第五届董事会第十八次会议决议公告 证券代码：603777 证券简称：来伊份 公告编号：2025-063 上海来伊份股份有限公司 经审议，与会董事一致认为公司编制的上海来伊份股份有限公司 2025 年半 年度报告及其摘要，内容真实、准确、完整地反映了公司的实际情况，不存在任 何虚假记载、误导性陈述或者重大遗漏。具体内容详见同日在上海证券交易所网 站（www.sse.com.cn）披露的《2025 年半年度报告》及《2025 年半年度报告摘要》。 表决结果：同意票 10 票，反对票 0 票，弃权票 0 票。 三、备查文件 1、第五届董事会第十八次会议决议 特此公告。 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。 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"）第五届董事会第十八次会议 于 2025 年 08 月 25 日以现场方式召开并表决。会议通知于 2025 年 08 月 12 日以 邮件、电话等方式向各位董事发出。本次会议应出席董事 10 名，实际出席董事 10 名，会议由董事长施永雷先生主持，公司高级管 ...

Company Overview - Laiyifen (SH 603777) held its 18th meeting of the 5th Board of Directors on August 25, 2025, to review the 2025 semi-annual report and related documents [1] - As of the report, Laiyifen's market capitalization is 4.8 billion yuan [1] Revenue Composition - For the year 2024, Laiyifen's revenue composition is as follows: wholesale and retail business accounts for 95.23%, while other businesses make up 4.77% [1]

