchases noted on Tmall [15]. - Hai Tian's soy sauce ice cream has also attracted attention, with sales exceeding 3,000 orders on its Taobao flagship store, showcasing the novelty and consumer interest in unconventional flavors [18]. - Young consumers express that these cross-border ice cream products not only satisfy their curiosity but also enhance their summer experience through innovative flavors [21].

Report Industry Investment Rating No relevant content provided in the given text. Core Viewpoints - "Anti-involution" policies are accelerating at the macro level, and inflation expectations are starting to bottom out. At the industry level, since June, "anti-involution" has been advanced mainly through self-discipline, and some industries have formed certain price increase expectations [4][7]. - By reviewing historical similar policy environments, the current "anti-involution" situation has similarities with the policy backgrounds in 2016 and 2021. Although this round may be advanced more from the industry self-discipline level, it is expected that the price increase expectations of key industries will be realized, and attention should be paid to the investment opportunities brought about by the improvement of profit expectations in related industries [4][23]. - Last week, the convertible bond market rose, and the valuation reached a high level. Five convertible bonds announced redemptions, and the total scale of bonds to be issued is about 7 billion yuan [1][24]. Summary by Directory 1. "Anti-involution" Historical Review and Current Concerns - **Policy Progress**: Since the Politburo meeting in July 2024 proposed to prevent "involutionary" vicious competition, to the official proposal by the Central Financial and Economic Commission on July 1, 2025, to govern the disorderly low - price competition of enterprises in accordance with laws and regulations and promote the orderly withdrawal of backward production capacity, the "anti-involution" policy has continued to exert force [4][7]. - **Industry Trends**: Since June, industries such as automobiles, photovoltaics, and most upstream cyclical industries have launched initiatives or collective production reduction plans by leading enterprises, and the market associates this round of "anti-involution" with the price increase logic under the production capacity optimization in 2016 and 2021 [4][7]. - **Historical Comparison**: In 2016, the supply - side reform focused on the coal and steel industries. In 2021, due to the demand for meeting the dual - control targets of energy consumption and the rise in coal prices, power and production restrictions were implemented in many places, and the PPI increased significantly. The current situation has similarities with these two historical periods, and the "anti-involution" this time may be more concentrated in the middle and lower reaches, with a high proportion of private enterprises [4][23]. 2. Market Review: Convertible Bonds Rose Weekly, and Valuation Reached a High Level - **Weekly Market Conditions**: Last week, the main stock indexes rose, and the convertible bond market followed suit. There are 477 issued but unexpired convertible bonds, with a balance of 648.241 billion yuan. Some bonds have not yet been listed for trading, and there are currently no bonds to be issued [24]. - **Valuation Performance**: The weighted average closing price of convertible bonds increased by 0.68% compared with the previous Friday. The premium rates of high - rated and large - scale convertible bonds increased. The convertible bond market's 100 - yuan par - value fitted conversion premium rate increased by 1.32 pct compared with the previous Friday [32]. 3. Terms and Supply: Five Convertible Bonds Announced Redemptions, and the Total Scale of Bonds to be Issued is about 7 Billion Yuan - **Terms**: As of July 18, 5 convertible bonds announced redemptions, and Lingkang Convertible Bond's board of directors proposed a downward revision. Some bonds announced non - early redemptions, and some announced that they were expected to meet the redemption conditions. 4 convertible bonds announced no downward revisions, and 12 were expected to trigger downward revisions [1][50]. - **Primary Market**: Last week, Xizhen and Yongxi Convertible Bonds were listed, with a total scale of 1.685 billion yuan. This week, Libo Convertible Bond will be listed, with a scale of 750 million yuan. There were no new convertible bond issuances. Last week, Tonglian Precision added a board of directors' plan, and the total scale of bonds to be issued is about 7 billion yuan [1][53].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

内容概要：随着国民收入水平的不断提高，消费者对休闲食品需求不断增加，薯片作为休闲食品重要组 成部分市场需求也与日俱增，据统计，2023年我国薯片销量达31.47万吨，市场规模达321亿元，2024年 虽然销量有所下滑，但受益于产品价格的增长，市场规模仍然保持增长趋势，据统计，2024年我国薯片 市场规模达328亿元，其中，油炸薯片占比超60%，但近年来，随着消费者健康意识日益增强，对低 脂、低盐、无添加等健康属性的产品越来越青睐，带动非油炸薯片占比逐年攀升，2024年非油炸薯片占 比从2020年的28.40%增至34.3%。 上市企业：洽洽食品（002557）、盐津铺子（002847）、三只松鼠（300783） 相关企业：洽洽食品股份有限公司、福建达利食品集团有限公司、福建盼盼食品有限公司、福建亲亲股 份有限公司、漯河市恒达食品工业有限公司、山东乐利事食品有限公司、百事食品（中国）有限公司、 益海嘉里家乐氏食品（上海）有限公司、昆明子弟食品有限公司、卡乐比(杭州)食品有限公司、浙江小 王子食品有限公司 关键词：薯片市场政策、薯片产业链、薯片发展现状、薯片竞争格局、薯片发展趋势 一、概述 薯片是指以马铃薯（土豆 ...

