证券代码：603777 证券简称：来伊份 公告编号：2025-045 上海来伊份股份有限公司 关于媒体报道的说明公告 公司深知产品品质与消费者体验是重中之重。公司在关注到舆情的第一时 间已启动全链路调查程序，并积极与相关消费者沟通，确保消费者的健康与权 益得到保障。同时，公司已全面下架本批次蜜枣粽产品，消费者可选择就近门 店进行退换货，并可得到相同金额的额外补偿。 公司将对相关问题进行全面调查，后续调查结果会及时向广大消费者公布。 公司一直秉持实事求是、客观理性的态度处理和解决任何问题，始终坚持服务 好每一位消费者。同时也欢迎广大消费者、社会各界朋友，用大家对来伊份的 关爱之心，帮助与支持公司不断进步成长。 三、特别提示 公司自成立以来自律恪守国家各项食品安全法律法规。未来，公司将进一 步加强供应商生产、产品运输、销售各项环节的食品安全管理，从源头上严防、 严控、严管，确保食品安全各项措施有效执行，为消费者提供更高质量的产品 和服务。 公司相关信息以公司公告及公司官网声明为准，敬请广大投资者注意风险， 理性投资。 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 ...

Group 1: US-China Economic Talks - The high-level economic talks between China and the US held in Geneva resulted in substantial progress and important consensus [4] - Both sides agreed to establish a US-China economic consultation mechanism and clarify the leaders responsible for further discussions on economic issues [4] Group 2: Automotive Industry - In April, the retail sales of passenger cars in China reached 1.755 million units, marking a year-on-year growth of 14.5%, the highest growth rate for April in nearly a decade [6] - The cumulative retail volume for the first four months of the year was 6.872 million units, with a year-on-year increase of 7.9% [6] Group 3: Real Estate Market - The "single price land king" project in Shanghai's Xuhui Riverside achieved a sales amount of 6.988 billion yuan, with all 120 units sold out on the first day of opening [14] - The average price of the project was approximately 19.5 million yuan per square meter, reflecting strong demand in the luxury housing market [14] Group 4: Company Responses to Market Events - Huyuan Juice issued a statement denying negative rumors about the company, emphasizing its commitment to protecting its brand reputation [12] - Chengfei Integration announced that there had been no significant changes in its operational situation or external environment, addressing stock price fluctuations [15]

Core Viewpoint - A consumer in Jiangsu reported finding a foreign object, specifically a blood-stained band-aid, in a rice dumpling from the company Laiyifen, prompting an official response and investigation from the company [1] Company Response - Laiyifen expressed deep regret regarding the incident and has initiated a full-chain investigation to ensure consumer rights are protected [1] - The affected product, Laiyifen's honey date rice dumpling, has been removed from all stores [1]

Group 1 - A consumer in Jiangsu reported finding a suspected blood-stained band-aid in a rice dumpling from Laiyifen, raising concerns about product safety [2] - Laiyifen expressed deep regret over the incident and initiated a full investigation to ensure consumer rights are protected [2] - The affected product, Laiyifen's honey date rice dumpling, was removed from sale on both short video and e-commerce platforms following the complaint [2] Group 2 - The consumer claimed that the production facility for the product is the same as that of Wufangzhai, although Wufangzhai's customer service stated they produce their dumplings independently without subcontracting [7] - Laiyifen, established in 1999, primarily sells its self-branded snacks through commissioned production and has been listed on the Shanghai Stock Exchange since 2016 [7] - As of the end of 2024, Laiyifen had 3,085 stores, a net decrease of 600 stores since the beginning of the year, and reported a 15.25% year-on-year revenue decline to 3.37 billion yuan, resulting in a net loss of 75.27 million yuan [7]

证券代码：603777 证券简称：来伊份 编号：2025-044 重要内容提示： 上海来伊份股份有限公司（以下简称"公司"）第五届董事会第十五次 会议及 2025 年第一次临时股东大会审议通过了本次调整公司回购专用证券账户 股份用途并注销的相关事项。 本次拟对公司 2023 年回购方案所在回购专用证券账户中的 489,204 股回 购股份进行注销。注销完成后，公司总股本将由 334,913,370 股减少为 334,424,166 股，公司注册资本将由人民币 334,913,370 元减少为 334,424,166 元。 拟注销日期：2025 年 05 月 07 日 一、本次注销回购股份概况 上海来伊份股份有限公司 关于注销回购专用账户部分回购股份的公告 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法律责任。 2023 年 08 月 28 日，公司召开第五届董事会第六次会议，审议通过了《关于 以集中竞价交易方式回购股份方案的议案》，同意公司以自有资金回购公司股份 用于股权激励或员工持股计划。拟回购金额不低于人民币 3,500 万元（含 ...

