特别风险提示：公司本次现金管理购买的理财产品为有保本约定的浮 动收益型理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受 到市场波动、宏观经济形势及货币政策、财政政策等宏观政策发生变化带来 的系统性风险影响，投资的实际收益不可预期。 证券代码：603697 证券简称：有友食品 公告编号：2026-007 投资种类：券商收益凭证 投资金额：人民币 2,000 万元 一、投资情况概述 有友食品股份有限公司 关于使用闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已履行的审议程序：有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十一次会议及第四届监事会第十一次会 议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议通过《关于使用暂 时闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募投 项目建设和正常经营业务的前提下，使用总额不超过人民币 10,000 万元的募 集资金进行现金管理，使用期限自 202 ...

有友食品股份有限公司 关于使用自有资金进行委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 基本情况 证券代码：603697 证券简称：有友食品 公告编号：2026-006 | 投资金额 | 2,000 万元 | | --- | --- | | 投资种类 | 券商收益凭证 | | 资金来源 | 自有资金 | 已履行的审议程序：有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十一次会议及第四届监事会第十一次会 议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议通过了《关于使用 部分自有资金进行现金管理的议案》，同意在不影响日常经营资金需求和保障 资金安全的情况下，公司（含子公司）使用总额不超过人民币 120,000 万元 的自有资金进行现金管理，使用期限自 2024 年年度股东会审议通过之日起 12 个月。在上述使用期限及额度范围内，资金可循环滚动使用。股东会授权董 事长行使该项投资决策权并签署相关法律文件，具体由公司财务部负责组织 ...

证券之星消息，1月27日休闲食品板块较上一交易日下跌0.61%，有友食品领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。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) | | --- | --- | --- | --- | --- | --- | --- | | 603057 | 紫燕食品 | 28.98 | 4.06% | | 7.47万 | 2.15亿 | | 300972 | 万辰集团 | 228.12 | 2.48% | | 3.12万 | 7.01亿 | | 002719 | 麦趣尔 | 9.08 | -0.77% | | 9.20万 | 8235.52万 | | 002991 | 甘源食品 | 60.65 | -0.83% | | 7365.0 | 4489.94万 | | 603866 | 桃李面包 | 5.42 | -0.91% | | 24.72万 | 1.33亿 | | 603719 | 良品铺子 | 66" IT | -0.99% | | 4.46万 | 5313.0 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Market Performance - The leisure food sector increased by 0.73% compared to the previous trading day, with "Good Idea" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Good Idea" (002582) closed at 16.18, up 6.03% with a trading volume of 698,800 shares and a transaction value of 1.123 billion yuan [1] - "Wancheng Group" (300972) closed at 219.50, up 3.51% with a transaction value of 601 million yuan [1] - "Lihigh Food" (300973) closed at 46.56, up 1.77% with a transaction value of 155 million yuan [1] - "Nanjiao Food" (605339) closed at 18.94, up 1.39% with a transaction value of 47.9721 million yuan [1] - "Purple Lotus Food" (603057) closed at 29.69, up 1.19% with a transaction value of 224 million yuan [1] - "Three Squirrels" (300783) closed at 24.50, up 0.82% with a transaction value of 221 million yuan [1] - "Maiqu'er" (002719) closed at 9.21, up 0.66% with a transaction value of 52.3833 million yuan [1] - "Liangpinpuzi" (603719) closed at 12.12, up 0.33% with a transaction value of 48.7241 million yuan [1] - "Guifaxiang" (002820) closed at 12.63, up 0.32% with a transaction value of 84.7587 million yuan [1] - "Ganyuan Food" (002991) closed at 62.82, up 0.05% with a transaction value of 59.5207 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 112 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [2] - The capital flow for individual stocks shows varying trends, with "Wancheng Group" having a net inflow of 9.9595 million yuan from institutional investors [3] - "Lihigh Food" had a net inflow of 295.83 million yuan from retail investors, while "Salted Fish" (002847) saw a net outflow of 2.19959 million yuan from institutional investors [3]

证券之星消息，1月22日休闲食品板块较上一交易日上涨0.47%，麦趣尔领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。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) | | --- | --- | --- | --- | --- | --- | | 002719 | 麦趣尔 | 9.15 | 1.89% | 5.84万 | 5317.32万 | | 603697 | 有友食品 | 13.52 | 1.58% | 7.11万 | 9493.86万 | | 002695 | 煌上煌 | 12.35 | 1.40% | 6.41万 | 7905.11万 | | 002582 | 好想你 | 15.26 | 1.33% | 73.57万 | 11.26亿 | | 300972 | 万辰集团 | 212.06 | 1.11% | 2.05万 | 4.35 乙 | | 603719 | 良品铺子 | 12.08 | 1.00% | 4.16万 | 5009.58万 | | 603886 | 元祖股份 | ...

