上 海 来 伊 份 股 份 有 限 公 司 第 六 届 董 事 会 第 一 次 会 议 决 议 会议时间：2025 年 11 月 14 日下午 16:00 会议地点：来伊份零食博物馆 会议议题：审议《关于选举第六届董事会董事长的议案》等四项议案 会议召开方式：现场结合通讯方式召开、表决 出席董事：施永雷、郁瑞芬、徐珮珊、李建钢、姜振多、张丽华、胡剑明、 陈百俭、陈其、李树华、过聚荣 列席人员：陆顺刚、支瑞琪、林云 本次会议应到董事 11 名，实到董事 11 名。全体董事共同推举董事施永雷先 生主持本次会议。本次会议的召集、召开符合《中华人民共和国公司法》和《公 司章程》《董事会议事规则》等法律、法规、规范性文件的规定。 出席会议的董事经逐项审议，并以记名投票表决方式，通过以下决议： 1、审议通过了《关于选举第六届董事会董事长的议案》； 同意选举施永雷先生担任公司第六届董事会董事长，任期三年，自本次董事 会审议通过之日起至第六届董事会任期届满之日止。 表决结果：同意 11 票、反对 0 票、弃权 0 票。 2、审议通过了《关于聘任公司总裁的议案》； 同意聘任郁瑞芬女士为公司总裁，任期三年，自本次董事会审议通过之 ...

证券代码：603777 证券简称：来伊份 公告编号：2025-076 上海来伊份股份有限公司 第六届董事会第一次会议决议公告 表决结果：同意 11 票、反对 0 票、弃权 0 票。 3、审议通过了《关于选举第六届董事会专门委员会委员的议案》； 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。 一、董事会会议召开情况 上海来伊份股份有限公司（以下简称"公司"）第六届董事会第一次会议于 2025 年 11 月 14 日在来伊份零食博物馆会议室以现场结合通讯方式召开并表决。 会议通知于 2025 年 10 月 31 日以邮件、电话等方式向各位董事发出。全体与会 董事一致推举施永雷先生主持本次会议，本次会议应出席董事 11 名，实际出席 董事 11 名，公司高级管理人员列席了会议。本次会议的召集、召开及表决程序 符合我国《公司法》及《公司章程》等法律、法规、规范性文件的规定。 二、董事会会议审议情况 1、审议通过了《关于选举第六届董事会董事长的议案》； 同意选举施永雷先生担任公司第六届董事会董事长，任期三年，自本次董事 会审议通过之日起 ...

Core Insights - The company achieved significant success at the 8th China International Import Expo, securing a 250 million yuan global supply chain strategic contract and winning the inaugural "Import Retail Golden Ding Award" [1][21] - The brand's "immersive emotional experience" attracted media and audience attention, showcasing a new model for consumer goods exhibitions that seamlessly connected on-site engagement with commercial conversion [1][21] Group 1: Exhibition Success - The exhibition booth maintained high traffic due to its "immersive experience" design, with visitors engaging in product tastings and learning about ingredient sourcing [3][7] - The booth featured a dynamic holographic wall and interactive game areas, enhancing visitor engagement and interest [5][12] Group 2: Emotional Marketing Strategy - The company's strategy revolves around a "product-scenario-emotion" triad, addressing consumer health concerns with products like "Yifen Meihao" and "This Tea" series, which cater to the demand for healthy and quality living [8][15] - The immersive experience was designed to resonate with younger audiences, transforming the exhibition into a lifestyle perception space [10][18] Group 3: Long-term Brand Positioning - The brand's focus on emotional value has been a long-term strategy, integrating emotional marketing into its entire value chain [14][20] - The company aims to convert the emotional engagement from the expo into lasting consumer loyalty, emphasizing the importance of "warmth in deliciousness" [21]

