Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated significant growth in Q1 2025, achieving revenue of 380 million yuan, a year-on-year increase of 39.2%, and a net profit attributable to shareholders of 50 million yuan, up 16.2% year-on-year [7] - The company is actively expanding its new product offerings and emerging sales channels, which are expected to contribute significantly to future growth [7] - The company maintains a positive outlook for profitability, with net profit forecasts for 2025-2027 expected to grow by 26.2%, 17.8%, and 15.7% respectively [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 380 million yuan, with a breakdown showing meat products revenue at 354 million yuan, a 45% increase year-on-year [7] - The company’s gross profit margin for Q1 2025 was 18.2%, a decrease of 1.5 percentage points year-on-year, attributed to changes in channel structure [7] - The net profit margin for Q1 2025 was 13.1%, down 2.6 percentage points year-on-year [7] Revenue and Profit Forecast - The total revenue forecast for 2023A to 2027E is projected to grow from 966.21 million yuan in 2023A to 2,025.66 million yuan in 2027E, with a compound annual growth rate (CAGR) of approximately 15% [1] - The net profit attributable to shareholders is expected to increase from 116.16 million yuan in 2023A to 270.52 million yuan in 2027E, reflecting a strong growth trajectory [1] Market Position and Strategy - The company is focusing on new product launches and expanding into new sales channels, particularly in e-commerce and membership-based supermarkets, which are anticipated to drive future revenue growth [7] - The company’s strategy includes enhancing operational efficiency and leveraging scale effects to improve profitability [7]

Core Insights - The company reported a strong Q1 2025 performance with revenue of 383 million yuan, a year-on-year increase of 39.23%, and a net profit attributable to shareholders of 50 million yuan, up 16.25% year-on-year [1] - The poultry products segment showed significant growth, with revenue reaching 325 million yuan, a 47.18% increase year-on-year, driven by rapid growth in membership store products [1][3] - The company is expanding its product offerings and channels, with a focus on new product development and deeper collaboration with downstream systems [3] Financial Performance - Q1 2025 revenue was 383 million yuan, with a net profit of 50 million yuan and a non-recurring net profit of 44 million yuan, reflecting increases of 39.23%, 16.25%, and 25.80% year-on-year respectively [1] - The gross margin for Q1 2025 was 27.08%, down 4.35 percentage points year-on-year, primarily due to changes in channel structure [2] - The company’s net profit margin for Q1 2025 was 13.14%, a decrease of 2.60 percentage points year-on-year, while the non-recurring net profit margin was 11.38%, down 1.22 percentage points [2] Growth Drivers - Online sales in Q1 2025 reached 24 million yuan, a remarkable increase of 88.0% year-on-year, while offline sales were 352 million yuan, up 35.9% [1] - The company is actively introducing new products in membership stores and expanding its traditional channel network, which is expected to mitigate the impact of competition from snack retailers [3] - Future revenue projections for 2025-2027 are 1.675 billion, 2.021 billion, and 2.426 billion yuan, with expected year-on-year growth rates of 41.66%, 20.67%, and 20.02% respectively [3]

Core Viewpoint - The announcement emphasizes the commitment of the board and management of Youyou Food Co., Ltd. to the accuracy and completeness of the quarterly report, ensuring no false statements or omissions exist [1][2]. Financial Data Summary - The first quarter financial statements for 2025 are not audited [3]. - The report includes major financial data and indicators, but specific figures are not provided in the text [3]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [3]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is included, but specific data is not provided [4]. - There are no changes reported in the top ten shareholders due to securities lending activities [5]. Other Important Information - The announcement includes a reminder for investors to pay attention to other significant information regarding the company's operational performance during the reporting period, but no specific details are provided [5]. - The financial statements for the first quarter of 2025 are prepared but remain unaudited [6].

