每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 曾健辉） 截至发稿，中炬高新市值为134亿元。 每经AI快讯，中炬高新（SH 600872，收盘价：17.2元）12月29日晚间发布公告称，自2025年9月1日至 2025年12月26日，火炬集团以集中竞价交易方式合计增持公司股份约2272万股，占公司总股本2.92%， 累计增持金额约为4亿元。火炬集团已完成相关增持计划。 2025年1至6月份，中炬高新的营业收入构成为：制造业占比98.42%，房地产及服务业占比1.75%，分部 间抵消占比-0.17%。 ...

本次权益变动属于增持，不触及要约收购。本次增持计划已在增持期限内实施完毕，且已达到增持计划 的下限要求。 格隆汇12月29日丨中炬高新(600872.SH)公布，公司于2025年12月26日收到公司第一大股东火炬集团发 来的《关于中炬高新技术实业（集团）股份有限公司股票增持计划实施完成的函》，火炬集团已完成本 次增持计划。自2025年9月1日至2025年12月26日，火炬集团以集中竞价交易方式合计增持公司股份 2272.38万股，占公司总股本2.92%，累计增持金额为39,993.6388万元。 ...

中炬高新公告，公司第一大股东火炬集团已于2025年9月1日至2025年12月26日通过上交所集中竞价累计 增持公司A股2272.38万股，占总股本2.92%，耗资4亿元，完成此前披露的拟在2025年9月1日至2026年8 月31日期间增持2亿元至4亿元的计划。增持后，火炬集团及一致行动人合计持有1.85亿股，持股比例 23.71%。 ...

本次权益变动属于增持，不触及要约收购。本次增持计划已在增持期限内实施完毕，且已达到增持计划 的下限要求。 格隆汇12月29日丨中炬高新(600872.SH)公布，公司于2025年12月26日收到公司第一大股东火炬集团发 来的《关于中炬高新技术实业（集团）股份有限公司股票增持计划实施完成的函》，火炬集团已完成本 次增持计划。自2025年9月1日至2025年12月26日，火炬集团以集中竞价交易方式合计增持公司股份 2272.38万股，占公司总股本2.92%，累计增持金额为39,993.6388万元。 ...

Market Overview - The seasoning and fermentation sector increased by 0.17% compared to the previous trading day, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 37.28, up 6.67% with a trading volume of 39,700 lots and a transaction value of 145 million [1] - Lianhua Holdings (600186) closed at 5.93, up 1.02% with a trading volume of 592,300 lots and a transaction value of 350 million [1] - ST Jiajia (002650) closed at 6.72, up 0.60% with a trading volume of 61,500 lots and a transaction value of 40.68 million [1] - Tianwei Food (603317) closed at 12.61, up 0.56% with a trading volume of 38,900 lots and a transaction value of 49.14 million [1] - Other notable stocks include Jieling Pickles (002507) at 13.16, up 0.38%, and Qianhe Flavor Industry (603027) at 9.81, up 0.20% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 162 million from institutional investors, while retail investors saw a net inflow of 113 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Richen Co., Ltd. had a net inflow of 20.38 million from institutional investors, but a net outflow of 17.56 million from retail investors [3] - Qianhe Flavor Industry saw a net inflow of 373,540 from institutional investors, but a net outflow of 295,030 from retail investors [3] - Other stocks like Jiajia Co. (002495) and Tianwei Food (603317) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The Zhongshan Torch Yingkang Venture Capital Fund Partnership has been established with a total investment of 210 million yuan [1] - The fund's managing partner is Zhongshan Torch Electronic Industry Fund Management Co., Ltd., and it focuses on private equity investment fund management and venture capital fund management services [1] - The fund's partners include Zhongju Gaoxin, Shanghai Dinghui Baifu Investment Management Co., Ltd., and Zhongshan Torch Electronic Industry Fund Management Co., Ltd. [1]

