证券代码：600872 证券简称：中炬高新 公告编号：2025-025 中炬高新技术实业（集团）股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 7 日 14 点 30 分 召开地点：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 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年5月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 7 日 至2025 年 5 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-020 表决结果：3 票赞成，0 票反对，0 票弃权。 详见公司同日披露的《中炬高新关于 2024 年限制性股票激励计划第一 个解锁期解锁条件未达成暨回购注销 2024 年部分限制性股票的公告》。 二、审议通过《公司关于回购注销 2024 年部分限制性股票的议案》； 表决结果：3 票赞成，0 票反对，0 票弃权。 详见公司同日披露的《中炬高新关于 2024 年限制性股票激励计划第一 个解锁期解锁条件未达成暨回购注销 2024 年部分限制性股票的公告》。 中炬高新技术实业（集团）股份有限公司 第十届监事会第十七次会议决议公告 本公司监事会及全体监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：公司）第十届 监事会第十七次会议于 2025 年 4 月 8 日发出会议通知，于 2025 年 4 月 11 日上午以通讯方式召开。监事会应到监事 3 名，实到 3 名，本次会议有效 票数为 3 票。本次会议的召集、召开及表决程序符合《公司法》 ...

中炬高新技术实业（集团）股份有限公司 第十届董事会第二十九次会议决议公告 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）第十届董事会第二十九次会议于 2025 年 4 月 8 日发出会议通 知，于 2025 年 4 月 11 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，审议了以下议案： 一、审议通过《公司 2024 年度财务决算报告》； 证券代码：600872 证券简称：中炬高新 公告编号：2025-019 表决结果：8 票赞成，0 票反对，0 票弃权。 本议案需提交股东大会审议。 二、审议通过《公司 2025 年度财务预算报告》； 表决结果：8 票赞成，0 票反对，0 票弃权。 本议案需提交股东大会审议。 三、审议通过《公司关于 2024 年限制性股 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-021 中炬高新技术实业（集团）股份有限公司 关于 2024 年限制性股票激励计划第一个解锁期 解锁条件未达成暨回购注销 2024 年部分限制性股票 的公告 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： ●拟回购注销股票的原因：公司 2024 年限制性股票激励计划授予 的激励对象中有 13 人因离职不再符合激励对象条件，同时第一个解 除限售期公司层面业绩考核未达标、不满足当期限制性股票解除限售 条件； ●拟回购注销的股票性质及数量：限制性股票 4,231,166 股； ●上述股票回购注销对公司的影响：本次限制性股票回购注销完 成后，公司总股本将由 783,222,372 股变更为 778,991,206 股。 中炬高新技术实业（集团）股份有限公司（以下简称：中炬高新 或公司）于 2025 年 4 月 11 日召开第十届董事会第二十九次会议和第 十届监事会第十七次会议，审议通过《公司关于 2024 年限制性股票 激励计划第一个解锁期解锁条件未 ...

北京市汉坤（深圳）律师事务所 关于 中炬高新技术实业（集团）股份有限公司 回购注销 2024 年限制性股票激励计划 部分限制性股票的 法律意见书 汉坤（证）字[2025]第 40908-1-O-3 号 中国广东省深圳市福田区中心四路 1-1 号嘉里建设广场第三座 20 层 518048 电话：(86 755) 3680 6500；传真：(86 755) 3680 6599 北京 上海 深圳 海口 武汉 香港 新加坡 纽约 www.hankunlaw.com 北京市汉坤（深圳）律师事务所 法律意见书 北京市汉坤（深圳）律师事务所 关于中炬高新技术实业（集团）股份有限公司 -1- 北京市汉坤（深圳）律师事务所 法律意见书 回购注销 2024 年限制性股票激励计划部分限制性股票的法律意见书 汉坤（证）字[2025]第 40908-1-O-3 号 致：中炬高新技术实业（集团）股份有限公司 北京市汉坤（深圳）律师事务所（以下简称"本所"）接受中炬高新技术实业 （集团）股份有限公司（以下简称"公司"或"中炬高新"）的委托，担任中炬高 新 2024 年限制性股票激励计划（以下简称"本次激励计划"）的专项法律顾问， 并根据《 ...