证券代码：603777 证券简称：来伊份 公告编号：2025-043 上海来伊份股份有限公司（以下简称"公司"）于 2024 年 06 月 25 日召开第 五届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购股份方案 的议案》。同意拟以自有资金通过集中竞价交易方式进行回购股份，回购的股份将 全部用于公司员工持股计划或者股权激励。回购金额不低于 3,000 万元（含）且不 超过人民币 6,000 万元（含）。回购股份的价格不超过人民币 15.85 元/股（含）。回 购的期限自公司董事会审议通过之日起 12 个月内。 具 体 内 容 详 见 公 司 于 2024 年 06 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：2024-049）、《关于以集中竞价交易方式回购公司股份的回购报告书》（公 告编号：2024-050）。 二、回购股份的进展情况 2025 年 4 月，公司未回购股份, 公司后续将根据市场情况择机实施本次回购 计划。 截至 2025 年 04 月 30 日，公司通过集中竞价交易方式已累计 ...

Core Insights - The freeze-dried food industry in China is part of the agricultural and agricultural product processing sector, with upstream focusing on raw materials and freeze-drying equipment, midstream on food freeze-drying processing, and downstream on wholesalers, supermarkets, convenience stores, and food companies [1] Industry Overview - The freeze-dried food industry is primarily concentrated in Shandong and Jiangsu, with additional presence in Anhui, Henan, and Fujian [3] - Upstream raw material companies are mainly located in Xinjiang, Gansu, Shandong, and Hubei, while upstream refrigeration equipment companies are found in Beijing and Shanghai. Midstream freeze-dried food companies are predominantly in Shandong and Fujian [6] Company Performance - In the first half of 2024, the revenue from pet snacks for Guai Bao Pet reached 1.194 billion yuan. The gross margin varies significantly among listed companies, with Lai Yi Fen's candy and fruit products gross margin exceeding 45%, while Hao Xiang Ni's health-preserving products have a gross margin of only 11.50% [7][8] - The number of stores for Lai Yi Fen is the highest among listed companies, totaling 3,472 [7] Company Financials | Company Name | Revenue (Billion Yuan) | Gross Margin (%) | Other Indicators | | --- | --- | --- | --- | | Hao Xiang Ni (002582) | 0.35 | 11.50% | Store Count: 390 | | Lai Yi Fen (603777) | 3.41 | 45.18% | Store Count: 3,472 | | Liang Pin Pu Zi (603719) | 6.67 | 33.15% | Store Count: 2,814 | | San Zhi Song Shu (300783) | 0.35 | 21.32% | Store Count: 415 | | Guai Bao Pet (301498) | 1.194 | 39.19% | Pet Feed Sales: 176,000 tons | | Lu Si Co. (832419) | 0.215 | 26.41% | | | Zhong Chong Co. (002891) | 1.136 | 25.45% | Pet Food and Supplies Sales: 99,600 tons | | Pei Ti Co. (300673) | 0.190 | 29.87% | Pet Food and Others Sales: 30,100 tons [8] Recent Developments - Since 2024, representative companies in the freeze-dried food industry have engaged in strategic partnerships, established new companies, and built R&D centers [11]

Core Insights - The snack industry has seen significant revenue growth, driven by new product launches and channel restructuring, including social e-commerce and discount stores [1][2] - Despite revenue growth, snack companies are facing challenges in maintaining profitability, with fluctuating sales expenses and gross margins [1][8] Revenue Growth Drivers - Major snack companies reported substantial revenue figures for 2024, with Three Squirrels leading at 10.622 billion, followed by other companies like Liangpinpuzi and Qiaqia Foods [2] - New product development has been highlighted as a key contributor to revenue, with Three Squirrels launching over 20 new products that achieved significant sales [3][4] Channel Expansion - The restructuring of sales channels has provided new opportunities for snack companies, with a focus on e-commerce and discount stores [5][6] - Three Squirrels reported an 81.73% increase in revenue from Douyin, indicating the effectiveness of digital marketing strategies [4] International Market Growth - Companies are increasingly targeting international markets, particularly Southeast Asia, to expand their growth potential [6][7] - Qiaqia Foods and other companies have reported significant growth in overseas sales, with Qiaqia's overseas revenue increasing by approximately 90% [6] Profitability Challenges - Many snack companies have experienced rising sales expenses, with increases ranging from 15.55% to 50.92%, primarily due to higher advertising costs [8][9] - Gross margins have shown volatility, with some companies reporting declines due to rising raw material costs and competitive pricing strategies [10] Dividend Distribution - Several companies have announced substantial cash dividends, reflecting confidence in their operational performance and future growth [11][12] - The total cash dividends and share buybacks for some companies represent a significant portion of their net profits, indicating a strong commitment to returning value to shareholders [11]

