Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 383 million yuan in Q1 2025, representing a year-on-year increase of 39.23%. The net profit attributable to shareholders was 50.32 million yuan, up 16.25%, while the net profit excluding non-recurring items was 43.59 million yuan, an increase of 25.80% [2][4]. Revenue Growth - The revenue growth is driven by new channels and product innovations. Offline channels generated 352 million yuan, a year-on-year increase of 35.90%, while online channels saw revenue of 24 million yuan, up 88.00%. By product category, poultry products generated 325 million yuan, up 47.18%, while livestock products reached 29 million yuan, a 20.83% increase. However, vegetable and other products saw a decline of 19.14% [10]. Profitability Analysis - The company's net profit margin decreased by 2.6 percentage points to 13.14%, and the gross margin fell by 4.35 percentage points to 27.08%. The decline in gross margin is attributed to the increased revenue share from low-margin channels such as bulk snacks and membership stores. The R&D expense ratio slightly increased, reflecting higher investment in new products [10]. Future Outlook - The company is expected to continue benefiting from product innovation and channel expansion. A new vegetarian product launched in April is anticipated to contribute significantly to revenue growth. The forecast for net profit attributable to shareholders for 2025-2027 is 203 million, 241 million, and 279 million yuan, respectively, with corresponding EPS of 0.47, 0.56, and 0.65 yuan [10].

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（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。 证券代码：603697 证券简称：有友食品 公告编号：2025-034 有友食品股份有限公司 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，在不影响日常经营资金需求和资金安全的前提下，使用部分自有资 金进行现金管理，以增加股东和公司的投资收益。 ...

Core Viewpoint - Youyou Food, known as the "first stock of spicy chicken feet," is experiencing management instability with its fourth secretary resigning since its IPO in 2019, reflecting growth anxiety despite its leading position in the niche market [1][2][7]. Management Changes - The company has seen four secretaries resign since its listing in May 2019, with the most recent, Liang Yu, leaving after just over three months in office [2][3][6]. - The current chairman, Lu Youzhong, is temporarily acting as the secretary due to the prolonged vacancy [1][5]. Financial Performance - Youyou Food's net profit attributable to shareholders has declined for three consecutive years from 2021 to 2023, raising concerns about its growth trajectory [1][7]. - However, there is a recent turnaround, with both revenue and net profit showing growth in 2024 and the first quarter of 2025, with a net profit increase of 35.44% year-on-year [2][7]. Strategic Partnerships - The collaboration with Sam's Club is seen as a potential new growth driver for Youyou Food, enhancing its sales channels and brand image [7][8]. - The company is optimistic about achieving a revenue growth of no less than 20% in 2025, supported by its strong financial position and strategic partnerships [8][9]. Financial Management - As of April 30, the company had invested a total of 12 billion yuan in financial management, with 8.3 billion yuan still unredeemed, raising questions about its investment confidence [9][10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9] Core Insights - The company demonstrated strong performance in 2024, with revenue reaching 1.182 billion yuan, a year-on-year increase of 22.37%, and net profit attributable to shareholders of 157 million yuan, up 35.44% [5][8] - The growth was driven by significant increases in membership store channels and online e-commerce, with online revenue growing by 204.33% year-on-year [6] - The company is expected to continue its growth trajectory, with projected revenues of 1.501 billion yuan in 2025, representing a 26.97% increase [8] Financial Performance Summary - In Q4 2024, the company achieved revenue of 296 million yuan, a 42.92% increase year-on-year, and net profit of 36 million yuan, up 257.97% [5] - For Q1 2025, revenue was 383 million yuan, a 39.23% increase year-on-year, with net profit of 50 million yuan, up 16.25% [5] - The company’s gross margin for 2024 was 28.97%, with a net profit margin of 13.31% [7] Revenue Breakdown - In 2024, revenue from various product categories included 785 million yuan from chicken feet, 93 million yuan from skin products, and 48 million yuan from chicken wings, with notable growth in chicken wings at 23.76% [6] - Online and offline channels generated revenues of 680 million yuan and 1.104 billion yuan respectively, with online sales growing significantly [6] Profitability Forecast - The company is projected to achieve net profits of 197 million yuan in 2025, 231 million yuan in 2026, and 261 million yuan in 2027, with corresponding growth rates of 25.49%, 17.16%, and 13.01% [8][11]

