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].

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Views - The company has shown a significant improvement in revenue growth and profitability, with a 22.37% year-on-year increase in revenue for 2024, reaching 1.182 billion yuan, and a 35.44% increase in net profit, amounting to 157 million yuan [3][5][9] - The company's core product, "Spicy Chicken Feet," accounts for over 60% of sales, indicating strong brand recognition in the market [5][9] - The company is focusing on product innovation and channel expansion to drive growth, launching six new products to cater to market demands [5][9] Revenue and Profitability - In 2024, the company achieved a revenue of 1.182 billion yuan, a significant recovery from a decline of 5.68% in 2023 [3][5] - The gross margin for 2024 was 28.97%, slightly down by 0.40 percentage points, while the net margin improved to 13.31%, up by 1.28 percentage points [5][9] - The company’s sales expense ratio and management expense ratio decreased, indicating improved cost management [5][9] Product and Channel Performance - Revenue from online channels grew by 204.33% to 68 million yuan, while offline channels generated 1.104 billion yuan, up 17.70% [5][9] - The company’s revenue by product category includes 785 million yuan from Spicy Chicken Feet, 93 million yuan from Crystal Skin products, and 48 million yuan from Chicken Wings, among others [5][9] Financial Forecast - The company is projected to achieve revenues of 1.443 billion yuan in 2025, 1.721 billion yuan in 2026, and 2.001 billion yuan in 2027, with respective growth rates of 22.05%, 19.25%, and 16.30% [7][9] - The forecasted net profit for 2025 is 194 million yuan, with a growth rate of 23.48% [7][9] - The price-to-earnings ratio (P/E) is expected to decrease from 26.7 in 2024 to 21.6 in 2025, indicating a favorable valuation trend [7][9]

Group 1 - The report highlights the recent performance of the CSI 300 and ChiNext indices, showing a decline of 32% and 16% respectively over the past year [2] - The top-performing sectors yesterday included non-ferrous metals, home appliances, and banks, with respective gains of 1.14%, 0.95%, and 0.88% [2] - Conversely, the worst-performing sectors included computers, real estate, and defense, with declines of 1.92%, 1.77%, and 1.68% [2] Group 2 - The fixed income analysis indicates that high real interest rates are not a sufficient condition for interest rate cuts, emphasizing that current monetary policy is already supportive of the real economy [8][10] - The report discusses the efficiency of monetary policy transmission in China, stating that changes in policy rates directly influence lending rates without the need for intermediary market adjustments [11] - It is noted that the actual interest rate is more of an academic concept with limited impact on the real economy, as evidenced by the U.S. experiences during past crises [12] Group 3 - The automotive sector is witnessing significant advancements in autonomous driving technology, with multiple companies announcing progress towards Level 3 capabilities expected to be achieved by 2025 [20][21] - BYD has made notable announcements regarding its charging infrastructure and vehicle sales, indicating strong market activity and consumer interest [19] - The report emphasizes the importance of the automotive industry's transition to higher levels of automation and the competitive landscape among various manufacturers [20] Group 4 - The service consumption sector is experiencing robust growth, with travel bookings for the Qingming Festival showing positive trends, and companies like Tongcheng reporting significant revenue increases [26] - The education sector is also highlighted, with companies like Excellence Education Group and Thinking乐 reporting impressive revenue and profit growth, indicating a strong market recovery [27] - The report notes that the average per capita service consumption expenditure in China is expected to exceed 50% by 2030, reflecting a growing trend in service-oriented spending [27] Group 5 - In the chemical industry, the report indicates a continued upward trend in organic silicon prices, driven by strong manufacturer pricing intentions and potential supply shortages [32] - The urea market is also showing signs of recovery, with prices slightly increasing due to various market dynamics, including reduced inventories and seasonal demand [33] - The report recommends several companies in the chemical sector, including 合盛硅业 and 兴发集团, as potential investment opportunities [35] Group 6 - The media sector is focusing on AI applications and gaming, with significant developments in virtual reality films expected to enhance audience engagement and revenue generation [42] - The report highlights the approval of numerous new games, indicating a healthy pipeline for the gaming industry, which is expected to contribute positively to revenue growth [41] - Companies like Tencent and NetEase are recommended for their strong positions in the gaming market and ongoing innovations in AI technology [40]

证券代码：603697 证券简称：有友食品 公告编号：2025-020 有友食品股份有限公司 关于召开 2024 年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： 有友食品股份有限公司（以下简称"公司"）已于 2025 年 3 月 20 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公 司 2024 年度经营成果、财务状况，公司计划于 2025 年 04 月 02 日 （星期三） 15:00-16:00 举行 2024 年度业绩说明会，就投资者关心 的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 04 月 02 日 （星期三） 15:00-16:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 会议召开时间： ...

