证券代码：300973 证券简称：立高食品 公告编号：2025-047 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于作废 2022 年限制性股票激励计划部分已授予尚未归属的 限制性股票的公告 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。 立高食品股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第三届董事 会第十五次会议和第三届监事会第十一次会议，审议通过《关于作废 2022 年限制性股票 激励计划部分已授予尚未归属的限制性股票的议案》，同意根据公司《2022 年限制性股 票激励计划》（以下简称《激励计划》）的有关规定，对 2022 年限制性股票激励计划（以 下称"本激励计划"）部分已授予但尚未归属的第二类限制性股票进行作废处理，现将 相关事项公告如下： 一、本激励计划已履行的审批程序 年限制性股票激励计划（草案）>及摘要的议案》《关于<2022 年限制性股票激励计划考 核管理办法>的议案》《关于提请股东大会授权董事会办理 2022 年限制性股票激励计划 有关事项的议案》《关于召开 2022 年第三次临时股东大会 ...

Core Viewpoint - Ligao Foods Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, reflecting strong growth in the frozen baking food sector and raw materials for baking [5][7]. Financial Performance - The company's operating income for the first half of 2025 was approximately 2.07 billion yuan, representing a 16.20% increase compared to 1.78 billion yuan in the same period of 2024 [7]. - The net profit attributable to shareholders was approximately 166.51 million yuan, up 33.28% from 124.93 million yuan year-on-year [7]. - Basic earnings per share increased by 27.64% to 1.0239 yuan from 0.8022 yuan in the previous year [7]. Industry Overview - The baking industry in China has seen rapid growth since the 1980s, with the retail market for baked goods exceeding 550 billion yuan in 2023, showing a nearly 10% year-on-year growth [8][9]. - The frozen baking food segment is emerging as a fast-growing sub-sector, driven by advancements in cold chain technology and the demand for cost-effective solutions in non-professional baking environments [9][10]. Company Positioning - Ligao Foods specializes in the research, production, and sales of frozen baked goods and baking raw materials, holding a leading position in the industry with over 600 product specifications [12][13]. - The company has established large production bases in Guangdong, Zhejiang, and Henan, enhancing its operational efficiency and customer service capabilities [11][13]. Product Offerings - The product range includes frozen baked goods such as mochi, tart shells, donuts, and frozen cakes, as well as raw materials like creams, fruit products, sauces, oils, and meat floss [12][15]. - The company has developed a diverse array of cream products, including high-end UHT cream launched in 2023, which has received positive market feedback [16]. Marketing and Sales Strategy - Ligao Foods has built a comprehensive marketing network across all provinces in China, collaborating with nearly 1,400 distributors and over 500 direct customers [12]. - The company employs a mixed sales model combining distribution and direct sales, allowing for efficient market coverage and responsiveness to customer needs [26].

| 要 | | | --- | --- | | 证券代码：300973 证券简称：立高食品 | 公 | | 告编号：2025-046 | | | 债券代码：123179 债券简称：立高转债 | | | 立高食品股份有限公司 2025 年半年度报告摘要 | | | 一、重要提示 | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | 资者应当到证监 | | | 会指定媒体仔细阅读半年度报告全文。 | | | 所有董事均已出席了审议本报告的董事会会议。 | | | 非标准审计意见提示 | | | □适用 ?不适用 | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | □适用 ?不适用 | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | 董事会决议通过的本报告期优先股利润分配预案 | | | □适用 ?不适用 | | | 二、公司基本情况 | | | 股票简称 立高食品 | 股票代码 300973 | | 股票上市交易所 深圳证券交易所 | | | 联系人和联系方式 董事会秘书 | 证券事务代 | | 表 ...

