立高食品（300973）公告，2025年第一季度营业收入10.46亿元，同比增长14.13%。净利润8837.15万 元，同比增长15.11%。 ...

立高食品股份有限公司 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》的规定，独立董事应当每年对独立性情 况进行自查，并将自查情况提交董事会。董事会应当每年对在任独立董事独立性 情况进行评估并出具专项意见，与年度报告同时披露。基于此，立高食品股份有 限公司（以下简称"公司"）董事会，就公司在任独立董事的独立性情况进行评 估并出具如下专项意见： 经核查独立董事陈莹女士、梁晨先生提交的《独立董事关于独立性自查情况 的报告》及其在公司的履职情况，董事会认为公司独立董事均能够胜任独立董事 的职责要求，其未在公司担任除独立董事以外的任何职务，也未在公司主要股东 公司担任任何职务，与公司以及主要股东之间不存在妨碍其进行独立客观判断的 关系，不存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》 等法律法规及《公司章程》中关于独立董事的任职资格及独立性的相关要求。 董事会关于独立董事独立性自查情况的专项报告 立高食品股份有限公司 董事会 2025 年 4 月 28 日 ...

立高食品股份有限公司 2024 年度独立董事述职报告 本人作为立高食品股份有限公司（以下简称"公司"）的独立董事，在 2024 年独立董事的相关工作中，严格按照《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司独立董事管理办法》等相关法律法规和《公司章程》《独 立董事工作细则》的公司内部制度规定和要求，诚信、勤勉、尽责、忠实履行职 务，按要求积极出席 2024 年度的相关会议，认真审议董事会各项议案，并对公 司相关事项发表独立意见，充分发挥了独立董事及各专门委员会委员的作用，切 实维护公司和股东尤其是中小股东的合法权益。本人现就 2024 年度独立董事履 职情况述职如下： 一、独立董事的基本情况 （一）个人履历、专业背景及兼职情况 本人梁晨，1983 年出生，中国国籍，无境外永久居留权，法学硕士。现任 安井食品集团股份有限公司董事会秘书、党总支书记、工会主席；兼任欣贺股份 有限公司独立董事，厦门市海沧区政协委员，厦门上市公司协会副秘书长、独立 董事委员会委员。2023 年 11 月至今，担任公司独立董事。 （二）独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，本人 及 ...

立高食品股份有限公司 2024 年度独立董事述职报告 本人作为立高食品股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》等法律、法规、规范性文件以及《公司章程》《独立董事工作细则》等 公司内部制度的规定和要求，本着客观、公正、独立的原则，勤勉尽责，及时了 解公司的生产经营及发展情况，对公司的生产经营和业务发展提出合理的建议， 充分发挥独立董事的作用，有效维护了公司整体利益和全体股东，尤其是中小股 东的合法权益。现将本人 2024 年度独立董事履职情况述职如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人陈莹，1972 年出生，中国国籍，无境外永久居留权，本科学历，中国 注册会计师、中国注册税务师。现任信永中和会计师事务所（特殊普通合伙）合 伙人，新大禹环境科技（广东）集团股份有限公司（曾用名为"广东新大禹环境 科技股份有限公司"）独立董事及本公司独立董事。 （二）是否存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，本人 及直系亲属、主要社会关系均未在公司或其附属 ...

休闲食品板块直线拉升，桂发祥（002820）涨停，麦趣尔（002719）此前封板，黑芝麻（000716）、南 侨食品（605339）、三只松鼠（300783）、立高食品（300973）、好想你（002582）等跟涨。 这几只票暗盘资金正在偷偷流入，立即查看>> ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [29] Core Views - The food and beverage sector demonstrates resilience amid increasing export uncertainties and expectations for domestic demand policies to be strengthened [5][15] - The SW food and beverage index rose by 0.20%, ranking 11th among 31 sub-industries, with snacks, soft drinks, and beer leading the gains [5][15] - The report highlights the importance of focusing on companies with stable fundamentals and strong performance amid the current market conditions [10][18] Sub-industry Summary Alcoholic Beverages - The white wine sector shows significant configuration value under domestic demand policy expectations, with a focus on companies with stable fundamentals and strong earnings certainty [6][18] - The SW white wine index decreased by 0.71%, with external risks heightened due to unexpected tariffs [6][20] - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, Jiansiyuan, and Yingjia Gongjiu, all rated as "Buy" [3][27] Consumer Goods - The consumer goods sector is expected to see strong performance in Q1, with a focus on high-growth categories and channels [22] - The SW snacks, soft drinks, and beer sub-sectors led the gains, with respective increases of 8.12%, 6.85%, and 3.64% [5][22] - Companies such as Youyou Foods, Zhujiang Beer, and Dongpeng Beverage are highlighted as key performers to watch in the upcoming earnings reports [22] Snacks - The snacks segment is under continuous observation for category explosions and new channel opportunities [8][23] - There is a growing consumer demand for health-conscious and innovative products, with companies like Weilong and Yuyou Foods positioned to benefit from new product introductions [8][24]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-019 | | --- | --- | --- | | 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 年第一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 | | | | | | 3、转股价格：人民币 | | 95.82 | 元/股 | | | | | | 4、转股期限：2023 | 年 | 9 月 | 13 | 日至 | 月 | 6 | 日 | | | | | 2029 | | | | | | | | | 年 | | | | | | | | | 3 | | | | | 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监 管指引 ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]