Group 1 - The company reported a revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year growth of 16.20% [1] - The net profit for the same period was 171 million yuan, showing a year-on-year increase of 26.24% [1]

立高食品股份有限公司 2025 年半年度报告全文 立高食品股份有限公司 2025 年半年度报告 2025-045 1 2025 年 8 月 立高食品股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人彭裕辉、主管会计工作负责人赵松涛及会计机构负责人(会计 主管人员)王世佳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异，请投资者注意投资风险。 公司目前不存在影响公司正常经营的重大风险。公司在日常经营中可能 面临的风险因素已在本报告"第三节管理层讨论与分析"之"十、公司面临的风 险和应对措施"部分予以描述，敬请投资者查阅，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | œ | | --- ...

Market Overview - The leisure food sector experienced a decline of 0.72% on August 27, with Maiqu'er leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Youyou Food (603697) saw a significant increase of 10.00%, closing at 14.52 with a trading volume of 226,300 shares [1] - Other notable performers included Wancheng Group (300972) with a 2.07% increase, closing at 167.54, and Yuanzu Co. (603886) with a 1.66% increase, closing at 13.47 [1] - Conversely, Maiqu'er (002719) declined by 4.42%, closing at 9.72 with a trading volume of 114,700 shares [2] - Ximai Food (002956) and Jinzhai Food (003000) also faced declines of 4.25% and 3.83%, respectively [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 234 million yuan from institutional investors, while retail investors saw a net inflow of 255 million yuan [2] - The capital flow for individual stocks showed that Wancheng Group had a net inflow of 55.13 million yuan from institutional investors, while Maiqu'er had a net outflow of 5.81 million yuan [3] - Youyou Food and Lihai Food (300973) also experienced net inflows of 44.80 million yuan and 15.50 million yuan, respectively [3]

资料显示，立高食品股份有限公司位于广东省广州市增城区石滩镇兴石一路3号，成立日期2000年5月11 日，上市日期2021年4月15日，公司主营业务涉及从事烘焙食品原料及冷冻烘焙食品的研发、生产和销 售。主营业务收入构成为：冷冻烘焙食品55.60%，烘焙食品原材料43.67%，仓储运输服务0.49%，其他 0.24%。 截至3月31日，立高食品股东户数9688.00，较上期减少20.01%；人均流通股11747股，较上期增加 25.02%。2025年1月-3月，立高食品实现营业收入10.46亿元，同比增长14.13%；归母净利润8837.15万 元，同比增长15.11%。 分红方面，立高食品A股上市后累计派现4.55亿元。近三年，累计派现2.85亿元。 责任编辑：小浪快报 融资方面，立高食品当日融资买入1646.42万元。当前融资余额1.13亿元，占流通市值的1.44%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，立高食品8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量6500.00股，融券余额30.24万元，低于近一年20%分位水平，处于低位。 ...

Market Overview - The leisure food sector experienced a decline of 0.37% on August 26, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ziyan Food (603057) with a closing price of 25.50, up 5.72% and a trading volume of 132,000 shares [1] - Maijiaoer (002719) closed at 10.17, up 1.40% with a trading volume of 119,500 shares [1] - Yuanzhu (603886) closed at 13.25, up 1.38% with a trading volume of 71,100 shares [1] - Major decliners included: - Yanjinpuzi (002847) closed at 71.98, down 1.93% with a trading volume of 47,100 shares [2] - Huangshanghuang (002695) closed at 12.73, down 1.55% with a trading volume of 150,800 shares [2] - Ximai Food (002956) closed at 22.80, down 1.43% with a trading volume of 64,800 shares [2] Capital Flow - The leisure food sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Good Idea (002582) with a net inflow of 6.01 million yuan from institutional investors [3] - Ziyan Food (603057) had a net inflow of 4.27 million yuan from institutional investors but a net outflow of 18.35 million yuan from retail investors [3] - Yanjinpuzi (002847) experienced a net outflow of 4.37 million yuan from institutional investors [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002557 | 治治食品 | 23.33 | -0.17% | 9.63万 | 2.25亿 | | 002695 | 煌上煌 | 12.93 | 0.23% | 14.88万 | 1.92亿 | | 6655509 | 南侨食品 | 17.84 | 0.56% | ● 1.49万 | 2645.70万 | | 603866 | 桃李面包 | 5.71 | 0.88% | 1 33.61万 | 1.91亿 | | 002991 | 甘涼食品 | 59.41 | 1.14% | 2.04万 | 1.21亿 | | 002719 | 麦趣尔 | 10.03 | 1.21% | 8.15万 | 8101.23万 | | 603517 | 绝味食品 | 16.95 | 1.25% | 32.11万 | 5.43亿 | | 603043 | 广州酒家 | 17.04 | 1.37% | 8.51万 | 1.44亿 | | 603886 | 元祖股份 | 13 ...

Market Performance - The leisure food sector increased by 0.89% on August 15, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Top Gainers - Wancheng Group (300972) closed at 154.74, up 2.71% with a trading volume of 21,000 lots [1] - Yanjinpuzi (002847) closed at 73.40, up 2.46% with a trading volume of 40,300 lots [1] - Huangshanghuang (002695) closed at 13.39, up 1.90% with a trading volume of 198,400 lots [1] Top Losers - Guifaxiang (002820) closed at 14.56, down 5.45% with a trading volume of 514,600 lots [2] - Ziyuan Food (603057) closed at 22.26, down 5.24% with a trading volume of 88,700 lots [2] - Maiqu'er (002719) closed at 9.55, down 0.93% with a trading volume of 77,500 lots [2] Capital Flow - The leisure food sector experienced a net outflow of 196 million yuan from institutional investors, while retail investors saw a net inflow of 188 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2][3] Individual Stock Capital Flow - Wancheng Group saw a net inflow of 2.9761 million yuan from institutional investors, while retail investors contributed a net inflow of 2.1847 million yuan [3] - Lihai Food (300973) had a net inflow of 2.2462 million yuan from institutional investors, but a net outflow of 3.6142 million yuan from retail investors [3] - Guangzhou Restaurant (603043) experienced a net inflow of 1.0068 million yuan from institutional investors, while retail investors had a net outflow of 3.0864 million yuan [3]

