新京报讯（记者王子扬）11月6日，新京报记者了解到，在第八届中国国际进口博览会（以下简称"进博 会"）上，来伊份作为连续八年参展的"全勤生"，本届以"全球品牌管理生态平台"的全新身份亮相，标 志着企业从休闲零食专家向贯通进口与出海、覆盖多品类、多场景的食品生活生态圈转型。本届进博会 上，来伊份将与多家国际食品巨头达成战略合作，预计总采购额突破2.5亿元。 本届进博会上，来伊份首次集结五大核心品牌组成协同矩阵，以"品牌舰队"模式集体亮相。其中，"来 伊份"专注国民零食赛道，"亚米"主打进口美食，"醉爱"深耕酱香白酒，"沪威"布局威士忌领域，"养馋 记"则聚焦社区零售。除了集中展示超过60款出海产品，来伊份还展示了近40款进口单品，其中，与比 利时合作伙伴联合研发的"亚米比利时焦糖饼干"首次亮相，这标志着从简单贸易到深度共创的合作升 级。 来伊份相关负责人表示，相较于往年，本次参展进博会的特别之处，首先体现在参展身份的转变，不同 于以往仅以进口品牌"亚米"参展，这是来伊份首次以"来伊份全球品牌管理生态平台"身份官宣亮相，集 中展示"来伊份、亚米、醉爱、沪威、养馋记"五大品牌矩阵。其次是展品结构的创新，区别于以往仅 ...

证券之星消息，11月5日休闲食品板块较上一交易日上涨0.08%，西麦食品领涨。当日上证指数报收于 3969.25，上涨0.23%。深证成指报收于13223.56，上涨0.37%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002956 | 西麦食品 | 22.19 | 2.35% | 4.43万 | 9890.07万 | | 002820 | 桂发祥 | 13.52 | 2.35% | 23.16万 | - 3.13亿 | | 002719 | 麦趣尔 | 9.67 | 1.90% | 9.27万 | 8921.22万 | | 603886 | 元祖股份 | 12.77 | 1.83% | - 4.41万 | 5626.50万 | | 300783 | 三只松鼠 | 23.56 | 1.73% | 11.31万 | 2.67亿 | | 603057 | 紫燕食品 | 18.93 | 1.50% | 3.26万 | 6168.73万 | | 603777 | 来伊 ...

| | | | | 中:11: 1147: 八大 1 | | --- | --- | --- | --- | --- | | | | 本报告期比上 | | 年初全报告期末 | | 项目 | 本报告期 | 年同期增减变 | 年初至报告期末 | 比上年同期增减 | | | | 动幅度(%) | | 变动幅度(%) | | 营业收入 | 914, 486, 970, 81 | 25. 15 | 2.854. 197. 851. 30 | 13. 12 | | 利润息额 | -72, 460, 918. 20 | -22.83 | -113, 980, 039. 30 | -184.98 | | 归属于上市公司股东的净利 | -74, 655, 971. 06 | -29.73 | -125, 339, 871. 28 | -194. 06 | | 润 | | | | | | 归属于上市公司股东的扣除 | -79. 658. 561. 13 | -20.22 | -136. 271. 780. 62 | -81. 33 | | 非经常性损益的净利润 | | | | | | 经营活动产生的现金流量净 | 不适用 | 不 ...

证券之星消息，11月3日休闲食品板块较上一交易日上涨1.77%，万辰集团领涨。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300972 | 万辰集团 | 183.88 | 4.02% | 3.31万 | 6.02亿 | | 002820 | 桂发祥 | 13.19 | 3.05% | 15.31万 | 2.01亿 | | 002956 | 西麦食品 | 21.92 | 2.81% | + 3.78万 | 8212.35万 | | 603057 | 紫燕食品 | 18.81 | 2.51% | 4.91万 | 9169.93万 | | 002695 | 煌上煌 | 12.99 | 2.20% | 11.46万 | 1.49 Z | | 603886 | 元祖股份 | 12.53 | 1.87% | 4.03万 | 5009.81万 | | 603517 | ST绝味 ...

Core Viewpoint - Laiyifen is a leading company in the domestic leisure food chain industry, established in 2002 and listed on the Shanghai Stock Exchange in 2016, with a strong full industry chain advantage and high investment value [1] Financial Performance - In Q3 2025, Laiyifen achieved a revenue of 2.854 billion yuan, ranking 6th among 11 companies in the industry, with the industry leader, Wancheng Group, generating 36.562 billion yuan [2] - The net profit for the same period was -115 million yuan, placing Laiyifen 10th in the industry, while the top performer, Wancheng Group, reported a net profit of 1.591 billion yuan [2] Financial Ratios - As of Q3 2025, Laiyifen's debt-to-asset ratio was 47.32%, an increase from 43.53% year-on-year, and above the industry average of 40.61%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 31.58%, down from 40.74% year-on-year but still above the industry average of 26.24%, suggesting a maintained profitability advantage [3] Executive Compensation - The chairman, Shi Yonglei, received a salary of 409,200 yuan in 2024, a decrease of 34,100 yuan from 2023 [4] - The president, Yu Ruifen, earned 421,000 yuan in 2024, down 22,400 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.99% to 37,600, while the average number of circulating A-shares held per account increased by 11.10% to 8,894.02 [5]