Economic News - The Ministry of Industry and Information Technology emphasized the importance of supporting the development of small and medium-sized enterprises (SMEs) through innovation and reform, aiming for high-quality growth and integration into global supply chains [2] - The People's Bank of China reported a 13.7% year-on-year increase in loans for Shanghai's financial sector, significantly outpacing overall loan growth, indicating a strong focus on technology and innovation financing [2] - The National Energy Administration released guidelines to enhance the integration of renewable energy by 2030, promoting collaboration between renewable and coal power [2] - The State Administration of Grain and Material Reserves reported that over 100 million tons of autumn grain have been purchased, indicating a robust market for grain procurement [2] Company Insights - Tianqi Lithium's subsidiary in Chile faced a court ruling that dismissed its lawsuit, impacting its operational outlook [6] - North Medical's chairman was arrested on criminal charges, raising concerns about corporate governance and stability [7] - Yiling Pharmaceutical received approval for the market launch of a chemical raw material, indicating growth potential in its product line [7] - Xingmin Zhitong signed a strategic cooperation agreement with Beijing Automotive Group, suggesting potential synergies and market expansion [7] - Transsion Holdings plans to issue H shares and list in Hong Kong, indicating a strategy for capital raising and market presence [7] Industry Analysis - The banking sector is expected to benefit from recent reforms in public fund performance benchmarks, which aim to promote balanced asset allocation and could lead to increased investment in the banking sector [8][9] - The new benchmark selection norms will enhance the stability of fund investment styles, potentially reducing market volatility and improving capital market stability [11][12] - The banking sector is currently underweighted in active equity funds, presenting a potential opportunity for reallocation as reforms take effect [13] Company Performance - Laiyifen, a leader in the Chinese snack food industry, is focusing on quality and innovation while expanding its franchise model, which has seen a significant increase in revenue contribution from franchise operations [14][15] - The company is optimizing its cost structure, achieving a 25% reduction in sales expenses, which is expected to enhance profitability [14] - Laiyifen is exploring new retail formats, including community stores and warehouse membership stores, to diversify its market presence and improve operational efficiency [15][16] Financial Forecast - Dayun Technology reported a 44% year-on-year increase in revenue for the first three quarters of 2025, driven by strong order growth and market demand [17][18] - The company is expanding its product offerings in X-ray detection technology, which is gaining traction in new applications, particularly in the semiconductor industry [18][19] - The planned acquisition of SSTI is expected to enhance Dayun Technology's capabilities in semiconductor testing, supporting its growth strategy [19][20]

