Group 1: Food and Beverage Industry Overview - The report emphasizes embracing new trends and leading new consumption patterns in the food and beverage sector, with a focus on health upgrades and emerging channels [1] - Investment recommendations include three main lines for liquor: leading brands, high-certainty regional wines, and elastic targets benefiting from recovery [1] - For mass-market products, the report suggests focusing on high growth and strong recovery, identifying companies with high growth logic and those benefiting from policy improvements [1] Group 2: Liquor Sector Insights - Water Margin is optimizing its brand system and product matrix, aiming for a dual-brand strategy targeting different price segments, with a significant increase in consumer engagement [2] - Shede Liquor is focusing on base markets and channel strategies, with expectations of gradual sales improvement despite current pressures [2] - Jiu Gui Jiu is enhancing its sales quality and optimizing product structure, with a strategic focus on key products to improve sales performance [3] Group 3: Beer and Beverage Developments - Chongqing Beer is advancing high-end product offerings and diversifying its beverage portfolio, with a stable performance in beer sales [7] - China Resources Beverage is increasing its self-produced capacity and focusing on developing new beverage products to meet market demand [7] - Guyue Longshan is adjusting prices to enhance brand value and is pursuing a national expansion strategy alongside international market penetration [8] Group 4: Food Sector Trends - Zhongju High-tech is reforming its operations and exploring mergers to enhance revenue in the competitive seasoning market [9] - Richen Foods is focusing on customer needs and pursuing both organic growth and acquisitions to drive its business strategy [9] - Ganyuan Foods is expanding its product channels and exploring overseas markets, with gradual results expected [9] Group 5: Health and Functional Products - Jia Biyou is enhancing its market share in infant formula and expanding overseas partnerships with major clients [10] - Zhou Hei Ya is stabilizing its single-store performance and expanding its distribution channels, with plans for further market expansion [11] - Anji Foods is shifting its sales strategy towards product-driven growth, focusing on high-margin products to improve profitability [11]

Group 1 - The company has launched a new product, "Sour Soup Double Crisp" (muscle crisp bone and palm treasure), in the membership store channel, marking the third product launch in this channel within a year, indicating a strong product expansion capability [1] - The new product is made from chicken breast cartilage and chicken knee cartilage, rich in high protein, and utilizes a 16-hour cold marinating process with 270+ days of lactic acid bacteria fermented red sour soup [1] - The company has a strong track record of product innovation, having developed various products such as chicken feet muscle, muscle bone sticks, and customized products for membership stores, showcasing its deep R&D experience in marinating processes [1] Group 2 - The company is recognized as a leader in the marinated pepper chicken feet segment and is actively expanding into new categories, with rapid growth in membership stores and snack wholesale channels [2] - Revenue projections for the company are estimated at 1.675 billion, 2.021 billion, and 2.426 billion yuan for 2025-2027, representing year-on-year growth of 41.66%, 20.67%, and 20.02% respectively [2] - The expected net profit attributable to the parent company for 2025-2027 is projected to be 219 million, 261 million, and 317 million yuan, with year-on-year growth of 39.36%, 19.24%, and 21.32% respectively, maintaining a "recommended" rating [2]

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。 二、本次委托理财概况 （一）委托理财目的 为合理利用募集资金，在不影响公司募投项目建设和正常经营业务的前提下，利用闲置募 集资金进行现 ...

Group 1 - The Hong Kong stock market is experiencing a surge in new consumption stocks, with Pop Mart rising over 5% and reaching a market capitalization of over HKD 310 billion, while Mixue Group increased nearly 10% with a market cap exceeding HKD 200 billion [1] - A-share counterparts of new consumption stocks also saw significant gains, with multiple IP economy concept stocks hitting the daily limit, including Mingpai Jewelry and Guangbo Shares, alongside strong performances in the food and beverage sector [1] - According to a report by Kaiyuan Securities, three major investment opportunities in new consumption are identified: focusing on lifestyle happiness, technological transformation driven by AI, and resilient growth in travel consumption [2] Group 2 - More than 20 new consumption stocks have reached year-to-date highs since May, with Yong'an Pharmaceutical leading with an increase of over 180% [3] - Yong'an Pharmaceutical's subsidiary, Yong'an Health, has made progress in both online and offline channels, with flagship stores established on major e-commerce platforms and initial sales growth reported [3] - Other notable stocks that have reached new highs include Chao Hong Ji and Ruo Yu Chen, with Chao Hong Ji focusing on emotional needs of young consumers through collaborations with popular IPs [3][4] Group 3 - A detailed list of new consumption stocks that have achieved over 50% year-to-date gains includes Yong'an Pharmaceutical (180.23%), Lai Xi Song Ling (150.63%), and Ruo Yu Chen (136.06%), among others [4] - The total market capitalization of these stocks varies, with Yong'an Pharmaceutical at CNY 6.598 billion and Ruo Yu Chen at CNY 10.803 billion, indicating strong investor interest in the sector [4]

