证券代码：603697 证券简称：有友食品 公告编号：2025-061 有友食品股份有限公司 为合理利用自有资金，在不影响日常经营资金需求和资金安全的前提下，使用部分自有资 金进行现金管理，以增加股东和公司的投资收益。 关于使用自有资金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、本次委托理财概况 （一）委托理财目的 ...

有友食品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 证券代码：603697 证券简称：有友食品 公告编号：2025-060 重要内容提示： 会议召开时间：2025 年 09 月 16 日 （星期二） 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 09 日 （星期二） 至 09 月 15 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 yysecurity@youyoufood.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 有友食品股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 771 million yuan for the first half of 2025, representing a year-on-year increase of 45.59%. The net profit attributable to shareholders was 108 million yuan, up 42.47%, while the net profit excluding non-recurring items was 92.78 million yuan, an increase of 52.51% [2][4] - In the second quarter of 2025, total revenue reached 388 million yuan, reflecting a year-on-year growth of 52.45%. The net profit attributable to shareholders was 58.15 million yuan, a significant increase of 77.03%, and the net profit excluding non-recurring items was 49.19 million yuan, up 87.86% [2][4] - The company is focusing on new product launches and channel adjustments, particularly in the Sam's Club channel, which is expected to drive future growth [9] Financial Performance Summary - For the first half of 2025, the company's net profit margin decreased by 0.31 percentage points to 14.07%, while the gross margin fell by 3.27 percentage points to 27.57%. The expense ratio decreased by 4.4 percentage points to 11.85% [9] - In the second quarter of 2025, the net profit margin improved by 2.08 percentage points to 14.99%, with a gross margin of 28.04% [9] - The company plans to distribute a cash dividend of 0.23 yuan per share, which represents 90.69% of the net profit attributable to shareholders for the period [9] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 230 million yuan, 262 million yuan, and 293 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.54 yuan, 0.61 yuan, and 0.69 yuan, with price-to-earnings (PE) ratios of 26, 23, and 21 times, respectively [9]

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Core Insights - The report maintains a positive investment rating for the food and beverage industry, indicating potential recovery and growth opportunities despite current pressures [1] - The food and beverage sector has underperformed the market, with a year-to-date increase of 3.9%, lagging behind the CSI 300 by approximately 17.2 percentage points [4][16] - The snack segment has shown strong performance, with a notable increase of 55.2% from January to August 2025, while other segments like beer and seasoning products have struggled [4][16] Market Performance - The food and beverage sector's performance has been mixed, with snacks, cooked food, and other alcoholic beverages showing positive growth, while beer and seasoning products have declined [4][16] - The overall market sentiment has shifted towards technology themes, leading to weaker performance in traditional food and beverage sectors [4][16] - The report highlights that the snack segment's strong performance is driven by companies like Wancheng Group (+164.7%), Youyou Foods (+40.9%), and Haoxiangni (+36.2%) [4][16] Economic Overview - The macroeconomic environment remains challenging, with China's GDP growth at 5.2% in Q2 2025, slightly down from Q1 [5][49] - Retail sales of consumer goods increased by 5.4% year-on-year in Q2 2025, indicating a slight recovery, but traditional consumption sectors still face pressure [5][49] - The report anticipates a gradual recovery in consumer spending in the second half of 2025 [5][49] Industry Analysis - The food and beverage sector's revenue growth in Q2 2025 was 5.6%, a slight improvement from Q1, but profits declined by 2.1% [6][49] - The report notes a significant decline in the revenue growth of the liquor sector, particularly due to the impact of alcohol bans [6][49] - New consumption trends are emerging, with snack and health product segments showing resilience and growth potential [6][49] Investment Opportunities - The report suggests that the liquor sector is beginning to show signs of recovery, with potential for valuation improvement as the market stabilizes [7] - It recommends focusing on leading companies in the sector, particularly those with strong growth prospects in new consumption categories [7] - Specific companies to watch include Wancheng Group, Xiamen International Trade, and Dongpeng Beverage, which are expected to benefit from emerging trends [7]

Group 1 - The leisure food sector increased by 0.68% on September 4, with Gui Faxiang leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] - Notable performers in the leisure food sector included Gui Faxiang, which rose by 6.12% to a closing price of 13.00, and Lai Yifen, which increased by 5.05% to 14.34 [1] Group 2 - The leisure food sector saw a net inflow of 27.75 million yuan from main funds, while retail investors contributed a net inflow of 84.39 million yuan [2] - Major stocks like San Zhi Song Shu and Lai Yifen experienced significant net outflows from speculative funds, with San Zhi Song Shu seeing a net outflow of 3.71 million yuan [2] - The data indicates a mixed sentiment among different types of investors, with main funds showing positive interest while speculative funds withdrew [2]

Core Viewpoint - The leisure food sector experienced a decline of 2.28% on September 3, with Youyou Food leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3813.56, down 1.16% [1] - The Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Youyou Food's stock price fell by 9.77% to 12.37 [1] - Other notable declines include Maijiao (-5.03%), Lihigh Food (-4.90%), and Guifaxiang (-4.45%) [1] Group 2: Trading Volume and Value - Youyou Food had a trading volume of 280,100 shares and a transaction value of 366 million yuan [1] - Lihigh Food recorded a transaction value of 234 million yuan with a trading volume of 48,500 shares [1] - Guifaxiang had a transaction value of 181 million yuan with a trading volume of 145,100 shares [1] Group 3: Capital Flow - The leisure food sector saw a net outflow of 264 million yuan from main funds, while retail investors contributed a net inflow of 283 million yuan [2] - Speculative funds experienced a net outflow of 18.87 million yuan [2]

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Company Overview - Youyou Foods Co., Ltd. is located in Chongqing, established on May 25, 2007, and listed on May 8, 2019. The company specializes in the research, production, and sales of flavored leisure foods, particularly marinated products [1]. Stock Performance - As of September 2, Youyou Foods' stock price decreased by 0.65%, trading at 13.73 CNY per share, with a transaction volume of 350 million CNY and a turnover rate of 5.82%. The total market capitalization is 5.872 billion CNY. The stock has experienced a continuous decline over three days, with a cumulative drop of 5.89% [1]. Revenue Composition - The revenue composition of Youyou Foods is as follows: marinated chicken feet account for 66.36%, other marinated meat products 12.90%, jelly products 7.89%, vegetarian products 7.86%, chicken wings 4.05%, and other products 0.95% [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Galaxy Fund holds Youyou Foods. The Galaxy Transformation Mixed A Fund (519651) held 754,600 shares in the second quarter, representing 3.43% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 67,900 CNY, with a total floating loss of 649,000 CNY during the three-day decline [2]. Fund Performance - The Galaxy Transformation Mixed A Fund (519651) was established on May 12, 2015, with a current size of 291 million CNY. Year-to-date returns are 13.46%, ranking 5247 out of 8184 in its category. Over the past year, the fund has returned 25.71%, ranking 5096 out of 7971. Since inception, the fund has incurred a loss of 51.1% [2]. Fund Management - The fund manager of Galaxy Transformation Mixed A is Yang Qi, who has been in the position for 8 years and 241 days. The total asset size of the fund is 520 million CNY, with the best return during Yang's tenure being 66.76% and the worst return being -18.31% [3].

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]