| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 公司本次设立合规管理委员会并制定《合规管理委员会工作细则》不会对公司经营 活动产生重大影响。 特此公告。 立高食品股份有限公司 董事会 2025 年 12 月 30 日 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 2025 年 12 月 29 日召开第三届董事 会第二十次会议，审议通过了《关于设立合规管理委员会并制定〈合规管理委员会工作 细则〉的议案》，为高效统筹、推进企业自主合规管理体系建设，将合规管理融入公司发 展战略中，形成合规管理的长效机制，有效识别、防范经营管理层面的合规风险，培育 合规文化，董事会同意设立合规管理委员会，并制定《合规管理委员会工作细则》。 合规管理委员会的主要职责包括批准合规政策、方针与制度等；决定合规组织架构 与人员任免；批准合规报告、预算及资源配置等；监督公司整体合规体系的有效运行等。 立高食品股 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 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。 2、向不特定对象发行可转换公司债券 经中国证券监督管理委员会《关于同 ...

关于 2026 年度日常关联交易预计的公告 证券代码：300973 证券简称：立高食品 公告编号：2025-083 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 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、日常关联交易基本情况 （一）日常关联交易概述 立高食品股份有限公司（以下简称"公司"）结合日常经营和业务发展需要，预计 2026 年度公司及子公司将与关联方广东坚朗五金制品股份有限公司（以下简称"坚朗五金"） 及其合并报表范围内子公司发生日常关联交易金额不超过 6,000 万元，有效期为 2026 年 1 月 1 日至 2026 年 12 月 31 日。上述关联交易是与公司董事白宝鲲先生控制的公司发生 的日常关联交易。公司 2025 年 1-11 月实际发生同类日常关联交易总金额 3,617.96 万元。 公司于 2025 年 12 月 29 日召开第三届董事会第二十次会议审议通过了《关于 2026 年度日常关联交易预计的议案》，关联董事白宝鲲先生回避表决。上述议案已经公司第三 届董事会独立董事第五次专门会议审议，独立董事一致同意 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-086 | | --- | --- | --- | | 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 2026 年度董事、高级管理人员薪酬方案的公告 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。 为进一步规范立高食品股份有限公司（以下简称"公司"）董事、高级管理人员的 绩效考核和薪酬管理，激励和约束董事、高级管理人员勤勉尽责地工作，促进公司效益 增长和可持续发展，经公司董事会薪酬与考核委员会提议，公司于 2025 年 12 月 29 日召 开第三届董事会第二十次会议，审议了《关于 2026 年度董事薪酬（津贴）方案的议案》 以及《关于 2026 年度高级管理人员薪酬方案的议案》，关联董事已回避表决。根据《公 司法》《上市公司治理准则》等有关法律、法规及《公司章程》的规定，综合考虑公司 的实际情况及行业、地区的薪酬水平和职务贡献等因素，制定的董事、高级管理人员薪 酬方案如下： 一、适用对象 本薪酬方案适用于公司董事（含职工代表董事）、高级管理人员。 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 第三届董事会第二十次会议决议公告 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"）第三届董事会第二十次会议于 2025 年 12 月 29 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 12 月 23 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。 二、董事会会议审议情况 （一）审议通过《关于 2026 年度日常关联交易预计的议案》 公司结合日常经营和业务发展需要，预计 2026 年度公司及子公司将与关联方广东坚 朗五金制品股份有限公司及其合并报表范围内子公司发生日常关联交易金额不超过 6,000 万元 ...

Core Viewpoint - The leisure food sector experienced a slight increase of 0.02% on December 26, with Wancheng Group leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up by 0.1% [1]. - The Shenzhen Component Index closed at 13603.89, up by 0.54% [1]. - Key stocks in the leisure food sector showed varied performance, with Wancheng Group closing at 202.40, up by 1.64% [1]. Group 2: Stock Performance Summary - Wancheng Group (300972) led the sector with a closing price of 202.40 and a gain of 1.64% [1]. - Other notable performers included Ximai Food (002956) at 27.08, up by 1.27%, and Laiyifen (603777) at 14.39, also up by 1.27% [1]. - Stocks such as Good Idea (002582) and Guilin Faxiang (002820) saw slight declines of 0.28% and 0.32%, respectively [1]. Group 3: Capital Flow Analysis - The leisure food sector saw a net outflow of 55.17 million yuan from institutional investors, while retail investors contributed a net inflow of 48.18 million yuan [2]. - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2]. Group 4: Individual Stock Capital Flow - Laiyifen (603777) experienced a significant net outflow of 42.53 million yuan from institutional investors, indicating a bearish sentiment [3]. - Wancheng Group (300972) had a net inflow of 2.78 million yuan from retail investors, suggesting some level of support from individual investors [3]. - Ximai Food (002956) saw a net inflow of 3.03 million yuan from institutional investors, reflecting positive interest [3].

