一、监事会会议召开情况： 洽洽食品股份有限公司（以下简称"公司"）第六届监事会第十一次会议 通知于 2024 年 11 月 5 日以书面送达及邮件等方式发出，并于 2024 年 11 月 11 日在公司三楼会议室召开，本次会议采用现场及通讯表决的方式召开。会议由监 事会主席宋玉环女士主持，全体监事出席了会议。本次会议应到监事 3 名，实到 监事 3 名，符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况： 证券代码：002557 证券简称：洽洽食品 公告编号：2024-070 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届监事会第十一次会议决议公告 本公司及监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。 监事会认为：根据《上市公司股权激励管理办法》、公司《2024 年股票期 权激励计划（草案）》的相关规定和公司 2024 年第一次临时股东大会的授权， 审议通过了《关于向激励对象首次授予股票期权的议案》，监事会认为本次激励 计划规定的首次授予条件已经成就，同意确定以 2024 年 11 月 11 日为首次授予 日，以 ...

注：1、上述任何一名激励对象通过全部有效的股权激励计划获授的本公司股票均未超过公 司总股本的 1%。公司全部有效的激励计划所涉及的标的股票总数累计不超过公司总股本总额的 10%。 洽洽食品股份有限公司 2024 年股票期权激励计划首次授予部分激励对象名单 （首次授予日） | 序号 | 姓名 | 国籍 | 职务 | 获授的股票 | 占授予股票期 | 占目前总股 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期权（万份） | 权总量的比例 | 本的比例 | | 1 | 徐涛 | 中国 | 副总经理 | 15.00 | 3.14% | 0.03% | | 2 | 杨煜坤 | 中国 | 副总经理 | 30.00 | 6.28% | 0.06% | | | | | 董事、副总经理、 | | | | | 3 | 陈俊 | 中国 | 董事会秘书 | 22.00 | 4.60% | 0.04% | | 4 | 胡晓燕 | 中国 | 财务总监 | 18.00 | 3.77% | 0.04% | | | | 核心员工（25 | 人） | 333.00 | 69.6 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][9]. Core Views - The company has shown steady revenue growth, with total operating revenue for the first three quarters of 2024 reaching 4.758 billion yuan, a year-on-year increase of 6.24%. The net profit attributable to shareholders was 626 million yuan, up 23.79% year-on-year, and the net profit after deducting non-recurring gains and losses was 558 million yuan, reflecting a 31.44% increase [3][5]. - In Q3 2024, the total operating revenue was 1.859 billion yuan, representing a year-on-year growth of 3.72%, while the net profit attributable to shareholders was 289 million yuan, up 21.4% year-on-year [3][6]. - The company is expected to benefit from improved profitability due to the gradual release of cost pressures and the scale effect, with the net profit margin for the first three quarters of 2024 increasing by 1.87 percentage points to 13.16% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating revenue of 4.758 billion yuan, a 6.24% increase year-on-year. In Q3 2024, the revenue was 1.859 billion yuan, up 3.72% year-on-year [3][5]. - The net profit attributable to shareholders for the first three quarters was 626 million yuan, a 23.79% increase year-on-year, while the net profit for Q3 was 289 million yuan, reflecting a 21.4% increase [3][6]. Cost and Profitability - The company experienced a significant improvement in profitability, with the net profit margin increasing by 1.87 percentage points to 13.16% for the first three quarters of 2024. The gross profit margin also improved by 4.81 percentage points to 30.25% [6][7]. - In Q3 2024, the net profit margin rose by 2.27 percentage points to 15.57%, and the gross profit margin increased by 6.31 percentage points to 33.11% [6][7]. Future Outlook - The company plans to enhance its channel diversification for its seed business and strengthen cooperation with emerging channels such as catering and convenience stores. The cost pressure is expected to ease further, and the profitability is anticipated to improve during the peak season in Q4 [7]. - The company has a strong cash position, which allows for potential increases in dividend payouts in the future. The projected net profits for 2024 and 2025 are 990 million yuan and 1.25 billion yuan, respectively, with corresponding EPS of 1.95 yuan and 2.46 yuan [7][8].