证券代码：603697 证券简称：有友食品 公告编号：2025-059 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：国泰海通证券股份有限公司（以下简称"国泰海通"）；华安证券股 份有限公司（以下简称"华安证券"）；中国国际金融股份有限公司（以下简称"中金公司"） ●本次委托理财金额：9,000 万元 ●委托理财产品名称：国泰海通证券凤玺壹仟定制款 2025 年第 8 期收益凭证；华安证 券股份有限公司华彩增盈 62 期浮动收益凭证；中金鑫友单一资产管理计划 ●委托理财期限为：364 天；181 天；365 天 ●履行的审议程序： 一、公司使用自有资金购买理财产品到期赎回的情况 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，审议 通过《关于使用部分自有资金进行现金管理的 ...

Market Overview - The leisure food sector increased by 0.17% on August 28, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Wancheng Group (300972) closed at 176.50, up 5.35% with a trading volume of 38,400 lots and a transaction value of 666 million [1] - Lihai Food (300973) closed at 48.29, up 2.29% with a trading volume of 54,300 lots [1] - Huangshanghuang (002695) closed at 12.59, up 2.11% with a trading volume of 122,600 lots [1] - Other notable stocks include Nanchao Food (605339) and Laiyifen (603777), which saw increases of 1.34% and 0.87% respectively [1] Fund Flow Analysis - The leisure food sector experienced a net outflow of 120 million from institutional investors, while retail investors saw a net inflow of 1.29 billion [2][3] - Major stocks like Wancheng Group had a net inflow of 99.43 million from institutional investors, while retail investors had a net outflow of 70.15 million [3] - Lihai Food saw a net inflow of 38.10 million from institutional investors, but a net outflow of 59.11 million from retail investors [3]

Core Viewpoint - Youyou Foods achieved significant revenue growth in H1 2025, with a revenue of 770 million yuan, representing a year-on-year increase of 45.6%, and a net profit of 110 million yuan, up 42.5% year-on-year, indicating strong performance across new channels [1][2]. Group 1: Financial Performance - In H1 2025, Youyou Foods reported a revenue of 770 million yuan, a year-on-year increase of 45.6%, and a net profit of 110 million yuan, up 42.5% year-on-year [1][2]. - In Q2 2025, revenue reached 390 million yuan, reflecting a year-on-year growth of 52.4%, with net profit increasing by 77.0% to 60 million yuan [1][2]. - The company plans to distribute a mid-term dividend of 98.369 million yuan, achieving a dividend payout ratio of 90.7% [1]. Group 2: Channel Expansion and Growth Drivers - The rapid expansion of new channels, including membership stores and e-commerce, has significantly supported revenue growth [2]. - In Q2 2025, offline channel revenue grew by 49.1% to 360 million yuan, with strong sales of products like the Sam's Club duck feet [2]. - Online channel revenue surged by 153.3% to 24.375 million yuan, indicating successful e-commerce operations, although online sales accounted for only 6.3% of total revenue, suggesting further growth potential [2]. Group 3: Profitability and Cost Structure - The gross margin for H1 2025 decreased by 3.3 percentage points to 27.6%, while the net profit margin remained relatively stable at 14.1% [3]. - In Q2 2025, the gross margin was 28.0%, with a net profit margin of 15.0%, reflecting effective cost control despite changes in channel structure [3]. - The company managed to maintain stable sales and management expense ratios, with sales expenses decreasing by 4.1 percentage points to 8.0% in Q2 2025 [3]. Group 4: Future Outlook and Investment Potential - Youyou Foods is in the early stages of channel expansion, with significant growth potential in new channels like Sam's Club and e-commerce [4]. - The company is expected to achieve revenue growth of 38.5%, 26.8%, and 16.7% from 2025 to 2027, reaching 1.64 billion, 2.08 billion, and 2.42 billion yuan, respectively [4]. - Net profit is projected to grow by 44.6%, 24.8%, and 20.3% during the same period, reaching 230 million, 280 million, and 340 million yuan, respectively [4].

