证券代码：603697 证券简称：有友食品 公告编号：2025-067 有友食品股份有限公司 关于使用自有资金购买理财产品到期赎回 并继续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：华安证券股份有限公司（以下简称"华安证券"）；国元证券股份有 限公司（以下简称"国元证券"） ●本次委托理财金额：5,000 万元 二、本次委托理财概况 （一）委托理财目的 ●委托理财产品名称：华安证券股份有限公司华彩增盈 64 期浮动收益凭证；国元证券元 聚利 149 号浮动收益凭证 ●委托理财期限为：180 天；363 天 ●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 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-068 有友食品股份有限公司 | 受托方名称 | 产品名称 | 金额 | 起息日 | 到期日 | 实际收益金额 | | --- | --- | --- | --- | --- | --- | | 序号 | | | | | | 1 ●委托理财受托方：中国中金财富证券有限公司（以下简称"中金财富"） ●本次委托理财金额：5,000 万元 ●委托理财产品名称：中金财富私享臻选 8758 号 FOF 单一资产管理计划 ●委托理财期限为：365 天 ●履行的审议程序： | | | | （万元） | | | （万元） | | --- | --- | --- | --- | --- | --- | --- | | 1 | 中金公司 | 中金鑫友单一资产管理计划 | 5,000 | 2025.04.11 | 2025.09.23 | 36.14 | 二、本次委托理财概况 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 ...

证券之星消息，9月26日休闲食品板块较上一交易日上涨4.41%，麦趣尔领涨。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。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 | 66'8 | 1.93% | 7.00万 | | 6265.86万 | | 603697 | 有友食品 | 11.46 | 1.42% | 5.63万 | | 6447.06万 | | 003000 | 劲仔食品 | 12.06 | 1.17% | 4.53万 | | 5459.47万 | | 002956 | 西麦食品 | 20.71 | 1.12% | 2.69万 | | 5591.75万 | | 605339 | 南侨食品 | 17.32 | 1.11% | 1.51万 | | 2609.81万 | | 001219 | 青岛食品 | 13.80 | 0.95% | 2.18万 | | 3002. ...

Group 1 - The leisure food sector increased by 0.74% on September 25, with Yan Jin Pu Zi leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the leisure food sector showed varied performance, with Yan Jin Pu Zi closing at 70.15, up 2.56% [1] Group 2 - The leisure food sector experienced a net outflow of 8.28 million yuan from main funds, while retail investors saw a net inflow of 22.61 million yuan [2] - Major stocks like Wan Chen Group had a net inflow of 34.23 million yuan from main funds, but a net outflow from retail and speculative funds [3] - The overall trend indicates a mixed sentiment among different types of investors within the leisure food sector [2][3]

Group 1 - Youyou Food (603697), known as the "first stock of spicy chicken feet," is currently recruiting for a Chief Financial Officer (CFO) with a salary range of 20,000 to 25,000 CNY per month [1] - The company emphasizes a preference for candidates with backgrounds in the food or fast-moving consumer goods (FMCG) industries and has outlined nine responsibilities for the CFO role, including establishing financial systems and overseeing the implementation of accounting standards [1] - The current CFO, Cui Haibin, has been with Youyou Food since May 2015 and received a pre-tax salary of 473,600 CNY for the year 2024 [2] Group 2 - The company is experiencing a high turnover in the position of Secretary of the Board (董秘), with the most recent Secretary, Xiao Chuanji, leaving after just over three months in the role [4] - Since its listing in May 2019, Youyou Food has seen multiple changes in the Secretary position, with previous holders serving similarly short tenures [4] - Following the resignation of the last Secretary, the company had previously advertised a salary range of 25,000 to 45,000 CNY for the position, highlighting responsibilities related to equity management, capital operations, and assisting the chairman in overall management [5][6] Group 3 - The company has faced scrutiny from regulatory authorities due to the frequent changes in the Secretary position, prompting the Shanghai Stock Exchange to issue a regulatory notice regarding these changes [6] - After Xiao Chuanji's departure, the board designated Cui Haibin to temporarily fulfill the Secretary's duties while the search for a new candidate continues [6][7]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

