证券代码：603697 证券简称：有友食品 公告编号：2025-065 有友食品股份有限公司 1 二、截至本公告日，公司最近十二个月使用自有资金委托理财的情况 2 单位：万元 序号 产品名称 理财金额 赎回金额 理财收益 尚未赎 回金额 1 中金鑫友单一资产管理计划 5,000.00 5,000.00 149.06 - 2 中金鑫友单一资产管理计划 3,000.00 3,000.00 87.72 - 3 广发证券收益凭证"收益宝"4 号 5,000.00 5,000.00 69.23 - 4 "银河金鼎"收益凭证 4772 期-鲨鱼鳍 看涨 5,000.00 5,000.00 51.78 - 5 中金鑫友单一资产管理计划 3,000.00 3,000.00 83.62 - 6 龙鼎金牛定制 2038 期 5,000.00 5,000.00 54.25 7 华安证券股份有限公司睿享增盈 56 期 浮动收益凭证 10,000.00 10,000.00 187.4 - 8 华安证券股份有限公司华彩增盈 43 期 浮动收益凭证 5,000.00 - - 5,000.00 9 华安证券股份有限公司财智尊享金鳍 134 ...

Core Viewpoint - Youyou Food's stock price has shown volatility, with a year-to-date increase of 16.85% but recent declines over various trading periods, indicating potential market fluctuations and investor sentiment changes [2]. Group 1: Stock Performance - On September 22, Youyou Food's stock fell by 2.02%, trading at 11.65 CNY per share, with a total market capitalization of 4.983 billion CNY [1]. - Year-to-date, Youyou Food's stock has increased by 16.85%, but it has decreased by 4.12% over the last five trading days, 12.41% over the last 20 days, and 11.68% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Youyou Food reported a revenue of 771 million CNY, representing a year-on-year growth of 45.59%, and a net profit attributable to shareholders of 108 million CNY, up 42.47% year-on-year [2]. - Since its A-share listing, Youyou Food has distributed a total of 925 million CNY in dividends, with 547 million CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - 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 Yin Hua Sheng Shi Flexible Allocation Mixed Fund, holding 1.9993 million shares, and Peng Hua Consumer Preferred Mixed Fund, holding 1.9178 million shares, both entering the top ten circulating shareholders [3].

Summary of Youyou Foods Conference Call Company Overview - **Company**: Youyou Foods - **Industry**: Snack Food Industry Key Points and Arguments Revenue Growth Projections - Youyou Foods expects revenue to exceed 1.6 billion yuan in 2025, with growth rates of 40% and 22% for 2025 and 2026 respectively [2][3][16] - The contribution from membership supermarkets is projected to be 60% in 2025 and 40% in 2026, while snack wholesale channels are expected to contribute about 20% and 30% respectively [3][4][16] Market Position and Competition - Youyou Foods is positioned in the first tier of the ready-to-eat chicken feet and duck feet market, with a 2024 revenue of 1.17 billion yuan, including 785 million yuan from spicy chicken feet [2][6] - Competitors include brands like Wang Xiaolu and various regional brands, with a concentrated competitive landscape [6] Industry Trends - The snack food industry is experiencing significant channel structure changes, with rapid growth in snack wholesale and membership supermarkets, while traditional channels are under pressure [2][4][5] - By the end of 2024, the number of snack wholesale stores is expected to reach 35,000 to 40,000, generating approximately 140 billion yuan in sales [5] Product Innovation - Youyou Foods focuses on product innovation, introducing diverse flavors and new products such as lemon-flavored and spicy chicken feet, as well as chicken tendons and bone sticks [9] - The collaboration with Sam's Club has led to the successful launch of deboned duck feet, achieving monthly sales close to 20 million yuan [9][11] Management and Ownership - As of the end of 2024, Chairman Lu Youzhong and family hold 67.82% of the shares, with a stable and experienced management team [8] - Key executives have over 10 years of experience in the food and beverage industry, providing a solid foundation for the company's growth [8] Future Catalysts for Growth - Future growth catalysts include organizational adjustments, new product launches, and expansion into emerging channels such as interest e-commerce and snack wholesale [7][10] - The partnership with Sam's Club is expected to enhance brand visibility and drive sales growth [10] Channel Development - The membership supermarket channel is anticipated to generate over 100 million yuan in revenue in 2024, primarily from deboned duck feet [11] - The snack wholesale channel is expected to double its revenue in 2025, with ongoing expansion plans [12] E-commerce Growth - E-commerce revenue has accelerated since 2024, with a year-on-year growth of over 200% [13][14] - The Douyin platform is expected to feature popular products such as chicken tendons and spicy chicken feet, contributing to significant revenue growth [14] Profitability and Valuation - Projected revenue growth rates for 2025 and 2026 are approximately 40% and 22%, with a stable net profit margin around 14% [16] - The increase in low-margin membership supermarkets and snack wholesale channels is expected to impact gross margins, decreasing from 29.2% in 2024 to 27.8% in 2026 [16] Additional Important Insights - The overall snack food industry is seeing a shift towards discount e-commerce, with significant growth in the number of snack wholesale stores since 2021 [5] - The company has a total of 804 distributors and covers over 200,000 terminal points, indicating room for improvement compared to traditional snack food companies [15]

