Investment Rating - The report maintains a "Buy" rating for Youyou Food (603697) with a target price of 11.91, compared to the last closing price of 9.96 [1]. Core Views - Youyou Food's revenue for 2024 reached 1.182 billion, a year-on-year increase of 22.37%, with net profit attributable to shareholders at 157 million, up 35.44% year-on-year [5]. - The company aims for revenue growth of no less than 20% in 2025, driven by new product launches and channel expansions [10]. - The report highlights the strong performance of new products and the successful expansion into membership supermarket channels, contributing significantly to revenue growth [6][8]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 296 million, a year-on-year increase of 42.92%, and a net profit of 36 million, up 257.97% year-on-year [5]. - The company plans to distribute a cash dividend of 90 million (before tax) for 2024, with a total dividend payout of 200 million, resulting in a payout ratio of 127.8% [5]. Product and Channel Development - Revenue from various product lines in 2024 included 785 million from bubble chicken feet, 93 million from skin jelly, 93 million from vegetarian products, 48 million from chicken wings, and 152 million from other bubble-flavored meat products, with respective year-on-year growth rates of +8.6%, +6.3%, -2.1%, +23.8%, and +840.7% [6]. - The company has successfully expanded its online and offline sales channels, achieving 1.1 billion in offline revenue and 70 million in online revenue, with year-on-year growth rates of +17.7% and +204.3%, respectively [6]. Profitability and Cost Management - The overall gross margin for 2024 was 28.97%, a decrease of 0.4 percentage points year-on-year, while the net profit margin increased by 1.3 percentage points to 13.3% [7]. - The company has managed to reduce sales and management expense ratios, leading to improved profitability despite initial pressure on gross margins from new product launches [7]. Future Outlook - The company is expected to achieve revenues of 1.459 billion, 1.728 billion, and 1.990 billion in 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 23%, 18%, and 15% [10]. - The report emphasizes the strong potential for growth driven by product innovation and channel expansion, particularly in the membership supermarket sector [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 1.182 billion yuan in 2024, representing a year-on-year increase of 22.37%. The net profit attributable to the parent company was 157.33 million yuan, up 35.44% year-on-year [8] - The company has successfully launched new products, leading to significant revenue growth. The revenue from various product categories such as chicken feet, vegetarian products, and new items like deboned duck feet has shown strong performance [8] - Cost reductions and scale effects have improved profitability, with a net profit margin of 13.3% in 2024, an increase of 1.3 percentage points year-on-year [8] Financial Summary - Total revenue projections for 2025-2027 are 1.517 billion yuan, 1.761 billion yuan, and 2.026 billion yuan, respectively, with year-on-year growth rates of 28.30%, 16.12%, and 15.00% [1] - The net profit attributable to the parent company is expected to reach 199 million yuan, 238 million yuan, and 279 million yuan for 2025-2027, with corresponding growth rates of 26.18%, 19.94%, and 17.36% [1] - The latest diluted EPS is projected to be 0.37 yuan, 0.46 yuan, and 0.56 yuan for 2025-2027, with a P/E ratio of 21.50, 17.93, and 15.28, respectively [1]

