立高食品公告，第三季度营收为10.75亿元，同比增长14.82%；净利润为7707.93万元，同比增长 13.63%。前三季度营收为31.45亿元，同比增长15.73%；净利润为2.48亿元，同比增长22.03%。 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥1,074,532,810.59, representing a year-on-year increase of 14.82%[6] - Net profit attributable to shareholders for Q3 2025 was ¥77,079,293.92, up 13.63% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥75,981,400.07, reflecting a 14.17% increase year-on-year[6] - For the first three quarters of 2025, the company achieved a total revenue of ¥3,144,562,022.97, a growth of 15.73% year-on-year[11] - The net profit for the current period is CNY 242,277,300.67, an increase from CNY 200,384,970.56 in the previous period, representing a growth of approximately 20.9%[25] - The operating profit for the current period is CNY 298,829,390.96, up from CNY 244,277,505.35, reflecting a growth of approximately 22.3%[25] - The total comprehensive income for the current period is CNY 242,531,628.47, compared to CNY 200,382,381.09, showing an increase of about 21%[26] Revenue Breakdown - The revenue from frozen baked goods accounted for approximately 55% of total product revenue, with a year-on-year growth of nearly 10%[12] - The revenue from baking ingredients (cream, sauces, and other baking materials) represented about 45% of total product revenue, increasing by approximately 24% year-on-year[12] - Total revenue for the period reached CNY 3,144,562,022.97, an increase of 15.7% compared to CNY 2,717,264,207.79 in the previous period[24] - The total revenue from operating activities reached CNY 3,412,184,634.04, compared to CNY 2,948,628,935.82 in the prior year, indicating an increase of about 15.7%[27] Cash Flow and Assets - The company reported a cash flow from operating activities of ¥328,717,549.26 for the year-to-date, an increase of 33.15%[6] - Cash and cash equivalents at the end of the period were CNY 402,431,636.98, down from CNY 558,126,882.06 at the beginning of the period, representing a decrease of 27.9%[21] - The cash flow from operating activities generated a net amount of CNY 328,717,549.26, compared to CNY 246,881,175.05 in the previous period, which is an increase of approximately 33%[28] - The total cash and cash equivalents at the end of the period decreased to CNY 372,048,373.93 from CNY 763,347,926.06, a decline of about 51.2%[28] - The company reported a net cash outflow from investing activities of CNY 400,758,571.16, compared to a net outflow of CNY 444,752,306.73 in the previous period, showing a slight improvement[28] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥4,496,298,326.78, a 2.69% increase from the end of the previous year[6] - Total assets as of September 30, 2025, were CNY 4,496,298,326.78, compared to CNY 4,378,432,550.59 at the beginning of the period, indicating an increase of 2.7%[23] - Total liabilities decreased to CNY 1,788,909,800.24 from CNY 1,802,411,041.30, a reduction of 0.7%[23] - The company's equity attributable to shareholders rose to CNY 2,700,510,203.64 from CNY 2,563,794,380.08, reflecting an increase of 5.3%[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,074[16] - The top three shareholders hold a combined 33.57% of the company's shares[17] Expenses and Financial Management - Total operating costs amounted to CNY 2,841,665,068.03, up from CNY 2,474,389,308.26, reflecting a year-over-year increase of 14.8%[24] - Financial expenses rose by 132.75% to CNY 16,038,836.02, mainly due to a decrease in the capitalization ratio of convertible bond interest expenses[14] - The company incurred financial expenses of CNY 16,038,836.02, which is significantly higher than CNY 6,891,021.80 from the previous period, indicating an increase of approximately 132.9%[25] - The company's tax expenses increased to CNY 55,004,784.79 from CNY 43,159,770.80, reflecting an increase of approximately 27.4%[25] Future Plans - The company plans to continue expanding its market presence by actively exploring new channel customers and deepening relationships with existing clients[12] - The company plans to continue expanding its market presence and investing in new product development[20] - As of September 30, 2025, the company had 9,499,501 convertible bonds remaining, with a total face value of CNY 949,950,100[20] Other Financial Metrics - Accounts receivable increased to CNY 367,333,060.24 from CNY 283,097,363.87, marking a growth of 29.8%[22] - Inventory decreased slightly to CNY 378,075,639.05 from CNY 380,042,226.09, a decline of 0.5%[22] - Minority shareholder equity decreased by 43.75% to CNY 6,878,322.90, mainly due to losses from non-wholly-owned subsidiaries[14] - Employee compensation payable decreased by 40.52% to CNY 47,824,296.38, primarily due to bonus payments made in the current period[14] - Long-term borrowings increased by 64.64% to CNY 83,160,000.00, mainly due to an increase in bank loans[14] - Notes payable doubled to CNY 11,000,000.00, mainly due to an increase in issued notes[14] - The construction in progress increased by 62.65% to CNY 572,583,347.64, primarily due to increased investment in the headquarters base project[14]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1]. Core Insights - The "14th Five-Year Plan" has shifted focus towards enhancing domestic demand and domestic circulation, emphasizing the need for a balance between supply and demand [3]. - New consumption trends are expected to continue driving excess returns, particularly in new channels and product categories [3]. - The report highlights the potential benefits for dairy products and the restaurant supply chain due to policy stimuli aimed at boosting consumption [3]. - The report anticipates a gradual recovery in the dairy market, with milk prices expected to rise moderately due to improved supply-demand dynamics [3]. - Investment suggestions include focusing on companies with strong performance in new consumption directions, such as Dongpeng Beverage and Angel Yeast, as well as cyclical stocks with low valuations [3]. Summary by Sections Industry Overview - The report discusses the upgraded focus on domestic demand and the relationship between supply and demand in the context of the "14th Five-Year Plan" [3]. - It emphasizes the importance of new consumption trends and channels, such as instant retail and health-oriented products [3]. Key Areas of Focus - The dairy sector is highlighted as a key area benefiting from potential birth rate policies and consumer demand for dairy products [3]. - The restaurant supply chain is expected to see a boost from government consumption vouchers and ongoing support measures [3]. Investment Recommendations - The report suggests monitoring quarterly performance reports, particularly for companies aligned with new consumption trends [3]. - It identifies specific stocks to watch, including those with solid fundamentals and those in cyclical sectors that may benefit from improving market conditions [3].