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1]. Core Views - The report highlights that the release of cost benefits has led to profit growth outpacing revenue growth. For Q3 2024, the company achieved operating revenue of 1.859 billion yuan, with a profit of 289 million yuan, representing a year-on-year growth of 21.40% and 22.24% respectively [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 7.524 billion yuan, 8.339 billion yuan, and 9.314 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 10.55%, 10.84%, and 11.68% [2][4]. Summary by Sections Recent Performance - In Q3 2024, the company reported operating revenue of 1.859 billion yuan, a year-on-year increase of 21.40%, and a net profit of 289 million yuan, with a growth rate of 22.24% [1]. - For the first three quarters of 2024, the company achieved operating revenue of 4.758 billion yuan and a net profit of 626 million yuan, with year-on-year growth rates of 23.79% and 31.44% respectively [1]. Market Data - The company’s revenue showed marginal improvement in Q3 2024, with a quarter-on-quarter growth of 3.72% compared to Q2 2024. The company is focusing on high-end nut gift boxes and cost-effective gift boxes [1]. - The current stock price is 33.18 yuan, with a 52-week price range of 23.67-38.72 yuan [1]. Financial Projections - The company’s gross margin for Q3 2024 was 33.11%, an increase of 6.31 percentage points year-on-year, attributed to revenue growth and a decrease in raw material costs [1][2]. - The report forecasts net profits of 978 million yuan, 1.141 billion yuan, and 1.333 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 21.78%, 16.68%, and 16.88% [2][4]. Comparable Company Analysis - The report includes a comparison with similar companies, indicating that the company’s P/E ratios for 2024, 2025, and 2026 are projected to be 17.2X, 14.7X, and 12.6X respectively, which are favorable compared to industry averages [3][4]. Key Financial Ratios - The report outlines key financial ratios, including a projected ROE of 16.30% for 2024, increasing to 17.88% by 2026 [5]. - The company’s debt-to-equity ratio is projected to improve, indicating a strengthening balance sheet [5].

证券代码：002557 证券简称：洽洽食品 公告编号：2024-068 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于全资子公司与专业投资机构共同投资的公告 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、与专业投资机构共同投资概述 近日，为满足公司战略发展需要，公司全资子公司上海创味来投资有限责任 公司与广州绝了企业管理有限公司、湖南绿叶水果有限公司签署《长沙绿叶水果 股权投资基金合伙企业（有限合伙）》（暂定名，最终以有关部门的批复文件以 及市场监管部门登记核准名称为准）。公司作为有限合伙人参与设立投资基金， 该基金主要投资领域为水果连锁品牌及水果产业上下游，有助于公司在该类渠道 中的业务拓展。该基金认缴出资总额为人民币 10,000.00 万元，公司全资子公司 上海创味来投资有限责任公司拟认缴出资额 2,500.00 万元人民币，占投资基金 认缴出资总额的 25%；出资方式为货币出资，资金来源为自有资金。 根据《深圳证券交易所股票上市规则》和《公司章程》等有关规定，本次投 资事项无需提交公司董事会或股东大会审议，不构成同业竞争和 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 洽洽食品（002557.SZ）：收入逐步 改善，利润大幅回升 事件：公司 2024 年 1-9 月实现营业收入 47.58 亿元，同比+6.24%，归母净利 润 6.26 亿元，同比+23.79%；扣非归母净利润 5.58 亿元，同比+31.44%。其 中，Q3 实现营业收入 18.59 亿元，同比+3.72%，归母净利润 2.89 亿元，同 比+21.4%；扣非归母净利润 2.75 亿元，同比+22.24%。 公司 3 季度收入恢复增长，好于市场预期，对四季度持乐观态度。公司 Q2 收 入下滑 20.25%，推测 7、8 月份逐月恢复，9 月份中秋礼盒需求疲弱对三季度 造成一定扰动，但 3 季度整体恢复性增长好于市场预期，推测瓜子增速较高， 坚果负增长。今年春节较早，公司今年年货节启动较早，春节错期有望为四季 度带来增量，且公司考虑到消费分级，在高端礼盒和性价比礼盒的投放上加大 投入，价格带拓宽有望带来销量增长。展望明年，随着国家各项刺激政策逐步 落地，消费有望逐步复苏，休闲零食属于顺周期行业且长期来看将随着居民收 入的提升在食 ...

