北京商报讯（记者 郭秀娟 王悦彤） 12月3日，有友食品在投资者互动平台回答投资者提问称，公司前 三季度各品类的营收均有不同程度的增长，其中禽肉类产品增长幅度相对较高。未来，公司将在巩固传 统渠道优势的基础上，着力深化新兴渠道布局，并积极拓展线上业务，推动全渠道融合发展，以多元触 点为消费者提供优质产品。 ...

Core Viewpoint - Youyou Food (603697.SH) has revealed its succession plans amidst significant performance growth, driven largely by its partnership with Sam's Club, but faces challenges related to accounts receivable and reliance on a single product line [1][2][4][6]. Financial Performance - In 2024, Youyou Food's revenue increased by 22.37% year-on-year, reversing a two-year decline, with Q3 2025 revenue growing 40.39% to 1.245 billion yuan, and net profit rising 43.34% to 174 million yuan [2][6]. - The company's accounts receivable surged to 74.61 million yuan in 2024, a dramatic increase of 1866% from 3.795 million yuan in 2023, with the largest debtor accounting for over 70% of this amount [4][6]. Sales Channels - The growth in revenue is attributed to the optimization of traditional channels and the expansion into new channels, particularly Sam's Club, which contributed over half of the incremental revenue in Q3 [3][6]. - Youyou Food's reliance on its signature product, deboned duck feet, remains high, with poultry products generating 1.077 billion yuan in revenue, accounting for 87.17% of total revenue [6][8]. Succession Planning - Recent board changes indicate a clear succession plan, with Lu Youzhong remaining as chairman and Lu You taking on the role of general manager, while Lu Xin stepped down from the board [8][9]. - Lu You, aged 37, has been with Youyou Food since 2009 and is seen as a key figure in the company's future management, while Lu Xin, who holds 5.14% of the company's shares, is currently not considered for succession [9].

Core Viewpoint - Youyou Food has shown significant recovery in its financial performance, with a notable increase in revenue and profit in the first three quarters of 2025, attributed to the expansion of new sales channels and the successful introduction of popular products [2][3]. Financial Performance - In the first three quarters of 2025, Youyou Food reported revenue of 1.24 billion yuan, a year-on-year increase of 40.4%, and a net profit attributable to shareholders of 170 million yuan, up 43.3% [2]. - The company had previously experienced a decline in revenue for two consecutive years, dropping from 1.22 billion yuan in 2021 to 966 million yuan in 2023, with net profit decreasing from 260 million yuan in 2020 to 116 million yuan in 2023 [2]. - The recovery began in 2024, with revenue reaching 1.18 billion yuan and net profit of 157 million yuan, representing year-on-year growth of 22.37% and 35.44%, respectively [2]. Channel Expansion - The growth in revenue is significantly driven by the expansion into new sales channels, including successful entry into the Sam's Club system, where the new product "deboned duck feet" quickly became a bestseller [3]. - In the third quarter of 2025, offline channel revenue reached 450 million yuan, a year-on-year increase of 33.6%, while online channel revenue was 30 million yuan, up 17.7% [3]. - The Southeast region saw a remarkable revenue increase of 59.6%, primarily due to the rapid growth of new sales channels [3]. Management Transition - The recent board restructuring at Youyou Food has signaled a generational transition, with founder Lu Youzhong stepping down as general manager and his nephew Lu You taking over the role [5]. - Lu You, born in 1988 and with a strong educational background in food science, has been with the company for several years and aims to continue the company's strategic direction while focusing on product innovation and channel expansion [5]. Market Position - As of December 3, the stock price of Youyou Food was 12.98 yuan per share, with a total market capitalization of 5.543 billion yuan [6].

Core Viewpoint - Youyou Foods has shown significant recovery in its financial performance, with a notable increase in revenue and profit, attributed to the expansion of new sales channels and the successful introduction of popular products [2][3]. Financial Performance - In the first three quarters of 2025, Youyou Foods reported revenue of 1.24 billion yuan, a year-on-year increase of 40.4%, and a net profit attributable to shareholders of 170 million yuan, up 43.3% [2]. - The company experienced a decline in revenue for two consecutive years prior to 2024, with revenue dropping from 1.22 billion yuan in 2021 to 966 million yuan in 2023 [2]. - In 2024, Youyou Foods' revenue rebounded to 1.182 billion yuan, with a net profit of 157 million yuan, reflecting year-on-year growth of 22.37% and 35.44%, respectively [2]. Channel Expansion - The growth in revenue is significantly driven by the expansion into new sales channels, including successful entry into the Sam's Club system, where a new product, deboned duck feet, quickly became a bestseller [3]. - In the third quarter of 2025, offline channel revenue reached 450 million yuan, a year-on-year increase of 33.6%, while online channel revenue was 30 million yuan, up 17.7% [3]. - The Southeast region saw a remarkable revenue increase of 59.6%, primarily due to the rapid growth of new sales channels [3]. Accounts Receivable - The company's accounts receivable increased from 90.73 million yuan in the third quarter of 2024 to 155 million yuan in the third quarter of 2025, attributed to the growth in sales scale [4]. Leadership Transition - The recent board restructuring at Youyou Foods marks a significant leadership transition, with founder Lu Youzhong stepping down as general manager and his nephew, Lu You, taking over the role [5]. - Lu You, born in 1988, has a background in food science and has been with the company for several years, indicating a strategic continuity in leadership [5]. - The ownership structure remains concentrated, with Lu Youzhong and his family holding approximately 65% of the shares, valued at around 3.5 billion yuan [5].