Investment Rating - The report does not provide a specific investment rating for the overall food and beverage industry, but it highlights individual stock recommendations with ratings such as "Buy" and "Increase" for certain companies [3][26]. Core Insights - The food and beverage sector experienced a 1.3% decline this week, ranking 22nd among 31 sub-industries in the Shenwan classification. The sub-sectors of other alcoholic beverages, pre-processed foods, and seasoning products saw gains of 8.9%, 3.4%, and 2.2% respectively, while the liquor, health products, and baked goods sectors faced declines of 2.8%, 1.0%, and 0.1% [4][15]. - The report emphasizes the emergence of new consumption trends, particularly in the mass consumer goods sector, where discount stores, snack wholesale, and membership supermarkets are becoming mainstream channels. Companies like Mingming and Wancheng are expanding their store counts significantly, indicating a shift in consumer purchasing behavior [5][21]. - The report notes that the liquor sector is currently facing short-term emotional impacts due to policy changes, but the fundamental business outlook remains stable. Major liquor companies are managing supply and pricing effectively, with the price of Feitian Moutai at 2150 RMB per box, reflecting a slight decrease [4][20]. Summary by Sections 1. Industry Performance - The food and beverage sector's overall performance is characterized by a recent decline, with specific sub-sectors showing varied performance. The top-performing stocks include Kuaijishan (+31.4%) and Guyu Longshan (+13.7%), while the worst performers include Anji Foods (-10.3%) and Knight Dairy (-10.0%) [4][15]. 2. Alcoholic Beverages - The liquor index fell by 2.82% this week, influenced by new regulations that discourage alcohol consumption in government settings. However, the actual impact on core consumption scenarios remains limited, as government consumption accounts for less than 5% of the market [20]. 3. Mass Consumer Goods - The report highlights the changing landscape of consumer goods, with a focus on new channels and product categories that cater to evolving consumer preferences. The emphasis is on health-conscious products and value-for-money offerings, with companies like Kuaijishan and Baijiu Co. launching innovative products to attract younger consumers [5][21][22]. 4. Beer Sector - The beer index increased by 0.98%, with production data indicating a 4.8% year-on-year growth in April 2025. The report anticipates strong performance in the second quarter due to seasonal demand and promotional policies [9][23]. 5. Company Recommendations - The report recommends several companies for investment, including Luzhou Laojiao (Buy), Shanxi Fenjiu (Increase), and Dongpeng Beverage (Buy), among others, based on their growth potential and market positioning [3][26].

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 食品饮料 周观点：白酒行业逐步施压，餐供龙头边际修复 投资建议：1、白酒：2025 年目标理性，行业逐步施压，权重龙头配置价 值凸显，建议关注" 优势龙头、红利延续、强势复苏"三条主线：1）优势 龙头，头部酒企份额持续提升：贵州茅台、五粮液、山西汾酒、古井贡酒； 2）红利延续，高确定性区域酒：迎驾贡酒（洞藏大单品红利）、今世缘（江 苏格局红利）等；3）受益复苏与风险偏好提升，弹性标的：泸州老窖、 水井坊、舍得酒业、老白干酒、港股珍酒李渡、酒鬼酒等。2、大众品： 餐供空间广阔龙头修复，松鼠生态大会拓展边界，建议寻找高成长与强复 苏两条主线：1）高景气或高成长逻辑：盐津铺子、好想你、东鹏饮料、 燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品等，港股农夫山泉、 华润饮料、卫龙美味等。2）政策受益或复苏改善：青岛啤酒、海天味业、 新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、安井食品、立高食 品等，港股 H&H 国际控股等。 白酒：龙头理性，行业释压。本周多家酒企召开股东大会和业绩说明会。 2025 年稳字当头、降速发展和长期 ...

