Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Investment Rating - The report maintains a positive investment rating for the restaurant supply chain sector, suggesting increased attention due to signs of demand recovery and growth potential for quality companies [2][38]. Core Insights - The restaurant supply chain sector is experiencing a shift where companies are transitioning from being mere supporters to active drivers of innovation and demand, highlighting the importance of R&D and innovation capabilities [10][22]. - The industry is witnessing a structural opportunity as the chain restaurant rate continues to rise, with expectations for further growth in the coming years [18][10]. - Current valuations in the sector are at historically low levels, indicating potential for recovery as demand improves [30][34]. - The report emphasizes the importance of mergers and acquisitions as companies seek to enhance their competitive positions and bind key customers [22][24]. Summary by Sections Industry Status - Overall demand in the restaurant sector remains weak, but signs of recovery are evident, particularly during holiday periods [10][11]. - The restaurant supply chain industry is projected to maintain a compound annual growth rate of over 15% in the next three years, outperforming the broader restaurant market [14][10]. Company Changes - Companies are increasingly focusing on R&D and innovation to meet the evolving demands of chain restaurants, which require standardized and stable supply [22][10]. - Mergers and acquisitions are being utilized to strengthen customer relationships and enhance resource capabilities [24][22]. - New retail channels are being explored to drive growth, with companies expanding into high-end and online markets [25][10]. Valuation Analysis - The current valuation of the sector is below the 20th percentile of the past decade, suggesting significant upside potential as demand recovers [34][30]. - The report notes that the valuation decline over the past five years has been primarily due to reduced demand and high initial valuations [30][34]. Investment Recommendations - The report suggests increasing focus on specific companies such as Haidilao, Angel Yeast, and others, which are expected to benefit from demand recovery and improved operational performance [38][39].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

Group 1 - The company announced the election of Mr. Wang Shijia as the employee representative director of the third board of directors during the employee representative assembly held on November 13, 2025 [2]

Group 1 - The food and beverage industry is entering its most important sales window, with capital expenditure growth of 15.15% year-on-year in November 2025, indicating proactive market positioning by listed companies [1] - The industry is experiencing a structural recovery, with significant online sales growth in the liquor sector during the National Day and Mid-Autumn Festival, including over 100% year-on-year growth on JD's platform and a 58% increase on Douyin [1] - Institutional research activity has surged, with 202 total investigations in the food and beverage sector over the past three months, particularly in the snack and seasoning segments [1] Group 2 - Individual companies such as Chongqing Fuling Zhacai, Angel Yeast, and Xiangpiaopiao have been the focus of institutional attention, each receiving multiple investigations in the last three months [2] - Li Gao Food's third-quarter earnings call attracted 88 institutions, showcasing a nearly 40% year-on-year growth in new channel revenue, indicating strong growth momentum [2] Group 3 - Companies are innovating in products, channels, branding, and supply chain capabilities to capitalize on the consumption peak, with examples including Jiu Gui Jiu's successful product launch and Jin Zai Food's channel innovation strategy [3] - Yanjinpuzi is leveraging local sports events to enhance brand visibility and sales, while ensuring stable production orders in preparation for the upcoming peak season [3] Group 4 - Absolute Food is optimizing its supply chain and market dispatch mechanisms to address regional demand fluctuations and market changes, ensuring stable product supply [4] - Research indicates that product innovation and new channel development are key growth strategies for consumer goods companies, with expectations of a fundamental turning point and policy catalysts for traditional consumer categories [4]