Group 1 - The board of directors of Lihigh Food Co., Ltd. held its 15th meeting of the third session on August 28, 2025, with all six directors present, confirming the legality and validity of the meeting [1] - The board approved the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's actual situation without any false records or misleading statements [2] - The board also approved a special report on the management and use of raised funds for the first half of 2025, confirming compliance with relevant regulations and no misuse of funds [2] Group 2 - The board decided to annul certain unvested restricted stocks from the 2022 incentive plan, following the relevant provisions of the plan [3] - The board approved the permanent allocation of surplus raised funds amounting to 18.19 million yuan to supplement working capital for daily operations, enhancing the efficiency of fund usage [4] - The board agreed to add "Guangzhou Aokun Food Co., Ltd." and "Guangzhou Aokun Food Co., Ltd. Zengcheng Branch" as implementation entities for the headquarters project while adjusting the internal investment structure without changing the investment scale or location [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark index within the next six months [5][15]. Core Views - The company reported a robust revenue growth of 16.20% year-on-year for H1 2025, reaching 2.07 billion yuan, with a net profit increase of 26.24% to 171 million yuan [2][3]. - The growth in revenue is primarily driven by the high demand for baking raw materials and innovative channels, with significant contributions from frozen baking products and sauces [3][4]. - The company has successfully optimized its cost structure, leading to an improvement in net profit margins, with a net profit margin of 8.25% for H1 2025, up by 0.66 percentage points year-on-year [4]. Financial Performance Summary - For H1 2025, the company achieved revenues of 2.07 billion yuan, with a breakdown of product revenues showing significant growth in various segments: frozen baking (1.13 billion yuan, +6.08%), cream (558 million yuan, +28.70%), and sauces (142 million yuan, +36.45%) [3]. - The company’s gross margin for H1 2025 was 30.35%, showing a slight decline from the previous year, but a recovery trend was noted in Q2 with a gross margin of 30.72% [4]. - The report projects net profits for 2025 to reach 356 million yuan, reflecting a year-on-year growth of 33% [5][6]. Strategic Execution - The company has effectively executed its strategy focusing on multi-channel and multi-category development, enhancing its competitive advantage through a broad marketing network and diverse product offerings [4]. - The strategic partnerships with key clients and tailored service approaches have contributed to the company's operational efficiency and revenue growth from new products, which accounted for over 10% of total revenue in H1 2025 [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 62.4 yuan [1]. Core Views - The company is experiencing sustained operational prosperity and improved efficiency, with clear growth drivers for the future. The second quarter of 2025 showed resilience in earnings despite cost fluctuations, and the long-term profit margin is expected to continue to improve [5][6]. Financial Performance Summary - **Revenue Forecasts**: - Total revenue is projected to grow from 3,835 million yuan in 2024 to 5,534 million yuan in 2027, with year-on-year growth rates of 9.6%, 15.1%, 12.4%, and 11.5% respectively [1]. - **Net Profit Forecasts**: - Net profit attributable to shareholders is expected to increase from 268 million yuan in 2024 to 526 million yuan in 2027, with significant growth rates of 266.9%, 31.2%, 23.0%, and 21.6% respectively [1]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.58 yuan in 2024 to 3.10 yuan in 2027, reflecting the company's improving profitability [1]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 31 times in 2024 to 16 times in 2027, indicating a more attractive valuation as earnings grow [1]. Operational Insights - **Revenue Growth Drivers**: - The company benefited from high growth in products such as cream and sauces, with Q2 2025 revenue increasing by 18.4% year-on-year. The revenue from various product segments showed diverse growth rates, with sauces growing by 36.5% and other baking ingredients by 63.8% [5]. - **Cost Management**: - Despite a decline in gross margin due to rising raw material costs, the company has optimized its cost structure, leading to improved profitability in Q2 2025. The gross margin was reported at 30.7%, with a slight recovery from Q1 [5][6]. - **Efficiency Improvements**: - The company has focused on enhancing production line management and R&D efficiency, which has contributed to a significant portion of revenue from new products. The management's efforts in cost control have also been evident, with reductions in various expense ratios [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown robust revenue growth and continuous improvement in operational quality, with a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 16.20% [5] - The company is expected to benefit from the rapid growth of the baking industry and the diversification of sales channels, with projected revenues of 4.46 billion yuan, 5.04 billion