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 立高食品股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 | | |  其他（请文字说明其他活动内容） 现场交流会 | | 参与单位名称及 | 具体详见附件《参与单位名称及人员明细清单》 | | 人员姓名 | | | 时间 | 2025 年 3 月 10 日 15:00-16:30 | | 地点 | 广州市增城区石滩镇兴石一路 号 楼会议室 3 2A | | 上市公司接待人 | 董事长、总经理：彭裕辉先生 | | 员姓名 | 董事、副总经理、董事会秘书、财务总监：王世佳先生 | | | 以现场交流会形式，主要交流内容如下： | | | 问题 1：公司销售渠道中长期的变化是怎样的？渠道上资源如何 | | | 分配？是否有具体的结构比例？ | | | 答：比例很难预言，现在行业还在扩张，渠道也在多元化发展。 | | | 传统饼店商 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-013 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于预计触发可转债转股价格向下修正条件的提示性公告 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： 4、转股期限：2023 年 9 月 13 日至 2029 年 3 月 6 日 5、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》"）中的相关约定："在本次可转债存续期间，当公司股票在任意连 续三十个交易日中至少有十五个交易日的收盘价格低于当期转股价格的 85%时，公司董 事会有权提出转股价格向下修正方案并提交公司股东大会表决。" 本次触发转股价格修正条件的期间从 2025 年 2 月 20 日起算，自 2025 年 2 月 20 日 至 2025 年 3 月 5 日，立高食品股份有限公司（以下简称"公司"）股票已有 10 个交易日 的收盘价格低于当期转股价格的 85%，预计可能触发"立高转债"转 ...

Summary of the Conference Call for Lihigh Food Company Overview - **Company**: Lihigh Food - **Date**: February 28, 2025 Key Points Industry and Market Performance - January freight volume did not decline, and post-Spring Festival orders increased compared to last year, with specific data pending February settlement [2][3] - Supermarket channels performed well, benefiting from three new products launched at the end of last year, which became new growth points [2][3] - New retail channels such as catering and hotels are slowly recovering post-Spring Festival, while bakery channels were significantly impacted by the timing of the holiday [2][4] Strategic Goals and Planning - Lihigh Food has not yet defined specific targets for 2025, needing to observe the overall trend after the first quarter for better assessment [2][5] - The company is implementing a "big single product, big customer, big distributor" strategy starting in 2023, focusing on product quality and market sales expectations [2][13] - The company plans to increase production capacity utilization across all production lines to enhance operational profits and achieve economies of scale in 2025 [2][28] Financial Performance and Cost Management - The net profit margin has significantly improved in the first three quarters of 2024, indicating effective cost reduction and efficiency enhancement [2][16] - The company evaluates cost reduction effects primarily through net profit margin recovery, with a focus on profit and revenue growth from expense investments [2][16] Product Development and Innovation - New product launches are primarily concentrated from the end of the year to before the Spring Festival, with mid-year upgrades in flavor or ingredients [2][11] - The company plans to introduce 2-3 new cream products in 2025 and continuously innovate frozen baking products to meet market demand [2][23][24] - Classic frozen baking products like Danish pastry are performing well, with ongoing efforts to enhance product quality while maintaining competitive pricing [2][24] Customer and Channel Development - Steady progress in expanding clients in the catering and hotel sectors, with collaborations established with chain tea, hot pot, and ice cream stores, although overall incremental growth is limited [2][18] - The company is actively negotiating partnerships with local chain supermarkets, seeing a clear trend in supermarket adjustments that increase demand for raw materials and frozen baking products [2][7][9] Challenges and Market Conditions - The company faces increased cost pressures from raw materials, particularly oils and dairy products, with significant price hikes observed in late 2024 [2][34] - The impact of the Spring Festival timing on sales performance makes early-year comparisons with the previous year less meaningful [2][4] Organizational Structure and Efficiency - The organizational structure has been stable since the channel integration in 2023, focusing on improving collaboration efficiency among product, supply chain, and sales marketing centers [2][33] - The company has not conducted active personnel optimization or salary adjustments, focusing instead on KPI adjustments [2][17] Future Outlook - The company is cautious about providing specific revenue and profit growth guidance for 2025 due to rapidly changing market conditions [2][30] - The target for cream revenue in 2025 is close to 1 billion yuan from two production lines, with expectations for full production capacity [2][22][31] Conclusion - Lihigh Food is navigating a complex market environment with strategic adjustments in product development, customer engagement, and operational efficiency, while facing challenges from raw material costs and market dynamics. The focus remains on enhancing production capacity and exploring new growth opportunities in emerging channels.

