Mergers and Acquisitions - Shaoyang Hydraulic plans to purchase all or part of the shares of Chongqing Xincheng Hangrui Technology Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds. This transaction is expected to constitute a major asset restructuring, leading to the suspension of the company's stock from June 23 [1] - Jingfeng Mingyuan's application to acquire 100% equity of Sichuan Yichong Technology Co., Ltd. through issuing shares and cash payment has been accepted by the Shanghai Stock Exchange for review [2] Shareholding Changes - Youyou Food's actual controller Zhao Ying intends to reduce his stake by no more than 3% of the company's total shares, equating to a maximum of 12.83 million shares, within three months starting from 15 trading days after the announcement [3] - Tianrong Tianyu's major shareholder Yan Xuewei plans to reduce his holdings by no more than 3% of the company's total shares, specifically up to 4.21 million shares, with 2% through block trading and 1% through collective bidding [4] - New Xunda reports that Wukuang International Trust plans to reduce its stake by no more than 3% of the company's total shares, with a maximum of 1.99 million shares through centralized bidding and 3.99 million shares through block trading [5] Risk Matters - ST Baili's controlling shareholder, Tibet Xinhai New Venture Investment Co., Ltd., has been applied for bankruptcy liquidation due to its inability to repay due debts and evident lack of repayment capability [6] - Xingwang Yuda has reported that some of its bank account funds have been frozen, totaling 25.93 million yuan, which accounts for 1.42% of the company's most recent audited net assets [7] - Shandong Molong stated that it does not violate information fair disclosure regulations, despite its stock experiencing an abnormal trading fluctuation with a cumulative price increase deviation of over 20% on June 19 and 20 [8]

证券代码：603697 证券简称：有友食品 公告编号：2025-040 有友食品股份有限公司 实际控制人减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 实际控制人持股的基本情况 截至本公告日，有友食品股份有限公司（以下简称"公司"）实际控制人赵 英女士持有公司股份 55,401,734 股，占公司总股本的 12.95%。 上述股份均为公司 IPO 前取得的股份（39,572,667 股）及公司上市后以资 本公积转增股本方式取得的股份（15,829,067 股），截至本公告披露日， 55,401,734 股均为无限售条件流通股。 减持计划的主要内容 赵英女士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7月15日至2025年10月12日），减持股份数量合计不超过12,830,761 股，即不超过公司总股本的 3%，其中，以集中竞价方式减持公司股份不超过 4,276,920 股，不超过公司股份总数的 1%，以大宗交易方式减持公司股份不超过 8,553,84 ...

