Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 3.835 billion yuan in FY24, representing a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% year-on-year [2] - The growth in revenue and profit is driven by the rapid expansion of UHT cream products and a recovery in frozen baked goods in Q1 2025 [3][4] - The company has shown initial effects of cost control, leading to an improvement in profit margins [5][6] - The company is expected to continue to release profit elasticity through product and channel expansion, particularly in the UHT cream segment and supermarket channels [7] Financial Performance Summary - In FY24, the company reported revenues of 3.835 billion yuan, with a net profit of 268 million yuan, and a gross margin of 31.5% [8][11] - The company’s revenue forecast for 2025 and 2026 has been adjusted to 4.457 billion yuan and 5.170 billion yuan, respectively, with EPS estimates revised to 1.96 yuan and 2.40 yuan [8][11] - The company’s net profit margin for FY24 was 6.99%, reflecting a year-on-year increase of 4.90 percentage points [6]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 3.835 billion yuan in FY24, representing a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% year-on-year [2] - The growth in revenue and profit is driven by the rapid expansion of UHT cream products and a recovery in frozen baked goods in Q1 2025 [3][4] - The company has shown initial success in cost control, leading to an improvement in profit margins [5][6] - The forecast for revenue in 2025 and 2026 has been adjusted to 4.457 billion yuan and 5.170 billion yuan respectively, with EPS estimates increased to 1.96 yuan and 2.40 yuan [8] Summary by Sections Financial Performance - In FY24, the company reported revenues of 3.835 billion yuan, with a net profit of 268 million yuan, marking a significant increase from the previous year [2] - For Q1 2025, the company achieved revenues of 1.046 billion yuan, a year-on-year increase of 14.13%, and a net profit of 88 million yuan, up 15.11% [2] Product and Regional Performance - Revenue from frozen baked goods, cream, fruit products, sauces, and other baking materials showed varied performance, with cream products experiencing a 61.75% increase [3] - The company’s revenue by region in FY24 showed growth in most areas, particularly in East China and overseas markets [3] Cost Control and Profitability - The gross margin for FY24 was 31.47%, with a slight decrease in Q1 2025 to 29.99% due to changes in channel and product structure [5] - The company has successfully reduced its selling and management expense ratios, indicating effective cost control measures [5][6] Future Outlook - The company plans to expand its product matrix for UHT cream and enhance its collaboration with top clients in retail channels, which is expected to drive further growth [7] - The revenue forecasts for 2025 and 2026 have been revised downwards, while EPS estimates have been increased, reflecting a more optimistic view on profitability [8]

Core Viewpoint - The company has shown significant growth in revenue and net profit for the fiscal year 2024, driven by strong performance in UHT cream products and a recovery in frozen baked goods in Q1 2025 [1][2][3]. Financial Performance - For FY 2024, the company achieved revenue of 3.835 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% [1]. - In Q4 2024, revenue reached 1.118 billion yuan, reflecting a year-on-year growth of 21.99%, with net profit of 65 million yuan, up 175.96% [1]. - In Q1 2025, revenue was 1.046 billion yuan, a year-on-year increase of 14.13%, with net profit of 88 million yuan, up 15.11% [1]. Product Performance - Revenue from various product lines in FY 2024 included frozen baked goods (2.133 billion yuan, -3.53%), cream (1.058 billion yuan, +61.75%), fruit products (166 million yuan, -11.34%), sauces (225 million yuan, -3.58%), and other baking materials (226 million yuan, +20.66%) [2]. - The UHT cream products achieved nearly 500 million yuan in sales for FY 2024, indicating strong market demand [2]. Regional Performance - Revenue by region for FY 2024 showed varied performance: South China (1.530 billion yuan, -4.00%), East China (1.000 billion yuan, +17.38%), Central China (378 million yuan, +19.05%), North China (310 million yuan, +27.24%), Southwest (303 million yuan, +15.31%), Northwest (107 million yuan, -3.73%), Northeast (133 million yuan, +20.36%), and overseas (64 million yuan, +12491.06%) [2]. Cost and Profitability - The gross margin for FY 2024 was 31.47%, with a slight increase compared to the previous year [4]. - The company has successfully reduced its expense ratios in sales, management, and R&D, contributing to improved profitability [4]. - The net profit margin for FY 2024 was 6.99%, reflecting a year-on-year increase of 4.90 percentage points [5]. Future Outlook - The company is expected to continue its growth trajectory in both product and channel expansion, particularly in UHT cream and frozen baked goods [6][7]. - Cost control measures are anticipated to further enhance profit margins in upcoming quarters [7]. Investment Recommendations - Revenue forecasts for 2025 and 2026 have been adjusted to 4.457 billion yuan and 5.170 billion yuan, respectively, with EPS estimates revised to 1.96 yuan and 2.40 yuan for the same years [8].