[Definitions](index=4&type=section&id=Definitions) This chapter defines key terms such as company entities, business models, and quality management systems for clear report understanding [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms like company entities, business models, and strategic initiatives to ensure clear understanding of the report - Report defines "snack foods" as food consumed during leisure, travel, entertainment, or rest, excluding convenience foods and frozen foods, categorized as fast-moving consumer goods[9](index=9&type=chunk) - "Directly operated stores" refer to independent shops or counters opened, managed, and expensed by the company and its subsidiaries[9](index=9&type=chunk) - "Franchise" is a business model centered on franchising rights, where franchisees directly operate stores and purchase products from the company[9](index=9&type=chunk) - The "1+N" strategy is a diversified, synergistic development model, where a core entity drives the development of multiple related entities[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance [Company Information](index=6&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, confirming it as Shanghai Laiyifen Co., Ltd - Company's Chinese name is Shanghai Laiyifen Co., Ltd., abbreviated as Laiyifen[12](index=12&type=chunk) - The legal representative of the company is Yu Ruifen[12](index=12&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides the contact details for the company's Board Secretary - The Board Secretary is Lin Yun, with the contact address at Laiyifen Management Headquarters, No. 90 Guyi Road, Xuhui District, Shanghai[13](index=13&type=chunk) [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section lists the company's registered and office addresses, noting no changes during the reporting period - The company's registered address is No. 300 Jiufu Road, Jiuting Town, Songjiang District, Shanghai, and its office address is Laiyifen Management Headquarters, No. 90 Guyi Road, Xuhui District, Shanghai[14](index=14&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section details the company's information disclosure channels and report custody location, with no changes - Company information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily", and the report website is http://www.sse.com.cn[15](index=15&type=chunk) [Summary of Company Shares](index=6&type=section&id=V.%20Summary%20of%20Company%20Shares) This section details the company's A-shares listed on the Shanghai Stock Exchange under code 603777 - The company's shares are RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange, with stock abbreviation "Laiyifen" and code 603777[16](index=16&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents H1 2025 key accounting data, showing revenue growth but significant profit and cash flow declines 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,939,710,880.49 | 1,792,467,788.63 | 8.21 | | Total Profit | -41,519,121.10 | 18,995,225.58 | -318.58 | | Net Profit Attributable to Shareholders of Listed Company | -50,683,900.22 | 14,924,483.62 | -439.60 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -56,613,219.49 | -8,888,775.09 | -536.91 | | Net Cash Flow from Operating Activities | 22,395,425.16 | 105,048,937.04 | -78.68 | | Net Assets Attributable to Shareholders of Listed Company (Period End) | 1,659,939,422.42 | 1,733,448,502.54 | -4.24 | | Total Assets (Period End) | 3,037,219,923.25 | 3,164,288,546.69 | -4.02 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.15 | 0.04 | -475.00 | | Diluted Earnings Per Share (RMB/share) | -0.15 | 0.04 | -475.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.17 | -0.03 | -466.67 | | Weighted Average Return on Equity (%) | -2.98 | 0.81 | Decrease 3.79 percentage points | | Weighted Average Return on Equity After Deducting Non-Recurring Gains and Losses (%) | -3.33 | -0.48 | Decrease 2.85 percentage points | - Net profit attributable to shareholders of the listed company decreased by **439.60%** year-on-year, primarily due to a decrease in sales gross profit[21](index=21&type=chunk) - Net cash flow from operating activities decreased by **78.68%** year-on-year, primarily due to a decrease in sales gross profit[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details H1 2025 non-recurring gains and losses, totaling RMB 5.93 million, from financial assets and subsidies 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses on non-current assets | 366,197.52 | | Government grants recognized in current profit or loss | 1,410,753.90 | | Fair value changes and disposal gains/losses on financial assets and liabilities held by non-financial enterprises, excluding effective hedging related to normal business operations | 10,233,864.02 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 298,092.01 | | Other non-operating income and expenses apart from the above | 664,943.87 | | Less: Income tax impact | 5,910,291.68 | | Minority interest impact (after tax) | 1,134,240.37 | | **Total** | **5,929,319.27** | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section discusses the company's industry, business operations, core competencies, and financial performance [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section analyzes the snack food industry and confirms no significant changes to the company's main business - China's snack food industry market size is steadily growing, becoming a trillion-RMB market, with retail sales expected to increase from nearly **1.6 trillion RMB** to **1.7 trillion RMB** from 2022 to 2025[25](index=25&type=chunk) - In H1 2025, multiple departments intensively introduced consumption policies, emphasizing boosting consumption and expanding domestic demand, providing strong support for the snack food industry's development[25](index=25&type=chunk) - The company is positioned as an industry ecosystem enterprise driven by technology empowerment, industry, and investment, with no significant changes to its main business[32](index=32&type=chunk) [Industry Overview](index=9&type=section&id=(I)%20Industry%20Overview) The snack food industry is growing, driven by policy support and evolving consumer trends towards value, health, and emotional consumption - In March 2025, the National People's Congress emphasized boosting consumption as a top priority for the year, with economic policies shifting more towards improving livelihoods and promoting consumption[25](index=25&type=chunk) - In March 2025, the National Health Commission, in conjunction with the State Administration for Market Regulation, issued a newly revised "National Food Safety Standard for Prepackaged Food Labels General Rules", explicitly prohibiting the use of terms like "no added" or "zero added" for prepackaged foods[26](index=26&type=chunk) - From 2023 to 2028, China's snack food industry market size is expected to grow at a compound annual rate of approximately **10%**, reaching **2.6 trillion RMB** by 20

Market Overview - The leisure food sector experienced a decline of 0.37% on August 26, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ziyan Food (603057) with a closing price of 25.50, up 5.72% and a trading volume of 132,000 shares [1] - Maijiaoer (002719) closed at 10.17, up 1.40% with a trading volume of 119,500 shares [1] - Yuanzhu (603886) closed at 13.25, up 1.38% with a trading volume of 71,100 shares [1] - Major decliners included: - Yanjinpuzi (002847) closed at 71.98, down 1.93% with a trading volume of 47,100 shares [2] - Huangshanghuang (002695) closed at 12.73, down 1.55% with a trading volume of 150,800 shares [2] - Ximai Food (002956) closed at 22.80, down 1.43% with a trading volume of 64,800 shares [2] Capital Flow - The leisure food sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Good Idea (002582) with a net inflow of 6.01 million yuan from institutional investors [3] - Ziyan Food (603057) had a net inflow of 4.27 million yuan from institutional investors but a net outflow of 18.35 million yuan from retail investors [3] - Yanjinpuzi (002847) experienced a net outflow of 4.37 million yuan from institutional investors [3]