Investment Rating - The report maintains a "Buy" rating for Youyou Food (603697) with a target price of —— yuan over the next six months [1][3]. Core Insights - The company achieved a revenue of 1.182 billion yuan in 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 157.33 million yuan, up 35.4% year-on-year. The fourth quarter of 2024 saw a revenue of 290 million yuan, a 42.9% increase year-on-year, and a net profit of 36 million yuan, a remarkable 258% growth year-on-year [7][10]. - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares (including tax), resulting in an overall cash dividend payout ratio of 127.77% for 2024 [7]. - The growth in revenue is driven by strong performance in emerging channels, with online and offline channel revenue growth rates of 204% and 17.7%, respectively [7][8]. - The company is expanding its presence in new retail channels, particularly in the East China region, which has shown rapid growth due to the expansion of emerging channels and increased marketing efforts [7][8]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 1,182.33 million yuan and a net profit of 157.33 million yuan. The projected revenues for 2025, 2026, and 2027 are 1,480.06 million yuan, 1,712.14 million yuan, and 1,950.61 million yuan, respectively, with growth rates of 25.18%, 15.68%, and 13.93% [2][10]. - The earnings per share (EPS) are expected to increase from 0.37 yuan in 2024 to 0.70 yuan by 2027, with corresponding price-to-earnings (PE) ratios decreasing from 27 to 14 over the same period [2][10]. Business Segments - The revenue from various product lines in 2024 includes 784.6 million yuan from spicy chicken feet, 158.5 million yuan from other flavored meat products, and 93.3 million yuan from skin products, with significant growth rates in each category [8][10]. - The company anticipates continued strong performance in its core products, particularly in the spicy chicken feet segment, which is expected to maintain a growth rate of 12.3% in 2025 [8]. Cost and Profitability - The overall gross margin for 2024 was 29%, with a slight decrease of 0.4 percentage points year-on-year. However, the gross margin for Q4 2024 improved to 25.7%, reflecting better cost management and efficiency [7][10]. - The net profit margin for 2024 increased by 1.3 percentage points to 13.3%, driven by cost reductions and improved operational efficiency [7][10].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has launched a new stock option and restricted stock incentive plan, reflecting its confidence in future development [5] - The company aims for a revenue growth rate of no less than 16%/28%/40.85% from 2025 to 2027, with a target return on equity (ROE) of at least 12.58%/12.91%/13.17% during the same period [5] - The mooncake business is expected to benefit from both internal and external drivers, while the restaurant segment is projected to maintain steady growth through store expansion [6] - The company is leveraging its first-mover advantage in Guangdong to strengthen its market share in mooncakes and frozen products, with a focus on expanding into markets outside the province [7] Financial Forecasts - The company's main revenue is projected to grow from 4,901 million yuan in 2023 to 6,227 million yuan in 2026, reflecting a growth rate of 19.2% in 2023 and 8.9% in 2026 [11] - The diluted earnings per share (EPS) are adjusted to 0.91, 1.04, and 1.15 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [9][11] - The company anticipates a net profit of 626 million yuan in 2025, up from 550 million yuan in 2023, indicating a growth rate of 14.0% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company achieved a revenue of 1.182 billion yuan in 2024, representing a year-on-year growth of 22%, primarily driven by the launch of new products [5] - The net profit attributable to shareholders reached 157 million yuan, up 35% year-on-year, with a significant increase in the fourth quarter [5] - The company is expected to continue benefiting from channel expansion and product innovation, particularly in the bone-free duck feet segment [10] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.182 billion yuan, a 22% increase year-on-year, and a net profit of 157 million yuan, reflecting a 35% growth [5] - The fourth quarter of 2024 saw a revenue of 296 million yuan, up 43% year-on-year, and a net profit of 36 million yuan, which is a 258% increase [5] - The gross margin improved to 25.69% in Q4 2024, with expectations for continued optimization in 2025 due to falling raw material prices [5] Product Performance - Revenue from the main products, including bubble chicken feet, skin jelly, and chicken wings, was 785 million yuan, 93 million yuan, and 48 million yuan respectively, with growth rates of 9%, 6%, and 24% [6] - The company plans to focus on bone-free products and enhance existing flavors, anticipating sustained growth in product lines [6] Channel Development - Online and offline channel revenues in Q4 2024 were 24 million yuan and 267 million yuan, respectively, with online sales growing by 133% [7] - The company is leveraging the Sam's Club channel and e-commerce platforms to drive sales growth, while traditional supermarket channels face challenges [9] Earnings Forecast - The company is expected to maintain strong growth, with projected EPS of 0.43 yuan, 0.50 yuan, and 0.58 yuan for 2025, 2026, and 2027 respectively [10] - The current stock price corresponds to a PE ratio of 22, 19, and 17 for the years 2025, 2026, and 2027 [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company achieved a revenue of 1.182 billion yuan in 2024, representing a year-on-year growth of 22%, primarily driven by the launch of new products [5] - The net profit attributable to shareholders reached 157 million yuan, up 35% year-on-year, with a significant increase in the fourth quarter [5] - The company is expected to continue benefiting from channel expansion and product innovation, particularly in the bone-free duck feet segment [10] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.182 billion yuan, a 22% increase year-on-year, and a net profit of 157 million yuan, a 35% increase [5] - The fourth quarter saw a revenue of 296 million yuan, up 43% year-on-year, and a net profit of 36 million yuan, up 258% [5] - The gross margin improved to 25.69% in Q4 2024, with expectations for continued optimization in 2025 [5] Product Performance - Revenue from main products such as bubble chicken feet, skin jelly, and chicken wings was 785 million yuan, 93 million yuan, and 48 million yuan respectively, with growth rates of 9%, 6%, and 24% [6] - The company plans to focus on bone-free products and enhance existing flavors, anticipating sustained growth in product lines [6] Channel Development - Online and offline channel revenues in Q4 2024 were 24 million yuan and 267 million yuan, reflecting growth rates of 133% and 36% respectively [7] - The company is leveraging platforms like Douyin for product promotion and expects continued growth in e-commerce channels [7] Regional Performance - Revenue growth varied by region, with significant increases in Southwest and East China, while some regions experienced declines [9] - The company aims to strengthen its brand presence in its core markets [9] Earnings Forecast - The company is projected to achieve EPS of 0.43 yuan, 0.50 yuan, and 0.58 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22, 19, and 17 [10]