Group 1 - Youyou Food (603697), known as the "first stock of spicy chicken feet," announced that Chairman Lu Youzhong will act as the Secretary of the Board until a new one is appointed [1] - The position of Secretary of the Board has been vacant for three months following the resignation of Liang Yu due to personal reasons [1][5] - Youyou Food has been actively recruiting for the Secretary position, offering a maximum annual salary of 540,000 yuan (estimated based on 12 months) but has not yet found a suitable candidate [2][4] Group 2 - The company has set a salary range for the Secretary position between 300,000 yuan and 540,000 yuan annually [5] - The job responsibilities include managing equity, capital operations, investment and financing, mergers and acquisitions, and assisting the Chairman in overall management [4] - Candidates are required to have a bachelor's degree, a qualification certificate for the Secretary of the Board, and at least three years of experience in a similar role at a listed company [4] Group 3 - Since its establishment in 1997, Youyou Food has transitioned from a hotel business to a food company specializing in spicy chicken feet, which gained popularity after the launch of its unique product [5] - The company went public on the Shanghai Stock Exchange in May 2019 but has faced a prolonged period of declining performance since then [5][6] - There have been four different Secretaries of the Board since November 2019, indicating instability in this key position [7] Group 4 - The previous Secretaries of the Board had varying salaries, with Zhou Zening earning 258,900 yuan in 2020 and Liu Yuchan earning 299,200 yuan and 365,700 yuan in 2022 and 2023, respectively [8] - The company is also recruiting for an Assistant to the Chairman, offering a higher salary range of 500,000 to 800,000 yuan, with specific experience requirements in managing fast-moving consumer goods companies [8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9] Core Insights - The company demonstrated strong performance in 2024, with revenue reaching 1.182 billion yuan, a year-on-year increase of 22.37%, and net profit attributable to shareholders of 157 million yuan, up 35.44% [5][8] - The growth was driven by significant increases in membership store channels and online e-commerce, with online revenue growing by 204.33% year-on-year [6] - The company is expected to continue its growth trajectory, with projected revenues of 1.501 billion yuan in 2025, representing a 26.97% increase [8][11] Company Overview - Latest closing price: 11.62 yuan - Total shares: 4.28 billion, with a market capitalization of 5 billion yuan - 52-week high/low: 13.75/5.43 yuan - Debt-to-asset ratio: 13.3% - Price-to-earnings ratio: 31.41 [4] Financial Performance - In Q4 2024, the company achieved revenue of 296 million yuan, a 42.92% increase year-on-year, and net profit of 36 million yuan, up 257.97% [5][6] - For Q1 2025, revenue was 383 million yuan, a 39.23% increase, with net profit of 50 million yuan, up 16.25% [5][6] - The company’s gross margin for 2024 was 28.97%, with a net profit margin of 13.31% [7] Revenue Breakdown - In 2024, revenue from various product categories included: - Chicken feet: 785 million yuan (+8.63%) - Skin jelly: 93 million yuan (+6.29%) - Vegetarian products: 93 million yuan (-2.05%) - Chicken wings: 48 million yuan (+23.76%) - Others: 152 million yuan (+840.69%) [6] - Online and offline channels generated revenues of 680 million yuan and 1.104 billion yuan, respectively, with year-on-year growth of 204.33% and 17.70% [6] Profitability Forecast - The company is projected to achieve net profits of 197 million yuan in 2025, a 25.49% increase, and 261 million yuan by 2027, a 13.01% increase [8][11] - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 26, 22, and 19, respectively [9][11]

有友食品股份有限公司于 2025 年 2 月 6 日披露《有友食品关于董事会秘书辞职的公告》， 在董事会秘书空缺期间，由公司董事、财务总监崔海彬先生代行董事会秘书职责。截至本公告 日，崔海彬先生代行董事会秘书职责已达 3 个月。 证券代码：603697 证券简称：有友食品 公告编号：2025-033 有友食品股份有限公司 关于董事长代行董事会秘书职责的公告 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。 根据《上海证券交易所股票上市规则》有关规定，董事会秘书空缺时间超过 3 个月的，董 事长应当代行董事会秘书职责。自本公告披露之日起，公司董事长鹿有忠先生将代行董事会秘 书职责，直至公司聘任新的董事会秘书。公司将按照相关规定尽快完成董事会秘书的选聘工作。 特此公告。 有友食品股份有限公司董事会 2025 年 5 月 7 日 1 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-032 有友食品股份有限公司 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。 ●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"） ●本次委托理财金额：3,000 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 ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Core Viewpoint - The company reported strong revenue growth in Q1 2025, driven by new product launches and effective channel strategies, despite facing some pressure on gross margins and net profit margins [1][3][4]. Financial Performance - The company achieved revenue of 383 million yuan in Q1 2025, representing a year-on-year increase of 39.23% [1]. - The net profit attributable to shareholders was 50 million yuan, up 16.25% year-on-year, while the net profit excluding non-recurring items was 44 million yuan, reflecting a 25.80% increase [1]. - Gross margin for Q1 2025 was 27.08%, down 4.35 percentage points year-on-year, indicating pressure on profitability [3]. Product and Channel Analysis - Revenue from poultry products, livestock products, vegetable products, and others in Q1 2025 was 325 million, 29 million, 21 million, and 0 million yuan respectively, with year-on-year growth rates of 47.18%, 20.83%, and -19.14% [2]. - Online and offline channel revenues were 24 million and 352 million yuan respectively, with year-on-year growth of 88.00% and 35.90% [2]. - The Southeast region showed significant growth with revenues of 210 million yuan, up 151.18% year-on-year, attributed to the popularity of new products in Sam's Club [2][4]. Cost and Expense Management - The company improved its cost control, with sales, management, R&D, and financial expense ratios at 8.88%, 3.13%, 0.28%, and -0.02% respectively, showing a decrease in expense ratios [3]. - The net profit margin for Q1 2025 was 13.14%, down 2.60 percentage points year-on-year, while the net profit margin excluding non-recurring items was 11.38%, down 1.22 percentage points [3]. Future Outlook - The company expects a revenue growth of no less than 20% in 2025, supported by successful product launches and a strong partnership with Sam's Club [4]. - The product pipeline includes various items such as boneless duck feet, vegetarian options, and pig skin jelly, indicating potential for future growth through innovation [4]. Investment Recommendations - Revenue forecasts for 2025-2027 have been adjusted upwards to 1.474 billion, 1.742 billion, and 1.997 billion yuan respectively, while EPS estimates have been slightly lowered to 0.45, 0.54, and 0.61 yuan [5]. - Based on the closing price of 13.5 yuan per share on April 25, the PE ratios are projected at 30, 25, and 22 times for the respective years, maintaining a "buy" rating [6].