Group 1 - The conference "Guo Yuan V9: Asking the Way to 2025 - Su Business High-Quality Development (Shanghai) Conference" was successfully held in Shanghai, focusing on the theme of "Co-creation, Co-integration, and Symbiotic Development" [1][2] - Over 300 representatives from various sectors gathered to explore new paths for Su Business and to build a new high ground for Jiangsu's development [1][3] - Key speakers emphasized the importance of technology innovation and collaboration between Shanghai and Jiangsu to enhance industrial integration and create a high-quality development ecosystem [3][4] Group 2 - The conference highlighted the need for Su Business to leverage national strategic opportunities, focusing on technological innovation and emerging industries [3][4] - Discussions included the importance of breaking regional barriers and enhancing the flow of resources and elements in the Yangtze River Delta integration process [4][8] - The event served as a platform for fostering cooperation among businesses, emphasizing the significance of digital transformation and modern enterprise system construction [5][9] Group 3 - The roundtable dialogue featured insights from industry leaders on the necessity of innovation and global vision for Jiangsu entrepreneurs [7][8] - Participants discussed the integration of high-end services and advanced manufacturing as a powerful synergy in the Yangtze River Delta [8][9] - The conference also addressed the challenges and opportunities presented by the new national standards and market dynamics in various sectors, including retail and electric vehicles [10][11] Group 4 - The Shanghai Banking Corporation announced a strategic partnership with the Shanghai Jiangsu Chamber of Commerce to support high-quality development for private enterprises [12] - The bank's initiatives include enhancing financing support and service efficiency for private businesses, reflecting a commitment to fostering a conducive environment for economic growth [12][13] - The conference also marked the launch of the "Guo Yuan V9: Su Business Gobi Expedition," aimed at promoting healthy productivity among entrepreneurs [13][14]

Group 1 - The core viewpoint of the news highlights the decline in the export value of China's agricultural and sideline food processing industry, with a reported decrease of 4.2% year-on-year in July 2025 and a cumulative decline of 4.5% for the first seven months of 2025 [1][3]. Group 2 - The report mentions that the export value of the agricultural and sideline food processing industry reached 18 billion yuan in July 2025 [1]. - Cumulative export value for the first seven months of 2025 was 124.44 billion yuan [1]. - The report is published by Zhiyan Consulting, which specializes in industry research and provides comprehensive consulting services [2].

Core Insights - Konjac products, particularly "konjac strips" and "vegetarian tripe," are becoming a phenomenon in the snack food sector, significantly driving revenue growth for companies like Salted Fish Pouch (盐津铺子) and Wei Long Delicious (卫龙美味) [1][2] - The explosive growth in downstream demand for konjac is exerting pressure on upstream raw material supply, leading to rising prices and shrinking profit margins for manufacturers [1][6] Company Performance - In 2024, konjac strips contributed to a 59.1% year-on-year revenue increase for Wei Long Delicious, reaching 3.37 billion yuan, accounting for 53.8% of total revenue [2] - Salted Fish Pouch's konjac snacks achieved revenue of 838 million yuan in 2024, a 76.09% increase, making up 15.81% of total revenue [2] - By the first half of 2025, Wei Long Delicious's vegetable products continued to dominate revenue contributions, with a 44.3% increase to 2.11 billion yuan, representing 60.5% of total revenue [2] - Salted Fish Pouch reported a significant 155.1% year-on-year growth in konjac snacks revenue, reaching 791 million yuan, which accounted for 26.9% of total revenue [2] Market Trends - The konjac industry is projected to exceed 30 billion yuan in market size by 2025, with an expected compound annual growth rate (CAGR) of 11.8% [5] - The growing popularity of konjac products is attributed to increasing consumer focus on health, as konjac is low in calories and high in fiber [3][5] - The market is becoming increasingly competitive, with over 30 brands, including Three Squirrels and Laoganma, launching similar products [4] Cost Pressures - The rapid increase in demand has led to a supply shortage, causing konjac prices to rise significantly, with raw material prices doubling from 2 yuan per jin to around 4 yuan per jin [6] - The average procurement price for konjac powder has increased by over 30% year-on-year for Salted Fish Pouch, resulting in a decline in gross margin from 32.53% to 29.66% [7] - Wei Long Delicious also experienced a decrease in gross margin from 49.8% to 47.2% due to rising costs [7] Strategic Responses - Companies are focusing on stabilizing supply and reducing costs through upstream integration and efficiency improvements [8] - Salted Fish Pouch has established a konjac powder processing base in Yunnan to enhance its supply chain [7] - Wei Long Delicious is enhancing production efficiency, with its seventh-generation konjac production line achieving an 80% efficiency rate, nearly doubling the capacity of the previous generation [7]