证券代码：300973 证券简称：立高食品 公告编号：2025-012 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 2025 年付息的公告 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。 重要提示： 1、立高转债（债券代码：123179）将于 2025 年 3 月 7 日按面值支付第二年利息， 每 10 张"立高转债"（面值 1,000.00 元）利息为 4.00 元（含税）； 2、债权登记日：2025 年 3 月 6 日（星期四）； 3、除息日：2025 年 3 月 7 日（星期五）； 4、付息日：2025 年 3 月 7 日（星期五）； 5、本次付息期间及票面利率：计息期间为 2024 年 3 月 7 日至 2025 年 3 月 6 日，票 面利率为 0.40%； 6、本次付息的债权登记日为 2025 年 3 月 6 日，凡在 2025 年 3 月 6 日（含）前买入 并持有本期债券的投资者享有本次派发的利息，2025 年 3 月 6 日卖出本期债券的投资者 不享有本次派发的利息。在付息债权登记日前（包括付息债权登 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-010 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 投资者咨询电话：020-36510920 转分机 8973 传真号码：020-36510920 转分机 8000 网址：www.ligaofoods.com 电子邮箱：dongmiban@ligaofoods.com 关于公司投资者咨询电话及传真号码变更的公告 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。 立高食品股份有限公司（以下简称"公司"）因总部搬迁至新址办公，通讯线路迁移 业务已于近日办理完毕，现将投资者咨询电话及传真号码变更情况公告如下： | 变更前 | 变更后 | | --- | --- | | 投资者咨询电话：020-36510920-882、 | 投资者咨询电话：020-36510920 转分机 8973 | | 8617683012097（临时） | | | | 传真号码：020-36510920 转分机 8000 | | 传真号码： ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 立高食品股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日召开第三届董事 会第十二次会议、2025 年 1 月 10 日召开 2025 年第一次临时股东大会，审议通过了《关 于变更公司经营地址、注册资本并修订〈公司章程〉的议案》，具体内容详见公司于 2024 年 12 月 26 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于变更公司经营地址、 注册资本并修订〈公司章程〉的公告》（公告编号：2024-103）。 一、变更后的工商登记基本信息 近日，公司完成了工商变更登记手续和《公司章程》备案，并取得了由广州市市场 监督管理局换发的《营业执照》，相关登记信息如下： 二、备查文件 特此公告。 统一社会信用代码：914401 ...

证券代码：300973 证券简称：立高食品 公告编号：2025-009 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于公司为控股子公司提供担保的进展公告 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。 一、担保情况概述 立高食品股份有限公司（以下简称"立高食品"或"公司"）于2024年3月28日召开 第三届董事会第四次会议和第三届监事会第三次会议，审议通过了《关于公司及子公司 2024年度向银行申请综合授信额度并提供担保的议案》，同意公司为子公司向银行申请 的综合授信提供担保额度合计不超过人民币5亿元，担保方式包括但不限于质押担保、抵 押担保、保证担保或多种担保方式相结合等形式。具体内容详见公司于2024年3月28日在 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于公司及子公司2024年度向银行申请 综合授信额度并提供担保的公告》（公告编号：2024-020）。 为满足生产经营和发展需要，广东立澳油脂有限公司（以下简称"广东立澳"）向中 信银行股份有限公司中山分行（以下简称"中信银行"）申请总额为人民币6,0 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company is expected to achieve a turnaround in profitability in Q4 2024, with projected revenue of 3.77 to 3.93 billion yuan, representing a year-on-year growth of 7.74% to 12.31%. The net profit attributable to the parent company is forecasted to be between 265 to 285 million yuan, showing a significant increase of 262.88% to 290.27% [1]. - The growth in revenue and profit is attributed to the expansion of traditional supermarket channels, new channel development, and the strong performance of key products like cream [1][3]. - The revenue growth rates for 2024 to 2026 have been adjusted to 12%, 13%, and 16% respectively, with total revenues projected at 3.92 billion, 4.43 billion, and 5.14 billion yuan [1]. Financial Data Summary - Revenue (in million yuan): 2022: 2,910.59, 2023: 3,499.10, 2024E: 3,919.00, 2025E: 4,430.40, 2026E: 5,138.54 [3][8]. - Net profit attributable to the parent company (in million yuan): 2022: 143.77, 2023: 73.03, 2024E: 269.87, 2025E: 295.04, 2026E: 366.94 [3][8]. - Earnings per share (in yuan): 2022: 0.85, 2023: 0.43, 2024E: 1.59, 2025E: 1.74, 2026E: 2.17 [3][8]. - Price-to-earnings ratio (P/E): 2024E: 24.24, 2025E: 22.17, 2026E: 17.83 [3][8]. Key Financial Ratios - Gross margin is projected to improve from 31.77% in 2022 to 36.21% in 2026 [8]. - Net profit margin is expected to increase from 4.94% in 2022 to 7.14% in 2026 [8]. - Return on equity (ROE) is forecasted to rise from 6.78% in 2022 to 14.35% in 2026 [8].

