Core Viewpoint - The company's revenue growth is driven by the expansion of its cream business, while improvements in management efficiency have enhanced profitability [1]. Financial Performance - The company maintains a "Buy" rating, with projected EPS for 2025-2027 at 1.99, 2.36, and 2.74 yuan, representing year-on-year growth of 26.0%, 18.6%, and 16.0% respectively, and a target price of 63 yuan [2]. - For the first half of 2025, the company reported revenue of 2.07 billion yuan, a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 171 million yuan, up 26.24%. In Q2 alone, revenue reached 1.024 billion yuan, growing 18.4%, with net profit of approximately 82.39 million yuan, a 40.84% increase [2]. Revenue Composition - In H1 2025, frozen baked goods accounted for about 55% of product revenue, growing approximately 6% year-on-year, while baking ingredients made up about 45%, with a growth rate exceeding 30%. The strong market response to the company's cream products has led to deeper channel penetration and broader customer reach [3]. - The cream product revenue grew by 28.7% year-on-year, with the distribution channel contributing nearly 50% of total revenue, remaining stable year-on-year. Supermarket channel revenue increased by nearly 30%, driven by the successful launch of new products [3]. - Innovative channels such as catering, tea drinks, and new retail accounted for slightly over 20% of revenue, with a combined growth rate of approximately 40%, reflecting the company's strategic adjustments to marketing and resource allocation in response to the diversification of baking consumption channels [3]. Profitability - The company's gross margin for H1 2025 was 30.35%, a decrease of 2.25 percentage points year-on-year, primarily due to a 7.11 percentage point decline in the gross margin of the cream business, influenced by rising raw material costs [4]. - The net profit margin improved to 8.05%, an increase of 0.55 percentage points year-on-year, attributed to enhanced management efficiency leading to a reduction in expense ratios across various categories [4].

Core Viewpoint - The recent financial report of Lihigh Food (300973) shows strong revenue and profit growth, indicating a positive business outlook despite rising accounts receivable and declining gross margin [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 2.07 billion yuan, a year-on-year increase of 16.2% - Net profit attributable to shareholders was 171 million yuan, up 26.24% year-on-year - In Q2 2025, total revenue was 1.024 billion yuan, reflecting an 18.4% increase year-on-year, while net profit was approximately 82.39 million yuan, up 40.84% year-on-year - Gross margin stood at 30.35%, down 6.89% year-on-year, while net margin increased to 8.05%, up 7.41% year-on-year - Total selling, administrative, and financial expenses amounted to 348 million yuan, accounting for 16.83% of revenue, a decrease of 12.65% year-on-year [1][2]. Business Model and Market Position - The company's return on invested capital (ROIC) was 7.75% last year, indicating average capital returns, with a historical median ROIC of 18.72% since its listing - The business relies heavily on capital expenditure and marketing, necessitating careful evaluation of capital projects and spending [2]. - The company has diversified its sales channels, with nearly 50% of revenue coming from circulation channels, and a 30% increase in supermarket channel revenue [4]. Product Performance - The revenue from baking food raw materials accounted for over 50% of total sales, with a nearly 45% year-on-year growth - UHT cream products have shown strong growth, contributing to a nearly 40% increase in the cream segment [5]. - The company is in the process of testing a new high-end cream product, which is expected to be launched soon [6]. Debt and Accounts Receivable - The company has a debt ratio of 26.89% for interest-bearing liabilities, indicating a need for monitoring its debt situation - Accounts receivable have increased significantly, with a ratio of accounts receivable to profit reaching 102.47% [2]. Fund Holdings - The largest fund holding Lihigh Food is Penghua Quality Governance LOF, with 1.0928 million shares, and a recent net value increase of 0.97% [3].

Core Viewpoint - The company has decided to add "Guangzhou Aokun Food Co., Ltd." and "Guangzhou Aokun Food Co., Ltd. Zengcheng Branch" as implementation entities for the fundraising project related to the construction of its headquarters base, while also adjusting the internal investment structure of the project [1][5]. Fundraising Overview - The company issued 9,500,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 1,216.25 million, with a net amount of RMB 937.84 million after expenses [1][2]. - As of July 31, 2025, the company has invested RMB 519.14 million in the fundraising projects, with the headquarters base construction project receiving RMB 240.10 million [2][4]. Project Implementation Changes - The headquarters base project aims to enhance production efficiency in the frozen baking sector and consolidate production resources in South China [1][3]. - The addition of the new entities is intended to facilitate the construction of the headquarters base and the transfer of production capacity from other facilities [3][4]. Internal Investment Structure Adjustment - The original production line plans were based on past market demands, which have since changed, prompting the company to optimize its production line layout [3][4]. - The adjusted project is expected to yield an annual production capacity of 104,100 tons of frozen baked goods, with projected revenues of RMB 1,100.30 million in the first year of production [4][5]. Impact on Company Operations - The adjustments are seen as a strategic move to better align with market demands and enhance internal business coordination, ultimately supporting the project's implementation without negatively affecting the company's operations [4][5]. - The changes do not alter the intended use of the raised funds or harm shareholder interests, particularly those of minority shareholders [5][6].

