瑞财经 严明会 近日，立高食品公告，预计2025年度归属于上市公司股东的净利润为3.11亿元～3.31亿 元，比上年同期增长16.06%～23.52%；扣除非经常性损益后的净利润为3.06亿元～3.26亿元，比上年同 期增长20.61%～28.49%；营业收入预计为42.6亿元～44.2亿元。 公司业绩增长主要由于渠道销售规模增长、费用投放效率提升、研发创新驱动增长以及供应链运营模式 优化。 彭裕辉，1968年出生，本科学历。2000年5月至2014年1月历任增城市立高食品有限公司监事、执行董 事、经理，2014年1月至2017年10月历任广东立高食品有限公司执行董事、经理和董事，2017年10月至 2021年8月任立高食品董事长、总经理，2021年8月至今任立高食品董事长。 东方财富数据显示，2020年至2024年，彭裕辉的薪酬分别为232.5万元、343.7万元、334.8万元、407.2万 元、573.2万元。 立高食品董事长、总经理彭裕辉，目前兼任日本立高董事。 ...

人民财讯1月21日电，立高食品（300973）1月21日发布业绩预告，公司预计2025年归母净利润3.11亿元 —3.31亿元，同比增长16.06%—23.52%。报告期内，公司核心商超、餐饮连锁、海外等渠道销售规模同 比增长，其中2025年度海外市场销售额破亿。 ...

2、根据公司《2022年限制性股票激励计划考核管理办法》，2025年度、2026年度公司层面业绩考核触 发值对应指标分别为收入49.23亿元、56.61亿元，根据公司预计的业绩情况，2025年度预计未达成行权 条件，此外综合公司业务发展及市场环境情况，2026年度业绩考核目标达成难度较大，基于审慎原则， 公司与会计师事务所沟通后，拟在2025年冲回以前年度已计提的预计未来达标的股份支付费用约为 1,400万元。因此，报告期内公司2022年限制性股票激励计划的股份支付摊销费用对公司2025年度净利 润的影响金额约为1,400万元，剔除上述影响因素后，归属于上市公司股东的净利润盈利范围29,700万元 至31,700万元，较上年同期剔除股份支付后的归母净利润增长10.06%至17.47%；扣除非经常性损益后的 净利润盈利范围29,200万元至31,200万元，较上年同期剔除股份支付后的扣非归母净利润增长14.24%至 22.06%。 1、本报告期内，公司归属于上市公司股东的净利润较上年同期上升，主要原因如下：（1）在渠道端， 公司核心商超、餐饮连锁、海外等渠道销售规模同比增长，其中2025年度海外市场销售额破亿， ...

在渠道端，公司核心商超、餐饮连锁、海外等渠道销售规模同比增长，其中2025年度海外市场销售额破 亿，随着销售体量的提升渠道盈利能力增强;在费用端，公司将资源向优质客户与高效渠道倾斜，提高 费用投放效率及精准度，并通过提高人效比，使得管理及销售费用率同比下降;在研发端，公司坚持以 创新驱动增长，以"大单品"为研发导向，新品研发质量及研发效率持续提升，有效带动新品贡献率;在 供应链端，公司持续推动数字化智能制造，落地以产销协同为核心的供应链运营模式，通过以品类生产 线为基本单元的产品经理责任制，制定提高产线利用率、产线利润率的产品排产规划，持续提升公司生 产规模化、标准化高效生产。 智通财经APP讯，立高食品(300973.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 3.11亿元至3.31亿元，同比增长16.06%至23.52%;扣除非经常性损益后的净利润3.06亿元至3.26亿元，同 比增长20.61%至28.49%。 ...

在渠道端，公司核心商超、餐饮连锁、海外等渠道销售规模同比增长，其中2025年度海外市场销售额破 亿，随着销售体量的提升渠道盈利能力增强;在费用端，公司将资源向优质客户与高效渠道倾斜，提高 费用投放效率及精准度，并通过提高人效比，使得管理及销售费用率同比下降;在研发端，公司坚持以 创新驱动增长，以"大单品"为研发导向，新品研发质量及研发效率持续提升，有效带动新品贡献率;在 供应链端，公司持续推动数字化智能制造，落地以产销协同为核心的供应链运营模式，通过以品类生产 线为基本单元的产品经理责任制，制定提高产线利用率、产线利润率的产品排产规划，持续提升公司生 产规模化、标准化高效生产。 立高食品（300973）(300973.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润3.11亿 元至3.31亿元，同比增长16.06%至23.52%;扣除非经常性损益后的净利润3.06亿元至3.26亿元，同比增长 20.61%至28.49%。 ...

