证券研究报告 | 首次覆盖报告 gszqdatemark 2025 11 24 年 月 日 万辰集团（300972.SZ） 复盘来时路，展望启新章 复盘发展历程：食用菌龙头，转型走出量贩高成长之路。万辰自 2011 年 成立后深耕食用菌领域，2020 年即成为农业产业化国家重点龙头企业， 2024 年食用菌实现 5.4 亿元营收。2022 年切入量贩零食赛道，前期以收 购模式快速形成门店布局网络，同步进行物流仓储等基础体系建设，2023 年后集中资源自行扩店，至 2025 年 6 月末达成 15365 家门店，并不断探 索多品类新店型，2025 年前三季度量贩营收 361.6 亿元，同比+78.8%， 占比提升至 98.9%，同时规模效应牵引 25Q3 量贩单季度净利率提升至 5.3%，同比大幅提升 2.6pct。 复盘股权结构：子公司结构落成，扩店与激励共同推进。万辰实控人王泽 宁先生持股 34.4%，主导量贩零食业务的收购及拓展，万辰的并购之路沿 着" 设立控股子公司-向子公司提供财务支持-推动股权激励-收回少数股东 权益"的路径演进。2022-2023 年公司陆续收购零食工坊、陆小馋，与好 想来、来优品 ...

来源：新浪港股 中国旺旺（00151）公布截至2025年9月30日止六个月中期业绩，收益约111.08亿元，同比增长2.1%；公 司权益持有人应占利润约17.17亿元，同比减少7.8%；每股基本及摊薄盈利14.55份。 2025财年上半年，集团总收益为111.078亿人民币，较上一财年同期成长2.1%，销量则同比上升近双位 数。其中，休闲食品类中的冰品小类获得双位数成长。2025财年上半年，集团在电商、OEM等新兴渠 道持续保持优良表现，新兴渠道收益获得双位数的良好增长；同时，面对新零食系统的崛起，集团积极 应对，主动推出针对零食量贩渠道客户所需的新品并大受消费者欢迎，充分彰显出集团因应市场渠道快 速变化的战略成效。2025财年上半年集团海外收益同比达低个位数增长，其中日本、印非等区域增长势 头良好。同时，在2025财年上半年，集团新品表现大放异彩，过去5年内推出的新品收益占集团总收益 比达中双位数，成为集团收益成长重要引擎。 2025财年上半年集团毛利率较上一财年同期下降1.1个百分点至46.2%。虽然白砂糖、明胶、原纸等部分 大宗原材料及包装材料单位耗用成本下降，但进口全脂奶粉与棕榈油单位耗用成本的上升， ...

Core Viewpoint - The consensus among brokerage strategy analysts indicates a rebound in the market, as multiple factors that led to last week's stock index adjustments have improved over the weekend [1] Group 1: Market Sentiment and Economic Indicators - The market's perception of the Federal Reserve's potential interest rate cuts has shifted significantly, with the probability of a rate cut in December rising from 30% to 71%, alleviating global risk aversion [1] - The expectation of liquidity improvement and the ongoing iteration of global AI applications are likely to ease concerns regarding an "AI bubble" [2] - The internal logic supporting the rise of Chinese assets remains strong, driven by enhanced national competitiveness, the release of new economic momentum, clear policy transformation, and stable economic fundamentals [2][3] Group 2: Sector Focus and Investment Opportunities - Analysts suggest focusing on sectors that are expected to outperform in the coming year, particularly those benefiting from high growth forecasts, such as AI, advanced manufacturing, and structural recovery in domestic demand [3] - The approval of 16 technology ETFs, including those focused on AI, is expected to guide capital towards high-quality technology companies in the A-share market, providing a positive regulatory signal [2][3] - The technology sector's recent adjustments are attributed to the influence of U.S. AI leaders and year-end institutional fund strategies, but the overall tech market is expected to continue its upward trajectory post-correction [2][4] Group 3: Long-term Market Outlook - The current market adjustments are viewed as short-term disturbances that do not alter the underlying bull market logic, with expectations of continued capital inflow and improved earnings across sectors [3][4] - The potential for a significant reversal in the fundamentals of the AI industry in the U.S. is considered low, which should provide substantial valuation growth opportunities for comparable companies in China [4] - The overall sentiment indicates that the market is not lacking in liquidity, and the concerns regarding long-tail risks in the Chinese economy are gradually easing [3][4]

