证券日报网讯 9月9日晚间，立高食品发布公告称，公司不存在逾期担保、涉及诉讼的担保及因担保被 判决败诉而应承担损失的情况。 （文章来源：证券日报） ...

证券代码：300973 证券简称：立高食品 公告编号：2025-052 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于公司为全资子公司提供担保的进展公告 一、担保情况概述 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。 立高食品股份有限公司（以下简称"立高食品"或"公司"）于2025年3月12日召开 第三届董事会第十三次会议及第三届监事会第九次会议，审议通过了《关于2025年度对 外担保额度预计的议案》，同意公司及下属子公司在2025年度为合并报表范围内子公司 （含新增子公司）提供担保额度合计不超过人民币（或等值外币）8亿元（含）。具体内 容详见公司于2025年3月12日在巨潮资讯网（www.cninfo.com.cn）披露的《关于2025年度 对外担保额度预计的公告》（公告编号：2025-014）。 为满足全资子公司广州奥昆食品有限公司（以下简称"广州奥昆"）、河南奥昆食 品有限公司（以下简称"河南奥昆"）、浙江奥昆食品有限公司（以下简称"浙江奥昆"） 生产经营和发展需要，公司近日与中信银行股份有限公司中山分行签署 3 份《最高额保 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a total revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year increase of 16.20%. The net profit attributable to shareholders was 171 million yuan, up 26.24%, while the net profit excluding non-recurring items was 167 million yuan, an increase of 33.28% [2][5]. - In Q2 2025, the total revenue reached 1.02 billion yuan, reflecting an 18.4% year-on-year growth. The net profit attributable to shareholders was approximately 82.39 million yuan, a 40.84% increase, and the net profit excluding non-recurring items was about 80.24 million yuan, up 40.36% [2][5]. Financial Performance - The company's revenue from frozen baked goods accounted for approximately 55% of total revenue, growing about 6% year-on-year. Revenue from baking ingredients (cream, sauces, fruit products, etc.) made up about 45% and saw a growth of over 30%, driven by strong sales of cream and sauces [11]. - The gross profit margin decreased by 2.25 percentage points to 30.35%, while the net profit margin increased by 0.66 percentage points to 8.25% in the first half of 2025. The operating expense ratio decreased by 3.28 percentage points to 19.84% [11]. Channel Development - The company is actively diversifying its sales channels, with nearly 50% of revenue coming from distribution channels, which remained stable year-on-year. Revenue from supermarket channels grew nearly 30%, while innovative channels such as restaurants and new retail accounted for over 20% of total revenue, with a combined growth rate of about 40% [11]. Profit Forecast - The company is expected to achieve net profits of 350 million yuan, 427 million yuan, and 517 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 2.07 yuan, 2.52 yuan, and 3.05 yuan, with price-to-earnings (PE) ratios of 23, 19, and 16 times, respectively [11].

