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。 ...

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 ...

丨证券研究报告丨 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% [Table_scodeMsg1] 公司研究丨点评报告丨立高食品（300973.SZ） [Table_Title] 立高食品 2025 年三季报点评：收入增速稳健， 成本压力可控 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 31.45 亿元（+15.73%）；归母净利润 2.48 亿元（+22.03%），扣 非净利润 2.42 亿元（+26.63%）。其中 2025Q3 营业总收入 10.75 亿元（+14.82%）；归母净利 润 7707.93 万元（+13.63%），扣非净利润 7598.14 万元（+14.17%）。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 [Table_scodeMsg2] 立高食品（300973.SZ） cjzqdt11111 [Table_Title 立高食品 2025 2] 年三季报点评：收入增速稳健， 成本压力可 ...

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

立高食品成立于2000年5月11日，于2021年4月15日在深圳证券交易所上市，注册地址和办公地址均位于广 东省广州市。它是国内冷冻烘焙行业龙头企业，在烘焙食品原料及冷冻烘焙食品领域具备较强技术实力和 全产业链优势。 立高食品从事烘焙食品原料及冷冻烘焙食品的研发、生产和销售，所属申万行业为食品饮料 - 休闲食品 - 烘焙食品，所属概念板块有休闲食品、小盘、融资融券核聚变、超导概念、核电。 经营业绩：营收行业第三，净利润第三 招商证券指出，立高食品2025年三季报显示Q3收入/归母净利润分别增长+14.8%/+13.6%，业绩符合预期， 经营韧性十足。业务亮点如下：1. 奶油、酱料强劲增长，商超与餐饮渠道表现较好；2. 积极发力餐饮茶 饮、量贩等新零售渠道。预计公司25 - 27年EPS分别为2.04、2.40、2.79元，对应26年17xPE估值，维持"强 烈推荐"评级。 华福证券指出，公司25年三季报前三季度营收和归母净利润均实现同比增长。业务亮点如下：1. 冷冻烘焙 增速亮眼，渠道结构进一步优化，Q3冷冻烘焙收入同比增长约17%，烘焙原料Q3同比增长约11%；2. 持续 严管费用、优化费投产出。基于三季报 ...

Summary of Key Points Core Viewpoint - On October 31, 2025, Lihigh Food conducted a block trade of 1.163 million shares, amounting to 44.1359 million yuan, which represented 21.09% of the total trading volume for the day. The transaction price was 37.95 yuan, reflecting an 8.88% discount compared to the market closing price of 41.65 yuan [1]. Trading Details - The block trade involved multiple transactions with a consistent price of 37.95 yuan per share [2]. - The total trading volume for Lihigh Food on that day was 1.163 million shares, with a total transaction value of 44.1359 million yuan [1][2]. - The major buyers included various securities firms, with significant volumes traded through firms such as China Galaxy Securities and Guotai Junan Securities [2].

Core Insights - The company reported Q3 2025 results with revenue and net profit growth of +14.8% and +13.6% respectively, indicating strong operational resilience [1][3] - The growth in revenue was driven by strong performance in cream and sauce categories, with supermarkets and food service channels performing well [2][3] - The company is focusing on expanding new retail channels such as food service and tea drinks, anticipating continued revenue improvement [1][3] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 3.145 billion and net profit of 248 million, representing year-on-year growth of +15.73% and +22.03% respectively [1] - In Q3 2025, revenue reached 1.075 billion and net profit was 77 million, with year-on-year growth of +14.82% and +13.63% respectively [1] - The gross margin for Q3 2025 was 28.94%, a decrease of 2.40 percentage points year-on-year, primarily due to rising raw material costs [2] Channel and Product Performance - In Q1-Q3 2025, the supermarket channel grew approximately 30%, while the food service, tea drinks, and new retail channels saw growth rates of about 40% [2] - Frozen baked goods grew nearly 10% year-on-year, driven by growth in Sam's Club and food service clients [2] - The cream product line showed strong performance with a year-on-year growth of approximately 40%, while sauces grew over 35% [2] Cost and Profitability - The company experienced a slight decline in net profit margin to +7.2% in Q3 2025, down by 0.1 percentage points year-on-year [2] - Selling, administrative, and R&D expenses in Q3 were 9.52%, 5.35%, and 3.54% respectively, with a focus on cost control and efficiency improvements [2] Investment Outlook - The company is expected to achieve net profits of 350 million, 410 million, and 470 million for 2025-2027, with EPS projected at 2.04, 2.40, and 2.79 respectively [3] - The valuation for 2026 is estimated at 17 times PE, maintaining a "strong buy" rating [3]

Group 1: Macro Economic Insights - The "14th Five-Year Plan" has achieved significant accomplishments, marking a good start for the new journey towards the second centenary goal [6] - The "15th Five-Year Plan" is crucial for transitioning towards a modern socialist society, emphasizing the need to address uncertainties and enhance high-quality development [7] - The implicit target for economic growth during the "15th Five-Year Plan" is around 5%, with necessary growth rates for GNI and GDP projected to exceed 6.3% and 4.6% respectively [8] Group 2: Power Industry Insights - The power demand in China has maintained steady growth, with total electricity consumption reaching 7.77 trillion kWh, a year-on-year increase of 4.8% [22] - The coal price has bottomed out, leading to a stabilization of electricity prices, with the average monthly trading price in Jiangsu rising to 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [23] - The electricity market is expected to see a balanced supply-demand situation, with a focus on enhancing the profitability of thermal power and the growth of renewable energy sources [24] Group 3: Company-Specific Performance - The company "特锐德" reported a net profit of 3.59 billion RMB for Q3 2025, with a year-on-year increase of 41.53% and a gross margin of 27.76% [28] - "富特科技" achieved a net profit of 0.70 billion RMB in Q3 2025, reflecting a year-on-year growth of 186.93%, driven by effective cost management and scale effects [37] - "招商积余" reported a revenue of 139.42 billion RMB for the first three quarters of 2025, with a year-on-year increase of 14.65% and a net profit of 6.86 billion RMB [31] Group 4: Electronics Industry Insights - "深南电路" achieved record high revenues and profits in Q3 2025, with total revenue reaching 167.54 billion RMB, a year-on-year increase of 28.39% [56] - The company’s gross margin improved to 31.39%, benefiting from an enhanced product mix and increased utilization rates [57]