证券代码：603697 证券简称：有友食品 公告编号：2025-030 有友食品股份有限公司 2025 年一季度主要经营数据公告 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。 1、主营业务收入按产品类别分类情况 一、2025 年一季度主要经营数据 | 类别 | 2025 年 1-3 | 月 | 2024 年 1-3 | 月 | | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | | 线上渠道 | 2,415.73 | 6.43% | 1,284.97 | 4.73% | | 线下渠道 | 35,165.58 | 93.57% | 25,875.95 | 95.27% | | 合 计 | 37,581.31 | 100.00% | 27,160.92 | 100.00% | 二、2025 年一季度经销商变动情况 | 地区分布 | 期初 | 增加 | 减少 | 期末 | | --- | --- | --- | --- | --- | | 东南区域 | 317 | ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥383,008,982.67, representing a 39.23% increase compared to ¥275,081,162.58 in the same period last year[5] - Net profit attributable to shareholders was ¥50,321,912.28, up 16.25% from ¥43,287,937.52 year-on-year[5] - Basic earnings per share increased by 20.00%, from ¥0.10 to ¥0.12[6] - Operating profit for Q1 2025 was ¥59,905,302.69, an increase of 16.5% from ¥51,511,124.35 in Q1 2024[21] - Total operating revenue for Q1 2025 reached ¥383,008,982.67, a 39.2% increase from ¥275,081,162.58 in Q1 2024[21] - Net profit for Q1 2025 was ¥50,321,912.28, representing a 16.4% increase compared to ¥43,287,937.52 in Q1 2024[22] - Basic and diluted earnings per share for Q1 2025 were both ¥0.12, compared to ¥0.10 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,168,290,920.71, a 5.92% increase from ¥2,047,168,848.00 at the end of the previous year[6] - Current assets totaled CNY 1,622,761,726.98, up from CNY 1,509,357,308.70, indicating an increase of about 7.5%[16] - Total liabilities increased to CNY 343,632,114.43 from CNY 272,831,954.00, which is an increase of about 26%[18] - The company's equity attributable to shareholders reached CNY 1,824,658,806.28, up from CNY 1,774,336,894.00, reflecting a growth of approximately 2.8%[18] - The total current liabilities amounted to CNY 312,579,422.86, compared to CNY 240,989,680.43, indicating an increase of about 29.7%[18] Cash Flow - Cash flow from operating activities was ¥71,027,729.40, reflecting a 13.36% increase from ¥62,659,485.18 in the previous year[5] - Cash flow from operating activities for Q1 2025 was ¥71,027,729.40, compared to ¥62,659,485.18 in Q1 2024, indicating a 13.7% increase[24] - Cash flow from investing activities for Q1 2025 showed a net outflow of ¥212,485,110.29, worsening from a net outflow of ¥106,000,588.07 in Q1 2024[25] - Cash and cash equivalents at the end of Q1 2025 totaled ¥93,641,683.61, up from ¥61,132,156.13 at the end of Q1 2024[25] - The company reported a decrease in cash and cash equivalents by 55.12%, primarily due to investments in financial products[9] Accounts Receivable and Inventory - The company experienced a 71.58% increase in accounts receivable, attributed to higher sales revenue from direct channels[9] - Accounts receivable rose significantly to CNY 128,026,403.91 from CNY 74,614,467.42, marking an increase of around 71.5%[16] - The company reported a significant increase in inventory, with total inventory at CNY 327,601,367.31, down slightly from CNY 336,835,909.54, a decrease of about 2.3%[16] Other Income and Expenses - Other income rose significantly by 798.39%, mainly due to increased government subsidies received during the reporting period[10] - The company reported other income of ¥6,254,660.69 in Q1 2025, significantly higher than ¥696,210.20 in Q1 2024[21] - Research and development expenses surged by 100.51%, primarily due to increased salaries for R&D personnel and new product packaging design costs[9] - The company experienced a foreign exchange loss of ¥7,074.75 in Q1 2025, with no such loss reported in Q1 2024[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,419[11] - The company has not reported any changes in the top 10 shareholders or their participation in financing and securities lending activities[13] - There are no significant reminders or additional important information regarding the company's operational performance during the reporting period[14]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1200 | 0.1000 | 20 | 0.1100 | | 每股净资产（元） | 4.27 | 4.39 | -2.73 | 6.19 | | 每股公积金(元) | 0.9 | 0.9 | 0 | 1.71 | | 每股未分配利润(元) | 2.00 | 2.21 | -9.5 | 3.22 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.83 | 2.75 | 39.27 | 2.33 | | 净利润(亿元) | 0.5 | 0.43 | 16.28 | 0.47 | | 净资产收益率(%) | 2.80 | 2.33 | 20.17 | 2.52 | | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 鹿有忠 | ...

New Stock Listings - The new stock "Zhongjie Automobile" (code: 301560) is listed at an issuance price of 16.50[1] Rights Issues and Offers - Cash option for "AVIC Capital" (code: 600705) is available from April 23 to April 25, 2025[1] - Tender offer for "ST Xinchao" (code: 600777) is open from April 23 to May 22, 2025[1] - "ST Puli" (code: 300630) will enter the delisting arrangement period starting April 28, 2025[1] Market Alerts - "Guoguang Chain" (code: 605188) has reported severe abnormal fluctuations[1] - "Dongfang Tong" (code: 300379) also reported severe abnormal fluctuations[1] Other Announcements - "Huili B" (code: 900939) has a recent announcement linked to its trading activities[1] - "Zhejiang Rongtai" (code: 603119) has a recent announcement linked to its trading activities[1] - "ST Jiuyou" (code: 600462) has a recent announcement linked to its trading activities[1]

证券代码：603697 证券简称：有友食品 公告编号：2025-029 有友食品股份有限公司 股票交易异常波动公告 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。 重要内容提示： 有友食品股份有限公司（以下简称"公司"）股票于 2025 年 4 月 18 日、 2025 年 4 月 21 日、2025 年 4 月 22 日连续三个交易日内日收盘价格涨幅偏 离值累计达到 20%，属于股票交易异常波动。 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日， 确认不存在应披露而未披露的重大信息。 敬请广大投资者注意二级市场交易风险，审慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 4 月 18 日、2025 年 4 月 21 日、2025 年 4 月 22 日 连续三个交易日内日收盘价格涨幅偏离值累计达到 20%。根据《上海证券交易所 交易规则》的相关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 （二）经公司自查，并向公司控股股东及实际控制人书面征询核实：截至本 公 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-028 1 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 委托理财产品名称：华安证券股份有限公司财智小气囊 2 号浮动收益凭证 委托理财期限为：238 天 履行的审议程序： 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 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-027 有友食品股份有限公司 （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。 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：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：5,000 万元 ●委托理财产品名称：国元证券元聚利 134 期浮动收益凭证；国元证券元鼎尊享 165 号浮 动收益凭证 ●委托理财期限为：246 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 120,00 ...