Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumer retail sales growth rate rebounded month-on-month in March, indicating strengthened expectations for consumption policies. The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The snack food (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) sectors performed relatively well [3][12][14] - The first quarter of 2025 saw a decrease in the allocation of food and beverage stocks by funds, with the allocation ratio dropping from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds reduced their allocation to food and beverage stocks, while the allocation to liquor stocks increased slightly [3][12][14] - The Central Political Bureau meeting emphasized increasing income for low- and middle-income groups and boosting service consumption to enhance economic growth. This aligns with the optimistic outlook for the consumption sector. Despite pressures on the performance of liquor, condiments, and frozen food in Q1, the snack sector showed strong growth, with companies like Salted Fish and West Oat achieving significant revenue increases [4][13] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage stocks, but holdings became more concentrated, with the snack sector showing outstanding performance [12] - The food and beverage index underperformed the market, with a decline of 1.4% [14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 sectors, underperforming the CSI 300 by about 1.7 percentage points. Snack food, soft drinks, and other alcoholic beverages showed relative strength [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Liquor Industry News - Wuliangye plans to launch 17 new product series, indicating ongoing innovation in the liquor sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant growth potential, with a focus on accelerating the pace of new product launches [1] - In Q1 2025, the company achieved revenue of 380 million yuan, a year-on-year increase of 39.2%, and a net profit attributable to shareholders of 50 million yuan, up 16.2% year-on-year [7] - The company is actively expanding into new channels, particularly in membership-based supermarkets and e-commerce, which are expected to contribute to future growth [7] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023A: 966.21 million yuan - 2024A: 1,182.33 million yuan (22.37% YoY growth) - 2025E: 1,516.87 million yuan (28.30% YoY growth) - 2026E: 1,761.44 million yuan (16.12% YoY growth) - 2027E: 2,025.66 million yuan (15.00% YoY growth) [1] - Net profit attributable to shareholders is projected as follows: - 2023A: 116.16 million yuan - 2024A: 157.33 million yuan (35.44% YoY growth) - 2025E: 198.51 million yuan (26.18% YoY growth) - 2026E: 233.85 million yuan (17.80% YoY growth) - 2027E: 270.52 million yuan (15.68% YoY growth) [1] - The latest diluted EPS is projected to be: - 2023A: 0.27 yuan - 2024A: 0.37 yuan - 2025E: 0.46 yuan - 2026E: 0.55 yuan - 2027E: 0.63 yuan [1] Market Data Summary - The closing price of the stock is 13.50 yuan - The market capitalization is 5,773.84 million yuan - The price-to-earnings ratio (P/E) is projected to be 49.71 for 2023A, decreasing to 21.34 by 2027E [5][1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated significant growth in Q1 2025, achieving revenue of 380 million yuan, a year-on-year increase of 39.2%, and a net profit attributable to shareholders of 50 million yuan, up 16.2% year-on-year [7] - The company is actively expanding its new product offerings and emerging sales channels, which are expected to contribute significantly to future growth [7] - The company maintains a positive outlook for profitability, with net profit forecasts for 2025-2027 expected to grow by 26.2%, 17.8%, and 15.7% respectively [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 380 million yuan, with a breakdown showing meat products revenue at 354 million yuan, a 45% increase year-on-year [7] - The company’s gross profit margin for Q1 2025 was 18.2%, a decrease of 1.5 percentage points year-on-year, attributed to changes in channel structure [7] - The net profit margin for Q1 2025 was 13.1%, down 2.6 percentage points year-on-year [7] Revenue and Profit Forecast - The total revenue forecast for 2023A to 2027E is projected to grow from 966.21 million yuan in 2023A to 2,025.66 million yuan in 2027E, with a compound annual growth rate (CAGR) of approximately 15% [1] - The net profit attributable to shareholders is expected to increase from 116.16 million yuan in 2023A to 270.52 million yuan in 2027E, reflecting a strong growth trajectory [1] Market Position and Strategy - The company is focusing on new product launches and expanding into new sales channels, particularly in e-commerce and membership-based supermarkets, which are anticipated to drive future revenue growth [7] - The company’s strategy includes enhancing operational efficiency and leveraging scale effects to improve profitability [7]

