Group 1: Product Development and Market Trends - The company is actively working on new product launches, including a focus on healthier options like spicy pig skin jelly [1] - The quail egg product category is gaining traction, with the Chinese egg product market expected to reach over 80 billion yuan by 2024 [1] - Quail eggs are recognized for their high protein content and diverse consumption scenarios, indicating strong market potential [1] Group 2: Financial Performance and Sales Channels - The company's gross margin has slightly declined due to changes in product structure [2] - The sales performance in the Sam's Club channel is strong, with a top 3 ranking for the deboned duck feet (spicy flavor) in the meat snacks category [2] - Accounts receivable increased significantly to 90.73 million yuan, up from 13.76 million yuan in the previous quarter, primarily due to expanded sales in direct channels [2]

1 委托理财受托方：华安证券股份有限公司（以下简称"华安证券"） 本次委托理财金额：5,000 万元 委托理财产品名称：华安证券股份有限公司财智尊享金鳍 136 号浮动收益凭证；华安 证券股份有限公司财智尊享金鳍 137 号浮动收益凭证 委托理财期限为：92 天；183 天 履行的审议程序： （二）资金来源 证券代码：603697 证券简称：有友食品 公告编号：2024-069 有友食品股份有限公司 关于使用暂时闲置募集资金购买理财产品的公告 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。 有友食品股份有限公司（以下简称"公司"）于 2024 年 3 月 15 日召开第四届董事会第七 次会议及第四届监事会第七次会议，并于 2024 年 4 月 8 日召开 2023 年年度股东大会，审议 通过《关于使用暂时闲置募集资金进行现金管理的议案》，同意在不影响公司募投项目建设和 正常经营业务的前提下，使用总额不超过人民币 13,000 万元的募集资金进行现金管理，使用 期限自公司 2023 年年度股东大会审议通过之日起 12 个月 ...

Key Points Company and Industry Information 1. **Company Name and Stock Information**: The company is named Youyou Food Co., Ltd. with the stock code 603697 and stock abbreviation "Youyou Food". 2. **Announcement Purpose**: The announcement is regarding the participation of Youyou Food in the "2024 Investor Online Collective Reception Day Activity" organized by the Chongqing Listed Company Association under the guidance of the Chongqing Securities Regulatory Bureau. 3. **Event Details**: The activity will be held on November 28, 2024, from 15:00 to 17:00, and investors can participate by logging into the Panoramic Network (http://rs.p5w.net). 4. **Company Representation**: Relevant senior management personnel of Youyou Food will participate in the activity and engage in online communication and exchange with investors regarding investor concerns. [1][2][3]

Group 1: Event Details - The event "2024 Investor Online Reception Day" will be held on November 28, 2024, from 15:00 to 17:00 [1] - Investors can participate by logging into the Panoramic Network website [1] Group 2: Company Participation - Senior executives from Youyou Food Co., Ltd. will participate in the event [1] - The event aims to facilitate online communication between the company and investors regarding their concerns [1] Group 3: Purpose and Goals - The event is organized to enhance investor relations management and improve corporate governance among listed companies in the Chongqing area [1] - The initiative is guided by the Chongqing Securities Regulatory Bureau and organized in collaboration with the Chongqing Listed Companies Association and Shenzhen Panoramic Network Co., Ltd. [1]

Investment Rating and Core Views - The report initiates coverage on Youyou Foods with an "Overweight" rating, setting a target price of 13.4 yuan, corresponding to a 29X PE for 2025 [3] - The core view is that Youyou Foods, as a leader in the pickled and braised snack market, is expected to see accelerated growth due to new product categories and channel expansions [2][3] - The company's EPS is forecasted to grow by 33%, 30%, and 26% year-over-year for 2024-2026, reaching 0.36, 0.46, and 0.58 yuan respectively [3] Financial Projections and Valuation - Revenue is projected to grow by 19.4%, 28.1%, and 25.3% year-over-year for 2024-2026, reaching 1.154, 1.478, and 1.852 billion yuan respectively [8] - Net profit is expected to increase by 30.8%, 29.8%, and 25.9% year-over-year for 2024-2026, reaching 152, 197, and 248 million yuan respectively [8] - The PE valuation method suggests a fair value of 12.91 yuan based on a 28X PE for 2025, while the FCFF method suggests a fair value of 13.92 yuan, leading to an average target price of 13.4 yuan [16][18][20] Market Position and Competitive Advantage - Youyou Foods holds a market share of over 20% in the pickled chicken feet segment, with sales exceeding 1 billion yuan, significantly ahead of the second-tier competitors whose revenues range between 100-200 million yuan [3] - The company's brand and product quality are leading in the industry, with non-chicken feet products accounting for over 25% of revenue in 2023, and the new deboned duck feet product contributing 70 million yuan in Q3 2024 [3][37] - The company is expected to strengthen its market position as the industry moves towards larger-scale and more standardized operations, with significant room for market share growth [3] Product and Channel Strategy - Youyou Foods is expanding its product matrix, with traditional chicken feet products stabilizing and new products like deboned duck feet gaining traction, especially in the Sam's Club channel [3][37] - The company is accelerating its national expansion, with a focus on the East China market, where revenue grew by 16.7% year-over-year in Q3 2024 [47] - The company is actively embracing membership-based supermarkets like Sam's Club and Costco, with the deboned duck feet product becoming a top seller in Sam's Club, contributing significantly to Q3 2024 revenue [48] Industry Outlook - The spicy snack market in China is expected to reach 228.4 billion yuan in 2024, with a CAGR of 8.7% from 2019-2024, indicating strong growth potential [31] - The pickled chicken feet market is fragmented, with over 600 manufacturers, but Youyou Foods leads with a 20% market share, and the industry is expected to consolidate further, benefiting larger players [33] - The company is well-positioned to capitalize on the growing demand for spicy snacks, with its strong brand and product innovation capabilities [31][33]

有友食品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 证券代码：603697 证券简称：有友食品 公告编号：2024-067 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 19 日(星期二) 至 11 月 25 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 yysecurity@youyoufood.com 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 有友食品股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 26 日下午 14:00-15:00 举行 2024 年第三季度业绩说明会 ...

