Core Viewpoint - Recent controversies involving brands like Holley, Panpan, and Liuliu Mei at Sam's Club highlight the increasing scrutiny on snack brands and their collaboration with the retailer, emphasizing the need for high-quality standards across the entire supply chain [1][8][9] Group 1: Brand Collaboration with Sam's Club - Sam's Club has established a customized cooperation model with various snack brands, leading to the introduction of "Sam's exclusive" products [8][9] - Brands such as Ganyuan Foods and Youyou Foods have successfully launched products specifically for Sam's, which have gained significant market traction [9][10] - The entry of snack brands into Sam's Club is seen as a pathway to higher market recognition and increased sales [1][9] Group 2: Product Quality and Consumer Perception - The perception of high-end quality is associated with products sold at Sam's Club, which is known for its strict selection standards [8][9] - Some consumers express skepticism about the actual quality improvements of products featuring high-end ingredients, viewing them as marketing strategies rather than genuine enhancements [12][13] - Experts suggest that brands need to focus on real quality improvements and not just on high-end concepts to maintain consumer trust [12][13] Group 3: Market Performance and Sales Data - Companies like Qiaqia Foods reported approximately 200 million yuan in sales through Sam's Club in 2024, marking a 50%-60% year-on-year increase [9] - Liuliu Mei's exclusive product quickly topped the new product popularity chart within eight days of launch at Sam's Club, indicating strong consumer interest [9] - Youyou Foods' duck feet product consistently ranks among the top three in sales within the meat snack category at Sam's Club, with monthly sales exceeding 200,000 units [9][10]

Macro Economic Group - The U.S. retail sales in June increased by 0.6% month-on-month, reversing a two-month decline, with the previous values being -0.9% in May and -0.1% in April, exceeding most economists' expectations [4] - Core retail sales, excluding automobiles and parts, also rose by 0.5% in June, compared to -0.2% in the previous month [4] - The University of Michigan's consumer sentiment index for June was reported at 60.7, up from 52.2, but still significantly lower than the December level of 74, indicating a divergence between subjective and objective economic indicators [4] Advanced Manufacturing Group - Tesla announced the new Model Y L, a luxury electric SUV with dimensions of 4.976 meters in length, 1.92 meters in width, and 1.668 meters in height, seating six passengers, expected to launch in Q3 with a price around 400,000 yuan [7] - The Model Y L is seen as a strategic response to sales pressure and market segmentation, aiming to capture the high-end family market while reinforcing Tesla's technological moat in the long term [7] - The new model is expected to impact competitors like Li Auto, NIO, and Xpeng, particularly in the high-end market segment, and will benefit suppliers in battery technology, casting a positive outlook on companies like CATL [8] Consumer Group - Youyi Foods projected a revenue of 746 to 798 million yuan for the first half of 2025, representing a year-on-year growth of 40.9% to 50.8%, with net profit expected to be between 105 to 112 million yuan, a growth of 37.9% to 47.6% [10] - The second quarter revenue is anticipated to be between 363 to 415 million yuan, with a year-on-year growth of 42.7% to 63.2%, and net profit growth of 66.5% to 88.8% [10] - The company's growth is closely linked to channel expansion and new product performance, with significant sales from new products in the Sam's Club channel and a strong online sales growth trend [10]

