群雄逐鹿，谁能胜出？ 急冻锁鲜的冷冻面团，经过解冻、烘烤，不到10分钟，原本硬挺的面团便在烤箱里舒展开来，绽放出金黄酥脆的外皮，浓郁的奶香味扑鼻而来。过去一 年，这样高效便捷的烘焙场景，正悄然重塑着饼房、商超烘焙区乃至茶饮店的后厨。 各路玩家争相涌入，冷冻烘焙赛道也在高速增长中快速分化：早期玩家凭借产品与渠道构筑壁垒，跨界巨头则携供应链与资本优势降维切入。但随着成本 压力攀升、价格战日趋激烈，冷冻烘焙赛道也将迎来新一轮洗牌。 年终回望，我们试图梳理这一年的行业变局：谁在加速奔跑？谁在跨界突围？当增长进入深水区，未来又将由谁来坐稳前排交椅？ 专业选手布局，重押产品力、渠道力与资本牌 提到冷冻烘焙行业的明星企业，很多人的脑海中可能会自然而然冒出那几家。毕竟，他们的资历够"老"，在冷冻烘焙领域也获得了明显增长。 比如，立高食品。这家公司以植脂奶油产品起家，在2014年前主要聚焦烘焙食品原料业务，收入核心是奶油。但在注意到冷冻烘焙的发展潜力后，便早早 抢先进行了布局。 2014年、2016年，立高食品分别收购广州奥昆食品有限公司（该公司主要从事冷冻烘焙食品的研发、生产和销售）51%、49%的股权，将后者变为子公 司， ...

证券日报网讯 12月15日晚间，立高食品发布公告称，近日，公司完成了工商变更登记手续和《公司章 程》备案，并取得了由广州市市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

近日，公司完成了工商变更登记手续和《公司章程》备案，并取得了由广州市市场 监督管理局换发的《营业执照》，相关登记信息如下： 名称：立高食品股份有限公司 统一社会信用代码：91440183721959625P 证券代码：300973 证券简称：立高食品 公告编号：2025-080 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 立高食品股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第三届董事 会第十七次会议、2025 年 11 月 13 日召开 2025 年第二次临时股东大会，审议通过了《关 于变更公司注册资本并修订〈公司章程〉的议案》，具体内容详见公司于 2025 年 10 月 24 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于变更公司注册资本、修订〈公 司章程〉及相关制度的公告》（公告编号：2025-063）。 一、变更后的工商登记基本信息 二、备查文件 1、《营业执照》； 2、《准予变更登记 ...

文|杨骥 刘瑞宇 夏克扎提·努力木 高畅 余璇 马焱 本周茅台批价回落短期压制板块表现，关注12月政策面消费存在潜在催化，当前食饮估值已处于历史相 对低位，白酒等优质资产底部逻辑清晰，大众品聚焦三条主线具备细分领域结构性机会，继续推荐白酒 及具备细分逻辑的大众品，预计大众品细分板块继续表现优于白酒，白酒需求磨底后静待春节行情。白 酒方面，行业动销持续磨底。大众品方面，把握餐饮链供应链与商超定制边际改善、健康化功能化高景 气增长、成本周期优化等三大主线。 来源：中信建投证券研究 本周A股上升，上证指数收于3902.81点，周变动0.37%。食品饮料板块周变动-1.90%，表现弱于大盘 2.27个百分点，位居申万一级行业分类第30位。 本周食品饮料各子板块中涨跌幅由高到低分别为：预加工食品（+1.51%），啤酒（+1.20%），软饮料 （+0.43%），肉制品（-0.11%），保健品（-0.17%），调味发酵品（-0.32%），休闲食品（-0.73%）， 乳品（-1.74%），白酒（-2.59%），其他酒类（-3.06%）。 观点及投资建议： 1、行业底部信号清晰，把握低估值配置机会。白酒需求处于磨底阶段，动销仍 ...

