Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading domestic player in the new cooling agent market, particularly the WS series, benefiting from the incremental replacement of traditional menthol [8][20]. - The company is implementing a fundraising project to vertically integrate its production capacity, enhancing its competitive advantages [8]. - Despite facing profit pressure due to weak demand, the long-term growth logic remains intact, with expectations for market recovery and capacity release from fundraising projects [8]. Summary by Sections 1. New Cooling Agents - The company is a leader in the WS series cooling agents, which are increasingly replacing traditional menthol due to their superior properties [8][20]. - The market for new cooling agents is growing rapidly, with global menthol consumption around 40,000 tons per year and a projected CAGR of 6.1% from 2025 to 2031 [16][19]. 2. Fundraising Projects - The fundraising project aims to create self-sufficient raw material advantages, with the first phase already producing 2,600 tons of cooling agents and raw materials annually [8][32]. - The second phase focuses on expanding production capacity and diversifying product lines, particularly in the daily chemical fragrance sector, which is expected to become a new growth curve for the company [8][33]. 3. Profitability and Market Conditions - The company has experienced revenue growth, but profits have been pressured since 2024 due to intensified industry competition [36][45]. - Revenue from 2020 to 2024 showed a compound annual growth rate (CAGR) of 20.58%, while net profit growth was 25.29% [45]. 4. Financial Projections - The company is projected to achieve a net profit of 0.21 billion, 0.30 billion, and 0.41 billion from 2025 to 2027, with corresponding P/E ratios of 75, 52, and 38 [1][8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading domestic player in the new cooling agent market, particularly in the WS series, benefiting from the incremental replacement of traditional menthol [8][20]. - The company is implementing a fundraising project to vertically integrate its production capacity, enhancing its competitive advantages [8]. - Despite facing profit pressure due to weak demand, the long-term growth logic remains intact, with expectations for market recovery and capacity release from fundraising projects [8]. Summary by Sections 1. New Cooling Agents - The company is a leader in the WS series cooling agents, which are increasingly replacing traditional menthol due to their superior properties [8][20]. - The market for new cooling agents is growing rapidly, with the global menthol consumption at approximately 40,000 tons per year and a projected CAGR of 6.1% from 2025 to 2031 [16][19]. 2. Fundraising Projects - The fundraising project aims to create self-sufficient raw material advantages, with the first phase already producing 2,600 tons of cooling agents and raw materials annually [8][32]. - The second phase focuses on expanding production capacity and diversifying product lines, particularly in daily chemical fragrances, which is expected to create a second growth curve for the company [8][33]. 3. Profitability and Market Conditions - The company's profitability has been under pressure due to industry competition and weak demand, but the long-term growth potential remains [8][36]. - Revenue growth has been strong historically, but recent competition has led to a decline in profit margins [8][45]. 4. Financial Projections - The company forecasts a net profit of 0.21 billion, 0.30 billion, and 0.41 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 75, 52, and 38 [1][8].

证券代码：920016 证券简称：中草香料 公告编号：2026-002 安徽中草香料股份有限公司 股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、本次股票解除限售数量总额为 498,750 股，占公司总股本 0.65%，可交易时 间为 2026 年 2 月 25 日。 | 二、本次股票解除限售的明细情况及原因 | | --- | 单位：股 | 序号 | 股东姓 名或名 | 是否为 控股股 东、实 | | 本次解 | 本次解 | 本次解 除限售 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 际控制 | 任职情 | 限售原 | 除限售 | 股数占 | 限售的股 | | | 称 | 人或其 | 况 | 因 | 登记股 | 公司总 | 票数量 | | | | 一致行 | | | 票数量 | 股本比 | | | | | | | | | 例 | | | | | 动人 | | | | | | | | 赵慧 | 否 ...

