2025 年 5 月 21 日 行业研究 餐饮行业有望复苏，关注供应链相关标的 ——餐饮链板块跟踪报告 要点 25Q1 餐饮市场热度相较 24 年全年呈现缓慢复苏态势，门店数量有所增加。根 据章鱼小数据统计的餐饮热度均值，25Q1 餐饮市场相较 24 年全年呈现缓慢复 苏态势。分季度看，24 年前三季度餐饮市场消费相对疲软，24Q4 市场热度明显 提升，或受益于各地陆续发放餐饮消费券，同时节假日消费较为活跃。25Q1 餐 饮景气度环比略有回落，估计与春节假期影响有关，但对比 24 年全年仍处于修 复通道。结合社零数据来看，24 年春节后在前一年高基数下，全国餐饮收入同 比增速明显回落，25 年以来增速有所抬升，3 月社零餐饮收入/限额以上餐饮收 入同比分别为+5.6%/+6.8%、较 1-2 月亦有提速。从门店端来看，24 年前三季 度门店数量较为平稳，24Q4 开始餐饮门店数量有所提升，24Q4/25Q1 门店数 量环比增加 1.5%/1.8%，行业内部竞争依旧激烈。 25Q1 一线城市餐饮热度环比有所提升，政策刺激有望带动需求改善，门店端竞 争淘汰加剧。从不同层级城市来看，一线城市餐饮热度自 24Q4 以 ...

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].

经济信息 1、财政部数据显示，1—4月，全国一般公共预算收入80616亿元，同比下降0.4%。其中，全国税收收入65556亿元，同比下降2.1%；非税收入15060亿元， 同比增长7.7%。分中央和地方看，中央一般公共预算收入33928亿元，同比下降3.8%；地方一般公共预算本级收入46688亿元，同比增长2.2%。 2、国家网络与信息安全信息通报中心发布通告，经公安部计算机信息系统安全产品质量监督检验中心检测，在应用宝中35款移动应用存在违法违规收集使 用个人信息情况。通报中涉及不少AI应用，据通报，"智谱清言（版本 2.9.6）"等存在实际收集的个人信息超出用户授权范围；"Kimi（版本 2.0.8）"等涉及 实际收集的个人信息与业务功能没有直接关联。 3、乘联分会秘书长崔东树发文称，2025年4月月末全国乘用车行业库存350万辆，较上月增加15万辆，较2024年4月增12万辆，形成2025年行业库存持续拉升 的特征。 公司预警 海外预警 1、3连板百利电气：核聚变相关业务收入金额较小，2024年收入占比不足1%。 2、*ST宇顺：股价波动幅度较大，今起停牌核查。 3、美力科技：股东长江资本、王光明拟合计 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 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。 特别提示： 立高食品股份有限公司（以下简称"公司"）近日收到持股 5%以上股东白宝鲲先生、 陈和军先生出具的《股份减持计划告知函》。 白宝鲲先生、陈和军先生计划于本减持计划公告之日起 15 个交易日后的三个月内以 集中竞价交易、大宗交易的方式减持公司股份。其中，白宝鲲先生计划减持公司股份不 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%。 一、股东的基本情况 （一）白宝鲲先生的基本情况 立高食品股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 持股 5%以上股东白宝鲲先生、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。 ...

中信建投也指出，24年10月起，上海、杭州等地陆续推出餐饮消费券，3月北京亦发放餐饮消费券，关注政策逐步展开下旺季餐饮端需求复苏，行业库存 保持低位，低基数下后续回暖可期。 二、历史龙头表现 一、事件：《餐饮业促进和经营管理办法》实施 商务部、国家发改委5月16日联合发布的《餐饮业促进和经营管理办法》，将于2025年6月15日起实施。 据商务部介绍，本次《办法》修订大幅增加了餐饮业促进内容，包括大幅增加行业促进条款，增加餐饮业对外交流合作、数字化发展、标准制修订、地 方特色餐饮培育等方面的鼓励性条款；细化反食品浪费有关要求等。 值得注意的是，此次修订不仅注重了制度层面的完善，还强调了实践操作的可行性。通过细化各项要求和措施，为餐饮服务经营者提供了更加具体、可 操作的指导，有助于提升整个行业的服务水平和竞争力。 开源证券表示，展望2025年，餐饮行业可能具备修复机会： 一是宴席市场需求可能回暖，婚宴需求增加；二是类似餐饮消费券等补贴政策可能持续出台，强化餐饮需求；三是商务餐饮边际已略有回暖，如果经济 活跃度提升，后续商务餐饮需求可能持续增加。餐饮相关产业链如啤酒、调味品、速冻食品等行业可能带来机会，应适当予以关 ...

