会员店放量清晰，量贩电商快速推进。25H1 有友食品营收同比+45.6%至7.7 亿元，新兴渠道快速扩容 支撑公司营收延续高速增长趋势。25Q2 营收同比+52.4%至3.9 亿元，环比Q1 进一步加速，核心增量来 自于会员店、量贩零食店、线上等新兴渠道。渠道维度看，25Q2 线下渠道营收同比+49.1%至3.6 亿 元，其中山姆脱骨鸭掌销售持续保持优秀水平，当前仍为美味宵夜热度榜第一，酸汤双脆及轻享时光也 贡献一定增量，量贩加大主流系统合作渗透度，打开市场空间；线上渠道营收同比+153.3%至2437.5 万 元，公司加速电商运营模式迭代，通过社交电商运营顺利实现高增，但公司Q2 电商占比仅6.3%，仍有 充足扩容空间。品类维度看，25Q2禽类制品营收同比+63.5%至3.3 亿元，会员店渠道鸭掌、掌中宝、筋 脆骨均实现显著放量，当前公司积极培育鸡脚筋，有望在传统渠道打造出新晋大单品；畜类制品营收同 比+0.7%至2401.5 万元，预计主要面向传统渠道；蔬菜制品及其他营收同比+17.2%至2882.0 万元，预计 会员店轻享时光贡献一定增量。 山姆论证优秀能力，渠道拓展空间充足。我们认为有友当前正站在拓渠 ...

有友食品（603697.SH） 证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 成长亮眼，利润提速 股价走势 -10% 32% 74% 116% 158% 200% 2024-08 2024-12 2025-04 2025-08 有友食品 沪深300 作者 事件：有友食品 25H1 实现营收 7.7 亿元，同比+45.6%，归母净利润 1.1 亿元，同比+42.5%，扣非净利润 0.9 亿元，同比+52.5%。其中 25Q2 营 收 3.9 亿元，同比+52.4%，归母净利润 0.6 亿元，同比+77.0%，扣非净 利润 0.5 亿元，同比+87.9%，收入及利润均为业绩预告中枢。拟中期分 红 9836.9 万元，分红率达 90.7%。 会员店放量清晰，量贩电商快速推进。25H1 有友食品营收同比+45.6%至 7.7 亿元，新兴渠道快速扩容支撑公司营收延续高速增长趋势。25Q2 营收 同比+52.4%至 3.9 亿元，环比 Q1 进一步加速，核心增量来自于会员店、 量贩零食店、线上等新兴渠道。渠道维度看，25Q2 线下渠道营收同比 +49.1%至 3.6 亿元，其中 ...

Investment Rating - The report maintains a "Buy" investment rating for Youyou Food [1] Core Views - Youyou Food continues to experience high growth in performance, driven by both product and channel expansion [4][5] - The company is expected to benefit from a low base effect, with projected total revenue for H1 2025 between 746 million to 798 million yuan, representing a year-on-year increase of 41% to 51% [4] - The introduction of new products in the Sam's Club channel is contributing positively to sales, with significant monthly sales figures for key products [5] Summary by Sections Performance Overview - For H1 2025, the net profit attributable to shareholders is forecasted to be between 105 million to 112 million yuan, reflecting a year-on-year growth of 38% to 48% [4] - The second quarter of 2025 is expected to show even stronger growth, with total revenue projected between 363 million to 415 million yuan, a year-on-year increase of 43% to 63% [4] Product and Channel Development - The company has successfully introduced new products such as "Light Enjoy Time" and "Sour Soup Double Crisp" in the Sam's Club channel, with strong sales performance [5] - The penetration rate in the snack wholesale market is steadily increasing, with expectations for significant growth in traditional channels, particularly in previously underserved regions [5] Profit Forecast - The earnings per share (EPS) estimates for 2025 to 2027 have been adjusted to 0.50, 0.61, and 0.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 25, 20, and 17 times [6] - The company is expected to maintain strong sales momentum in the Sam's Club channel and continue to benefit from the growth in snack wholesale and e-commerce channels [6] Financial Projections - The projected main revenue for 2025 is 1,586 million yuan, with a growth rate of 34.1% [9] - The net profit attributable to shareholders for 2025 is forecasted at 215 million yuan, with a growth rate of 36.4% [9]

证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 食品饮 ...

证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 食品饮 ...