为提升公司资金使用效率，优化资源配置，充分发挥专业投资机构的行业研究、项 目管理经验以及风险管控体系，同时结合专业投资机构的产业资源，助力公司探索新赛 道、布局新领域，进一步挖掘公司增长曲线，提升公司综合竞争力，公司下属全资子公 司有友食品重庆制造有限公司以自有资金出资人民币 2,000 万元与广东温氏投资有限公 司、温润（珠海）私募基金管理合伙企业（有限合伙）、严广宽、严广洪、云南省高原 特色农业股权投资基金合伙企业（有限合伙）、横琴粤澳深度合作区产业投资基金（有 限合伙）、窦培成、齐书政、谢柳娟共同投资温润生物制造创业投资基金合伙企业（有 限合伙）（最终工商注册名称为温润农业生物科技（云南）创业投资基金合伙企业（有 限合伙），以下简称"温润生物基金"）。具体内容详见公司 2025 年 7 月 16 日在上海 证券交易所网站（www.sse.com.cn）披露的《有友食品关于子公司与专业投资机构共同 投资的公告》。 二、对外投资进展情况 证券代码：603697 证券简称：有友食品 公告编号：2025-083 有友食品股份有限公司 关于子公司与专业投资机构共同投资的进展公告 本公司董事会及全体董事保证本公告内 ...

Market Overview - The leisure food sector experienced a slight decline of 0.01% on November 12, with Gui Faxiang leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ganyuan Food: closed at 61.63, up 2.97% with a trading volume of 43,200 lots and a transaction value of 267 million [1] - Lihai Food: closed at 44.62, up 1.36% with a trading volume of 42,600 lots and a transaction value of 206.1 million [1] - Major decliners included: - Gui Faxiang: closed at 14.30, down 2.26% with a trading volume of 273,100 lots and a transaction value of 394 million [2] - Ziyan Food: closed at 19.27, down 2.18% with a trading volume of 29,900 lots and a transaction value of 58.19 million [2] Capital Flow - The leisure food sector saw a net outflow of 171 million from institutional investors, while retail investors contributed a net inflow of 249 million [2] - Specific stock capital flows included: - Ganyuan Food: net inflow of 17.70 million from institutional investors, with a net outflow of 12.58 million from speculative funds [3] - Lihai Food: net inflow of 10.29 million from institutional investors, with a net outflow of 7.30 million from speculative funds [3]

Core Viewpoint - Youyou Food's stock price has shown a significant increase of 38.50% year-to-date, indicating strong market performance despite recent fluctuations in trading volume and net capital outflow [2][3] Group 1: Stock Performance - As of November 12, Youyou Food's stock price was 13.49 CNY per share, with a market capitalization of 5.77 billion CNY [1] - The stock has increased by 2.43% over the last five trading days, 11.21% over the last 20 days, and 9.32% over the last 60 days [2] - The company has appeared on the trading leaderboard five times this year, with the most recent appearance on June 23, where it recorded a net buy of -36.22 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, Youyou Food achieved a revenue of 1.245 billion CNY, representing a year-on-year growth of 40.39% [2] - The net profit attributable to the parent company was 174 million CNY, reflecting a year-on-year increase of 43.34% [2] - Cumulative cash dividends since the company's A-share listing amount to 925 million CNY, with 547 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Youyou Food was 23,600, an increase of 40.75% from the previous period [2] - The average number of circulating shares per shareholder was 18,141, a decrease of 28.95% from the previous period [2] - The top ten circulating shareholders include notable funds, with Penghua Consumer Preferred Mixed Fund holding 2.393 million shares, an increase of 47.52% from the previous period [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.245 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 40.39%. The net profit attributable to shareholders was 174 million yuan, up 43.34%, while the net profit excluding non-recurring items reached 154 million yuan, increasing by 46.99% [2][5] - In Q3 2025, the total revenue was 474 million yuan, reflecting a year-on-year growth of 32.7%. The net profit attributable to shareholders was approximately 65.33 million yuan, up 44.79%, and the net profit excluding non-recurring items was about 60.90 million yuan, increasing by 39.31% [2][5] Summary by Sections Revenue Growth - The company's main business revenue for the first three quarters of 2025 reached 1.236 billion yuan, a year-on-year increase of 40.28%, primarily driven by meat products. Poultry products contributed 1.077 billion yuan, accounting for 87.17% of total revenue, which is an increase of 4.03 percentage points year-on-year. The proportion of livestock and vegetable products has slightly decreased [11] - The sales structure has significantly improved, with revenue from the Southeast region reaching 719 million yuan, accounting for 58.19% of total revenue, and a year-on-year growth of 113.72%. The Southwest region's revenue share decreased from 49.39% to 34.15% [11] Channel Structure - The channel structure continues to shift towards offline sales, with offline channel revenue for Q1-Q3 2025 at 1.162 billion yuan, making up 94.02% of total revenue. Online channel revenue increased to 73.86 million yuan, with a year-on-year growth of 67.89%, but still accounts for less than 6% of total revenue [11] Profitability and Cost Control - The company's net profit margin for Q1-Q3 2025 increased by 0.29 percentage points to 13.96%. However, the gross profit margin decreased by 2.73 percentage points to 27.33%. The expense ratio decreased by 3.3 percentage points to 11.6% [11] - In Q3 2025, the net profit margin improved by 1.15 percentage points to 13.78%, while the gross profit margin decreased by 1.95 percentage points to 26.95%. The expense ratio also decreased by 1.71 percentage points to 11.2% [11] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 218 million yuan, 256 million yuan, and 287 million yuan for 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.60 yuan, and 0.67 yuan, with price-to-earnings (PE) ratios of 26, 22, and 20 times, respectively [11]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Market Overview - The leisure food sector increased by 0.08% on November 5, with Ximai Food leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Ximai Food (002956) closed at 22.19, up 2.35% with a trading volume of 44,300 shares and a transaction value of 98.90 million [1] - Guifaxiang (002820) also rose by 2.35% to 13.52, with a trading volume of 231,600 shares and a transaction value of 313 million [1] - Other notable performers include Maiqu'er (002719) up 1.90% to 9.67, and Sanzhi Songshu (300783) up 1.73% to 23.56 [1] Capital Flow - The leisure food sector experienced a net outflow of 3.67 million from institutional investors, while retail investors saw a net outflow of 43.58 million [2] - Conversely, speculative funds recorded a net inflow of 47.25 million [2] Individual Stock Capital Flow - Sanzhi Songshu (300783) had a net inflow of 20.74 million from institutional investors, but a net outflow of 30.54 million from retail investors [3] - Guifaxiang (002820) saw a net inflow of 9.29 million from institutional investors, with a net outflow of 13.02 million from retail investors [3] - Other stocks like Jinzai Food (003000) and Yuanzi Food (603886) also showed mixed capital flows, with significant retail outflows [3]