Core Insights - The company "Laiyifen," known as the "first snack stock," has experienced its largest decline in performance since its listing, with a 15.25% drop in revenue for 2024, totaling 3.37 billion yuan, and a net loss of 75.26 million yuan, marking a shift from profit to loss [1][4][14] - In the first quarter of 2025, Laiyifen reported a revenue of 1.048 billion yuan, down 1.23% year-on-year, and a net profit of 12.44 million yuan, a significant decline of 79.72% [1][4] - Compared to peers like Wancheng Group and Three Squirrels, Laiyifen's revenue and profit growth rates are significantly lagging, despite maintaining a high gross margin of 40% [1][4][14] Revenue and Profit Decline - Laiyifen's main business revenue fell by 16.52% to 3.21 billion yuan in 2024, with a gross margin of 38.81%, down 1.94 percentage points from the previous year [4][6] - The company has seen a continuous decline in revenue since its listing, with 2023 marking the first revenue drop post-IPO, recording 3.977 billion yuan, a 9.25% decrease [4][14] Regional Performance - In East China, Laiyifen's revenue was 2.93 billion yuan, down 14.96%, with a gross margin of 40.76%, a decrease of 2.03 percentage points [5][6] - North China saw a slight revenue increase of 3.63%, while South China experienced a significant decline of 22.46% [6] Product Performance - All product categories, including nuts, meat products, and candies, reported revenue declines, with the largest drop in meat products and aquatic products [6][7] - The revenue from nuts and beans was 756.86 million yuan, down 8.11%, while meat products generated 985.54 million yuan, down 17.82% [7] Sales Model Analysis - Retail revenue from stores decreased by 21.39% to 2.02 billion yuan, while e-commerce revenue saw the largest decline of 35.54% [8][9] - The company closed 600 stores in 2024, including 425 direct-operated and 175 franchised stores, indicating a strategic shift in its retail approach [10][11] Market Position and Competition - Laiyifen's market position has weakened compared to competitors, with significant revenue growth reported by Wancheng Group (323.29 billion yuan, up 247.86%) and Three Squirrels (106.22 billion yuan, up 49.3%) [13][14] - The company has opted not to engage in price wars, maintaining a high gross margin compared to competitors, which has led to criticism regarding its pricing strategy [16] Employee and Shareholder Dynamics - The company has reduced its workforce by 39.23% since 2021, with 4,590 employees reported in 2024 [17] - Shareholder issues persist, with the controlling shareholder facing penalties for illegal share reductions, raising concerns about governance [18][19]

Core Viewpoint - The company, Laiyifen, has successfully transitioned from a traditional retail model to a chain management service and supply chain platform model, with a significant increase in franchise store proportion exceeding 50% for the first time in 2024 [1][2][3]. Financial Performance - In 2024, Laiyifen achieved a revenue of 3.37 billion, maintaining a leading position in the leisure food sector [1]. - The company reported a stable performance in Q1 2025 with a revenue of 1.048 billion [1]. Franchise Model and Cost Efficiency - The franchise store count reached 1,600, accounting for 52% of total stores, while direct stores numbered 1,485, making up 48% [2]. - Management expenses decreased by 11.9% year-on-year, and sales expenses fell by 14.17% in 2024, continuing a trend of cost reduction [2][3]. Supply Chain and Technology Integration - Laiyifen is enhancing its supply chain management through the integration of key technologies, including the introduction of the DeepSeek model for intelligent supply chain management [3]. - The company is focusing on optimizing its smart supply chain plan to achieve significant improvements in supply chain management [3]. Market Expansion and Distribution - In 2024, Laiyifen added 174 new distributors, expanding its market presence to all 31 provinces in China, with notable growth in the Shanghai market, which saw a 21.6% year-on-year increase [4]. - The company has made significant strides in overseas markets, successfully entering local supermarket channels in South Korea, Vietnam, and Thailand [4]. E-commerce and Membership Growth - Laiyifen's e-commerce segment has turned profitable by optimizing product structure and focusing on high-value categories [4]. - The total number of members across all channels reached 94.77 million by the end of 2024, providing a solid foundation for business growth [5][6]. Private Traffic and IP Economy - The company is leveraging private traffic through its app and community operations, enhancing user engagement and loyalty [5][6]. - The IP economy in China is experiencing rapid growth, with a market size of 168.9 billion in 2024, expected to exceed 330 billion by 2030, presenting new opportunities for Laiyifen [6]. Strategic Collaborations and Future Plans - Laiyifen is engaging in cross-industry collaborations, including partnerships with Tencent and cultural figures to enhance brand appeal and reach younger consumers [7]. - For 2025, the company plans to focus on its "Wan Jia Deng Huo" strategy, emphasizing a community lifestyle platform and further collaboration with diverse IPs to enhance brand competitiveness [7][8]. Industry Outlook - The government has prioritized boosting consumption in 2025, which is expected to create new growth opportunities for consumer companies like Laiyifen [8].