Core Insights - The frozen food industry in 2024 is experiencing widespread revenue declines and losses, with only a few companies showing growth [2][3] - Despite the challenges, there are still positive factors within the industry, such as the rise of new retail channels and group meal services [14] Revenue and Profit Trends - Among 28 listed companies, only 8 achieved both revenue and net profit growth in 2024 [3] - In the frozen food sector, only three companies—Anjuke Foods, Lihigh Foods, and Babi Foods—reported growth in both revenue and net profit [5][6] - The meat and seafood sector showed better performance, with 13 out of 18 companies reporting net profit growth, driven by lower raw material prices [7][8] Company Performance - Anjuke Foods led the frozen food sector with revenue of 151.27 billion, a 7.70% increase, and a net profit of 14.85 billion, up 0.46% [4] - In the meat sector, Muyuan Foods reported revenue of 1379.47 billion, a 24.43% increase, and a net profit of 178.81 billion, up 519.42% [5] - Lihigh Foods achieved a remarkable net profit growth of 266.94% despite a revenue increase of 9.61% [4][5] Channel Dynamics - Traditional supermarkets are struggling, with several companies reporting declines in revenue from this channel [15] - New retail channels are thriving, with Anjuke Foods generating 5.82 billion from new retail partnerships, a 32.97% increase [15][18] - Group meal services are becoming a significant growth area, with companies like Babi Foods generating 3.8 billion from this channel, a 19.47% increase [22][24] Product Category Insights - The frozen vegetable and dish segment is experiencing growth, with Anjuke Foods reporting 43.49 billion in revenue from this category, a 10.76% increase [25] - The frozen rice and noodle category is showing signs of maturity, with revenue declines reported by major players like Sanquan Foods and Anjuke Foods [30][32] Market Outlook - The overall growth rate of the frozen food industry is slowing, with many leading companies seeing growth rates below 10% [29][33] - Despite the challenges, 21 out of 28 listed companies managed to achieve profitability, indicating resilience in the face of uncertainty [33]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Core Viewpoint - The "spring of consumption" is expected to re-emerge in the capital market by 2025, driven by sustained fiscal policies aimed at boosting domestic demand and the potential for funds to favor resilient consumer sectors amidst increasing market volatility and uncertainty [1] Group 1: Market Overview - As of the first quarter of this year, there are 172 LOF funds in the market, with only 16 achieving over 10% returns in the past three years, and just 11 maintaining positive returns in the first quarter of this year [2] - The dual focus on technology and consumption since the beginning of 2025 indicates a significant differentiation in fund performance based on managers' understanding of niche industries and risk management capabilities [1][2] Group 2: Fund Performance - The Hongde Fengze fund has achieved a three-year return of 13.92%, ranking 10th among actively managed LOF funds, with a first-quarter return of 7.93% placing it in the top 15% of flexible allocation funds [3] - The fund's portfolio includes a mix of new consumption brands and traditional giants, with significant holdings in companies like Dongpeng Beverage and Anta Sports [3][4] Group 3: Investment Strategies - The fund manager, Ji Yu, employs a GARP (Growth at a Reasonable Price) strategy, focusing on stocks with low average P/E ratios, which have not exceeded 20 since the second half of 2023 [6] - The fund demonstrates a low investment concentration, with a concentration ratio of only 0.02% at the end of 2024, significantly below the industry average of 0.18% [6] Group 4: Consumer Sector Insights - The domestic consumption market is seen as having substantial potential, with a stable consumption environment and a unified market structure that supports the growth of leading consumer enterprises [9] - Despite pressures from external demand, the resilience of domestic consumption is becoming more apparent, with fund managers increasingly focusing on companies with strong brand and product positioning [8][9]

