证券代码：603697 证券简称：有友食品 公告编号：2026-009 有友食品股份有限公司 关于使用自有资金进行委托理财的公告 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。 重要内容提示： 基本情况 | 投资金额 | 10,000 万元 | | --- | --- | | 投资种类 | 券商收益凭证；资产管理计划 | | 资金来源 | 自有资金 | 已履行的审议程序：有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十一次会议及第四届监事会第十一次会 议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议通过了《关于使用 部分自有资金进行现金管理的议案》，同意在不影响日常经营资金需求和保障 资金安全的情况下，公司（含子公司）使用总额不超过人民币 120,000 万元 的自有资金进行现金管理，使用期限自 2024 年年度股东会审议通过之日起 12 个月。在上述使用期限及额度范围内，资金可循环滚动使用。股东会授权董 事长行使该项投资决策权并签署相关法律文件，具体由公司 ...

证券代码：603697 证券简称：有友食品 公告编号：2026-008 有友食品股份有限公司 关于使用自有资金进行委托理财的公告 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。 重要内容提示： 基本情况 | 投资金额 | 8,000 万元 | | --- | --- | | 投资种类 | 券商收益凭证 | | 资金来源 | 自有资金 | 已履行的审议程序：有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十一次会议及第四届监事会第十一次会 议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议通过了《关于使用 部分自有资金进行现金管理的议案》，同意在不影响日常经营资金需求和保障 资金安全的情况下，公司（含子公司）使用总额不超过人民币 120,000 万元 的自有资金进行现金管理，使用期限自 2024 年年度股东会审议通过之日起 12 个月。在上述使用期限及额度范围内，资金可循环滚动使用。股东会授权董 事长行使该项投资决策权并签署相关法律文件，具体由公司财务部负责组织 ...

零售行业正在形成一批新的超级渠道。 2025年发布的中国商超连锁100中，沃尔玛凭借山姆和沃尔玛超市排在了第一，盒马排在第三，七鲜超 市仅仅70家门店（2025年初），整体销售额就排到了40位。 山姆、盒马、七鲜，以及美团的小象线上超市，已经成为了快消品新的超级渠道。 这些渠道有着明显的新消费特征，主要的受众人群是以一二线城市为核心的中产阶层。 这些超级渠道也正在成为超级品牌。 新超级渠道纷纷推出自有品牌，山姆的Member's Mark、美团的小象、京东的七鲜、盒马，形成了渠道 即品牌的局面。 超级渠道的大量自有品牌压缩着传统超级品牌的生存空间，尤其是在多个品类的基本款中，自有品牌凭 借低价和渠道的背书，汹涌袭来。 超级渠道成了超级品牌 自有品牌正在带来前所未有的价格冲击。 在七鲜超市里，一桶2L的鲜牛奶只卖到15.5元。鲜牛奶一般比常温奶更贵，但是换算下来这个单位价格 甚至比常温白奶都要便宜。 （七鲜超市和新希望旗下天香乳业定制的鲜牛奶） 这款牛奶是七鲜和新希望乳业定制，生产厂商为新希望旗下在河北地区的工厂天香乳业。 拥有硬折扣、即时零售的超级渠道，如今成为了新的超级品牌，这可能是快消品牌们未来最大的危机 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Core Viewpoint - The report highlights the growth and development prospects of the agricultural and sideline food processing industry in China, indicating a slight increase in the number of enterprises in this sector from the previous year [1] Industry Summary - As of January to December 2025, the number of enterprises in the agricultural and sideline food processing industry reached 26,875, an increase of 367 enterprises compared to the same period last year, representing a year-on-year growth of 1.38% [1] - This sector accounts for 5.11% of the total industrial enterprises in China [1] Company Summary - The report mentions several listed companies in the food processing sector, including Hezhimian (000716), Shuanghui Development (000895), Qianwei Yangchun (001215), and others, indicating a diverse range of players in the market [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and tailored consulting services [1]

Group 1 - The core viewpoint of the article highlights the growth of industrial enterprises in Chongqing, with a total of 7,966 enterprises reported for the year 2025, reflecting a slight increase of 0.09% year-on-year, which accounts for 1.52% of the national total [1][1][1] Group 2 - The report cites that the threshold for scale industrial enterprises in Chongqing was raised from an annual main business income of 5 million to 20 million yuan starting in 2011 [1] - The data source for the statistics includes the National Bureau of Statistics and is organized by Zhiyan Consulting, a leading industry consulting firm in China [1][1]

Core Viewpoint - The Chongqing Market Supervision Administration is enhancing intellectual property enforcement to support high-quality development and create a favorable business environment in Chongqing [1]. Group 1: Key Initiatives - Focus on key sectors for systematic governance, strengthening the protection of the entire industrial chain for advantageous industries such as automotive and motorcycle manufacturing, with 75 cases of automotive parts infringement investigated and 910 sets of infringing motorcycle parts intercepted [4] - Emphasis on consumer safety by conducting extensive enforcement actions in sectors like food, home appliances, and children's toys, resulting in 745 related cases being handled [4] - Addressing the rampant sale of infringing goods in the internet sector by establishing a joint anti-counterfeiting mechanism with major logistics companies, leading to the seizure of over 60,000 infringing items valued at over 20 million yuan [4] Group 2: Collaborative Efforts - Strengthening multi-dimensional collaboration and full-chain crackdown by establishing over 20 grassroots cooperation mechanisms with market supervision departments in neighboring regions, protecting renowned brands like Wuliangye and Fuling Pickles [4] - Enhancing coordination with law enforcement and judicial bodies, successfully investigating a cross-border counterfeit luxury goods case involving over 300 million yuan, and dismantling 23 illegal operations [4] - Collaborating with intellectual property courts to implement a dual approach of "enforcement + mediation," helping companies recover over one million yuan in damages and significantly reducing the cost of rights protection [4] Group 3: Proactive Enforcement - Promoting a shift in enforcement philosophy from "post-event investigation" to "prevention, regulation during the process, and improvement afterward," by establishing a directory of 477 well-known brands and geographical indication products [5] - Creating a government-enterprise cooperation platform and conducting tailored research for companies like "Yongchuan Douzhi" and "Youfu Food" to identify risks of infringement [5] - Innovating a "penalty + service" model that incorporates post-case follow-ups into mandatory procedures, guiding industries like shoemaking back to a brand cultivation-focused development path [5]

