| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-060 | | --- | --- | --- | | 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设立募集资金专户 并签署募集资金三方监管协议的公告 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。 为规范公司募集资金的存放、使用与管理，提高募集资金使用的效率和效益，保护 投资者的合法权益，根据《上市公司募集资金监管规则》《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》等法律法规和公司《募集资金管理制 度》的规定，公司及全资子公司广州奥昆食品有限公司、保荐机构中信建投证券股份有 限公司、监管银行中信银行股份有限公司广州分行共同签订了《募集资金三方监管协议》， 并在监管银行开设募集资金专项账户。 注：中信银行股份有限公司中山开发区科技支行是中信银行股份有限公司广州分行的管辖支 行，《募集资金三方监管协议》乙方为中信银行股份有限公司广州分行。 三、《募集资金三方监管协议》的主要内容 甲方 1：立高食品股份有限公司 甲方 2：广 ...

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

证券之星消息，10月16日休闲食品板块较上一交易日下跌0.65%，立高食品领跌。当日上证指数报收于 3916.23，上涨0.1%。深证成指报收于13086.41，下跌0.25%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002820 | 桂发祥 | 12.35 | 1.06% | 11.46万 | | 1.42亿 | | 605339 | 南侨食品 | 17.82 | 0.96% | 4.57万 | 8134.65万 | | | 300972 | 万辰集团 | 192.98 | 0.51% | 2.90万 | | 5.66亿 | | 603043 | 广州酒家 | 16.02 | 0.12% | 2.63万 | 4210.73万 | | | 000716 | 黑芝麻 | 6.23 | 0.00% | 14.42万 | 8988.22万 | | | 603886 | 元祖股份 | 12.25 | -0.08% | 1.60万 | 1964.89万 ...

1、自 2025 年 9 月 15 日至 2025 年 10 月 13 日，立高食品股份有限公司（以下简称 "公司"）股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价格低于当期 转股价格的 85%的情形，触发"立高转债"转股价格向下修正条款。 2、2025 年 10 月 13 日，公司召开第三届董事会第十六次会议，审议通过了《关于不 向下修正"立高转债"转股价格的议案》，公司董事会决定本次不向下修正"立高转债" 转股价格，且自本次董事会审议通过之次一交易日起未来六个月内（2025 年 10 月 14 日 至 2026 年 4 月 13 日），若再次触发"立高转债"转股价格向下修正条款，亦不提出向下 修正方案。下一触发转股价格修正条款的期间自 2026 年 4 月 14 日重新起算，若再次触 发"立高转债"转股价格向下修正条款，届时公司董事会将再次召开会议决定是否行使 "立高转债"的转股价格向下修正权利。 证券代码：300973 证券简称：立高食品 公告编号：2025-059 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于不向下修正"立高转债"转股价格的公告 本公司及董事会全体 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于不向 下修正"立高转债"转股价格的公告》（公告编号：2025-059）。 立高食品股份有限公司 第三届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 立高食品股份有限公司（以下简称"公司"）第三届董事会第十六次会议于 2025 年 10 月 13 日在公司会议室以现场结合通讯形式召开，会议通知于 2025 年 10 月 10 日以书 面、电话及邮件等形式送达。董事长彭裕辉先生主持会议，会议应出席董事 6 人，实际 出席董事 6 人。本次会议的召集和召开符合《公司法》《公司章程》《董事会议事规则》 的有关规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于不向下修正"立高转债"转股价格的议案》 自 2025 年 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，公司于 2023 年 3 月 7 日向不特定对象发行了 9,500,000 张可转债，每张面值为人民币 100 元，发行总额为人民 币 95,000.00 万元，期限为 6 年。 （二）可转债上市情况 经深圳证券交易所同意，公司本次公开发行的 95,000.00 万元可转债已于 2023 年 3 月 27 日起在深圳证券交易所挂牌交易，债券简称"立高转债"，债券代码"123179"。 立高食品股份有限公司 关于 2025 年第三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： | 证券简称：立高食品 | | --- | | 1、证券代码：300973 | 根据《深圳证券交易所创业板股票上市规则》 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [11]. Core Insights - The company reported a revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year growth of 16.2%. The net profit attributable to the parent company, excluding non-recurring items, was 167 million yuan, reflecting a year-on-year increase of 33.28% [3]. - The frozen baked goods segment achieved a revenue of 1.125 billion yuan, growing by 6.08% year-on-year, while the baking raw materials segment saw revenue of 933 million yuan, with a growth rate exceeding 30% [5]. - Direct sales channels recorded a revenue of 999 million yuan, up 25.5% year-on-year, indicating a strengthening relationship with major clients [5]. - The overall gross margin for the period was 30.29%, down 2.23 percentage points from the previous year, primarily due to rising costs of key ingredients like cream and sauces [6]. Summary by Sections Financial Performance - The company achieved a net profit margin of 8.05% and a return on equity of 6.42%, both showing improvements compared to the previous year [8]. - The company maintained strict cost control, resulting in a decrease in expense ratios by 3.28 percentage points to 19.84% [8]. Revenue and Growth Projections - Revenue projections for the company are as follows: 4.449 billion yuan for 2025, 4.983 billion yuan for 2026, and 5.531 billion yuan for 2027, with growth rates of 16%, 12%, and 11% respectively [9]. - The earnings per share (EPS) are forecasted to be 2.01 yuan for 2025, 2.36 yuan for 2026, and 2.94 yuan for 2027, with corresponding price-to-earnings ratios of 21.5, 18.32, and 14.69 [8][9].