证券代码：920016 证券简称：中草香料 公告编号：2026-004 安徽中草香料股份有限公司 高级管理人员任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 一、高级管理人员任命的基本情况 根据《公司法》及《公司章程》等有关规定，安徽中草香料股份有限公司（以下 简称"公司"）于 2026 年 2 月 11 日召开第四届董事会第四次会议，审议通过了《关 于聘任公司副总经理的议案》，议案表决结果：同意 7 票，反对 0 票，弃权 0 票。 聘任吴重庆先生为公司副总经理，任职期限至第四届董事会任期届满之日（2028 年 5 月 23 日）止，自 2026 年 2 月 11 日起生效。该人员持有公司股份 0 股，占公司股本 的 0%，不是失信联合惩戒对象。 （上述人员简历详见附件） 二、合规性说明及影响 （一）人员变动的合规性说明 吴重庆先生从事香精香料领域多年，具备丰富的行业经验，对行业发展有着深刻 理解。公司基于整体战略规划和经营管理需要聘任吴重庆先生为副总经理，将对公司 生产、经营产生积极影响。 ...

证券代码：920016 证券简称：中草香料 公告编号：2026-003 安徽中草香料股份有限公司 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 2 月 11 日 本次会议的召集、召开、审议议案程序等符合《中华人民共和国公司法》 等相关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 2.会议召开地点：安徽中草香料股份有限公司一楼会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2026 年 2 月 4 日以专人送出或通讯方 式发出 5.会议主持人：李莉女士 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 董事范金材、唐玮、何喜桥因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于聘任公司副总经理的议案》 1.议案内容： 聘任吴重庆先生为公司副总经理，具体内 ...

Financial Performance - The company's operating revenue for 2025 is approximately CNY 234.30 million, representing a year-on-year increase of 5.47% compared to CNY 222.15 million in the previous year[4]. - The total profit for the period is approximately CNY 23.86 million, showing a significant decline of 45.58% from CNY 43.83 million in the previous year[4]. - Net profit attributable to shareholders of the listed company is approximately CNY 20.75 million, down 43.34% from CNY 36.63 million year-on-year[4]. - Basic earnings per share decreased to CNY 0.27, a decline of 52.63% compared to CNY 0.57 in the previous year[4]. Assets and Equity - Total assets at the end of the reporting period are approximately CNY 631.35 million, reflecting a growth of 10.87% from CNY 569.47 million at the beginning of the period[4]. - Shareholders' equity attributable to the listed company is approximately CNY 384.56 million, an increase of 4.82% from CNY 366.88 million[4]. Market Conditions and Challenges - The decline in net profit is primarily attributed to increased competition in the cooling agent market and a significant drop in product prices, leading to reduced gross margins[7]. - Financial costs have increased due to interest expenses from project loans, adding pressure on overall costs[7]. Strategic Focus - The company is focusing on technological innovation and optimizing product structure while advancing the trial production of a project with an annual capacity of 2,600 tons of cooling agents and fragrance raw materials[6]. Cautionary Note - The company warns that the financial data presented is preliminary and has not been audited, urging investors to be cautious[9].

Group 1: Emotional Economy - The emotional economy in China is projected to exceed 20 trillion yuan by 2024, with a significant growth trajectory expected to continue, reaching approximately 45 trillion yuan by 2029 [2][23][26] - Emotional consumption is characterized by a willingness to pay for emotional value, with over 60% of consumers viewing it as an effective way to relieve stress, and nearly half recognizing it as a means to alleviate emotions [8][20][23] - The emotional economy encompasses various sectors, including trendy toys, pets, emotional health, cultural entertainment, stress relief products, and fragrances, indicating a multi-faceted development landscape [2][24] Group 2: Trendy Toy Economy - The trendy toy market is shifting from functional to emotional consumption, with a projected CAGR of 21% from 2025 to 2030 [2][31] - The retail sales of trendy toys in China are expected to grow from 20.7 billion yuan in 2019 to 58.7 billion yuan in 2024, reflecting a compound annual growth rate of 23.2% [2][37] - The growth of the trendy toy industry is driven by increasing emotional consumption, with these products becoming vehicles for personal identity and cultural belonging [2][37] Group 3: Pet Economy - The pet economy in China is anticipated to surpass 1 trillion yuan by 2027, driven by emotional attachment and companionship needs [2][56] - The pet industry is experiencing steady growth, with the market size expected to reach 701.3 billion yuan in 2024, reflecting an 18.3% year-on-year increase [2][64] - Pet food remains the dominant segment, accounting for 52.8% of the pet consumption market in 2024, with a notable increase in the average spending per pet owner expected in the coming years [2][64][68] Group 4: Fragrance Economy - The fragrance market in China is projected to grow at a CAGR of 15% from 2018 to 2024, with the market size expected to reach approximately 32.9 billion yuan by 2025 [2][81][86] - Emotional benefits are prioritized over functional needs in fragrance consumption, with 59.7% of consumers purchasing fragrances to enhance their emotional experience [2][81][92] - The fragrance market is characterized by a blend of online and offline channels, with online sales expected to grow significantly, reflecting a shift in consumer purchasing behavior [2][88]

