（一）可转债发行情况 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，公司于 2023 年 3 月 7 日向不特定对象发行了 9,500,000 张可转债，每张面值为人民币 100 元，发行总额为人民 币 95,000.00 万元，期限为 6 年。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-040 | | --- | --- | --- | | 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 2025 年第二季度可转换公司债券转股情况的公告 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。 特别提示： | 1、证券代码：300973 | | | 证券简称：立高食品 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2、债券代码：123179 | | | 债券简称：立高转债 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 10 months [7][13]. Core Insights - The company demonstrates strong product iteration capabilities in the cream sector, with new frozen baking products performing well in the Sam's Club channel. The introduction of a new national standard for cream in March 2025 is expected to benefit leading companies like the report's subject as the industry becomes more standardized [5][6]. - The company is diversifying its channels, successfully launching new products in the Sam's Club channel and exploring new retail scenarios in catering and tea drinks. It is also actively developing new channels such as supermarkets and snack wholesale [6]. - The company is effectively managing raw material price fluctuations and focusing on cost efficiency. It has implemented strategies to alleviate cost pressures through bulk purchasing and domestic substitution of key raw materials [6]. Financial Projections - Revenue forecasts for 2025 to 2027 are set at 44.66 billion, 50.49 billion, and 55.39 billion yuan, representing year-on-year growth rates of 16.45%, 13.05%, and 9.7% respectively. Net profit attributable to the parent company is projected to be 3.57 billion, 4.14 billion, and 4.61 billion yuan for the same period, with growth rates of 33.24%, 15.93%, and 11.3% respectively [7][9]. - The earnings per share (EPS) for the next three years are estimated at 2.11, 2.44, and 2.72 yuan, corresponding to price-to-earnings (P/E) ratios of 23, 20, and 18 times based on the current stock price [7][9].

Core Viewpoint - The report provides an overview of the issuance and management of convertible bonds by Lihigh Food Co., Ltd., detailing the financial performance, bond characteristics, and management responsibilities of the trustee, CITIC JianTou Securities Co., Ltd. [2][5][12] Group 1: Bond Overview - The convertible bond code is 123179, and it is referred to as Lihigh Convertible Bond, with a total issuance scale of 9.5 billion yuan [4][10]. - The bond has a term of 6 years, with an initial coupon rate of 0.30%, which will be adjusted to 0.80% starting from March 7, 2026, and further to 1.50% from March 7, 2027 [4][10]. - The bond is unsecured and has a credit rating of AA- for both the issuer and the bond itself, with a stable outlook [5][6]. Group 2: Financial Performance - For the fiscal year 2024, Lihigh Food reported total assets of 437,843.26 million yuan, a 11.14% increase from 393,968.09 million yuan in 2023 [9]. - Total liabilities rose by 24.05% to 180,241.10 million yuan, while total equity increased by 3.59% to 257,602.15 million yuan [9]. - Operating revenue for 2024 was 383,537.90 million yuan, reflecting a 9.61% growth compared to 349,909.70 million yuan in 2023 [9]. Group 3: Use of Proceeds - The proceeds from the bond issuance are allocated for the construction of the Lihigh Food headquarters base (Phase I) and to supplement working capital [10]. - The use of funds has remained consistent with the original plan, and the special account for managing these funds is operating normally [10][12]. Group 4: Debt Servicing and Management - The issuer has successfully completed interest payments on March 7, 2024, for the previous year, with no defaults reported [13]. - The trustee has actively monitored the issuer's credit status and compliance with bond obligations, ensuring the protection of bondholders' rights [5][12]. - There have been no significant changes in the issuer's debt servicing capacity or credit enhancement measures during the reporting period [11][12].

立高食品股份有限公司 向不特定对象发行可转换公司债券 2024 年度受托管理事务报告 立高食品股份有限公司 证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 （住所：广州市增城石滩镇工业园平岭工业区） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》（以下简称"《执业行为准则》"）《公 司信用类债券信息披露管理办法》和其他相关法律、法规、规范性文件及自律规 则的规定、立高食品股份有限公司（以下简称"发行人"或"公司"）与中信建 投证券股份有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《立 高食品股份有限公司 2022 年向不特定对象发行可转换公司债券之受托管理协议》 （以下简称"《受托管理协议》"）、相关信息披露文件以及发行人提供的资料 等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用的财务数 据，引自经中审众环会计师事务所（特殊普通合伙）审计的 2024 年度审计报告 （众环审字（2025）0600215 ...

