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。 为进一步加强与投资者的互动交流，立高食品股份有限公司（以下简称"公司"）将 参加由广东证监局、广东上市公司协会联合举办的"向新提质 价值领航——2025 年广东 辖区投资者集体接待日暨辖区上市公司中报业绩说明会"，现将相关事项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全 景 路 演 " 网 站 （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时公司董事长兼总经理彭裕辉先生，副董事长赵松涛先生，董事、副总经理、董 事会秘书兼财务总监王世佳先生，独立董事陈莹女士及独立董事梁晨先生将在线就公司 2025 年半年度业绩、公司治理、发展战略和经营状况等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 证券代码：300973 证券简称：立高食品 公告编号：2025-053 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 ...

Core Viewpoint - The company reported a revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 171 million yuan, up 26.2% year-on-year [1]. Revenue Performance - In Q2 2025, the company achieved a revenue of 1.024 billion yuan, reflecting an 18.4% year-on-year growth, with a net profit of 82 million yuan, marking a significant increase of 40.8% year-on-year [2]. Product Segment Analysis - The company experienced structural growth across its product lines: - Frozen baked goods generated 1.125 billion yuan in revenue, with a stable growth of 6.1% year-on-year [3]. - Cream products saw revenue of 558 million yuan, up 28.7% year-on-year, driven by strong performance in UHT cream products and new product testing [3]. - Sauces generated 142 million yuan, reflecting a 36.5% year-on-year increase due to higher orders from core restaurant clients [3]. - Other baking ingredients achieved 151 million yuan in revenue, with a remarkable growth of 63.8% year-on-year [3]. - Fruit products contributed 83 million yuan, up 7.7% year-on-year [3]. Channel Performance - The company optimized its channel structure, with revenue from different channels as follows: - Distribution channel revenue was 1.053 billion yuan, up 8.8% year-on-year [4]. - Direct sales revenue reached 999 million yuan, increasing by 25.5% year-on-year [4]. - Retail revenue was 70,000 yuan, showing a significant growth of 104.6% year-on-year [4]. - Other channels generated 80,000 yuan, down 20% year-on-year [4]. - The circulation channel accounted for nearly 50% of total revenue, remaining stable year-on-year, while the supermarket channel represented about 30% with close to 30% growth due to successful new product launches [4]. - Innovative channels, including dining and new retail, accounted for slightly over 20% of total revenue, with a combined growth rate of approximately 40% [4]. Profitability Analysis - The company maintained effective cost control, with gross margin and net margin at 30.4% and 8.1%, respectively, showing a year-on-year decrease of 2.25 percentage points and an increase of 0.55 percentage points [5]. - In Q2 2025, gross margin and net margin were 30.7% and 7.9%, respectively, with year-on-year changes of -1.89 percentage points and +1.25 percentage points [5]. - The company effectively managed sales, administrative, and R&D expense ratios, which decreased year-on-year [5]. Investment Outlook - The company anticipates a seasonal increase in baking demand in the second half of the year, supported by new product launches and growth in tea beverage channels, with revenue growth expected to continue [6]. - Long-term growth drivers include domestic cream product substitution, expansion in dining and new retail channels, and deep processing of dairy products [6]. - The company projects net profits attributable to shareholders for 2025-2027 to be 320 million, 360 million, and 400 million yuan, respectively, with growth rates of 20%, 12%, and 10% [6].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company reported a revenue of 2.07 billion yuan for H1 2025, representing a year-on-year increase of 16.2%, and a net profit of 171 million yuan, up 26.2% year-on-year [1]. - The growth is driven by strong performance in the cream segment, particularly UHT cream products, which saw nearly 40% growth in Q2 [2]. - The company is expected to maintain revenue growth in the second half of the year due to seasonal demand in baking, new product launches, and expansion in tea beverage channels [5]. Financial Performance - Revenue breakdown for H1 2025 shows: - Frozen baked goods: 1.125 billion yuan (yoy +6.1%) - Cream products: 558 million yuan (yoy +28.7%) - Sauces: 142 million yuan (yoy +36.5%) - Other baking ingredients: 151 million yuan (yoy +63.8%) - Fruit products: 83 million yuan (yoy +7.7%) [2]. - The company's gross margin for H1 2025 was 30.4%, with a net margin of 8.1% [4]. Channel Development - Revenue from distribution channels accounted for nearly 50% of total revenue, with a year-on-year growth of 8.8% [3]. - Supermarket channel revenue grew by approximately 30% due to successful new product launches [3]. - Innovative channels, including catering and new retail, saw a combined revenue growth of about 40% [3]. Profitability and Cost Control - The company has optimized its cost structure, with sales, management, and R&D expense ratios decreasing year-on-year [4]. - The net profit for 2025 is projected to be 320.81 million yuan, reflecting a growth rate of 19.72% [5]. Future Projections - The company expects to achieve net profits of 320.81 million yuan in 2025, 360.39 million yuan in 2026, and 396.07 million yuan in 2027, with growth rates of 19.72%, 12.34%, and 9.90% respectively [5][10]. - The projected P/E ratios for 2025, 2026, and 2027 are 24.81x, 22.09x, and 20.10x respectively [5].