Core Viewpoint - The company expects a significant increase in net profit for the fiscal year 2025, driven by various operational improvements and growth strategies [1] Financial Performance - The projected net profit attributable to shareholders is estimated to be between 311 million to 331 million yuan, representing a year-on-year growth of 16.06% to 23.52% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 306 million to 326 million yuan, indicating a year-on-year increase of 20.61% to 28.49% [1] - The anticipated operating revenue is projected to be between 4.26 billion to 4.42 billion yuan [1] Growth Drivers - The company's performance growth is primarily attributed to the expansion of channel sales, improved efficiency in expense allocation, innovation-driven research and development, and optimization of the supply chain operation model [1]

一、本期业绩预计情况 证券代码：300973 证券简称：立高食品 公告编号：2026-004 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 2025 年度业绩预告 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。 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：自愿性业绩预告 （1）以区间数进行业绩预告的 单位：万元 | 项 目 | 本会计年度 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | | 31,100 | ～ | 33,100 | 26,796.78 | | | 比上年同期增长 | 16.06% | ～ | 23.52% | | | 扣除非经常性损益后的净利润 | | 30,600 | ～ | 32,600 | 25,371.87 | | | 比上年同期增长 | 20.61% | ～ | 28.49% | | | 营业收入 | | 426,000 | ～ | 442,000 | 383, ...

Group 1 - The leisure food sector increased by 1.54% on January 20, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the leisure food sector showed significant price movements, with Wancheng Group rising by 6.04% to a closing price of 212.00 [1] Group 2 - The leisure food sector experienced a net outflow of 60.30 million yuan from institutional investors, while retail investors saw a net inflow of 75.82 million yuan [2] - Notable declines were observed in stocks such as Three Squirrels, which fell by 2.07% to a closing price of 24.58 [2] - The trading volume and turnover for various stocks in the sector varied, with significant activity noted in stocks like Haoxiangni and Ximai Food [2] Group 3 - Haoxiangni had a net inflow of 79.89 million yuan from institutional investors, while it faced a net outflow of 78.76 million yuan from retail investors [3] - Ximai Food also saw a net inflow of 10.14 million yuan from institutional investors, with retail investors experiencing a net outflow [3] - The data indicates varying levels of investor interest across different stocks within the leisure food sector, highlighting the dynamics of institutional versus retail investment [3]

Group 1 - The report highlights the "Spring Excitement" in the snack sector, indicating a historical high relative win rate of 70% for the food and beverage sector in the 40 days leading up to the Spring Festival [7][16] - The report emphasizes that the "Spring Excitement" is not solely dependent on the annual beta of the food and beverage sector, as structural opportunities still exist despite a long-term adjustment period since 2021 [7][16] - Key catalysts for the upcoming Spring Festival include concentrated demand for gifts and gatherings, which leads to more planned channel stocking, creating a positive feedback loop of expectations and validations [7][16][28] Group 2 - In December, the food and beverage sector underperformed the market by 7.5 percentage points, with a decline of 5.2%, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer experienced declines [7][61][64] - The absolute and relative valuations of the food and beverage sector are at their lowest since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a 0.9% year-on-year increase in retail sales in December, showing improvement from the previous month [7][63] - It highlights that the liquor sector is facing weak demand and declining prices, with the price adjustments for premium liquor nearing levels seen between 2011 and 2015 [7][63][64] - The report identifies structural differentiation in costs, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for a "valuation + performance" double bottom [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, with specific recommendations for companies like Anjuke Foods, Qianhe Flavor, and Eastroc Beverage [7][64] - The report suggests that the upcoming Spring Festival will provide a favorable environment for growth narratives, particularly in the restaurant supply chain and certain chain formats [7][64]

Summary of Conference Call Notes Industry Overview - The focus is on the consumer sector, particularly in the food and beverage industry, highlighting a seasonal uptick in demand during spring [1][2]. - The report emphasizes the recovery of service consumption, particularly in the restaurant and food supply sectors, supported by government initiatives to boost consumer spending [2]. Key Companies and Recommendations - **Snack Food Companies**: - Recommended leading snack brands include Wanchen Group, Yanjinpuzi, Weilong, Youyou, and Ganyuan [1][2]. - **Restaurant Supply Chain**: - Key players include Babi, Anjins, Guoquan, and Yihai International, along with Baoli Foods and Lihai Foods [1][2]. - **Beverage Companies**: - Notable recommendations are Yangyuan Beverage and Dongpeng Beverage [1][2]. Company-Specific Insights - **Babi**: Focused on diversified growth strategies to recreate its business model [2]. - **Anjins**: Confirming a bottoming out phase and restarting growth initiatives [2]. - **Guoquan**: Demonstrating a resilient business model with accelerated store openings [2]. Market Trends and Predictions - Historical data indicates that Q1 typically shows positive performance for many restaurant companies, with factors such as market profitability, delayed corporate events, and favorable seasonal reporting expected to drive growth in Q1 2026 [3]. - The report anticipates a multi-factor resonance effect in Q1 2026, which may positively impact metrics like customer spending, same-store sales, and table turnover rates [3]. Government Initiatives - The government has implemented a series of fiscal and financial policies aimed at stimulating domestic demand, which includes measures to clear overdue payments to businesses and ensure wage payments to migrant workers [2]. Additional Insights - The report highlights the cyclical nature of the consumer sector and its role as a leader in consumption recovery, with key companies showing continued improvement [4]. - Emphasis on valuation switching as a strategy to recommend high-quality stocks such as Ximai, Babi, Guoquan, and Yanjinpuzi [4].