Core Viewpoint - Youyou Foods achieved a revenue of 1.182 billion yuan in 2024, marking a year-on-year growth of 22.37%, and a net profit of 157 million yuan, up 35.44%, reversing a trend of declining revenue since 2022 [1][2] Group 1: Financial Performance - The company reported a significant increase in revenue and net profit in 2024, indicating a potential turning point after three years of declining net profit and two years of declining revenue [1][2] - The revenue growth was primarily driven by the entry into membership-based supermarket channels such as Sam's Club, where a new product, deboned duck feet, became a bestseller [1][2] - The segment "other flavored meat products" saw a dramatic increase of 840.69%, growing from 16.21 million yuan to 152 million yuan, contributing significantly to revenue growth [1] Group 2: Market Strategy and Challenges - The company has partnered with Sam's Club and Hema to launch customized products, which has bolstered management's confidence in achieving a revenue growth target of no less than 20% for 2025 [2] - Despite the positive developments, the core product, spicy chicken feet, has been experiencing declining sales since 2019, with 2024 sales still below 2020 levels [2][3] - The company faces challenges similar to other snack food companies, including brand aging and reliance on a single product, which limits its ability to innovate in response to changing consumer trends [2] Group 3: Operational Insights - The company has seen a significant increase in accounts receivable, rising from 3.7948 million yuan to 74.6145 million yuan, indicating longer payment terms with direct sales channels [5] - The gross margin for traditional products remains high, but new products have lower margins, which could impact overall profitability as their revenue share increases [4][5] - The company’s production capacity has stagnated, with total production in 2024 at 26,300 tons, similar to 2018 levels, suggesting underutilization of capacity [5][6]

Summary of Conference Call Notes Company Overview - The company is focused on the production and sales of "泡椒粉爪" (spicy chicken feet), which has been a popular dish since its establishment in 1997 by founder 陆友中, who has extensive experience in the restaurant industry [2][4]. - The company has seen a significant change in management strategy since 2024, emphasizing innovation and the development of new products and channels [1][3][14]. Industry Insights - The spicy chicken feet market in China has a scale of over 500 billion yuan, with a demand exceeding 1 million tons [7][8]. - The market is characterized by a high level of competition, with many small to medium enterprises, but the company is positioned as a market leader [10][11]. - The raw material prices for chicken feet are expected to decrease by 10-15% in 2024 compared to 2023, which will positively impact profit margins [9][18]. Key Developments - The company launched a new product, "五股压涨" (Five Grain Spicy Chicken Feet), in Q3 2024, generating approximately 60 million yuan in revenue in its first quarter [1][19]. - The new product is projected to contribute significantly to the company's revenue, potentially reaching 300-400 million yuan in 2025 [20]. - The company has shifted its sales strategy to include both traditional and new channels, such as membership supermarkets and online platforms like 小红书 and 抖音, resulting in a 263% increase in online sales in 2024 [21][25]. Financial Performance - The company's revenue from spicy chicken feet accounts for about 75% of total revenue, with other products contributing around 20% [5]. - The company experienced a decline in sales from 2022 to 2023 due to macroeconomic factors but has returned to a growth trajectory in 2024 [3][16]. - The net profit for 2025 is projected to be around 190 million yuan, with an expected growth rate of 30% [30]. Market Expansion - The Southwest region remains the core market, contributing over 50% of revenue, but the company is expanding into East China, which has shown rapid growth [6][26]. - Future growth is anticipated in the Central and South China regions, driven by new channel developments [27]. Marketing Strategy - The company is increasing its marketing efforts, particularly in new channels, to enhance brand recognition and product influence across China [28]. - The focus is on leveraging digital marketing and partnerships with leading snack brands to improve market penetration [24][28]. Conclusion - The company is poised for significant growth due to its strategic shift towards innovation, new product launches, and channel diversification, alongside a favorable raw material cost environment [29].