有友食品股份有限公司 2024 年度 内部控制审计报告 内部控制审计报告 XYZH/2025CQAA2B0018 有友食品股份有限公司 有友食品股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了有友食品股份有限公司（以下简称有友食品）2024 年 12 月 31 日财务报告内部控制的 有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是有友食品董事会的 责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 我们认为，有友食品于 2024 年 12 月 31 日按照《企业内部控 ...

（一）现金管理目的 东北证券股份有限公司 关于有友食品股份有限公司 使用暂时闲置募集资金进行现金管理之核查意见 东北证券股份有限公司（以下简称"东北证券"或"保荐机构"）作为有友 食品股份有限公司（以下简称"有友食品"或"公司"）首次公开发行股票持续 督导的保荐机构，根据《证券发行上市保荐业务管理办法》、《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求》、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等规定，对有友食品本次暂时闲置募集资 金进行现金管理的事项进行了核查，具体情况如下： 一、现金管理概况 为提高资金使用效率，合理利用闲置资金，在不影响公司募投项目建设和正 常经营业务的前提下，利用闲置募集资金进行现金管理，增加公司收益，保障公 司及股东的利益。 （二）资金来源 1、资金来源的一般情况 本次现金管理的资金来源为公司暂时闲置募集资金。 2、募集资金基本情况 经中国证券监督管理委员会《关于核准有友食品股份有限公司首次公开发行 股票的批复》（证监许可 [2018] 1960 号）核准，公司向社会公开发行人民币普 通股股票（A 股）7,950 万股，募集资金总额为人民币 ...

有友食品股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 5-6 | | — | 母公司资产负债表 | 7-8 | | — | 合并利润表 | 9 | | — | 母公司利润表 | 10 | | — | 合并现金流量表 | 11 | | — | 母公司现金流量表 | 12 | | — | 合并股东权益变动表 | 13-14 | | — | 母公司股东权益变动表 | 15-16 | | — | 财务报表附注 | 17-86 | | — | 财务报表补充资料 | 87-88 | 审计报告 XYZH/2025CQAA2B0017 有友食品股份有限公司 有友食品股份有限公司全体股东： 一、 审计意见 我们审计了有友食品股份有限公司（以下简称"有友食品"）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 审计报告（续） XYZH/20 ...

有友食品股份有限公司 2024 年度独立董事述职报告 本人作为有友食品股份有限公司（以下简称"公司"）的独立董事，根据《中 华人民共和国公司法》、《中华人民共和国证券法》、《上市公司独立董事管理 办法》、《上海证券交易所股票上市规则》等法律法规和《有友食品股份有限公 司章程》、《有友食品股份有限公司独立董事工作细则》等的规定和要求，2024 年度勤勉尽责，忠实履行职务，积极出席相关会议，认真审议董事会各项议案， 对重大事项发表专业意见，积极维护公司整体利益和中小股东的合法权益。现将 2024 年度的履职情况报告如下： 一、独立董事的基本情况 石元刚：男，中国国籍，出生于 1949 年，无境外永久居留权,硕士研究生学 历，陆军军医大学（原第三军医大学）退休教授，2022 年 11 月起任公司第四届 董事会独立董事，在 2024 年度任职时间为 2024 年 1 月 1 日至 2024 年 12 月 31 日。兼任中国营养学会理事、重庆市营养学会常务副理事长兼法人代表、重庆市 营养师协会常务副理事长及重庆市健康管理师协会常务副理事长等科技社团任 职，开展营养与健康科普宣传及专业培训。本人符合担任独立董事所需的独立 ...