Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong performance in offline channels, with a significant increase in profitability driven by cost reductions [3][6] - The company reported a revenue of 1.245 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 40.39%, and a net profit of 174 million yuan, up 43.34% year-on-year [5][6] - The company is recognized as a leader in the marinated snack sector, particularly known for its spicy chicken feet products [7] Financial Performance - In Q3 2025, the company achieved a revenue of 474 million yuan, a year-on-year increase of 32.70%, with net profit reaching 65 million yuan, up 44.79% year-on-year [5][6] - The revenue growth was driven by core product categories, with poultry products growing by 36.1% year-on-year [6] - The company’s gross margin decreased by 1.95 percentage points to 26.95% in Q3 2025, attributed to a higher proportion of low-margin channels [6] Channel Performance - Offline channels outperformed online channels in Q3 2025, with offline revenue growing by 33.6% compared to 17.7% for online [6] - The growth in offline channels is primarily due to the expansion of the Sam's Club channel and the stabilization of traditional channels [6] Future Outlook - The company is expected to continue benefiting from cost reductions and improved channel capabilities, which will enhance long-term growth prospects [6][7] - Revenue projections for 2025-2027 are estimated at 1.636 billion, 1.956 billion, and 2.229 billion yuan, respectively, with corresponding net profits of 228 million, 293 million, and 337 million yuan [7][8]

Core Insights - The company reported Q3 2025 revenue of 474 million yuan, a year-on-year increase of 32.70%, and a net profit attributable to shareholders of 65 million yuan, up 44.79% year-on-year [1] - The poultry products segment continues to experience rapid growth, with Q3 2025 meat product revenue reaching 446 million yuan, a 34.74% increase year-on-year, and poultry products revenue at 418 million yuan, up 36.12% year-on-year [1] - The Southeast region showed significant growth with Q3 2025 revenue of 270 million yuan, a 59.6% increase year-on-year, while the Southwest region also saw recovery with 166 million yuan, an 8.8% increase [1] Financial Performance - Gross margin decreased to 26.95%, down 1.95 percentage points year-on-year, primarily due to channel structure impacts [2] - Operating expense ratio improved to 11.20%, down 1.71 percentage points year-on-year, with sales expense ratio at 8.32% and management expense ratio at 2.69% [2] - Net profit margin increased to 13.78%, up 1.15 percentage points year-on-year, driven by fair value changes contributing to net profit margin improvement [2] Product and Channel Strategy - The company maintains a strong market position in traditional large single products, with significant room for national expansion and new product launches like chicken feet tendons [2] - The company is leveraging strong product innovation capabilities to expand in membership stores, and increasing investments in snack wholesale and e-commerce channels for rapid growth [2] - The decline in chicken feet prices this year is expected to enhance profit elasticity if low price levels persist into next year [2] Future Projections - Revenue projections for 2025-2027 are 1.675 billion, 2.058 billion, and 2.366 billion yuan, representing year-on-year growth rates of 41.66%, 22.84%, and 14.98% respectively [3] - Expected net profits for the same period are 229 million, 281 million, and 317 million yuan, with corresponding year-on-year growth rates of 45.70%, 22.76%, and 12.60% [3] - The projected price-to-earnings ratios for 2025-2027 are 22.0, 17.9, and 15.9 times, maintaining a "recommended" rating [3]

证券代码：603697 证券简称：有友食品 公告编号：2025-077 有友食品股份有限公司 2025 年三季度主要经营数据公告 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个别及连带责任。 一、2025 年三季度主要经营数据 1、主营业务收入按产品类别分类情况 注：本公告表格中如存在合计数与各分项数值之和尾数不符的情况，均为四舍五入原因形成。 2、主营业务收入按销售地区分类情况 单位：万元 | 项目 | 2025 年 1-9 | 月 | 2024 年 1-9 月 | | | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | | 东南区域 | 71,914.14 | 58.19% | 33,648.79 | 38.19% | | 西南区域 | 42,205.27 | 34.15% | 43,512.27 | 49.39% | | 其他区域 | 9,467.81 | 7.66% | 10,941.63 | 12.42% | | 合 计 | 123,587.22 | 100.00% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 771 million yuan for the first half of 2025, representing a year-on-year increase of 45.59%. The net profit attributable to shareholders was 108 million yuan, up 42.47%, while the net profit excluding non-recurring items was 92.78 million yuan, an increase of 52.51% [2][4] - In the second quarter of 2025, total revenue reached 388 million yuan, reflecting a year-on-year growth of 52.45%. The net profit attributable to shareholders was 58.15 million yuan, a significant increase of 77.03%, and the net profit excluding non-recurring items was 49.19 million yuan, up 87.86% [2][4] - The company is focusing on new product launches and channel adjustments, particularly in the Sam's Club channel, which is expected to drive future growth [9] Financial Performance Summary - For the first half of 2025, the company's net profit margin decreased by 0.31 percentage points to 14.07%, while the gross margin fell by 3.27 percentage points to 27.57%. The expense ratio decreased by 4.4 percentage points to 11.85% [9] - In the second quarter of 2025, the net profit margin improved by 2.08 percentage points to 14.99%, with a gross margin of 28.04% [9] - The company plans to distribute a cash dividend of 0.23 yuan per share, which represents 90.69% of the net profit attributable to shareholders for the period [9] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 230 million yuan, 262 million yuan, and 293 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.54 yuan, 0.61 yuan, and 0.69 yuan, with price-to-earnings (PE) ratios of 26, 23, and 21 times, respectively [9]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 771 million yuan, a year-on-year growth of 45.59%, and a net profit of 108 million yuan, up 42.47% [1] - The second quarter of 2025 saw even higher growth rates, with revenue of 388 million yuan, a 52.45% increase year-on-year, and a net profit of 58 million yuan, up 77.03% [1] Revenue Breakdown - Poultry products showed strong growth, with Q2 2025 revenue of 334 million yuan, a year-on-year increase of 63.47%, while livestock products generated 24 million yuan, a slight increase of 0.68% [1] - The Southeast region experienced remarkable growth, achieving Q2 2025 revenue of 239 million yuan, up 185.96% year-on-year, while the Southwest region saw a decline of 9.18% [1] - Both online and offline channels maintained rapid growth, with online revenue reaching 24 million yuan, a 153.32% increase, and offline revenue at 363 million yuan, up 49.08% [1] Profitability Metrics - The gross profit margin decreased to 28.04%, down 2.16 percentage points year-on-year, primarily due to the increased proportion of low-margin channels [1] - The company achieved a net profit margin of 14.99% in Q2 2025, an increase of 2.08 percentage points year-on-year, with a non-GAAP net profit margin of 12.68%, up 2.39 percentage points [2] Cost Management - The expense ratio significantly decreased to 11.44%, down 5.47 percentage points year-on-year, with the sales expense ratio at 8.02%, down 4.10 percentage points [2] - Management and R&D expense ratios also saw reductions, contributing to improved profitability [2] Strategic Initiatives - The company is focusing on product innovation and expanding its market presence, particularly in the snack food sector, with plans to enhance its product offerings and collaborate with new distribution channels [2] - The core product, spicy chicken feet, continues to hold a leading position in its niche market, while efforts are being made to accelerate national market expansion [2] Future Projections - Revenue forecasts for 2025-2027 are projected at 1.675 billion, 2.021 billion, and 2.426 billion yuan, representing year-on-year growth rates of 41.66%, 20.67%, and 20.02% respectively [3] - Expected net profits for the same period are 219 million, 261 million, and 317 million yuan, with corresponding growth rates of 39.36%, 19.16%, and 21.33% [3]