Core Insights - The company reported a strong Q1 2025 performance with revenue of 383 million yuan, a year-on-year increase of 39.23%, and a net profit attributable to shareholders of 50 million yuan, up 16.25% year-on-year [1] - The poultry products segment showed significant growth, with revenue reaching 325 million yuan, a 47.18% increase year-on-year, driven by rapid growth in membership store products [1][3] - The company is expanding its product offerings and channels, with a focus on new product development and deeper collaboration with downstream systems [3] Financial Performance - Q1 2025 revenue was 383 million yuan, with a net profit of 50 million yuan and a non-recurring net profit of 44 million yuan, reflecting increases of 39.23%, 16.25%, and 25.80% year-on-year respectively [1] - The gross margin for Q1 2025 was 27.08%, down 4.35 percentage points year-on-year, primarily due to changes in channel structure [2] - The company’s net profit margin for Q1 2025 was 13.14%, a decrease of 2.60 percentage points year-on-year, while the non-recurring net profit margin was 11.38%, down 1.22 percentage points [2] Growth Drivers - Online sales in Q1 2025 reached 24 million yuan, a remarkable increase of 88.0% year-on-year, while offline sales were 352 million yuan, up 35.9% [1] - The company is actively introducing new products in membership stores and expanding its traditional channel network, which is expected to mitigate the impact of competition from snack retailers [3] - Future revenue projections for 2025-2027 are 1.675 billion, 2.021 billion, and 2.426 billion yuan, with expected year-on-year growth rates of 41.66%, 20.67%, and 20.02% respectively [3]

Core Viewpoint - The announcement emphasizes the commitment of the board and management of Youyou Food Co., Ltd. to the accuracy and completeness of the quarterly report, ensuring no false statements or omissions exist [1][2]. Financial Data Summary - The first quarter financial statements for 2025 are not audited [3]. - The report includes major financial data and indicators, but specific figures are not provided in the text [3]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [3]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is included, but specific data is not provided [4]. - There are no changes reported in the top ten shareholders due to securities lending activities [5]. Other Important Information - The announcement includes a reminder for investors to pay attention to other significant information regarding the company's operational performance during the reporting period, but no specific details are provided [5]. - The financial statements for the first quarter of 2025 are prepared but remain unaudited [6].

证券代码：603697 证券简称：有友食品 公告编号：2025-030 有友食品股份有限公司 2025 年一季度主要经营数据公告 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。 1、主营业务收入按产品类别分类情况 一、2025 年一季度主要经营数据 | 类别 | 2025 年 1-3 | 月 | 2024 年 1-3 | 月 | | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | | 线上渠道 | 2,415.73 | 6.43% | 1,284.97 | 4.73% | | 线下渠道 | 35,165.58 | 93.57% | 25,875.95 | 95.27% | | 合 计 | 37,581.31 | 100.00% | 27,160.92 | 100.00% | 二、2025 年一季度经销商变动情况 | 地区分布 | 期初 | 增加 | 减少 | 期末 | | --- | --- | --- | --- | --- | | 东南区域 | 317 | ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥383,008,982.67, representing a 39.23% increase compared to ¥275,081,162.58 in the same period last year[5] - Net profit attributable to shareholders was ¥50,321,912.28, up 16.25% from ¥43,287,937.52 year-on-year[5] - Basic earnings per share increased by 20.00%, from ¥0.10 to ¥0.12[6] - Operating profit for Q1 2025 was ¥59,905,302.69, an increase of 16.5% from ¥51,511,124.35 in Q1 2024[21] - Total operating revenue for