Group 1: Moutai and Alcohol Industry - Moutai's sales of its sauce-flavored liquor showed a significant month-on-month recovery in September, with the channel inventory-sales ratio for Moutai 1935 returning to a healthy level [1] Group 2: Dairy Industry - Nestlé reported a total sales revenue of 65.9 billion Swiss francs for the first nine months, a year-on-year decrease of 1.9%, but with an organic growth rate of 3.3% [2] - The organic growth rate in Q3 was 4.3%, an increase from 2.9% in the first half of the year, driven mainly by coffee and candy businesses [2] Group 3: Food and Beverage Industry - Good Products announced the termination of the control transfer agreement, confirming that the control of the company remains unchanged [3] - Youyou Foods appointed Xie Yaling as the new board secretary, with no prior shareholding in the company [4] Group 4: Retail and Restaurant Industry - 85°C responded to the closure of several stores in cities like Shanghai and Hangzhou, stating it is part of a strategy adjustment to optimize store performance [7] - Xibei clarified that its newly registered company is solely for restaurant operations and does not indicate a shift to pre-packaged food business [8] - Fei Dachu's number of nationwide stores surpassed 200, with plans for further expansion in multiple cities [9] - Yonghui Supermarket's vice president plans to reduce shareholding by up to 108,790 shares due to personal financial needs [10]

Core Viewpoint - Youyou Foods, known as the "first stock of spicy chicken feet," is facing governance issues highlighted by the frequent turnover of its board secretary, which has occurred five times in six years, raising concerns about internal management and stability [1][3][5]. Group 1: Management and Governance Issues - The recent resignation of the board secretary after only three months in office has sparked widespread scrutiny regarding the company's governance structure [3][5]. - Since its listing in May 2019, Youyou Foods has experienced a high turnover rate in the board secretary position, with five individuals having held the role, indicating potential internal chaos and instability [4][5]. - The frequent changes in the board secretary position may disrupt strategic execution and highlight deeper issues such as management confusion and lack of commitment from professional managers [4][5]. Group 2: Financial Performance and Market Dynamics - Youyou Foods has shown a significant recovery in financial performance, with a revenue increase of 45.59% year-on-year in the first half of 2025, reaching 771 million yuan, and a net profit growth of 42.47% to 108 million yuan [11]. - The partnership with Sam's Club has been a key driver of this turnaround, with products like "deboned duck feet" becoming bestsellers [11][12]. - However, the company's reliance on Sam's Club raises concerns about cash flow, as accounts receivable surged to 156 million yuan in the first half of 2025, significantly exceeding the net profit for the same period [12]. Group 3: Shareholder Actions and Dividend Policies - The actual controller of Youyou Foods, Zhao Ying, recently reduced her holdings by 12.83 million shares, amounting to 151 million yuan, which has raised investor concerns about the timing of the sale following a stock price increase [6][8]. - The company has maintained a high dividend payout ratio, with a payout rate exceeding 90% during downturns and reaching 127.77% in 2024, indicating a strategy that may prioritize short-term returns for shareholders [8][9]. Group 4: Product and Market Strategy - Youyou Foods faces challenges with a narrow product structure, as 93.42% of its revenue comes from poultry products, particularly spicy chicken feet, which are in a highly competitive market [14]. - The company's heavy reliance on Sam's Club for sales could limit its growth potential and expose it to risks associated with dependency on a single customer [13][14]. - The overall gross margin has been under pressure, declining from 30.84% to 27.57% in the first half of 2025, reflecting the challenges posed by the pricing power of large retail partners [13].

证券代码：603697 证券简称：有友食品 公告编号：2025-074 有友食品股份有限公司 ●履行的审议程序： 关于使用自有资金购买理财产品的公告 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个别及连带责任。 ●委托理财受托方：国投证券股份有限公司（以下简称"国投证券"） ●本次委托理财金额：7,000 万元 ●委托理财产品名称：国投证券收益凭证-专享 338 号；国投证券收益凭证-专享 339 号 ●委托理财期限为：363 天 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 ...

有友食品股份有限公司 关于使用暂时闲置募集资金购买理财产品到期赎回的公告 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个别及连带责任。 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。 一、 公司使用暂时闲置募集资金购买理财产品到期赎回的情况 公司使用暂时闲置募集资金购买了申万宏源证券有限公司（以下简称"申万宏源"）的理 财产品，具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的公告。 ...