Core Viewpoint - The legal opinion letter from Grandway Law Offices confirms the validity of the cancellation of certain restricted stocks under the 2022 incentive plan of Lihigh Food Co., Ltd, due to various reasons including employee departures and unmet performance criteria [1][5][6]. Summary by Sections 1. Background and Legal Framework - Grandway Law Offices was appointed as the legal advisor for Lihigh Food's 2022 restricted stock incentive plan and has issued several legal opinions regarding this matter [1][2]. 2. Specifics of the Cancellation - The cancellation of restricted stocks is due to 49 employees leaving the company, resulting in the cancellation of 929,600 shares that were granted but not vested [3]. - Additionally, 20 employees from the reserved grant also left, leading to the cancellation of 745,000 shares [3]. - The performance criteria for the second vesting period required a 40.05% increase in revenue from 2021 to 2023, with a threshold of 80% of the target to trigger vesting [4]. 3. Performance Assessment - The company achieved 88.69% of the performance target for the second vesting period, but 807,400 shares were still canceled due to participants opting out of vesting [4][5]. - For the third vesting period, the target was a 73.46% increase in revenue by 2024, with similar cancellation conditions [4]. 4. Total Cancellations and Compliance - A total of 3,289,400 shares were canceled due to employee departures, voluntary forfeitures, and unmet performance criteria [5]. - The company followed necessary procedures for the cancellation, including board approval and compliance with relevant regulations [5][6].

Core Viewpoint - The report discusses the independent financial advisory services provided by Shenzhen Tashan Enterprise Management Consulting Co., Ltd. regarding the 2022 Restricted Stock Incentive Plan of Lihigh Food Co., Ltd., focusing on the cancellation of certain unvested restricted stocks due to non-fulfillment of performance conditions [2][9]. Group 1: Incentive Plan Overview - The 2022 Restricted Stock Incentive Plan aims to motivate employees through stock grants, with specific performance conditions tied to the company's revenue [3][4]. - The plan includes provisions for vesting based on the company's performance against set revenue targets, with a minimum threshold of 80% of the target for vesting to occur [6][7]. Group 2: Cancellation of Restricted Stocks - A total of 3.2894 million shares of unvested restricted stocks have been canceled due to various reasons, including employee departures and failure to meet performance targets [8][9]. - Specifically, 929,600 shares were canceled due to 49 employees leaving the company, and an additional 745,000 shares were canceled for 20 other departing employees [7][8]. Group 3: Compliance and Approval Process - The necessary procedures for the incentive plan's implementation have been followed, including independent director opinions and shareholder approvals [3][4]. - The independent financial advisor confirms that the cancellation of unvested stocks complies with relevant regulations and does not harm the interests of the company or its shareholders [9].

证券代码：300973 证券简称：立高食品 公告编号：2025-047 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于作废 2022 年限制性股票激励计划部分已授予尚未归属的 限制性股票的公告 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。 立高食品股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第三届董事 会第十五次会议和第三届监事会第十一次会议，审议通过《关于作废 2022 年限制性股票 激励计划部分已授予尚未归属的限制性股票的议案》，同意根据公司《2022 年限制性股 票激励计划》（以下简称《激励计划》）的有关规定，对 2022 年限制性股票激励计划（以 下称"本激励计划"）部分已授予但尚未归属的第二类限制性股票进行作废处理，现将 相关事项公告如下： 一、本激励计划已履行的审批程序 年限制性股票激励计划（草案）>及摘要的议案》《关于<2022 年限制性股票激励计划考 核管理办法>的议案》《关于提请股东大会授权董事会办理 2022 年限制性股票激励计划 有关事项的议案》《关于召开 2022 年第三次临时股东大会 ...