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Summary of Lihigh Food's Conference Call Company Overview - **Company**: Lihigh Food - **Industry**: Food Production and Distribution Key Points and Arguments Financial Performance - Lihigh Food achieved a **16% revenue growth** in the first half of 2025, despite the negative impact from the misalignment of the Spring Festival [2][4] - The company expects revenue growth in the second half of 2025 to either remain stable or accelerate, benefiting from the base effect of Sam's Club shelf adjustments and inventory preparations for the Spring Festival [2][4] - The overall target for 2025 is to achieve **double-digit revenue growth** and a **net profit margin** reaching high single digits [3][4] Cost Management - The company does not anticipate significant special expenses in the second half of 2025, focusing on normal marketing costs [7] - Lihigh Food has locked in orders for bulk materials like marinated products and oils until the end of 2025, expecting cost fluctuations to be more stable than market prices [7] - There is an expectation of increased raw material pressure potentially leading to a decline in gross margin [2][6] Product Innovation and Lifecycle - Products at Sam's Club have a lifecycle of about one year, necessitating continuous innovation to meet market demands [8] - New product launches are planned, including a new version of the popular **Creamy Little Square** expected to relaunch in October 2025, with annual sales potentially exceeding **200 million** [9][10] Market Expansion - Lihigh Food is expanding its customer base by entering the national chain tea beverage market, providing base milk and frozen baking products to approximately **7,000 stores** [16][17] - Other supermarket channels, such as Yonghui and Hema, are actively promoting customized services, providing more growth opportunities for the company [11] Strategic Direction - The company emphasizes a balance between supply and demand, with product managers responsible for production planning based on market feedback [21] - Lihigh Food's long-term net profit margin target is set between **8% and 10%**, with ongoing employee incentive measures and shareholder returns being considered [24][28] Competitive Advantages - Lihigh Food's flagship product, **360 Pro**, offers high cost-performance and quality stability, maintaining over **40% year-on-year growth** since its launch [29] - The domestic cream market benefits from lower prices compared to imported products, with domestic cream priced around **360 to 300 yuan per kg**, while imports are priced at **400 to 500 yuan per kg** [32] Future Outlook - The company is cautious about predicting future revenue growth across channels, needing to adjust based on market performance [33] - Lihigh Food is well-positioned to handle raw material price fluctuations, maintaining competitiveness as long as domestic fresh milk prices do not exceed **3.5 yuan/kg** [34] Additional Important Information - The company has implemented a dual assessment approach focusing on both revenue and expense efficiency [22] - The strategic execution involves continuous adjustments based on actual performance rather than rigid targets [23]

近期，立高食品（300973）发布股东完成减持计划的公告，同时还披露了员工持股平台减持进度的公 告。最近一年多，立高食品的业绩恢复增长态势，而烘焙行业的同行业绩普遍表现不佳。在业绩增长的 同时，立高食品的股价也逐步走强，相较于2024年的低点，公司股价最大涨幅达到163%。而立高食品 的大股东们减持的时间恰恰发生在公司股价大涨之后。 全文请见：业绩逆势增长，股价最大涨幅达163%！立高食品的大股东们组团减持 立高食品的大股东为何会组团进行减持？员工持股平台是否还会继续进行减持呢？对此，每经资本眼专 栏记者致电立高食品证券部，相关工作人员表示："减持是因为股东个人的资金需求，后续的话，我们 也在等待股东(员工持股平台)的通知，如果减持完成，公司也会及时披露这个完成的公告。" ...

Summary of Lihigh Food Conference Call Company Overview - **Company**: Lihigh Food - **Industry**: Food Production, specifically focusing on frozen baked goods and dairy products Key Points and Arguments Sales Channels and Growth - The **restaurant channel** is experiencing the fastest growth, driven by increased orders from major clients, new tea beverage customers, and strong overseas sales performance. This channel is expected to become the fastest-growing sales channel for the company [2][6][10] - Traditional **bakeries and supermarkets** are facing market demand pressures, with no significant improvement in business for downstream bakeries. The company plans to introduce new dairy products to maintain traditional channel performance [2][6] Production Capacity and Utilization - The company aims to increase the utilization rate of its second UHT cream production line in Foshan from 30%-40% in the first half of the year to a target of 50%-70% for the entire year. When both production lines operate at full capacity, the annual output value is expected to be around 1.2-1.3 billion yuan [2][7] - The **frozen baking** capacity utilization rate was nearly 70% in the first half of the year, with expectations to exceed 70% for the full year [2][8] Product Development and New Launches - New products in the frozen baking category are set to launch in major supermarket clients, with one new product expected to be released by the end of the month. Previous launches have performed steadily and met expectations [4] - The company is exploring new dairy products, such as premium milk for tea beverage clients, but does not have immediate large-scale revenue plans for these products [5][16] Client Relationships and Orders - The growth in the **sauce category** is currently reliant on a major client, Tasitin, with sales primarily concentrated on this customer [5][14] - The company has established partnerships with well-known supermarket chains, expecting to reach a scale of millions in cooperation this year and next, a significant increase from previous years [11][12] Market Trends and Future Outlook - The frozen baking sector is projected to grow approximately 20% year-on-year in the first half of the year, with expectations of reaching a cooperation scale of millions in the short term [10] - The company is optimistic about the future growth potential in the restaurant channel, driven by both existing and new customer orders [17] Challenges and Strategic Focus - The company acknowledges that the growth of new retail channels, such as volume discount stores, falls under the restaurant channel, and has established a dedicated team to better serve these new customers [19] - The potential for channel expansion depends on the operational effectiveness of the baking business model, including staff training and equipment setup [20] Product Differentiation - Lihigh Food's cake products are not identical across different channels; they are tailored to meet specific market demands [22] - The company plans to extend some high-demand products to other channels based on customer needs, indicating flexibility in product offerings [24] Future Production Plans - The pizza production line is set to launch by the end of the year, primarily targeting chain restaurant clients. Initial interest from clients has been strong, but specific order volumes will be confirmed post-launch [25][26] Additional Important Information - The company is focusing on a multi-category and multi-channel development strategy, ensuring that resources are not overly concentrated on any single channel or customer [12]

