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)

有友食品（603697）公告，公司预计2025年半年度实现营业收入7.46亿元到7.98亿元，与上年同期相 比，将增加2.17亿元到2.69亿元，同比增加40.91%到50.77%。预计2025年半年度实现归属于母公司所有 者的净利润为1.05亿元到1.12亿元，与上年同期相比，预计增加2886万元到3621万元,同比增加37.91%到 47.57%。预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润为8932万元到9667 万元，与上年同期相比，预计增加2848万元到3583万元，同比增加46.82%到58.90%。 ...

Overview - The food and beverage industry is currently facing a dual impact of oversupply and insufficient demand, leading to a restructuring of the overall pricing and competitive landscape [3][6][21] - Despite the pressure on prices and downward revisions of profit growth expectations in some sectors, the intense competition is driving innovation and reform, resulting in new business models and investment opportunities [3][6][21] Baijiu Industry - Since 2025, profound changes have occurred on both the supply and demand sides of the baijiu industry, with a coexistence of consumption upgrades and downgrades [7][22] - Some mid-range baijiu brands are under pressure, while certain local brands continue to grow rapidly, indicating a shift in consumer preferences [22][30] - Baijiu companies have proactively adjusted their supply strategies, leading to a significant slowdown in revenue growth to match demand changes [22][23] - The industry is undergoing a transformation in product and pricing strategies, suggesting a cyclical change, with recommendations to focus on companies with balanced product structures and healthy inventories [22][32] Consumer Goods - The consumer goods sector is entering a new phase where channel efficiency is paramount, driven by the rise of new retail formats such as discount stores and membership supermarkets [8][36] - New business models are disrupting traditional channel barriers and providing better value-for-money options, leading to structural growth opportunities [8][36][37] - The focus for investment should be on channel enterprises and related manufacturing companies, as new retail formats continue to gain traction [8][37] - The market for snacks and beverages is expanding rapidly, with the retail value in the lower-tier markets reaching 2.3 trillion yuan in 2024 [52][56] New Product Trends - There is still room for innovation in certain niche markets, with segments like leisure konjac products experiencing rapid growth [9][70] - The demand for high-quality products remains strong, with a significant portion of consumers willing to pay more for better quality [42][43] Market Structure - The industry is witnessing a consolidation phase, particularly in sectors like dairy, beer, and yeast, where competition intensity is decreasing and leading brands are gaining long-term competitive advantages [10][36] - Traditional sectors like yellow wine are also stabilizing, with improved profitability and potential for revaluation as market dynamics shift [10][36] Retail Channel Dynamics - The rise of membership supermarkets and discount retail channels is reshaping consumer purchasing behavior, with a notable increase in the number of snack retail outlets [48][56] - Companies like Youyou Foods and Lihigh Foods are effectively leveraging these new channels to drive growth and improve profitability [48][70]

证券代码：603697 证券简称：有友食品 公告编号：2025-042 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 | | | | （万元） | | | （万元） | | --- | --- | --- | --- | --- | --- | --- | | 1 | 中金公司 | 中金鑫友单一资产管理计划 | 5,000 | 2024.07.05 | 2025.07.03 | 149.06 | | 2 | 中金公司 | 中金鑫友单一资产管理计划 | 3,000 | 2024.07.12 | 2025.07.03 | 87.72 | 二、本次委托理财概况 并继续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 ...