Core Viewpoint - The leisure food sector experienced a significant increase of 3.19% on August 25, with Ziyan Food leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3883.56, up by 1.51% [1] - The Shenzhen Component Index closed at 12441.07, up by 2.26% [1] Group 2: Individual Stock Performance - Ziyan Food (603057) closed at 24.12, with a rise of 9.99% and a trading volume of 95,500 shares, amounting to a transaction value of 220 million yuan [1] - Wancheng Group (300972) closed at 164.21, increasing by 9.39% with a trading volume of 39,200 shares [1] - Three Squirrels (300783) closed at 27.91, up by 4.96% with a trading volume of 335,800 shares [1] - Other notable stocks include: - Haoxiangni (002582) at 10.81, up by 4.34% [1] - Ligao Food (300973) at 46.30, up by 3.72% [1] - Ximai Food (002956) at 23.13, up by 3.54% [1] Group 3: Capital Flow - The leisure food sector saw a net inflow of 278 million yuan from main funds, while retail investors experienced a net outflow of 208 million yuan [2] - Speculative funds recorded a net outflow of 70.74 million yuan [2]

Core Viewpoint - The unprecedented popularity of the Times Youth League's concert in Shanghai highlights the evolving dynamics of fan culture and the economic impact of idol groups on local markets [2][19][24]. Group 1: Concert Attendance and Demographics - The concert from August 20 to 24 is expected to attract over 300,000 attendees, primarily young females, with over 80% under 25 years old [2][7]. - During ticket sales, 5 million people competed for 180,000 tickets, indicating the intense demand for the event [9]. Group 2: Security and Logistics - Strict real-name verification measures were implemented for ticket purchases and entry, ensuring safety and order during the event [11]. - Despite thorough preparations, significant traffic congestion occurred around the venue, surpassing previous events in terms of passenger flow [14][24]. Group 3: Economic Impact - The concert significantly boosted local hospitality and retail sectors, with hotel bookings around the venue increasing by 266% [24]. - The phenomenon of "ticket root economy" emerged, where businesses offered discounts to concert-goers, further stimulating local commerce [26]. Group 4: Fan Culture and Spending - The "cultivation" model of idol groups allows fans to engage deeply with their idols' growth, fostering a strong emotional connection [19][21]. - A survey indicated that 52.8% of teenagers spend over 100 yuan monthly on fan-related activities, often funded by allowances or part-time jobs [29][31]. Group 5: Social Responsibility and Future Considerations - The rapid growth of fan culture raises concerns about irrational spending and its impact on youth mental health and social behavior [37][38]. - Experts suggest that management companies should adopt a more responsible approach to avoid excessive commercialization and promote healthy fan engagement [38].

Market Overview - The leisure food sector experienced a decline of 0.46% on August 22, with Nanqiao Food leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Juewei Food (603517) saw a closing price of 16.74, with an increase of 4.36% and a trading volume of 313,300 shares, amounting to a transaction value of 518 million yuan [1] - Guifaxiang (002820) closed at 13.29, up 0.53%, with a trading volume of 330,700 shares [1] - Three Squirrels (300783) closed at 26.59, with a slight increase of 0.08% and a trading volume of 133,900 shares [1] - Other notable stocks include: - Taoli Bread (603866) at 5.66, unchanged [1] - Ganyuan Food (002991) at 58.74, down 0.03% [1] - Laiyifen (603777) at 13.79, down 0.14% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 237 million yuan from institutional investors, while retail investors contributed a net inflow of 245 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Juewei Food had a net inflow of 46.59 million yuan from institutional investors, but a net outflow of 23.01 million yuan from speculative funds [3] - Qingdao Food (001219) experienced a net inflow of 0.53 million yuan from institutional investors, while speculative funds saw a net inflow of 1.39 million yuan [3] - Other stocks like Good Idea (002582) and Yanjinpuzi (002847) also showed varied capital flows, indicating differing investor sentiments across the sector [3]