Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Core Viewpoint - Lihigh Food announced a cash dividend distribution plan for the first three quarters of 2025, proposing a distribution of 2 yuan per 10 shares (including tax) [2] Summary by Category - **Dividend Announcement** - The company will distribute a cash dividend of 2 yuan for every 10 shares held [2] - The record date for the dividend is set for December 1, 2025 [2] - The ex-dividend date is scheduled for December 2, 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

证券代码：300973 证券简称：立高食品 公告编号：2025-078 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于可转换公司债券转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、债券代码：123179 债券简称：立高转债 2、"立高转债"本次调整前转股价格：95.33 元/股 3、"立高转债"本次调整后转股价格：95.13 元/股 4、转股价格调整生效日期：2025 年 12 月 2 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，立高食品股份有限公 司（以下简称"公司"）于 2023 年 3 月 7 日向不特定对象发行了 9,500,000 张可转换公 司债券，每张面值为人民币 100 元。根据《立高食品股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称《募集说明书》）的相关规定，在本次发行之后， 当公司发生派送股票股利、转增股本、增发新股（ ...

特别提示： 1、立高食品股份有限公司（以下简称"公司"或"本公司"）2025 年前三季度利润 分配方案为：以公司实施权益分派股权登记日的总股本（扣除回购账户中股份）为基数 （目前公司总股本169,340,511股剔除已回购股份2,702,077股后的数量为166,638,434股）， 向全体股东每 10 股派发现金红利 2 元（含税），实际现金分红总额为人民币 33,327,686.80 元（含税）。本次不进行资本公积金转增股本及派送股票股利。 证券代码：300973 证券简称：立高食品 公告编号：2025-077 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 2025 年前三季度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本次利润分配预案披露至实施前，若公司股本由于可转换公司债券转股、股权激励 行权等原因发生变动的，公司将以权益分派实施时股权登记日的总股本为基数（回购专 用证券账户股份不参与分配），按照每股分配比例不变的原则，对现金分红总额进行相 应调整。 2、本次权益分派实施后计算除权除息价格时，按总股本（含回购股 ...

融资方面，立高食品当日融资买入1390.44万元。当前融资余额1.69亿元，占流通市值的2.52%，融资余 额超过近一年90%分位水平，处于高位。 11月21日，立高食品跌1.96%，成交额9876.07万元。两融数据显示，当日立高食品获融资买入额 1390.44万元，融资偿还1187.68万元，融资净买入202.76万元。截至11月21日，立高食品融资融券余额 合计1.69亿元。 机构持仓方面，截止2025年9月30日，立高食品十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股311.38万股，相比上期减少277.83万股。易方达裕鑫债券A（003133）位居第十大流通股 东，持股196.56万股，为新进股东。 融券方面，立高食品11月21日融券偿还100.00股，融券卖出400.00股，按当日收盘价计算，卖出金额 1.58万元；融券余量6700.00股，融券余额26.46万元，低于近一年30%分位水平，处于低位。 责任编辑：小浪快报 分红方面，立高食品A股上市后累计派现4.55亿元。近三年，累计派现2.85亿元。 资料显示，立高食品股份有限公司位于广东省广州市增城区石滩镇兴石一路3号，成立日期 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [9][56] Core Insights - The white liquor sector is showing signs of bottoming out, with market sentiment improving, presenting a good opportunity for low-level positioning. Recent CPI recovery and consensus on destocking, along with the Double 11 shopping festival, have contributed to this trend. The Federal Reserve's dovish signals on November 21 have also created favorable conditions for the market [5][54] - Long-term prospects for leading liquor companies are promising due to their strong risk resistance and increasing market concentration, supported by domestic demand policies and recovering consumer sentiment. The industry is still in a destocking phase, with demand at a low point [5][54] - The consumer goods sector is experiencing structural differentiation, with the snack food segment remaining robust and soft drink leaders maintaining stability during the off-season. The dairy sector is approaching a supply-demand improvement point, while the restaurant industry is shifting from incremental to stock competition due to demand pressure [55] Summary by Sections Industry News - From January to October, white liquor production decreased by 11.5% [16] - The overall sentiment in the sector is improving, driven by the upcoming holiday season and promotional activities [5][54] Company News - Guizhou Moutai has initiated its annual meeting season for Moutai liquor [4] - Wuliangye is launching a new zodiac-themed product for the Year of the Horse [4] Key Company Feedback - The report highlights key companies with strong long-term investment value, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more flexible stocks like Jiu Gui Jiu and Shede Liquor [5][54][57] Core Data Trends - The cumulative production of white liquor in 2024 is projected at 4.145 million tons, a decrease of 7.72% year-on-year, while industry revenue is expected to reach 796.4 billion yuan, an increase of 5.3% [32][33]

Market Overview - The leisure food sector experienced a decline of 2.33% on November 20, with Nanjiao Food leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Nanjiao Food (605339) closed at 19.05, down 9.37% with a trading volume of 175,500 shares [1] - Jin Zai Food (003000) closed at 11.86, down 3.18% with a trading volume of 80,900 shares [1] - Wanchen Group (300972) closed at 168.22, down 3.10% with a trading volume of 18,300 shares [1] - Three Squirrels (300783) closed at 23.22, down 2.85% with a trading volume of 81,500 shares [1] - Black Sesame (000716) closed at 6.26, down 2.80% with a trading volume of 224,500 shares [1] - Other notable declines include Lihai Food (300973) down 2.52% and Liangpinpuzi (603719) down 2.51% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 178 million yuan from main funds, while retail investors contributed a net inflow of 118 million yuan [1] - Speculative funds recorded a net inflow of 60.43 million yuan [1] Detailed Capital Flow for Selected Stocks - Lihai Food (300973) had a main fund net inflow of 5.90 million yuan, but a retail net outflow of 13.17 million yuan [2] - Ziyan Food (603057) experienced a main fund net inflow of 42,400 yuan, with a retail net outflow of 1.79 million yuan [2] - Maquur (002719) had a negligible main fund net inflow of 4,364 yuan, with a retail net outflow of 127,690 yuan [2] - Other stocks like Guangzhou Restaurant (603043) and Huangshanghuang (002695) also reported net outflows from main funds [2]

Core Points - Lihigh Food announced that it will implement a rights distribution plan for the first three quarters of 2025 [1] - According to the convertible bond prospectus, the conversion of the company's convertible bonds will be suspended from November 20, 2025, until the record date for the rights distribution [1] - The conversion will resume on the first trading day after the record date for the rights distribution [1]

证券代码：300973 证券简称：立高食品 公告编号：2025-076 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于实施权益分派期间立高转债暂停转股的公告 立高食品股份有限公司 债券简称：立高转债 债券代码：123179 转股期限：2023 年 9 月 13 日至 2029 年 3 月 6 日 暂停转股时间：2025 年 11 月 20 日至 2025 年前三季度权益分派股权登记日 恢复转股时间：公司 2025 年前三季度权益分派股权登记日后的第一个交易日 立高食品股份有限公司（以下简称"公司"）将于近日实施公司 2025 年前三季度权 益分派事宜，根据《立高食品股份有限公司向不特定对象发行可转换公司债券募集说明 书》中"转股价格的调整方式及计算公式"条款的规定（详见附件），自 2025 年 11 月 20 日起至本次权益分派股权登记日止，公司可转换公司债券（债券代码：123179，债券简 称：立高转债）将暂停转股，本次权益分派股权登记日后的第一个交易日起恢复转股。 在上述期间，公司可转换公司债券正常交易，敬请公司可转换公司债券持有人留意。 特此公告。 董事会 本公司及董事会全体成员 ...