Investment Rating - The industry investment rating is "Maintain Overweight" [5] Core Views - The report emphasizes the importance of focusing on high-performing growth stocks and marginal improvements during the third quarter reporting period [1] - In the liquor sector, the report anticipates accelerated clearing of Q3 financial statements, with risks related to wholesale prices and inventory gradually being released [2] - The beer and beverage sectors are highlighted for their ongoing premiumization and strong growth momentum, particularly for Yanjing Beer and Dongpeng Beverage [3] - The snack sector shows a mixed performance, with emerging channels performing well while traditional channels face pressure [4] Summary by Sections Liquor Sector - The first Q3 report from Jinhui Wine shows a revenue of 546 million yuan, down 4.89% year-on-year, and a net profit of 25 million yuan, down 33.02% [2] - The report notes that the industry is in an adjustment phase, with Q3 liquor sales continuing to decline, but risks are gradually being cleared [2] Beer Sector - Yanjing Beer reported Q3 revenue of 4.88 billion yuan, up 1.6% year-on-year, and a net profit of 670 million yuan, up 26.0% [3] - Zhujiang Beer reported Q3 revenue of 1.88 billion yuan, down 1.3% year-on-year, with a net profit of 330 million yuan, up 8.2% [3] Beverage Sector - Dongpeng Beverage reported Q3 revenue of 6.11 billion yuan, up 30.4% year-on-year, and a net profit of 1.39 billion yuan, up 41.9% [3] Snack Sector - Wanchen Group reported Q3 revenue growth of 44.2%, benefiting from store expansion [4] - Jinzhai Food returned to growth with a 6.5% increase in revenue, while Q3 revenue for Qiaqia Food decreased by 5.9% due to cost pressures [4] Dairy Sector - Tianrun Dairy reported Q3 revenue of 680 million yuan, down 4.8% year-on-year, with a net profit of 10 million yuan, down 77.6% [4]