Group 1: Market Overview - The report highlights a favorable trading window due to the easing of US-China tariff tensions, suggesting a focus on "technology growth + consumer recovery" as the main investment themes [1][3][6] - The equity market has shown a recovery from the initial shock of tariff escalations, with major indices surpassing levels seen before the tariff disputes began [1][2] Group 2: Company Analysis - Times Electric (688187) - Times Electric is recognized as a leader in traction conversion systems for rail transit, with a diversified strategy that opens new growth avenues in emerging equipment [7][8] - The company is expected to benefit from ongoing maintenance of high-speed trains and the replacement of aging locomotives, with projected revenues and net profits for 2024 reaching 24.91 billion and 3.70 billion yuan, respectively, representing year-on-year growth of 13.42% and 21.77% [7][8] Group 3: Industry Insights - Food and Beverage - The food and beverage sector is experiencing a structural shift towards new consumption trends, with channel and product innovation driving performance in mass-market products [10][11] - The report recommends increasing holdings in high-growth consumer brands, particularly in the liquor and snack segments, as well as in the beverage sector, where single-product advantages are expected to continue [10][12] Group 4: Industry Insights - Coal - The coal market is seeing a decline in prices, with thermal coal prices dropping to 624 yuan per ton, a decrease of 2.5% from the previous week [33] - Inventory levels for thermal coal have increased, indicating a potential oversupply situation in the market [33][34] Group 5: Industry Insights - Oil and Gas - Oil prices have rebounded due to the easing of negative news regarding OPEC+ production increases and concerns over supply disruptions from new US sanctions on Iranian oil entities [36][38] - Brent crude oil prices rose from $62.13 to $64.53 per barrel between May 1 and May 15, marking a 4% increase [36][38]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 3.835 billion yuan in 2024, representing a year-on-year growth of 9.61% [8] - The net profit attributable to shareholders was 268 million yuan, with a significant increase of 266.94% year-on-year [8] - In Q1 2025, the company reported a revenue of 1.046 billion yuan, showing a growth of 15.11% compared to the previous year [8] Group 2: Brand Strategy and Market Positioning - The company utilizes the "Blue Stripe" branding to enhance brand recognition across its product lines [2][3] - The company focuses on B-end sales channels, with plans to cautiously evaluate C-end brand investments based on market conditions [3] Group 3: Product Development and Innovation - The company aims to enhance product innovation by focusing on large single products and customized offerings for top clients [5] - Plans to expand UHT cream production capacity to diversify product lines towards higher-end and cost-effective options [5] Group 4: Competitive Advantages - The company boasts strong technical and R&D capabilities, ensuring product quality and innovation [5] - A diverse product portfolio includes frozen baked goods and various baking ingredients, catering to a wide range of customer needs [5][10] - The company has established a comprehensive marketing network across multiple sales channels, reducing risks associated with reliance on a single channel [5][9] Group 5: Future Growth and Market Expansion - The company is optimistic about the long-term growth of the frozen baking industry, driven by rising consumer acceptance and diverse demand [10][11] - Plans to enhance international market presence, particularly in North America and Southeast Asia, with overseas revenue of approximately 64 million yuan in 2024, accounting for about 1.7% of total revenue [7][11] Group 6: Shareholder Returns and Financial Policies - The company plans to distribute cash dividends of approximately 1.77 billion yuan in 2024, representing 66.17% of the net profit attributable to shareholders [6] - The company maintains a cautious approach to dividend policies, balancing shareholder returns with operational needs [12]

看完如果有收获，可关注本号，设为星标☆ 冻品上市公司2024"成绩单"揭晓，增长变得愈发罕见，大面积下滑乃至亏损成了新常态。 诚然，增长很难，但实际情况也并未如外界想象的那般糟糕，行业内仍潜藏着诸多积极因素。一起来看下。 28家上市公司，仅8家营收净利双增长 2024年，下滑成了冻品行业新常态。 | | | | | 上市公司营收排行榜 | | | --- | --- | --- | --- | --- | --- | | 序号 | 124 | 营收 (亿元) | 营收同比 | 净利润 (亿元) | 净利润同比 | | | | | 速冻食品上市公司 | | | | 1 | 安井食品 | 151.27 | 7.70% | 14.85 | 0.46% | | 2 | 三全食品 | 66.32 | -6.00% | 5.42 | -27.64% | | 3 | 锅器 | 64.70 | 6.17% | 2.31 | -3.79% | | 4 | 广州酒家 | 51.24 | 4.55% | 4.94 | -10.29% | | 5 | 立高食品 | 38.35 | 9.61% | 2.68 | 266.94% | | ...

证券研究报告：食品饮料|深度报告 发布时间：2025-05-12 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 近期研究报告 《关注内需，建议积极布局（附重点标 的一季度预测）》 - 2025.04.14 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 18019.54 | | --- | --- | --- | | 52 | 周最高 | 19832.49 | | 52 周最低 | | 14118.56 | 行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 食品饮料 沪深30 ...

当前，全市场共有LOF基金172只（不同份额合并计算），截至今年一季度末，过去三年收益率超过 10%的仅有16只，而今年一季度同样保证了正收益的则仅有11只。 事实上，2025年开年以来科技与消费形成的双主线格局，背后也暗藏阿尔法分化的密码。在同一趋势赛 道下，基金管理人对细分行业的认知深度与组合风险管理能力，往往共同组成产品业绩韧性的决胜关 键。 把握主线掘金机遇 穿越四年的调整期，"消费之春"在2025年的资本市场重现萌发之势。一方面，中国财政政策持续发力提 振内需的大方向或更为明确，另一方面，随着市场波动加剧、不确定性的增强，"低预期低估值"+"消费 韧性特征下的价值企稳"可能获得资金青睐。 继前期"基金投资力测评"整体聚焦了主动权益消费基金后，基于美国滥征关税严重冲击全球贸易秩序引 发配置逻辑重构，此次测评将进一步聚焦LOF板块，并重点关注投资方向包含消费行业的权益类基金表 现。 从排名来看，过去三年涨幅最高的中欧科创LOF，区间收益率达到了33.21%。这一收益主要由今年一季 度25.46%的增长所贡献。作为一只投资领域明确在科技板块的产品，聚焦芯片股的做法，让基金展现 出了一定的业绩锐度。 具体来 ...