Core Viewpoint - The traditional snack giants are facing a survival crisis as they struggle against the rise of low-cost snack brands, leading to significant declines in revenue and profit margins [1][2][20]. Group 1: Performance of Traditional Snack Giants - Laiyifen reported a double-digit decline in both revenue and net profit in its 2024 annual report, marking the largest loss since its IPO [1] - Good Products also experienced its first annual loss since its listing in 2020 [1] - Three squirrels terminated the acquisition of Ailingshi and announced a strategic partnership with Snack Selection, while facing legal challenges from Ailingshi [1][2] Group 2: Rise of Low-Cost Snack Brands - Low-cost snack brands are rapidly gaining market share through a "low-margin, high-volume" model, posing unprecedented challenges to traditional snack companies [2] - Brands like "Very Busy" and "Snack Revolution" have emerged, focusing on price competitiveness and direct factory connections, undermining the brand premium of traditional players [3][4] Group 3: Changing Consumer Behavior - Young consumers are becoming more rational, with a decreasing willingness to pay a premium for brands [4] - The perception of high prices and product homogeneity among traditional brands is leading to a loss of consumer loyalty [3][4] Group 4: Challenges Faced by Traditional Giants - Three Squirrels heavily relies on online channels, with 70% of its revenue still coming from third-party e-commerce platforms in 2024 [5] - The company aimed for a "ten-thousand store plan" by 2024 but only managed to open 333 stores, closing 549 in 2022 alone [6] - Laiyifen's store count decreased by 16.28% from 2023 to 2024, highlighting the struggles of traditional retail models [6] Group 5: Profitability Issues in the Low-Cost Segment - Leading low-cost brands like "Wancheng" and "Mingming Very Busy" have achieved rapid growth but maintain low profit margins of 0.91% and 2.1% respectively [7][8] - The franchise model prevalent in low-cost brands raises concerns about sustainability, as profitability for franchisees is crucial for continued expansion [8] Group 6: Future Directions for Traditional Giants - Traditional snack companies are exploring new product lines and pricing strategies to combat the low-cost competition, with Good Products initiating a significant price reduction across 300 products [14] - However, this price-cutting strategy risks damaging brand value and consumer trust [14] - The need for operational upgrades and a complete supply chain overhaul is emphasized as essential for survival in the evolving market [17][20] Group 7: New Business Models - Three Squirrels has opened its first lifestyle store, expanding beyond snacks to include a variety of products, indicating a shift towards a more comprehensive retail approach [18] - The company is also developing a convenience store model, focusing on a low-margin strategy with a diverse product mix [18] Group 8: Conclusion - The snack industry is undergoing a transformation where traditional high-end branding is losing relevance, and the focus is shifting towards affordability and value [20] - The future of the snack market will favor brands that can deliver genuine value to consumers, necessitating a reevaluation of cost structures and value propositions by traditional giants [20]

Overview - The demand for pistachios in China is increasing due to rising living standards and changing consumer preferences towards healthy snacks. In 2024, the demand for pistachios is projected to reach 235,100 tons, with a market size of 22.711 billion yuan, while the domestic production is only 81,100 tons, necessitating significant imports each year [1][10]. Market Policy - China has implemented a series of stringent food safety policies to regulate the production of pistachios, ensuring product quality and promoting the industry's development towards standardization and high quality. Key policies include guidelines for traditional food production, food safety assessment methods, and measures to enhance food enterprise standard management [4][6]. Industry Chain - The pistachio industry chain includes upstream cultivation, processing equipment, flavoring, and packaging materials. The main cultivation areas are in Xinjiang and Gansu, where the climate is suitable for pistachio growth. Due to insufficient domestic production, China heavily relies on imports. The midstream involves processing, while the downstream includes sales channels such as supermarkets, convenience stores, and e-commerce platforms [8][10]. Development Status - The market for pistachios is experiencing continuous growth, with a projected import volume of 133,700 tons and an import value of approximately 86.9 million USD in 2024. The average import price is 6.50 USD per kilogram, with major suppliers being the United States, Iran, Australia, and Turkey [12][10]. Competitive Landscape - The pistachio industry in China is characterized by a fragmented competitive landscape with numerous participants. Key players include Three Squirrels, Qiaqia Food, and Good Products, among others, with operations spread across various provinces [14][16]. Company Analysis - Three Squirrels has achieved significant sales, with total revenue reaching 10.62 billion yuan in 2024, of which the nut business accounted for 5.366 billion yuan, representing 50.5% of total revenue [16]. Good Products, established in 2006, reported total revenue of 7.159 billion yuan in 2024, with the nut business contributing 1.138 billion yuan, or 15.9% of total revenue [18]. Development Trends - The future demand for pistachios is expected to grow as consumer health awareness increases, leading to a shift towards low-fat, high-protein, and nutrient-rich products. Companies are likely to invest in product diversification and innovation, including new flavors and functional products, as well as deep-processing products like pistachio butter and oil [20].

