Core Viewpoint - The controlling shareholder of Youyou Food announced a plan to reduce their stake by up to 3%, despite the company's optimistic performance outlook and high dividend payouts, raising concerns about the financial health behind the growth [1][2][4]. Financial Performance - Youyou Food's net profit declined for three consecutive years until 2023, but showed signs of recovery in 2024 with a revenue of 1.182 billion yuan, a year-on-year increase of 22.37%, and a net profit of 157 million yuan, up 35.44% [3][4]. - In Q1 2025, the company continued to grow, achieving a revenue of 383 million yuan, a 39.23% increase year-on-year, and a net profit of 50.32 million yuan, up 16.25% [3]. Shareholder Actions - The controlling shareholder, Zhao Ying, plans to sell up to 12.83 million shares (3% of total shares) between July 15 and October 12, 2025, potentially raising around 163 million yuan based on the June 23 closing price [2][3]. - Following the announcement of the share reduction plan, Youyou Food's stock price fell by 7.65% on June 23, while the Shanghai Composite Index rose by 0.65% [2]. Dividend Policy - Youyou Food has distributed a total of 827 million yuan in cash dividends since its IPO in 2019, with a cash dividend of 448 million yuan over the past three years, exceeding its net profit of 427 million yuan during the same period [2][3]. Financial Concerns - The company has seen a significant increase in accounts receivable, which rose from 3.79 million yuan at the end of 2023 to 128.03 million yuan by Q1 2025, a year-on-year increase of 71.58% [6]. - Accounts payable also surged, reaching 228 million yuan in Q1 2025, a 1053.02% increase year-on-year [6]. - The rapid growth of accounts receivable compared to revenue growth raises concerns about cash flow and collection efficiency [6][7]. Profitability Issues - Despite revenue growth, Youyou Food's gross margin has declined, with the gross margin for new products significantly lower than traditional products, impacting overall profitability [7][8]. - The comprehensive gross margin for 2024 was 28.97%, a slight decrease from the previous year, and further declined to 27.08% in Q1 2025 [7]. Management Stability - Youyou Food has experienced frequent changes in its board secretary, with four different individuals since its listing in 2019, which is unusual in the A-share market [8].

有友食品本轮股价上涨呈现出明显的资金接力特征。 在股价年内飙升超90%、达到年内新高之际，"泡椒凤爪第一股"有友食品（603697.SH）突遭实控人高位减持。 有友食品6月22日公告，该公司董事长鹿有忠之妻赵英，计划减持名下3%的股份。次日，该股随即闻声下跌，盘中一度触及跌停，全天下跌7.65%，但24日 有所反弹，最终收涨4.26%，最新股价为13.22元。 若按23日收盘价静态计算，赵英此番套现规模将达1.63亿元。而除了大股东家族抛售套现，该公司近年持续"清仓式分红"，2024年分红率更是高达127.8%， 实控人家族分红金额达到1.4亿元左右。 有友食品的业绩，也存在隐忧。2024年，该公司业绩回暖，但核心产品泡椒凤爪收入较峰值缩水了近2亿元，新增长点"其他泡卤风味肉制品"虽放量明显， 毛利率却堪忧。 连年清仓分红大股东又欲高位减持 有友食品6月22日公告，赵英计划减持不超过1283.08万股，即不超过该公司总股本3%的股份。其中，以集中竞价、大宗交易减持的股份分别不超过427.69万 股、855.38万股。减持时间为7月15日至10月12日。 按照6月23日收盘价静态计算，赵英此次减持的金额，将达到 ...