Market Overview - The leisure food sector increased by 0.21% on November 13, with Yuanzi Co. leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Yuanzi Co. (603886) closed at 13.58, up 3.98% with a trading volume of 132,500 shares and a turnover of 179 million yuan [1] - Ximai Food (002956) closed at 24.80, up 3.16% with a trading volume of 54,600 shares and a turnover of 134 million yuan [1] - Other notable performers include: - Liangpinpuzi (603719) at 12.91, up 1.25% [1] - Nanjiao Food (605339) at 17.69, up 1.20% [1] - Laiyifen (603777) at 13.94, up 1.16% [1] Capital Flow Analysis - The leisure food sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 248 million yuan [2] - The capital flow for individual stocks shows: - Yuanzi Co. had a net inflow of 16.71 million yuan from institutional investors [3] - Salted Fish (002847) had a net inflow of 7.79 million yuan from institutional investors [3] - Purple Onion Food (603057) had a net inflow of 5.88 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the leisure food sector indicates varied performance among stocks, with some experiencing significant gains while others faced declines [1][2] - The overall market sentiment appears positive, as indicated by the rise in major indices and the performance of leading stocks in the leisure food sector [1]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [8]. Core Insights - The company is a leader in the Chinese snack food chain industry, focusing on meat and nut products, and is undergoing strategic transformation in channel structure, regional layout, cost control, and new business models [1][3]. - The company has shifted from a direct sales model to a dual strategy of "direct sales + franchising," with franchise stores surpassing direct stores for the first time in 2024, accounting for 51.9% of total stores [1][2]. - The company has partnered with Tencent to leverage AI technology for enhancing offline consumer experiences, which is expected to improve operational efficiency and reduce R&D costs [3]. Summary by Sections Company Overview - Founded in 1999, the company has over 3,000 stores across major cities in China and a total membership of 94.77 million [17]. - The company offers a wide range of products, including nuts, meat snacks, and baked goods, with over 1,500 items [17][26]. Financial Performance - Revenue has shown volatility, with a decline of 9.25% in 2023 and 15.25% in 2024, reaching 3.37 billion yuan [9][30]. - The company reported a net profit of 57.05 million yuan in 2023, but is projected to incur losses in 2024, with a net loss of 75.27 million yuan [9][30]. - The gross margin has been under pressure, decreasing to 41% in 2024, influenced by increased competition and a higher proportion of lower-margin franchise operations [58]. Regional Analysis - The East China region is the primary revenue source, contributing 86.94% of total revenue in 2024, with a gross margin of 40.76% [30][34]. - The company is expanding its presence outside the East China region, with significant growth potential observed in areas like Anhui [35]. Business Model Transition - The company is transitioning from a direct sales model to a franchise model, with franchise revenue growing from 4.81% in 2019 to 23.67% in 2024, reflecting a five-year CAGR of 31.99% [1][53]. - The direct sales revenue in 2024 was 20.20 billion yuan, accounting for 62.95% of total revenue, but showing a decline of 21.39% [53]. Product Categories - The company’s product mix includes 13 core categories, with meat products and seafood being the largest segment, accounting for 29.94% of revenue in 2024 [43][49]. - The company has launched over 600 new products in 2024, focusing on high-potential items to enhance its product offerings [26]. Cost Management - The company has successfully reduced sales expenses by approximately 25% in 2024 compared to 2022, achieving a reduction of 325 million yuan [2][64]. - Despite the increase in operating costs due to the shift towards franchising, the company is implementing measures to control expenses and improve profitability [58][65].

Market Overview - The leisure food sector experienced a slight decline of 0.01% on November 12, with Gui Faxiang leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ganyuan Food: closed at 61.63, up 2.97% with a trading volume of 43,200 lots and a transaction value of 267 million [1] - Lihai Food: closed at 44.62, up 1.36% with a trading volume of 42,600 lots and a transaction value of 206.1 million [1] - Major decliners included: - Gui Faxiang: closed at 14.30, down 2.26% with a trading volume of 273,100 lots and a transaction value of 394 million [2] - Ziyan Food: closed at 19.27, down 2.18% with a trading volume of 29,900 lots and a transaction value of 58.19 million [2] Capital Flow - The leisure food sector saw a net outflow of 171 million from institutional investors, while retail investors contributed a net inflow of 249 million [2] - Specific stock capital flows included: - Ganyuan Food: net inflow of 17.70 million from institutional investors, with a net outflow of 12.58 million from speculative funds [3] - Lihai Food: net inflow of 10.29 million from institutional investors, with a net outflow of 7.30 million from speculative funds [3]

