Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is focusing on cost reduction and efficiency improvement, leading to a year-on-year increase in profitability [5] - The company’s net profit for 2024 is forecasted to be between 679 million and 1.018 billion yuan, reflecting a decrease of 40%-60% year-on-year due to a high base effect from a previous provision reversal [5] - The non-GAAP net profit is expected to be between 629 million and 734 million yuan, representing a year-on-year increase of 20%-40% driven by lower raw material procurement costs [5] - In Q4 2024, the company anticipates a net profit of 103 million to 442 million yuan, a significant decrease of 85%-97% year-on-year, while the non-GAAP net profit is projected to grow by 26%-198% [5] Summary by Sections Sales and Profitability - The company is accelerating its sales pace in Q4 2024, with an annual revenue growth of 12% due to the effects of channel adjustments and the timing of the Spring Festival [6] - The company plans to enhance product development and strengthen restaurant channel expansion while optimizing raw material costs [6] - The company aims to achieve its 2025 revenue target of 6.784 billion yuan, with an operating profit margin of no less than 16.5% and a return on equity of no less than 15.5% [6] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 1.07, 1.29, and 1.53 yuan respectively, with the current stock price corresponding to price-to-earnings (PE) ratios of 20, 17, and 14 times [7] - The report emphasizes the importance of channel reform effects and the progress of merger and acquisition projects [7] Financial Projections - The company’s projected main revenue for 2024 is 5.695 billion yuan, with a growth rate of 10.8% [11] - The projected net profit for 2024 is 840 million yuan, reflecting a decrease of 50.5% year-on-year, followed by a recovery in 2025 with a projected net profit of 1.011 billion yuan, representing a growth of 20.3% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is focusing on cost reduction and efficiency improvement, leading to a year-on-year increase in profitability [5] - The company’s net profit for 2024 is forecasted to be between 679 million and 1.018 billion yuan, reflecting a decrease of 40%-60% year-on-year, primarily due to a high base effect from a previous provision reversal [5] - The non-GAAP net profit is expected to be between 629 million and 734 million yuan, representing a year-on-year increase of 20%-40% due to lower raw material procurement costs [5] - In Q4 2024, the company anticipates a net profit of 103 million to 442 million yuan, a decrease of 85%-97% year-on-year, while the non-GAAP net profit is projected to be between 770 million and 1.82 billion yuan, indicating a significant increase of 26%-198% [5] Summary by Sections Sales and Profitability - The company is accelerating its sales pace in Q4 2024, with an annual revenue growth of 12% driven by adjustments in distribution channels and product improvements [6] - The company plans to enhance channel profits while maintaining existing customer bases and expanding new ones [6] - The company aims to achieve its 2025 revenue target of 6.784 billion yuan, with an operating profit margin of no less than 16.5% and a return on equity of no less than 15.5% [6] Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 1.07, 1.29, and 1.53 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [7] - The company’s marketing structure and personnel adjustments are entering a verification phase, with a focus on channel reform and the progress of merger and acquisition projects [7] Financial Projections - The company’s main revenue is projected to grow from 5.139 billion yuan in 2023 to 7.462 billion yuan in 2026, reflecting a compound annual growth rate [11] - The net profit is expected to recover from 1.697 billion yuan in 2023 to 1.202 billion yuan in 2026, with significant growth rates anticipated in the coming years [11]

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2024 to be approximately between 679 million and 1.018 billion CNY, representing a decrease of about 679 million to 1.018 billion CNY, or a decline of approximately 40% to 60% compared to the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 629 million to 734 million CNY, an increase of approximately 105 million to 210 million CNY, with a year-on-year growth rate of about 20% to 40%[2]. - In 2023, the net profit attributable to shareholders was 1.697 billion CNY, with an earnings per share of 2.2010 CNY[5]. Factors Influencing Profit - The increase in net profit after deducting non-recurring gains and losses for 2024 is primarily due to a decrease in raw material procurement prices and the company's efforts in fine management to reduce costs and increase efficiency[6]. Legal and Financial Considerations - The company has resolved litigation related to land use rights transfer contracts, which did not impact its performance during the reporting period[6]. - The financial data provided is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[7]. - Investors are advised to pay attention to investment risks as the accurate financial data will be disclosed in the official 2024 annual report[8].

| 1、出席会议的股东和代理人人数 | 600 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 235,839,470 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 30.2684 | 证券代码：600872 证券简称：中炬高新 公告编号：2025-005 中炬高新技术实业（集团）股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长余健华先生主持会议。本次会议采取现 场投票和网络投票相结合方式表决，符合《公司法》及《公司章程》的相关规定。 (一) 股东大会召开的时间：2025 年 1 月 22 日 (二) 股东大会召开的地点：广东省中山市火炬开发区厨邦路 1 号广东美味鲜 调味食品有限公司综合楼 904 会议厅 ...