Investment Rating - The report maintains a "Buy" rating for Youyou Food (603697) with a target price of 11.91, compared to the last closing price of 9.96 [1]. Core Views - Youyou Food's revenue for 2024 reached 1.182 billion, a year-on-year increase of 22.37%, with net profit attributable to shareholders at 157 million, up 35.44% year-on-year [5]. - The company aims for revenue growth of no less than 20% in 2025, driven by new product launches and channel expansions [10]. - The report highlights the strong performance of new products and the successful expansion into membership supermarket channels, contributing significantly to revenue growth [6][8]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 296 million, a year-on-year increase of 42.92%, and a net profit of 36 million, up 257.97% year-on-year [5]. - The company plans to distribute a cash dividend of 90 million (before tax) for 2024, with a total dividend payout of 200 million, resulting in a payout ratio of 127.8% [5]. Product and Channel Development - Revenue from various product lines in 2024 included 785 million from bubble chicken feet, 93 million from skin jelly, 93 million from vegetarian products, 48 million from chicken wings, and 152 million from other bubble-flavored meat products, with respective year-on-year growth rates of +8.6%, +6.3%, -2.1%, +23.8%, and +840.7% [6]. - The company has successfully expanded its online and offline sales channels, achieving 1.1 billion in offline revenue and 70 million in online revenue, with year-on-year growth rates of +17.7% and +204.3%, respectively [6]. Profitability and Cost Management - The overall gross margin for 2024 was 28.97%, a decrease of 0.4 percentage points year-on-year, while the net profit margin increased by 1.3 percentage points to 13.3% [7]. - The company has managed to reduce sales and management expense ratios, leading to improved profitability despite initial pressure on gross margins from new product launches [7]. Future Outlook - The company is expected to achieve revenues of 1.459 billion, 1.728 billion, and 1.990 billion in 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 23%, 18%, and 15% [10]. - The report emphasizes the strong potential for growth driven by product innovation and channel expansion, particularly in the membership supermarket sector [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 1.182 billion yuan in 2024, representing a year-on-year increase of 22.37%. The net profit attributable to the parent company was 157.33 million yuan, up 35.44% year-on-year [8] - The company has successfully launched new products, leading to significant revenue growth. The revenue from various product categories such as chicken feet, vegetarian products, and new items like deboned duck feet has shown strong performance [8] - Cost reductions and scale effects have improved profitability, with a net profit margin of 13.3% in 2024, an increase of 1.3 percentage points year-on-year [8] Financial Summary - Total revenue projections for 2025-2027 are 1.517 billion yuan, 1.761 billion yuan, and 2.026 billion yuan, respectively, with year-on-year growth rates of 28.30%, 16.12%, and 15.00% [1] - The net profit attributable to the parent company is expected to reach 199 million yuan, 238 million yuan, and 279 million yuan for 2025-2027, with corresponding growth rates of 26.18%, 19.94%, and 17.36% [1] - The latest diluted EPS is projected to be 0.37 yuan, 0.46 yuan, and 0.56 yuan for 2025-2027, with a P/E ratio of 21.50, 17.93, and 15.28, respectively [1]

Investment Rating - The report maintains a "Buy" rating for Youyou Food (603697) with a target price of —— yuan over the next six months [1][3]. Core Insights - The company achieved a revenue of 1.182 billion yuan in 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 157.33 million yuan, up 35.4% year-on-year. The fourth quarter of 2024 saw a revenue of 290 million yuan, a 42.9% increase year-on-year, and a net profit of 36 million yuan, a remarkable 258% growth year-on-year [7][10]. - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares (including tax), resulting in an overall cash dividend payout ratio of 127.77% for 2024 [7]. - The growth in revenue is driven by strong performance in emerging channels, with online and offline channel revenue growth rates of 204% and 17.7%, respectively [7][8]. - The company is expanding its presence in new retail channels, particularly in the East China region, which has shown rapid growth due to the expansion of emerging channels and increased marketing efforts [7][8]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 1,182.33 million yuan and a net profit of 157.33 million yuan. The projected revenues for 2025, 2026, and 2027 are 1,480.06 million yuan, 1,712.14 million yuan, and 1,950.61 million yuan, respectively, with growth rates of 25.18%, 15.68%, and 13.93% [2][10]. - The earnings per share (EPS) are expected to increase from 0.37 yuan in 2024 to 0.70 yuan by 2027, with corresponding price-to-earnings (PE) ratios decreasing from 27 to 14 over the same period [2][10]. Business Segments - The revenue from various product lines in 2024 includes 784.6 million yuan from spicy chicken feet, 158.5 million yuan from other flavored meat products, and 93.3 million yuan from skin products, with significant growth rates in each category [8][10]. - The company anticipates continued strong performance in its core products, particularly in the spicy chicken feet segment, which is expected to maintain a growth rate of 12.3% in 2025 [8]. Cost and Profitability - The overall gross margin for 2024 was 29%, with a slight decrease of 0.4 percentage points year-on-year. However, the gross margin for Q4 2024 improved to 25.7%, reflecting better cost management and efficiency [7][10]. - The net profit margin for 2024 increased by 1.3 percentage points to 13.3%, driven by cost reductions and improved operational efficiency [7][10].