Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][15]. Core Views - The company is projected to achieve significant revenue growth driven by the expansion of membership channels and new product launches, with a forecasted revenue of 7.46-7.98 billion yuan for the first half of 2025, representing a year-on-year increase of 40.91%-50.77% [4][5]. - The company is focusing on optimizing channel structures and innovating products, with membership supermarkets and snack wholesale channels becoming key growth drivers [5][6]. - The report highlights a positive outlook for the company's profitability, with net profit for the first half of 2025 expected to be between 1.05-1.12 billion yuan, a year-on-year increase of 37.91%-47.57% [4][6]. Summary by Sections Company Overview - The latest closing price is 12.43 yuan, with a total market capitalization of 5.3 billion yuan [3]. - The company has a debt-to-asset ratio of 13.3% and a price-to-earnings ratio of 33.59 [3]. Financial Performance - The company anticipates a revenue forecast adjustment for 2025-2027 to 16.97/20.06/22.49 billion yuan, reflecting a year-on-year growth of 43.51%/18.22%/12.11% [7]. - The expected net profit for the same period is revised to 2.21/2.65/2.99 billion yuan, with corresponding year-on-year growth rates of 40.42%/20.0%/12.91% [9]. Profitability and Cost Structure - The report notes that the shift in channel structure has impacted gross margins, with a higher proportion of low-margin sales through membership supermarkets and snack channels [6]. - Despite the increase in absolute expenses due to brand investments in online and traditional channels, the overall expense ratio is expected to decline [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue of 746-798 million yuan in H1 2025, representing a year-on-year increase of 40.9%-50.8% [7] - The net profit attributable to the parent company is projected to be 105-112 million yuan, a year-on-year increase of 37.9%-47.6% [7] - The company has shown strong growth potential, with new product launches contributing positively to revenue [7] - Profit margins have exceeded expectations due to improved operational efficiency and a decrease in marginal costs [7] - The earnings forecast has been revised upwards, with net profits for 2025-2027 expected to be 231.58 million, 285.29 million, and 328.92 million yuan respectively, reflecting growth rates of 47.19%, 23.19%, and 15.29% [7] Financial Summary - Total revenue for 2023 is projected at 966.21 million yuan, with a year-on-year decrease of 5.68% [1] - For 2024, total revenue is expected to rise to 1,182.33 million yuan, a growth of 22.37% [1] - The company’s net profit for 2023 is estimated at 116.16 million yuan, down 24.38% year-on-year [1] - The earnings per share (EPS) for 2023 is projected at 0.27 yuan, with a P/E ratio of 45.77 [1] - The company’s total assets are expected to be 2,047 million yuan in 2024, with a debt ratio of 15.85% [6]

Investment Rating - The report maintains a "Buy" investment rating for Youyou Food [1] Core Views - Youyou Food continues to experience high growth in performance, driven by both product and channel expansion [4][5] - The company is expected to benefit from a low base effect, with projected total revenue for H1 2025 between 746 million to 798 million yuan, representing a year-on-year increase of 41% to 51% [4] - The introduction of new products in the Sam's Club channel is contributing positively to sales, with significant monthly sales figures for key products [5] Summary by Sections Performance Overview - For H1 2025, the net profit attributable to shareholders is forecasted to be between 105 million to 112 million yuan, reflecting a year-on-year growth of 38% to 48% [4] - The second quarter of 2025 is expected to show even stronger growth, with total revenue projected between 363 million to 415 million yuan, a year-on-year increase of 43% to 63% [4] Product and Channel Development - The company has successfully introduced new products such as "Light Enjoy Time" and "Sour Soup Double Crisp" in the Sam's Club channel, with strong sales performance [5] - The penetration rate in the snack wholesale market is steadily increasing, with expectations for significant growth in traditional channels, particularly in previously underserved regions [5] Profit Forecast - The earnings per share (EPS) estimates for 2025 to 2027 have been adjusted to 0.50, 0.61, and 0.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 25, 20, and 17 times [6] - The company is expected to maintain strong sales momentum in the Sam's Club channel and continue to benefit from the growth in snack wholesale and e-commerce channels [6] Financial Projections - The projected main revenue for 2025 is 1,586 million yuan, with a growth rate of 34.1% [9] - The net profit attributable to shareholders for 2025 is forecasted at 215 million yuan, with a growth rate of 36.4% [9]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected companies within the sector [4]. Core Insights - The report highlights a significant differentiation within the industry, particularly in the liquor segment, where companies are actively seeking transformation amid market pressures. It emphasizes three main investment themes: leading brands, high-certainty regional brands, and flexible companies benefiting from recovery [1][2]. - In the beer and beverage sector, companies like Yanjing and Zhujiang are expected to show strong profit growth, with Yanjing projected to achieve a net profit of 1.06 to 1.14 billion yuan, reflecting a year-on-year increase of 40% to 50% [3]. Summary by Sections Liquor Industry - The liquor industry is experiencing a challenging half-year, with demand and policy impacts leading to a slowdown in sales. The report anticipates that the performance expectations for the mid-year and the entire year of 2025 have been largely adjusted [2]. - Key players like Kweichow Moutai and Wuliangye are focusing on service enhancement and transformation strategies to navigate the current market conditions. The report suggests that the upcoming month of September will be critical for assessing the impact of policies and consumer demand [2]. Beer and Beverage Sector - Yanjing Beer is expected to achieve a net profit of 1.06 to 1.14 billion yuan for the first half of 2025, marking a year-on-year increase of 40% to 50%. Zhujiang Beer is also projected to see a profit increase of 15% to 25% [3]. - Eastroc Beverage is forecasted to generate revenue of 10.63 to 10.84 billion yuan, with a net profit of 2.31 to 2.45 billion yuan, reflecting a growth of 33% to 42% year-on-year [3]. Consumer Goods - The report notes that companies like Youyou Foods and Miaokelando are expected to report significant profit increases, with Youyou Foods projecting a revenue growth of 40.91% to 50.77% [7]. - The overall consumer goods sector is highlighted as a space to watch for growth, particularly for companies that are innovating and expanding their market reach [7].

