Core Viewpoint - The major shareholder of Lihigh Food Co., Ltd., Mr. Bai Baokun, has reduced his shareholding, which has triggered a change in the percentage of shares held, now falling below the 9% threshold [1][2][3]. Summary by Sections Shareholder Reduction - Mr. Bai Baokun has reduced his holdings by 1.303 million shares, representing 0.77% of the company's total share capital, which has decreased his ownership from 9.69% to 8.92% [2][3][4]. - The reduction in shareholding has reached a change that touches the 1% integer multiple threshold [2][3]. Shareholding Structure - Following the reduction, Mr. Bai Baokun's shareholding percentage is now 8.92%, calculated based on the latest total share capital of 169,340,501 shares, excluding shares in the repurchase account [6][3]. - The reduction does not lead to a change in the company's controlling shareholder or actual controller, nor does it significantly impact the company's governance structure or ongoing operations [3][2]. Convertible Bonds - The company issued 9,500,000 convertible bonds with a total amount of RMB 95 million, which began conversion on September 13, 2023 [2][1]. - The conversion of the bonds has resulted in a passive dilution of Mr. Bai Baokun's shareholding by 0.00003% [2][4].

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍的公告 持股 5%以上股东白宝鲲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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 立高食品股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日在巨潮资 讯网披露了《关于持股 5%以上股东股份减持计划的预披露公告》（公告编号： 2025-033），公司持股 5%以上股东白宝鲲先生计划于减持计划公告之日起 15 个 交易日后的三个月内以集中竞价交易、大宗交易的方式减持公司股份不超过 2,500,000 股（含本数），即不超过剔除回购专用账户股份数量后公司当时总股本 的 1.50%。采取集中竞价交易方式减持的，在任意连续九十个自然日内，减持股 份的总数不超过公司股份总数的百分之一；采取大宗交易方式减持的，在任意连 续九十个自然日内，减持股份的总数 ...

Overview - The food and beverage industry is currently facing a dual impact of oversupply and insufficient demand, leading to a restructuring of the overall pricing and competitive landscape [3][6][21] - Despite the pressure on prices and downward revisions of profit growth expectations in some sectors, the intense competition is driving innovation and reform, resulting in new business models and investment opportunities [3][6][21] Baijiu Industry - Since 2025, profound changes have occurred on both the supply and demand sides of the baijiu industry, with a coexistence of consumption upgrades and downgrades [7][22] - Some mid-range baijiu brands are under pressure, while certain local brands continue to grow rapidly, indicating a shift in consumer preferences [22][30] - Baijiu companies have proactively adjusted their supply strategies, leading to a significant slowdown in revenue growth to match demand changes [22][23] - The industry is undergoing a transformation in product and pricing strategies, suggesting a cyclical change, with recommendations to focus on companies with balanced product structures and healthy inventories [22][32] Consumer Goods - The consumer goods sector is entering a new phase where channel efficiency is paramount, driven by the rise of new retail formats such as discount stores and membership supermarkets [8][36] - New business models are disrupting traditional channel barriers and providing better value-for-money options, leading to structural growth opportunities [8][36][37] - The focus for investment should be on channel enterprises and related manufacturing companies, as new retail formats continue to gain traction [8][37] - The market for snacks and beverages is expanding rapidly, with the retail value in the lower-tier markets reaching 2.3 trillion yuan in 2024 [52][56] New Product Trends - There is still room for innovation in certain niche markets, with segments like leisure konjac products experiencing rapid growth [9][70] - The demand for high-quality products remains strong, with a significant portion of consumers willing to pay more for better quality [42][43] Market Structure - The industry is witnessing a consolidation phase, particularly in sectors like dairy, beer, and yeast, where competition intensity is decreasing and leading brands are gaining long-term competitive advantages [10][36] - Traditional sectors like yellow wine are also stabilizing, with improved profitability and potential for revaluation as market dynamics shift [10][36] Retail Channel Dynamics - The rise of membership supermarkets and discount retail channels is reshaping consumer purchasing behavior, with a notable increase in the number of snack retail outlets [48][56] - Companies like Youyou Foods and Lihigh Foods are effectively leveraging these new channels to drive growth and improve profitability [48][70]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

