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 ...

Group 1 - Youyou Food (603697), known as the "first stock of spicy chicken feet," is currently recruiting for a Chief Financial Officer (CFO) with a salary range of 20,000 to 25,000 CNY per month [1] - The company emphasizes a preference for candidates with backgrounds in the food or fast-moving consumer goods (FMCG) industries and has outlined nine responsibilities for the CFO role, including establishing financial systems and overseeing the implementation of accounting standards [1] - The current CFO, Cui Haibin, has been with Youyou Food since May 2015 and received a pre-tax salary of 473,600 CNY for the year 2024 [2] Group 2 - The company is experiencing a high turnover in the position of Secretary of the Board (董秘), with the most recent Secretary, Xiao Chuanji, leaving after just over three months in the role [4] - Since its listing in May 2019, Youyou Food has seen multiple changes in the Secretary position, with previous holders serving similarly short tenures [4] - Following the resignation of the last Secretary, the company had previously advertised a salary range of 25,000 to 45,000 CNY for the position, highlighting responsibilities related to equity management, capital operations, and assisting the chairman in overall management [5][6] Group 3 - The company has faced scrutiny from regulatory authorities due to the frequent changes in the Secretary position, prompting the Shanghai Stock Exchange to issue a regulatory notice regarding these changes [6] - After Xiao Chuanji's departure, the board designated Cui Haibin to temporarily fulfill the Secretary's duties while the search for a new candidate continues [6][7]

Group 1 - The core point of the article is the resignation of the Vice President and Board Secretary of Youyou Food, Xiao Chuanzi, due to personal career development reasons, effective September 15, 2025, which was earlier than the originally scheduled term end date of November 22, 2025 [2][4] - Xiao Chuanzi's tenure lasted only a little over three months, having been appointed on June 6, 2025, during the 13th meeting of the fourth board of directors [4] - Since Youyou Food's listing in May 2019, the position of Board Secretary has seen frequent changes, with five individuals choosing to resign voluntarily, and the last two secretaries having notably shorter tenures [4] Group 2 - Youyou Food, known as the "first stock of spicy chicken feet," primarily engages in the research, production, and sales of marinated snack foods, with spicy chicken feet being the main product, alongside other marinated vegetable products [5] - After two years of listing, Youyou Food experienced sluggish growth, but began to recover in 2024, with a strong performance in the first half of 2025, achieving a revenue of 771 million yuan, a year-on-year increase of 45.59%, and a net profit of 108 million yuan, up 42.47% year-on-year [5] - High-potential channels like Sam's Club contributed to Youyou Food's impressive performance, although this also led to a decrease in gross margin, which fell from 28.97% in 2024 to 27.57% in the first half of 2025 [5] - Accounts receivable for Youyou Food have been rapidly increasing, with accounts receivable at 74.61 million yuan in 2024, rising to 156 million yuan in the first half of 2025, representing a year-on-year growth of 109.72% [5]

Core Viewpoint - Youyou Food has faced scrutiny from the Shanghai Stock Exchange due to frequent changes in its board secretary, raising concerns about potential internal conflicts and regulatory issues [1][6]. Group 1: Board Secretary Changes - Youyou Food has changed its board secretary five times since its listing over six years, with the most recent secretary, Xiao Chuan Zhi, leaving just three months after joining [1][2]. - The company has experienced a high turnover rate for the board secretary position, which is unusual compared to similar enterprises, indicating possible internal conflicts or regulatory challenges [1][2]. - The previous board secretaries have predominantly come from non-food industry backgrounds, which may affect their ability to manage the role effectively [2][3]. Group 2: Financial Performance - Youyou Food reported a revenue of 770 million yuan, a year-on-year increase of 45.59%, and a total profit of 1.301 billion yuan, up 44.27% [4]. - The company attributes its recent performance improvements to a focus on core product categories and enhanced channel efficiency, particularly through partnerships with membership-based supermarkets and online sales [4][5]. - Despite the impressive growth, Youyou Food remains heavily reliant on traditional sales channels, with 93.64% of revenue coming from offline sales, and only 6.36% from online channels [5]. Group 3: Dependency on Key Products and Partnerships - The majority of Youyou Food's revenue, 93.42%, comes from meat products, with a significant reliance on its flagship product, spicy chicken feet [5]. - A partnership with Sam's Club has significantly boosted revenue, contributing to a 22.37% increase in sales last year and over 45% growth in the first half of this year [5][6]. - However, this partnership has also led to a substantial increase in accounts receivable, which reached 156 million yuan, exceeding the company's total profit for the first half of the year [5][6].