Core Viewpoint - Youyou Foods has shown significant revenue and profit growth in 2025, marking a recovery from previous years of decline, attributed to successful channel expansion and product innovation [3][4][5]. Group 1: Company Performance - In the first three quarters of 2025, Youyou Foods reported revenue of 1.24 billion yuan, a year-on-year increase of 40.4%, and a net profit of 170 million yuan, up 43.3% [3]. - The company experienced a decline in revenue for two consecutive years prior to 2024, with revenue dropping from 1.22 billion yuan in 2021 to 966 million yuan in 2023 [3]. - The recovery in 2024 saw revenue rise to 1.182 billion yuan, with a net profit of 157 million yuan, reflecting year-on-year growth of 22.37% and 35.44% respectively [3]. Group 2: Channel Expansion - The growth in performance is largely attributed to the successful penetration of new channels, particularly the partnership with Sam's Club, where a new product, deboned duck feet, became a top seller [4][5]. - In the third quarter of 2025, offline channel revenue reached 450 million yuan, a 33.6% increase, while online channel revenue was 30 million yuan, up 17.7% [4]. - The Southeast region showed significant growth, with revenue increasing by 59.6%, driven by the rapid expansion of new channels [4]. Group 3: Management Transition - The recent board restructuring indicates a clear succession plan, with founder Lu Youzhong stepping down as general manager and his nephew Lu You taking over [5][6]. - Lu You, born in 1988, has a strong educational background in food science and has been with the company for several years, indicating a continuity in leadership and strategy [6]. - Lu You emphasized the commitment to the company's strategic direction, focusing on product innovation and channel expansion to drive long-term growth [6]. Group 4: Market Position - As of December 3, 2023, Youyou Foods' stock closed at 12.98 yuan per share, with a total market capitalization of 5.543 billion yuan [7].

Group 1 - Dongfang Electric announced that three executives plan to reduce their holdings by a total of no more than 30,000 shares due to personal financial needs [1] - Yahu Pharmaceutical's APL-1401 clinical trial data was presented at the 19th European Colorectal Congress, indicating progress in treating moderate to severe ulcerative colitis [1] - Guizhou Bai Ling's actual controller is under investigation by the China Securities Regulatory Commission for insider trading and information disclosure violations [3] Group 2 - Bairen Medical's ePTFE pericardial membrane product has been approved for registration, ending the reliance on imports for this product in the domestic market [4] - Qianxin received approval for a total of 2 billion yuan in technology innovation bonds, with plans to issue medium-term notes and short-term financing bonds [6] - Tengjing Technology's shareholder plans to reduce holdings by no more than 1.96% of the company's shares [7] Group 3 - Yuntianhua's subsidiary is required to pay 386 million yuan in overdue taxes and penalties, which will impact the company's net profit for 2025 [8] - Jianyou Pharmaceutical's propofol emulsion injection has received FDA approval in the United States [9] - Suzhou Gaoxin successfully acquired land use rights for a residential project for 360 million yuan [9] Group 4 - Chalco International's subsidiary won a bid for a 3.03 billion yuan electrolytic aluminum project [11] - Tai Long Pharmaceutical's stock will continue to be suspended due to potential changes in control as the major shareholder is planning a share transfer [12] - Qianli Technology reported a 63.44% year-on-year increase in automobile sales for November, although new energy vehicle sales decreased by 43.98% [13] Group 5 - Fosun Pharma's innovative drug FXS0887 has received approval for a Phase I clinical trial for advanced malignant solid tumors [14] - Guoen Co. has obtained approval for a project to produce 20,000 square meters of aviation-grade acrylic glass, with a total investment of 560 million yuan [15] - Guofa Co.'s chairman resigned due to personal reasons [17] Group 6 - Shanghai Construction won a bid for a state-owned construction land use right for 264 million yuan [18] - Weixin Kang's subsidiary received approval for a clinical trial of lidocaine cream for local anesthesia [20] - Sanxing Medical's subsidiary is a candidate for a 152 million yuan transformer procurement project for the State Grid [20] Group 7 - People's Daily announced the resignation of its president due to work changes, while retaining other leadership roles [21] - Beibu Gulf Port reported a 0.29% year-on-year increase in cargo throughput for November [22] - Chongqing Construction won three engineering projects with a total value of approximately 2.773 billion yuan [23] Group 8 - Xingyu Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange [24] - Huajian Group signed a design contract worth 160 million yuan for a comprehensive project [25] - Wankai New Materials plans to invest 350 million yuan in a technical transformation project for producing 100,000 tons of adipic acid [26] Group 9 - Kaipuyun received a government subsidy of 18 million yuan, which is 87.43% of its net profit for the last audited fiscal year [28] - Ningbo Port expects a 10.8% year-on-year increase in container throughput for November [30] - An Cai High-Tech plans to invest 498 million yuan to upgrade its photovoltaic glass production line [32] Group 10 - Shunhao Co. stated that its existing business has not generated synergies with the rail business, which faces various risks [34] - Yihualu plans to publicly transfer 35% of its stake in Liaoyun Company [35] - ST Wanfang's shareholder plans to reduce holdings by no more than 3% of the company's shares [36] Group 11 - Youyou Food's shareholder plans to reduce holdings by no more than 110,000 shares [38] - Hengtong Optic-Electric's incentive fund has spent 49.98 million yuan to purchase company shares [41] - Zoli Pharmaceutical plans to issue convertible bonds to raise no more than 1.556 billion yuan for various projects [42]