中信证券：当下风险提前释放给了年末重新增配A股/港股、布局2026年的契机 11月23日，十大券商最新策略观点新鲜出炉，具体如下： | 券商 | 核心观点 | | --- | --- | | 中信证券 | 当下风险提前释放给了年末重新增配A股/港股、布局2026年的契机 | | 华安证券 | AI主线"至暗时刻" 但长期信心坚定不移 | | 国金证券 | 打铁还需自身硬 | | 信达证券 | 风格切换可能会越来越强 关注低位价值板块 | | 中泰证券 | 本轮科技行情远未结束 在短期回调后有望延续 | | 兴业证券 | 中国资产有望迎来修复 | | 非金证券 | 短期继续均衡配置补涨的成长和低估值价值行业 | | 申万宏源 | 调整是也只是"怀疑牛市级别" | | 浙商证券 | 切勿盲目杀跌 盯券商、等待弹性重扩张 | | 东吴证券 | 资金主线有望向AI应用等方向切换 | 全球风险资产的波动表面是流动性问题，本质是风险资产对于AI单一叙事过于依赖，当产业发展速度（尤其是商业 化）跟不上二级市场的节奏时，适当的估值修正也是一种纾解风险的方式。北京时间周四（11月20日）晚，美国非农 就业数据的公布以及年内美联 ...

来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 美联储官员表态分歧，12月降息预期扑朔迷离 近期，美联储官员对于12月是否降息表态不一，市场预期随之大幅波动。纽约联储主席威廉姆斯暗示12 月或降息，推动市场对降息的押注概率一度接近7成。然而，波士顿联储主席柯林斯等部分官员仍对降 息持谨慎态度。目前，美联储内部在降息问题上分歧严重，12月的决议成为多年来最接近的表决。经济 数据方面，9月非农就业数据喜忧参半，增加了货币政策决策的复杂性。 详情>> A股中期调整，机构建议布局慢牛行情 潘石屹夫妇美国再做开发商，曾频繁抛售国内资产 潘石屹夫妇以家族办公室为核心平台，在美国纽约、波士顿重新做起开发商的老本行，近期购入纽约上 东区地块并计划开发。而此前，SOHO中国多年来持续变卖国内资产，套现超300亿元。潘石屹夫妇的 海外投资行为引发了市场的关注和质疑。 详情>> 比特币剧烈震荡，超17万人爆仓 周末比特币突 ...

人民财讯11月23日电，洽洽食品（002557）11月23日在互动平台表示，公司已积极推进白坚果产品入驻 山姆等渠道的相关工作。目前公司产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大 等国家和地区。公司在欧洲的业务尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

Market Overview - The leisure food sector experienced a decline of 1.94% on November 21, with Maiqu'er leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Nanjiao Food (605339) saw a significant increase of 10.03%, closing at 20.96, with a trading volume of 81,500 shares and a turnover of 166 million yuan [1] - Maiqu'er (002719) dropped by 8.32%, closing at 8.71, with a trading volume of 140,600 shares and a turnover of 127 million yuan [2] - Other notable declines include Guifaxiang (002820) down 5.51% and Ximai Food (002956) down 4.82% [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 121 million yuan from institutional investors, while retail investors saw a net inflow of 157 million yuan [2] - The capital flow for Nanjiao Food showed a net inflow of 72.78 million yuan from institutional investors, while it faced a net outflow of 32.42 million yuan from retail investors [3] - Maiqu'er had a net inflow of 4.29 million yuan from institutional investors, but a net outflow of 12.79 million yuan from retail investors [3]

Core Viewpoint - Youyou Food Co., Ltd. has announced the use of its own funds for entrusted wealth management, with a total amount not exceeding RMB 120 million, aimed at improving fund utilization efficiency and increasing returns for the company and its shareholders [2][3][10] Summary by Sections Investment Overview - The purpose of the investment is to enhance fund utilization efficiency and increase returns while ensuring daily operational funding needs and controlling investment risks [3] - The total amount for entrusted wealth management is capped at RMB 120 million, with a usage period of 12 months from the approval date by the annual shareholders' meeting [4] - The company has already invested RMB 11 million, leaving a balance of RMB 99 million available for further investment [4] Source of Funds - The funds for this entrusted wealth management come from the company's own capital [5] Investment Method - The purchased wealth management products have terms of 362 days, 364 days, and 361 days [6] Previous Wealth Management Redemption - The company previously invested RMB 12 million in wealth management products from Guotou Securities Co., Ltd. and China International Capital Corporation, redeeming the principal and receiving a return of RMB 103.67 thousand on November 19, 2025 [8] Risk Analysis and Control Measures - The finance department will analyze and track the investment products, maintaining a ledger for daily management and ensuring financial accounting is accurate [8] - The audit department will oversee the use and custody of entrusted funds [8] - Independent directors and the audit committee have the authority to supervise and check the entrusted wealth management situation [8] Impact on the Company - The investment in low-risk, high-liquidity wealth management products is expected to generate returns without significantly impacting the company's daily operations, financial status, or cash flow [10]