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [1][4]. Core Insights - The report highlights a strong expectation for domestic demand, suggesting that the food and beverage sector is showing resilience in its fundamentals [1][2]. - The white liquor segment is expected to benefit from improved performance and valuation recovery, drawing parallels to the 2018 US-China trade tensions, where the sector demonstrated strong anti-drawdown characteristics [2]. - The beverage sector, particularly Yanjing Beer, is projected to continue its high growth momentum, with significant increases in revenue and profit expected in 2024 and Q1 2025 [3]. Summary by Sections White Liquor - The white liquor sector is anticipated to achieve both performance and valuation recovery due to strong domestic demand and improved supply dynamics. Key players like Kweichow Moutai and Gujing Gongjiu are expected to report solid earnings growth, with Moutai's 2024 total revenue and net profit projected to increase by 15.7% and 15.4% respectively [2]. - Gujing Gongjiu's 2024 revenue and net profit are expected to grow by 16.4% and 20.2% respectively, indicating a robust outlook for leading brands in the sector [2]. Beer and Beverage - Yanjing Beer reported a total revenue of 14.667 billion yuan for 2024, reflecting a year-on-year increase of 3.2%, with net profit soaring by 63.74% to 1.056 billion yuan [3]. - The U8 product line from Yanjing Beer is expected to maintain a growth rate exceeding 30% in 2025, driven by internal reforms and product upgrades [3]. - The beverage sector is also seeing significant developments, with the coconut water brand IF planning to list on the Hong Kong Stock Exchange, indicating strong market positioning and growth potential [3][7]. Consumer Goods - The report emphasizes the resilience of consumer goods, with companies like Three Squirrels and H&H International showing promising growth trajectories. H&H's revenue for Q1 2025 is expected to increase by 10.4%, driven by strong performance in its infant formula segment [7]. - Three Squirrels is actively participating in channel transformation through strategic acquisitions, which may enhance its market presence and growth potential [7].

关于使用自有资金购买理财产品到期赎回 证券代码：603697 证券简称：有友食品 公告编号：2025-023 有友食品股份有限公司 并继续购买理财产品的公告 ●委托理财受托方：中国国际金融股份有限公司（以下简称"中金公司"）、中国中金财 富证券有限公司（以下简称"中金财富"） ●本次委托理财金额：20,000 万元 ●委托理财产品名称：中金鑫友单一资产管理计划、中金财富安享稳进 8678 号 FOF 单一 资产管理计划 ●委托理财期限为：不超过 365 天 ●履行的审议程序： 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 ...

重庆)律师事务所 北京德恒 限公司 关于 20 - 67 法律 t意见书 北京德恒律师事务所 DeHeng Law Offices 重庆市江北区江北嘴聚贤岩广场 9 号国华金融中心大厦 A 栋 24 层 电话:023-63012200 传真:023-63012211 邮编:400024 北京德恒(重庆)律师事务所 关于有友食品股份有限公司 2024 年年度股东会的法律意见书 北京德恒(重庆)律师事务所 关于有友食品股份有限公司 2024 年年度股东会的 法律意见书 致:有友食品股份有限公司 北京德恒(重庆)律师事务所(以下简称"本所")受有友食品股份有限公司 (以下简称"有友食品"或"公司")委托,指派程璐律师、陈上律师(以下简称 "本所律师")出席公司2024年年度股东会(以下简称"本次股东会"),对本 次股东会的合法性进行见证并出具法律意见书。 本法律意见书依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》 等有关法律、法规、规范性文件及《有友食品股份有限公司章程》(以下简称"《公 司章程》")、《有友食品股份有限公司股东会 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-022 有友食品股份有限公司 2024 年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 157 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 304,598,525 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.2191 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决方式符合《公司法》及《公司章程》的相关规定，本次股东会由董事长鹿有 (一) 股东会召开的时间：2025 年 4 月 9 日 (二) 股东会召开的地点：重庆市璧山区璧泉街道剑山路 130 号有友食品重庆 制造有限公司 4 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 忠先生主持。 (五) 公司董事、监事和 ...