Group 1 - A total of 26 companies were investigated by institutions on May 26, with 20 companies specifically targeted by funds [1] - The most popular company among funds was Cankin Technology, which had 13 participating funds, followed by Greebo and Hars, each with 12 funds [1] - The companies investigated belong to various sectors, including electronics, machinery, basic chemicals, and pharmaceutical biology, with three stocks from each of these sectors being highlighted [1] Group 2 - Among the companies investigated, four had a total market capitalization exceeding 50 billion yuan, with BOE Technology Group being one of them, while ten companies had a market cap below 10 billion yuan [1] - In terms of market performance, eight stocks among the investigated companies saw an increase in the last five days, with Kailer Co., Zhongsheng Pharmaceutical, and Zhongchumei leading with increases of 21.62%, 7.52%, and 5.76% respectively [1] - Conversely, twelve stocks experienced declines, with Jiangnan Yifan, Tangyuan Electric, and Greebo showing the largest drops of 5.68%, 4.34%, and 3.89% respectively [1] Group 3 - The funds that participated in the investigations included significant net inflows, with Zhongsheng Pharmaceutical receiving a net inflow of 122 million yuan, the highest among the stocks [2] - Other companies with notable net inflows included Haida Group and Kailer Co., with net inflows of 36.68 million yuan and 11.77 million yuan respectively [2] - The table of companies investigated includes various details such as stock codes, latest closing prices, five-day price changes, and industry classifications [2][3]

Group 1: Product Development and Sales Performance - The first UHT cream product, 360pro, launched in mid-2023, has achieved good sales results, with total sales for the UHT product line reaching nearly 500 million yuan in 2024, nearly doubling year-on-year growth [2][4] - The company plans to expand its cream product matrix across high, medium, and low tiers [2][4] - The company is exploring the snack channel, which is still in the early stages, requiring adaptation to long shelf-life products [2][3] Group 2: Production and Supply Chain - The second cream production line has been designed to accommodate multiple products, allowing for co-production without significant capital expenditure unless capacity becomes insufficient [4][5] - The company has established production bases in Huzhou, Zhejiang, and Xinxiang, Henan, enhancing its national distribution capabilities [9][10] Group 3: Market Opportunities and Channel Strategy - The baking market is still in the popularization stage, with significant opportunities in third and fourth-tier cities, where various baking formats are emerging [5][6] - The company sees the restaurant channel as a major opportunity for future growth, alongside traditional retail channels [6][7] - The company will continue to focus on traditional baking channels while investing more resources in the restaurant and supermarket sectors [8][9] Group 4: Competitive Landscape and Product Positioning - The company emphasizes the importance of providing comprehensive services alongside products, as B2B clients are knowledgeable and demand quality [6][8] - There is a recognition that traditional competitors have made significant efforts in product quality and diversity, with some focusing on niche markets rather than new product introductions [7][8] Group 5: Regional Growth and Future Planning - The company has seen significant revenue growth outside of South China, aligning with its national expansion strategy [9][10] - Future revenue targets will be supported by the company's logistics capabilities and production base distribution [9][10]

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于立高食品股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字［2025］A0290 号 致：立高食品股份有限公司（贵公司） 一、本次会议的召集、召开程序 （一）本次会议的召集 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管 理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执 业规则》"）等相关法律、行政法规、规章、规范性文件及《立高食品股份有限公司章程》 （以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席 会议人员资格、会议表决 ...