Investment Rating - The report suggests a positive outlook for the new consumption sector, emphasizing the importance of technology-driven consumer products and new consumption trends [2]. Core Insights - The report highlights the guidance from the 20th Central Committee's Fourth Plenary Session regarding the future development of the consumption industry, focusing on enhancing domestic demand and creating new supply through new demand [2]. - It emphasizes the rapid advancement of technology consumption in China, with certain products gaining competitive advantages in international markets, such as drones and smart home devices [2]. - The integration of AI with the consumer industry is identified as a key trend, leading to the emergence of innovative products and services [2]. - New consumption trends are driven by changing demographics and consumer preferences, with emotional consumption becoming a significant focus [2]. - Traditional consumption faces temporary pressures due to factors like housing prices and employment, but many sectors maintain strong international competitiveness [2]. Summary by Sections New Supply and Demand - The report discusses how new supply can create new demand, particularly through technological advancements in consumer products [2]. - It mentions the low penetration rates of certain tech products, indicating significant growth potential [2]. New Consumption Development - New consumption is rapidly evolving, driven by changes in population structure and consumer attitudes [2]. - Emotional consumption is highlighted as a key area, with trends in collectibles, outdoor activities, and pet-related products gaining traction [2]. Traditional Consumption Challenges - The report notes that traditional consumption is under pressure but retains strong international competitiveness [2]. - It anticipates a rebound in traditional consumption due to government subsidies in late 2024 and 2025, despite facing challenges from high export bases and tariff barriers [2]. Investment Recommendations - The report recommends specific companies across various sectors, including consumer services, food and beverage, agriculture, textiles, and technology consumption [2]. - Notable mentions include companies like Dongpeng Beverage, Anta Sports, and Roborock Technology, among others [2].

立高食品股份有限公司 章 程 广东 广州 二〇二五年十月 | | | 公司系由广东立高食品有限公司依法以整体变更方式发起设立，在广州市市场 监督管理局注册登记，取得营业执照，统一社会信用代码为 91440183721959625P。 第三条 公司于 2021 年 2 月 9 日经中国证券监督管理委员会（以下称"中国 证监会"）以《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）文核准，首次向社会公众发行人民币普通股 42,340,000 股，于 2021 年 4 月 15 日在深圳证券交易所（以下称"深交所"）上市。 第四条 公司注册名称：立高食品股份有限公司。 公司英文名称：Ligao Foods Co., Ltd. 第五条 公司住所：广州市增城石滩镇工业园平岭工业区。 经营地址：广州市增城区石滩镇兴石一路 3 号。 立高食品股份有限公司章程 第一章 总 则 第一条 为维护立高食品股份有限公司（以下称"公司"或"本公司"）、股 东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公 司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 ...

立高食品股份有限公司 第二条 公司应当严格按照法律、行政法规、规章、规范性文件以及《公司 章程》的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 股东会议事规则 广东 广州 二〇二五年十月 | | | 立高食品股份有限公司股东会议事规则 立高食品股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范立高食品股份有限公司（以下称"公司"或"本公司"）的 行为，保证股东会依法行使职权，根据《中华人民共和国公司法》（以下称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）《上市公司治理准则》 《上市公司章程指引》《上市公司股东会规则》《深圳证券交易所创业板股票上市 规则》及其他法律、法规、规章、规范性文件，以及《立高食品股份有限公司章 程》（以下简称《公司章程》）的有关规定，并结合本公司实际，特制订本规则。 第三条 股东会是公司的权力机构，股东会应当在《公司法》《公司章程》、 本规则规定的范围内行使职权。 第四条 股东会应根据有关法律、法规、规章、规范性文件的相关规定，按 照谨慎授权原 ...