Core Viewpoint - The company has released its 2025H1 performance forecast, indicating accelerated revenue growth in 2025Q2, with improvements in net profit margins both year-on-year and quarter-on-quarter, showcasing effective channel expansion and promising sustained growth [1]. Investment Highlights - The investment recommendation is to maintain a "Buy" rating. The company has demonstrated significant revenue growth due to successful market expansion, leading to an overall improvement in profitability. The EPS forecasts for 2025-2027 have been raised to 0.49 (+0.03), 0.60 (+0.02), and 0.70 (+0.02) yuan respectively. Based on comparable companies and the notable growth trend, a 33X PE for 2025 has been assigned, with the target price adjusted to 16.2 yuan [2]. - For 2025H1, the expected revenue is between 746-798 million yuan, representing a year-on-year increase of 40.91%-50.77%. The net profit attributable to the parent company is projected to be between 105-112 million yuan, a year-on-year increase of 37.91%-47.57%. The non-recurring net profit is expected to be between 89-97 million yuan, reflecting a year-on-year increase of 46.82%-58.90%. For 2025Q2, the single-quarter revenue is anticipated to be between 363-415 million yuan, with a year-on-year increase of 42.7%-63.2% [2]. - The net profit margin for 2025Q2 is estimated to be 15.0%, showing a year-on-year increase of 2.1 percentage points and a quarter-on-quarter increase of 1.9 percentage points. The non-recurring net profit margin is expected to be 12.7%, with a year-on-year increase of 2.4 percentage points and a quarter-on-quarter increase of 2.1 percentage points. The profitability recovery in 2025Q2 is attributed to a low base in 2024Q2, despite a decrease in investment income in 2025Q1 [3]. Channel Expansion and Product Development - The company continues to innovate within the Sam's Club channel, launching new vegetarian and meat products, which are expected to contribute to revenue growth. Amidst a shrinking traditional retail environment, the company has achieved structural breakthroughs by establishing a membership-based retail system and deepening penetration into mainstream snack wholesale channels while enhancing e-commerce operations [3]. - The ongoing development of new flavored snacks and the expansion of the product matrix are anticipated to support sustained sales growth, reflecting the company's commitment to adapting to market changes and consumer preferences [3].