立高食品股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不涉及变更前次股东大会决议。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | （一）会议召开时间 （1）现场会议：2025年5月26日（星期一）14:00 （2）网络投票：2025年5月26日。其中，通过深圳证券交易所交易系统进行 网络投票的时间为2025年5月26日（星期一）上午9:15-9:25、9:30-11:30和下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为2025年 5月26日（星期一）上午9:15至下午15:00期间的任意时间。 （二）现场会议召开地点：广州市增城区石滩镇兴石一路3号3A楼立高食品 会议室。 （三）会议召集人 公司董事会。 （四）投票方式 本次会议采取现场投票与网络投票相结合的方式召开。 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5][33]. Core Insights - The restaurant industry is expected to gradually recover, with a slow recovery trend observed in Q1 2025 compared to the entire year of 2024, as indicated by an increase in store numbers and market heat [1][13]. - The first quarter of 2025 saw a slight decline in restaurant market sentiment compared to the previous quarter, likely influenced by the Spring Festival holiday, but remains in a recovery phase compared to the full year of 2024 [1][13]. - The report highlights a significant increase in restaurant store numbers in first-tier cities, with a 3.6% increase from Q4 2024 to Q1 2025, driven by the issuance of dining vouchers [2][16]. - The trend towards affordable dining continues, with restaurants priced under 50 yuan per person accounting for 70% of the total store count as of Q1 2025, reflecting a shift towards low-cost, high-value dining options [3][26]. Summary by Sections Restaurant Industry Recovery - Q1 2025 shows a slow recovery in the restaurant market, with a 1.8% increase in store numbers compared to Q4 2024, despite a competitive environment [1][13]. - The overall restaurant income growth rate has improved, with March 2025 showing a year-on-year increase of 5.6% in total retail dining income [1][13]. First-tier City Performance - First-tier cities have seen an increase in restaurant heat since Q4 2024, with a 3.6% increase in store numbers in Q1 2025, aided by government policies [2][16]. - The report notes a mixed performance in second and third-tier cities, with store numbers remaining relatively stable [2][16]. Consumer Trends - The report emphasizes the continued expansion of low-cost dining options, with a notable increase in stores priced under 50 yuan, while mid-range dining options have seen a slight decline [3][26]. - The opening rates for affordable dining categories such as noodle shops and snacks remain high, indicating strong consumer demand for budget-friendly options [2][21]. Investment Recommendations - The report suggests focusing on upstream supply chain-related companies, highlighting specific firms such as Lihigh Food, which reported a 14% year-on-year revenue growth in Q1 2025 [4][31]. - Other recommended companies include Anjii Food and Qianwei Central Kitchen, both of which are adapting to market conditions and focusing on product innovation [4][31].

Core Viewpoint - The major shareholders of Lihigh Food, Bai Baokun and Chen Hejun, have announced a plan to reduce their holdings in the company, which will not affect the company's control or governance structure [1][2]. Shareholder Reduction Plan - Bai Baokun plans to reduce his holdings by up to 2,500,000 shares, representing a maximum of 1.50% of the total share capital after excluding repurchased shares [1]. - Chen Hejun intends to reduce his holdings by up to 2,700,000 shares, accounting for a maximum of 1.62% of the total share capital after excluding repurchased shares [1]. - As of the announcement date, Bai Baokun holds 16,411,000 shares (9.69% of total shares) and Chen Hejun holds 10,858,500 shares (6.41% of total shares) [1]. Company Governance - Bai Baokun and Chen Hejun are not the controlling shareholders or actual controllers of the company and have no related party relationships with the company's major shareholders [2]. - The reduction will not lead to any changes in the company's control or governance structure [2]. Fundraising and Financials - Lihigh Food raised a total of 119.74 million yuan, with a net amount of 110.59 million yuan after deducting issuance costs, which is 18.22 million yuan less than originally planned [3]. - The funds were intended for various projects, including production base expansions and research center construction [3]. - The total issuance costs amounted to 9.15 million yuan, with the lead underwriter receiving 7.18 million yuan [4]. - The company also issued convertible bonds, raising a total of 950 million yuan, with a net amount of approximately 937.84 million yuan after costs [4]. - The cumulative fundraising from both stock issuance and convertible bonds amounts to 2.15 billion yuan [5].