Group 1: Market Overview - The A-share market is currently experiencing a period of volatility, with liquidity and market sentiment being key factors influencing its performance [2][4] - Recent data indicates that financing activity is approaching historical highs, with private equity fund registrations returning to mid-July levels and new public fund issuance maintaining around 20 billion [2][4] - The market's ability to break through its current plateau will depend on the continued inflow of public and foreign investment funds [2][4] Group 2: Fixed Income Insights - Since 2024, the structure of credit floating rate bonds has adjusted, with a notable increase in corporate issuances and a contraction in asset-backed securities (ABS) [3] - Floating rate bonds are characterized by their interest rates that follow benchmark rates, providing a defensive advantage, especially during periods of rising rates [3] - The performance of floating rate bonds has lagged behind fixed rate bonds in recent years, suggesting that better investment opportunities may arise when the funding environment tightens [3] Group 3: Real Estate and Construction - In the third week of September, both new and second-hand housing markets showed signs of recovery, particularly in first-tier cities following policy relaxations [4][16] - The construction sector is witnessing an increase in industrial activity, with freight volumes remaining high and coal consumption showing a downward trend [4] - The demand for cement remains stable, while supply is at low levels, indicating a potential for price recovery in the construction materials market [4] Group 4: Energy and New Energy Equipment - In August 2025, China's inverter exports reached 6.29 billion, with a notable demand driven by energy transitions in India and subsidy plans in Australia [7] - The long-term demand for inverters is expected to be supported by rising electricity prices and increased installations of renewable energy sources [7] - The report recommends leading companies in the sector, such as Sungrow Power Supply and DeYe Shares, as having strong performance support [7] Group 5: Transportation and Logistics - Despite August being a traditional off-peak season for e-commerce and express delivery, the industry is experiencing a rebound in demand due to competitive pressures [8] - The report highlights a marginal slowdown in package volumes, but anticipates a price increase as the peak season approaches, which could enhance profitability [8] - Recommended companies in the logistics sector include Shentong Express and YTO Express, with a focus on those benefiting from price increases and strong overseas growth [8] Group 6: Consumer Goods and Retail - The snack retail sector is evolving from rapid expansion to consolidation, with new retail formats emerging in response to changing consumer preferences [13] - The report discusses the competitive landscape of various retail formats, including discount stores and community shops, and their impact on traditional retail channels [13] - Companies like Youyou Foods are highlighted for their strategic positioning in the market, aiming for significant revenue growth through innovative product offerings [13] Group 7: Construction Materials - The report discusses the outlook for specialty electronic fabrics, driven by trends in AI and high-end PCB materials [14] - The demand for low thermal expansion and high-performance materials is expected to grow, with recommendations for companies like China Jushi and China National Materials [14] - The report emphasizes the importance of product upgrades in meeting the evolving needs of the electronics industry [14] Group 8: Company Ratings and Recommendations - New Hongji Real Estate has been rated "Buy" with a target price of 111.51 HKD, supported by its significant land reserves and upcoming project deliveries [17] - Youyou Foods has also received a "Buy" rating with a target price of 15.60 CNY, reflecting its strong market position in the snack sector [19] - The report indicates a positive outlook for companies with robust growth strategies and market adaptability [19]

