证券代码：300973 证券简称：立高食品 公告编号：2025-055 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首次公开发行股票注 册的批复》（证监许可[2021]489 号）同意注册，公司获准向社会首次公开发行人民币普 通股（A 股）股票 42,340,000 股，每股面值 1.00 元，每股发行价格为人民币 28.28 元， 募集资金总额为人民币 1,197,375,200.00 元，扣除发行费用（不含增值税）人民币 91,507,294.92 元后，募集资金净额为 1,105,867,905.08 元。中审众环会计师事务所（特殊 普通合伙）已于 2021 年 4 月 12 日对公司首次公开发行股票的资金到位情况进行了审验， 并出具了编号为"众环验字（2021）0600004 号"《验资报告》。公司依照规定对募集资 金进行了专户存储管理，并与募集资金存放银行、保荐机构签订了相关监管协议。 二、募集资金存放及管理情况 为了规范募集资金的管理和使用，保护投资者的权益，根据《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 ...

Core Viewpoint - The company is experiencing a slowdown in the growth rate of its core butter business, which has dropped to below 30% year-on-year and is expected to continue decreasing, indicating a potential shift from high growth to a more moderate growth phase [1] Group 1: Business Performance - The butter business is following a strategic plan for steady development, with future growth expected to narrow to 10-20% [1] - The company reported a year-on-year revenue growth of approximately 40% in the first half of 2025 from innovative channels such as catering, tea drinks, and new retail [1] Group 2: Strategic Initiatives - The company plans to diversify its product matrix for cream products across high, medium, and low tiers to enhance channel depth and customer breadth [1] - There is a focus on capitalizing on the trend of diversified baking consumption channels, with targeted investments in innovative baking channels and continuous improvement in product R&D capabilities [1]

Group 1 - The core viewpoint of the news is that Lihigh Foods is focusing on enhancing its investment value by concentrating on its main business, improving operational efficiency, and maintaining stable cash dividends for shareholders [1][2] - The company held an investor meeting on September 19, 2025, to discuss its mid-year performance and future strategies, with key management personnel participating [1] - As of September 15, 2025, the employee stockholding platforms have cumulatively reduced their holdings by 1.7973 million shares, with further reductions to be disclosed in accordance with regulations [1] Group 2 - In terms of business growth, the cream business experienced a slowdown in growth to below 30% year-on-year, but the company is strategically advancing its product matrix and enhancing channel coverage [2] - The company reported a revenue growth of 16.20% year-on-year and a net profit growth of 26.24% for the first half of 2025, indicating stable operational performance [2] - The company is investing more resources into innovative channels for baking, with a revenue growth of approximately 40% in the restaurant, tea beverage, and new retail sectors in the first half of 2025 [2] Group 3 - The cream industry has high entry barriers related to technology, capital, channels, and branding, with challenges in domestic substitution due to product quality and core raw material supply [3] - New products in the baking raw materials category have received positive market feedback, and UHT cream products are currently in the market testing phase [3] - The company emphasizes a multi-channel and multi-category development strategy, incorporating new product sales performance into the assessment of R&D personnel [3]

Group 1: Company Performance - The company achieved a revenue growth of 16.20% year-on-year in H1 2025, with a net profit growth of 26.24% [6] - The core growth business, cream, has seen a slowdown in growth to below 30% year-on-year, indicating a potential shift to a growth rate of 10-20% in the future [3] - Revenue from innovative channels such as catering, tea drinks, and new retail grew approximately 40% year-on-year in H1 2025 [3][7] Group 2: Shareholder Actions - Shareholders have reduced their holdings primarily to meet personal funding needs, which is unrelated to the company's fundamentals or industry outlook [6] - The company completed a share repurchase plan in January 2025 and will disclose any future repurchase plans in accordance with regulations [3] - The company is committed to enhancing investor relations and demonstrating its value to the capital market [6] Group 3: Product Development and Market Strategy - The company is focusing on diversifying its product matrix in the cream segment and enhancing channel depth and customer breadth [3] - New products such as milk cake batter and egg tart liquid have received positive market feedback, with UHT cream products currently in market testing [8] - The company emphasizes a multi-channel and multi-category development strategy, with a focus on large products and key customers [8] Group 4: Industry Challenges - The entry barriers for the cream industry include technical barriers, financial strength, channel coverage, and brand recognition [8] - Domestic substitution challenges primarily revolve around achieving high product quality and stable supply of core raw materials [8]

Core Viewpoint - The medical device export sector in China is experiencing growth, with a notable increase in revenue and profit among companies listed on the STAR Market, driven by innovation, international expansion, and strategic mergers and acquisitions [1][2][4]. Group 1: Market Performance - In the first half of 2025, China's medical device exports reached $24.1 billion, marking a 5.0% year-on-year increase and accounting for over 40% of total pharmaceutical product exports [1]. - STAR Market medical device companies reported a revenue growth of 9% and a net profit growth of 3% year-on-year, with second-quarter revenue and net profit showing quarter-on-quarter growth of 22% and 30%, respectively [1]. - Nearly 30% of STAR Market medical device companies have over 30% of their business coming from overseas [1]. Group 2: Innovation and Global Strategy - STAR Market medical device companies focus on high-value consumables and medical equipment, leveraging capital market support to build extensive global marketing networks [2]. - The industry has seen the emergence of several benchmark companies, with a total of approximately 18,000 invention patents held by STAR Market medical device firms [2]. - Notable innovations include the world's first branched aortic stent graft approved for market by Shanghai MicroPort Medical, and the FDA breakthrough designation for the self-expanding intracranial drug-coated stent system by Sinno Medical [2]. Group 3: International Expansion - Shanghai United Imaging Healthcare Co., Ltd. has increased its overseas revenue share from less than 10% at the time of listing to nearly 20% in the first half of 2025 [3]. - Haier Biomedical and Chongqing Mountain Outside Mountain Blood Purification Technology Co., Ltd. reported overseas revenue growth of 30% and 41%, respectively, in the first half of 2025 [3]. - The global expansion of domestic medical device companies is evident, with Haier Biomedical's products applied in over 150 countries and regions [3]. Group 4: Mergers and Acquisitions - The medical device industry is increasingly utilizing mergers and acquisitions to expand product lines and enhance technological capabilities, supported by policies such as "Merger and Acquisition Six Articles" and "STAR Market Eight Articles" [4]. - Shanghai Sanyou Medical Devices Co., Ltd. has successfully acquired the French orthopedic company Implanet, significantly boosting its overseas revenue [5]. - Shenzhen Huatai Medical Devices Co., Ltd. has improved its market penetration and product coverage following the introduction of Mindray Medical as a controlling shareholder [5]. Group 5: Policy Support and Future Outlook - The Chinese government has introduced numerous supportive policies aimed at fostering high-end innovation and quality development in the medical device sector [6]. - The industry is expected to transition from "product export" to "technology output" and from "landing" to "local integration," positioning itself for higher value within the global value chain [6].