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly highlighting the long-term investment value of leading traditional consumer companies after adjustments [4][8]. Core Views - The report emphasizes that the head enterprises in traditional consumption have adjusted and now possess long-term investment value from a dividend and yield perspective. It notes that the performance of food stocks with new consumption characteristics will diverge in the future, focusing on companies with genuine long-term competitiveness and improvement potential [4][8]. - In the liquor sector, it is anticipated that sales pressure will remain significant due to slow macro demand recovery and limited consumption scenarios. The report recommends key companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, while keeping an eye on Wuliangye, Jiansu Yanjia, and Yingjia Gongjiu [4][8]. - For the mass consumer goods sector, the report suggests that cost advantages will support profitability, and new products and channels will drive growth. It recommends leading companies in mature sectors like dairy and beer, and highlights growth opportunities in new retail formats and categories driven by consumer trends towards self-care, health, and convenience [4][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 0.84% increase last week, with liquor rising by 1.41%. However, it underperformed the broader market by 0.25 percentage points, ranking 26th among 31 sub-industries [7][43]. 2. Market Performance of Food and Beverage Sectors - The report indicates that the food and beverage industry underperformed the Shenwan A index by 0.73 percentage points from July 7 to July 11, 2025. The sub-industries, including liquor, beer, and snacks, also showed varying degrees of underperformance [43][44]. 3. Key Company Updates - Yanjing Beer expects a net profit of 1.06 to 1.14 billion yuan for H1 2025, a year-on-year increase of 40% to 50% [12]. - Dongpeng Beverage anticipates a net profit of 2.31 to 2.45 billion yuan for H1 2025, reflecting a growth of 33.5% to 41.6% [13]. - Youyou Foods projects a net profit of 105 to 112 million yuan for H1 2025, marking a growth of 37.91% to 47.57% [14]. 4. Price Trends and Cost Changes - The average price of fresh milk in major production areas is 3.04 yuan/kg, down 6.5% year-on-year. The report also notes price trends for various agricultural products, including pork and soybeans [24][39][40].

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by strong product innovation and expansion in various sales channels [1][2]. Group 1: Financial Performance - For H1 2025, the company anticipates revenue between 746-798 million yuan, representing a year-on-year increase of 40.91%-50.77% [1]. - The expected net profit attributable to shareholders is projected to be between 105-112 million yuan, reflecting a year-on-year growth of 37.91%-47.57% [1]. - The company forecasts Q2 2025 revenue of 363-415 million yuan, with a year-on-year increase of 42.71%-63.24% [1]. Group 2: Product Innovation and Market Expansion - The company has been actively expanding its product offerings in membership stores, introducing items like vegetarian gift packs and sour soup snacks, which are expected to contribute significantly to revenue in the second half of the year [1]. - The company is focusing on customized products to meet the growing demand from downstream channels, enhancing collaborations with snack wholesale systems and large supermarkets [1]. - Recent product development has accelerated, with new items such as chicken feet and tiger skin chicken feet being added to the existing lineup, although the current market penetration of these new products remains low [2]. Group 3: Long-term Growth Outlook - The company is positioned as a leader in the marinated chicken feet segment and is expected to continue expanding its product categories while embracing emerging sales channels [2]. - Revenue projections for 2025-2027 are estimated at 1.675 billion, 2.021 billion, and 2.426 billion yuan, with respective year-on-year growth rates of 41.66%, 20.67%, and 20.02% [2]. - The expected net profit for the same period is projected to be 219 million, 261 million, and 317 million yuan, with year-on-year growth rates of 39.36%, 19.24%, and 21.32% [2].

Core Viewpoint - Youyou Food Co., Ltd. expects significant growth in revenue and net profit for the first half of 2025, driven by successful market expansion efforts [1][2]. Group 1: Performance Forecast - The company anticipates a revenue increase of 40.91% to 50.77%, projecting revenue between 746.18 million yuan and 798.42 million yuan for the first half of 2025 [1]. - The expected net profit attributable to the parent company is forecasted to be between 105 million yuan and 112.35 million yuan, reflecting a year-on-year increase of 37.91% to 47.57% [2]. - The net profit excluding non-recurring gains and losses is projected to be between 89.32 million yuan and 96.67 million yuan, indicating a year-on-year increase of 46.82% to 58.90% [2]. Group 2: Previous Year Performance - In the same period last year, the total profit was 90.21 million yuan, with a net profit attributable to the parent company of 76.14 million yuan and a net profit excluding non-recurring items of 60.84 million yuan [2]. - The earnings per share for the previous year were 0.18 yuan [2]. Group 3: Reasons for Performance Increase - The significant growth in revenue and overall profitability is attributed to the effective market expansion efforts undertaken by the company during the reporting period [2].

证券代码：603697 证券简称：有友食品 公告编号：2025-044 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 ●委托理财受托方：国元证券股份有限公司（以下简称"国元证券"） ●本次委托理财金额：2,000 万元 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 为合理利用自有资金，在不 ...