证券代码：300973 证券简称：立高食品 公告编号：2025-032 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于公司为全资子公司提供担保的进展公告 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。 一、担保情况概述 （含新增子公司）提供担保额度合计不超过人民币（或等值外币）8亿元（含）。具体内 容详见公司于2025年3月12日在巨潮资讯网（www.cninfo.com.cn）披露的《关于2025年度 对外担保额度预计的公告》（公告编号：2025-014）。 为满足生产经营和发展需要，广东立高食品营销有限公司（以下简称"立高营销"） 向招商银行股份有限公司广州分行申请总额为人民币 2 亿元的授信额度，并签署《授信 协议（适用于流动资金贷款无需另签借款合同的情形）》（以下简称《授信协议》）。公 司就上述融资事项签署了《最高额不可撤销担保书》，为立高营销在《授信协议》项下的 所有债务提供担保，担保最高限额为人民币 2 亿元，担保方式为连带责任保证担保。本 次被担保方及担保金额在上述审批额度范围之内。 | | | 担保 | 被担保方最 | ...

| 保荐人名称：中信建投证券股份有限公司 上市公司简称：立高食品 | | --- | | 保荐代表人姓名：翁嘉辉 联系电话：020-38381063 | | 保荐代表人姓名：周祎飞 联系电话：020-38381429 | | 现场检查人员姓名：翁嘉辉、汤慕峰 | | 现场检查对应期间：2024 年 | | 现场检查时间：2025 年 4 月 16 日-17 日、22 日-23 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：查阅公司章程及各项公司治理制度，查阅公司三会会议资料及信 | | 息披露文件，对相关人员进行访谈等。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和股东会、董事会规则是否得到有效执行 √ | | 3.股东会、董事会会议记录是否完整，时间、地点、出席人 √ | | 员及会议内容等要件是否齐备，会议资料是否保存完整 | | 4.股东会、董事会会议决议是否由出席会议的相关人员签 √ | | 名确认 | | 5. 公司董事、高级管理人员是否按照有关法律法规和本所 √ | | 相关业务规则履行职责 | | 6.公 ...

中信建投证券股份有限公司关于 立高食品股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：立高食品 | | --- | --- | | 保荐代表人姓名：翁嘉辉 | 联系电话：020-38381063 | | 保荐代表人姓名：周祎飞 | 联系电话：020-38381429 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | 是 | | 不限于防止关联方占用公司资源的制度、募集 | | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | ...

3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 1、保荐机构名称：中信建投证券股份有限公司 关于立高食品股份有限公司首次公开发行股票并在创业板上市 保荐总结报告书 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"或 "保荐人"）作为立高食品股份有限公司（以下简称"立高食品"或"公司"或 "上市公司"）首次公开发行股票并在创业板上市持续督导保荐机构，持续督导 期自 2021 年 4 月 15 日至 2024 年 12 月 31 日。现持续督导期届满，根据《证券 发行上市保荐业务管理办法》等相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 中信建投证券股份有限公司 2、注册地址：北京市朝阳区安立路 66 号 4 号楼 3、主要办公地址：北京市朝阳区景辉街 16 号院 1 号楼泰康集 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total revenue of 3.835 billion yuan in 2024, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, a significant increase of 266.94% [1]. - The company's cream business continues to show strong growth, with the UHT cream series sales exceeding 500 million yuan in 2024 [2]. - The company has optimized its expense ratio significantly, with a decrease in sales expense ratio from 12.1% in 2024 to 10.1% in Q1 2025, and a reduction in management and R&D expense ratios [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a total revenue of 1.118 billion yuan, a year-on-year increase of 21.99%, and a net profit of 65 million yuan, recovering from a loss of 85 million yuan in Q4 2023 [1]. - For Q1 2025, total revenue was 1.046 billion yuan, up 14.13% year-on-year, with a net profit of 88 million yuan, an increase of 15.11% [1]. Business Segments - In 2024, revenue from various product categories was as follows: frozen baking (2.133 billion yuan, down 3.53%), cream (1.058 billion yuan, up 61.75%), fruit products (166 million yuan, down 11.34%), sauces (225 million yuan, down 3.58%), and other baking materials (226 million yuan, up 20.66%) [2]. - The traditional pastry shop channel accounted for approximately 57% of revenue in 2024, growing by 15%, while the supermarket channel saw a slight decline due to product adjustments by core clients [2]. Profitability and Cost Management - The gross profit margin for 2024 was 31.47%, while it decreased to 29.99% in Q1 2025, primarily due to rising raw material costs [4]. - The net profit margin improved to 8.45% in Q1 2025, reflecting the company's ongoing efforts to optimize costs and improve efficiency [4]. Earnings Forecast and Valuation - The report forecasts net profits of 332 million yuan for 2025, 386 million yuan for 2026, and 442 million yuan for 2027, translating to EPS of 1.96, 2.28, and 2.61 yuan respectively [4]. - The current stock price corresponds to a P/E ratio of 22 for 2025, 19 for 2026, and 17 for 2027 [4].