Group 1 - The "Implementation Plan" proposes to form three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027, focusing on consumption upgrades to lead industrial upgrades and better meet diverse demands [5][6][10] - The total number of consumer goods in China has reached 230 million, with over 100 categories such as home appliances, furniture, and clothing being the largest in global production [9][10] - The plan identifies key consumption areas including elderly products, smart connected vehicles, and consumer electronics, which are expected to show strong growth momentum and development potential [10][18] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service stocks is -0.48%, with notable increases in stock prices for companies like Zhu Laoliu (+8.30%) and Thunder Technology (+7.46%) [35][41] - The total market capitalization of consumer service companies on the North Exchange decreased from 1097.59 billion to 1093.85 billion, with a median market cap drop from 19.44 billion to 18.97 billion [37][43] - The median TTM P/E ratio for the broader consumer industry decreased from 51.7X to 49.7X, indicating a slight decline in valuation [45][46] Group 3 - Jinbo Bio received a Class D medical device registration certificate in the Philippines, marking a significant achievement for China's high-end implantable medical devices in the international market [54][57] - The report highlights several companies related to the key consumption areas mentioned in the "Implementation Plan," including health products (Yicheng Konjac), cultural IP (Baixinglong), pet food (Lusi Co.), smart home (Shisheng Intelligent), and consumer electronics (Thunder Technology) [33][34]

证券代码：920016 证券简称：中草香料 公告编号：2025-116 安徽中草香料股份有限公司 关于公司通过美国 FDA 现场检查的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、基本情况 安徽中草香料股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日至 2025 年 9 月 19 日接受了美国食品药品监督管理局（以下简称"FDA"）对公司 的现场检查。本次检查涵盖了设施设备、运营管理、生产流程、食品安全与卫 生等方面的全面评估。 近日公司收到 FDA 出具的现场检查报告（Establishment Inspection Report）， 本次现场检查未开具 FDA483 表，公司以零缺陷通过了本次检查。 2025 年 11 月 24 日 董事会 二、对公司的影响 公司本次顺利通过 FDA 现场检查，标志着公司在食品安全与卫生、质量管 理、生产环境设施等方面符合 FDA 标准，为公司继续拓展美国等海外市场提供 了坚实的保障，有助于提升公司产品的国际认可度和市场竞争力，对公司海 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to see a significant increase in its non-net profit, projected to grow by 54% year-on-year by Q3 2025, driven by the new personal care fragrance segment [4] - The company has released its Q1-Q3 2025 financial results, reporting a revenue of 172 million yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders decreased by 50% [4] - The second phase of the production project has entered trial production, which is anticipated to enhance the company's product variety and competitive advantage in the market [5] Financial Performance Summary - For Q1-Q3 2025, the company achieved a revenue of 172 million yuan, up 10.01% year-on-year, with a net profit of 16.57 million yuan, down 49.58% [4] - The projected net profits for 2025-2027 are 38 million, 47 million, and 62 million yuan respectively, with corresponding EPS of 0.49, 0.61, and 0.80 yuan per share [4] - The company's revenue is expected to grow from 238 million yuan in 2025 to 330 million yuan in 2027, with a compound annual growth rate of 19.7% [8] Production and Market Outlook - The second phase of the production project includes the production of various fragrance products, which will enhance the company's offerings in the personal care industry [5] - The fragrance and flavor market in China is projected to exceed 50 billion yuan by 2026, driven by rising living standards and consumption upgrades [6]