| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 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。 （二）可转债上市情况 经深圳证券交易所同意，公司本次公开发行的 95,000.00 万元可转债已于 2023 年 3 月 27 日起在深圳证券交易所挂牌交易，债券简称"立高转债"，债券代码"123179"。 立高食品股份有限公司 关于 2025 年第三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： | 证券简称：立高食品 | | --- | | 1、证券代码：300973 | 根据《深圳证券交易所创业板股票上市规则》 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [11]. Core Insights - The company reported a revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year growth of 16.2%. The net profit attributable to the parent company, excluding non-recurring items, was 167 million yuan, reflecting a year-on-year increase of 33.28% [3]. - The frozen baked goods segment achieved a revenue of 1.125 billion yuan, growing by 6.08% year-on-year, while the baking raw materials segment saw revenue of 933 million yuan, with a growth rate exceeding 30% [5]. - Direct sales channels recorded a revenue of 999 million yuan, up 25.5% year-on-year, indicating a strengthening relationship with major clients [5]. - The overall gross margin for the period was 30.29%, down 2.23 percentage points from the previous year, primarily due to rising costs of key ingredients like cream and sauces [6]. Summary by Sections Financial Performance - The company achieved a net profit margin of 8.05% and a return on equity of 6.42%, both showing improvements compared to the previous year [8]. - The company maintained strict cost control, resulting in a decrease in expense ratios by 3.28 percentage points to 19.84% [8]. Revenue and Growth Projections - Revenue projections for the company are as follows: 4.449 billion yuan for 2025, 4.983 billion yuan for 2026, and 5.531 billion yuan for 2027, with growth rates of 16%, 12%, and 11% respectively [9]. - The earnings per share (EPS) are forecasted to be 2.01 yuan for 2025, 2.36 yuan for 2026, and 2.94 yuan for 2027, with corresponding price-to-earnings ratios of 21.5, 18.32, and 14.69 [8][9].

Core Viewpoint - The company announced that it may trigger the downward adjustment of the conversion price for its convertible bonds due to its stock price being below 85% of the current conversion price for 10 consecutive trading days starting from September 15, 2025 [1] Summary by Relevant Sections - **Company Announcement** - The company released a notice on September 26, indicating that the period for triggering the conversion price adjustment condition starts from September 15, 2025 [1] - The stock price has been below the conversion price threshold for the specified duration, which may lead to a downward adjustment of the "Lihigh Convertible Bonds" conversion price [1] - The company will follow the procedures and disclosure obligations as stipulated in the prospectus if the adjustment condition is triggered [1]

Core Points - Lihigh Food Co., Ltd. announced that the conversion price for "Lihigh Convertible Bonds" is set at 95.33 yuan per share, with a conversion period from September 13, 2023, to March 6, 2029 [1] - From September 15, 2025, to September 26, 2025, if the company's stock closes below 85% of the current conversion price for 10 trading days, it is expected to trigger conditions for a downward adjustment of the conversion price [1] - If triggered, the company will convene a board meeting to review whether to adjust the conversion price and will disclose a related announcement before the next trading day, fulfilling subsequent procedures and information disclosure obligations [1] Summary by Sections - **Conversion Price and Period** - The conversion price for "Lihigh Convertible Bonds" is 95.33 yuan per share [1] - The conversion period is from September 13, 2023, to March 6, 2029 [1] - **Adjustment Conditions** - Starting from September 15, 2025, if the stock price closes below 85% of the conversion price for 10 trading days, it may trigger a downward adjustment [1] - **Company Actions upon Trigger** - The company will hold a board meeting to consider the adjustment and will announce the decision before the next trading day [1]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-056 | | --- | --- | --- | | 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 一、可转债上市发行情况 1、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 张可转换公司债券（以下简称"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。 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 3、转股价格：人民币 95.33 元/股 4、转股期限：2023 年 9 月 13 日至 2029 年 3 月 6 日 2、可转债上市情况 经深圳证券交易所同意，公司本次公开发行的 95,000.00 万元可转债已于 2023 年 3 月 27 日起在深圳证券交易所挂牌交 ...

证券代码：300973 证券简称：立高食品 公告编号：2025-055 债券代码：123179 债券简称：立高转债 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首次公开发行股票注 册的批复》（证监许可[2021]489 号）同意注册，公司获准向社会首次公开发行人民币普 通股（A 股）股票 42,340,000 股，每股面值 1.00 元，每股发行价格为人民币 28.28 元， 募集资金总额为人民币 1,197,375,200.00 元，扣除发行费用（不含增值税）人民币 91,507,294.92 元后，募集资金净额为 1,105,867,905.08 元。中审众环会计师事务所（特殊 普通合伙）已于 2021 年 4 月 12 日对公司首次公开发行股票的资金到位情况进行了审验， 并出具了编号为"众环验字（2021）0600004 号"《验资报告》。公司依照规定对募集资 金进行了专户存储管理，并与募集资金存放银行、保荐机构签订了相关监管协议。 二、募集资金存放及管理情况 为了规范募集资金的管理和使用，保护投资者的权益，根据《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 ...