证券代码：603697 证券简称：有友食品 公告编号：2024-065 有友食品股份有限公司 关于使用自有资金购买理财产品的公告 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。 有友食品股份有限公司（以下简称"公司"）于 2024 年 3 月 15 日召开第四届董事会第七 次会议及第四届监事会第七次会议，并于 2024 年 4 月 8 日召开 2023 年年度股东大会，审议通 过《关于使用部分自有资金进行现金管理的议案》，同意在不影响日常经营资金需求和保证资 金安全的情况下，公司（含控股子公司，下同）使用总额不超过人民币 100,000 万元的自有资 金进行现金管理，使用期限自 2023 年年度股东大会审议通过之日起 12 个月。在上述使用期限 及额度范围内，资金可循环滚动使用。股东大会授权董事长行使该项投资决策权并签署相关法 律文件，具体由公司财务部负责组织实施。 一、本次委托理财概况 （一）委托理财目的 为合理利用自有资金，在不影响日常经营资金需求和资金安全的前提下，使用部分自有资 金进行现金管理，以增加股东和公司的 ...

有友食品股份有限公司（以下简称"公司"）于 2024 年 3 月 15 日召开第四届董事会第七 次会议及第四届监事会第七次会议，并于 2024 年 4 月 8 日召开 2023 年年度股东大会，审议 通过《关于使用暂时闲置募集资金进行现金管理的议案》，同意在不影响公司募投项目建设和 正常经营业务的前提下，使用总额不超过人民币 13,000 万元的募集资金进行现金管理，使用 期限自公司 2023 年年度股东大会审议通过之日起 12 个月。在上述使用期限及额度范围内， 资金可循环滚动使用。股东大会授权董事长行使该项投资决策权并签署相关法律文件，具体由 公司财务部负责组织实施。 一、 公司使用暂时闲置募集资金购买理财产品到期赎回的情况 公司全资子公司重庆有友食品销售有限公司使用暂时闲置募集资金购买了理财产品，具体 内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的公告。上述理财产品已到期， 公司已收回本金 5,000 万元及理财收益 73.42 万元，与预期收益不存在重大差异。 | 序 | 受托方名称 | 产品名称 | | 金额 | （万元） | 起始日 | 到期日 | 实际收益金 | | -- ...

Company and Industry Summary Company Overview - The company is undergoing significant internal changes, particularly in its marketing strategies, which have shifted from a production-focused approach to a more balanced emphasis on marketing and consumer engagement [1][2][3]. Key Points on Marketing and Strategy - The chairman has recognized the need for a marketing transformation, responding to market signals and consumer behavior changes over the past two years [2][3]. - The company is committed to maintaining high product quality while innovating to meet consumer preferences, emphasizing a "quality first" philosophy [2][3]. - There has been a notable shift in the organizational structure to better align with new marketing channels, including the establishment of specialized teams for e-commerce and membership warehouse operations [4][5][6]. Changes in Organizational Structure - The company has made minor adjustments to its organizational structure, particularly in response to new channels like membership warehouses and bulk snack sales [4][5]. - New teams have been formed to handle specific client interactions, ensuring a more tailored approach to customer engagement [5][6]. Channel Development - The company is focusing on expanding its presence in new channels, particularly membership warehouses like Sam's Club and Costco, which are seen as high-potential markets [8][9][20]. - The company has identified Sam's Club as a key partner, with expectations for significant contributions to revenue from new product launches [13][14][17]. Product Launches and Revenue Expectations - The company anticipates that new products will significantly contribute to revenue growth in 2024, with projections indicating potential increases in sales volume [17][18][25]. - The company is actively working on launching new products in various channels, including e-commerce platforms like Douyin, although this area is currently less developed [19][20]. Financial Performance and Cost Management - The company has experienced fluctuations in raw material costs, particularly for chicken feet, which are primarily sourced domestically [27][30]. - There is an expectation that improved cost management and procurement strategies will enhance gross margins moving forward [29][34]. Competitive Landscape - The company acknowledges competition in the market but believes its product quality and unique offerings provide a competitive edge [31][36]. - The company is exploring flavor extensions and product line diversification to capture a broader market share [31][32]. Future Outlook - The company aims for stable growth in traditional channels while leveraging new opportunities in emerging markets [24][25]. - There is a focus on maintaining a healthy gross margin while navigating the competitive landscape and adapting to market demands [34][36]. Management and Succession Planning - The chairman is reportedly considering succession planning, with a focus on developing the current management team to ensure a smooth transition in leadership [37][38].

证券代码：603697 证券简称：有友食品 公告编号：2024-064 有友食品股份有限公司 2024 年第二次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 298 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 312,485,569 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 73.0632 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决方式符合《公司法》及《公司章程》的相关规定，本次股东会由董事长鹿有 忠先生主持。 (一) 股东会召开的时间：2024 年 11 月 11 日 (二) 股东会召开的地点：重庆市璧山区璧泉街道剑山路 130 号有友食品重庆 制造有限公司 4 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董 ...