证券代码：603697 证券简称：有友食品 公告编号：2025-085 有友食品股份有限公司 第五届董事会第一次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 有友食品股份有限公司（以下简称"公司"））于 2025 年 11 月 17 日召开 2025 年第一次临时股东会，选举产生了公司第五届董事会。公司第五届董事会第一次 会议于同日以现场方式召开，全体董事已同意豁免通知时限。会议应出席董事 7 人，实际出席董事 7 人。全体与会董事一致推举鹿有忠先生主持本次会议，公司 高级管理人员列席了会议。会议的召开符合《公司法》及《公司章程》的相关规 定。 二、董事会会议审议情况 表决结果：同意 7 票；反对 0 票；弃权 0 票。 2.2 提名委员会：肖琳（主任委员）、欧理平、鹿有忠 表决结果：同意 7 票；反对 0 票；弃权 0 票。 1、审议通过《关于选举公司第五届董事会董事长的议案》 同意选举董事鹿有忠先生为公司第五届董事会董事长，任期与第五届董事会 任期一致。 具体内容详见公司同日在 ...

Group 1 - The core point of the article is that Youyou Food (SH 603697) held its first temporary board meeting for the fifth session on November 17, 2025, to discuss the appointment of senior management personnel [1] - For the year 2024, Youyou Food's revenue composition is 99.05% from the food manufacturing industry and 0.95% from other businesses [1] - As of the report date, Youyou Food has a market capitalization of 5.6 billion yuan [1]

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

Core Viewpoint - Youyou Foods announced an investment in a new venture fund focused on agricultural biotechnology, indicating a strategic move to enhance its investment portfolio and expand its business operations in the agricultural sector [2] Company Summary - Youyou Foods' wholly-owned subsidiary, Youyou Foods Chongqing Manufacturing Co., Ltd., invested RMB 20 million in partnership with several entities to establish the "Wenrun Agricultural Biotechnology (Yunnan) Venture Capital Fund" [2] - The fund has completed the necessary registration procedures with the Asset Management Association of China, signifying its compliance with regulatory requirements [2] Industry Summary - The establishment of the Wenrun Agricultural Biotechnology Fund reflects a growing interest in agricultural biotechnology investments, which may lead to advancements in the sector and potential growth opportunities for companies involved [2]

Core Viewpoint - Youyou Foods (603697.SH) has announced the completion of the private investment fund filing procedures with the Asset Management Association of China for the Wenrun Agricultural Biotechnology (Yunnan) Venture Capital Fund Partnership (Limited Partnership) [1] Group 1 - The Wenrun Biological Fund has complied with the requirements of the Securities Investment Fund Law and the Interim Measures for the Supervision and Administration of Private Investment Funds [1] - The fund is officially named Wenrun Agricultural Biotechnology (Yunnan) Venture Capital Fund Partnership (Limited Partnership) [1]

为提升公司资金使用效率，优化资源配置，充分发挥专业投资机构的行业研究、项 目管理经验以及风险管控体系，同时结合专业投资机构的产业资源，助力公司探索新赛 道、布局新领域，进一步挖掘公司增长曲线，提升公司综合竞争力，公司下属全资子公 司有友食品重庆制造有限公司以自有资金出资人民币 2,000 万元与广东温氏投资有限公 司、温润（珠海）私募基金管理合伙企业（有限合伙）、严广宽、严广洪、云南省高原 特色农业股权投资基金合伙企业（有限合伙）、横琴粤澳深度合作区产业投资基金（有 限合伙）、窦培成、齐书政、谢柳娟共同投资温润生物制造创业投资基金合伙企业（有 限合伙）（最终工商注册名称为温润农业生物科技（云南）创业投资基金合伙企业（有 限合伙），以下简称"温润生物基金"）。具体内容详见公司 2025 年 7 月 16 日在上海 证券交易所网站（www.sse.com.cn）披露的《有友食品关于子公司与专业投资机构共同 投资的公告》。 二、对外投资进展情况 证券代码：603697 证券简称：有友食品 公告编号：2025-083 有友食品股份有限公司 关于子公司与专业投资机构共同投资的进展公告 本公司董事会及全体董事保证本公告内 ...

