Market Overview - The leisure food sector experienced a slight decline of 0.13% on November 6, with ST Juewei leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Notable gainers in the leisure food sector included: - Ganyuan Food (002991) with a closing price of 57.71, up 1.84% and a trading volume of 21,200 lots [1] - Ximai Food (002956) closed at 22.51, up 1.44% with a trading volume of 34,600 lots [1] - Wancheng Group (300972) closed at 179.46, up 1.10% with a trading volume of 12,600 lots [1] - Conversely, ST Juewei (603517) saw a decline of 1.52%, closing at 13.64 with a trading volume of 91,600 lots [2] - Other notable decliners included: - Yanjinpuzi (002847) down 1.38% to 71.33 [2] - Three Squirrels (300783) down 1.02% to 23.32 [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 126 million yuan from institutional investors, while retail investors contributed a net inflow of 100 million yuan [2] - The overall capital flow for individual stocks showed mixed results, with Ganyuan Food experiencing a net inflow of over 3.89 million yuan from institutional investors [3] - Other stocks like Ziyan Food (603057) had a net inflow of 1.55 million yuan from institutional investors, while stocks like ST Juewei and Lihai Food (300973) faced significant net outflows [3]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Market Overview - The leisure food sector increased by 0.08% on November 5, with Ximai Food leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Ximai Food (002956) closed at 22.19, up 2.35% with a trading volume of 44,300 shares and a transaction value of 98.90 million [1] - Guifaxiang (002820) also rose by 2.35% to 13.52, with a trading volume of 231,600 shares and a transaction value of 313 million [1] - Other notable performers include Maiqu'er (002719) up 1.90% to 9.67, and Sanzhi Songshu (300783) up 1.73% to 23.56 [1] Capital Flow - The leisure food sector experienced a net outflow of 3.67 million from institutional investors, while retail investors saw a net outflow of 43.58 million [2] - Conversely, speculative funds recorded a net inflow of 47.25 million [2] Individual Stock Capital Flow - Sanzhi Songshu (300783) had a net inflow of 20.74 million from institutional investors, but a net outflow of 30.54 million from retail investors [3] - Guifaxiang (002820) saw a net inflow of 9.29 million from institutional investors, with a net outflow of 13.02 million from retail investors [3] - Other stocks like Jinzai Food (003000) and Yuanzi Food (603886) also showed mixed capital flows, with significant retail outflows [3]

本次权益变动后，股东彭裕辉、赵松涛、彭永成、立高兴、立高创合计持有公司股份数量由57,381,000 股降至55,624,025股，占公司总股本的比例由33.88%降至32.85%(占剔除回购专用证券账户股份数量后公 司总股本的比例由34.43%降至33.38%)，权益变动触及1%的整数倍。 本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公司治理结构及持续经营产生重大 影响。 股东立高兴、立高创于2025年9月16日至2025年10月31日期间通过集中竞价和大宗交易方式累计减持公 司股份1,756,975股，减持数量占公司目前总股本的比例为1.04%(占剔除回购专用证券账户股份数量后公 司总股本的1.05%)。其中，立高兴减持1,000,675股，占总股本比例0.59%；立高创减持756,300股，占总 股本比例0.45%。 截至公告披露日，上述减持计划尚未实施完毕。根据减持期间股价均价42.99元计算，套现总金额约 75,532,355.25元。 中国经济网北京11月4日讯立高食品（300973）(300973.SZ)昨日晚间披露《关于股东权益变动触及1%整 数倍的公告》。 根据公告，公司于2 ...

Summary of Key Points Core Viewpoint - Several shareholders from various companies are planning to reduce their stakes, indicating potential shifts in ownership and market sentiment. Additionally, some companies are facing significant regulatory actions, including delisting risks and investigations. Group 1: Shareholder Reductions - Montai High-tech's shareholders Guo Xianrui and Guo Lishuang plan to reduce their holdings by no more than 3% [1] - Boying Special Welding's shareholders Qianhai Equity Fund and Zhongyuan Qianhai Fund intend to reduce their stakes by no more than 3% [1] - Aerospace Intelligence's shareholder China Lucky plans to reduce its holdings by no more than 2.5% [1] - Ruifeng New Materials' shareholder Sinopec Capital aims to reduce its stake by no more than 1% [1] - Tianzhihang's shareholders Advanced Manufacturing Fund and Beijing-Tianjin-Hebei Fund plan to collectively reduce their holdings by no more than 3% [1] - Bull Group's actual controller Ruan Xueping has conducted a block trade to reduce 1.21% of the company's shares [1] - Other companies with notable reductions include Jiaoda Sino (up to 500,000 shares), Fangzhi Technology (up to 3%), and Shengyi Technology (up to 1%) [1] Group 2: Regulatory Actions and Investigations - ST Zhangjiajie will have its stock trading subject to additional delisting risk warnings and will be suspended [1] - Anpelong plans to terminate its 2025 restricted stock incentive plan [1] - Siwei Control's director and deputy general manager Zhao Jianzhou has been detained and is under investigation [1] - *ST Gaohong has been informed by the Shenzhen Stock Exchange that its stock will be delisted [1]