Core Viewpoint - Recent controversies involving brands like Holley, Panpan, and Liuliu Mei at Sam's Club highlight the increasing scrutiny on snack brands and their collaboration with the retailer, emphasizing the need for high-quality standards across the entire supply chain [1][8][9] Group 1: Brand Collaboration with Sam's Club - Sam's Club has established a customized cooperation model with various snack brands, leading to the introduction of "Sam's exclusive" products [8][9] - Brands such as Ganyuan Foods and Youyou Foods have successfully launched products specifically for Sam's, which have gained significant market traction [9][10] - The entry of snack brands into Sam's Club is seen as a pathway to higher market recognition and increased sales [1][9] Group 2: Product Quality and Consumer Perception - The perception of high-end quality is associated with products sold at Sam's Club, which is known for its strict selection standards [8][9] - Some consumers express skepticism about the actual quality improvements of products featuring high-end ingredients, viewing them as marketing strategies rather than genuine enhancements [12][13] - Experts suggest that brands need to focus on real quality improvements and not just on high-end concepts to maintain consumer trust [12][13] Group 3: Market Performance and Sales Data - Companies like Qiaqia Foods reported approximately 200 million yuan in sales through Sam's Club in 2024, marking a 50%-60% year-on-year increase [9] - Liuliu Mei's exclusive product quickly topped the new product popularity chart within eight days of launch at Sam's Club, indicating strong consumer interest [9] - Youyou Foods' duck feet product consistently ranks among the top three in sales within the meat snack category at Sam's Club, with monthly sales exceeding 200,000 units [9][10]

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for the sector as a whole [5]. Core Insights - The actual demand in the liquor industry has significantly decreased in Q2 2025, with companies like Water Well and Jiu Gui Jiu showing early indicators of industry performance through their earnings forecasts [1][18]. - Moutai's establishment of a joint venture and Jiu Gui Jiu's collaboration with Pang Dong Lai for product launches reflect the multi-faceted strategies employed by major liquor companies to mitigate industry pressures and enhance annual performance [1][18]. - The beverage sector is expected to see leading water companies continue to capture market share, with Farmer Spring's market share rapidly recovering, leading to potential upward revisions in profit forecasts [1][18]. - The snack sector is facing short-term challenges due to rising costs and increased expenses, with a focus on new product launches and net profit margin improvements in the second half of the year [1][18]. - The pet sector presents a buying opportunity following recent corrections, with a focus on valuation shifts in the second half of the year [1][18]. Summary by Sections Core Company Tracking - Moutai is forming platform companies with provincial distributors to develop local cultural Moutai products, which is expected to stabilize pricing and support annual targets while alleviating pressure on the main product's volume growth [12]. - Water Well reported a 13% decline in revenue and a 57% drop in net profit for H1 2025, with significant Q2 revenue declines attributed to inventory reduction pressures and policy impacts [13]. - Jiu Gui Jiu's net profit for H1 2025 is expected to drop by 90%-93%, with a 43% revenue decline, as the company increases sales expenses and new product promotion efforts [14]. - Hai Tian Wei Ye anticipates rapid overseas growth and is enhancing its market share through localized strategies and channel expansion [15]. - Qia Qia Food's net profit is projected to decrease by 71%-76% in H1 2025, with expectations for improvement in H2 as costs normalize [16]. - Gan Yuan Food's net profit is expected to decline by 55%-56% in H1 2025, with plans to strengthen sales of new and core products in H2 [17]. Investment Recommendations - The report suggests focusing on liquor companies that are adjusting their strategies in response to market pressures, particularly those with a safety margin in valuations [18][19]. - In the beverage sector, companies like Farmer Spring and Uni-President China are expected to perform well, while traditional consumer stocks like Moutai and Lu Zhou Lao Jiao are recommended for their recovery potential [19]. - The report highlights opportunities in the snack sector with companies like Qia Qia and Gan Yuan, emphasizing the importance of new product launches and margin improvements [19].