Group 1 - A total of 67 stocks experienced block trading on September 15, with a total transaction value of 2.22 billion yuan [1] - The top three stocks by transaction value were Hangzhou Steel (2.5 billion yuan), Guangqi Technology (2.23 billion yuan), and Demingli (2.04 billion yuan) [1] - Among the stocks, 10 were traded at par, 4 at a premium, and 53 at a discount; Zhejiang Meida, SF Holding, and HNA Technology had the highest premium rates of 9.04%, 7.06%, and 1.35% respectively [1] Group 2 - The top stocks by institutional buying were Hangzhou Steel (250 million yuan), Jiangsu Leili (198 million yuan), and Haiguang Information (106 million yuan) [2] - Other notable institutional purchases included Caida Securities (63.6 million yuan), BGI (25 million yuan), and Ningde Times (20.9 million yuan) [2] Group 3 - The top stocks by institutional selling included Xinyi Technology (21 million yuan), Ningde Times (20.9 million yuan), and BYD (20.8 million yuan) [3]

Summary of Key Points Core Viewpoint - On September 15, 2025, Lihigh Food conducted a block trade of 275,600 shares at a price of 43.44 yuan, which was a discount of 7.59% compared to the market closing price of 47.01 yuan, with a total transaction value of 11.97 million yuan, accounting for 11.23% of the total trading volume for that day [1]. Group 1: Transaction Details - The block trade involved a total of 275,600 shares at a price of 43.44 yuan per share [1]. - The total transaction value was 11.97 million yuan, representing 11.23% of the total trading volume on that day [1]. - The transaction price was 7.59% lower than the market closing price of 47.01 yuan [1]. Group 2: Trading Volume and Participants - The trading volume included multiple transactions with different brokerage firms, such as: - 80,000 shares traded through China Merchants Securities at a value of 3.48 million yuan [2]. - 46,100 shares traded through CITIC Securities at a value of 2.00 million yuan [2]. - 50,000 shares traded through CITIC Securities at a value of 2.17 million yuan [2]. - 432,230 shares traded through an institutional account [2].

Core Insights - The importance of the "14th Five-Year Plan": The upcoming "14th Five-Year Plan" is expected to significantly impact China's economic and social development over the next five years, shifting focus from production to a balance between production and consumption due to the current issue of insufficient effective demand [1] - Strengthening consumption policies: Starting in 2024, consumption policies will be significantly enhanced, including the allocation of special government bond funds to support consumption upgrades. Continued funding is expected in 2025 and 2026 [1] - Potential of service consumption: China's service consumption still lags behind developed economies, indicating a substantial opportunity for growth in this sector to stimulate consumer interest and optimize the consumption environment [1] - Rise of technology consumption: With a rapid technological development and an engineering talent surplus, products like robotic vacuum cleaners and drones are gaining market attention, likely creating new consumer demand [1] - Optimization of the overall consumption mechanism: Measures such as consumption tax reform will encourage local governments to transition from production-oriented to service-oriented, promoting the internationalization of quality consumption companies and enhancing residents' consumption capacity [1] Investment Recommendations - Food and Beverage: Recommended companies include Dongpeng Beverage and Lihigh Food, with a focus on Youran Dairy and Bairun Co [2] - Service Sector: Recommended companies include Guming, Mixue Group, and Bubugao, with a focus on Zhongsheng Holdings [2] - Light Industry: Companies to watch include Hengfeng Paper and Xilinmen [3] - Trendy Toys: Recommended companies include Pop Mart and Blokus [4] - Home Appliances: Recommended companies include Midea Group, Haier Smart Home, TCL Electronics H, Roborock, and Ecovacs, with a focus on Yingshi Innovation [5] - Agriculture: Recommended companies include Zhongchong Co, Petty Co, Muyuan Foods, and Haida Group [11] - Textile and Apparel: Recommended companies include Anta Sports, Xtep International, 361 Degrees, and Hailan Home, with a focus on Li Ning and Sanfu Outdoor [11] Report Content Analysis - Expanding consumption share: The report emphasizes that expanding consumption share is essential for achieving Chinese-style modernization, as China's consumption rate is significantly lower than that of developed countries [9] - Shift in fiscal spending: During the "14th Five-Year Plan" period, fiscal spending will shift from material investments to human capital investments, increasing support for education, healthcare, and housing [9] - Promotion of common prosperity: The report highlights the need for income distribution reform and the promotion of the Zhejiang common prosperity model to achieve balanced development [9] - Consumption tax reform: The report suggests that consumption tax reform will help local governments transition from production-oriented to service-oriented, enhancing the consumption environment [9] - Transition from traditional to new consumption: The report analyzes the maturation of traditional consumption markets and the rise of new consumption, which is characterized by a focus on quality and personal satisfaction [9] - Stimulating interest in service consumption: The report indicates that the shift from physical to service consumption is crucial for expanding domestic demand, with growing demand for events and performances benefiting local consumption [9]