Group 1 - The core point of the article is the resignation of the Vice President and Board Secretary of Youyou Food, Xiao Chuanzi, due to personal career development reasons, effective September 15, 2025, which was earlier than the originally scheduled term end date of November 22, 2025 [2][4] - Xiao Chuanzi's tenure lasted only a little over three months, having been appointed on June 6, 2025, during the 13th meeting of the fourth board of directors [4] - Since Youyou Food's listing in May 2019, the position of Board Secretary has seen frequent changes, with five individuals choosing to resign voluntarily, and the last two secretaries having notably shorter tenures [4] Group 2 - Youyou Food, known as the "first stock of spicy chicken feet," primarily engages in the research, production, and sales of marinated snack foods, with spicy chicken feet being the main product, alongside other marinated vegetable products [5] - After two years of listing, Youyou Food experienced sluggish growth, but began to recover in 2024, with a strong performance in the first half of 2025, achieving a revenue of 771 million yuan, a year-on-year increase of 45.59%, and a net profit of 108 million yuan, up 42.47% year-on-year [5] - High-potential channels like Sam's Club contributed to Youyou Food's impressive performance, although this also led to a decrease in gross margin, which fell from 28.97% in 2024 to 27.57% in the first half of 2025 [5] - Accounts receivable for Youyou Food have been rapidly increasing, with accounts receivable at 74.61 million yuan in 2024, rising to 156 million yuan in the first half of 2025, representing a year-on-year growth of 109.72% [5]

Core Viewpoint - Youyou Food has faced scrutiny from the Shanghai Stock Exchange due to frequent changes in its board secretary, raising concerns about potential internal conflicts and regulatory issues [1][6]. Group 1: Board Secretary Changes - Youyou Food has changed its board secretary five times since its listing over six years, with the most recent secretary, Xiao Chuan Zhi, leaving just three months after joining [1][2]. - The company has experienced a high turnover rate for the board secretary position, which is unusual compared to similar enterprises, indicating possible internal conflicts or regulatory challenges [1][2]. - The previous board secretaries have predominantly come from non-food industry backgrounds, which may affect their ability to manage the role effectively [2][3]. Group 2: Financial Performance - Youyou Food reported a revenue of 770 million yuan, a year-on-year increase of 45.59%, and a total profit of 1.301 billion yuan, up 44.27% [4]. - The company attributes its recent performance improvements to a focus on core product categories and enhanced channel efficiency, particularly through partnerships with membership-based supermarkets and online sales [4][5]. - Despite the impressive growth, Youyou Food remains heavily reliant on traditional sales channels, with 93.64% of revenue coming from offline sales, and only 6.36% from online channels [5]. Group 3: Dependency on Key Products and Partnerships - The majority of Youyou Food's revenue, 93.42%, comes from meat products, with a significant reliance on its flagship product, spicy chicken feet [5]. - A partnership with Sam's Club has significantly boosted revenue, contributing to a 22.37% increase in sales last year and over 45% growth in the first half of this year [5][6]. - However, this partnership has also led to a substantial increase in accounts receivable, which reached 156 million yuan, exceeding the company's total profit for the first half of the year [5][6].

