立高食品 202509004 摘要 立高食品 2025 年上半年收入增长 16%，虽受春节错位影响，但下半年 有望持平或加速，受益于山姆货架调整的基数效应和四季度春节备货， 以及核心商超大客户处的新品推出。 公司预计 2025 年下半年不会有大额特殊费用支出，已对卤制品和油脂 等大宗物料锁单至年底，成本波动预计将比市场价格更为平稳，费用控 制良好，但原材料压力增加或致毛利率下降。 立高食品在山姆会员店的产品生命周期约为一年，需不断创新和调整以 适应市场需求，如黑椒香肠酥升级为芝士香肠面包，奶油小方上半年销 售额过亿，预计 10 月重新上市，年化销售额或超 2 亿。 除山姆外，永辉、胖东来和盒马等商超渠道也在积极推进定制化服务， 为公司提供更多发展机会，调改店新品上线后年收入有望突破千万，第 二大会员商超客户年化体量接近千万级别。 公司新开拓全国连锁茶饮客户，拥有约 7,000 家门店，为其提供基底奶 及部分冷冻烘焙产品组合，乳制品相关原料供应明显，该客户起量较快， 将以此为样本继续开拓新的茶饮客户。 Q&A 立高食品在 2025 年的收入和净利率预期如何？未来两三年的增长中枢和净利 率提升方向是什么？ 立高食 ...

Summary of Conference Call Company and Industry - The conference call involves **Guangfa Video** and discusses the performance and strategies of **Li Gao**, a company in the food and beverage industry, particularly focusing on bakery products. Key Points and Arguments Sales Performance - Li Gao has shown **significantly improved performance** since the beginning of the year, with both revenue and profit increasing substantially, leading to positive market feedback [1] - Three new products launched in the supermarket channel have met sales expectations as of April, with stable sales for the **Fig Cream Cheese Bread** and strong sales during the Spring Festival for the **Creamy Small Square** [2][3] Product Strategy - The company is actively upgrading existing products and introducing new ones to maintain consumer interest, with a focus on **core supermarket clients** [4][5] - The company plans to launch an upgraded version of an existing product in the near future, indicating a proactive approach to product management [3] Channel Development - The company is adapting to changes in the supermarket channel, establishing deeper collaborations with major chains and moving from scattered partnerships to a more systematic approach [5] - There is a focus on expanding into new channels, including the restaurant sector, with expectations of increased collaboration with new clients [8][9] Cost Management and Profitability - The company has seen a **significant improvement in profit margins** due to changes in supply chain and sales strategies, although no specific profit margin targets have been set [10][11] - The logistics and transportation costs are being managed through third-party logistics to reduce expenses, indicating a strategic shift in logistics management [12][13] New Product Launches - The company plans to launch new cream products in the second half of the year, which are expected to positively impact overall revenue and profit [14][15] - The introduction of new products is anticipated to enhance the gross margin of the cream category, contributing positively to the company's financial performance [15] Raw Material Costs - Raw material costs have been a significant factor affecting gross margins, with a noted impact of approximately **2%** on margins due to high costs in the first quarter [16][17] - The company expects a more stable cost environment moving forward, with potential for further alleviation of cost pressures [17] Capacity Utilization - The current capacity utilization rate is reported to be in the **70% range**, with plans for new production lines to meet future demand [21][22] - The company is also relocating some production capacities to a new headquarters, which will facilitate future growth [22] Market Trends - The company is observing market dynamics and testing new channels, with initial positive results from sample stores, although overall volume remains relatively small compared to historical data [23][24] Other Important Content - The company emphasizes the importance of continuous product innovation and adaptation to market trends to sustain growth and profitability [19] - There is a clear focus on enhancing operational efficiency and cost-effectiveness across all business areas [10][11]

Core Viewpoint - The article highlights the shift in consumer behavior towards "new consumption" trends, such as beauty products, IP toys, and pet economy, contrasting with traditional consumption sectors like liquor and dining, which are under pressure. The "new consumption" sector has seen significant growth, with multiple stocks experiencing substantial increases in value in 2024 [2][4]. Group 1: New Consumption Trends - The "new consumption" sector is characterized by a transition from "survival-type" to "self-pleasing" consumption, indicating that consumers are increasingly seeking emotional value and self-expression rather than just meeting basic needs [3][9]. - In 2024, the scale of self-pleasing consumption in China is expected to exceed 4.5 trillion, accounting for 32% of total household consumption, with an 18% year-on-year growth [9]. Group 2: Market Dynamics and Policy Support - The Chinese government has introduced policies to stimulate consumption, including a 1.5 trillion yuan special bond fund to support the replacement of old consumer goods, which has driven sales in sectors like automobiles and home appliances [4]. - The retail sector is facing challenges, with traditional supermarkets experiencing an 11.4% decline in 2024, while companies like Sam's Club and Fat Donglai are thriving, with significant growth in sales [4][5]. Group 3: Investment Opportunities in New Consumption - The article identifies five key segments within the "new consumption" landscape: emotional value, national trend consumption, industrial innovation, health consumption, and technology empowerment [10][12]. - Specific companies within these segments have shown remarkable stock performance, with some experiencing over 300% growth since the beginning of 2024 [13]. Group 4: Comparative Analysis with Japan - The article draws parallels between the evolution of consumption in China and Japan, noting that as Japan's GDP per capita rose, domestic consumption patterns shifted towards self-pleasing and emotional value, a trend that China is currently mirroring [7][9].