Core Viewpoint - The actual controller of Youyou Food (603697), Zhao Ying, plans to reduce his holdings by up to 12.83 million shares, representing 3% of the company's total share capital, within three months after 15 trading days from the announcement date [1] Summary by Relevant Sections - **Shareholding Details** - Zhao Ying currently holds 55.40 million shares, which accounts for 12.95% of the company's total share capital, all of which are tradable shares [1] - **Reason for Reduction** - The reduction is based on personal funding needs and is not expected to have a significant impact on the company's governance structure, equity structure, or ongoing operations [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The liquor sector is under short-term pressure, but there are medium-term strong alpha layout opportunities [2][11] - The consumer goods sector is focused on "cost reduction and efficiency enhancement" and "market share improvement" as two main investment opportunities [3][13] Summary by Sections Market Performance Review - From June 9 to June 13, the food and beverage sector and the CSI 300 index had declines of -4.37% and -0.25% respectively. Specific sectors include: - Health products (+2.44%) - Baked goods (-0.72%) - Meat products (-1.15%) - Soft drinks (-1.75%) - Snacks (-1.85%) - Dairy products (-2.41%) - Pre-processed foods (-3.00%) - Other alcoholic beverages (-3.43%) - Fermented seasonings III (-3.57%) - Baijiu III (-5.31%) - Beer (-6.61%) [1][18] Liquor Sector Insights - The baijiu sector saw a decline of -5.31%, underperforming the overall food and beverage sector and the CSI 300. This is attributed to: 1. Price declines of major baijiu products ahead of the 618 shopping festival 2. Potential impacts from "drinking bans" on certain consumption scenarios - Current prices for 2025 Moutai (original/scattered) are 2000 RMB/1960 RMB, down by 115 RMB/70 RMB from last week. The price for Pu'er (8th generation) is 930 RMB, down by 10 RMB from last week. The baijiu index PE-TTM is currently at 17.81X, which is 3.40% below the reasonable low level over the past decade [2][11][12]. Consumer Goods Sector Insights - The health products sector saw a positive growth of +2.44%. The report remains optimistic about investment opportunities in health products, soft drinks, and snacks, especially in Q2 due to low performance baselines. The focus is on companies that can achieve "cost reduction and efficiency enhancement" and "market share improvement" [3][13][16]. - The soft drink sector experienced a decline of -1.75%, with notable companies like Nongfu Spring and Dongpeng Beverage facing slight declines. The report suggests monitoring the demand resilience as the peak season approaches [13][16]. Investment Recommendations - Recommended companies in the soft drink and low-alcohol sectors include: Li Ziyuan, Chengde Lulu, Dongpeng Beverage, and others [4][17]. - For the liquor sector, strong alpha companies benefiting from concentration increases are recommended, including Shanxi Fenjiu and Guizhou Moutai [4][17]. - In the consumer goods sector, companies that align with "cost reduction and efficiency enhancement" and "market share improvement" are highlighted, including: Lihigh Food, Ximai Food, and others [4][17].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for selected stocks within the sector [5]. Core Insights - The white liquor segment is experiencing short-term price pressure, but the industry is gradually bottoming out, with leading brands like Kweichow Moutai and Wuliangye expected to show long-term value [2]. - The beverage sector is seeing intensified competition as companies like Uni-President re-enter the soda market, while new product launches continue to drive growth [3]. - The overall fast-moving consumer goods (FMCG) market in China is projected to grow by 0.8% in sales and 4.4% in volume in 2024, with a notable trend towards "affordable alternatives" [4]. Summary by Sections White Liquor - Short-term price pressures are evident, with the industry expected to stabilize as inventory levels decrease and consumer demand shifts back to business and mass-market needs [2]. - Leading brands are anticipated to maintain their market share, providing a solid foundation for long-term investment opportunities [2]. Beer and Beverage - The beer sector is entering a peak season with increased competition, and companies are advised to focus on those with strong product momentum and stable operations [3]. - The beverage segment is characterized by a resurgence in product innovation, with Uni-President launching new flavors targeting the restaurant channel [3]. Food Sector - The food industry is witnessing significant innovation, with companies like Anjuke Foods successfully navigating the Hong Kong Stock Exchange listing process and launching new products to enhance revenue [4][8]. - The report highlights the importance of exploring new market channels and product opportunities, particularly in lower-tier cities where consumer spending is on the rise [4].

Investment Rating - Industry rating is maintained at "Outperform" [6] Core Views - The liquor sector is under pressure during the off-season, with a focus on opportunities in mass-market products [3] - The snack and health product sectors have shown strong performance, driven by new channels and product categories [4] - The beer and soft drink sectors are expected to benefit from seasonal demand and cost advantages [5] Summary by Sections Market Performance Review - The food and beverage sector declined by 1.06% this week, while the Shanghai Composite Index rose by 0.88% [2] - Specific sector performances include snacks (+4.64%), health products (+1.66%), and liquor (-0.90%) [2] Weekly Perspective Update - Liquor: The liquor sector showed stability despite a 0.90% decline, with leading brands focusing on expanding into lower-tier markets [3] - Beer: The beer sector increased by 0.11%, with fresh beer gaining attention and expected to benefit from improved consumer demand [14] - Mass-market products: Four investment themes are highlighted, including cost control and new consumption trends [16] Investment Recommendations - Focus on soft drinks and low-alcohol products due to upcoming seasonal demand and cost benefits [20] - Recommended stocks include Shanxi Fenjiu and Kweichow Moutai in the liquor sector [21] - Emphasis on companies with strong alpha and potential earnings elasticity in Q2 [21] Sector and Stock Performance - The food and beverage sector's dynamic P/E ratio is 21.6, ranking 20th among primary industries [32] - The snack sector has the highest valuation increase this week, while the dairy sector saw the smallest [32]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The new consumption sector is experiencing a rising trend, with opportunities identified from both supply and demand perspectives. Supply chain efficiencies are improving due to technological advancements, leading to a continuous rise in market sentiment [6][7]. - The emergence of "self-care" consumption trends among younger consumers is driving demand for low-alcohol beverages and health-oriented products. Companies like Guyue Longshan and Huaiqi Mountain are highlighted for their innovative product offerings targeting this demographic [7]. Summary by Sections Industry Performance - The food and beverage sector has underperformed relative to the Shanghai and Shenzhen 300 index over the past month (-3.3%), three months (-0.6%), and twelve months (-4.7%) [4]. Supply-Side Opportunities - Companies such as Mixue Group, Guoquan, and Chabaidao are recommended for their innovative supply chain models and market adaptability. Mixue Group is noted for its end-to-end supply chain, while Guoquan capitalizes on the home consumption trend with its hot pot ingredient stores [6]. Demand-Side Trends - The report emphasizes the rise of emotional and self-care consumption, with recommendations for companies like Guyue Longshan and Huaiqi Mountain, which are developing products that resonate with younger consumers. Additionally, health-focused products are gaining traction, with companies like Liziyuan and Junyao Health launching innovative offerings [7]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies, including: - Ximai Food: EPS forecast of 0.78 in 2025, with a "Buy" rating [10]. - Guyue Longshan: EPS forecast of 0.24 in 2025, with a "Buy" rating [10]. - Huaiqi Mountain: EPS forecast of 0.50 in 2025, with a "Buy" rating [10]. - Youyou Food: EPS forecast of 0.47 in 2025, with a "Buy" rating [10]. - Liziyuan: EPS forecast of 0.66 in 2025, with a "Buy" rating [10]. - Junyao Health: EPS forecast of 0.11 in 2025, with a "Hold" rating [10].

