立高食品股份有限公司 2024 年年度股东大会决议公告 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。 重要提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不涉及变更前次股东大会决议。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | （一）会议召开时间 （1）现场会议：2025年5月26日（星期一）14:00 （2）网络投票：2025年5月26日。其中，通过深圳证券交易所交易系统进行 网络投票的时间为2025年5月26日（星期一）上午9:15-9:25、9:30-11:30和下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为2025年 5月26日（星期一）上午9:15至下午15:00期间的任意时间。 （二）现场会议召开地点：广州市增城区石滩镇兴石一路3号3A楼立高食品 会议室。 （三）会议召集人 公司董事会。 （四）投票方式 本次会议采取现场投票与网络投票相结合的方式召开。 ...

Group 1: Macro Insights - The report discusses the potential impact of Trump's proposed 50% tariffs on the EU, suggesting that the likelihood of these tariffs being implemented is low due to the current vulnerabilities in the US political and financial markets [2][3][16] - Recent adjustments in LPR and deposit rates indicate a monetary easing trend, with LPR down by 10 basis points and deposit rates reduced by 5 to 25 basis points, which may support economic activity [2][3] - The US House of Representatives passed the "Beautiful Act," which is expected to increase fiscal expansion, potentially leading to higher long-term US Treasury yields and impacting global markets [3][16] Group 2: Sector Analysis - The report highlights the recovery potential in the Hong Kong real estate market, driven by factors such as potential RMB appreciation, policy easing, and continued inflow of talent from the mainland [18] - The insurance sector is experiencing a wave of equity stakes, with a focus on high dividend yield stocks, indicating a shift in investment strategy towards income-generating assets [19] - The report emphasizes the growth potential in the uranium market due to the revival of nuclear energy initiatives in the US, which may lead to increased demand and higher prices for uranium [14] Group 3: Company-Specific Insights - Horizon Robotics is highlighted as a leading supplier of advanced driver-assistance chips, with expectations for growth driven by partnerships with major automotive manufacturers [22] - Atour Group reported a revenue increase of 29.8% year-on-year in Q1 2025, indicating strong operational momentum despite challenges in the business travel market [23] - Xiaomi's recent product launch event showcased new self-developed chips, which are expected to enhance the company's competitive position in the smartphone market [28]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Group 1: Macro Analysis - The report analyzes the risk of a sell-off in US Treasury bonds, indicating that the scale of US Treasury holdings and daily trading volume is significantly larger than that of any other country, suggesting that no single nation can manipulate the US Treasury market [2] - Historical data shows that reductions in overseas holdings have less impact on US Treasury trends compared to fundamental variables, but a coordinated sell-off by multiple countries in response to tariffs could significantly disrupt the US Treasury market and global financial markets [2] Group 2: Fixed Income - In April, the broad fiscal revenue showed a slight positive change with a year-on-year increase of 2.7%, while fiscal expenditure grew by 12.9% year-on-year, indicating an acceleration in spending [2] - Cumulatively, from January to April, broad fiscal revenue decreased by 1.3% year-on-year, while broad fiscal expenditure increased by 7.2% [2] Group 3: Food and Beverage Industry - Investment recommendations for the liquor sector emphasize strengthening core capabilities and highlight three main lines: leading brands with increasing market share, high-certainty regional brands, and resilient recovery stocks [3] - For consumer products, the report suggests focusing on opportunities in beer and beverages, with a particular emphasis on companies benefiting from policy changes or recovery improvements, as well as those with high growth potential [3] Group 4: Pharmaceutical Industry - The report discusses the collaboration between Sanofi and Pfizer regarding the PD-1/VEGF bispecific antibody SSGJ-707, which includes a non-refundable upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [6] - Sanofi retains rights for development and commercialization in mainland China, while Pfizer will have an option for commercialization in that region based on agreed financial terms [6]