Core Viewpoint - The company announced that it may trigger the downward adjustment of the conversion price for its convertible bonds due to its stock price being below 85% of the current conversion price for 10 consecutive trading days starting from September 15, 2025 [1] Summary by Relevant Sections - **Company Announcement** - The company released a notice on September 26, indicating that the period for triggering the conversion price adjustment condition starts from September 15, 2025 [1] - The stock price has been below the conversion price threshold for the specified duration, which may lead to a downward adjustment of the "Lihigh Convertible Bonds" conversion price [1] - The company will follow the procedures and disclosure obligations as stipulated in the prospectus if the adjustment condition is triggered [1]

Core Points - Lihigh Food Co., Ltd. announced that the conversion price for "Lihigh Convertible Bonds" is set at 95.33 yuan per share, with a conversion period from September 13, 2023, to March 6, 2029 [1] - From September 15, 2025, to September 26, 2025, if the company's stock closes below 85% of the current conversion price for 10 trading days, it is expected to trigger conditions for a downward adjustment of the conversion price [1] - If triggered, the company will convene a board meeting to review whether to adjust the conversion price and will disclose a related announcement before the next trading day, fulfilling subsequent procedures and information disclosure obligations [1] Summary by Sections - **Conversion Price and Period** - The conversion price for "Lihigh Convertible Bonds" is 95.33 yuan per share [1] - The conversion period is from September 13, 2023, to March 6, 2029 [1] - **Adjustment Conditions** - Starting from September 15, 2025, if the stock price closes below 85% of the conversion price for 10 trading days, it may trigger a downward adjustment [1] - **Company Actions upon Trigger** - The company will hold a board meeting to consider the adjustment and will announce the decision before the next trading day [1]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于预计触发可转债转股价格向下修正条件的提示性公告 一、可转债上市发行情况 1、可转债发行情况 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，公司于 2023 年 3 月 7 日向不特定对象发行了 9,500,000 张可转换公司债券（以下简称"可转债"），每张面值为 人民币 100 元，发行总额为人民币 95,000.00 万元，期限为 6 年。 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 95.33 元/股 4、转股期限：2023 年 9 月 13 日至 2029 年 3 月 6 日 2、可转债上市情况 经深圳证券交易所同意，公司本次公开发行的 95,000.00 万元可转债已于 2023 年 3 月 27 日起在深圳证券交易所挂牌交 ...