Core Viewpoint - The company is experiencing a slowdown in the growth rate of its core butter business, which has dropped to below 30% year-on-year and is expected to continue decreasing, indicating a potential shift from high growth to a more moderate growth phase [1] Group 1: Business Performance - The butter business is following a strategic plan for steady development, with future growth expected to narrow to 10-20% [1] - The company reported a year-on-year revenue growth of approximately 40% in the first half of 2025 from innovative channels such as catering, tea drinks, and new retail [1] Group 2: Strategic Initiatives - The company plans to diversify its product matrix for cream products across high, medium, and low tiers to enhance channel depth and customer breadth [1] - There is a focus on capitalizing on the trend of diversified baking consumption channels, with targeted investments in innovative baking channels and continuous improvement in product R&D capabilities [1]

Group 1 - The core viewpoint of the news is that Lihigh Foods is focusing on enhancing its investment value by concentrating on its main business, improving operational efficiency, and maintaining stable cash dividends for shareholders [1][2] - The company held an investor meeting on September 19, 2025, to discuss its mid-year performance and future strategies, with key management personnel participating [1] - As of September 15, 2025, the employee stockholding platforms have cumulatively reduced their holdings by 1.7973 million shares, with further reductions to be disclosed in accordance with regulations [1] Group 2 - In terms of business growth, the cream business experienced a slowdown in growth to below 30% year-on-year, but the company is strategically advancing its product matrix and enhancing channel coverage [2] - The company reported a revenue growth of 16.20% year-on-year and a net profit growth of 26.24% for the first half of 2025, indicating stable operational performance [2] - The company is investing more resources into innovative channels for baking, with a revenue growth of approximately 40% in the restaurant, tea beverage, and new retail sectors in the first half of 2025 [2] Group 3 - The cream industry has high entry barriers related to technology, capital, channels, and branding, with challenges in domestic substitution due to product quality and core raw material supply [3] - New products in the baking raw materials category have received positive market feedback, and UHT cream products are currently in the market testing phase [3] - The company emphasizes a multi-channel and multi-category development strategy, incorporating new product sales performance into the assessment of R&D personnel [3]

Group 1: Company Performance - The company achieved a revenue growth of 16.20% year-on-year in H1 2025, with a net profit growth of 26.24% [6] - The core growth business, cream, has seen a slowdown in growth to below 30% year-on-year, indicating a potential shift to a growth rate of 10-20% in the future [3] - Revenue from innovative channels such as catering, tea drinks, and new retail grew approximately 40% year-on-year in H1 2025 [3][7] Group 2: Shareholder Actions - Shareholders have reduced their holdings primarily to meet personal funding needs, which is unrelated to the company's fundamentals or industry outlook [6] - The company completed a share repurchase plan in January 2025 and will disclose any future repurchase plans in accordance with regulations [3] - The company is committed to enhancing investor relations and demonstrating its value to the capital market [6] Group 3: Product Development and Market Strategy - The company is focusing on diversifying its product matrix in the cream segment and enhancing channel depth and customer breadth [3] - New products such as milk cake batter and egg tart liquid have received positive market feedback, with UHT cream products currently in market testing [8] - The company emphasizes a multi-channel and multi-category development strategy, with a focus on large products and key customers [8] Group 4: Industry Challenges - The entry barriers for the cream industry include technical barriers, financial strength, channel coverage, and brand recognition [8] - Domestic substitution challenges primarily revolve around achieving high product quality and stable supply of core raw materials [8]

Core Viewpoint - The medical device export sector in China is experiencing growth, with a notable increase in revenue and profit among companies listed on the STAR Market, driven by innovation, international expansion, and strategic mergers and acquisitions [1][2][4]. Group 1: Market Performance - In the first half of 2025, China's medical device exports reached $24.1 billion, marking a 5.0% year-on-year increase and accounting for over 40% of total pharmaceutical product exports [1]. - STAR Market medical device companies reported a revenue growth of 9% and a net profit growth of 3% year-on-year, with second-quarter revenue and net profit showing quarter-on-quarter growth of 22% and 30%, respectively [1]. - Nearly 30% of STAR Market medical device companies have over 30% of their business coming from overseas [1]. Group 2: Innovation and Global Strategy - STAR Market medical device companies focus on high-value consumables and medical equipment, leveraging capital market support to build extensive global marketing networks [2]. - The industry has seen the emergence of several benchmark companies, with a total of approximately 18,000 invention patents held by STAR Market medical device firms [2]. - Notable innovations include the world's first branched aortic stent graft approved for market by Shanghai MicroPort Medical, and the FDA breakthrough designation for the self-expanding intracranial drug-coated stent system by Sinno Medical [2]. Group 3: International Expansion - Shanghai United Imaging Healthcare Co., Ltd. has increased its overseas revenue share from less than 10% at the time of listing to nearly 20% in the first half of 2025 [3]. - Haier Biomedical and Chongqing Mountain Outside Mountain Blood Purification Technology Co., Ltd. reported overseas revenue growth of 30% and 41%, respectively, in the first half of 2025 [3]. - The global expansion of domestic medical device companies is evident, with Haier Biomedical's products applied in over 150 countries and regions [3]. Group 4: Mergers and Acquisitions - The medical device industry is increasingly utilizing mergers and acquisitions to expand product lines and enhance technological capabilities, supported by policies such as "Merger and Acquisition Six Articles" and "STAR Market Eight Articles" [4]. - Shanghai Sanyou Medical Devices Co., Ltd. has successfully acquired the French orthopedic company Implanet, significantly boosting its overseas revenue [5]. - Shenzhen Huatai Medical Devices Co., Ltd. has improved its market penetration and product coverage following the introduction of Mindray Medical as a controlling shareholder [5]. Group 5: Policy Support and Future Outlook - The Chinese government has introduced numerous supportive policies aimed at fostering high-end innovation and quality development in the medical device sector [6]. - The industry is expected to transition from "product export" to "technology output" and from "landing" to "local integration," positioning itself for higher value within the global value chain [6].