2026 年 1 月 26 日 公司研究 利润短期波动，旺季加快备货 ——立高食品（300973.SZ）跟踪点评 要点 事件：立高食品发布 2025 年度业绩预告，公司预计 25 年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%，预计归母净利润 3.11-3.31 亿元， 同比增长 16.06%-23.52% ，扣非净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。按照区间中位数，估计 25Q4 实现总营收 11.95 亿元，同比增 长 6.92%，归母净利润 0.73 亿元，同比增长 12.79%。此外我们近期跟踪公司 经营情况，更新观点如下： 高基数下 25Q4 收入增速放缓，促销/奖励费用影响当期利润。1）短期看，公司 25Q4 收入端同比增速环比放缓，估计与 24Q4 同期基数较高、26 年春节较晚存 在旺季错期等因素有关。为提前抢占市场份额、保证各渠道旺季供应，公司在 25Q4 加快备货节奏，11 月中旬后即开始提前备货，同时采取相关返利促销/奖 励方案，以提高销售团队和经销商客户积极性。全年来看，公司 25 年收入实现 双位数以上增长，其中核心 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Summary of the Conference Call for Lihigh Food Co., Ltd. Company Overview - Lihigh Food Co., Ltd. is a large publicly listed company engaged in the research, production, and sales of baking food ingredients and frozen baked goods. The company is headquartered in Guangzhou and operates three business divisions: Lihigh Food, Aokun Food, and Haodao Food (Meihuang) [3][3][3]. - The company has multiple production bases across South China, East China, North China, and overseas, with an annual production capacity of several hundred thousand tons and over 650 product specifications [3][3][3]. - Lihigh Food has been dedicated to the research and production of frozen baked goods since 2000 and aims to establish six large production bases and technology R&D centers in key regions [3][3][3]. Key Points from the Conference Call Raw Material Management - The procurement management department continuously monitors the price trends of bulk raw materials and flexibly decides on replenishment based on the remaining inventory [8][8][8]. Product Innovation and Market Competition - The company has developed new domestic cream products that are currently in trial sales, receiving positive feedback, particularly in performance compared to EU-imported brands. Marketing activities will follow [9][9][9]. - Innovation in baking products is most successful through core supermarket channels, where new products can quickly reach a large consumer base. The company emphasizes quality over quantity, with the top 100 products accounting for over 90% of total sales [11][11][11]. Customization and Organizational Structure - The company has improved its customization capabilities, with a significant increase in the proportion of customized business in 2025. Major key account clients are already engaging in customized solutions [12][12][12]. - The collaboration among the three main centers (Product, Supply Chain, and Marketing) has improved service efficiency and market responsiveness, addressing previous issues of inventory and production balance [12][12][12]. Financial Management and Cost Outlook - The company focuses on enhancing the efficiency of expense inputs rather than merely cutting costs. All major expenditures are guided by strategic planning and periodic reviews [14][14][14]. - The company has established a three-tiered cash management system to handle fluctuations in downstream demand, ensuring overall financial control [18][18][18]. Market Expansion and Future Goals - The overseas market is a strategic focus, with Southeast Asia and North America as key sales regions. The company achieved over 100 million in overseas sales in 2025, meeting its annual target [17][17][17]. - Lihigh Food aims to become a world-class food enterprise with a focus on baking, aspiring to sustain its operations for over 500 years [16][16][16]. Channel Development - The company recognizes the importance of adapting to changes in the bakery market and aims to diversify its channels to support growth. The development of the cake shop channel will depend on the operators' capabilities [20][20][20]. Additional Insights - The company is cautious about entering the snack retail market due to the lack of baking equipment in most stores and the high costs associated with fresh baking [14][14][14]. - The company is actively pursuing the establishment of new production lines for raw material products, ensuring they meet market demand and internal material substitution potential [15][15][15]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Lihigh Food's operational strategies, market positioning, and future aspirations.