Investment Rating - The investment rating for the food and beverage industry is "Positive" and maintained [10] Core Insights - The liquor industry is undergoing adjustments, with leading brands in high-end and regional segments remaining relatively stable. The industry is currently in a phase of active destocking, with expectations of demand recovery as macroeconomic conditions improve. High-end brands such as Kweichow Moutai and Wuliangye are recommended [5][18] - The yellow wine sector is entering a new price increase cycle, with significant concentration in the market. Leading brands are collaborating strategically and expanding into new markets, particularly focusing on high-end product lines [6][19] - The mass consumer goods segment is facing pressure from the restaurant chain demand, but certain sub-sectors like dairy products and condiments show promising growth potential. The dairy sector is expected to stabilize with the introduction of child-rearing subsidies, while condiment companies are managing inventory pressures effectively [7][22][24] Summary by Sections Liquor Industry - The liquor industry is currently in a destocking phase, with a short-term impact from policy changes. However, the demand structure differs from previous cycles, and recovery is anticipated as consumer confidence improves. High-end brands are expected to perform well, with Kweichow Moutai projected to achieve a 7% revenue growth in Q2 2025 [5][18] - The yellow wine market has seen a significant increase in concentration, with the top three brands holding approximately 43% market share as of 2023. Price increases are expected for key products, with brands like Kuaijishan actively promoting high-end offerings [6][19] Mass Consumer Goods - The dairy sector is experiencing a slight decline in production, but demand is showing signs of improvement. The introduction of a national child-rearing subsidy is expected to enhance long-term demand for dairy products [7][22] - The condiment industry is managing inventory pressures better than in previous years, with leading companies expected to achieve stable growth despite short-term challenges. Key players include Haitian Flavoring and Qianhe Flavoring [24] - The beer sector is facing challenges in the on-premise consumption channel, but companies are adapting by exploring new retail channels. Qingdao Beer and Yanjing Beer are highlighted as key recommendations [25][27] Restaurant Supply Chain - The restaurant supply chain is entering a new normal with stable demand. The total revenue for the restaurant sector in the first half of 2025 reached 27,480 billion yuan, reflecting a year-on-year growth of 4.3%. Companies are seeking new channels for growth, with recommendations for Guoquan and Lihai Foods [8][28] Key Individual Stocks - Kweichow Moutai is expected to maintain a strong market position with a projected revenue of 396.5 billion yuan in Q2 2025, reflecting a 7.26% year-on-year increase [31] - Wuliangye is anticipated to outperform the industry average, with revenue and profit growth expected to remain positive [31] - Yili Group is projected to achieve a revenue growth of around 8% in Q2 2025, benefiting from a favorable inventory situation [39]

Market Overview - The leisure food sector experienced a decline of 0.93% on August 13, with Wancheng Group leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Guifaxiang (002820) saw a significant increase of 10.01%, closing at 15.05, with a trading volume of 525,100 shares and a transaction value of 775 million [1] - Ziyan Food (603057) rose by 6.26%, closing at 23.42, with a trading volume of 96,500 shares and a transaction value of 225 million [1] - Wancheng Group (300972) led the decline with a drop of 7.00%, closing at 151.60, with a trading volume of 51,800 shares and a transaction value of 805 million [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 161 million from institutional investors, while retail investors saw a net inflow of 199 million [2] - The table of capital flow indicates that Guifaxiang had a net inflow of 18.14 million from institutional investors, while it faced a net outflow of 45.95 million from speculative funds [3] - Overall, the sector's capital flow reflects a mixed sentiment, with institutional investors withdrawing while retail investors are actively buying [2][3]

Investment Rating - The industry is rated positively, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [19]. Core Insights - The report highlights a rebound in high-growth sectors driven by capital flow, with the food and beverage sector rising by 0.6% this week, ranking 26th among 31 sub-industries [11]. - The report emphasizes the importance of focusing on high-growth and undervalued recovery opportunities within the food and beverage sector [7]. Summary by Sections Sub-industry Ratings - No specific ratings for liquor, beverages, and food sub-industries, but several companies are recommended for investment: - Guizhou Moutai: Buy - Luzhou Laojiao: Buy - Shanxi Fenjiu: Hold - Jiansi Yuan: Hold - Yingjia Gongjiu: Hold - Dongpeng Beverage: Buy - Nongfu Spring: Buy - Mixue Group: Hold - Lihigh Food: Buy - Angel Yeast: Buy [3][18]. White Wine Sector - The white wine index increased by 0.38%, indicating a bottoming phase, with expectations for a local rebound despite ongoing policy and demand pressures [15]. - Guizhou Moutai's limited edition product sold out quickly, generating approximately 1.79 billion yuan in sales [5]. - The report suggests capitalizing on low valuation recovery opportunities in the white wine sector, recommending Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Jiansi Yuan [15]. Consumer Goods Sector - The snack and soft drink sectors have shown significant rebounds, attributed to previous valuation pressures and adjustments in mid-year expectations [16]. - Unified Enterprises reported a 10.6% revenue increase and a 33.2% net profit increase in H1 2025, exceeding market expectations [17]. - The report recommends focusing on high-growth snack and beverage companies, particularly Dongpeng Beverage, Mixue Group, and Nongfu Spring, while also considering undervalued stocks like Angel Yeast and Lihigh Food [16][17].