Group 1 - The Shanghai Stock Exchange has issued a regulatory work letter to Youyou Foods (603697) regarding the change of the company's board secretary, clarifying regulatory requirements [1] - The regulatory actions involve the listed company, directors, supervisors, and senior management personnel [1]

Core Viewpoint - The frequent changes in the secretary position at Youyou Food may indicate underlying issues related to company strategy, internal management, governance structure, and competitive pressures in the industry [10]. Company Management Changes - Youyou Food received a regulatory work letter from the Shanghai Stock Exchange on September 19, 2025, regarding the change of the company’s board secretary [1][2]. - The recent departure of the vice president and board secretary, Xiao Chuan Zhi, on September 15, 2025, occurred just over three months after his appointment [3][5]. - During the vacancy of the board secretary position, the board designated the finance director, Cui Haibin, to perform the duties of the board secretary [4]. Historical Context of Secretary Changes - Since its listing in November 2019, Youyou Food has experienced four board secretary departures, all citing "personal reasons" [7]. - The previous board secretaries included Zeng Li, Zhou Zenning, Liu Yuchan, and Liang Yu, with each leaving for personal development choices [8][9]. Company Performance - Youyou Food's revenue and net profit from 2021 to 2023 were as follows: - 2021: Revenue of 1.22 billion, Net profit of 220 million - 2022: Revenue of 1.02 billion, Net profit of 154 million - 2023: Revenue of 966 million, Net profit of 116 million [11]. - In 2024, the company reported a revenue of 1.18 billion, a year-on-year increase of 22.37%, and a net profit of 157 million, up 35.44% [11]. - In the first half of 2025, Youyou Food achieved a revenue of 771 million, a year-on-year growth of 45.59%, and a net profit of 108 million, an increase of 42.47% [12].

Core Viewpoint - The frequent resignation of board secretaries at Youyou Food has raised concerns among investors, particularly regarding the timing of the actual controller's share reduction after a significant stock price increase [2][3][9]. Group 1: Board Secretary Changes - Youyou Food has experienced a high turnover of board secretaries, with five resignations since its listing over six years, all citing personal reasons [4][5]. - The most recent board secretary, Xiao Chuan Zhi, served for just over three months before resigning for personal career development reasons [4]. - Previous board secretaries also had short tenures, with the last three serving less than six months each before resigning [5]. Group 2: Share Reduction Concerns - Youyou Food's actual controller, Zhao Ying, announced a share reduction plan after the company's stock price had increased significantly, raising investor skepticism [8][9]. - The company reported a stock price increase of over 2.31 times from its 2024 low, reaching a peak of 16.07 yuan in June 2025 [8]. - Zhao Ying reduced her holdings by approximately 1.51 billion yuan, selling 12.83 million shares, which is 3% of the total shares, at prices ranging from 11.24 yuan to 12.94 yuan [8][9]. Group 3: Financial Performance - Youyou Food's revenue and net profit showed a decline from 2021 to 2023, with revenues of 12.20 billion yuan, 10.24 billion yuan, and 9.66 billion yuan, and net profits of 2.20 billion yuan, 1.54 billion yuan, and 1.16 billion yuan respectively [7]. - In 2024, the company reported a revenue of 11.82 billion yuan, a year-on-year increase of 22.37%, and a net profit of 1.57 billion yuan, up 35.44% [7]. - The first half of 2025 continued this trend with revenues of 7.71 billion yuan, a 45.59% increase, and a net profit of 1.08 billion yuan, up 42.47% [7].