Group 1 - The core point of the article is that shareholders of Lihigh Food (300973.SZ) have reduced their stake in the company, triggering a change in shareholding that touches on a 1% integer threshold [1] - Shareholders Lihigh Xing and Lihigh Chuang plan to reduce their holdings by a total of 1,756,975 shares between September 16, 2025, and October 31, 2025, which represents 1.04% of the company's current total share capital [1] - Following this reduction, the combined shareholding of shareholders Peng Yuhui, Zhao Songtao, Peng Yongcheng, Lihigh Xing, and Lihigh Chuang will decrease from 57,381,000 shares to 55,624,025 shares, reducing their ownership percentage from 33.88% to 32.85% [1]

格隆汇11月3日丨立高食品(300973.SZ)公布，公司于近日收到股东彭裕辉先生、赵松涛先生、彭永成先 生、立高兴、立高创出具的《关于所持立高食品股份有限公司股份权益变动触及1%整数倍的告知 函》，获悉股东立高兴、立高创于2025年9月16日至2025年10月31日期间通过集中竞价和大宗交易方式 累计减持公司股份1,756,975股，减持数量占公司目前总股本的比例为1.04%（占剔除回购专用证券账户 股份数量后公司总股本的1.05%）。本次权益变动后，股东彭裕辉先生、赵松涛先生、彭永成先生、立 高兴、立高创合计持有公司股份数量由57,381,000股降至55,624,025股，占公司总股本的比例由33.88% 降至32.85%（占剔除回购专用证券账户股份数量后公司总股本的比例由34.43%降至33.38%），权益变 动触及1%的整数倍。 ...

立高食品股份有限公司 关于股东权益变动触及 1%整数倍的公告 股东上海立高兴企业管理咨询合伙企业（有限合伙）、上海立高创企业管理咨询合 伙企业（有限合伙）、彭裕辉先生、赵松涛先生、彭永成先生保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 注：1、上表本次变动前后持有股份比例均是以公司最新总股本 169,340,511 股以及剔除回购专用账户中的股份数 量后的股份总数 166,638,424 股测算； 2、上述合计数与各明细数直接相加之和在尾数上如有差异，均为四舍五入所致。 公司于近日收到股东彭裕辉先生、赵松涛先生、彭永成先生、立高兴、立高创出具 的《关于所持立高食品股份有限公司股份权益变动触及 1%整数倍的告知函》，获悉股东 立高兴、立高创于 2025 年 9 月 16 日至 2025 年 10 月 31 日期间通过集中竞价和大宗交易 方式累计减持公司股份 1,756,975 股，减持数量 ...

2025 年 11 月 03 日 酒企推进出清，餐饮链需求承压 推荐(维持) 投资要点 1、《食品饮料行业周报：茅台换帅 关注变革，进入财报密集披露期》 2025-10-27 2、《食品饮料行业点评报告：经济 格局延续韧性，9 月社零总额增速回 落》2025-10-21 3、《食品饮料行业周报：秋糖反馈 平淡，内需催化新消费预期》2025- 10-19 ▌ 一周新闻速递 行业新闻：1）江苏酒协：2030 年苏酒目标营收突破 1000 亿 元；2）双 11 开售至今白酒淘系销售同比增长超 50%；3）河 北 1-9 月白酒产量下滑超 10%。 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) -0.5 1.7 -5.1 沪深 300 -0.0 14.4 19.3 市场表现 15 20 25 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 -15 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 3.145 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.73%. The net profit attributable to shareholders was 248 million yuan, up 22.03%, while the net profit excluding non-recurring items was 242 million yuan, an increase of 26.63% [2][4]. - In Q3 2025, the total revenue was 1.075 billion yuan, reflecting a growth of 14.82%. The net profit attributable to shareholders was approximately 77.08 million yuan, a 13.63% increase, and the net profit excluding non-recurring items was about 75.98 million yuan, up 14.17% [2][4]. Revenue Structure and Growth - For the first three quarters, the revenue structure showed that frozen baked goods accounted for approximately 55% of total revenue, growing nearly 10% year-on-year. This growth was driven by strong sales performance of new products launched in key supermarket clients and growth in restaurant clients [11]. - Revenue from baking ingredients (cream, sauces, and other baking materials) made up about 45% of total revenue, with a year-on-year increase of approximately 24%. This was mainly due to the positive market feedback on the company's cream products and the growth trend in orders from core restaurant chain clients [11]. - The revenue from cream products grew by about 40% year-on-year, while sauce products saw a growth of slightly over 35% [11]. Cost and Profitability Analysis - The company experienced increased cost pressures, with the net profit margin rising by 0.41 percentage points year-on-year to 7.88%. However, the gross profit margin decreased by 2.30 percentage points to 29.87% [11]. - The operating expense ratio improved, decreasing by 3.08 percentage points to 19.43%. This included reductions in sales expenses (down 1.29 percentage points), management expenses (down 1.48 percentage points), and R&D expenses (down 0.58 percentage points) [11]. - In Q3 2025, the net profit margin decreased by 0.08 percentage points to 7.17%, and the gross profit margin fell by 2.40 percentage points to 28.94% [11]. Earnings Forecast and Investment Recommendations - The company is expected to achieve net profits attributable to shareholders of 325 million yuan, 390 million yuan, and 457 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 1.92 yuan, 2.30 yuan, and 2.70 yuan, with price-to-earnings (PE) ratios of 21, 18, and 15 times, respectively [11].