Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 3.14 billion, a year-on-year increase of 15.7%, and net profit attributable to shareholders at 248 million, up 22% year-on-year [1] - The revenue for Q3 alone was 1.07 billion, reflecting a 14.8% year-on-year growth, while net profit for the quarter was 77 million, a 13.6% increase [1] - The company maintains a positive outlook for the frozen baking industry, which is experiencing rapid growth due to increasing penetration rates [1] Financial Performance - For the first three quarters of 2025, the company achieved a net profit margin of 7.2%, which remained stable year-on-year [3] - The company’s gross margin for Q3 was 28.9%, a decrease of 2.4 percentage points due to rising raw material costs [2] - The company’s sales expense ratio decreased by 1 percentage point to 9.5%, and the management expense ratio fell by 1.5 percentage points to 5.3%, indicating improved cost management [2] Revenue Breakdown - Frozen baked goods accounted for approximately 55% of total revenue in the first three quarters, growing nearly 10% year-on-year, driven by new product launches and growth in restaurant clients [2] - Revenue from baking ingredients, including cream and sauces, made up about 45% of total revenue, with a year-on-year growth of approximately 24% [2] - The company saw a significant increase in revenue from cream products, which grew by about 40% year-on-year, and sauce products, which increased by slightly over 35% [2] Channel Performance - Revenue from circulation channels accounted for about 48% of total revenue, remaining stable year-on-year [2] - Supermarket channel revenue increased by 30% year-on-year, making up about 30% of total revenue [2] - Innovative channels, including restaurants, tea drinks, and new retail, contributed approximately 22% of total revenue, with a combined year-on-year growth rate of about 40% [2] Investment Outlook - The company maintains its profit forecast for 2025-2027, projecting net profits of 333 million, 392 million, and 461 million respectively, with year-on-year growth rates of 24%, 18%, and 18% [1] - The current stock price corresponds to price-to-earnings ratios of 21x, 18x, and 15x for 2025-2027 [1] - The company is expected to benefit from its scale, funding, management, and R&D advantages, as well as its focus on a big product strategy and multi-channel development [1][4]

（文章来源：证券日报） 证券日报网讯 10月28日晚间，立高食品发布公告称，公司于2025年10月28日召开第三届董事会第十八 次会议、第三届监事会第十三次会议审议通过《2025年前三季度利润分配预案》。 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a revenue of 3.14 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.7%. The net profit attributable to the parent company was 248 million yuan, up 22% year-on-year, with a non-recurring net profit of 242 million yuan, increasing by 26.6% [7] - The company continues to benefit from the rapid growth in the frozen baking industry, with a focus on large product strategies and multi-channel development. The growth in cream products has significantly contributed to revenue [7] - The financial forecast for the company indicates a steady increase in revenue and net profit over the next few years, with expected net profits of 333 million yuan, 392 million yuan, and 461 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 18%, and 18% [6][7] Financial Data Summary - Total revenue for 2025 is projected at 4.20 billion yuan, with a year-on-year growth rate of 9.4%. The gross profit margin is expected to be around 31.6% [6] - The company’s net profit margin for Q3 2025 was 7.2%, remaining stable year-on-year despite a slight decline in gross margin due to rising raw material costs [7] - The company’s earnings per share (EPS) for 2025 is estimated at 1.97 yuan, with a price-to-earnings (PE) ratio of 21x for 2025 [6][7]