Group 1 - The establishment of Zhongshan Torch Yingkang Venture Capital Fund Partnership (Limited Partnership) has been announced, with a total investment of 210 million yuan [1] - The managing partner is Zhongshan Torch Electronics Industry Fund Management Co., Ltd., which is involved in private equity investment fund management and venture capital fund management services [1] - The fund's activities include private equity investments, investment management, asset management, and enterprise management consulting [1] Group 2 - The fund is co-funded by Zhongju High-tech (600872) Technology Industry (Group) Co., Ltd., Zhongshan Torch Electronics Industry Fund Management Co., Ltd., and Shanghai Dinghui Baifu Investment Management Co., Ltd. [1]

Core Viewpoint - Zhongshan Torch Yingkang Venture Capital Fund Partnership (Limited Partnership) has been established with a total investment of 210 million RMB, focusing on private equity investment fund management and venture capital fund management services [1] Group 1: Fund Details - The fund is managed by Zhongshan Torch Electronic Industry Fund Management Co., Ltd. and has a registered capital of 210 million RMB [1] - The fund's business scope includes private equity investment fund management, venture capital fund management services, and asset management activities, subject to registration with the Asset Management Association of China [1] Group 2: Partners and Ownership Structure - The fund's partners include Zhongju High-tech (600872), Shanghai Dinghui Baifu Investment Management Co., Ltd., and Zhongshan Torch Electronic Industry Fund Management Co., Ltd. [1] - Zhongju High-tech holds a 95.2381% stake in the fund, while Shanghai Dinghui Baifu Investment Management Co., Ltd. and another partner each hold 2.381% [2]

Core Viewpoint - Zhongshan Torch Yingkang Venture Capital Partnership (Limited Partnership) has been established with a capital contribution of 210 million RMB, focusing on private equity investment management and venture capital services [1]. Group 1: Company Information - The executing partner of the fund is Zhongshan Torch Electronic Industry Fund Management Co., Ltd [1]. - The fund is co-funded by Zhongju Gaoxin (600872), Shanghai Dinghui Baifu Investment Management Co., Ltd, and Zhongshan Torch Electronic Industry Fund Management Co., Ltd [1]. - The fund's business scope includes private equity investment fund management, venture capital fund management services, equity investment, investment management, asset management, and enterprise management consulting [1]. Group 2: Registration and Legal Information - The fund was registered with a unified social credit code of 91442000MAK2P2E30Q and is currently in a state of existence [2]. - The business registration number is 442000004858128, and it is registered with the Zhongshan Market Supervision Administration [2]. - The fund's business term is from December 18, 2025, to an indefinite period [2].

Core Viewpoint - The company Zhongju Gaoxin is experiencing significant operational challenges, with a notable decline in both revenue and net profit, leading to investor dissatisfaction and a sharp drop in stock price [2][3][4]. Financial Performance - In the third quarter, Zhongju Gaoxin reported revenue of 1.025 billion yuan, a year-on-year decrease of 22.84%, and a net profit of 123 million yuan, down 45.66% [3]. - For the first three quarters, the company’s revenue was 3.156 billion yuan, reflecting a 20.01% decline, while net profit fell by 34.07% to 380 million yuan [3][4]. Market Capitalization - The peak market capitalization of Zhongju Gaoxin was over 65 billion yuan in September 2020, but it has since decreased to approximately 13.538 billion yuan as of December 19, 2025, representing an almost 80% loss in value [2][4]. Industry Challenges - The seasoning industry is facing multiple pressures, including changing consumer demand, increased competition, and rising costs, which are contributing to the decline in Zhongju Gaoxin's performance [4]. - All three core product categories—soy sauce, chicken essence, and cooking oil—saw revenue declines in the third quarter, with soy sauce, which accounts for about 60% of revenue, experiencing a 19% drop [4][5]. Strategic Goals - The company has set an ambitious target to achieve 10 billion yuan in revenue and 1.5 billion yuan in operating profit for its subsidiary, Meiwoxian, by 2026, but it is currently far from this goal [5][6]. - Zhongju Gaoxin is pursuing a strategy of mergers and acquisitions to enhance its product offerings and market position, although progress has been slow due to market conditions [6][7]. Brand Positioning - The brand "Chubang" lacks strong core products and effective brand management, which hinders its presence in the health-conscious market segment [5][6]. - The company has been slow to respond to market trends, particularly in health-oriented product lines, which has allowed competitors to gain a foothold [6].