Core Viewpoint - Youyou Food Co., Ltd. is set to hold a Q1 2025 earnings presentation on May 29, 2025, to discuss its operational results and financial status with investors [1][2]. Group 1: Meeting Details - The earnings presentation will take place on May 29, 2025, from 09:00 to 10:00 [2][3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [2][3]. - The format of the meeting will be an interactive online session [2][3]. Group 2: Participation Information - Investors can submit questions from May 22, 2025, to May 28, 2025, before 16:00 via the Roadshow Center website or through the company's email [3]. - The company will address commonly asked questions during the presentation [2][3]. Group 3: Participants - Key participants in the meeting will include the Chairman, General Manager, Secretary of the Board, and the Chief Financial Officer [2].

证券代码：603697 证券简称：有友食品 公告编号：2025-036 有友食品股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 29 日 （星期四） 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 22 日 （星期四） 至 05 月 28 日 （星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 yysecurity@youyoufood.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 有友食品股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 ...

【今日焦点】 比亚迪(002594.SZ)：8月新能源汽车销量17.5万辆、同比增长184.84% 比亚迪(002594.SZ)披露2022年8月产销快报，新能源汽车单月销量174,915辆，同比增长184.84%；1-8月，累计销量 978,795辆，同比增长267.31%。公司2022年8月海外销售新能源乘用车合计5092辆。 中科电气(300035.SZ)：子公司拟与重庆弗迪共设负极材料合资公司 中科电气(300035.SZ)公布，公司于2022年9月2日召开第五届董事会第十五次会议，审议通过《关于公司全资子公司与 重庆弗迪签署合资经营协议暨设立合资公司的议案》，同意公司全资子公司中科星城科技与重庆弗迪签署《合资经营 协议》，双方拟确定战略合作关系，并合作设立合资公司，合资公司注册资本为10亿元人民币，其中，中科星城科技 或其控股子公司认缴6.5亿元，重庆弗迪或其控股子公司认缴3.5亿元，该合资公司将专注于负极材料制造，并优先向 重庆弗迪及其关联方供应。 豫园股份(600655.SH)：拟协议转让金徽酒13%的股份、计划未来6个月内继续减持其5%以上的股票 豫园股份(600655.SH)公布，公司及其海 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the value of liquor allocation is stronger, and consumer goods are embracing new consumption trends. The food and beverage index increased by 0.5% from May 12 to May 16, ranking 15th among 28 sub-industries, underperforming the CSI 300 by approximately 0.6 percentage points. Sub-industries such as health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) performed relatively well [3][10][12] - The report indicates that liquor companies are experiencing slow revenue growth, which is already anticipated by the market. This is due to demand remaining at a low level and companies reducing channel burdens. The report suggests that liquor is currently at a bottom range, with signs of marginal recovery in business demand and a pragmatic approach from liquor companies to reduce supply growth to alleviate channel pressure. Future performance growth is expected to rise gradually [3][10][11] - New consumption trends are emerging due to changes in business models and consumer perceptions, focusing on consumer demand and reconstructing consumption scenarios and experiences. This is reflected in new channels within the food and beverage industry, where traditional retail channels face challenges such as traffic loss and declining profit margins [11] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 15th out of 28, and underperformed the CSI 300 by about 0.6 percentage points. Leading sub-industries included health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) [10][12] - Individual stocks such as Xianle Health, Youyou Foods, and Xiwang Foods showed significant gains, while Bai Run Foods, Ganyuan Foods, and ST Jia Jia experienced declines [12][18] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder increased by 30.6% year-on-year, while the price of fresh milk decreased by 10.0% year-on-year [18][21] - The price of pork increased by 1.8% year-on-year, while the price of live pigs decreased by 3.8% year-on-year [24][25] Liquor Industry News - Moutai's sales through major e-commerce channels grew by over 30% in the first four months of the year. The company is also implementing new policies to boost sales for events and weddings [44] Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, and Ximai Foods. Shanxi Fenjiu faces short-term demand pressure but has high mid-term growth certainty. Guizhou Moutai is focusing on sustainable development and increasing dividend rates. Ximai Foods is expected to improve profitability due to better raw material costs [4][51]