证券代码：603777 证券简称：来伊份 公告编号：2025-061 上海来伊份股份有限公司 2025年第二次临时股东大会决议公告 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 (一)股东大会召开的时间：2025 年 7 月 7 日 (二)股东大会召开的地点：上海市松江区九新公路 855 号来伊份零食博物馆 (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： | 1、出席会议的股东和代理人人数 | 353 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 204,353,380 | | 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（%） | 61.7554 | (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。 (一)非累积投票议案 1、 议案名称：关于取消监事会、修订《公司章程》并办理工商变更登记事项的 议案 审议结果：通过 表决情况： | 股东 ...

北京市东城区建国门内大街26号新闻大厦7层、8层 电话:010-88004488/66090088 传真:010-66090016 北京国枫律师事务所 关于上海来伊份股份有限公司 2025 年第二次临时股东大会的 法律意见书 国枫律股字[2025]A0349 号 致: 上海来伊份股份有限公司（贵公司） 北京国枫律师事务所(以下简称"本所")接受贵公司的委托,指派律师出席并见 证贵公司 2025 年第二次临时股东大会(以下简称"本次会议")。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》、《律师事务 所从事证券法律业务管理办法》(以下简称"《证券法律业务管理办法》")、《律师事务所 证券法律业务执业规则(试行)》(以下简称"《证券法律业务执业规则》")等相关法律、 行政法规、规章、规范性文件及《上海来伊份股份有限公司章程》(以下简称"《公司 章程》"）的规定,就本次会议的召集与召开程序、召集人资格、出席会议人员资格、会 议表决程序及表决结果等事宜,出具本法律意见书。 对本法律意见书的出具,本所律师特作如下声明: 1. ...

证券代码：603777 证券简称：来伊份 上海来伊份股份有限公司 2025年第二次临时股东大会 会议资料 二〇二五年七月 2025年第二次临时股东大会会议资料 上海来伊份股份有限公司 2025年第二次临时股东大会会议议程 | 序号 | 议案名称 | | --- | --- | | 非累积投票议案 | | | 1 | 关于取消监事会、修订《公司章程》并办理工商变更登记事项的议案 | | 2.00 | 关于制定及修订公司部分治理制度的议案 | | 2.01 | 关于修订《股东会议事规则》的议案 | | 2.02 | 关于修订《董事会议事规则》的议案 | | 2.03 | 关于修订《独立董事工作制度》的议案 | | 2.04 | 关于修订《募集资金管理制度》的议案 | | 2.05 | 关于修订《关联交易管理办法》的议案 | | 2.06 | 关于修订《投资融资管理制度》的议案 | | 2.07 | 关于修订《对外担保管理制度》的议案 | | 2.08 | 关于修订《会计师事务所选聘制度》的议案 | | 2.09 | 关于制定《防范控股股东及关联方占用公司资金管理制度》的议案 | | 2.10 | 关于制定《累积投 ...

