2025 年 4 月 22 日 （本页无正文，为《关于有友食品股份有限公司股票交易异常波动的询证函》 之回函的签署页） 鹿有忠 赵 英 鹿 新 《关于有友食品股份有限公司股票交易异常波动的询证函》之回函 致：有友食品股份有限公司 贵司《关于有友食品股份有限公司股票交易异常波动的询证函》已收悉，现 就公司询证事项回复如下： 本人鹿有忠作为有友食品股份有限公司（以下简称"公司"）的控股股东、 实际控制人，本人赵英作为公司的实际控制人，本人鹿新作为公司的实际控制人， 不存在涉及公司的应披露而未披露的重大信息，包括但不限于重大资产重组、发 行股份、上市公司收购、债务重组、业务重组、资产剥离和注入等重大事项，亦 不存在买卖公司股票的情形。 （以下无正文） ...

Group 1 - The company has launched a new vegetarian product in the Sam's Club channel, which is expected to contribute positively to revenue growth. The product is a vegetarian gift pack priced at 49.9 yuan for 900g [1] - The new product emphasizes zero additives and low fat, aligning with the health consumption trend. The company has been continuously developing customized products in collaboration with membership stores, showcasing strong product development capabilities [2] - The company has accumulated extensive R&D experience in processing techniques, allowing for continuous breakthroughs in product expansion. Recent innovations include products like chicken feet and vegetarian options in various membership stores [2] Group 2 - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 1.557 billion, 1.843 billion, and 2.027 billion yuan for 2025-2027, representing year-on-year growth rates of 31.71%, 18.33%, and 10.00% respectively [3] - The projected net profit for the company for the same period is estimated at 200 million, 231 million, and 260 million yuan, with corresponding year-on-year growth rates of 26.99%, 15.85%, and 12.47% [3] - The company maintains a "recommended" rating with projected price-to-earnings ratios of 25.1, 21.7, and 19.3 for 2025-2027 [3]

Core Viewpoint - Youyou Food Co., Ltd. has announced the use of temporarily idle raised funds for financial management, aiming to enhance investment returns while ensuring that it does not affect the construction of fundraising projects and normal business operations [2][4]. Group 1: Financial Management and Investment - The company has approved the use of up to RMB 100 million of temporarily idle raised funds for cash management, with a usage period of 12 months starting from the approval date of the annual shareholders' meeting [2][3]. - The company’s wholly-owned subsidiary, Chongqing Youyou Food Sales Co., Ltd., previously used idle raised funds to purchase financial products from Huazheng Securities and Shenwan Hongyuan, recovering RMB 70 million in principal and RMB 892,600 in investment income upon maturity [3]. - The current financial management aims to utilize idle raised funds to increase investment returns while ensuring the safety and liquidity of the funds [4][8]. Group 2: Financial Product Details - The current financial product involves an investment of RMB 20 million in the "Guotai Haitong Securities Junyue Feilong 300 Customized 2025 Q4 Income Certificate," with a term of 90 days [6]. - The financial products are designed to be capital-protected and have high liquidity, ensuring that the company does not change the purpose of the raised funds [8][9]. Group 3: Risk Control and Compliance - The company will adhere to relevant regulations and internal controls to manage the risks associated with the financial products, including regular analysis and monitoring of the product's performance [9][10]. - The independent directors and supervisory board have the authority to supervise and inspect the use of raised funds and financial products [9]. Group 4: Recent Financial Performance - The company reported a cash dividend of RMB 0.21 per share for the 2024 fiscal year, totaling approximately RMB 89.82 million based on the total share capital of 427,692,098 shares [16][18]. - The dividend distribution plan was approved at the annual shareholders' meeting held on April 9, 2025 [17].

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%/ ...