Sales Performance - In Q3 2025, the company achieved a sales revenue of 10.75 billion yuan, representing a year-on-year growth of 15% [2] - The net profit attributable to shareholders was over 77 million yuan, with a year-on-year increase of 14% [2] - Frozen baked goods accounted for approximately 57% of revenue, growing by about 17% year-on-year, while baking raw materials made up about 43%, increasing by approximately 11% [2] Channel Structure - Traditional bakery channels contributed nearly 50% of revenue, remaining stable year-on-year, while supermarket channels exceeded 25%, with a growth of over 30% [2] - Revenue from the catering, tea, and new retail channels approached 25%, with a year-on-year growth of nearly 40% [2] - The company is optimizing its channel structure, with new channels further increasing their revenue share [2] Product Insights - The fluctuation in cream product gross margins is not primarily linked to rising oil costs but is more affected by the procurement prices of imported dairy products [3] - The company is cautiously optimistic about inventory preparations for the upcoming Spring Festival [4] - Changes in the tax rate in the Q3 report were influenced by variations in product structure and the production and tax situations of different subsidiaries [5] New Product Development - The company has successfully launched new products in core supermarket clients, contributing positively to Q3 performance, with plans for 2-3 new products in Q4 [6] - The sales of cream products in Q3 slowed compared to Q2 due to seasonal factors, but a recovery is expected in Q4 [7] - The company is focusing on diversifying its channel investments, with a current revenue structure of approximately 48% from distribution channels, 30% from supermarkets, and 22% from new retail and catering channels [8] Strategic Partnerships - The company is actively enhancing collaborations with various supermarkets, increasing the number of new product samples and improving the match with customer needs [9] - The advantages in the catering and new retail channels are significant, with a focus on food safety standards that align with the stringent requirements of chain restaurants [10] - The company is testing higher-end cream products with key clients, aiming to expand its premium product matrix [12]

（文章来源：证券日报） 证券日报网讯 10月28日晚间，立高食品发布2025年第三季度报告称，2025年第三季度公司实现营业收 入1，074，532，810.59元，同比增长14.82%；归属于上市公司股东的净利润为77，079，293.92元，同 比增长13.63%。 ...

每经AI快讯，立高食品（SZ 300973，收盘价：40.66元）10月28日晚间发布公告称，公司第三届第十八 次董事会会议于2025年10月28日在公司会议室以现场结合通讯形式召开。会议审议了《关于提请召开 2025年第二次临时股东大会的议案》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69亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 王瀚黎） ...

Core Viewpoint - Lihigh Food (300973.SZ) reported a strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit [1] Financial Performance - The company's operating revenue for the first three quarters reached 3.145 billion yuan, representing a year-on-year increase of 15.73% [1] - The net profit attributable to shareholders of the listed company was 248 million yuan, showing a year-on-year growth of 22.03% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 242 million yuan, reflecting a year-on-year increase of 26.63% [1] - Basic earnings per share stood at 1.4864 yuan [1]

证券代码：300973 证券简称：立高食品 公告编号：2025-070 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 3、会议召开的合法、合规性：公司于 2025 年 10 月 28 日召开第三届董事会第十八 次会议，审议通过《关于提请召开 2025 年第二次临时股东大会的议案》，本次股东大会 会议召集程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关 规定。 关于召开 2025 年第二次临时股东大会的通知 一、会议召开的基本情况 1、股东大会届次：2025 年第二次临时股东大会 2、会议召集人：董事会 4、会议召开时间： （1）现场会议时间：2025 年 11 月 13 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 11 月 13 日 9:15 至 15:00 的任意时间。 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。 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 第三届监事会第十三次会议决议公告 本公司及监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、监事会会议召开情况 立高食品股份有限公司（以下简称"公司"）第三届监事会第十三次会议于 2025 年 10 月 28 日以通讯形式召开，会议通知于 2025 年 10 月 22 日以书面、电话及邮件等形式 送达。监事会主席刘青珊女士主持会议，会议应出席监事 3 人，实际出席监事 3 人。本 次会议的召集和召开符合《公司法》《公司章程》《监事会议事规则》的有关规定，会议 决议合法、有效。 二、监事会会议审议情况 （一）审议通过《2025 年第三季度报告》 经审核，监事会认为：董事会对《2025 年第三季度报告》的编制和审核程序符合法 律、行政法规和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司的实 际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 第三届董事会第十八次会议决议公告 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 立高食品股份有限公司（以下简称"公司"）第三届董事会第十八次会议于 2025 年 10 月 28 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 10 月 22 日以书 面、电话及邮件等形式送达。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》《公司章程》《董 事会议事规则》的有关规定，会议决议合法、有效。 表决结果：同意 6 票，反对 0 票，弃权 0 票，表决通过。 本议案已经公司第三届董事会审计委员会第十一次会议审议通过，并同意提交公司 董事会审议。 （二）审议通过《2025 年前三季度利润分配预案》 根据中国证监会鼓励上市公司现金分红及给予投资者稳定、合 ...