证券代码：300973 证券简称：立高食品 公告编号：2025-078 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转股价格调整的公告 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。 特别提示： 1、债券代码：123179 债券简称：立高转债 2、"立高转债"本次调整前转股价格：95.33 元/股 3、"立高转债"本次调整后转股价格：95.13 元/股 4、转股价格调整生效日期：2025 年 12 月 2 日 一、关于可转换公司债券转股价格调整的相关规定 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，立高食品股份有限公 司（以下简称"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，每张面值为人民币 100 元。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》）的相关规定，在本次发行之后， 当公司发生派送股票股利、转增股本、增发新股（ ...

特别提示： 1、立高食品股份有限公司（以下简称"公司"或"本公司"）2025 年前三季度利润 分配方案为：以公司实施权益分派股权登记日的总股本（扣除回购账户中股份）为基数 （目前公司总股本169,340,511股剔除已回购股份2,702,077股后的数量为166,638,434股）， 向全体股东每 10 股派发现金红利 2 元（含税），实际现金分红总额为人民币 33,327,686.80 元（含税）。本次不进行资本公积金转增股本及派送股票股利。 证券代码：300973 证券简称：立高食品 公告编号：2025-077 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 2025 年前三季度权益分派实施公告 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。 本次利润分配预案披露至实施前，若公司股本由于可转换公司债券转股、股权激励 行权等原因发生变动的，公司将以权益分派实施时股权登记日的总股本为基数（回购专 用证券账户股份不参与分配），按照每股分配比例不变的原则，对现金分红总额进行相 应调整。 2、本次权益分派实施后计算除权除息价格时，按总股本（含回购股 ...

Core Viewpoint - Lihigh Food experienced a decline of 1.96% in stock price on November 21, with a trading volume of 98.76 million yuan, indicating market volatility and investor sentiment towards the company [1] Financing Summary - On November 21, Lihigh Food had a financing buy-in amount of 13.90 million yuan and a financing repayment of 11.88 million yuan, resulting in a net financing buy of 2.02 million yuan [1] - The total financing and margin trading balance reached 169 million yuan, accounting for 2.52% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company had a margin repayment of 100 shares and a margin sell of 400 shares, with a margin balance of 26.46 thousand yuan, which is below the 30th percentile of the past year, suggesting low short-selling activity [1] Business Performance - As of September 30, Lihigh Food reported a total revenue of 3.145 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 15.73% [2] - The net profit attributable to the parent company was 248 million yuan, showing a year-on-year increase of 22.03% [2] Shareholder Information - The number of shareholders increased by 29.70% to 11,100 as of September 30, while the average circulating shares per person decreased by 22.90% to 10,522 shares [2] - Since its A-share listing, Lihigh Food has distributed a total of 455 million yuan in dividends, with 285 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.1138 million shares, a decrease of 2.7783 million shares from the previous period, while E Fund Yuxin Bond A is a new shareholder with 1.9656 million shares [3]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [9][56] Core Insights - The white liquor sector is showing signs of bottoming out, with market sentiment improving, presenting a good opportunity for low-level positioning. Recent CPI recovery and consensus on destocking, along with the Double 11 shopping festival, have contributed to this trend. The Federal Reserve's dovish signals on November 21 have also created favorable conditions for the market [5][54] - Long-term prospects for leading liquor companies are promising due to their strong risk resistance and increasing market concentration, supported by domestic demand policies and recovering consumer sentiment. The industry is still in a destocking phase, with demand at a low point [5][54] - The consumer goods sector is experiencing structural differentiation, with the snack food segment remaining robust and soft drink leaders maintaining stability during the off-season. The dairy sector is approaching a supply-demand improvement point, while the restaurant industry is shifting from incremental to stock competition due to demand pressure [55] Summary by Sections Industry News - From January to October, white liquor production decreased by 11.5% [16] - The overall sentiment in the sector is improving, driven by the upcoming holiday season and promotional activities [5][54] Company News - Guizhou Moutai has initiated its annual meeting season for Moutai liquor [4] - Wuliangye is launching a new zodiac-themed product for the Year of the Horse [4] Key Company Feedback - The report highlights key companies with strong long-term investment value, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more flexible stocks like Jiu Gui Jiu and Shede Liquor [5][54][57] Core Data Trends - The cumulative production of white liquor in 2024 is projected at 4.145 million tons, a decrease of 7.72% year-on-year, while industry revenue is expected to reach 796.4 billion yuan, an increase of 5.3% [32][33]

