日前，有友食品2025年中期业绩说明会上，有数名投资者抛出了一连串比较触及灵魂的问题： "…现在有'山姆救活了有友食品'的说法，你们怎么看？" "…公司几乎将一年的净利润都压在山姆回款上，后续该如何应对风险？" "…公司业绩刚有好起色，前几年大股东分红大股东拿走几个亿的情况下，为什么选择此时顶格减持？" 这些投资者格外关心的问题，有友食品会给出怎样的答案？ 山姆"大腿"抱对了！ 素有"泡椒凤爪第一股"之称的有友食品，一度有过高光时刻，不过2022年开始，营收和利润双双负增 长，直至2024年7月与山姆开启正式合作之后，有友陷入泥潭的业绩，发生了大逆转。 2024年全年，有友食品实现营收11.82亿元 ，同比增长22.36%，实现归母净利润1.57亿元，同比增长 35.34%； 2025年上半年，有友食品实现营收7.71亿元，较上年同期大涨45.59%；归属于母公司股东的净利润1.08 亿元，同比大涨42.47%。 据海通国际研报指出，山姆会员店已成为有友（食品）最亮眼的增长引擎：根据第三方调研数据，2025 年二季度单季收入大于1亿元。山姆渠道对于有友食品的重要性早已不言而喻； 也就不难理解有友食品在25H1 ...

Core Viewpoint - Youyou Food's performance surge has drawn market attention to "Sam's concept stocks" with significant revenue and profit growth expected in the upcoming half of 2025 [1][2]. Group 1: Performance Highlights - Youyou Food's revenue is projected to be between 746 million to 798 million yuan, marking a year-on-year increase of 40.91% to 50.77% [1]. - The expected net profit attributable to shareholders is estimated to reach between 105 million to 112 million yuan, reflecting a year-on-year growth of 37.91% to 47.57% [1][2]. - The collaboration with Sam's Club has been pivotal, with Youyou Food's sales of deboned duck feet reportedly exceeding 30 million units monthly since the partnership began [2][4]. Group 2: Market Dynamics - Sam's Club has emerged as a dominant retail channel in China, significantly boosting the sales and profits of various domestic suppliers, including Youyou Food [3][4]. - The partnership with Sam's Club has revitalized Youyou Food, which previously faced declining revenues in 2022 and 2023, with respective revenues of 1.024 billion and 966 million yuan, both showing negative growth [5]. Group 3: Challenges and Controversies - While many suppliers benefit from the Sam's Club partnership, not all experience profit surges; companies like Chacha Food and Ganyuan Food have reported significant profit declines despite being present in Sam's [9][10]. - The rise of Sam's Club has also led to increased accounts receivable for suppliers, with Youyou Food's accounts receivable reaching 74.61 million yuan in 2024, an 18-fold increase from the previous year [11][12]. Group 4: Brand Ethics and Standards - The OEM model adopted by Sam's Club raises ethical concerns regarding brand identity, as products may be perceived as lower quality compared to those sold through other channels [13][14]. - There are implications for brand reputation, as consumers may associate products sold at Sam's with lower standards, potentially harming the brand's image in broader markets [16][17]. - The issue of product standards has also emerged, with discrepancies between domestic and international quality standards leading to consumer distrust [19][20].