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [29] Core Views - The food and beverage sector demonstrates resilience amid increasing export uncertainties and expectations for domestic demand policies to be strengthened [5][15] - The SW food and beverage index rose by 0.20%, ranking 11th among 31 sub-industries, with snacks, soft drinks, and beer leading the gains [5][15] - The report highlights the importance of focusing on companies with stable fundamentals and strong performance amid the current market conditions [10][18] Sub-industry Summary Alcoholic Beverages - The white wine sector shows significant configuration value under domestic demand policy expectations, with a focus on companies with stable fundamentals and strong earnings certainty [6][18] - The SW white wine index decreased by 0.71%, with external risks heightened due to unexpected tariffs [6][20] - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, Jiansiyuan, and Yingjia Gongjiu, all rated as "Buy" [3][27] Consumer Goods - The consumer goods sector is expected to see strong performance in Q1, with a focus on high-growth categories and channels [22] - The SW snacks, soft drinks, and beer sub-sectors led the gains, with respective increases of 8.12%, 6.85%, and 3.64% [5][22] - Companies such as Youyou Foods, Zhujiang Beer, and Dongpeng Beverage are highlighted as key performers to watch in the upcoming earnings reports [22] Snacks - The snacks segment is under continuous observation for category explosions and new channel opportunities [8][23] - There is a growing consumer demand for health-conscious and innovative products, with companies like Weilong and Yuyou Foods positioned to benefit from new product introductions [8][24]

证券代码：603697 证券简称：有友食品 公告编号：2025-021 有友食品股份有限公司 关于使用自有资金购买理财产品到期赎回 有友食品股份有限公司（以下简称"公司"）于 2024 年 3 月 15 日召开第四届董事会第七 次会议及第四届监事会第七次会议，并于 2024 年 4 月 8 日召开 2023 年年度股东大会，审议通 过《关于使用部分自有资金进行现金管理的议案》，同意在不影响公司日常经营资金需求和保 证资金安全的情况下，使用总额不超过人民币 100,000 万元的自有资金进行现金管理，使用期 限自 2023 年年度股东大会审议通过之日起 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。股东大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、公司使用自有资金购买理财产品到期赎回的情况 公司使用自有资金人民币 5,000 万元购买了广发证券的理财产品，具体内容详见公司在上 海证券交易所网站披露的相关公告。公司已赎回本金 5,000 万元并收到理财收益 69.23 万元， 具体情况如下： | | 受托方名称 | 产品名称 | 金额 | 起息日 | 到 ...

Core Viewpoint - The company has demonstrated significant revenue growth and improved profitability in its 2024 annual report, with a notable increase in both revenue and net profit compared to the previous year [1][2]. Revenue Growth - In 2024, the company achieved a revenue of 1.182 billion yuan, representing a year-on-year growth of 22.37%, a substantial improvement from a decline of 5.68% in 2023, indicating a 28.05 percentage point increase [1][2]. - The revenue breakdown by product shows that the "泡凤爪" (spicy chicken feet) category generated 785 million yuan, with a growth of 8.63%, while other categories like "鸡翅" (chicken wings) saw a growth of 23.76% and "其他泡卤风味肉制品" (other marinated meat products) experienced a remarkable growth of 840.69% [2]. - Online sales surged by 204.33% to 68 million yuan, while offline sales increased by 17.70% to 1.104 billion yuan, highlighting the effectiveness of the company's online channel strategy [2]. Profitability Improvement - The company's gross margin slightly decreased to 28.97%, down by 0.40 percentage points, while the net margin improved to 13.31%, up by 1.28 percentage points, indicating enhanced profitability despite the slight decline in gross margin [3]. - The sales expense ratio and management expense ratio decreased by 1.57 percentage points and 0.78 percentage points, respectively, reflecting better cost management [3]. Product Innovation and Market Expansion - The company focuses on product innovation and channel expansion, with its core product "泡椒凤爪" accounting for over 60% of sales, showcasing strong brand recognition in the marinated snack market [3]. - The introduction of six new products and collaboration with leading membership retail channels have strengthened the company's market position and expanded its offline presence [3]. Future Outlook - The company is expected to maintain steady growth in its core product categories while leveraging new products and channels for additional revenue streams [4]. - Revenue projections for 2025, 2026, and 2027 are estimated at 1.443 billion yuan, 1.721 billion yuan, and 2.001 billion yuan, respectively, with corresponding net profits of 194 million yuan, 232 million yuan, and 271 million yuan, indicating a positive growth trajectory [4].