Key Insights - The report highlights a rebound in the electrolyte industry, with significant growth potential in fluorinated liquids, particularly for the company Xinzhou Bang, which reported a revenue of 6.616 billion yuan for the first three quarters of 2025, a year-on-year increase of 16.75% [6][10] - The company achieved a net profit of 748 million yuan, up 6.64% year-on-year, with a sales gross margin of 24.51%, reflecting a decline of 2.58 percentage points [6][10] - The report indicates that the company is well-positioned to benefit from the recovery in the electrolyte market, driven by rising prices of lithium hexafluorophosphate and improved operational efficiency [10][11] Group 1: Xinzhou Bang (Battery) - The company reported a revenue of 2.368 billion yuan in Q3 2025, a year-on-year increase of 13.60% and a quarter-on-quarter increase of 5.45% [7] - The net profit for Q3 2025 was 264 million yuan, down 7.51% year-on-year but up 4.03% quarter-on-quarter, indicating a mixed performance [7][8] - The company is focusing on optimizing its product structure and enhancing operational efficiency, with a stable growth trajectory in its organic fluorine chemicals and electronic information chemicals [9][10] Group 2: Weijian Medical (Personal Care Products) - The company achieved a revenue of 7.897 billion yuan in the first three quarters of 2025, a year-on-year increase of 30.10%, with a net profit of 732 million yuan, up 32.36% [13][14] - The medical segment saw a revenue increase of 44.4%, driven by strong growth in surgical consumables and high-end dressings [14] - The consumer segment also performed well, with a revenue of 4.01 billion yuan, up 19.1%, led by significant growth in the sales of sanitary products [15] Group 3: Longqi Technology (Consumer Electronics) - The company reported a revenue of 31.332 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.28%, but a net profit increase of 17.74% [21] - In Q3 2025, the revenue was 11.424 billion yuan, down 9.62% year-on-year, while the net profit increased by 64.46% [22] - The company is expanding its product portfolio under the "1+2+X" strategy, focusing on smart devices and automotive electronics [23][24] Group 4: Minxin Technology (Semiconductors) - The company reported a revenue of 464 million yuan in the first three quarters of 2025, a year-on-year increase of 37.73%, with a gross margin of 30.28% [25][26] - In Q3 2025, the revenue was 160 million yuan, up 21.9% year-on-year, indicating strong demand for pressure and inertial sensors [25][27] - The company is well-positioned to benefit from the growth of MEMS sensors in the AI era, with a diverse product matrix [26][28] Group 5: Yingly Technology (General Equipment) - The company reported a revenue of 2.121 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.02%, with a net profit of 294 million yuan, up 29.59% [35][36] - The company is expanding its processing and coating capabilities in the blade and casing industry, which is expected to enhance its production capacity [37] - The gross margin for Q3 2025 was 38.03%, reflecting a significant improvement in profitability [38] Group 6: Weichai Power (Automotive Parts) - The company reported a revenue of 170.57 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.3%, with a net profit of 8.88 billion yuan, up 5.7% [44] - In Q3 2025, the revenue was 57.42 billion yuan, up 16.1% year-on-year, driven by strong demand in the heavy truck sector [44] - The company is benefiting from the recovery in the heavy truck market, with significant growth in natural gas and electric vehicle sales [44]

