Core Viewpoint - Laiyifen is a leading company in the domestic leisure food chain industry, established in 2002 and listed on the Shanghai Stock Exchange in 2016, with a strong full industry chain advantage and high investment value [1] Financial Performance - In Q3 2025, Laiyifen achieved a revenue of 2.854 billion yuan, ranking 6th among 11 companies in the industry, with the industry leader, Wancheng Group, generating 36.562 billion yuan [2] - The net profit for the same period was -115 million yuan, placing Laiyifen 10th in the industry, while the top performer, Wancheng Group, reported a net profit of 1.591 billion yuan [2] Financial Ratios - As of Q3 2025, Laiyifen's debt-to-asset ratio was 47.32%, an increase from 43.53% year-on-year, and above the industry average of 40.61%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 31.58%, down from 40.74% year-on-year but still above the industry average of 26.24%, suggesting a maintained profitability advantage [3] Executive Compensation - The chairman, Shi Yonglei, received a salary of 409,200 yuan in 2024, a decrease of 34,100 yuan from 2023 [4] - The president, Yu Ruifen, earned 421,000 yuan in 2024, down 22,400 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.99% to 37,600, while the average number of circulating A-shares held per account increased by 11.10% to 8,894.02 [5]

来伊份所属申万行业为：食品饮料-休闲食品-零食。所属概念板块包括：休闲食品、新零售、社区团 购、白酒、小红书概念等。 截至6月30日，来伊份股东户数4.18万，较上期减少3.06%；人均流通股8005股，较上期增加2.51%。 2025年1月-6月，来伊份实现营业收入19.40亿元，同比增长8.21%；归母净利润-5068.39万元，同比减少 439.60%。 10月29日，来伊份盘中下跌2.01%，截至13:47，报12.66元/股，成交5689.48万元，换手率1.34%，总市 值42.34亿元。 资金流向方面，主力资金净流出1373.61万元，特大单买入0.00元，占比0.00%，卖出620.23万元，占比 10.90%；大单买入483.66万元，占比8.50%，卖出1237.04万元，占比21.74%。 来伊份今年以来股价跌17.90%，近5个交易日跌2.62%，近20日跌3.73%，近60日跌2.47%。 今年以来来伊份已经12次登上龙虎榜，最近一次登上龙虎榜为3月3日。 资料显示，上海来伊份股份有限公司位于上海市徐汇区古宜路90号来伊份管理总部，成立日期2002年7 月2日，上市日期2016年10 ...

本报（chinatimes.net.cn）记者周梦婷 北京报道 来伊份旗下产品包括坚果炒货及豆制品、肉制品及水产品、糖果蜜饯及果蔬等，销售渠道包括直营门 店、加盟、特渠团购、电商等，2025年上半年，其来自直营门店和加盟的营收占比分别为45.1%、 37.2%。 "讨好"加盟商 此番来伊份提供财务资助对象，为重点城市或重点区域的加盟商或联营商，同时具备偿还能力且有一定 规模。根据10月14日来伊份在业绩说明会上的回复，此次提供财务资助，资金仅限用于加盟或联营门店 业务的经营，且单个加盟或联营门店的财务资助金额不超过100万元，对同一加盟商或联营商及其关联 方的财务资助金额不超过500万元。另外此次财务资助并非完全免费，根据公告内容，财务资助利率不 低于合同生效时一年期市场贷款利率。 对于来伊份这个举措，凌雁管理咨询首席咨询师、餐饮及食品行业分析师林岳对《华夏时报》记者分析 认为，"给加盟商的扶持相当于降低加盟门槛，给合作伙伴一笔启动资金，减轻创业起步的压力，对吸 引加盟商还是很有作用的。尽管加盟商这笔钱是要还的，但若业务运作不理想，则对公司本身将会加大 资金压力，在现金流紧张的情况下可能会进一步增加亏损，甚至 ...

Company Overview - Shanghai Laiyifen Co., Ltd. is located at 90 Guyi Road, Xuhui District, Shanghai, established on July 2, 2002, and listed on October 12, 2016. The company specializes in the chain operation of snack foods [1]. Financial Performance - For the first half of 2025, Laiyifen achieved operating revenue of 1.94 billion yuan, representing a year-on-year growth of 8.21%. However, the net profit attributable to the parent company was -50.68 million yuan, a decrease of 439.60% compared to the previous year [2]. - Since its A-share listing, Laiyifen has distributed a total of 314 million yuan in dividends, with 47.79 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Laiyifen's stock price decreased by 2.05%, trading at 14.30 yuan per share, with a total market capitalization of 4.782 billion yuan. The stock has declined by 7.26% year-to-date [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) 12 times this year, with the most recent appearance on March 3 [1]. Shareholder Information - As of June 30, 2025, Laiyifen had 41,800 shareholders, a decrease of 3.06% from the previous period. The average number of circulating shares per person increased by 2.51% to 8,005 shares [2]. - Tianhong Zhongzheng Food and Beverage ETF (159736) is among the top ten circulating shareholders, holding 462,600 shares as a new shareholder [3]. Business Segmentation - Laiyifen's main business revenue composition includes: meat and aquatic products (24.21%), candies and preserved fruits (21.10%), nuts and fried products (18.35%), pastries and puffed foods (14.16%), other food categories (14.15%), non-food items (1.66%), and rental business (0.21%) [1].

"零食第一股"来伊份迎来上市以来最大规模的业绩下滑。4月28日晚间，来伊份发布2024年年度报告及 2025年一季度报告。年报显示，来伊份2024年全年营收为33.70亿元，同比下降15.25%，归母净利润 为-7526万元，较上年同期由盈转亏。公司一季度营业收入为10.48亿元，同比下降1.23%；归母净利润 为1243.57万元，同比下降79.72%。 横向对比万辰集团、三只松鼠、良品铺子等休闲零食上市企业的2024年年报可以发现，来伊份的营收、 利润及增速均远落后于同行，其中以量贩零食为主营业态的万辰集团、鸣鸣很忙增速领先行业。另一边 来伊份的利润率却高达40%，对比万辰集团2024年毛利率为10.76%，近期提交招股书的鸣鸣很忙2022- 2024年期间的毛利率稳定在7.5%～7.6%区间。 截至4月29日收盘，来伊份股价为12.86元/股，总市值43.07亿元，较最高值已蒸发约137亿元。 主营业务下滑16.52%，各类产品营收全线下滑 来伊份为施永雷和郁瑞芬夫妇2001年在上海创立。2016年，来伊份正式挂牌上海证券交易所主板，被称 为"中国零食第一股"。 但上市后不久，来伊份便遭遇了增长瓶颈。2 ...