2025 年 06 月 09 日 行业周报 看好/维持 食品饮料 食品饮料 关注啤酒饮料旺季、新品高成长催化 ——食品饮料周报 （2025.6.2-2025.6.6） 走势比较 (20%) (10%) 0% 10% 20% 30% 24/6/11 24/8/22 24/11/2 25/1/13 25/3/26 25/6/6 子行业评级 | 酒类 | 无评级 | | --- | --- | | 饮料 | 无评级 | | 食品 | 无评级 | | 推荐公司及评级  | | | 泸州老窖 | 买入 | | 山西汾酒 | 增持 | | 今世缘 | 增持 | | 迎驾贡酒 | 增持 | | 东鹏饮料 | 买入 | | 有友食品 | 买入 | | 古茗 | 增持 | | 立高食品 | 买入 | 相关研究报告 <<农夫山泉：经营稳健，恢复性增长 可期>>--2025-06-03 <<新消费热度延续，聚焦高景气机会 — — 食 品 饮 料 周 报 （ 2025.5.26- 2025.6.1）>>--2025-06-03 <<古茗：平价茶饮之王，供应链打造 下沉市场领跑者>>--2025-05-29 证券分析师：郭梦婕 电话 ...

| 新股发行及今日交易提示 | 2025/6/9 | 星期一 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/9 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | | https://www.cninfo.com.cn/new/disclosure/detail?plate=szse&orgId=9900010033&stockCode=0 | 002336 | *ST人乐 | 退市整理期起始日 | : | 2025年6月13日 | 02336&an ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The food and beverage sector has underperformed the broader market, with a decline of 2.12% over the past two weeks, compared to a 1.10% increase in the Shanghai Composite Index, resulting in a 3.22 percentage point lag [4][17] - The report highlights a significant interest in new consumption trends, particularly in health products and yellow wine, indicating a shift in consumer preferences [5][8] - The report emphasizes the potential for policy changes to improve macroeconomic expectations, which could enhance both valuation and performance in the food and beverage sector [28] Summary by Sections Industry Performance - The food and beverage sector's performance over the last year shows a decline of 5.3%, while the Shanghai Composite Index has increased by 7.8% [4] - Within the sector, soft drinks have seen the highest increase of 9.45%, followed by snacks and other alcoholic beverages with increases of 5.48% and 4.98% respectively [17] Key Companies and Recommendations - Recommended companies in the liquor segment include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [8][30] - In the consumer goods segment, companies such as Bai Run, Wei Long, Yan Jin Pu Zi, Wan Chen Group, and You You Food are highlighted as key players [10][30] Market Trends - The report notes that the 618 shopping festival has led to increased competition and promotional activities in the liquor market, which may pressure prices [6][8] - New product launches, such as Nongfu Spring's new iced tea, are expected to create differentiated market offerings and enhance competitive positioning [9][30] Valuation Insights - As of June 6, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector stands at 21.25x, indicating a mid-range valuation among primary industries [23][28] - The report suggests that the current low valuations present an opportunity for investment as the sector is expected to benefit from upcoming policy changes [28]