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5][33]. Core Insights - The restaurant industry is expected to gradually recover, with a slow recovery trend observed in Q1 2025 compared to the entire year of 2024, as indicated by an increase in store numbers and market heat [1][13]. - The first quarter of 2025 saw a slight decline in restaurant market sentiment compared to the previous quarter, likely influenced by the Spring Festival holiday, but remains in a recovery phase compared to the full year of 2024 [1][13]. - The report highlights a significant increase in restaurant store numbers in first-tier cities, with a 3.6% increase from Q4 2024 to Q1 2025, driven by the issuance of dining vouchers [2][16]. - The trend towards affordable dining continues, with restaurants priced under 50 yuan per person accounting for 70% of the total store count as of Q1 2025, reflecting a shift towards low-cost, high-value dining options [3][26]. Summary by Sections Restaurant Industry Recovery - Q1 2025 shows a slow recovery in the restaurant market, with a 1.8% increase in store numbers compared to Q4 2024, despite a competitive environment [1][13]. - The overall restaurant income growth rate has improved, with March 2025 showing a year-on-year increase of 5.6% in total retail dining income [1][13]. First-tier City Performance - First-tier cities have seen an increase in restaurant heat since Q4 2024, with a 3.6% increase in store numbers in Q1 2025, aided by government policies [2][16]. - The report notes a mixed performance in second and third-tier cities, with store numbers remaining relatively stable [2][16]. Consumer Trends - The report emphasizes the continued expansion of low-cost dining options, with a notable increase in stores priced under 50 yuan, while mid-range dining options have seen a slight decline [3][26]. - The opening rates for affordable dining categories such as noodle shops and snacks remain high, indicating strong consumer demand for budget-friendly options [2][21]. Investment Recommendations - The report suggests focusing on upstream supply chain-related companies, highlighting specific firms such as Lihigh Food, which reported a 14% year-on-year revenue growth in Q1 2025 [4][31]. - Other recommended companies include Anjii Food and Qianwei Central Kitchen, both of which are adapting to market conditions and focusing on product innovation [4][31].

经济信息 1、财政部数据显示，1—4月，全国一般公共预算收入80616亿元，同比下降0.4%。其中，全国税收收入65556亿元，同比下降2.1%；非税收入15060亿元， 同比增长7.7%。分中央和地方看，中央一般公共预算收入33928亿元，同比下降3.8%；地方一般公共预算本级收入46688亿元，同比增长2.2%。 2、国家网络与信息安全信息通报中心发布通告，经公安部计算机信息系统安全产品质量监督检验中心检测，在应用宝中35款移动应用存在违法违规收集使 用个人信息情况。通报中涉及不少AI应用，据通报，"智谱清言（版本 2.9.6）"等存在实际收集的个人信息超出用户授权范围；"Kimi（版本 2.0.8）"等涉及 实际收集的个人信息与业务功能没有直接关联。 3、乘联分会秘书长崔东树发文称，2025年4月月末全国乘用车行业库存350万辆，较上月增加15万辆，较2024年4月增12万辆，形成2025年行业库存持续拉升 的特征。 公司预警 海外预警 1、3连板百利电气：核聚变相关业务收入金额较小，2024年收入占比不足1%。 2、*ST宇顺：股价波动幅度较大，今起停牌核查。 3、美力科技：股东长江资本、王光明拟合计 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 立高食品股份有限公司（以下简称"公司"）近日收到持股 5%以上股东白宝鲲先生、 陈和军先生出具的《股份减持计划告知函》。 白宝鲲先生、陈和军先生计划于本减持计划公告之日起 15 个交易日后的三个月内以 集中竞价交易、大宗交易的方式减持公司股份。其中，白宝鲲先生计划减持公司股份不 超过 2,500,000 股（含本数），即不超过剔除回购专用账户股份数量后公司总股本的 1.50%； 陈和军先生计划减持公司股份不超过 2,700,000 股（含本数），即不超过剔除回购专用账 户股份数量后公司总股本的 1.62%。 一、股东的基本情况 （一）白宝鲲先生的基本情况 立高食品股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 持股 5%以上股东白宝鲲先生、陈和军先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 ...

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

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