关于立高转债恢复转股的公告 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。 特别提示： 证券代码：300973 证券简称：立高食品 公告编号：2025-039 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 立高食品股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派，根据《立 高食品股份有限公司向不特定对象发行可转换公司债券募集说明书》及相关规定，自 2025 年 6 月 16 日起公司可转换公司债券（债券简称：立高转债，债券代码：123179）暂停转 股，具体内容详见公司于 2025 年 6 月 11 日在巨潮资讯网（www.cninfo.com.cn）披露的 《关于实施权益分派期间立高转债暂停转股的公告》（公告编号：2025-035）。 根据相关规定，"立高转债"将在本次权益分派股权登记日后的第一个交易日，即 2025 年 6 月 26 日起恢复转股。敬请公司可转换公司债券持有人留意。 特此公告。 立高食品股份有限公司 2025 年 6 月 24 日 债券简称：立高转债 债券代码：123179 转股期限：2023 年 9 月 ...

Core Viewpoint - The credit rating agency has assigned a stable outlook to the company, indicating its strong position in the frozen baked goods sector and stable partnerships with quality clients like Walmart [2][6][18]. Company Overview - The company, Lihigh Food Co., Ltd., is a leading player in the frozen baked goods industry, with a credit rating of AA- and a stable outlook [2][6]. - As of March 2025, the company has total assets of 43.29 billion, total liabilities of 11.54 billion, and net profit of 0.86 billion [2][3]. Financial Performance - The company reported a revenue growth of 9.61% in 2024, driven by the successful market acceptance of new cream products, with cream product revenue increasing by over 60% [12][14]. - The net cash flow from operating activities for 2024 was 4.53 billion, indicating strong cash generation capabilities [4][12]. - The company’s gross profit margin for 2024 was 31.39%, with a slight decrease in the cream product margin due to changes in product mix [12][14]. Market Position and Industry Dynamics - The frozen baked goods market in China is expected to grow significantly, with a projected market size of 611.07 billion in 2024, reflecting an annual growth rate of 8.8% [10]. - The company holds a market share of approximately 15% in the frozen baked goods sector, making it the largest player in the industry [10][12]. - The industry is characterized by low penetration rates and significant growth potential, driven by advancements in technology and improvements in cold chain logistics [10][11]. Operational Challenges - The company faces risks related to capacity utilization, with an overall utilization rate of 72.76% for frozen baked goods in 2024, indicating room for improvement [15][14]. - There is a significant funding gap for ongoing projects, with a total investment requirement of 38.50 billion, of which 20.90 billion remains unfunded [17][18]. - The company is heavily reliant on a single customer, Walmart, which accounted for 22.91% of total sales in 2024, raising concerns about customer dependency [5][18]. Supply Chain and Cost Structure - Direct materials constitute over 70% of the company's operating costs, with fluctuations in raw material prices impacting profitability [19][20]. - The company has a diverse supplier base, with the top five suppliers accounting for 26.43% of total procurement, indicating low supplier concentration risk [19][20]. Food Safety and Regulatory Compliance - Food safety is critical for the company's operations, and it has established a comprehensive quality control system across its supply chain [20][21]. - The company utilizes third-party cold chain logistics, which adds complexity to its food safety management [20][21].

除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 中鹏信评【2025】跟踪第【354】号 01 立高食品股份有限公司相关债券 2025 年跟踪评级报告 信用评级报告声明 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修 ...

A股休闲食品板块盘初调整，有友食品跌停，好想你、一致魔芋、三只松鼠、盐津铺子、甘源食品、立 高食品等跟跌。 ...

证券代码：300973 证券简称：立高食品 公告编号：2025-037 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 1、立高食品股份有限公司（以下简称"公司"或"本公司"）2024 年年度利润分配 方案为：以未来实施权益分派方案时股权登记日的总股本扣除公司回购专用账户股份后 的股本为基数，向全体股东每 10 股派发现金红利 5 元（含税）。本次股利分配后未分配 利润余额结转以后年度分配。本次不进行资本公积金转增股本及派送股票股利。 2、截至本公告披露日，公司总股本为 169,340,501 股，其中回购专用证券账户持有 公司股份 2,702,077 股，因此公司 2024 年年度权益分派的股本基数为 166,638,424 股。按 照每股分配比例不变的原则，对现金分红总额进行相应调整，公司 2024 年年度权益分派 合计派发现金红利 83,319,212.00 元（含税）。 4、本次实施权益分派方案距离股东大会审议通过的时间未超过两个月。 二、权 ...

证券代码：300973 证券简称：立高食品 公告编号：2025-038 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于可转换公司债券转股价格调整的公告 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。 特别提示： 1、债券代码：123179 债券简称：立高转债 2、"立高转债"本次调整前转股价格：95.82 元/股 3、"立高转债"本次调整后转股价格：95.33 元/股 4、转股价格调整生效日期：2025 年 6 月 26 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，立高食品股份有限公 司（以下简称"公司"）于 2023 年 3 月 7 日向不特定对象发行了 9,500,000 张可转换公 司债券，每张面值为人民币 100 元。根据《立高食品股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称《募集说明书》）的相关规定，在本次发行之后， 当公司发生派送股票股利、转增股本、增发新股（ ...