yuan, and 5.58 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 16%, 13%, and 11% [5][6] Revenue and Profitability - The company's revenue for 2023 was 3.50 billion yuan, with a projected increase to 3.83 billion yuan in 2024, and further growth to 4.46 billion yuan in 2025 [3] - The net profit attributable to the parent company is forecasted to rise from 268 million yuan in 2024 to 343 million yuan in 2025, and 408 million yuan in 2026, indicating a year-on-year growth of 28% for 2025 [3][6] - The gross profit margin for H1 2025 was 30.35%, with a net profit margin of 8.25%, showing an improvement in profitability despite a slight decrease in gross margin compared to the previous year [5] Product and Channel Performance - The revenue structure indicates that frozen baked goods accounted for approximately 55% of total revenue, with a year-on-year growth of about 6%, while baking ingredients (cream, sauces, etc.) contributed around 45% with a growth of over 30% [5] - The company has successfully launched new products in key retail channels, achieving nearly 30% growth in supermarket sales, and over 40% growth in innovative channels such as restaurants and new retail [5] Financial Projections - The earnings per share (EPS) is projected to increase from 1.58 yuan in 2025 to 2.79 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 23.9, 20.0, and 17.3 for the respective years [3][6] - The company’s return on equity (ROE) is expected to improve from 10% in 2024 to 12.8% in 2027, indicating enhanced profitability and efficiency [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19]. Core Views - The company's revenue for the first half of 2025 reached 2.07 billion yuan, a year-on-year increase of 16.20%, with a net profit attributable to shareholders of 171 million yuan, up 26.24% year-on-year [1][7]. - The company has seen strong performance in cream and sauce products, contributing to improved profitability [3][12]. - The company is actively adapting to channel changes and enhancing product offerings to meet market demands, focusing on major retail clients and new product launches [12][3]. Financial Performance - In the first half of 2025, the gross profit margin was 30.4%, a decrease of 2.2 percentage points year-on-year, primarily due to changes in product mix and declining margins in cream and sauce categories [2][10]. - The sales and management expense ratios decreased to 10.6% and 5.6%, respectively, both down approximately 1.4 percentage points year-on-year, indicating improved cost management [2][10]. - The net profit margin increased by 0.7 percentage points year-on-year to 8.2% in the first half of 2025 [2][10]. Revenue and Profit Forecast - The company is expected to achieve revenues of 4.41 billion, 4.90 billion, and 5.35 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.1%, 11.0%, and 9.3% [3][14]. - The forecasted net profits for the same period are 340 million, 400 million, and 450 million yuan, with year-on-year growth rates of 25.4%, 19.5%, and 11.9% [3][14]. - The earnings per share (EPS) are projected to be 1.98, 2.37, and 2.65 yuan for 2025, 2026, and 2027, respectively [3][14]. Market Position and Strategy - The company is focusing on leveraging its strengths in cream and sauce products while expanding its presence in supermarkets and new retail channels [12][3]. - The company has established partnerships with several major retail chains to supply a variety of products, including tea drinks and ice cream [12][3].

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 16.20%. The net profit attributable to shareholders was 171 million yuan, up 26.24% year-on-year [10] - The company is focusing on enhancing its product matrix, particularly in the cream product segment, which has shown significant growth [10] - The report indicates that the company is expected to maintain stable revenue growth, with an upward adjustment in profit forecasts for 2025-2027 [10] Financial Performance Summary - Total revenue projections for the company are as follows: 3,499 million yuan in 2023, 3,835 million yuan in 2024, 4,457 million yuan in 2025, 5,017 million yuan in 2026, and 5,515 million yuan in 2027, with year-on-year growth rates of 20.22%, 9.61%, 16.20%, 12.58%, and 9.93% respectively [1] - The net profit attributable to shareholders is projected to be 73.03 million yuan in 2023, 267.97 million yuan in 2024, 363.64 million yuan in 2025, 440.34 million yuan in 2026, and 504.07 million yuan in 2027, with year-on-year growth rates of -49.21%, 266.94%, 35.70%, 21.09%, and 14.47% respectively [1] - The latest diluted EPS is expected to be 0.43 yuan in 2023, 1.58 yuan in 2024, 2.15 yuan in 2025, 2.60 yuan in 2026, and 2.98 yuan in 2027 [1] Product and Channel Performance - In H1 2025, the revenue from various product segments was as follows: frozen baked goods 1.13 billion yuan, cream 560 million yuan, fruit products 80 million yuan, sauces 140 million yuan, and other baking materials 150 million yuan, with year-on-year growth rates of 6.1%, 28.7%, 7.7%, 36.5%, and 63.8% respectively [10] - The distribution channels showed that the circulation channel accounted for nearly 50% of revenue, remaining stable year-on-year, while the supermarket channel's revenue share was about 30%, increasing nearly 30% year-on-year [10]