Investment Rating - The report maintains a "Buy" recommendation for the food and beverage industry, indicating a gradual bottoming out for the liquor sector and a positive outlook for consumer goods [2]. Core Insights - The liquor sector is showing signs of bottoming out with significant structural differentiation among companies, while the consumer goods sector is recovering from a downturn [4][7]. - The report emphasizes the importance of domestic demand recovery, suggesting that new market scenarios and product categories present structural investment opportunities [4]. Summary by Sections 1. Liquor Sector: Signs of Bottoming Out and Structural Differentiation - The liquor industry experienced a slowdown in Q4 2024, but maintained positive growth in Q1 2025 despite high base effects, with significant differentiation among companies [7]. - Major liquor companies like Moutai and Wuliangye are outperforming the market, with Moutai's revenue growth at 10.7% and profit growth at 11.6% in Q1 2025 [12][16]. - The overall revenue for the liquor sector in 2024 was 4,417.7 billion, with a growth rate of 7.7%, while Q1 2025 saw a revenue of 1,533.6 billion, reflecting a growth of 1.8% [12][15]. 2. Consumer Goods Sector: Recovery and Bright Spots - The consumer goods sector, including dairy and beer, is showing signs of recovery, with revenue and profit growth of 2.4% and 8.4% respectively in Q1 2025 [4][16]. - New channels and product categories are driving growth in snacks and beverages, with companies like Dongpeng and Nongfu showing strong performance [4][16]. - The report suggests a positive outlook for the consumer goods sector, with expectations of a dual boost in fundamentals and valuations in the latter half of the year [4][16]. 3. Investment Recommendations - The report recommends focusing on leading companies in the liquor sector, such as Moutai and Wuliangye, as they are expected to benefit from the recovery phase [4][16]. - For consumer goods, it suggests investing in snack and beverage companies that are leveraging new channels and product innovations, highlighting the potential for significant growth [4][16].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][18] Core Views - The company is expected to achieve a revenue growth of 9.61% year-on-year in 2024, reaching a total revenue of 3.835 billion yuan, and a significant increase in net profit by 266.94% to 268 million yuan [7][3] - The UHT cream products continue to show high growth momentum, with a revenue contribution of over 500 million yuan from new UHT cream products in 2024 [9][10] - The company plans to enhance the sales proportion of core baking products in supermarkets and restaurants, and develop high-end and cost-effective product lines leveraging the expansion of UHT cream production capacity [13][10] Financial Performance Summary - In 2024, the company achieved total revenue of 3.835 billion yuan, a year-on-year increase of 9.61%, and a net profit of 268 million yuan, up 266.94% [7][4] - For Q1 2025, the company reported a revenue of 1.046 billion yuan, reflecting a year-on-year growth of 14.13%, and a net profit of 88 million yuan, an increase of 15.11% [7][4] - The gross margin for 2024 and Q1 2025 was 31.5% and 30.0%, respectively, with slight pressure due to rising raw material costs [10][2] - The company’s operating expenses have decreased, with sales, management, and R&D expense ratios improving in 2024 and Q1 2025 [10][2] Revenue and Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 4.367 billion yuan, 4.821 billion yuan, and 5.174 billion yuan, respectively, with year-on-year growth rates of 13.9%, 10.4%, and 7.3% [3][14] - The net profit forecast for the same period is 318 million yuan, 366 million yuan, and 391 million yuan, with year-on-year growth rates of 18.6%, 15.0%, and 7.0% [3][14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.88 yuan, 2.16 yuan, and 2.31 yuan, respectively [3][14]