关于 中炬高新技术实业（集团）股份有限公司 二〇二五年第一次临时股东大会的 法律意见书 广东卓建（中山）律师事务所 二〇二五年一月 法律意见书 广东卓建（中山）律师事务所 关于中炬高新技术实业（集团）股份有限公司 二〇二五年第一次临时股东大会的 法律意见书 致：中炬高新技术实业（集团）股份有限公司 法律意见书 具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， 并承担相应法律责任。 本法律意见书仅供公司本次股东大会相关事项的合法性之目的使用，不得用作 任何其他目的。 本所律师根据按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对 本次股东大会所涉及的有关事项和相关文件进行了必要的核查和验证，出席了本次 股东大会，出具法律意见如下： 一、本次股东大会的召集与召开程序 广东卓建（中山）律师事务所（以下简称"卓建"）接受中炬高新技术实业（集 团）股份有限公司（以下简称"公司"）的委托，指派律师（以下简称"本所律师"） 出席公司2025年第一 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-004 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东所持部分公司股份 被司法拍卖的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 本次拍卖事项的股份为中炬高新持股 5%以上股东中山润田所 持有的中炬高新非限售流通股 9,000,000 股，占中炬高新总股本的 1.149%。 截止本公告披露日，拍卖网拍阶段已经结束，中国银河资产管 理有限责任公司以人民币 180,416,000.00 元的价格竞得上述股份。后 续仍涉及缴款、法院执行法定程序、股权变更过户等环节，最终结果 以深圳福田法院出具的法院裁定为准，仍存在不确定性。 1 证券代码：600872 证券简称：中炬高新 公告编号：2025-004 用户姓名为中国银河资产管理有限责任公司通过竞买号 232321858 于 2025 年 01 月 17 日在深圳市福田区人民法院（以下简 称：深圳福田法院）于京东网开展的"证券简称中炬高新（证券代号 600872）900 万股 ...

中炬高新 2025 年第一次临时股东大会资料 中炬高新技术实业（集团）股份有限公司 2025 年第一次临时股东大会会议资料 会议时间：2025 年 1 月 22 日 14 点 30 分 会议地点：广东省中山市火炬开发区厨邦路 1 号 广东美味鲜调味食品有限公司综合楼 904 中炬高新 2025 年第一次临时股东大会资料 中炬高新 2025 年第一次临时股东大会议程 六、会议结束。 1 一、董事长主持会议，并宣布会议开始； 二、选举大会计票员、监票员； 三、审议《关于选举方祥先生为公司独立董事的议案》； 四、讨论、审议，并对上述议案进行表决； 五、董事会秘书宣读表决结果； 中炬高新 2025 年第一次临时股东大会资料 中炬高新技术实业（集团）股份有限公司 关于选举方祥先生为公司独立董事的议案 为保障董事会成员组成符合法律法规规定，提升公司治理水平， 经股东中山火炬公有资产经营集团有限公司推荐、公司提名委员会审 查并经公司第十届董事会第二十六次会议审议通过，董事会现拟推选 方祥先生为公司第十届董事会独立董事，任期自本次股东大会审议通 过之日起至第十届董事会届满之日止。 经公司董事会提名委员会及董事会审查，上述独立 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-001 中炬高新技术实业（集团）股份有限公司 第十届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 中炬高新技术实业（集团）股份有限公司（以下简称：中炬高新、 公司）第十届董事会第二十六次会议于 2024 年 12 月 31 日发出会议 通知，于 2025 年 1 月 6 日上午以通讯方式召开。会议应到董事 8 人， 实到 8 人，本次会议有效表决票数为 8 票。全体监事列席了会议，本 次会议的召集、召开及表决程序符合法律法规及《公司章程》的有关 规定。会议由董事长余健华先生主持，经到会董事认真审议，以书面 表决方式，审议通过了以下议案： 一、审议通过《关于选举方祥先生为公司独立董事的议案》； 表决结果：7 票赞成，0 票反对，1 票弃权。 详见公司同日披露的《中炬高新增补公司第十届董事会独立董事 的公告》。 本议案尚需提交公司股东大会审议。 二、审议通过《关于召开 2025 年第一次临时股东大会的议案》。 表决结果：7 票赞成 ...

Key Points Industry or Company Involved - The company discussed in the call is focused on the food and beverage industry, specifically in the sauce and condiment sector. Core Points and Arguments - **Minority Equity Recovery**: The company has successfully recovered the minority equity in a subsidiary, contributing significantly to profits. This recovery is expected to provide a stable contribution to profits in the future. - **Marketing Transformation**: The company has completed the transformation of its marketing team and processes, leading to improved performance. The focus has been on optimizing personnel and marketing strategies. - **Revenue Targets**: The company has set ambitious revenue targets, which are under pressure due to market conditions. However, the company remains confident in achieving these targets. - **Product Development**: The company is focusing on product development, particularly in the areas of health and wellness. This includes launching new products and improving existing ones. - **Cost Reduction**: The company has implemented measures to reduce costs, including optimizing procurement processes and improving transportation efficiency. - **Investment and Mergers and Acquisitions (M&A)**: The company is actively seeking investment opportunities and M&A targets, particularly in the mid-sized enterprise segment. Other Important Points - **Sales Team**: The company is currently experiencing a gap in its sales team due to recent restructuring. The company plans to continue hiring to meet its sales targets. - **Distribution**: The company has expanded its distribution network, particularly in the B2B segment. The company is also exploring new channels, such as government and educational institutions. - **Sales and Marketing Expenses**: The company expects to increase its sales and marketing expenses in the coming year to support its growth strategy. - **Dividend Policy**: The company plans to increase its dividend payout in the future to reward shareholders. References - [doc id='1'] - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='6'] - [doc id='7'] - [doc id='8'] - [doc id='9'] - [doc id='10'] - [doc id='11'] - [doc id='12'] - [doc id='13'] - [doc id='14'] - [doc id='15'] - [doc id='16'] - [doc id='17'] - [doc id='18'] - [doc id='19'] - [doc id='20'] - [doc id='21'] - [doc id='22'] - [doc id='23'] - [doc id='24'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='28'] - [doc id='29'] - [doc id='30'] - [doc id='31'] - [doc id='32'] - [doc id='33'] - [doc id='34']