YouYou Foods(SH:603697) Guan Cha Zhe Wang·2025-09-23 03:37Core Viewpoint - Youyou Food has faced scrutiny from the Shanghai Stock Exchange due to frequent changes in its board secretary, raising concerns about potential internal conflicts and regulatory issues [1][6]. Group 1: Board Secretary Changes - Youyou Food has changed its board secretary five times since its listing over six years, with the most recent secretary, Xiao Chuan Zhi, leaving just three months after joining [1][2]. - The company has experienced a high turnover rate for the board secretary position, which is unusual compared to similar enterprises, indicating possible internal conflicts or regulatory challenges [1][2]. - The previous board secretaries have predominantly come from non-food industry backgrounds, which may affect their ability to manage the role effectively [2][3]. Group 2: Financial Performance - Youyou Food reported a revenue of 770 million yuan, a year-on-year increase of 45.59%, and a total profit of 1.301 billion yuan, up 44.27% [4]. - The company attributes its recent performance improvements to a focus on core product categories and enhanced channel efficiency, particularly through partnerships with membership-based supermarkets and online sales [4][5]. - Despite the impressive growth, Youyou Food remains heavily reliant on traditional sales channels, with 93.64% of revenue coming from offline sales, and only 6.36% from online channels [5]. Group 3: Dependency on Key Products and Partnerships - The majority of Youyou Food's revenue, 93.42%, comes from meat products, with a significant reliance on its flagship product, spicy chicken feet [5]. - A partnership with Sam's Club has significantly boosted revenue, contributing to a 22.37% increase in sales last year and over 45% growth in the first half of this year [5][6]. - However, this partnership has also led to a substantial increase in accounts receivable, which reached 156 million yuan, exceeding the company's total profit for the first half of the year [5][6].