Group 1 - The core viewpoint of the article is that Lihigh Food is focusing on expanding its overseas market, particularly in Southeast Asia and North America, with a target of exceeding 100 million yuan in overseas sales by 2025, thereby achieving its annual sales plan goals [1] Group 2 - The company has identified overseas markets as one of its strategic business areas [1] - The emphasis on Southeast Asia and North America indicates a targeted approach to market expansion [1] - The goal of surpassing 100 million yuan in overseas sales reflects the company's commitment to growth and market penetration [1]

Core Viewpoint - Ligao Foods has introduced a new cream product that is currently in the trial sales phase, receiving positive feedback from customers and demonstrating performance comparable to EU-imported brands [1] Group 1 - The new cream product has entered the trial sales stage [1] - Customer feedback on the new product is largely positive [1] - The product's performance is comparable to that of imported brands from the EU [1] Group 2 - The company plans to launch a series of marketing activities to promote the new product [1] - The initiative is part of a broader strategy to advance the process of domestic substitution [1]

Group 1: Company Overview and Strategy - Lihigh Food Co., Ltd. aims to become a world-class food enterprise with a focus on baking, aspiring to last for over 500 years [10] - The company has successfully completed its overseas sales target for 2025, achieving over 100 million in sales in Southeast Asia and North America [11] Group 2: Product Development and Innovation - The company has introduced new cream products that are currently in trial sales, receiving positive feedback, particularly in performance compared to EU imports [2][3] - The top 100 products account for over 90% of the company's total sales, indicating that quality is more critical than quantity for growth [3] Group 3: Customization and Market Adaptation - Customization capabilities have improved significantly, with a notable increase in the proportion of customized business in 2025 [4] - The company is adapting to market changes by diversifying channels, which has contributed to growth in 2024-2025 [14] Group 4: Financial Management and Cost Efficiency - The company maintains a three-tiered cash management system to ensure liquidity and manage fluctuations in downstream demand [12] - Investment in expenses is focused on improving efficiency rather than merely cutting costs, with a strategic approach to large expenditures [6][7] Group 5: Channel Development and Challenges - The company is exploring opportunities in the snack retail sector, although challenges exist due to the lack of baking equipment in most stores [8] - The development of the cake shop channel relies heavily on the operators' capabilities, with ongoing adjustments to meet market demands [14]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 2026 年第一次临时股东会决议公告 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.本次股东会没有出现否决议案的情形。 2.本次股东会不涉及变更前次股东会决议。 （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。 本次股东会通过深圳证券交易所交易系统和互联网投票系统向社会公众股 股东提供网络形式的投票平台。 一、会议召开情况 （一）会议召开时间 （1）现场会议：2026年1月23日（星期五）14:30 （2）网络投票：2026年1月23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2026年1月23日（星期五）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2026 年1月23日（星期五）上午9:15 ...

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 2026 年第一次临时股东会的 法律意见书 国枫律股字［2026］A0025 号 致：立高食品股份有限公司（贵公司） 北京国枫律师事务所（以下称"本所"）接受贵公司的委托，指派律师出席 并见证贵公司 2026 年第一次临时股东会（以下称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中 华人民共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以 下称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下 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 程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的 ...

Market Performance - The leisure food sector increased by 0.73% compared to the previous trading day, with "Good Idea" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Good Idea" (002582) closed at 16.18, up 6.03% with a trading volume of 698,800 shares and a transaction value of 1.123 billion yuan [1] - "Wancheng Group" (300972) closed at 219.50, up 3.51% with a transaction value of 601 million yuan [1] - "Lihigh Food" (300973) closed at 46.56, up 1.77% with a transaction value of 155 million yuan [1] - "Nanjiao Food" (605339) closed at 18.94, up 1.39% with a transaction value of 47.9721 million yuan [1] - "Purple Lotus Food" (603057) closed at 29.69, up 1.19% with a transaction value of 224 million yuan [1] - "Three Squirrels" (300783) closed at 24.50, up 0.82% with a transaction value of 221 million yuan [1] - "Maiqu'er" (002719) closed at 9.21, up 0.66% with a transaction value of 52.3833 million yuan [1] - "Liangpinpuzi" (603719) closed at 12.12, up 0.33% with a transaction value of 48.7241 million yuan [1] - "Guifaxiang" (002820) closed at 12.63, up 0.32% with a transaction value of 84.7587 million yuan [1] - "Ganyuan Food" (002991) closed at 62.82, up 0.05% with a transaction value of 59.5207 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 112 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [2] - The capital flow for individual stocks shows varying trends, with "Wancheng Group" having a net inflow of 9.9595 million yuan from institutional investors [3] - "Lihigh Food" had a net inflow of 295.83 million yuan from retail investors, while "Salted Fish" (002847) saw a net outflow of 2.19959 million yuan from institutional investors [3]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].