截至公告日，鹿有明持有公司股份4,994,930股，占公司总股本的1.17%。上述股份均为公司IPO前取得 的股份(3,567,807股)及公司上市后以资本公积转增股本方式取得的股份(1,427,123股)，截至公告披露 日，鹿有明持有的公司股份4,994,930股均为无限售条件流通股。 2024年年度报告显示，有友食品的控股股东为鹿有忠，实际控制人为鹿有忠、赵英、鹿新。鹿有忠与赵 英为夫妻关系，与鹿新为父女关系，与鹿有明、鹿有贵为兄弟关系。 中国经济网北京12月3日讯有友食品（603697）(603697.SH)昨日晚间发布股东减持股份计划公告。鹿有 明计划自公司发布本次减持计划公告之日起15个交易日后的三个月内(2025年12月25日至2026年3月24 日)，以集中竞价方式减持公司股份不超过1,100,000股，即不超过公司总股本的0.26%。 | 股东名称 | 鹿有明 | | --- | --- | | 计划减持数量 | 不超过:1,100,000 股 | | 计划减持比例 | 不超过:0.26% | | 减持方式及对应减持数 | 集中竞价减持,不超过:1,100,000 股 | | 量 | | | ...

Core Viewpoint - The announcement details a share reduction plan by a major shareholder of Youyou Food Co., Ltd., indicating a planned sale of up to 1,100,000 shares, which represents 0.26% of the company's total share capital [3][9]. Shareholder Holding Situation - As of the announcement date, shareholder Lu Youming holds 4,994,930 shares, accounting for 1.17% of the total share capital of Youyou Food Co., Ltd. All these shares are unrestricted circulating shares obtained before the IPO and through capital reserve conversion [2]. Reduction Plan Details - Lu Youming plans to reduce his holdings by up to 1,100,000 shares within three months starting from December 25, 2025, to March 24, 2026, through centralized bidding [3]. - The reduction quantity may be adjusted in case of any changes in share capital due to dividends, stock splits, or other corporate actions during the reduction period [3]. Shareholder Background - The shares held by Lu Youming include those acquired before the IPO and those obtained through capital reserve conversion after the company went public [4]. Compliance and Commitments - The major shareholder has previously made commitments regarding the holding period and conditions for share transfers, which align with the current reduction plan [7][8].

Group 1: Share Buybacks and Increases - Jiangsu Shentong plans to continue increasing its shareholding by 100 million to 155 million yuan [3] - Pingmei Shenhua's directors and senior management plan to increase their shareholding [3] - CATL has repurchased a total of 15.99 million A-shares as of November 30 [3] - Lanke Technology has repurchased a total of 1.505 million A-shares as of November 30 [3] - Century Huatong has made its first share purchase amounting to 499.95 million yuan [3] Group 2: Share Reductions - Youyou Foods' shareholder plans to reduce holdings by no more than 0.26% [5] - *ST Wanfang's shareholder plans to reduce holdings by no more than 3% [5] - Yaxin Security's shareholders plan to collectively reduce holdings by no more than 1.75% [5] - Bixingsource reduced its holdings by 177,700 shares from December 1 to December 2 [5] - Pioneering Technology's shareholder plans to reduce holdings by no more than 3% [5] - Northern Shares' shareholder plans to reduce holdings by no more than 3% [5] - Tianfu Communication's executives plan to collectively reduce holdings by no more than 475,000 shares [5] - Luguan Technology's shareholder plans to reduce holdings by no more than 2% [5] - Xince Standards' shareholder plans to reduce holdings by no more than 2.77% [5] - Meili Technology's shareholder plans to reduce holdings by no more than 1.11% [5] - Rongneng Technology's shareholder has reduced holdings by 1.5 million shares as of December 1, 2025 [5] - Fuhui Technology's senior management plans to reduce holdings by no more than 0.74% [5] - Hefei China’s largest shareholder plans to reduce holdings by no more than 2% [5]

（文章来源：北京商报） 北京商报讯 12月2日，有友食品发布公告称，股东鹿有明因个人资金需求，计划自2025年12月25日至 2026年3月24日，通过集中竞价方式减持不超过110万股公司股份，占公司总股本的0.26%。 ...