重要内容提示： 上海来伊份股份有限公司（以下简称"本公司"、"公司"）控股股东上海 爱屋企业管理有限公司（以下简称"爱屋企管"）持有公司股份177,109,500股，占 公司总股本的52.96%，本次质押股份数量为11,000,000股。质押完成后，爱屋企 管累计质押本公司股份数量为37,000,000股，占其持股数量的20.89%，占公司总 股本的11.06%。 一、公司股份质押 近日，公司接到控股股东爱屋企管的通知，获悉其将所持有本公司的部分股 份被质押，具体情况如下： | 是否为 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 限售股 | | 是否 | | | 是否 | | | | 占其 | 占公 | 质押 | | （如 | 股东名 | 为控 | 本次质押 | | 补充 | 质押起 | 质押到 | 质权人 | 所持 | 司总 | 融资 | | 是，注 | 称 | 股股 | 股数 | | 质押 | 始日 | 期日 | | 股份 | 股本 | 资金 | | ...

证券代码：603777 证券简称：来伊份 编号：2025-059 上海来伊份股份有限公司 关于股东股份解除质押的公告 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。 | 股东名称 | | | 上海爱屋企业管理有限公司 | | --- | --- | --- | --- | | 本次解质股份 | 11,000,000 | 股 | | | 占其所持股份比例 | 6.21% | | | | 占公司总股本比例 | 3.29% | | | | 解质时间 | 2025 年 | 06 月 | 26 日 | | 持股数量 | 177,109,500 | | 股 | | 持股比例 | 52.96% | | | | 剩余被质押股份数量 | 26,000,000 | 股 | | | 剩余被质押股份数量占其所持股份比例 | 14.68% | | | | 剩余被质押股份数量占公司总股本比例 | 7.77% | | | 本次股份解除质押后，爱屋企管若存在后续质押情况，本公司将根据相关法 律法规要求及时履行信息披露义务。 重要内容提示： 上海来伊份股 ...

Summary of the Conference Call for Laiyifen Company Overview - Laiyifen is actively transforming its traditional stores into lifestyle stores, modeled after Japan's OK store concept, to meet the small-scale needs of families and enhance shopping experiences. [2][8] Key Points and Arguments Lifestyle Store Development - Over 80 lifestyle stores have been opened, with plans to primarily develop through a franchise model. [2][6] - The average daily sales per lifestyle store are approximately 8,000 RMB, with a net profit margin of around 8%. The payback period is estimated at 24 months. [2][9] - The company aims to adjust the ratio of direct-operated stores to 20% or 10%, with current franchise stores accounting for 52% and direct-operated stores for 48%. [10] Franchise Model and Profitability - Most franchise stores are profitable, with an average payback period of 18 to 22 months. [11] - The initial investment for converting old stores to franchise stores is calculated based on net asset prices, while new stores in Shanghai require approximately 400,000 RMB for traditional stores and 700,000 to 800,000 RMB for lifestyle stores. [11] Whisky Business - The whisky business operates through two main models: overseas OEM and local maturation of Scottish whisky. Current sales are around 2 to 3 million RMB, primarily through B2B channels. [4][5] - Future expansion in the whisky segment will depend on achieving suitable sales volumes. [4] Financial Goals and Challenges - The primary operational goal for 2025 is revenue growth, with profit release points focused on cost reduction and enhancing single-store performance. [4][15] - The main obstacle to profitability is the high direct operating costs associated with direct-operated stores. Transitioning to a franchise model is expected to reduce these costs. [23][44] Store Expansion and Strategy - The company plans to increase the total number of stores to between 3,200 and 3,300 by the end of 2025, considering potential closures. [21][22] - The lifestyle store model is positioned to cater to the evolving consumer trends, particularly among younger demographics seeking diverse product offerings. [8][19] Collaboration and Supply Chain - Laiyifen has formed a joint venture with Yangcanji, holding a 51% stake, to leverage its advantages in fresh products and online revenue. [2][33] - The joint venture is expected to reflect revenue and net profit in the second quarter report. [33] Market Positioning and Consumer Trends - Lifestyle stores are designed to meet the weekly food and beverage needs of families, with a focus on enhancing shopping experiences through a wider range of SKUs and temperature-controlled products. [8][9] - The average transaction value in lifestyle stores is between 130 to 150 RMB, compared to 100 to 110 RMB in traditional stores. [28] Additional Important Information - The company is currently undergoing management adjustments to improve efficiency, particularly in managing franchise and direct-operated stores. [24] - The lifestyle store's self-owned brand products account for about 60%, while non-self-owned brands make up 40%. [19][20] - The collaboration with Tencent is progressing normally, focusing on traditional business team cooperation. [32] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Laiyifen's transformation efforts, financial goals, and market positioning.

