Core Viewpoint - The company has appointed Mr. Lu You as the new General Manager, indicating a potential shift in management strategy and direction [1] Company Summary - The announcement was made on the evening of November 17, highlighting the company's decision to bring in new leadership [1]

证券代码：603697 证券简称：有友食品 公告编号：2025-086 有友食品股份有限公司 关于董事会完成换届选举暨聘任高级管理人员及 证券事务代表的公告 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。 一、公司第五届董事会组成情况 （一）第五届董事会成员 公司第五届董事会由 7 名董事组成，分别为鹿有忠先生、鹿游先生、李学辉 先生、崔海彬先生、赵吟女士、欧理平先生、肖琳女士；其中鹿有忠先生为董事 长，赵吟女士、欧理平先生、肖琳女士为独立董事。 公司第五届董事会董事的任期自公司 2025 年第一次临时股东会审议通过之 日起三年。 （二）第五届董事会各专门委员会委员 战略委员会：鹿有忠先生（主任委员）、李学辉先生、肖琳女士； 提名委员会：肖琳女士（主任委员）、欧理平先生、鹿有忠先生； 审计委员会：欧理平先生（主任委员）、赵吟女士、鹿有忠先生； 有友食品股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召开了 2025 年第一次临时股东会，选举产生了公司第五届董事会成员。同日，公司召 开了第五届董事会第一 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-084 有友食品股份有限公司 2025年第一次临时股东会决议公告 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 | 126 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 290,834,272 | | 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（%） | 68.0008 | (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 忠先生主持。 (一) 股东会召开的时间：2025 年 11 月 17 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： (五) 公司董事 ...

北京德恒（重庆）律师事务所 关于有友食品股份有限公司 北京德恒律师事务所 DeHeng Law Offices 重庆市江北区江北嘴聚贤岩广场 9 号国华金融中心大厦 A 栋 24 层 电话:023-63012200 传真:023-63012211 邮编:400024 北京德恒(重庆)律师事务所 关于有友食品股份有限公司 2025 年第一次临时股东会的法律意见书 北京德恒(重庆)律师事务所 关于有友食品股份有限公司 2025年第一次临时股东会的 法律意见书 致:有友食品股份有限公司 2025 年第一次临时股东会的 法律意见书 为出具本法律意见书,本所律师审查了有友食品本次股东会的有关文件和材 料。有友食品已向本所律师作出如下保证,即其已提供了本所律师认为作为出具 本法律意见书所必需的材料,所提供的原始材料、副本、复印件等材料、口头证 言均符合真实、准确、完整的要求,有关副本、复印件等材料与原始材料一致。 在本法律意见书中,本所律师仅对本次股东会的召集、召开程序、出席会议 人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《上市公 司股东会规则》等法律、法规、规范性文件及《公司章程》《股东会规则》的规 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-085 有友食品股份有限公司 第五届董事会第一次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 有友食品股份有限公司（以下简称"公司"））于 2025 年 11 月 17 日召开 2025 年第一次临时股东会，选举产生了公司第五届董事会。公司第五届董事会第一次 会议于同日以现场方式召开，全体董事已同意豁免通知时限。会议应出席董事 7 人，实际出席董事 7 人。全体与会董事一致推举鹿有忠先生主持本次会议，公司 高级管理人员列席了会议。会议的召开符合《公司法》及《公司章程》的相关规 定。 二、董事会会议审议情况 表决结果：同意 7 票；反对 0 票；弃权 0 票。 2.2 提名委员会：肖琳（主任委员）、欧理平、鹿有忠 表决结果：同意 7 票；反对 0 票；弃权 0 票。 1、审议通过《关于选举公司第五届董事会董事长的议案》 同意选举董事鹿有忠先生为公司第五届董事会董事长，任期与第五届董事会 任期一致。 具体内容详见公司同日在 ...

Group 1 - The core point of the article is that Youyou Food (SH 603697) held its first temporary board meeting for the fifth session on November 17, 2025, to discuss the appointment of senior management personnel [1] - For the year 2024, Youyou Food's revenue composition is 99.05% from the food manufacturing industry and 0.95% from other businesses [1] - As of the report date, Youyou Food has a market capitalization of 5.6 billion yuan [1]

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

Core Viewpoint - Youyou Foods announced an investment in a new venture fund focused on agricultural biotechnology, indicating a strategic move to enhance its investment portfolio and expand its business operations in the agricultural sector [2] Company Summary - Youyou Foods' wholly-owned subsidiary, Youyou Foods Chongqing Manufacturing Co., Ltd., invested RMB 20 million in partnership with several entities to establish the "Wenrun Agricultural Biotechnology (Yunnan) Venture Capital Fund" [2] - The fund has completed the necessary registration procedures with the Asset Management Association of China, signifying its compliance with regulatory requirements [2] Industry Summary - The establishment of the Wenrun Agricultural Biotechnology Fund reflects a growing interest in agricultural biotechnology investments, which may lead to advancements in the sector and potential growth opportunities for companies involved [2]

Core Viewpoint - Youyou Foods (603697.SH) has announced the completion of the private investment fund filing procedures with the Asset Management Association of China for the Wenrun Agricultural Biotechnology (Yunnan) Venture Capital Fund Partnership (Limited Partnership) [1] Group 1 - The Wenrun Biological Fund has complied with the requirements of the Securities Investment Fund Law and the Interim Measures for the Supervision and Administration of Private Investment Funds [1] - The fund is officially named Wenrun Agricultural Biotechnology (Yunnan) Venture Capital Fund Partnership (Limited Partnership) [1]