Core Viewpoint - Youyou Food's stock has experienced fluctuations, with a year-to-date increase of 14.74% but a recent decline over various trading periods, indicating potential volatility in the market [1]. Company Performance - For the first half of 2025, Youyou Food achieved a revenue of 771 million yuan, representing a year-on-year growth of 45.59%, and a net profit attributable to shareholders of 108 million yuan, up 42.47% [2]. - The company has distributed a total of 925 million yuan in dividends since its A-share listing, with 547 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 23, Youyou Food's stock price was 11.44 yuan per share, with a market capitalization of 4.893 billion yuan. The stock saw a trading volume of 22.9976 million yuan and a turnover rate of 0.47% [1]. - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on June 23, where it recorded a net buy of -36.2174 million yuan [1]. Shareholder Information - As of June 30, 2025, Youyou Food had 16,800 shareholders, an increase of 2.02% from the previous period, with an average of 25,533 circulating shares per shareholder, a decrease of 1.98% [2]. - New institutional shareholders include Silver Hua Shengshi Flexible Allocation Mixed Fund and Penghua Consumption Preferred Mixed Fund, among others, indicating a shift in the shareholder base [3].

Group 1: Market Overview - The A-share market is currently experiencing a period of volatility, with liquidity and market sentiment being key factors influencing its performance [2][4] - Recent data indicates that financing activity is approaching historical highs, with private equity fund registrations returning to mid-July levels and new public fund issuance maintaining around 20 billion [2][4] - The market's ability to break through its current plateau will depend on the continued inflow of public and foreign investment funds [2][4] Group 2: Fixed Income Insights - Since 2024, the structure of credit floating rate bonds has adjusted, with a notable increase in corporate issuances and a contraction in asset-backed securities (ABS) [3] - Floating rate bonds are characterized by their interest rates that follow benchmark rates, providing a defensive advantage, especially during periods of rising rates [3] - The performance of floating rate bonds has lagged behind fixed rate bonds in recent years, suggesting that better investment opportunities may arise when the funding environment tightens [3] Group 3: Real Estate and Construction - In the third week of September, both new and second-hand housing markets showed signs of recovery, particularly in first-tier cities following policy relaxations [4][16] - The construction sector is witnessing an increase in industrial activity, with freight volumes remaining high and coal consumption showing a downward trend [4] - The demand for cement remains stable, while supply is at low levels, indicating a potential for price recovery in the construction materials market [4] Group 4: Energy and New Energy Equipment - In August 2025, China's inverter exports reached 6.29 billion, with a notable demand driven by energy transitions in India and subsidy plans in Australia [7] - The long-term demand for inverters is expected to be supported by rising electricity prices and increased installations of renewable energy sources [7] - The report recommends leading companies in the sector, such as Sungrow Power Supply and DeYe Shares, as having strong performance support [7] Group 5: Transportation and Logistics - Despite August being a traditional off-peak season for e-commerce and express delivery, the industry is experiencing a rebound in demand due to competitive pressures [8] - The report highlights a marginal slowdown in package volumes, but anticipates a price increase as the peak season approaches, which could enhance profitability [8] - Recommended companies in the logistics sector include Shentong Express and YTO Express, with a focus on those benefiting from price increases and strong overseas growth [8] Group 6: Consumer Goods and Retail - The snack retail sector is evolving from rapid expansion to consolidation, with new retail formats emerging in response to changing consumer preferences [13] - The report discusses the competitive landscape of various retail formats, including discount stores and community shops, and their impact on traditional retail channels [13] - Companies like Youyou Foods are highlighted for their strategic positioning in the market, aiming for significant revenue growth through innovative product offerings [13] Group 7: Construction Materials - The report discusses the outlook for specialty electronic fabrics, driven by trends in AI and high-end PCB materials [14] - The demand for low thermal expansion and high-performance materials is expected to grow, with recommendations for companies like China Jushi and China National Materials [14] - The report emphasizes the importance of product upgrades in meeting the evolving needs of the electronics industry [14] Group 8: Company Ratings and Recommendations - New Hongji Real Estate has been rated "Buy" with a target price of 111.51 HKD, supported by its significant land reserves and upcoming project deliveries [17] - Youyou Foods has also received a "Buy" rating with a target price of 15.60 CNY, reflecting its strong market position in the snack sector [19] - The report indicates a positive outlook for companies with robust growth strategies and market adaptability [19]