Core Viewpoint - The company reported a significant increase in net loss despite revenue growth, indicating challenges in profitability and cost management [1][3]. Financial Performance - For the first three quarters of the year, the company's revenue increased by 13.12% to 2.854 billion yuan, while net loss rose by 194.06% to 125 million yuan [1]. - In Q3 alone, revenue grew by 25.15% to 914 million yuan, with net loss increasing by 29.73% to 74.65 million yuan, which is also higher than the previous quarter's loss of 50.68 million yuan [1]. Cost Structure - The increase in net loss is attributed to a decline in gross margin, which fell by 9.16% to 31.58% in the first three quarters [3]. - Sales expenses decreased by 7.27% to 679 million yuan, management expenses decreased by 4.73% to 322 million yuan, and R&D expenses dropped significantly by 75.32% to 1.9664 million yuan, while financial expenses rose by 24.33% to 16.6696 million yuan [3]. - The company's sales expenses accounted for 22.04% of revenue, which is higher than competitors such as Three Squirrels (20.69%), Good Products (24.28%), and Salted Fish (9.92%) [3]. Sales Channel Strategy - The company is shifting its sales strategy by reducing the proportion of direct stores and increasing the share of franchise stores, although franchise stores typically yield lower gross margins [5]. - The company announced financial support for franchisees in key cities, with a total amount not exceeding 50 million yuan, aimed at alleviating liquidity pressures [5]. - As of June 30, 2025, the total number of stores decreased to 2,979, with a net reduction of 106 stores, including a decrease of 90 direct stores [5]. Company Background - Founded in 1999 in Shanghai, the company primarily sells self-branded snacks through a commission-based production model and was listed on the Shanghai Stock Exchange in 2016 [6].

Core Insights - Shanghai Laiyifen Co., Ltd. reported its Q3 2025 results, showing a revenue of approximately 2.854 billion yuan, which represents a year-on-year increase of 13.12% [1] - The net profit attributable to shareholders was a loss of about 125 million yuan, reflecting a year-on-year decline of 194.06% [1] - The basic earnings per share reported a loss of 0.37 yuan [1]

Group 1 - The company, Laiyifen (603777), announced the election of Mr. Hu Jianming as the employee representative director of the sixth board of directors [1]

Core Points - The company announced the composition of its sixth board of directors, which will consist of 11 members, including 6 non-independent directors, 4 independent directors, and 1 employee director [1] - The board's nomination committee reviewed the qualifications of the candidates for the sixth board, and the resolutions for the election of the new board were approved during the 20th meeting of the fifth board held on October 29, 2025 [1] - The company has nominated Mr. Shi Yonglei, Ms. Yu Ruifen, Ms. Xu Peishan, Mr. Li Jiangang, Mr. Jiang Zhenduo, and Ms. Zhang Lihua as candidates for non-independent directors, and Mr. Chen Baijian, Mr. Chen Qi, Mr. Li Shuhua, and Mr. Guo Jurong as candidates for independent directors [1]

Core Viewpoint - The snack industry is shifting from a direct sales model to a franchise empowerment model, with the franchise model becoming a key driver for revenue growth for Laiyifen [1][2] Group 1: Business Model Transformation - Laiyifen is actively adjusting its business strategy by optimizing traditional small direct-operated stores and expanding its franchise network [1] - As of mid-2025, the total number of stores reached 2,979, with franchise stores accounting for 1,584, representing 53% of the total [1] - The proportion of franchise stores increased from 21.14% in 2020 to 53% in 2025, indicating a shift towards a chain management service and supply chain platform model [1] Group 2: Revenue Growth - In the first half of 2025, Laiyifen's revenue grew by 8.21% year-on-year, with franchise business contributing 722 million yuan, a year-on-year increase of 78.71% [1] - For the first three quarters, the company achieved a revenue of 2.854 billion yuan, a year-on-year growth of 13.12% [1] Group 3: Cost Management and Efficiency - The franchise model allows store owners to operate independently while the company provides supply chain support and management services, leading to a lighter asset model [1] - In the first three quarters of 2025, management expenses decreased by 4.73% and sales expenses decreased by 7.27%, with management expenses declining for two consecutive years and sales expenses for three years [1][2] Group 4: Support for Franchisees - Laiyifen has introduced a financial support plan for franchisees, with a total of up to 50 million yuan aimed at easing liquidity pressure for new and mature stores [2] - The company has launched a new store matrix, reducing single-store investment costs by 30% and offering up to 30% in construction subsidies [2] - Laiyifen is enhancing support for franchisees by optimizing site selection and marketing through algorithms and integrating its app with a mini-program for better inventory management [2] Group 5: Product and Profitability Enhancement - The company plans to continue developing innovative product categories and introduce high-quality non-owned brand products to meet diverse consumer demands [3] - Laiyifen aims to accelerate the digital transformation of existing stores to improve profitability through cost reduction and efficiency enhancement [3] - Industry experts suggest that with the ongoing expansion of the franchise business, Laiyifen has significant potential for operational cost optimization and improved future performance [3]