Core Viewpoint - The share reduction plan by major shareholders Bai Baokun and Chen Hejun of Lihigh Food has been completed, with specific details on the number of shares reduced and the remaining holdings outlined in the announcements [1][4]. Shareholder Reduction Details - Bai Baokun's reduction involved selling a total of 249.95 million shares, accounting for 1.48% of the total share capital and 1.50% after excluding repurchased shares. The average selling price during the concentrated bidding was 49.00 yuan per share, with a total of 166.30 million shares sold [2]. - Chen Hejun's reduction totaled 269.95 million shares, representing 1.59% of the total share capital and 1.62% after excluding repurchased shares. The average selling price during the concentrated bidding was 52.91 yuan per share, with 21.779 million shares sold [2]. Post-Reduction Shareholding Situation - After the reduction, Bai Baokun holds 13.9115 million shares, which is 8.22% of the total share capital and 8.35% after excluding repurchased shares. This includes 1.6033 million shares without selling restrictions [3]. - Chen Hejun holds 10.6407 million shares, accounting for 6.28% of the total share capital and 6.39% after excluding repurchased shares, with 2.4959 million shares being unrestricted [3]. Compliance and Impact - The share reductions by Bai Baokun and Chen Hejun comply with relevant laws and regulations, and the actual number of shares reduced did not exceed the planned amount. The reductions are consistent with previously disclosed intentions and commitments [4]. - The reductions will not affect the company's control structure or governance, as neither shareholder is a controlling shareholder or actual controller of the company [4].

证券代码：300973 证券简称：立高食品 公告编号：2025-050 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于股东减持计划实施完成的公告 股东白宝鲲先生、陈和军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。 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。 立高食品股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日在巨潮资讯网披露 了《关于持股 5%以上股东股份减持计划的预披露公告》（公告编号：2025-033），公司股 东白宝鲲先生计划以集中竞价、大宗交易方式减持公司股份不超过2,500,000股（含本数）， 即不超过剔除回购专用账户股份数量后公司总股本的 1.50%；陈和军先生计划以集中竞 价、大宗交易方式减持公司股份不超过 2,700,000 股（含本数），即不超过剔除回购专用 账户股份数量后公司总股本的 1.62% 近日，公司收到股东白宝鲲先生、陈和军先生出具的《关于减持计划实施完成的告 知函》，截至本公告披露日，上述减持计划已实施完毕。现将具体情况公告如下： 一、股东减持情况 1、股东减持股份情 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于披露简式权益变动报告书的提示性公告 公司于近日收到股东立高兴、立高创、彭裕辉、赵松涛、彭永成共同出具的《简式 权益变动报告书》，具体内容详见公司同日披露于巨潮资讯网上的《简式权益变动报告 书》。 本次权益变动前后，信息披露义务人持有的公司股份数量具体情况如下： | 股 | | 本次权益变动前持有的股份 | | 本次权益变动后持有的股份 | | | | --- | --- | --- | --- | --- | --- | --- | | 东 名 | 股份性质 | 占剔除回 购专用账 | 占总股 | | 占剔除回 购专用账 | 占总股 | | 称 | | 股数（股） 户股份数 | 本比例 | 股数（股） | 户股份数 | 本比例 | | | | 量后总股 | | | 量后总股 | | | | | | 本比例 | | | 本比例 | | | --- | --- | --- | --- | --- | - ...