Core Viewpoint - Youyou Food's stock has shown significant growth this year, with a year-to-date increase of 38.40% and a recent surge in trading activity, indicating strong market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - As of November 5, Youyou Food's stock price reached 13.48 CNY per share, with a trading volume of 64.28 million CNY and a turnover rate of 1.14%, resulting in a total market capitalization of 5.765 billion CNY [1]. - The stock has experienced a 2.51% increase during the trading session, with a net inflow of 2.1969 million CNY from main funds [1]. - The stock has seen a 11.77% increase over the last five trading days, an 18.45% increase over the last 20 days, and an 8.19% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Youyou Food reported a revenue of 1.245 billion CNY, reflecting a year-on-year growth of 40.39%, and a net profit attributable to shareholders of 174 million CNY, which is a 43.34% increase year-on-year [2]. - The company has distributed a total of 925 million CNY in dividends since its A-share listing, with 547 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Youyou Food had 23,600 shareholders, an increase of 40.75% from the previous period, with an average of 18,141 circulating shares per shareholder, a decrease of 28.95% [2]. - Among the top ten circulating shareholders, Penghua Consumer Preferred Mixed Fund holds 2.393 million shares, an increase of 475,200 shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong performance in offline channels, with a significant increase in profitability driven by cost reductions [3][6] - The company reported a revenue of 1.245 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 40.39%, and a net profit of 174 million yuan, up 43.34% year-on-year [5][6] - The company is recognized as a leader in the marinated snack sector, particularly known for its spicy chicken feet products [7] Financial Performance - In Q3 2025, the company achieved a revenue of 474 million yuan, a year-on-year increase of 32.70%, with net profit reaching 65 million yuan, up 44.79% year-on-year [5][6] - The revenue growth was driven by core product categories, with poultry products growing by 36.1% year-on-year [6] - The company’s gross margin decreased by 1.95 percentage points to 26.95% in Q3 2025, attributed to a higher proportion of low-margin channels [6] Channel Performance - Offline channels outperformed online channels in Q3 2025, with offline revenue growing by 33.6% compared to 17.7% for online [6] - The growth in offline channels is primarily due to the expansion of the Sam's Club channel and the stabilization of traditional channels [6] Future Outlook - The company is expected to continue benefiting from cost reductions and improved channel capabilities, which will enhance long-term growth prospects [6][7] - Revenue projections for 2025-2027 are estimated at 1.636 billion, 1.956 billion, and 2.229 billion yuan, respectively, with corresponding net profits of 228 million, 293 million, and 337 million yuan [7][8]

Core Insights - The company reported a revenue of 1.25 billion in the first three quarters of 2025, representing a year-on-year increase of 40.4% [1] - The net profit attributable to shareholders reached 170 million, up 43.3% year-on-year, while the net profit excluding non-recurring items was 150 million, reflecting a 47% increase [1] - In Q3 2025, the company achieved a revenue of 470 million, a year-on-year growth of 32.7%, and a net profit of 65 million, which is a 44.5% increase year-on-year [1] Revenue Growth - The company has embraced new retail channels and introduced innovative products, contributing to significant revenue growth despite high base effects [1] - Revenue growth rates for the quarters are as follows: 28% in Q3 2024, 42.9% in Q4 2024, 39.2% in Q1 2025, 52.5% in Q2 2025, and 32.7% in Q3 2025 [1] - The introduction of two new products in the membership supermarket channel has performed well, with one product achieving monthly sales exceeding 10 million [1] Profitability Metrics - The gross margin decreased by 2 percentage points to 27% in Q3 2025, primarily due to lower margins in high-growth channels like snack wholesale and membership supermarkets [2] - The expense ratios for sales, management, and R&D were 8.3%, 2.7%, and 0.2%, respectively, showing a decline compared to the previous year [2] - The net profit margin improved by 1.2 percentage points to 13.8% in Q3 2025, indicating strong profitability performance [2] Strategic Initiatives - The company focuses on "product innovation + channel expansion" as its core growth drivers, seeking structural breakthroughs in traditional retail channels [3] - There is an ongoing effort to deepen cooperation with leading membership supermarket clients and expand the product range to mitigate operational risks associated with single product dependency [3] - The company aims for a revenue growth target of no less than 20% for 2025, with expectations to exceed this target [3] Future Outlook - The company anticipates revenue of 1.62 billion, 1.94 billion, and 2.21 billion for 2025-2027, with year-on-year growth rates of 37.2%, 19.5%, and 14% respectively [3] - Profit projections for the same period are 215 million, 274 million, and 320 million, with corresponding growth rates of 36.7%, 27.6%, and 16.6% [3] - The company maintains a "buy" rating based on recent product and channel expansion developments [3]