Core Viewpoint - The financial performance of Liangpinpuzi has significantly deteriorated, with a revenue decline of 24.45% year-on-year and a loss of approximately 122 million yuan in the first three quarters of 2025, marking a stark contrast to a profit of 19.39 million yuan in the same period last year [1][3]. Financial Performance - In the first three quarters of 2025, Liangpinpuzi achieved revenue of approximately 4.14 billion yuan, down 24.45% year-on-year, and incurred a loss of about 122 million yuan compared to a profit of 19.39 million yuan in the previous year [1]. - The company's gross margin has decreased from nearly 29% in Q3 2023 to 24.96% in Q3 2025, indicating a continuous decline [3][4]. - The sales expense ratio reached 24.27%, contributing to a total expense ratio of 28.71% [3]. Market Position and Strategy - Liangpinpuzi, positioned as a "high-end snack" brand, has seen its growth engines of "premiumization" and "channel expansion" stall amid weak terminal demand and intense competition in the snack market [3]. - The company has initiated large-scale price reductions and closed franchise stores starting November 2023, which has led to further sales shrinkage and declining gross margins [3][4]. Channel Dynamics - The traditional e-commerce channel has become saturated, with e-commerce revenue declining nearly 40% compared to 2021 [4]. - As of mid-2023, the company closed 259 stores, reducing its total to 2,445 [4]. Shareholder Actions and Control Issues - Following a significant drop in stock price, major institutional investors have begun to reduce their holdings, with notable exits from the top shareholder list [5]. - The controlling shareholder, Ningbo Hanyi, has been reducing its stake and facing high pledge risks, with 35.23% of shares pledged as of August 2023 [5][6]. - A planned transfer of control to Guangzhou Light Industry Group was halted due to unresolved conditions, adding uncertainty to the company's governance [6]. Competitive Landscape - Liangpinpuzi's performance contrasts sharply with competitors such as Yanjinpuzi, Laiyifen, and Three Squirrels, which have recorded positive revenue growth in the same period [6].

Core Viewpoint - The company, Liangpinpuzi, reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating a continuous downward trend in performance and raising concerns about its financial stability [1][2]. Financial Performance - For the first three quarters of 2025, Liangpinpuzi achieved revenue of approximately 4.14 billion yuan, a year-on-year decrease of 24.45%, and incurred a loss of about 122 million yuan, compared to a profit of 19.39 million yuan in the same period last year [1][2]. - The company's gross margin fell from nearly 29% in Q3 2023 to 24.96% in Q3 2025, while the sales expense ratio reached 24.27%, leading to a total expense ratio of 28.71% [2][3]. - Inventory and accounts receivable did not decrease in tandem with the declining revenue, with accounts receivable increasing by 6% to 281 million yuan, and inventory remaining stable at 394 million yuan [4]. Market Position and Strategy - Liangpinpuzi has positioned itself as a "high-end snack" brand since 2018, but has faced challenges due to weak terminal demand and intense competition in the snack market, leading to a halt in its growth engines of "premiumization" and "channel expansion" [2][3]. - The company has initiated large-scale price reductions and the closure of franchise stores starting November 2023, which has directly contributed to sales shrinkage and further decline in gross margin [2][3]. Ownership and Control Issues - Following a significant drop in stock price, major investors have begun to reduce their holdings, with the total market value of Liangpinpuzi falling from over 30 billion yuan at its peak to around 5 billion yuan currently [5][6]. - The planned transfer of control from the current major shareholder, Ningbo Hanyi, to Guangzhou Light Industry Group was terminated due to unmet conditions, adding uncertainty to the company's governance [7]. - The current major shareholder has a high percentage of pledged shares, raising concerns about potential risks associated with shareholding stability [6][7].

Group 1: Beverage Market Overview - The beverage market has entered a contraction phase, with overall sales down 9% year-on-year in September, and offline sales down 10.4% [1] - Uni-President China reported that its beverage business saw a low single-digit decline in revenue for Q3, while food business revenue grew in the mid to low single digits [1] - The decline in beverage revenue is attributed to price wars on delivery platforms and industry competition, with specific categories like juice facing significant pressure [1] Group 2: Dairy Industry Impact - The dairy market is also facing challenges, with Yili noting that ready-to-drink tea is substituting liquid milk products, particularly impacting packaged liquid milk sales [2] Group 3: Production Trends - National Bureau of Statistics data indicates a weakening trend in beverage production in Q3 compared to the first half of the year, with soft drink production declining by 0.17%, 6.79%, and 10.12% year-on-year in July, August, and September respectively [3] Group 4: External Factors - Adverse weather conditions, including typhoons and heavy rain, may have also impacted beverage sales during Q3 [4] Group 5: Market Recovery Signals - There are signs that the delivery platform price wars are becoming more manageable, which could be a positive development for the beverage market [5][6][7]