Core Insights - The frozen baking industry is experiencing rapid growth and differentiation, with various players entering the market, leading to increased competition and potential market reshuffling due to rising cost pressures and price wars [4][5][26]. Group 1: Industry Overview - The frozen baking market in China is expanding at a compound annual growth rate (CAGR) of over 25%, with projections indicating the market size will reach 23 billion yuan by 2025 [26]. - The industry is characterized by a mix of established players and new entrants, with significant competition emerging from both traditional baking companies and cross-industry players, particularly frozen food companies [24][25]. Group 2: Key Players - Leading companies such as Lihigh Foods and Nanjiao Foods have established strong positions in the frozen baking sector, with Lihigh's frozen baking segment accounting for approximately 55% of its revenue in the first three quarters of the year [8][10]. - Nanjiao Foods has seen its revenue from pre-baked products grow to 380 million yuan in 2024, with production capacity reaching 23,000 tons [10]. - Enxi Village, focusing on high-end frozen baking, has partnered with major retailers and reported a net income contribution of 288 million yuan to its parent company in the first three quarters of the year [12]. Group 3: Competitive Dynamics - The market is witnessing a significant influx of frozen food companies entering the frozen baking space, leveraging their existing supply chains and distribution networks to gain a competitive edge [17][24]. - Companies like Anjixin and Qianwei Central Kitchen have made strategic acquisitions to enhance their product offerings in frozen baking, with Anjixin planning to invest in new baking projects to create a new growth curve [18][20]. Group 4: Financial Performance and Challenges - Despite revenue growth, companies are facing shrinking profit margins due to rising raw material costs and intense competition, as seen in Nanjiao Foods' net profit decline of 80.82% in the first three quarters [29]. - Qianwei Central Kitchen's baking segment has also experienced a decrease in gross margin, dropping to 20.93% in the first half of the year [29]. Group 5: Market Trends and Future Outlook - The frozen baking sector is increasingly facing challenges related to product homogeneity and price wars, necessitating continuous innovation and cost management to maintain market share [30]. - The industry's leading players must balance industrial efficiency with the artisanal quality of baked goods to meet consumer expectations for both convenience and flavor [30][31].

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

Core Viewpoint - The Ministry of Commerce has announced a preliminary ruling on anti-subsidy investigations against EU dairy imports, implementing temporary anti-subsidy deposit measures starting December 23, 2025, which could accelerate domestic dairy product processing and promote local alternatives [1][2]. Group 1: Anti-subsidy Measures - The Ministry of Commerce decided to impose temporary anti-subsidy tax deposits on EU dairy products, with rates ranging from 21.9% to 42.7%, generally close to 30% [1]. - The investigation found that EU dairy products have received subsidies that harm the domestic dairy industry [1]. Group 2: Impact on Domestic Market - The anti-subsidy tax is expected to increase import prices, thereby accelerating the shift towards domestic dairy product processing [2]. - The current domestic milk prices are lower than international prices, which may further enhance the competitiveness of local products [2]. Group 3: Demand and Supply Dynamics - The deep processing of dairy products is anticipated to increase the consumption of raw milk, improving the supply-demand balance in the upstream raw milk industry [3]. - Domestic milk prices have stabilized since August, driven by supply adjustments from social pastures and increased demand from expanding consumption scenarios such as milk tea [3]. Group 4: Investment Opportunities - Companies benefiting from the deep processing business include Miaokelando (600882.SH), Yili (600887.SH), Mengniu Dairy (02319), and Lihigh Food (300973.SZ) [4]. - Upstream livestock companies that may benefit include Youran Dairy (09858), Modern Dairy (01117), and China Shengmu (01432) [4].

Core Viewpoint - The Ministry of Commerce has announced a countervailing policy against EU imported dairy products, specifically targeting cheese and high-fat cream, which are core categories in deep processing of dairy products. This policy is set to enhance the price advantage of domestic manufacturers and is expected to have a rapid market impact [1][2][3]. Summary by Sections Policy Announcement - The Ministry of Commerce has issued a preliminary ruling on countervailing investigations against EU dairy imports, confirming that these products are subsidized and have caused substantial harm to the domestic industry. Starting December 23, 2025, temporary countervailing measures will be implemented, requiring importers to provide a deposit of 21.9% to 42.7% based on the value of the goods [2]. Characteristics of the Policy - The ruling specifically targets cheese and high-fat cream, which are heavily reliant on imports, with over 50% of high-fat cream being imported. The measures impose a significant cost increase on EU products, with an average subsidy rate close to 30%. The policy takes effect immediately, demonstrating the government's commitment to market stability [3]. Market Impact - The countervailing policy is expected to accelerate domestic substitution in the deep processing sector, potentially freeing up a market space of 20 billion for cream and 14 billion for cheese. Historically, China's dairy processing industry has been heavily reliant on imports due to high raw milk costs and immature technology, with domestic products only accounting for 14%-18% of the market in 2023. The policy is anticipated to enhance the price advantage of domestic manufacturers, particularly benefiting those in high-fat cream production [4]. Investment Opportunities - The report suggests three categories of investment opportunities: - Domestic substitution beneficiaries: Recommended stocks include Lihigh Foods (300973.SZ) and Miaokelando (600882.SH), with Lihigh being the largest domestic cream producer and poised to benefit from price increases in imported brands [5]. - Dairy price reversal benefiting upstream farms: Companies like Youran Dairy (09858) and Modern Dairy (01117) are highlighted, as they are expected to show resilience and potential profit recovery with the reversal of raw milk prices [5]. - Strengthening competitiveness of leading dairy companies: Recommendations include Yili (600887.SH) and Mengniu Dairy (02319), which are expected to benefit from stabilized milk prices and accelerated deep processing business, enhancing their long-term growth potential [5].