Core Viewpoint - The recent board reshuffle at Youyou Foods, with the appointment of Lu You as the new general manager, signals a potential shift in leadership and strategy as the company faces challenges related to channel dependence and product singularity [1][2][3]. Group 1: Leadership Changes - Lu You, born in 1988, has been appointed as the new general manager, succeeding his uncle Lu Youzhong, who remains as chairman [1][2]. - Lu You has a background in food science and has worked in various departments within Youyou Foods since 2009, which positions him well to address product development challenges [1][2]. - Lu Xin, previously a board member, has stepped down from the board, indicating a shift in the company's leadership dynamics [1][2]. Group 2: Financial Performance - Youyou Foods experienced a decline in net profit for three consecutive years from 2021 to 2023, with revenue also decreasing during 2022-2023 [3]. - The company reported a revenue of 1.182 billion yuan in 2024, a year-on-year increase of 22.37%, and a net profit of 157 million yuan, up 35.44% [3]. - In the first three quarters of 2025, Youyou Foods achieved a revenue of 1.245 billion yuan, reflecting a 40.39% year-on-year growth, and a net profit of 174 million yuan, increasing by 43.34% [3]. Group 3: Market Strategy and Challenges - The entry into Sam's Club has been a turning point for Youyou Foods, contributing significantly to its revenue and profit growth [3]. - The company has seen a substantial increase in accounts receivable, which rose by 107.52% to 155 million yuan in the first three quarters of this year [3]. - Youyou Foods heavily relies on its core product, spicy chicken feet, which accounted for approximately 66.36% of its revenue in 2024, raising concerns about the sustainability of its business model [4].

Core Viewpoint - The recent board reshuffle at Youyou Food indicates a potential leadership transition, with Lu Youzhong stepping down as general manager and his nephew Lu You taking over, raising speculation about the company's succession plan [1][5][6]. Management Changes - Lu Youzhong, aged 70, has been elected as chairman and will no longer serve as general manager; Lu You has joined the board as general manager, while Li Xuehui and Cui Haibin have been appointed as deputy general manager and CFO, respectively [1][5]. - Lu You, born in 1988, has a background in food science and has been with Youyou Food since 2009, while Lu Xin, previously a board member, has stepped down, indicating a shift in the company's leadership dynamics [4][5]. Financial Performance - Youyou Food's net profit has declined for three consecutive years from 2021 to 2023, with revenue also decreasing during 2022-2023 [6]. - The company reported a revenue of 1.182 billion yuan in 2024, a year-on-year increase of 22.37%, and a net profit of 157 million yuan, up 35.44% [7]. - In the first three quarters of 2025, revenue reached 1.245 billion yuan, reflecting a 40.39% year-on-year growth, with net profit increasing by 43.34% to 174 million yuan [7]. Accounts Receivable - Youyou Food's accounts receivable surged by 107.52% to 155 million yuan in the first three quarters of this year, raising concerns about cash flow management [8]. - The increase in accounts receivable is attributed to the long settlement periods typical of large retailers like Sam's Club, which could pose operational risks if not managed properly [8]. Product Dependency - Youyou Food remains heavily reliant on its core product, spicy chicken feet, which accounted for approximately 66.36% of revenue in 2024, down from over 83% in previous years [9][10]. - Despite efforts to diversify its product line with new offerings, the revenue contribution from these new products has not significantly impacted overall sales, with poultry products still dominating [9][10]. Strategic Outlook - The company acknowledges the risks associated with its reliance on a single product and aims to leverage its R&D capabilities to develop a broader range of snack foods while maintaining its leading position in the spicy chicken feet market [10].