Investment Rating - The industry investment rating is "Increase" [4][32]. Core Viewpoints - The frozen food industry is expected to see demand recovery, with product innovation playing a crucial role in overcoming challenges [6][29]. - The revenue from the downstream catering sector is anticipated to maintain a recovery trend in 2026, while profit margins are expected to gradually improve due to cost control and product innovation [6][29]. - The market size of China's frozen food sector is projected to reach 213.1 billion by 2025, up from 168.8 billion at the end of 2022 [8]. Summary by Sections Industry Overview - The frozen food industry faced a slowdown in growth during the first three quarters of 2025 due to fluctuations in catering demand and other adverse factors, but signs of recovery were noted in Q4 [6][29]. - The total market value of the industry is approximately 45,795.07 billion [1]. Market Trends - The national catering revenue from January to October 2025 reached 46,188 billion, showing a year-on-year growth of 3.3% [7]. - The chain rate in the catering industry is expected to rise to 25% in 2025, indicating significant room for growth compared to the U.S. and Japan [8]. Product Performance - In the first half of 2025, the frozen food category in supermarkets grew by 5%, contrasting with a decline of 9.5% in the same period last year [9]. - There is a structural shift in the market, with traditional staple categories under pressure while snack categories like pizza and frozen dim sum show strong growth potential [9]. Channel Development - The frozen food companies are actively responding to the demand from large chain supermarkets, leading to an increase in sales through these channels [15]. - New retail channels are also showing significant growth, contributing to the overall performance of the industry [15]. Cost and Profitability - The prices of most food raw materials have decreased, alleviating some cost pressures for frozen food companies, although packaging costs remain high [21]. - The combined revenue growth of key companies in the frozen food sector was 3.0% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 [29]. Company-Specific Insights - Anjiu Foods is expected to benefit from the gradual recovery in catering and the continuous expansion of new customers, leading to a potential increase in profitability [31]. - Qianwei Yangchu is focusing on product innovation and expanding its market presence through both B2B and B2C channels, indicating strong long-term growth potential [31]. - Lihai Foods is actively developing new products and strengthening partnerships with key clients, positioning itself well for future growth in the baking sector [31].

（文章来源：证券日报） 证券日报网讯 12月5日，立高食品在互动平台回答投资者提问时表示，公司的ERP系统使用的是用友 BIP全模块定制化系统，该系统涵盖财务、供应链、营销、数据服务等多项业务领域，为公司构建了全 链路数字化平台，实现销售预测、计划管理、高级排程、采购执行、库存调度等领域的高效协同，以数 据驱动优化经营效率，实现管理与经营从经验化到数据化新时代企业转型，目前公司工厂原料、成品库 存管理都有启用批次和有效期管理。 ...

证券日报网讯12月5日，立高食品（300973）在互动平台回答投资者提问时表示，公司在蛋挞产品方面 有较强的研发和生产能力，可根据客户的要求进行定制化供应，多款产品在商超、烘焙连锁客户、餐饮 连锁客户得到应用，并获得了消费者的青睐。 ...

证券日报网讯12月3日，立高食品（300973）在互动平台回答投资者提问时表示，公司高度重视投资者 权益，在扎实做好主业经营，提高核心竞争力的同时，不断完善股东回报机制。 ...

证券代码：300973 证券简称：立高食品 公告编号：2025-079 债券代码：123179 债券简称：立高转债 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 12 月 1 日 恢复转股时间：2025 年 12 月 2 日 立高食品股份有限公司（以下简称"公司"）因实施 2025 年前三季度权益分派，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》及相关规定， 自 2025 年 11 月 20 日起公司可转换公司债券（债券简称：立高转债，债券代码：123179） 暂停转股，具体内容详见公司于 2025 年 11 月 18 日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于实施权益分派期间立高转债暂停转股的公告》（公告编号：2025-076）。 根据相关规定，"立高转债"将在本次权益分派股权登记日后的第一个交易日，即 2025 年 12 月 2 日起恢复转股。敬请公司可转换公司债券持有人留意。 特此公告。 立高食品股份有限公司 董事会 2 ...

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]