有友食品（603697.SH） 证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 成长亮眼，利润提速 股价走势 -10% 32% 74% 116% 158% 200% 2024-08 2024-12 2025-04 2025-08 有友食品 沪深300 作者 事件：有友食品 25H1 实现营收 7.7 亿元，同比+45.6%，归母净利润 1.1 亿元，同比+42.5%，扣非净利润 0.9 亿元，同比+52.5%。其中 25Q2 营 收 3.9 亿元，同比+52.4%，归母净利润 0.6 亿元，同比+77.0%，扣非净 利润 0.5 亿元，同比+87.9%，收入及利润均为业绩预告中枢。拟中期分 红 9836.9 万元，分红率达 90.7%。 会员店放量清晰，量贩电商快速推进。25H1 有友食品营收同比+45.6%至 7.7 亿元，新兴渠道快速扩容支撑公司营收延续高速增长趋势。25Q2 营收 同比+52.4%至 3.9 亿元，环比 Q1 进一步加速，核心增量来自于会员店、 量贩零食店、线上等新兴渠道。渠道维度看，25Q2 线下渠道营收同比 +49.1%至 3.6 亿元，其中 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 771 million yuan, a year-on-year growth of 45.59%, and a net profit of 108 million yuan, up 42.47% [1] - The second quarter of 2025 saw even higher growth rates, with revenue of 388 million yuan, a 52.45% increase year-on-year, and a net profit of 58 million yuan, up 77.03% [1] Revenue Breakdown - Poultry products showed strong growth, with Q2 2025 revenue of 334 million yuan, a year-on-year increase of 63.47%, while livestock products generated 24 million yuan, a slight increase of 0.68% [1] - The Southeast region experienced remarkable growth, achieving Q2 2025 revenue of 239 million yuan, up 185.96% year-on-year, while the Southwest region saw a decline of 9.18% [1] - Both online and offline channels maintained rapid growth, with online revenue reaching 24 million yuan, a 153.32% increase, and offline revenue at 363 million yuan, up 49.08% [1] Profitability Metrics - The gross profit margin decreased to 28.04%, down 2.16 percentage points year-on-year, primarily due to the increased proportion of low-margin channels [1] - The company achieved a net profit margin of 14.99% in Q2 2025, an increase of 2.08 percentage points year-on-year, with a non-GAAP net profit margin of 12.68%, up 2.39 percentage points [2] Cost Management - The expense ratio significantly decreased to 11.44%, down 5.47 percentage points year-on-year, with the sales expense ratio at 8.02%, down 4.10 percentage points [2] - Management and R&D expense ratios also saw reductions, contributing to improved profitability [2] Strategic Initiatives - The company is focusing on product innovation and expanding its market presence, particularly in the snack food sector, with plans to enhance its product offerings and collaborate with new distribution channels [2] - The core product, spicy chicken feet, continues to hold a leading position in its niche market, while efforts are being made to accelerate national market expansion [2] Future Projections - Revenue forecasts for 2025-2027 are projected at 1.675 billion, 2.021 billion, and 2.426 billion yuan, representing year-on-year growth rates of 41.66%, 20.67%, and 20.02% respectively [3] - Expected net profits for the same period are 219 million, 261 million, and 317 million yuan, with corresponding growth rates of 39.36%, 19.16%, and 21.33% [3]

Group 1 - The company plans to distribute a cash dividend of 0.23 yuan per share (including tax) for the first half of 2025, based on the total share capital as of the dividend distribution date [32][35][36] - As of June 30, 2025, the company's net profit attributable to shareholders was 108,473,141.59 yuan, with undistributed profits amounting to 568,301,108.43 yuan [35] - The total number of shares as of August 27, 2025, was 427,692,098, leading to a total proposed cash dividend distribution of 98,369,182.54 yuan, which represents 90.69% of the net profit for the period [35][36] Group 2 - The company raised a total of 625.665 million yuan through the issuance of 79.5 million shares at a price of 7.87 yuan per share, with a net amount of 561.123 million yuan after deducting issuance costs [4] - As of June 30, 2025, the company had no idle funds from the raised capital and had not made any changes to the use of the raised funds [8][12] - The company has established a management system for the raised funds to ensure compliance with regulations and protect investor interests [5][13]

Group 1 - The company announced that its fourth board meeting approved multiple proposals, including the 2025 semi-annual report and summary [2]

证券日报网讯 8月27日晚间，有友食品发布公告称，公司第四届监事会第十三次会议审议通过了《关于 公司2025年半年度报告及摘要的议案》等多项议案。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article highlights the financial performance of Youfu Food, which reported significant growth in both revenue and net profit for the first half of 2025 [1] Group 2 - The company achieved operating revenue of 771 million yuan, representing a year-on-year increase of 45.59% [1] - The net profit attributable to the parent company reached 108 million yuan, reflecting a year-on-year growth of 42.47% [1]

Core Insights - The company reported a revenue of 771 million yuan for the first half of 2025, representing a year-on-year growth of 45.59% [1] - The net profit attributable to shareholders reached 108 million yuan, an increase of 42.47% compared to the previous year [1] Market Expansion - The company continues to deepen its core market while actively exploring emerging regions [1] - Multi-channel strategies are being employed, including membership-based supermarkets, bulk snack sales, and online e-commerce, leading to an increase in the proportion of sales from all channels [1] Product Innovation - The company is reinforcing its position in the core segment of spicy chicken feet while increasing the iteration of meat snacks and vegetarian products [1] - New flavors and packaging are being developed and launched to respond to the demand for consumption upgrades, resulting in a continuously enriched product matrix [1]