Core Viewpoint - The frequent resignation of board secretaries at Youyou Food has raised concerns among investors, particularly in light of the actual controller's recent share reduction after a significant stock price increase [1][2][4]. Group 1: Management Changes - Youyou Food has experienced a high turnover of board secretaries, with five resignations since its listing, all citing personal reasons [1][2]. - The most recent board secretary, Xiao Chuan Zhi, served for just over three months before resigning for personal career development reasons [2]. - Previous board secretaries also had short tenures, with the last three serving less than six months each [3]. Group 2: Financial Performance - Youyou Food's revenue and net profit showed a decline from 2021 to 2023, with revenues of 12.20 billion, 10.24 billion, and 9.66 billion respectively, and net profits of 2.20 billion, 1.54 billion, and 1.16 billion [4]. - In 2024, the company reported a revenue of 11.82 billion, a year-on-year increase of 22.37%, and a net profit of 1.57 billion, up 35.44% [5]. - The first half of 2025 continued this trend with revenues of 7.71 billion, a 45.59% increase, and net profits of 1.08 billion, a 42.47% increase [5]. Group 3: Shareholder Actions - The actual controller, Zhao Ying, reduced his holdings by 12.83 million shares, representing 3% of the total shares, for a total of approximately 1.51 billion, shortly after the stock price rose significantly [5][6]. - Investors have expressed concerns regarding the timing of this reduction, questioning why it occurred after a positive performance turnaround [6]. - Youyou Food has responded to investor concerns by stating that the reduction was based on personal financial planning and complied with regulations [6].

Group 1 - The core point of the article is the resignation of the Vice President and Board Secretary of Youyou Food, Mr. Xiao Chuan Zhi, due to personal career development plans, effective September 15, 2025 [1] - The company has appointed Mr. Cui Haibin, a director and financial director, to temporarily assume the responsibilities of the Board Secretary [1] - The company expresses gratitude for Mr. Xiao Chuan Zhi's contributions during his tenure [1] Group 2 - Related companies such as Shanghai Mechanical and Electrical have appointed Chen Ming as their financial director [2] - Similarly, companies like Tongyou Technology and Jinzhongzi Liquor have also made appointments for their financial directors [2]

Group 1 - The company will participate in the "2025 Investor Online Reception Day and Semi-Annual Performance Briefing" on September 25, 2025, from 15:00 to 17:00 [1] - The event is organized by the Chongqing Securities Regulatory Bureau and the Chongqing Listed Companies Association in collaboration with Shenzhen Panorama Network Co., Ltd [1] - Company executives will engage in online communication with investors to address their concerns during the event [1]

Group 1 - The frequent changes in the Secretary of the Board at Youyou Food may indicate underlying issues related to company strategy, internal management, governance structure, and competitive pressures in the industry [2][3] - Youyou Food has experienced a decline in net profit for three consecutive years from 2021 to 2023, with revenue also decreasing in 2022 and 2023 [3] - In 2022, Youyou Food's revenue was 1.182 billion yuan, a year-on-year increase of 22.37%, and the net profit attributable to shareholders was 157 million yuan, up 35.44% [3] Group 2 - The gross profit margin of Youyou Food decreased to 28.97% in the previous year and further declined to 27.57% in the first half of this year, a drop of 3.27 percentage points [4] - Accounts receivable for Youyou Food increased significantly, reaching 156.1 million yuan in the first half of this year, a year-on-year growth of 109.72% [4] - The company is advised to diversify its channels and enhance risk resistance while closely monitoring the growth of accounts receivable to reduce bad debt risks [4]