Group 1 - The core event is the planned IPO of the snack brand "Ming Ming Hen Mang" on January 28, 2026, which will become the first stock of its kind in the Hong Kong market, with a global offering of 14.1 million shares and expected net fundraising of over HKD 3 billion, leading to a market capitalization of approximately HKD 50 billion [1][8] - The market response has been enthusiastic, with a subscription rate exceeding 1500 times during the offering phase, and major cornerstone investors including Tencent, Temasek, and BlackRock collectively subscribing for HKD 1.5 billion [1][8] - This IPO marks a significant milestone in the snack retail industry, indicating a shift from rapid expansion to a focus on quality improvement and operational efficiency [1][4] Group 2 - The snack retail industry has experienced rapid growth, with the number of traditional snack retail stores increasing from about 8,000 in 2022 to over 45,000 by mid-2025, indicating a potential long-term opening space of approximately 74,000 stores nationwide, with about 20,000 additional stores possible [2][9] - As the market matures, companies are transitioning from merely increasing store numbers to enhancing operational efficiency and profitability, entering a phase of "high-quality growth" [2][4] - Leading companies like "Ming Ming Hen Mang" have improved their adjusted net profit margins from 2.3% in 2023 to 3.9% in the first three quarters of 2025, driven by reduced subsidies to franchisees and ongoing optimization of product categories [2][12] Group 3 - Developing proprietary products is becoming a key strategy for companies to enhance gross margins and brand differentiation, with over 30% of SKUs at "Ming Ming Hen Mang" being custom products developed in collaboration with suppliers [3][23] - Both "Ming Ming Hen Mang" and Wanchen Group have launched their own brand product lines, although the current sales proportion of these brands remains in the single digits, indicating significant room for growth compared to leading retailers in domestic and international markets [3][23] - Post-IPO, companies plan to allocate part of the raised funds towards product development and supply chain enhancement to further build their proprietary product systems [3][25] Group 4 - The structural changes in the industry are positively impacting upstream supply chain companies, as snack retail stores expand their offerings to include dairy, baked goods, and frozen foods, creating new growth opportunities for related suppliers [3][27] - The shift towards proprietary product development among downstream companies is leading to a more collaborative relationship with suppliers, moving from traditional trade procurement to joint product development and customization [3][27] - Manufacturers with strong R&D capabilities and the ability to respond flexibly to channel customization demands are expected to gain more orders and market share as the industry evolves [3][27]

Core Viewpoint - The leisure food sector experienced a 2.4% increase on February 4, 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 4102.2, up 0.85% [1]. - The Shenzhen Component Index closed at 14156.27, up 0.21% [1]. Group 2: Individual Stock Performance - Wancheng Group (300972) closed at 209.30, with a rise of 7.33% and a trading volume of 36,300 lots, amounting to 739 million yuan [1]. - Guangzhou Restaurant (603043) closed at 18.15, up 2.83% with a trading volume of 58,500 lots, totaling 10.5 million yuan [1]. - Yanjin Puhui (002847) closed at 69.95, increasing by 2.70% with a trading volume of 49,400 lots, amounting to 344 million yuan [1]. - Other notable stocks include Ximai Food (002956) at 28.12 (+2.18%), Ligao Food (300973) at 44.20 (+2.10%), and Youyou Food (603697) at 13.78 (+2.07%) [1]. Group 3: Capital Flow Analysis - The leisure food sector saw a net outflow of 46.24 million yuan from institutional investors, while retail investors contributed a net inflow of 29.96 million yuan [2]. - Notable individual stock capital flows include Youyou Food with a net outflow of 36.51 million yuan from institutional investors and a net inflow of 3.84 million yuan from retail investors [3]. - Salted Food (002847) experienced a net inflow of 10.05 million yuan from institutional investors, while retail investors had a slight outflow [3].

Market Overview - The leisure food sector experienced a decline of 0.34% on February 3, with "Good Idea" leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - "Maiqu'er" (002719) closed at 9.45, up 3.39% with a trading volume of 163,400 shares and a transaction value of 154 million [1] - "Lihigh Food" (300973) closed at 43.29, up 2.73% with a trading volume of 62,400 shares and a transaction value of 262 million [1] - "Good Idea" (002582) closed at 13.03, down 3.05% with a trading volume of 477,400 shares and a transaction value of 623 million [2] - "Ximai Food" (002956) closed at 27.52, down 2.31% with a trading volume of 33,800 shares and a transaction value of 92 million [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 84.37 million from main funds, while retail investors contributed a net inflow of 79.99 million [2] - "Youyou Food" (603697) had a main fund net inflow of 21.20 million, while retail investors had a net outflow of 28.12 million [3] - "Wancheng Group" (300972) experienced a main fund net inflow of 13.24 million, with a retail net inflow of 27.37 million [3]