Group 1: Business Strategy and Growth - The company focuses on a product manager responsibility system based on production lines, aiming to identify and overcome bottlenecks for strategic investments [2][3] - The company plans to enhance its product sales channels and consumer demand research to tap into the market potential of its major products [3] - With the completion of a new facility, the company expects improvements in production scale and efficiency [3] Group 2: Market Trends and Competition - The baking industry is currently in a popularization phase, leading to changes in traditional business models, with strong demand from the restaurant channel for innovative products [4] - The company does not compare its investments with competitors but focuses on analyzing its market investment efficiency [4][5] - The company is already engaged in the supermarket channel and has a dual supply system for direct and distributor sales [5] Group 3: Innovation and Product Development - Key innovations in the cream industry include sourcing quality raw materials, advanced production lines, and high-quality formulations [6] - The company has established a joint venture with Feihe to secure advantages in raw material sourcing [6] Group 4: Raw Material Management - The company employs a quarterly locking strategy for bulk raw material purchases to mitigate price fluctuations [7] - Sufficient sugar has been procured in advance, with plans to lock in prices if market trends indicate an increase [8] Group 5: Production Capacity and Utilization - The current average annual production capacity utilization rate is approximately 70%, with plans to enhance this following the relocation of the Nansha factory [9] - The company prefers to engage in common market activities rather than pursuing unique strategies that competitors may avoid [9] Group 6: Pricing Strategy - The company's pricing strategy is influenced by customer pricing strategies rather than direct adjustments to its own product prices [9]

每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 （记者 曾健辉） 每经AI快讯，立高食品（SZ 300973，收盘价：44.94元）11月13日晚间发布公告称，公司第三届第十九 次董事会会议于2025年11月13日在公司会议室以现场结合通讯形式召开。会议审议了《关于补选公司第 三届董事会战略委员会委员的议案》等文件。 2025年1至6月份，立高食品的营业收入构成为：烘焙食品行业占比99.43%，其他业务占比0.57%。 截至发稿，立高食品市值为76亿元。 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 第三届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 三、备查文件 公司第三届董事会第十九次会议决议。 特此公告。 立高食品股份有限公司 董事会 2025 年 11 月 13 日 立高食品股份有限公司（以下简称"公司"）第三届董事会第十九次会议于 2025 年 11 月 13 日在公司会议室以现场结合通讯形式召开，会议通知于 2025 年 11 月 13 日以书 面、电话及邮件等形式送达，本次董事会的召开经全体董事同意豁免会议通知时间要求。 董事长彭裕辉先生主持会议，会议应出席董事 6 人，实际出席董事 6 人。本次会议的召 集和召开符合《中华人民共和国公司法》（以下简称《公司法》）、《公司章程》《董事会议 事规则》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于补选公司第 ...

立高食品股份有限公司 2025 年第二次临时股东大会决议公告 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：2025-073 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 一、会议召开情况 （一）会议召开时间 （1）现场会议：2025年11月13日（星期四）14:30 （2）网络投票：2025年11月13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11月13日（星期四）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11月13日（星期四）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 ...

一、关于非独立董事调整的情况 立高食品股份有限公司（以下简称"公司"）因公司治理结构调整需要，王世佳先 生申请辞去公司第三届董事会非独立董事及董事会战略委员会委员职务，其原定任期至 第三届董事会任期届满之日。辞去上述职务后，王世佳先生将继续在公司担任其他职务。 王世佳先生辞任董事不会导致公司董事会成员低于法定最低人数，不会影响公司董 事会的正常运作，其辞职报告自送达公司董事会之日起生效。 截至本公告披露日，王世佳先生未持有公司股份，亦不存在应当履行而未履行的承 诺事项。 二、关于选举职工代表董事的情况 根据《中华人民共和国公司法》（以下简称《公司法》）、《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》《公司章程》等规定，公司于 2025 年 11 月 13 日召开职工代表大会，经与会职工代表表决，选举王世佳先生（简历详 见附件）担任公司第三届董事会职工代表董事，任期自本次职工代表大会选举之日起至 公司第三届董事会任期届满之日止。经公司董事会提名委员会审查，王世佳先生符合《公 司法》《公司章程》等法律法规规定的有关董事的任职资格和条件，本次选举完成后， 王世佳先生由公司第三届董事会非 ...