Core Viewpoint - The report details the equity change of Youyou Food Co., Ltd., indicating a reduction in shareholding by key stakeholders due to personal financial needs, specifically through a block trade transaction [1][6]. Group 1: Equity Change Details - The equity change involves a reduction of 1,114,400 shares by Zhao Ying, representing 0.26% of the total share capital of the company [6][7]. - Following this transaction, the total equity held by the information disclosing parties decreased from 70.26% to 70.00% [7]. - Zhao Ying's shareholding decreased from 55,401,734 shares (12.95%) to 54,287,334 shares (12.69%) [6]. Group 2: Stakeholder Information - The information disclosing parties include Zhao Ying, Lu Youzhong, Lu Xin, Lu Yougui, and Lu Youming, all residing in Chongqing [4][5]. - Zhao Ying and Lu Youzhong are identified as the controlling shareholders, with Lu Youzhong serving as the chairman and general manager of the company [5]. - Lu Xin holds over 5% of the shares, qualifying as a significant shareholder alongside Zhao Ying [5]. Group 3: Future Plans - The report outlines that Zhao Ying plans to reduce her holdings further within a specified timeframe, with a maximum of 12,830,761 shares to be sold over the next three months [6]. - The reduction plan includes a maximum of 4,276,920 shares through centralized bidding and 8,553,841 shares through block trading [6]. Group 4: Compliance and Legal Statements - The information disclosing parties affirm that the report is accurate and complete, with no false records or misleading statements [2][6]. - They also confirm that there are no restrictions on the shares held, such as pledges or judicial freezes [7].

Core Viewpoint - Youyou Food Co., Ltd. is utilizing its own funds to invest in financial products to enhance investment returns while ensuring operational liquidity and safety of funds [1][2]. Group 1: Financial Management - The company has approved the use of up to RMB 1.2 billion of its own funds for cash management, with a rolling usage period of 12 months starting from the approval date [1][2]. - The company has redeemed RMB 30 million from a previous investment in a financial product, yielding a return of RMB 191,300 [2][6]. - The current investment involves RMB 30 million in the "Yinhe Jinxin" financial product, with a term of 268 days and an expected annual return rate of 0.1% to 3.6% [2][4]. Group 2: Risk Management - The company emphasizes strict adherence to prudent investment principles, selecting reputable and capable financial institutions for its investments [2][4]. - Internal controls are in place to monitor investment risks, with independent directors and the supervisory board having the authority to oversee fund usage [2][4]. Group 3: Financial Performance Indicators - The company reported a maximum single-day investment of RMB 90 million in the last 12 months, which represents 50.72% of its net assets for the past year [8]. - The cumulative return from entrusted financial management in the last 12 months accounts for 5.49% of the company's net profit for the previous year [8].

有友食品股份有限公司 简式权益变动报告书 股票代码：603697 信息披露义务人一：赵英 住所/通讯地址：重庆市 信息披露义务人二：鹿有忠 住所/通讯地址：重庆市 信息披露义务人三：鹿新 住所/通讯地址：重庆市 信息披露义务人四：鹿有贵 住所/通讯地址：重庆市 信息披露义务人五：鹿有明 住所/通讯地址：重庆市 权益变动性质：减持股份 签署日期：2025 年 7 月 17 日 上市公司名称：有友食品股份有限公司 上市地点：上海证券交易所 股票简称：有友食品 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第15 号 ——权益变动报告书》及相关法律、法规和规范性文件编制本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证 券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-046 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。 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、公司使用自有资金购买理财产品到期赎回的情况 公司使用自有资金人民币 3,000 万元购买了国泰君安的理财产品，具体内容详见公司在上 海证 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-047 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 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。 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、 公司前次使用暂时闲置募集资金购买理财产品到期赎回的情况 1 委托理财受托方：申万宏源证券有限公司（以下简称"申万宏源"） 本次委 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company is expected to achieve a revenue of 746 to 798 million yuan in the first half of 2025, representing a year-on-year increase of 40.9% to 50.8%. The net profit attributable to the parent company is projected to be between 105 to 112 million yuan, a year-on-year increase of 37.9% to 47.6%. The non-recurring net profit is expected to be between 89 to 97 million yuan, reflecting a year-on-year increase of 46.8% to 58.9% [2][5] - For the second quarter of 2025, the company anticipates revenue of 363 to 415 million yuan, a year-on-year increase of 42.7% to 63.2%. The net profit attributable to the parent company is expected to be between 55 to 62 million yuan, a year-on-year increase of 66.5% to 88.8%. The non-recurring net profit is projected to be between 46 to 53 million yuan, reflecting a year-on-year increase of 74.6% to 102.7% [2][5] Summary by Sections Revenue Growth - The company has seen significant revenue growth, particularly in the Sam's Club channel, with new product launches contributing to this increase. The company has introduced a new vegetarian snack and a sour soup chicken snack, with the latter achieving monthly sales of over 100,000 units, ranking in the top three for summer appetizers [11] Profit Margin Improvement - The improvement in profit margins is attributed to cost benefits and economies of scale. The wholesale prices of domestic white strip chicken have decreased year-on-year, and the prices of frozen duck products have also declined. The company expects to maintain stable profit margins in the second half of the year due to continued economies of scale [11] Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 230 million, 264 million, and 295 million yuan respectively. The earnings per share (EPS) are projected to be 0.54, 0.62, and 0.69 yuan, corresponding to price-to-earnings (PE) ratios of 25, 21, and 19 times at the current stock price [11]

