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 ...

每经AI快讯，有友食品10月15日晚间发布公告称，董事会同意聘任张凤杰女士为公司证券事务代表， 协助董事会秘书开展工作。 每经头条（nbdtoutiao）——出租白银的爆赚机会：年化利率飙升到35%，全球白银正空运往英国套 利，背后是一场史诗级逼空 （记者 王瀚黎） ...

公司使用自有资金人民币 2,000 万元购买了国元证券股份有限公司（以下简称"国元证 券"）的理财产品，具体内容详见公司在上海证券交易所网站披露的相关公告。公司已于 2025 年 10 月 14 日赎回本金 2,000 万元并收到理财收益 16.89 万元，具体情况如下： | 序号 | 受托方名称 | 产品名称 | | 金额 | 收益起记日 | 收益结束日 | 收益金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （万元） | | | （万元） | | 1 | 国元证券 | 国元证券元鼎尊享 | 176 号浮动 | 2,000 | 2025.7.11 | 2025.10.10 | 16.89 | | | | 收益凭证 | | | | | | 注：本公告表格中如存在总计数与各分项数值之和尾数不符的情况，均为四舍五入原因形成。 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 证券代码：603697 证券简称：有友食品 公告编号：2025-070 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的公告 本公司董事 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Viewpoint - The collaboration with Sam's Club has significantly revitalized Youyou Food's performance, leading to substantial revenue and profit growth in 2024 and the first half of 2025, despite concerns about reliance on a single channel and rising accounts receivable [1][2][3]. Group 1: Financial Performance - In 2024, Youyou Food achieved revenue of 1.182 billion yuan, a year-on-year increase of 22.36%, and a net profit of 157 million yuan, up 35.34% [1]. - For the first half of 2025, revenue reached 771 million yuan, a remarkable increase of 45.59%, with net profit soaring by 42.47% to 108 million yuan [1]. - The partnership with Sam's Club has been identified as a key growth driver, with second-quarter revenue exceeding 100 million yuan [1][2]. Group 2: Product and Market Strategy - Youyou Food's duck feet product quickly became a bestseller at Sam's Club, with monthly sales exceeding 30 million units [2]. - The company has successfully launched additional products like the sour soup series and vegetable products, achieving significant sales milestones [2][6]. - Youyou Food has been actively expanding its presence in other retail channels, including Costco and Hema, and exploring new sales avenues such as live e-commerce [7]. Group 3: Supply Chain and Financial Risks - The accounts receivable for Youyou Food surged from 379,500 yuan in 2023 to 74.61 million yuan in 2024, marking a staggering increase of 1866% [3]. - By mid-2025, accounts receivable further escalated to 156 million yuan, with the largest debtor accounting for nearly 90% of the total [3][4]. - The financial director mentioned initiatives from Walmart China aimed at improving suppliers' cash flow efficiency, which may help mitigate financial risks [4]. Group 4: Corporate Governance and Shareholder Actions - Youyou Food has faced scrutiny over frequent changes in its company secretary, with the latest resignation occurring just four months after appointment [4][5]. - The major shareholder has reduced their stake by 3%, raising concerns among investors, although the company stated that the process complied with regulations [5][6]. Group 5: Future Outlook - Analysts from reputable firms maintain a buy rating on Youyou Food, citing the ongoing expansion of Sam's Club and the potential for continued growth [7]. - The company is positioned for a "second spring" in its business trajectory, supported by product innovation and market expansion strategies [6][7].

Core Insights - The leisure food sector experienced a rise of 1.59% on October 10, with Youyou Food leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Summary by Category Stock Performance - Youyou Food (603697) closed at 11.98, up 4.08% with a trading volume of 126,000 shares and a turnover of 150 million yuan [1] - Maijiao (002719) closed at 9.65, up 3.65% with a trading volume of 104,600 shares and a turnover of 100 million yuan [1] - Wancheng Group (300972) closed at 185.94, up 2.95% with a trading volume of 30,600 shares and a turnover of 578 million yuan [1] - ST Juewei (603517) closed at 13.83, up 2.75% with a trading volume of 241,700 shares and a turnover of 335 million yuan [1] - Other notable stocks include Lihai Food (300973), Yanjin Puzhi (002847), and Guifaxiang (002820) with respective gains [1] Capital Flow - The leisure food sector saw a net outflow of 16.25 million yuan from institutional investors, while retail investors contributed a net inflow of 0.36 million yuan [2] - Major stocks like Wancheng Group and Lihai Food experienced significant net inflows from retail investors despite overall sector outflows [3]

关于使用自有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 万元购买了国元证券股份有限公司（以下简称"国元证 券"）的理财产品，具体内容详见公司在上海证券交易所网站披露的相关公告。公司已于 2025 年 9 月 30 日赎回本金 ...