Group 1 - The core point of the article is that Lihigh Food (300973.SZ) announced a share reduction plan by a major shareholder, Mr. Chen Hejun, who holds more than 5% of the company's shares [1] - Mr. Chen plans to reduce his holdings by up to 2,650,000 shares, which represents approximately 1.5903% of the company's total share capital after excluding shares in the repurchase account [1]

每经AI快讯，立高食品1月14日晚间发布公告称，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不超过265万股（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1.5903%。 每经头条（nbdtoutiao）——海利生物增值9倍并购的企业，估值8个月"腰斩"，其第一大客户竟是尚未 成立的公司，离奇的事还不少…… （记者 曾健辉） ...

Group 1 - The core point of the article is that Lihigh Food (300973) announced a plan for a shareholder, Chen Hejun, who holds 6.28% of the shares, to reduce his stake by up to 2.65 million shares within three months after 15 trading days, which represents 1.59% of the company's total share capital after excluding shares in the repurchase account [1] Group 2 - The reduction will be executed through centralized bidding and block trading methods [1] - The announcement indicates a strategic move by the shareholder, potentially impacting market perception and stock performance [1] - The planned reduction in shares may reflect the shareholder's personal investment strategy or market conditions [1]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2026-003 | | --- | --- | --- | | 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。 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%以上股东陈和军先生 出具的《股份减持计划告知函》。 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不超过 2,650,000 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 1.5903%。 一、股东的基本情况 5、减持方式：集中竞价、大宗交易方式。 6、减持价格及金额：根据届时市场及交易情况确定，且减持价格不低于公司股票首 次公开发行的发行价（如公司发生分红、派息、送股、资本公积金转增股本等除权除息 事项，则上述价格将进行相应调整）。 ...

Market Overview - The leisure food sector experienced a decline of 1.45% on January 13, with Lihigh Food leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - The following stocks showed notable performance: - Haoxiangni (002582) closed at 13.34, up 3.73% with a trading volume of 612,300 shares and a turnover of 822 million yuan [1] - Ziyan Food (603057) closed at 28.00, up 2.08% with a trading volume of 174,200 shares and a turnover of 477 million yuan [1] - Lihigh Food (300973) closed at 44.52, down 4.36% with a trading volume of 46,600 shares and a turnover of 211 million yuan [2] - Three squirrels (300783) closed at 24.91, down 3.04% with a trading volume of 225,600 shares and a turnover of 570 million yuan [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 311 million yuan from main funds, while retail investors contributed a net inflow of 269 million yuan [2] - The following stocks had significant capital flow: - Haoxiangni (002582) had a main fund net inflow of 30.36 million yuan, while retail investors had a net outflow of 4.83 million yuan [3] - Yanjin Food (002847) had a main fund net inflow of 16.06 million yuan, but a retail net outflow of 21.49 million yuan [3] - Ganyuan Food (002991) experienced a main fund net outflow of 7.07 million yuan, with a retail net inflow of 6.08 million yuan [3]

Core Viewpoint - The restaurant supply industry is experiencing a gradual easing of competition, with a consensus forming around this trend. The key to significant improvement in the sector in 2026 will depend on demand-side changes, with a prolonged bottoming period expected if demand remains stagnant [1][3]. Group 1: Industry Competition - Recent years have seen a weak recovery in the restaurant sector, leading to increased competition under pressure for market share. However, the marginal benefits from price competition have significantly decreased, and leading companies are advocating for rational competition. The profit margins in the sector rebounded in Q3 2025, indicating this shift [1][3]. - As the peak season approaches in Q4 2025 and January 2026, competition continues to ease, with companies like Anjijia adjusting promotional policies for certain products [1][3]. Group 2: New Growth Opportunities - Leading companies are actively seeking new growth through new products, channels, and markets. Anjijia is focusing on new product development and has adjusted its strategy to embrace supermarket customization, becoming a supplier for major retailers like Walmart and Sam's Club. The company is also planning to enter the halal market, which presents significant potential [2]. - Baoli Foods is enhancing its B2B business by tapping into existing customers and attracting new ones, while also maintaining a steady pace of new product launches in the C-end market [2]. - Babbi Foods has received positive feedback for its new store model, which is performing at 2-3 times the efficiency of traditional takeout stores, indicating potential for exceeding store opening expectations [2]. - Yihai International is expected to maintain robust growth in its B2B and overseas businesses, with a gradual stabilization anticipated for its related parties [2]. Group 3: Market Outlook - The market consensus is optimistic about the easing competition in the industry, with key uncertainties revolving around demand recovery, sustained improvement in market structure, and the potential for new products/channels/markets to generate significant incremental growth. The Consumer Price Index (CPI) is rising, which may restore consumer confidence, and there is anticipation for more domestic demand stimulus policies [3]. - The current low valuation of the sector suggests potential for a "Davis Double," where earnings exceed expectations, leading to a significant price increase [3]. Group 4: Investment Recommendations - The restaurant supply sector has passed its worst operational phase, with competition becoming more rational. Leading companies are making strides in new products, channels, and markets. Given the low valuations, the sector is expected to show elasticity, and a positive outlook is maintained. Key investment recommendations include Anjijia Foods, Baoli Foods, Lihai Foods, Babbi Foods, and Yihai International [4].