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

Core Viewpoint - The controlling shareholder of Youyou Food announced a plan to reduce their stake by up to 3%, despite the company's optimistic performance outlook and high dividend payouts, raising concerns about the financial health behind the growth [1][2][4]. Financial Performance - Youyou Food's net profit declined for three consecutive years until 2023, but showed signs of recovery in 2024 with a revenue of 1.182 billion yuan, a year-on-year increase of 22.37%, and a net profit of 157 million yuan, up 35.44% [3][4]. - In Q1 2025, the company continued to grow, achieving a revenue of 383 million yuan, a 39.23% increase year-on-year, and a net profit of 50.32 million yuan, up 16.25% [3]. Shareholder Actions - The controlling shareholder, Zhao Ying, plans to sell up to 12.83 million shares (3% of total shares) between July 15 and October 12, 2025, potentially raising around 163 million yuan based on the June 23 closing price [2][3]. - Following the announcement of the share reduction plan, Youyou Food's stock price fell by 7.65% on June 23, while the Shanghai Composite Index rose by 0.65% [2]. Dividend Policy - Youyou Food has distributed a total of 827 million yuan in cash dividends since its IPO in 2019, with a cash dividend of 448 million yuan over the past three years, exceeding its net profit of 427 million yuan during the same period [2][3]. Financial Concerns - The company has seen a significant increase in accounts receivable, which rose from 3.79 million yuan at the end of 2023 to 128.03 million yuan by Q1 2025, a year-on-year increase of 71.58% [6]. - Accounts payable also surged, reaching 228 million yuan in Q1 2025, a 1053.02% increase year-on-year [6]. - The rapid growth of accounts receivable compared to revenue growth raises concerns about cash flow and collection efficiency [6][7]. Profitability Issues - Despite revenue growth, Youyou Food's gross margin has declined, with the gross margin for new products significantly lower than traditional products, impacting overall profitability [7][8]. - The comprehensive gross margin for 2024 was 28.97%, a slight decrease from the previous year, and further declined to 27.08% in Q1 2025 [7]. Management Stability - Youyou Food has experienced frequent changes in its board secretary, with four different individuals since its listing in 2019, which is unusual in the A-share market [8].

证券代码：603697 证券简称：有友食品 公告编号：2025-041 有友食品股份有限公司 并继续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。 ●委托理财受托方：华安证券股份有限公司（以下简称"华安证券"）；国元证券股份有 限公司（以下简称"国元证券"）；中国国际金融股份有限公司（以下简称"中金公司"） ●本次委托理财金额：8,000 万元 ●委托理财产品名称：华安证券股份有限公司睿享增盈 123 期浮动收益凭证；国元证券元 鼎尊享 173 号浮动收益凭证；中金鑫友单一资产管理计划 关于使用自有资金购买理财产品到期赎回 ●委托理财期限为：271 天；364 天；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（ ...

Core Viewpoint - Youyou Food's actual controller plans to reduce his stake by 3%, causing stock price fluctuations, with high dividends and share reduction coexisting, indicating potential underlying issues [3][5]. Group 1: Share Reduction and Stock Performance - The actual controller Zhao Ying plans to reduce up to 12.83 million shares, representing 3% of the total share capital, due to personal financial needs [3]. - Following the announcement, the stock price dropped by 7.65% after hitting the daily limit down, raising concerns about potential underperformance in upcoming financial results [5]. - The stock price increased approximately 30.8% from 9.96 yuan on January 3, 2025, to 13.03 yuan on June 25, 2025, indicating significant volatility within the year [5]. Group 2: Dividend Policy and Financial Implications - Youyou Food has maintained a high dividend payout ratio, exceeding 90% for four consecutive years since 2021, resulting in the Zhao family receiving at least 580 million yuan in dividends [8][10]. - The new regulations implemented in May 2024 require that the actual controller's share reduction must meet conditions such as cumulative dividends not being less than 30% of net profit, suggesting that high dividends may facilitate compliance with reduction regulations [10]. - The dual strategy of high dividends and share reduction raises concerns about potential conflicts of interest and governance fairness, as the Zhao family controls over 70.25% of the company [10]. Group 3: Governance and Management Issues - Frequent changes in the company secretary position have led to concerns about information disclosure and governance stability, with four secretaries replaced since the company's listing in May 2019, averaging less than two years per term [11][12]. - The company has allocated significant cash for dividends, with cash dividends exceeding net profit last year, potentially impacting investments in R&D and market expansion [12][13]. - Youyou Food has invested over 900 million yuan in financial products from 2021 to 2024, while R&D spending totaled only 15 million yuan, indicating a misalignment in capital allocation [13][15]. Group 4: Financial Management and Investment Strategy - The average annualized return on Youyou Food's recent financial products is approximately 2.51%, which is considered low compared to prevailing market rates [15]. - The company has set a high self-managed financial investment limit of 1 billion yuan, with a balance of 830 million yuan by the end of 2024, indicating potential liquidity management issues [15].