Core Viewpoint - The report from Wanlian Securities indicates that Lihigh Food's net profit attributable to shareholders for the first half of 2025 reached 171 million yuan, reflecting a year-on-year increase of 26.24% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses were 82 million yuan and 80 million yuan, respectively, showing year-on-year growth of 40.84% and 40.36% [1] - The company's performance is improving, with major products maintaining high growth rates [1] Revenue Growth - In the first half of 2025, the revenue from cream products grew by over 28%, demonstrating the effectiveness of the company's high-end strategy [1] - Innovative channels such as catering, tea drinks, and new retail continue to experience rapid growth [1] Cost and Efficiency - In the first half of 2025, the cost and expense input-output ratio improved, with some period expense ratios declining year-on-year, further releasing profit space through scale effects [1] Industry Outlook - The company is expected to maintain growth as the baking industry in China continues to expand, and the domestic substitution of frozen baking raw materials opens up market space for domestic brands [1] - The company is projected to recover positive growth in 2024 and maintain a favorable trend in the first half of 2025 [1]

Group 1 - Wanlian Securities issued a report on September 10, giving a "Buy" rating to Lihigh Food (300973.SZ, latest price: 47.52 yuan) [1] - The report highlights that the revenue growth of cream is expected to exceed 28% in the first half of 2025, demonstrating the effectiveness of the high-end strategy [1] - Innovative channels such as catering, tea drinks, and new retail continue to maintain rapid growth [1] - The gross profit margin is expected to decline in the first half of 2025 due to changes in channel and product structure, as well as rising raw material costs [1] - Effective cost control has led to a significant decrease in both sales expense ratio and management expense ratio [1]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has shown strong performance in its core products, with significant revenue growth in the first half of 2025, achieving a revenue of 2.07 billion yuan, a year-on-year increase of 16.20%, and a net profit of 171 million yuan, up 26.24% year-on-year [1] - The company is successfully implementing a high-end strategy, with cream revenue growth exceeding 28% in the first half of 2025, and a notable increase in revenue from baking food raw materials by 32.12% [2] - The company is adapting to market trends by diversifying its distribution channels, with innovative channels such as catering and new retail showing a growth rate of approximately 40% [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.07 billion yuan, with a net profit of 171 million yuan, and a non-recurring net profit of 167 million yuan, reflecting year-on-year growth rates of 16.20%, 26.24%, and 33.28% respectively [1] - The second quarter of 2025 saw a revenue of 1.02 billion yuan, with net profit and non-recurring net profit reaching 82 million yuan and 80 million yuan, marking year-on-year increases of 40.84% and 40.36% respectively [1] Product Performance - The revenue from frozen baked goods was 1.125 billion yuan, a year-on-year increase of 6.08%, accounting for 54.35% of total revenue, while revenue from baking food raw materials reached 933 million yuan, up 32.12%, making up 45.09% of total revenue [2] - The revenue breakdown for key products includes cream at 558 million yuan (up 28.70%), fruit products at 83 million yuan (up 7.70%), sauces at 142 million yuan (up 36.45%), and other baking raw materials at 151 million yuan (up 63.84%) [2] Channel Development - The distribution channel for the company is diversified, with nearly 50% of revenue coming from circulation channels, and approximately 30% from supermarkets, which saw a growth of nearly 30% year-on-year [3] - Innovative channels, including catering and new retail, accounted for slightly over 20% of total revenue, with a combined growth rate of about 40% [3] Profitability and Cost Management - The company's gross margin decreased by 2.25 percentage points to 30.35% in the first half of 2025, influenced by changes in channel and product structure as well as rising raw material costs [3] - The net profit margin increased by 0.56 percentage points to 8.05% due to effective cost control, with significant reductions in sales and management expense ratios [9] Future Outlook - The company is expected to maintain growth, with projected net profits of 321 million yuan, 390 million yuan, and 454 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 19.70%, 21.45%, and 16.56% [10]

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].