中信建投证券股份有限公司关于 立高食品股份有限公司 2025 年上半年度跟踪报告 | 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 | | 公司及股东承诺事项 | 是否 履行承诺 | 未履行承诺的原因及解决措施 | | --- | --- | --- | | 1、首次公开发行或再融资时所作承诺 | 是 | 不适用 | | 2、股权激励承诺 | 是 | 不适用 | 四、其他事项 | 报告事项 | 说 明 | | --- | --- | | 1.保荐代表人变更及其理由 | 无 | | 2.报告期内中国证监会和本所对保荐人或者其保 | 无 | | 荐的公司采取监管措施的事项及整改情况 | | | 3.其他需要报告的重大事项 | 无 | 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 ...

Market Overview - The leisure food sector experienced a decline of 0.89% on September 17, with Li Gao Food leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Salted Fish (Yanjinpuzi) closed at 71.67, up 0.97%, with a trading volume of 34,400 shares and a transaction value of 248 million yuan [1] - Three Squirrels (Sanzhi Songshu) closed at 25.89, up 0.27%, with a trading volume of 105,700 shares and a transaction value of 275 million yuan [1] - Li Gao Food (Lihai Shipin) closed at 45.01, down 4.01%, with a trading volume of 59,100 shares and a transaction value of 268 million yuan [2] - Other notable declines include Lai Yifen down 2.72% and Guangzhou Restaurant down 2.20% [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 187 million yuan from institutional investors, while retail investors contributed a net inflow of 111 million yuan [2][3] - The main capital inflow was observed in stocks like Nanjiao Food, which had a net inflow of 426,400 yuan from institutional investors [3] - Conversely, stocks like Li Gao Food and Qingdao Food experienced significant net outflows from institutional investors [3]

Core Viewpoint - The company, Lihigh Food (300973.SZ), has reported a significant change in shareholding as certain shareholders have reduced their stake, impacting the overall ownership structure of the company [1] Shareholding Changes - Shareholders Lihigh Xing and Lihigh Chuang reduced their holdings by a total of 942,400 shares between September 9, 2025, and September 15, 2025, which represents 0.56% of the company's total share capital [1] - Following this reduction, the combined shareholding of shareholders Peng Yuhui, Zhao Songtao, Peng Yongcheng, Lihigh Xing, and Lihigh Chuang decreased from 58,323,400 shares to 57,381,000 shares, lowering their ownership percentage from 34.44% to 33.88% [1] - When excluding shares held in the repurchase special securities account, the ownership percentage changed from 35.00% to 34.43% [1]

立高食品股份有限公司 关于股东权益变动触及 1%整数倍的公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 股东上海立高兴企业管理咨询合伙企业（有限合伙）、上海立高创企业管理咨询合 伙企业（有限合伙）、彭裕辉先生、赵松涛先生、彭永成先生保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 计 其中：无限售 条件股份 25,962,175 15.33% 15.58% 25,019,775 14.77% 15.01% 有限售 条件股份 32,361,225 19.11% 19.42% 32,361,225 19.11% 19.42% 4．承诺、计划等履行情况 本次变动是否为履行 已作出的承诺、意向、 计划 是 否 立高兴通过集中竞价、大宗交易方式减持 526,900 股，立高创通过 集中竞价、大宗交易方式减持 415,500 股，系依据公司于 2025 年 8 月 6 日在巨潮 ...

Core Viewpoint - The report from Tianfeng Securities indicates that Lihigh Food's net profit attributable to shareholders for the first half of 2025 is expected to reach 171 million yuan, representing a year-on-year increase of 26.2% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is projected to be 82 million yuan, showing a year-on-year growth of 40.8% [1] - The company anticipates that the revenue growth will continue due to seasonal demand in the baking sector, new product launches, and expansion in tea beverage channels during the upcoming holidays [1] Growth Drivers - The medium to long-term growth is supported by several factors: 1. Domestic substitution of cream products 2. Expansion of dining and new retail channels 3. Deep processing of dairy products [1] Profit Forecast - The expected net profits attributable to shareholders for 2025, 2026, and 2027 are projected to be 320 million, 360 million, and 400 million yuan respectively, with growth rates of 20%, 12%, and 10% [1] - The previous forecasts for 2025 and 2026 were 300 million and 370 million yuan, with growth rates of 9% and 24% [1] Valuation - The corresponding price-to-earnings ratios (PE) for 2025, 2026, and 2027 are estimated to be 25X, 22X, and 20X respectively [1] - The report maintains a "Buy" rating for the company [1]