| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603777 | 来伊份 | 14.78 | 3.07% | 29.08万 | | 4.21亿 | | 002695 | 煌上煌 | 12.33 | 1.40% | 11.03万 | | 1.34亿 | | 603043 | 广州酒家 | 17.61 | 1.32% | 9.80万 | | 1.70亿 | | 603886 | 元祖股份 | 13.34 | 1.14% | 7.31万 | | 9716.49万 | | 300972 | 万辰集团 | 192.19 | 0.96% | 2.94万 | | 5.59亿 | | 603517 | 绝味食品 | 16.02 | 0.75% | 11.46万 | | 1.82亿 | | 002582 | 好想你 | 10.48 | 0.58% | 17.11万 | | 1.76亿 | | 002719 | 麦潤尔 | 9.45 | 0.43% | 10.11万 | | 9415.96万 | | ...

行 业 研 究 食品饮料跑输大盘，零食板块表现较好。2025 年 1-8 月食品饮料板块上涨 3.9%，跑 输沪深 300 约 17.2pct，在一级子行业中排名居中（第二十七）。分子行业看，零食板 块涨幅较好（+55.2%），熟食（+25.6%）、其他酒类（+21.4%）表现相对靠前。啤酒 （-3.4%）、调味发酵品（-2.5%）走势较弱。零食板块表现较好，主要是万辰集团 （+164.7%）、有友食品（+40.9%）、好想你（+36.2%）涨幅较多。整体来看在市场 更多关注科技主题的背景下，食品饮料传统板块表现相对偏弱。 总量判断：承压基调未变，产业边际转暖 2025 年 09 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 《中报承压下微光渐显，业绩分化中 孕育新机—行业周报》-2025.8.31 《白酒中报加速出清，大众品优先成 长性—行业周报》-2025.8.24 《进入业绩披露期，关注绩优股表现 —行业周报》-2025.8.17 中报综述：传统消费微光 ...

证券之星消息，9月4日休闲食品板块较上一交易日上涨0.68%，桂发祥领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002820 | 桂发祥 | 13.00 | 6.12% | 30.19万 | | 3.89亿 | | 603777 | 来伊份 | 14.34 | 5.05% | 25.22万 | | 3.58亿 | | 002719 | 麦趣尔 | 9.41 | 3.75% | 13.76万 | | 1.29亿 | | 000716 | 黑芝麻 | 6.61 | 3.61% | 51.32万 | | 3.37亿 | | 603886 | 元祖股份 | 13.19 | 3.45% | 6.96万 | | 9081.22万 | | 002956 | 西麦食品 | 21.60 | 3.40% | 4.96万 | | 1.06亿 | | 002991 | ...

证券之星消息，9月3日休闲食品板块较上一交易日下跌2.28%，有友食品领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。休闲食品板块个股涨跌见下表： 从资金流向上来看，当日休闲食品板块主力资金净流出2.64亿元，游资资金净流出1887.23万元，散户资 金净流入2.83亿元。休闲食品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603697 | 有友食品 | 12.37 | -9.77% | 28.01万 | 3.66 Z | | 002719 | 麦脚尔 | 9.07 | -5.03% | 8.18万 | 7595.45万 | | 300973 | 立高食品 | 47.37 | -4.90% | 4.85万 | 2.34亿 | | 002820 | 桂发祥 | 12.25 | -4.45% ...

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

资料显示，有友食品股份有限公司位于重庆市璧山区璧泉街道剑山路130号，成立日期2007年5月25日， 上市日期2019年5月8日，公司主营业务涉及泡卤风味休闲食品的研发、生产和销售。主营业务收入构成 为：泡凤爪类66.36%，其他泡卤风味肉制品12.90%，皮晶类7.89%，素食类7.86%，鸡翅类4.05%，其他 (补充)0.95%。 从基金十大重仓股角度 数据显示，银河基金旗下1只基金重仓有友食品。银河转型混合A（519651）二季度持有股数75.46万 股，占基金净值比例为3.43%，位居第八大重仓股。根据测算，今日浮亏损失约6.79万元。连续3天下跌 期间浮亏损失64.9万元。 银河转型混合A（519651）成立日期2015年5月12日，最新规模2.91亿。今年以来收益13.46%，同类排 名5247/8184；近一年收益25.71%，同类排名5096/7971；成立以来亏损51.1%。 9月2日，有友食品跌0.65%，截至发稿，报13.73元/股，成交3.50亿元，换手率5.82%，总市值58.72亿 元。有友食品股价已经连续3天下跌，区间累计跌幅5.89%。 银河转型混合A（519651）基金经理 ...