Core Viewpoint - The article discusses the challenges faced by Laiyifen, a leading snack company in China, particularly regarding its employee stock ownership plans and financial performance, while also highlighting the competitive landscape in the snack industry. Group 1: Employee Stock Ownership Plans - Laiyifen completed a share buyback plan, repurchasing 2.9054 million shares for a total of 30.2236 million yuan, intended for an employee stock ownership plan [1] - The company faced setbacks with its employee stock ownership plans, having previously failed to meet performance targets in 2022 and terminating its second plan in 2024 due to poor financial results [2][3] - The second plan's performance criteria were adjusted to a 3% revenue increase or a 20% net profit increase, but the company reported a 15.25% decline in revenue and a net loss of 75.27 million yuan for the year [2] Group 2: Financial Performance - In 2024, Laiyifen's revenue was 3.37 billion yuan, down 15.25% year-on-year, and it reported a net loss of 7.527 million yuan, marking a second consecutive year of declining revenue and profit [2] - The company's first quarter of 2024 saw revenue of 1.048 billion yuan, a decrease of 1.23%, and a net profit of 12.43 million yuan, down nearly 80% year-on-year [2] - Laiyifen's gross margin for 2024 was reported at 38.82%, the highest in the industry, exceeding the average by nearly 8 percentage points [6][7] Group 3: Competitive Landscape - The snack industry is witnessing a rise in volume snack brands, with companies like Mingming Hen Mang achieving significant growth, reporting 39.344 billion yuan in revenue and a net profit of 0.913 billion yuan in 2024 [5] - Laiyifen's management indicated that they would maintain strategic focus and not enter the volume snack market, despite the competitive pressure [6] - Other companies in the industry, such as Three Squirrels and Salted Fish, have successfully implemented employee stock ownership plans, while others like Good Idea and Qiaqia Foods have faced challenges [3][5] Group 4: Quality Control and Safety Issues - Laiyifen faced a food safety crisis when a consumer reported finding a foreign object in a product, prompting the company to initiate an internal investigation [10] - The company utilizes an outsourcing model for production, which poses challenges for quality control, necessitating a robust quality management system [11] - Laiyifen has implemented a comprehensive quality control system, including supplier selection and regular inspections, to mitigate risks associated with its outsourcing strategy [11]

Core Viewpoint - The company has successfully completed its share repurchase plan, utilizing its own funds to buy back a total of 2.9054 million shares, which accounts for 0.87% of its total share capital, with a total expenditure of approximately 30.22 million yuan [1][2][3] Summary by Sections Repurchase Plan Details - The repurchase plan was first disclosed on June 26, 2024, with an implementation period from June 25, 2024, to June 24, 2025, and an estimated repurchase amount between 30 million yuan and 60 million yuan [1] - The shares repurchased will be used for the company's employee stock ownership plan or equity incentives [1] - The maximum repurchase price was set at 15.85 yuan per share [1] Implementation Status - The company initiated its share repurchase on July 10, 2024, and confirmed the completion of the plan by reaching the lower limit of the repurchase amount [2] - The actual repurchase price ranged from 7.87 yuan to 15.11 yuan per share [2] Impact of the Repurchase - The funds used for the repurchase were entirely from the company's own resources, and the repurchase is not expected to significantly impact the company's operations, finances, or future development [3] - The repurchase will not affect the company's listing status or control [3] Shareholding Changes - Before the repurchase, the total number of shares was 336,559,908, which decreased to 334,424,166 after the repurchase [4] - The repurchased shares will be temporarily held in a dedicated securities account and will be used for the employee stock ownership plan [4] Future Arrangements - The repurchased shares will not enjoy rights such as profit distribution or voting until they are transferred [4] - If the shares are not utilized within three years, they will be canceled according to legal requirements [4]