Summary of Youyou Foods Conference Call Company Overview - **Company**: Youyou Foods - **Industry**: Snack Food Industry Key Points and Arguments Revenue Growth Projections - Youyou Foods expects revenue to exceed 1.6 billion yuan in 2025, with growth rates of 40% and 22% for 2025 and 2026 respectively [2][3][16] - The contribution from membership supermarkets is projected to be 60% in 2025 and 40% in 2026, while snack wholesale channels are expected to contribute about 20% and 30% respectively [3][4][16] Market Position and Competition - Youyou Foods is positioned in the first tier of the ready-to-eat chicken feet and duck feet market, with a 2024 revenue of 1.17 billion yuan, including 785 million yuan from spicy chicken feet [2][6] - Competitors include brands like Wang Xiaolu and various regional brands, with a concentrated competitive landscape [6] Industry Trends - The snack food industry is experiencing significant channel structure changes, with rapid growth in snack wholesale and membership supermarkets, while traditional channels are under pressure [2][4][5] - By the end of 2024, the number of snack wholesale stores is expected to reach 35,000 to 40,000, generating approximately 140 billion yuan in sales [5] Product Innovation - Youyou Foods focuses on product innovation, introducing diverse flavors and new products such as lemon-flavored and spicy chicken feet, as well as chicken tendons and bone sticks [9] - The collaboration with Sam's Club has led to the successful launch of deboned duck feet, achieving monthly sales close to 20 million yuan [9][11] Management and Ownership - As of the end of 2024, Chairman Lu Youzhong and family hold 67.82% of the shares, with a stable and experienced management team [8] - Key executives have over 10 years of experience in the food and beverage industry, providing a solid foundation for the company's growth [8] Future Catalysts for Growth - Future growth catalysts include organizational adjustments, new product launches, and expansion into emerging channels such as interest e-commerce and snack wholesale [7][10] - The partnership with Sam's Club is expected to enhance brand visibility and drive sales growth [10] Channel Development - The membership supermarket channel is anticipated to generate over 100 million yuan in revenue in 2024, primarily from deboned duck feet [11] - The snack wholesale channel is expected to double its revenue in 2025, with ongoing expansion plans [12] E-commerce Growth - E-commerce revenue has accelerated since 2024, with a year-on-year growth of over 200% [13][14] - The Douyin platform is expected to feature popular products such as chicken tendons and spicy chicken feet, contributing to significant revenue growth [14] Profitability and Valuation - Projected revenue growth rates for 2025 and 2026 are approximately 40% and 22%, with a stable net profit margin around 14% [16] - The increase in low-margin membership supermarkets and snack wholesale channels is expected to impact gross margins, decreasing from 29.2% in 2024 to 27.8% in 2026 [16] Additional Important Insights - The overall snack food industry is seeing a shift towards discount e-commerce, with significant growth in the number of snack wholesale stores since 2021 [5] - The company has a total of 804 distributors and covers over 200,000 terminal points, indicating room for improvement compared to traditional snack food companies [15]

Core Viewpoint - The frequent changes in the secretary position at Youyou Food may indicate underlying issues related to company strategy, internal management, governance structure, and competitive pressures in the industry [10]. Company Management Changes - Youyou Food received a regulatory work letter from the Shanghai Stock Exchange on September 19, 2025, regarding the change of the company’s board secretary [1][2]. - The recent departure of the vice president and board secretary, Xiao Chuan Zhi, on September 15, 2025, occurred just over three months after his appointment [3][5]. - During the vacancy of the board secretary position, the board designated the finance director, Cui Haibin, to perform the duties of the board secretary [4]. Historical Context of Secretary Changes - Since its listing in November 2019, Youyou Food has experienced four board secretary departures, all citing "personal reasons" [7]. - The previous board secretaries included Zeng Li, Zhou Zenning, Liu Yuchan, and Liang Yu, with each leaving for personal development choices [8][9]. Company Performance - Youyou Food's revenue and net profit from 2021 to 2023 were as follows: - 2021: Revenue of 1.22 billion, Net profit of 220 million - 2022: Revenue of 1.02 billion, Net profit of 154 million - 2023: Revenue of 966 million, Net profit of 116 million [11]. - In 2024, the company reported a revenue of 1.18 billion, a year-on-year increase of 22.37%, and a net profit of 157 million, up 35.44% [11]. - In the first half of 2025, Youyou Food achieved a revenue of 771 million, a year-on-year growth of 45.59%, and a net profit of 108 million, an increase of 42.47% [12].