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Viewpoints - The liquor sector is currently experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking ongoing in Q4. Short-term price recovery is expected due to controlled supply from Moutai, with attention on Spring Festival sales and inventory movement [2][5] - The demand for mass-market products is expected to show marginal improvement, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The report recommends focusing on products with strong seasonal effects and high performance realization, particularly in sectors like leisure snacks, restaurant supply chains, condiments, soft drinks, and dairy products [4][26] Summary by Sections Spring Festival Stocking Strategy - The Spring Festival stocking strategy should focus on products with strong seasonal effects and high performance realization. The timing of the Spring Festival can impact the performance of listed companies, especially in years when it falls later in the calendar [4][15] - Products with clear gifting scenarios and positive market sentiment in specific segments are prioritized for opportunity selection. The continuation of the post-Spring Festival market will depend on actual sales and positive Q1 performance feedback [4][26] CPI Trends - The food CPI has been strengthening since December, surpassing service and overall CPI. This trend is supported by supply clearing in certain items and seasonal demand recovery, which together bolster price improvements [32][34] - The CPI-PPI differential remains positive, supporting the continued improvement in profitability for food manufacturing companies [37] Market Performance Review - Since the beginning of 2026, the food and beverage index has increased by 2.21%, lagging behind the CSI 300, which rose by 2.79%. The performance of the liquor sector has remained stable, while the dairy sector has seen declines [6][40] - Soft drinks and leisure snacks have led the market in terms of growth related to Spring Festival stocking, while dairy and meat products have experienced declines [6][40] Industry Dynamics - The industry is increasingly focused on value deepening and structural optimization. Companies are prioritizing supply-demand balance, healthy pricing systems, and profit structure improvements rather than merely pursuing sales growth [7][46] - Food safety and supply chain resilience remain foundational to brand trust, highlighted by recent global recalls and supply chain disruptions [7][46]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The report emphasizes that the remaining brands in the sauce liquor sector will thrive, while mass-market products are expected to benefit from the upcoming Spring Festival [2][8]. - The dairy sector is showing signs of improvement, with a potential rebound in raw milk prices and a narrowing supply-demand gap, which could lead to increased demand for processed dairy products [6]. - The beverage and snack categories are experiencing sustained growth, with specific segments like energy drinks and konjac snacks showing remarkable sales increases despite overall declines in the snack market [6]. - The report highlights a significant shift in the sauce liquor industry, where pricing strategies are becoming more pragmatic, with a new growth level emerging around the 200 yuan price point as lower-tier brands face market exit pressures [6][8]. - The report suggests that leading liquor companies should maintain operational stability during this industry downturn, focusing on balanced investments in base liquor to prepare for future market recovery [8]. Summary by Sections Industry Overview - The food and beverage sector consists of 126 listed companies with a total market capitalization of 44,935.30 billion yuan, representing 3.54% of the market [3]. - The circulating market value stands at 43,859.19 billion yuan, accounting for 4.28% of the total market [3]. Performance Metrics - The absolute performance of the industry over the past month is 1.3%, with a relative performance decline of 2.2% compared to the benchmark [4]. - Over the past 12 months, the industry has seen a relative performance decline of 25.2% [4]. Sector-Specific Insights - Dairy products are expected to benefit from a favorable pricing environment and improved supply dynamics, with major companies actively preparing for the Spring Festival [6]. - The beverage sector is witnessing growth in specific categories, with leading brands launching targeted marketing campaigns for the holiday season [6]. - The sauce liquor market is undergoing a consolidation phase, with a focus on brand strength and market share recovery among leading companies [6][8].

二、变更后的工商登记基本信息 近日，奥喜多已办理完成上述工商变更登记手续，并取得了由佛山市三水区市场监 督管理局换发的《营业执照》，相关登记信息如下： 立高食品股份有限公司 关于控股子公司减少注册资本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。 一、控股子公司减资基本情况 鉴于立高食品股份有限公司（以下简称"公司"）募投项目"三水生产基地扩建项 目"已达到预定可使用状态并已结项，为提高资金使用效率，"三水生产基地扩建项目" 实施主体之一的公司控股子公司立高奥喜多（广东）肉制品有限公司（以下简称"奥喜 多"）全体股东同意对尚未实缴的注册资本予以减资，奥喜多注册资本由人民币 3,535 万元减少至人民币 1,965 万元，其中公司认缴出资额由 2,870 万元减少至 1,600 万元，认 缴出资比例由 81.1881%调整为 81.4249%，奥喜多仍为公司合并报表范围内的控股子公 司。 根据《深圳证券交易所创业板股票上市规则》《立高食品股份有限公司章程》（以 下简称《公司章程》）等相关规定，本次奥喜多减资事项在董事长审批权限范围内，无 需 ...

Market Overview - The leisure food sector increased by 0.3% on January 8, with Ziyan Food leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Individual Stock Performance - Ziyan Food (603057) closed at 24.77, up 7.88% with a trading volume of 144,000 shares and a transaction value of 355 million yuan [1] - Other notable performers include: - Haoxiangni (002582) at 11.96, up 6.22% with a volume of 777,500 shares [1] - Laiyifen (603777) at 14.20, up 4.11% with a volume of 201,900 shares [1] - Maiqu'er (002719) at 8.57, up 2.39% with a volume of 690,100 shares [1] - Qianjin Puzhi (002847) at 72.28, up 1.92% with a volume of 41,200 shares [1] Capital Flow Analysis - The leisure food sector saw a net inflow of 34.22 million yuan from institutional investors, while retail investors experienced a net outflow of 16.18 million yuan [2] - The main capital flow for Ziyan Food showed a net inflow of 15.73 million yuan, while retail investors had a net outflow of 3.07 million yuan [3] - Salted Fish (002847) experienced a significant net outflow of 38.22 million yuan from institutional investors [3]