立高食品股份有限公司 对外担保管理制度 广东 广州 二〇二五年十月 立高食品股份有限公司对外担保管理制度 立高食品股份有限公司 对外担保管理制度 第一章 总 则 第一条 为规范立高食品股份有限公司（以下称"公司"）的对外担保行为，有 效控制公司对外担保风险，保护公司资产安全，根据《中华人民共和国公司法》《中 华人民共和国证券法》《中华人民共和国民法典》及其他法律、行政法规、规章、规 范性文件，以及《立高食品股份有限公司章程》（以下简称《公司章程》）的有关规 定，并结合公司实际，特制定本制度。 第二条 本制度所称对外担保，是指公司及其控股子公司以第三人身份为他人 提供保证、抵押、质押或其他形式的担保，包括公司对控股子公司提供的担保。 公司及其控股子公司提供反担保应当比照担保的相关规定执行，以其提供的反 担保金额为标准履行相应审议程序和信息披露义务。 第五条 公司有权拒绝任何强令其为他人提供担保的行为。公司对控股子公司、 控股子公司对公司、控股子公司之间的担保外，公司及控股子公司发生的其他对外 担保均应当要求对方提供反担保，反担保提供方应当具有实际担保能力，反担保应 当具有可执行性，反担保数额须与公司为被担保人担 ...

互动易平台信息发布及回复内部审核制度 广东 广州 二〇二五年十月 立高食品股份有限公司 立高食品股份有限公司 互动易平台信息发布及回复内部审核制度 第一章 总则 第一条 为规范立高食品股份有限公司（以下简称"公司"）互动易平台信 息发布和提问回复的管理，建立公司与投资者良好沟通机制，提升公司治理水平， 根据《上市公司投资者关系管理工作指引》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》《深圳证券交易所创业板上市公司自 律监管指南第 1 号——业务办理》等有关法律、法规、规范性文件以及《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，结合公司实际情 况，制定本制度。 第二条 本制度所指"互动易平台"是指深圳证券交易所为上市公司与投资 者之间搭建的自愿性、交互式信息发布和进行投资者关系管理的综合性网络平台， 是 上 市 公 司 法 定 信 息 披 露 的 有 益 补 充 。 " 互 动 易 平 台 " 的 网 址 为 ： http://irm.cninfo.com.cn。 第八条 公司在互动易平台发布信息、回复投资者提问时不得涉及不宜公开 的信息。公司在互动易平台发布 ...

立高食品股份有限公司 信息披露暂缓与豁免管理制度 广东 广州 二〇二五年十月 立高食品股份有限公司 信息披露暂缓与豁免管理制度 第一条 为规范立高食品股份有限公司（以下简称"公司"）信息披露暂缓与 豁免行为，督促公司及相关信息披露义务人（以下简称"信息披露义务人"）依法 合规履行信息披露义务，保护投资者的合法权益，根据《中华人民共和国证券法》 （以下简称《证券法》）、《上市公司信息披露管理办法》（以下简称《信息披 露管理办法》）、《上市公司信息披露暂缓与豁免管理规定》（以下简称《信息 披露暂缓与豁免管理规定》）、《深圳证券交易所创业板股票上市规则》等法律、 法规、规范性文件，以及《立高食品股份有限公司章程》（以下简称《公司章程》） 等规定，结合公司实际情况，制定本制度。 第四条 公司及相关信息披露义务人申请或实施信息豁免披露，必须有确实 充分的证据证明拟披露的信息涉及国家秘密或者其他因披露可能导致违反国家 保密规定、管理要求的事项（以下统称"国家秘密"）。 第五条 公司及其他信息披露义务人有保守国家秘密的义务，不得通过信息 披露、投资者互动问答、新闻发布、接受采访、展会展览及内部宣传推广等任何 形式泄露国家秘 ...