Market Overview - The leisure food sector experienced a decline of 2.33% on November 20, with Nanjiao Food leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Nanjiao Food (605339) closed at 19.05, down 9.37% with a trading volume of 175,500 shares [1] - Jin Zai Food (003000) closed at 11.86, down 3.18% with a trading volume of 80,900 shares [1] - Wanchen Group (300972) closed at 168.22, down 3.10% with a trading volume of 18,300 shares [1] - Three Squirrels (300783) closed at 23.22, down 2.85% with a trading volume of 81,500 shares [1] - Black Sesame (000716) closed at 6.26, down 2.80% with a trading volume of 224,500 shares [1] - Other notable declines include Lihai Food (300973) down 2.52% and Liangpinpuzi (603719) down 2.51% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 178 million yuan from main funds, while retail investors contributed a net inflow of 118 million yuan [1] - Speculative funds recorded a net inflow of 60.43 million yuan [1] Detailed Capital Flow for Selected Stocks - Lihai Food (300973) had a main fund net inflow of 5.90 million yuan, but a retail net outflow of 13.17 million yuan [2] - Ziyan Food (603057) experienced a main fund net inflow of 42,400 yuan, with a retail net outflow of 1.79 million yuan [2] - Maquur (002719) had a negligible main fund net inflow of 4,364 yuan, with a retail net outflow of 127,690 yuan [2] - Other stocks like Guangzhou Restaurant (603043) and Huangshanghuang (002695) also reported net outflows from main funds [2]

Investment Rating - The industry maintains a "Market Perform" investment rating, indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [60]. Core Insights - Since 2021, the revenue growth rate of the food and beverage industry has shown a stepwise decline, with a further slowdown in growth recorded in the first three quarters of 2025. The industry recorded a revenue growth of 0.18% in the first three quarters of 2025, a decline of 2.29 percentage points compared to the first half of the year [9][10]. - The industry has experienced a continuous increase in gross profit margins in recent years, peaking in 2024. However, since 2025, the gross profit margin has started to decline due to the fading cost advantages. The operating cost growth has outpaced revenue growth, leading to increased cost pressures [8][26]. - The report highlights a significant change in the expense structure of listed companies, with a reduction in sales expenses and a focus on internal control management. The research indicates that while sales expenses have decreased, R&D investments have remained stable [42][50]. - Profitability indicators for the food and beverage sector have been on the rise since 2021 but have started to decline in 2025 due to slowing revenue growth and the diminishing cost advantages. The net profit margin and return on equity have both decreased in the first three quarters of 2025 compared to the previous year [51][54]. Summary by Sections Revenue Growth - The food and beverage industry has seen a stepwise decline in revenue growth since 2021, with a recorded growth of 0.18% in the first three quarters of 2025, down 2.29 percentage points from the first half of the year [9][10]. - Sub-sectors such as snacks and soft drinks have shown strong growth, while others like prepared foods and white spirits have experienced revenue declines [10][19]. Cost and Profitability - The gross profit margin of the food and beverage sector peaked in 2024 but has started to decline in 2025 due to rising costs outpacing revenue growth. The gross profit margin was recorded at 49.53% in the first three quarters of 2025, down 1.39 percentage points year-on-year [26][54]. - The report indicates that the cost growth has exceeded revenue growth by 2.83 percentage points in the first three quarters of 2025, leading to increased cost pressures [27][31]. Expense Management - There has been a notable shift in the expense management of listed companies, with a reduction in sales expenses and a focus on internal control, resulting in a significant decrease in management expense ratios [42][46]. - The sales expense ratio has decreased from 12.35% in 2021 to 11.07% in the first three quarters of 2025, reflecting a more cautious approach to market investments [42][44]. Investment Opportunities - The report recommends focusing on investment opportunities in sub-sectors such as soft drinks, health products, baking, yeast, compound seasonings, and snacks, which are expected to perform well despite the overall industry slowdown [57].