Core Viewpoint - The frequent resignation of board secretaries at Youyou Food has raised concerns among investors, particularly regarding the timing of the actual controller's share reduction after a significant stock price increase [2][3][9]. Group 1: Board Secretary Changes - Youyou Food has experienced a high turnover of board secretaries, with five resignations since its listing over six years, all citing personal reasons [4][5]. - The most recent board secretary, Xiao Chuan Zhi, served for just over three months before resigning for personal career development reasons [4]. - Previous board secretaries also had short tenures, with the last three serving less than six months each before resigning [5]. Group 2: Share Reduction Concerns - Youyou Food's actual controller, Zhao Ying, announced a share reduction plan after the company's stock price had increased significantly, raising investor skepticism [8][9]. - The company reported a stock price increase of over 2.31 times from its 2024 low, reaching a peak of 16.07 yuan in June 2025 [8]. - Zhao Ying reduced her holdings by approximately 1.51 billion yuan, selling 12.83 million shares, which is 3% of the total shares, at prices ranging from 11.24 yuan to 12.94 yuan [8][9]. Group 3: Financial Performance - Youyou Food's revenue and net profit showed a decline from 2021 to 2023, with revenues of 12.20 billion yuan, 10.24 billion yuan, and 9.66 billion yuan, and net profits of 2.20 billion yuan, 1.54 billion yuan, and 1.16 billion yuan respectively [7]. - In 2024, the company reported a revenue of 11.82 billion yuan, a year-on-year increase of 22.37%, and a net profit of 1.57 billion yuan, up 35.44% [7]. - The first half of 2025 continued this trend with revenues of 7.71 billion yuan, a 45.59% increase, and a net profit of 1.08 billion yuan, up 42.47% [7].

Core Viewpoint - The frequent resignation of board secretaries at Youyou Food has raised concerns among investors, particularly in light of the actual controller's recent share reduction after a significant stock price increase [1][2][4]. Group 1: Management Changes - Youyou Food has experienced a high turnover of board secretaries, with five resignations since its listing, all citing personal reasons [1][2]. - The most recent board secretary, Xiao Chuan Zhi, served for just over three months before resigning for personal career development reasons [2]. - Previous board secretaries also had short tenures, with the last three serving less than six months each [3]. Group 2: Financial Performance - Youyou Food's revenue and net profit showed a decline from 2021 to 2023, with revenues of 12.20 billion, 10.24 billion, and 9.66 billion respectively, and net profits of 2.20 billion, 1.54 billion, and 1.16 billion [4]. - In 2024, the company reported a revenue of 11.82 billion, a year-on-year increase of 22.37%, and a net profit of 1.57 billion, up 35.44% [5]. - The first half of 2025 continued this trend with revenues of 7.71 billion, a 45.59% increase, and net profits of 1.08 billion, a 42.47% increase [5]. Group 3: Shareholder Actions - The actual controller, Zhao Ying, reduced his holdings by 12.83 million shares, representing 3% of the total shares, for a total of approximately 1.51 billion, shortly after the stock price rose significantly [5][6]. - Investors have expressed concerns regarding the timing of this reduction, questioning why it occurred after a positive performance turnaround [6]. - Youyou Food has responded to investor concerns by stating that the reduction was based on personal financial planning and complied with regulations [6].

Group 1 - The frequent changes in the Secretary of the Board at Youyou Food may indicate underlying issues related to company strategy, internal management, governance structure, and competitive pressures in the industry [2][3] - Youyou Food has experienced a decline in net profit for three consecutive years from 2021 to 2023, with revenue also decreasing in 2022 and 2023 [3] - In 2022, Youyou Food's revenue was 1.182 billion yuan, a year-on-year increase of 22.37%, and the net profit attributable to shareholders was 157 million yuan, up 35.44% [3] Group 2 - The gross profit margin of Youyou Food decreased to 28.97% in the previous year and further declined to 27.57% in the first half of this year, a drop of 3.27 percentage points [4] - Accounts receivable for Youyou Food increased significantly, reaching 156.1 million yuan in the first half of this year, a year-on-year growth of 109.72% [4] - The company is advised to diversify its channels and enhance risk resistance while closely monitoring the growth of accounts receivable to reduce bad debt risks [4]