Q1 2025 reached ¥383,008,982.67, a 39.2% increase from ¥275,081,162.58 in Q1 2024[21] - Net profit for Q1 2025 was ¥50,321,912.28, representing a 16.4% increase compared to ¥43,287,937.52 in Q1 2024[22] - Basic and diluted earnings per share for Q1 2025 were both ¥0.12, compared to ¥0.10 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,168,290,920.71, a 5.92% increase from ¥2,047,168,848.00 at the end of the previous year[6] - Current assets totaled CNY 1,622,761,726.98, up from CNY 1,509,357,308.70, indicating an increase of about 7.5%[16] - Total liabilities increased to CNY 343,632,114.43 from CNY 272,831,954.00, which is an increase of about 26%[18] - The company's equity attributable to shareholders reached CNY 1,824,658,806.28, up from CNY 1,774,336,894.00, reflecting a growth of approximately 2.8%[18] - The total current liabilities amounted to CNY 312,579,422.86, compared to CNY 240,989,680.43, indicating an increase of about 29.7%[18] Cash Flow - Cash flow from operating activities was ¥71,027,729.40, reflecting a 13.36% increase from ¥62,659,485.18 in the previous year[5] - Cash flow from operating activities for Q1 2025 was ¥71,027,729.40, compared to ¥62,659,485.18 in Q1 2024, indicating a 13.7% increase[24] - Cash flow from investing activities for Q1 2025 showed a net outflow of ¥212,485,110.29, worsening from a net outflow of ¥106,000,588.07 in Q1 2024[25] - Cash and cash equivalents at the end of Q1 2025 totaled ¥93,641,683.61, up from ¥61,132,156.13 at the end of Q1 2024[25] - The company reported a decrease in cash and cash equivalents by 55.12%, primarily due to investments in financial products[9] Accounts Receivable and Inventory - The company experienced a 71.58% increase in accounts receivable, attributed to higher sales revenue from direct channels[9] - Accounts receivable rose significantly to CNY 128,026,403.91 from CNY 74,614,467.42, marking an increase of around 71.5%[16] - The company reported a significant increase in inventory, with total inventory at CNY 327,601,367.31, down slightly from CNY 336,835,909.54, a decrease of about 2.3%[16] Other Income and Expenses - Other income rose significantly by 798.39%, mainly due to increased government subsidies received during the reporting period[10] - The company reported other income of ¥6,254,660.69 in Q1 2025, significantly higher than ¥696,210.20 in Q1 2024[21] - Research and development expenses surged by 100.51%, primarily due to increased salaries for R&D personnel and new product packaging design costs[9] - The company experienced a foreign exchange loss of ¥7,074.75 in Q1 2025, with no such loss reported in Q1 2024[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,419[11] - The company has not reported any changes in the top 10 shareholders or their participation in financing and securities lending activities[13] - There are no significant reminders or additional important information regarding the company's operational performance during the reporting period[14]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1200 | 0.1000 | 20 | 0.1100 | | 每股净资产（元） | 4.27 | 4.39 | -2.73 | 6.19 | | 每股公积金(元) | 0.9 | 0.9 | 0 | 1.71 | | 每股未分配利润(元) | 2.00 | 2.21 | -9.5 | 3.22 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.83 | 2.75 | 39.27 | 2.33 | | 净利润(亿元) | 0.5 | 0.43 | 16.28 | 0.47 | | 净资产收益率(%) | 2.80 | 2.33 | 20.17 | 2.52 | | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 鹿有忠 | ...

New Stock Listings - The new stock "Zhongjie Automobile" (code: 301560) is listed at an issuance price of 16.50[1] Rights Issues and Offers - Cash option for "AVIC Capital" (code: 600705) is available from April 23 to April 25, 2025[1] - Tender offer for "ST Xinchao" (code: 600777) is open from April 23 to May 22, 2025[1] - "ST Puli" (code: 300630) will enter the delisting arrangement period starting April 28, 2025[1] Market Alerts - "Guoguang Chain" (code: 605188) has reported severe abnormal fluctuations[1] - "Dongfang Tong" (code: 300379) also reported severe abnormal fluctuations[1] Other Announcements - "Huili B" (code: 900939) has a recent announcement linked to its trading activities[1] - "Zhejiang Rongtai" (code: 603119) has a recent announcement linked to its trading activities[1] - "ST Jiuyou" (code: 600462) has a recent announcement linked to its trading activities[1]