Core Viewpoint - The company plans to utilize up to 1.2 billion yuan of idle self-owned funds for cash management to enhance capital efficiency [1] Group 1: Investment Decisions - The company has purchased investment products from Guotou Securities, specifically the income certificates No. 338 and 339, for amounts of 40 million yuan and 30 million yuan respectively [1] - The investment products have a term of 363 days and an expected annual yield ranging from 0.1% to 3.62% [1] Group 2: Governance and Approval - The investment proposal has been approved by the 11th meeting of the 4th Board of Directors, the 11th meeting of the 4th Supervisory Board, and the 2024 annual general meeting of shareholders [1] - The chairman has been authorized to make relevant investment decisions [1] Group 3: Risk Management - The company emphasizes strict risk control measures to ensure the safety of the funds [1]

Meeting Overview - The fourth meeting of the fourth board of directors of Youyou Food Co., Ltd. was held on October 15, 2025, combining on-site and remote voting methods [1] - All 7 directors participated in the voting, and the meeting was chaired by Chairman Lu Youzhong [1] Resolutions Passed - The board approved the appointment of Ms. Xie Yaling as the board secretary with a term lasting until the end of the current board's term [6] - The board also approved the appointment of Ms. Zhang Fengjie as the securities affairs representative, effective until the end of the current board's term [6] Voting Results - The voting results for both resolutions were unanimous, with 7 votes in favor, 0 against, and 0 abstentions [3][4] Appointee Profiles - Ms. Xie Yaling has been with Youyou Food since April 2013 and has held various positions, including board secretary and securities affairs representative [8] - Ms. Zhang Fengjie joined Youyou Food in July 2014 and has worked in the procurement department before her current role [9] Contact Information - The contact address for the board secretary and securities affairs representative is 130 Jian Shan Road, Biquan Street, Bishan District, Chongqing [7] - The contact phone number is 023-41770971, and the email address is yysecurity@youyoufood.com [7]

Core Points - The company has appointed Ms. Xie Yaling as the new secretary of the board of directors [1]

Core Viewpoint - The company has appointed new personnel for key positions within its board, indicating a potential shift in governance and operational strategy [1] Group 1 - The company held its 15th meeting of the fourth board of directors on October 15 [1] - The board approved the appointment of Xie Yaling as the secretary of the board and Zhang Fengjie as the representative for securities affairs [1] - The terms for both appointments will last until the end of the current board's term [1]

证券代码：603697 证券简称：有友食品 公告编号：2025-072 特此公告。 有友食品股份有限公司董事会 有友食品股份有限公司 关于聘任董事会秘书及证券事务代表的公告 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个别及连带责任。 有友食品股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日以现场 结合通讯的方式召开了第四届董事会第十五次会议，以 7 票同意、0 票反对、0 票 弃权的表决结果审议通过了《关于聘任公司董事会秘书的议案》《关于聘任公司 证券事务代表的议案》。 一、公司聘任董事会秘书及证券事务代表的情况 经公司董事长鹿有忠先生提名，董事会提名委员会审核无异议，董事会同意 聘任谢雅玲女士（简历附后）为公司董事会秘书，任期自本次董事会审议通过之 日起至第四届董事会任期届满之日止。截至本公告披露日，谢雅玲女士未持有本 公司股份，与公司控股股东及实际控制人、其他持有公司 5%以上股份的股东、 董事、监事和高级管理人员不存在关联关系。谢雅玲女士已取得上海证券交易所 颁发的《董事会秘书资格证明》，未受过中国证监会及 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-071 有友食品股份有限公司 第四届董事会第十五次会议决议公告 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《有 友食品关于聘任董事会秘书及证券事务代表的公告》。 本议案已经公司第四届董事会提名委员会第五次会议审议通过。 表决结果：7 票同意，0 票反对，0 票弃权。 2、审议通过《关于聘任公司证券事务代表的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《有 友食品关于聘任董事会秘书及证券事务代表的公告》。 表决结果：7 票同意，0 票反对，0 票弃权。 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"）第四届董事会第十五次会议于 2025 年 10 月 15 日在公司会议室以现场结合通讯表决方式召开。会议通知于 2025 年 10 月 10 日以电话及邮件方式通知全体董事。会议应参加表决董事 7 人，实 际参加表决董事 7 ...