Core Viewpoint - The article discusses the rising trend of baked goods in supermarkets, highlighting their increasing sales and popularity as a response to the challenges faced by traditional fresh food categories [3][10][19]. Group 1: Sales Performance of Baked Goods - Sam's Club's Swiss roll became a phenomenon, contributing 8%-10% to monthly sales in some stores, with annual sales exceeding 1 billion yuan [6]. - Hema's strawberry box sales approached 200 million yuan during the recent sales season, with four baked goods surpassing 100 million yuan in sales since 2020 [6][10]. - The "big mooncake" from Pang Donglai reportedly exceeded 200 million yuan in annual sales [7]. Group 2: Shift in Supermarket Strategy - Supermarkets are shifting focus from fresh produce to baked goods due to the inability to differentiate in the fresh food market, which has been impacted by e-commerce and community group buying [9][10]. - Dazhonghua's new brands "Runfa Workshop" and "Good Wheat" emphasize fresh and healthy baked goods, with products like potato bread selling out on launch day [11][13]. - The bakery segment has significantly boosted sales for stores like Yonghui, with some locations seeing over 520% year-on-year growth in bakery sales after adjustments [13]. Group 3: Competitive Pricing and Quality - Supermarket baked goods are gaining popularity due to their high cost-performance ratio, with prices significantly lower than specialty bakeries [19][21]. - For example, Sam's cranberry bagels are priced at 23.8 yuan for seven, while Costco's cinnamon raisin bagels are 19.5 yuan for six [19]. - Supermarkets maintain quality by using premium ingredients, such as 100% animal cream and imported New Zealand milk powder, while also employing longer fermentation processes for better flavor [23][24]. Group 4: Marketing and Consumer Engagement - Supermarkets leverage social media platforms like Xiaohongshu to promote new products and engage consumers, creating a buzz around popular items [27][31]. - Special promotions and limited-time offers during holidays further drive consumer interest and foot traffic to stores [29][30]. - The combination of competitive pricing, quality ingredients, and effective marketing strategies has positioned supermarket baked goods as attractive options for consumers [24][27]. Group 5: Industry Trends and Future Outlook - The traditional bakery sector is facing challenges, with notable brands like Christine and Huan Niu Cake House shutting down due to financial difficulties [15][17]. - The market share of traditional bakeries is declining as supermarkets capture a larger portion of the baked goods market, with offline supermarkets accounting for 37.7% of the main consumption channels in 2024 [17]. - The competition in the baking sector is expected to intensify, with supermarkets increasingly focusing on product innovation and consumer trends to differentiate themselves [41].

（一）可转债发行情况 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，公司于 2023 年 3 月 7 日向不特定对象发行了 9,500,000 张可转债，每张面值为人民币 100 元，发行总额为人民 币 95,000.00 万元，期限为 6 年。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-040 | | --- | --- | --- | | 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 2025 年第二季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： | 1、证券代码：300973 | | | 证券简称：立高食品 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2、债券代码：123179 | | | 债券简称：立高转债 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 10 months [7][13]. Core Insights - The company demonstrates strong product iteration capabilities in the cream sector, with new frozen baking products performing well in the Sam's Club channel. The introduction of a new national standard for cream in March 2025 is expected to benefit leading companies like the report's subject as the industry becomes more standardized [5][6]. - The company is diversifying its channels, successfully launching new products in the Sam's Club channel and exploring new retail scenarios in catering and tea drinks. It is also actively developing new channels such as supermarkets and snack wholesale [6]. - The company is effectively managing raw material price fluctuations and focusing on cost efficiency. It has implemented strategies to alleviate cost pressures through bulk purchasing and domestic substitution of key raw materials [6]. Financial Projections - Revenue forecasts for 2025 to 2027 are set at 44.66 billion, 50.49 billion, and 55.39 billion yuan, representing year-on-year growth rates of 16.45%, 13.05%, and 9.7% respectively. Net profit attributable to the parent company is projected to be 3.57 billion, 4.14 billion, and 4.61 billion yuan for the same period, with growth rates of 33.24%, 15.93%, and 11.3% respectively [7][9]. - The earnings per share (EPS) for the next three years are estimated at 2.11, 2.44, and 2.72 yuan, corresponding to price-to-earnings (P/E) ratios of 23, 20, and 18 times based on the current stock price [7][9].

立高食品股份有限公司 证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 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 （住所：广州市增城石滩镇工业园平岭工业区） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 目 录 十一、与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应对措施及相应成 一、受托管理的公司债券（含企业债券）概况 截至 2024 年（以下简称"报告期"）末，立高食品股份有限公司发行且存 续的由中信建投证券担任受托管理人的债券包括：2023 年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，债券具体情况见下表： | | | | | | | | | | | | | 表：受托管理债券概况 | | | | | | | | | | | | | | | | --- | --- | --- ...

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 2024 年度受托管理事务报告 立高食品股份有限公司 证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 （住所：广州市增城石滩镇工业园平岭工业区） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》（以下简称"《执业行为准则》"）《公 司信用类债券信息披露管理办法》和其他相关法律、法规、规范性文件及自律规 则的规定、立高食品股份有限公司（以下简称"发行人"或"公司"）与中信建 投证券股份有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《立 高食品股份有限公司 2022 年向不特定对象发行可转换公司债券之受托管理协议》 （以下简称"《受托管理协议》"）、相关信息披露文件以及发行人提供的资料 等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用的财务数 据，引自经中审众环会计师事务所（特殊普通合伙）审计的 2024 年度审计报告 （众环审字（2025）0600215 ...

关于立高转债恢复转股的公告 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： 证券代码：300973 证券简称：立高食品 公告编号：2025-039 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 立高食品股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派，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 6 月 16 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 6 月 11 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：2025-035）。 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 6 月 26 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 2025 年 6 月 24 日 债券简称：立高转债 债券代码：123179 转股期限：2023 年 9 月 ...