Market Overview - The leisure food sector experienced a slight decline of 0.01% on November 12, with Gui Faxiang leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ganyuan Food: closed at 61.63, up 2.97% with a trading volume of 43,200 lots and a transaction value of 267 million [1] - Lihai Food: closed at 44.62, up 1.36% with a trading volume of 42,600 lots and a transaction value of 206.1 million [1] - Major decliners included: - Gui Faxiang: closed at 14.30, down 2.26% with a trading volume of 273,100 lots and a transaction value of 394 million [2] - Ziyan Food: closed at 19.27, down 2.18% with a trading volume of 29,900 lots and a transaction value of 58.19 million [2] Capital Flow - The leisure food sector saw a net outflow of 171 million from institutional investors, while retail investors contributed a net inflow of 249 million [2] - Specific stock capital flows included: - Ganyuan Food: net inflow of 17.70 million from institutional investors, with a net outflow of 12.58 million from speculative funds [3] - Lihai Food: net inflow of 10.29 million from institutional investors, with a net outflow of 7.30 million from speculative funds [3]

Core Viewpoint - Youyou Food's stock price has shown a significant increase of 38.50% year-to-date, indicating strong market performance despite recent fluctuations in trading volume and net capital outflow [2][3] Group 1: Stock Performance - As of November 12, Youyou Food's stock price was 13.49 CNY per share, with a market capitalization of 5.77 billion CNY [1] - The stock has increased by 2.43% over the last five trading days, 11.21% over the last 20 days, and 9.32% over the last 60 days [2] - The company has appeared on the trading leaderboard five times this year, with the most recent appearance on June 23, where it recorded a net buy of -36.22 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, Youyou Food achieved a revenue of 1.245 billion CNY, representing a year-on-year growth of 40.39% [2] - The net profit attributable to the parent company was 174 million CNY, reflecting a year-on-year increase of 43.34% [2] - Cumulative cash dividends since the company's A-share listing amount to 925 million CNY, with 547 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Youyou Food was 23,600, an increase of 40.75% from the previous period [2] - The average number of circulating shares per shareholder was 18,141, a decrease of 28.95% from the previous period [2] - The top ten circulating shareholders include notable funds, with Penghua Consumer Preferred Mixed Fund holding 2.393 million shares, an increase of 47.52% from the previous period [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.245 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 40.39%. The net profit attributable to shareholders was 174 million yuan, up 43.34%, while the net profit excluding non-recurring items reached 154 million yuan, increasing by 46.99% [2][5] - In Q3 2025, the total revenue was 474 million yuan, reflecting a year-on-year growth of 32.7%. The net profit attributable to shareholders was approximately 65.33 million yuan, up 44.79%, and the net profit excluding non-recurring items was about 60.90 million yuan, increasing by 39.31% [2][5] Summary by Sections Revenue Growth - The company's main business revenue for the first three quarters of 2025 reached 1.236 billion yuan, a year-on-year increase of 40.28%, primarily driven by meat products. Poultry products contributed 1.077 billion yuan, accounting for 87.17% of total revenue, which is an increase of 4.03 percentage points year-on-year. The proportion of livestock and vegetable products has slightly decreased [11] - The sales structure has significantly improved, with revenue from the Southeast region reaching 719 million yuan, accounting for 58.19% of total revenue, and a year-on-year growth of 113.72%. The Southwest region's revenue share decreased from 49.39% to 34.15% [11] Channel Structure - The channel structure continues to shift towards offline sales, with offline channel revenue for Q1-Q3 2025 at 1.162 billion yuan, making up 94.02% of total revenue. Online channel revenue increased to 73.86 million yuan, with a year-on-year growth of 67.89%, but still accounts for less than 6% of total revenue [11] Profitability and Cost Control - The company's net profit margin for Q1-Q3 2025 increased by 0.29 percentage points to 13.96%. However, the gross profit margin decreased by 2.73 percentage points to 27.33%. The expense ratio decreased by 3.3 percentage points to 11.6% [11] - In Q3 2025, the net profit margin improved by 1.15 percentage points to 13.78%, while the gross profit margin decreased by 1.95 percentage points to 26.95%. The expense ratio also decreased by 1.71 percentage points to 11.2% [11] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 218 million yuan, 256 million yuan, and 287 million yuan for 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.60 yuan, and 0.67 yuan, with price-to-earnings (PE) ratios of 26, 22, and 20 times, respectively [11]