Core Viewpoint - The leisure food sector experienced a 1.77% increase on November 3, with Wancheng Group leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3976.52, up 0.55% [1] - The Shenzhen Component Index closed at 13404.06, up 0.19% [1] - The leisure food sector stocks showed varied performance, with Wancheng Group rising by 4.02% to a closing price of 183.88 [1] Group 2: Stock Performance - Key stocks in the leisure food sector included: - Wancheng Group: 4.02% increase, 3.31 million shares traded, total turnover of 602 million yuan [1] - Gui Faxiang: 3.05% increase, 1.53 million shares traded, total turnover of 201 million yuan [1] - Ximai Food: 2.81% increase, 378,000 shares traded, total turnover of 82.12 million yuan [1] - Ziyan Food: 2.51% increase, 491,000 shares traded, total turnover of 91.69 million yuan [1] - Huang Shang Huang: 2.20% increase, 1.15 million shares traded, total turnover of 149 million yuan [1] Group 3: Capital Flow - The leisure food sector saw a net outflow of 51.14 million yuan from institutional investors, while retail investors contributed a net inflow of 91.52 million yuan [1] - Specific stock capital flows included: - Wancheng Group: 19.90 million yuan net inflow from institutional investors [2] - Gui Faxiang: 6.78 million yuan net inflow from institutional investors [2] - Ximai Food: 3.77 million yuan net inflow from retail investors [2]

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]

Group 1 - The core point of the article is that Laiyifen (SH 603777) announced the convening of its 20th meeting of the 5th Board of Directors on October 29, 2025, to discuss the proposal for the 4th extraordinary shareholders' meeting of 2025 [1] - For the year 2024, Laiyifen's revenue composition is as follows: commercial wholesale and retail accounts for 95.23%, while other businesses account for 4.77% [1] - As of the time of reporting, Laiyifen's market capitalization is 4.2 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]

证券代码：603777 证券简称：来伊份 公告编号：2025-073 上海来伊份股份有限公司 关于董事会换届选举的公告 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。 上海来伊份股份有限公司（以下简称"公司"）第五届董事会任期即将届满， 根据《中华人民共和国公司法》（以下简称《公司法》）《上海证券交易所股票 上市规则》等有关法律法规、规范性文件及《公司章程》的相关规定，公司按程 序进行董事会换届选举工作。现将本次董事会换届选举情况说明如下： 一、董事会换届选举情况 公司第六届董事会将由 11 名董事组成，其中非独立董事 6 名，独立董事 4 名，职工董事 1 名。公司董事会提名委员会对第六届董事会董事候选人的任职资 格进行了审查，公司于 2025 年 10 月 29 日召开第五届董事会第二十次会议，审 议通过了《关于董事会换届选举第六届非独立董事的议案》和《关于董事会换届 选举第六届独立董事的议案》。同意提名施永雷先生、郁瑞芬女士、徐珮珊女士、 李建钢先生、姜振多先生、张丽华女士为公司第六届董事会非独立董事候选人， 同意提名陈 ...

上海来伊份股份有限公司 独立董事提名人声明与承诺 提名人上海来伊份股份有限公司第五届董事会，现提名陈其为上海来伊份股 份有限公司第六届董事会独立董事候选人，并已充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任上海来伊份股份有限公司第六届董事会独立董事候选人（参见该独立 董事候选人声明）。提名人认为，被提名人具备独立董事任职资格，与上海来伊 份股份有限公司之间不存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他 履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规 ...