Core Viewpoint - Ligao Foods Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, reflecting strong growth in the frozen baking food sector and raw materials for baking [5][7]. Financial Performance - The company's operating income for the first half of 2025 was approximately 2.07 billion yuan, representing a 16.20% increase compared to 1.78 billion yuan in the same period of 2024 [7]. - The net profit attributable to shareholders was approximately 166.51 million yuan, up 33.28% from 124.93 million yuan year-on-year [7]. - Basic earnings per share increased by 27.64% to 1.0239 yuan from 0.8022 yuan in the previous year [7]. Industry Overview - The baking industry in China has seen rapid growth since the 1980s, with the retail market for baked goods exceeding 550 billion yuan in 2023, showing a nearly 10% year-on-year growth [8][9]. - The frozen baking food segment is emerging as a fast-growing sub-sector, driven by advancements in cold chain technology and the demand for cost-effective solutions in non-professional baking environments [9][10]. Company Positioning - Ligao Foods specializes in the research, production, and sales of frozen baked goods and baking raw materials, holding a leading position in the industry with over 600 product specifications [12][13]. - The company has established large production bases in Guangdong, Zhejiang, and Henan, enhancing its operational efficiency and customer service capabilities [11][13]. Product Offerings - The product range includes frozen baked goods such as mochi, tart shells, donuts, and frozen cakes, as well as raw materials like creams, fruit products, sauces, oils, and meat floss [12][15]. - The company has developed a diverse array of cream products, including high-end UHT cream launched in 2023, which has received positive market feedback [16]. Marketing and Sales Strategy - Ligao Foods has built a comprehensive marketing network across all provinces in China, collaborating with nearly 1,400 distributors and over 500 direct customers [12]. - The company employs a mixed sales model combining distribution and direct sales, allowing for efficient market coverage and responsiveness to customer needs [26].

| 要 | | | --- | --- | | 证券代码：300973 证券简称：立高食品 | 公 | | 告编号：2025-046 | | | 债券代码：123179 债券简称：立高转债 | | | 立高食品股份有限公司 2025 年半年度报告摘要 | | | 一、重要提示 | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | 资者应当到证监 | | | 会指定媒体仔细阅读半年度报告全文。 | | | 所有董事均已出席了审议本报告的董事会会议。 | | | 非标准审计意见提示 | | | □适用 ?不适用 | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | □适用 ?不适用 | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | 董事会决议通过的本报告期优先股利润分配预案 | | | □适用 ?不适用 | | | 二、公司基本情况 | | | 股票简称 立高食品 | 股票代码 300973 | | 股票上市交易所 深圳证券交易所 | | | 联系人和联系方式 董事会秘书 | 证券事务代 | | 表 ...

Group 1 - The board of directors of Lihigh Food Co., Ltd. held its 15th meeting of the third session on August 28, 2025, with all six directors present, confirming the legality and validity of the meeting [1] - The board approved the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's actual situation without any false records or misleading statements [2] - The board also approved a special report on the management and use of raised funds for the first half of 2025, confirming compliance with relevant regulations and no misuse of funds [2] Group 2 - The board decided to annul certain unvested restricted stocks from the 2022 incentive plan, following the relevant provisions of the plan [3] - The board approved the permanent allocation of surplus raised funds amounting to 18.19 million yuan to supplement working capital for daily operations, enhancing the efficiency of fund usage [4] - The board agreed to add "Guangzhou Aokun Food Co., Ltd." and "Guangzhou Aokun Food Co., Ltd. Zengcheng Branch" as implementation entities for the headquarters project while adjusting the internal investment structure without changing the investment scale or location [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark index within the next six months [5][15]. Core Views - The company reported a robust revenue growth of 16.20% year-on-year for H1 2025, reaching 2.07 billion yuan, with a net profit increase of 26.24% to 171 million yuan [2][3]. - The growth in revenue is primarily driven by the high demand for baking raw materials and innovative channels, with significant contributions from frozen baking products and sauces [3][4]. - The company has successfully optimized its cost structure, leading to an improvement in net profit margins, with a net profit margin of 8.25% for H1 2025, up by 0.66 percentage points year-on-year [4]. Financial Performance Summary - For H1 2025, the company achieved revenues of 2.07 billion yuan, with a breakdown of product revenues showing significant growth in various segments: frozen baking (1.13 billion yuan, +6.08%), cream (558 million yuan, +28.70%), and sauces (142 million yuan, +36.45%) [3]. - The company’s gross margin for H1 2025 was 30.35%, showing a slight decline from the previous year, but a recovery trend was noted in Q2 with a gross margin of 30.72% [4]. - The report projects net profits for 2025 to reach 356 million yuan, reflecting a year-on-year growth of 33% [5][6]. Strategic Execution - The company has effectively executed its strategy focusing on multi-channel and multi-category development, enhancing its competitive advantage through a broad marketing network and diverse product offerings [4]. - The strategic partnerships with key clients and tailored service approaches have contributed to the company's operational efficiency and revenue growth from new products, which accounted for over 10% of total revenue in H1 2025 [4].