[Key Highlights](index=1&type=section&id=Key%20Highlights) The company expects significant growth in key financial metrics for the first half of 2025 - The company expects significant growth in **operating revenue**, **net profit attributable to parent company shareholders**, and **net profit after deducting non-recurring gains and losses** for the first half of 2025[3](index=3&type=chunk) Key Financial Indicators for H1 2025 Performance Forecast | Indicator | Estimated Amount Range (10,000 RMB) | Year-on-Year Growth Range (%) | | :--- | :--- | :--- | | Operating Revenue | 74,618 - 79,842 | 40.91 - 50.77 | | Net Profit Attributable to Parent Company Shareholders | 10,500 - 11,235 | 37.91 - 47.57 | | Net Profit After Deducting Non-Recurring Gains and Losses Attributable to Parent Company Shareholders | 8,932 - 9,667 | 46.82 - 58.90 | [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This section details the company's performance forecast for H1 2025, including revenue and profit projections [Performance Forecast Period](index=1&type=section&id=(I)%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1, 2025, to June 30, 2025 - The performance forecast period is from **January 1, 2025, to June 30, 2025**[4](index=4&type=chunk) [Performance Forecast Details](index=1&type=section&id=(II)%20Performance%20Forecast%20Details) The company anticipates substantial growth in H1 2025 operating revenue and profits, consistent with key highlights Detailed H1 2025 Performance Forecast Data | Indicator | Estimated Amount Range (10,000 RMB) | Increase from Prior Year Period (10,000 RMB) | Year-on-Year Growth Range (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 74,618 - 79,842 | 21,663 - 26,887 | 40.91 - 50.77 | | Net Profit Attributable to Parent Company Shareholders | 10,500 - 11,235 | 2,886 - 3,621 | 37.91 - 47.57 | | Net Profit After Deducting Non-Recurring Gains and Losses Attributable to Parent Company Shareholders | 8,932 - 9,667 | 2,848 - 3,583 | 46.82 - 58.90 | [Prior Year Period Operating Performance and Financial Status](index=2&type=section&id=II.%20Prior%20Year%20Period%20Operating%20Performance%20and%20Financial%20Status) This section presents the company's operating performance and financial status for the same period in the prior year [Total Profit, Net Profit Attributable to Parent Company Shareholders, and Net Profit After Deducting Non-Recurring Gains and Losses Attributable to Parent Company Shareholders](index=2&type=section&id=(I)%20Total%20Profit%2C%20Net%20Profit%20Attributable%20to%20Parent%20Company%20Shareholders%2C%20and%20Net%20Profit%20After%20Deducting%20Non-Recurring%20Gains%20and%20Losses%20Attributable%20to%20Parent%20Company%20Shareholders) This section discloses H1 2024 total profit, net profit attributable to parent company shareholders, and non-recurring net profit H1 2024 Operating Performance | Indicator | Amount (10,000 RMB) | | :--- | :--- | | Total Profit | 9,021 | | Net Profit Attributable to Parent Company Shareholders | 7,614 | | Net Profit After Deducting Non-Recurring Gains and Losses Attributable to Parent Company Shareholders | 6,084 | [Earnings Per Share](index=2&type=section&id=(II)%20Earnings%20Per%20Share) This section discloses the earnings per share for H1 2024 - Earnings per share for the first half of 2024 was **0.18 RMB**[7](index=7&type=chunk) [Primary Reasons for Current Period Performance Increase](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) Performance increase is primarily due to successful market expansion and enhanced overall profitability - During the reporting period, the company's market expansion efforts yielded results, leading to significant growth in **revenue scale**[8](index=8&type=chunk) - Revenue growth drove an improvement in **overall profitability**[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This section warns that the performance forecast is preliminary and unaudited - There are no significant uncertainties that could affect the accuracy of this performance forecast[9](index=9&type=chunk) - The data in this performance forecast represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[9](index=9&type=chunk) [Other Explanatory Notes](index=2&type=section&id=V.%20Other%20Explanatory%20Notes) Investors are advised to exercise caution as preliminary forecast data awaits the final audited semi-annual report - The forecast data is based on preliminary calculations, and the specific accurate financial data will be subject to the company's officially disclosed **2025 semi-annual report**[10](index=10&type=chunk) - Investors are kindly advised to be aware of **investment risks**[10](index=10&type=chunk)