证券代码：603697 证券简称：有友食品 公告编号：2026-005 有友食品股份有限公司 关于使用闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已履行的审议程序：有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十一次会议及第四届监事会第十一次会 议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议通过《关于使用暂 时闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募投 项目建设和正常经营业务的前提下，使用总额不超过人民币 10,000 万元的募 集资金进行现金管理，使用期限自 2024 年年度股东会审议通过之日起 12 个 月。在上述使用期限及额度范围内，资金可循环滚动使用。股东会授权董事 长行使该项投资决策权并签署相关法律文件，具体由公司财务部负责组织实 施。 （二）投资金额 根据募集资金使用情况，公司（含子公司）将使用总额不超过人民币 10,000 万元的募集资金进行现金管理，使用期限自 20 ...

Group 1 - The leisure food sector increased by 1.54% on January 20, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the leisure food sector showed significant price movements, with Wancheng Group rising by 6.04% to a closing price of 212.00 [1] Group 2 - The leisure food sector experienced a net outflow of 60.30 million yuan from institutional investors, while retail investors saw a net inflow of 75.82 million yuan [2] - Notable declines were observed in stocks such as Three Squirrels, which fell by 2.07% to a closing price of 24.58 [2] - The trading volume and turnover for various stocks in the sector varied, with significant activity noted in stocks like Haoxiangni and Ximai Food [2] Group 3 - Haoxiangni had a net inflow of 79.89 million yuan from institutional investors, while it faced a net outflow of 78.76 million yuan from retail investors [3] - Ximai Food also saw a net inflow of 10.14 million yuan from institutional investors, with retail investors experiencing a net outflow [3] - The data indicates varying levels of investor interest across different stocks within the leisure food sector, highlighting the dynamics of institutional versus retail investment [3]

Group 1 - The report highlights the "Spring Excitement" in the snack sector, indicating a historical high relative win rate of 70% for the food and beverage sector in the 40 days leading up to the Spring Festival [7][16] - The report emphasizes that the "Spring Excitement" is not solely dependent on the annual beta of the food and beverage sector, as structural opportunities still exist despite a long-term adjustment period since 2021 [7][16] - Key catalysts for the upcoming Spring Festival include concentrated demand for gifts and gatherings, which leads to more planned channel stocking, creating a positive feedback loop of expectations and validations [7][16][28] Group 2 - In December, the food and beverage sector underperformed the market by 7.5 percentage points, with a decline of 5.2%, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer experienced declines [7][61][64] - The absolute and relative valuations of the food and beverage sector are at their lowest since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a 0.9% year-on-year increase in retail sales in December, showing improvement from the previous month [7][63] - It highlights that the liquor sector is facing weak demand and declining prices, with the price adjustments for premium liquor nearing levels seen between 2011 and 2015 [7][63][64] - The report identifies structural differentiation in costs, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for a "valuation + performance" double bottom [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, with specific recommendations for companies like Anjuke Foods, Qianhe Flavor, and Eastroc Beverage [7][64] - The report suggests that the upcoming Spring Festival will provide a favorable environment for growth narratives, particularly in the restaurant supply chain and certain chain formats [7][64]

Summary of Conference Call Notes Industry Overview - The focus is on the consumer sector, particularly in the food and beverage industry, highlighting a seasonal uptick in demand during spring [1][2]. - The report emphasizes the recovery of service consumption, particularly in the restaurant and food supply sectors, supported by government initiatives to boost consumer spending [2]. Key Companies and Recommendations - **Snack Food Companies**: - Recommended leading snack brands include Wanchen Group, Yanjinpuzi, Weilong, Youyou, and Ganyuan [1][2]. - **Restaurant Supply Chain**: - Key players include Babi, Anjins, Guoquan, and Yihai International, along with Baoli Foods and Lihai Foods [1][2]. - **Beverage Companies**: - Notable recommendations are Yangyuan Beverage and Dongpeng Beverage [1][2]. Company-Specific Insights - **Babi**: Focused on diversified growth strategies to recreate its business model [2]. - **Anjins**: Confirming a bottoming out phase and restarting growth initiatives [2]. - **Guoquan**: Demonstrating a resilient business model with accelerated store openings [2]. Market Trends and Predictions - Historical data indicates that Q1 typically shows positive performance for many restaurant companies, with factors such as market profitability, delayed corporate events, and favorable seasonal reporting expected to drive growth in Q1 2026 [3]. - The report anticipates a multi-factor resonance effect in Q1 2026, which may positively impact metrics like customer spending, same-store sales, and table turnover rates [3]. Government Initiatives - The government has implemented a series of fiscal and financial policies aimed at stimulating domestic demand, which includes measures to clear overdue payments to businesses and ensure wage payments to migrant workers [2]. Additional Insights - The report highlights the cyclical nature of the consumer sector and its role as a leader in consumption recovery, with key companies showing continued improvement [4]. - Emphasis on valuation switching as a strategy to recommend high-quality stocks such as Ximai, Babi, Guoquan, and Yanjinpuzi [4].