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 洽洽食品（002557）公司季报点评 2024 年 10 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 10 [ Table_StockInfo 月 30 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《坚果保持快速增长，盈利能力较好恢复》 | | 2024.09.03 | | 《 全 年 营 收 平 稳 ， 一 季 度 业 绩 亮 眼 》 | | 2024.05.27 | | 《单四季度利润率压力趋缓，期待 | | 利润双复苏》 2024.02.28 市场表现 | [Table_QuoteInfo] -32.22% -24.22% -16.22% -8.22% -0.22% 2023/11 ...

证 券 研 报 公 研 2024 年 10 月 30 日 究 | --- | --- | --- | --- | |--------------------------------------------|---------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 | 2024年10月30日 洽洽食品（002557.SZ） 优于大市 第三季度收入恢复正增长，盈利能力改善 洽洽食品公布 2024 年三季度报告，2024 年前三季度实现营业总收入 47.58 亿元，同比+6.24%；实现归母净利润 6.26 亿元，同比+23.79%；实现扣非归 母净利润 5.58 亿元，同比+31.44%。2024 年第三季度实现营业总收入 18.59 亿元，同比+3.72%；实现归母净利润 2.89 亿元，同比+21.40%；实现扣非归 母净利润 2.75 亿元，同比+22.24%。 第三季度收入恢复正增长，中秋档坚果礼盒销售有所拖累。第二季度公司收入 同比-20.2%，主要系公司主动去化库存。库存去化帮助公司 7-8 月取得收入 较快增长，但 9 月份受到今年中秋档坚果礼盒销售下滑的影响，最终第三季 度收入同比+3.7%，前三季度收入同比+6.2%，较股权激励目标仍有一定的差 距。拆分品类看，第三季度瓜子收入同比增速近 10%，坚果同比下滑约 10%。 成本红利延续释放，第三季度毛利率修复。第三季度毛利率 33.1%，同比 +6.3pct，环比+8.1pct，主要受益于今 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company is positioned as a leading player in the snack food sector, particularly in the sunflower seed and nut markets, with a stable performance and high dividend yield [3][15]. - The growth potential in the nut segment is significant, with the company benefiting from increasing domestic production and a shift in consumer preferences towards nut products [2][29]. - The company has a solid foundation in distribution channels and product innovation, which are expected to drive future growth [3][26]. Summary by Sections Company Overview - The company primarily produces nut snacks and roasted seeds, with key products including various flavored sunflower seeds and mixed nuts [5][15]. - The company has expanded its market reach, selling products in nearly 50 countries and regions [15]. Financial Performance - The company reported a revenue of 6,883.37 million yuan in 2022, with a projected revenue of 7,503.19 million yuan for 2024, reflecting a growth rate of 10.25% [4]. - The net profit for 2022 was 976 million yuan, with expectations of 987.64 million yuan for 2024, indicating a growth of 23.15% [4]. Market Potential - The snack food industry in China reached a market size of 1.5 trillion yuan in 2022, with a growth rate of 11.6% [29]. - The per capita consumption of snacks in China is significantly lower than in developed countries, suggesting substantial room for growth [29][31]. Product Segmentation - The company’s sunflower seed segment has shown a compound annual growth rate (CAGR) of 12.5% from 2017 to 2022, while the nut segment has a CAGR of 45.68% during the same period [24]. - The company has successfully launched innovative products like the "Blue Bag" sunflower seeds, which have revitalized growth in the sunflower seed category [27][20]. Future Outlook - The company is exploring new growth avenues, with plans to introduce a third growth curve by 2025, potentially expanding its product categories significantly [26][3]. - The management's confidence is reflected in their high stock incentive targets, indicating a strong belief in the company's future performance [3][20].