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

Financial Performance - Company reported a total revenue of 771 million yuan for the first half of 2025, representing a year-on-year increase of 45.59% [1] - Net profit attributable to shareholders reached 108 million yuan, up 42.47% year-on-year [1] - In Q2 2025, revenue was 388 million yuan, a 52.45% increase compared to the same quarter last year [1] - The gross margin decreased to 27.57%, down 10.62% year-on-year, while the net margin was 14.07%, a decrease of 2.14% [1] - The company’s accounts receivable increased significantly, reaching 156 million yuan, which is 1037.45% higher than the previous year [1] Business Outlook - Company maintains an optimistic outlook for the snack food industry, driven by trends in consumption upgrades, health consciousness, and channel diversification [6] - The company aims for a revenue growth of no less than 20% for the fiscal year 2025, focusing on enhancing its multi-channel strategy and product innovation [6] - Analysts project the company's performance for 2025 to reach 219 million yuan, with an average earnings per share of 0.51 yuan [3] Market Position and Strategy - Company’s business model is primarily driven by marketing efforts, with a historical average ROIC of 21.18%, indicating good investment returns [3] - The company is actively exploring international markets and plans to advance its internationalization process based on market conditions [7] - Company is addressing brand image concerns through product innovation, packaging upgrades, and marketing optimization [9] Fund Holdings - The largest fund holding in the company is from Penghua Consumer Preferred Mixed Fund, which has a scale of 460 million yuan and has seen a 35.6% increase over the past year [4]

Investment Rating - The report assigns a rating of "Outperform" for Youyou Foods, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20]. Core Insights - Youyou Foods reported strong growth in revenue and net profit for 1H25, with total operating revenue reaching RMB 770 million, a year-on-year increase of 45.6%, and net profit attributable to shareholders at RMB 110 million, up 42.5% [2][8]. - The company's pickled chicken feet business continues to lead, contributing approximately 50% of main business revenue, while the overall meat product revenue grew by 50.5% year-on-year [3][9]. - The company is expanding its product portfolio and channel structure, with significant growth driven by partnerships with high-quality suppliers and a focus on R&D to create differentiated products [3][9][10]. Financial Performance - In 1H25, the gross margin was 27.6%, down 3.2 percentage points year-on-year, while the gross margin for 2Q25 was 28.0%, reflecting a slight improvement compared to 1Q25 [2][8]. - Selling and administrative expense ratios decreased, with 1H25 ratios at 8.4% and 3.2%, down 3.5 percentage points and 0.8 percentage points year-on-year, respectively [2][8]. - The company reported a net cash flow from operating activities of RMB 140 million in 1H25, compared to RMB 120 million in the same period last year [2][8]. Product and Channel Strategy - The pickled chicken feet product remains a core driver of revenue, with the company also focusing on meat-based snacks and vegetarian products to diversify its offerings [3][9]. - Sam's Club has emerged as a significant growth channel, with revenue exceeding RMB 100 million in 2Q25, contributing to a strong offline sales performance [4][10]. - The company maintains an offline-dominant sales model, with over 90% of sales coming from offline channels in 1H25, while online sales grew by 116% year-on-year [4][10]. Full-Year Outlook - For the full year, Youyou Foods is expected to achieve revenue exceeding RMB 1 billion, with double-digit year-on-year growth, supported by economies of scale and effective cost control [5][11]. - The report anticipates that the company's profitability and operating efficiency will improve as it continues to leverage channel growth and product innovation [5][11][13].