Summary of the Conference Call for Ligao Foods Company Overview - The conference call discusses Ligao Foods, focusing on its performance, strategies, and market dynamics in the food industry, particularly in dairy and frozen baking products. Key Points Industry and Company Performance - The company achieved double-digit revenue growth in Q4, driven by early stocking for the Spring Festival and positive sales feedback for new products [2][3] - In January 2025, the supermarket channel outperformed the same period last year, attributed to the successful launch of three new products at the end of 2024 [3][4] - Overall sales performance from December to February should be compared year-on-year to assess the true impact of the Spring Festival peak season [2][4] Production Capacity and Utilization - The company aims for high capacity utilization in 2025, with the Foshan factory expected to reach a high level of utilization following its launch in 2024 [2][7] - The second new cream production line is targeted for full-load operation, potentially generating revenue of approximately 500 to 600 million yuan [2][8] Raw Material Management - Key raw material prices have been volatile, but the company has implemented rolling lock-in management to optimize gross margins [2][6] - A gradual decline in raw material prices is anticipated in 2025, with dairy products benefiting from stable pricing due to partnerships with domestic farms [2][6] Product Development and Market Strategy - The company plans to introduce more new cream products, with the 330 product currently in trial sales and undergoing improvements based on market feedback [2][8][9] - The focus for 2025 will be on resource allocation towards supermarket channel adjustments, including the establishment of dedicated teams for key accounts [2][10][11] Sales Channel Adjustments - The company is shifting resources from traditional distribution channels to new channel layouts, particularly in supermarkets, which may take time to yield significant revenue or profit increases [2][10] - The introduction of new products is concentrated around the Spring Festival, with several new items expected to contribute positively to sales [2][12] Competitive Landscape and Market Position - The adjustment in supermarket channels is expected to favor companies with strong comprehensive capabilities in frozen baking supply chains [2][13] - The company remains confident in its competitive position in the cream market, particularly with its 360 product, despite increasing competition [2][14] Future Capacity Expansion Plans - Future capacity expansions will focus on two frozen baking projects, with the headquarters base and the East China project (Henan Weihui factory) expected to commence production by the end of 2026 [2][15] - The company is actively exploring new sales channels, including partnerships with tea and ice cream chains, to break consumption ceilings [2][16] Raw Material Localization and Cost Management - Progress has been made in domestic substitution of certain raw materials, with some baking oils already being sourced locally [2][18] - The company aims to enhance the gross margin of fresh cream products through the introduction of new products and local raw material substitution [2][19] Conclusion - Ligao Foods is strategically positioning itself for growth in 2025 through product innovation, channel adjustments, and effective raw material management, while navigating a competitive landscape in the food industry.

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-008 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于受让控股子公司少数股东部分股权暨关联交易的进展公告 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。 一、本次交易的基本情况 三、备查文件 1、《准予变更登记（备案）通知书》； 2、《营业执照》。 特此公告。 立高食品股份有限公司 董事会 立高食品股份有限公司（以下简称"公司"）于 2022 年 6 月 22 日召开第二届董事 会第二十一次会议、第二届监事会第十九次会议审议通过《关于与关联方共同投资暨关 联交易的议案》，公司与董事长兼总经理彭裕辉先生、副董事长赵松涛先生、持股 5%以 上股东陈和军先生及自然人万建先生、袁向华先生、李国荣先生、冯正坤先生签署《油 脂业务板块投资协议书》，各方共同出资 5,000 万元（币种：人民币，以下同）在广州市 增城区设立广东立澳油脂有限公司（以下简称"广东立澳"），其中公司出资 3,350 万元， 认缴出资比例 6 ...