Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry, indicating an expected outperformance of over 10% compared to the market index [10]. Core Insights - The March retail sales data exceeded expectations, with a total of 40,940 billion yuan, reflecting a year-on-year growth of 5.9%, driven by the effects of the "old-for-new" policy [5]. - The restaurant sector showed strong resilience, with March dining revenue reaching 4,235 billion yuan, a 5.6% increase year-on-year, supported by policies aimed at expanding domestic demand [6]. - The report highlights specific investment opportunities in various segments, including high-performance liquor brands and efficient dairy producers, as well as emerging snack and beverage companies [7]. Summary by Sections Market Performance - The food and beverage sector has shown mixed performance over different time frames, with a decline of 2.9% over the last month and a 5.7% increase over the last three months, while the Shanghai and Shenzhen 300 index has decreased by 5.6% in the last month but increased by 5.8% over the last year [1]. Retail Sales Data - In the first quarter of 2025, the total retail sales amounted to 124,671 billion yuan, marking a year-on-year increase of 4.6% [5]. - The significant growth in retail sales of optional consumer goods, such as home appliances and furniture, was noted, with increases of 35.1%, 29.5%, and 28.6% respectively [5]. Investment Opportunities - The report recommends specific companies within the liquor sector, such as Shanxi Fenjiu and Shede Liquor, which are expected to show high performance due to low base effects [7]. - In the dairy sector, companies like Modern Farming and Youran Dairy are highlighted for their cost efficiency and production advantages [7]. - The snack food segment is also seen as having growth potential, with recommendations for companies like Wancheng Group and Youyou Foods, which are expected to benefit from channel expansions and new product categories [7].

证券代码：603697 证券简称：有友食品 公告编号：2025-024 有友食品股份有限公司 关于使用暂时闲置募集资金购买理财产品到期赎回 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《关于使用暂时闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募 投项目建设和正常经营业务的前提下，使用总额不超过人民币 10,000 万元的募集资金进行现 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、 公司前次使用暂时闲置募集资金购买理财产品到期赎回的情况 公司全资子公司重庆有友食品销售有限公司使用暂时闲置募集资金购买了华安证券 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-025 | 序号 | 受托方名称 | 产品名称 | | | 金额 | 起息日 | 到期日 | 实际收益金额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （万元） | | | （万元） | | 1 | 申万宏源 | 龙鼎金牛定制 | 2038 | 期 | 5,000 | 2024.10.17 | 2025.04.14 | 54.25 | 二、截至本公告日，公司最近十二个月使用自有资金委托理财的情况 1 单位：万元 序号 产品名称 理财金额 赎回金额 理财收益 尚未赎 | | | | | | 回金额 | | --- | --- | --- | --- | --- | --- | | 1 | 中金鑫友单一资产管理计划 | 15,000.00 | 15,000.00 | 496.86 | - | | 2 | "银河金鼎"收益凭证 4576 期 - 鲨 | 5,000.00 | 5,000.00 | 111.96 | - | | | 鱼鳍看涨 | | | | | ...

有友食品股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.21元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/23 | － | 2025/4/24 | 2025/4/24 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 证券代码：603697 证券简称：有友食品 公告编号：2025-026 本次利润分配方案经公司2025 年 4 月 9 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本427,692,098股为基数，每股派发现金红利0.21 元（含税），共计派发现金红利89,8 ...

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 ...