休闲食品板块震荡走弱，南侨食品触及跌停，欧福蛋业、劲仔食品、一致魔芋、黑芝麻、立高食品、良 品铺子等跟跌。 ...

Core Viewpoint - The report from Dongfang Caifu Securities indicates that the supply-demand mismatch in 2024 will lead to deteriorating industry operations, but as companies gradually lower growth targets to adapt to demand in 2025, this will alleviate supply-demand conflicts and enhance investment value in the sector. The expectation is for positive growth in financial statements by the second or third quarter of next year [1]. Group 1: Industry Overview - In Q1-Q3 2025, under weak demand, industry revenue showed slight growth while profits were under pressure, with the food and beverage sector experiencing a revenue decline of -4.9% and a net profit drop of -14.6% in Q3 2025 [1]. - Traditional consumption is hindered by slow recovery in consumption scenarios, with the liquor sector, particularly baijiu, facing accelerated clearance and weak performance in beer demand [1]. - Sectors like snacks and beverages that have opportunities for new product launches and channel expansion continue to show positive momentum, with products like konjac experiencing rapid growth since 2024 [1]. Group 2: Category Analysis and Outlook - **Baijiu**: The industry is accelerating clearance with clearer turning points. In Q3 2025, overall revenue and net profit declined by -18.4% and -22.2% respectively, but demand is expected to improve, stabilizing prices and leading to better financial performance by Q2 2026 [2]. - **Low-Alcohol Beverages and Beer**: Beer revenue and net profit grew by +2.0% and +11.8% respectively in Q3 2025, with cost advantages continuing. Demand recovery is anticipated in 2026, influenced by changes in retail channels [3]. - **Dairy Products**: The raw milk sector is gradually bottoming out, with demand expected to stabilize and prices recover. The low-temperature fresh milk segment is projected to grow, replacing some ambient milk [4]. - **Snacks**: Categories like konjac and oats are expected to maintain high growth, with a shift towards emerging channels and significant growth in instant retail [4]. Group 3: Investment Recommendations - **Baijiu**: Focus on companies that are clearing inventory early and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao, as well as those with strong product matrices and channel capabilities like Moutai and Wuliangye [5]. - **Low-Alcohol Beverages**: Highlighting head companies like Kweichow Moutai and Qingdao Beer, which are expected to benefit from demand recovery [5]. - **Dairy and Snacks**: Emphasizing the potential for recovery in the raw milk sector and recommending companies like Yili and Mengniu, as well as snack companies that can leverage product and channel adjustments [6].

Core Points - Lihigh Food announced that it will implement a rights distribution plan for the first three quarters of 2025 [1] - According to the convertible bond prospectus, the conversion of the company's convertible bonds will be suspended from November 20, 2025, until the record date for the rights distribution [1] - The conversion will resume on the first trading day after the record date for the rights distribution [1]

证券代码：300973 证券简称：立高食品 公告编号：2025-076 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于实施权益分派期间立高转债暂停转股的公告 立高食品股份有限公司 债券简称：立高转债 债券代码：123179 转股期限：2023 年 9 月 13 日至 2029 年 3 月 6 日 暂停转股时间：2025 年 11 月 20 日至 2025 年前三季度权益分派股权登记日 恢复转股时间：公司 2025 年前三季度权益分派股权登记日后的第一个交易日 立高食品股份有限公司（以下简称"公司"）将于近日实施公司 2025 年前三季度权 益分派事宜，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》中"转股价格的调整方式及计算公式"条款的规定（详见附件），自 2025 年 11 月 20 日起至本次权益分派股权登记日止，公司可转换公司债券（债券代码：123179，债券简 称：立高转债）将暂停转股，本次权益分派股权登记日后的第一个交易日起恢复转股。 在上述期间，公司可转换公司债券正常交易，敬请公司可转换公司债券持有人留意。 特此公告。 董事会 本公司及董事会全体成员 ...