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by the successful launch of new products and the expansion of emerging sales channels [1][2]. Group 1: Financial Performance - For the first half of 2025, the company anticipates revenue between 746-798 million yuan, representing a year-on-year increase of 40.9%-50.8% [1] - The expected net profit attributable to shareholders is projected to be between 105-112 million yuan, reflecting a year-on-year growth of 37.9%-47.6% [1] - In Q2 2025, the company forecasts revenue of 363-415 million yuan, with a year-on-year growth of 42.7%-63.3% [1] Group 2: Growth Drivers - The company has seen rapid growth in revenue due to the successful launch of its core product, deboned duck feet, in Q3 2024, which has become a key revenue driver [1] - The membership-based supermarket channel has emerged as a significant contributor to revenue growth, with additional product launches expected to further enhance performance [1][2] - The company is also benefiting from strong performance in snack chains and e-commerce channels, contributing to overall revenue increases [1] Group 3: Profitability and Cost Management - The significant increase in profitability in Q2 2025 is attributed to a temporary adjustment in expense allocation, with a reduction in sales expenses expected [2] - Compared to Q1 2025, the profit growth in Q2 is also influenced by a decrease in the impact of financial income on profits [2] - The company is positioned to benefit from the expanding snack food industry, particularly in the spicy snack segment, which is favored by younger consumers [2] Group 4: Future Outlook - The company is expected to maintain a high level of revenue elasticity in 2025, driven by its proactive approach to embracing online and new retail channels [2] - The earnings per share (EPS) forecasts for 2025-2027 are projected at 0.47 yuan, 0.61 yuan, and 0.74 yuan, respectively, with corresponding dynamic price-to-earnings ratios of 26x, 20x, and 17x [3]

Investment Overview - Company’s wholly-owned subsidiary, Youyou Food Chongqing Manufacturing Co., Ltd., will invest RMB 20 million in the Wenrun Biological Manufacturing Venture Capital Fund [1] - The investment aims to enhance capital efficiency, optimize resource allocation, and leverage the expertise of professional investment institutions to explore new growth avenues [1][11] - The total scale of the partnership fund is expected to be RMB 482.85 million, with various partners contributing different amounts [2] Partner Contributions - Guangdong Wens Food Investment Co., Ltd. and Yunnan Provincial Plateau Characteristic Agriculture Equity Investment Fund each contribute RMB 160 million, accounting for 33.14% of the fund [2] - Other partners include Hengqin Guangdong-Macao Deep Cooperation Zone Industrial Investment Fund and several individual investors, with Youyou Food contributing 4.14% [2][6] Investment Agreement Details - The partnership fund will primarily invest in sectors such as biological manufacturing, agricultural technology, food engineering, and related equipment [7] - The fund has a lifespan of 12 years, with the investment period lasting 7 years, extendable under certain conditions [7][8] - The decision-making process involves an investment decision committee, ensuring professional management of investment activities [8] Financial Impact - The investment represents a small proportion of the company's net assets, indicating it will not significantly affect the company's operational activities or financial status [11] - The company will monitor the fund's operations closely to mitigate potential investment risks [11]