Core Viewpoint - The company, Zhongju Gaoxin, is focusing on its core brand, Chubang, and aims to achieve significant growth through both internal transformation and external acquisitions in the competitive seasoning industry. Group 1: Company Overview and Achievements - The company has undergone a transformation over its 30 years of listing, achieving total revenue exceeding 5.5 billion, total assets over 8 billion, and net assets over 5.5 billion, with cumulative equity financing of 497.6 million and cash dividends of 2.414 billion, resulting in a payout ratio of 485% [3] - In 2024, the company focused on its core seasoning business and the Chubang brand, achieving significant operational cash flow and cost reduction through refined management [3] - The company has identified three core competitive advantages: a trusted national brand (Chubang), strong product innovation capabilities, and a comprehensive multi-channel marketing network [3] Group 2: 2025 Development Goals - The company aims to complete at least one industrial acquisition to fill gaps and enhance efficiency, achieve revenue growth at least on par with industry peers, and strengthen foundational capabilities in marketing, innovation, and operations [3][4] Group 3: Marketing and Sales Strategy - The company has made progress in marketing transformation, including customer segmentation and pricing strategies, particularly in new retail management [4][5] - The company plans to enhance channel construction, focusing on the South China market, adjusting key account channels, and developing new retail channels [11][12] Group 4: Product Development and R&D - The company is launching a 30% reduced-salt product and enhancing its flexible production lines to meet specific consumer needs [11] - R&D expenses decreased due to structural adjustments, but the company plans to strengthen collaborations with universities and experts to enhance its innovation capabilities [8] Group 5: Industry Competition and Cost Management - The company is positioned in the mid-to-high-end product segment and is focused on improving pricing strategies to enhance competitiveness [10] - The company is monitoring raw material prices, particularly for non-GMO soybeans, to mitigate impacts from trade tensions [10]

Core Viewpoint - The company Zhongju Gaoxin (600872.SH), known for its "Chubang" soy sauce brand, is facing challenges with a significant drop in net profit while attempting to revitalize its brand and achieve ambitious revenue goals through strategic changes and potential acquisitions [1][3][8]. Financial Performance - In 2023, Zhongju Gaoxin reported a revenue of 5.519 billion yuan, a year-on-year increase of 7.39%, but the net profit attributable to shareholders plummeted by 47.37% to 893 million yuan [3][4]. - The company's core subsidiary, Meiwai Xian, achieved a revenue of 5.075 billion yuan, accounting for 91.95% of the total revenue, with a net profit increase of 29.48% to 775 million yuan [1][3]. - The decline in net profit is attributed to legal settlements and the reversal of provisions made in the previous year, while the adjusted net profit (扣非净利润) grew by 27.97% to 671 million yuan due to cost-cutting measures [3][4]. Market Position and Challenges - Meiwai Xian's revenue growth has been inconsistent over the past five years, with a compound annual growth rate (CAGR) of only 0.5% for revenue and -4.67% for net profit [4][5]. - The soy sauce segment, which constitutes about two-thirds of Meiwai Xian's revenue, has shown declining growth rates, indicating a potential issue of "selling more but earning less" [5][6]. - Zhongju Gaoxin's market share in the Chinese soy sauce market is only 3.02%, significantly lower than competitors like Haitian Flavoring and Food, which holds nearly 13% [5][6]. Strategic Initiatives - The company aims to "recreate a new Chubang" with a three-year strategic goal to achieve 10 billion yuan in revenue and 1.5 billion yuan in operating profit by 2026 [6][8]. - Zhongju Gaoxin is divesting from non-core businesses, such as real estate and mechanical parts, to focus on its main business of health food products [6][7]. - The company is also exploring acquisitions to expand its market presence, particularly in the vinegar sector, with potential targets identified [8]. Shareholder Dynamics - The influence of the "Baoneng system" has diminished, with its shareholding dropping below 5%, leading to a more stable governance structure for Zhongju Gaoxin [7][8]. - Recent shareholder changes include a reduction in holdings by three of the top ten shareholders, indicating a shift in the ownership landscape [6][7].

Group 1 - The company reported a revenue of 5.519 billion in 2024, a year-on-year increase of 7.39%, while the net profit attributable to shareholders was 893 million, a decline of 47.37% mainly due to the reversal of estimated liabilities from the industrial joint case [1] - The company proposed a dividend plan of 4.2 yuan per share (before tax), distributing a total cash dividend of 327 million, which accounts for 47.9% of the net profit attributable to shareholders for the year [1] - In Q4 2024, the company achieved a revenue of 1.573 billion, a year-on-year increase of 32.59%, but the net profit attributable to shareholders dropped by 89.33% [1] Group 2 - The profit forecast for 2025 has been slightly increased, while the forecasts for 2026 have been adjusted downwards, with new estimates for 2027, projecting net profits of 980 million, 1.06 billion, and 1.13 billion for 2025-2027, respectively [2] - The company’s new leadership is expected to bring positive changes, including organizational reforms to enhance operational capabilities and the implementation of equity incentives [2] - The company’s main seasoning business has a strong brand reputation and product strength, with expectations for future growth through continuous internal improvements and a combination of organic and external growth strategies [2] Group 3 - The company achieved a revenue of 5.075 billion in 2024, a year-on-year increase of 2.89%, with Q4 revenue expected to grow by over 10% due to early stocking for the Spring Festival [3] - Revenue by product category showed soy sauce at 2.982 billion, chicken essence and powder at 674 million, cooking oil at 567 million, and other foods at 631 million, with cooking oil seeing a significant revenue increase of 27.03% [3] - The company’s revenue from the eastern, southern, central-western, and northern regions was 1.185 billion, 2.160 billion, 1.008 billion, and 629 million, respectively, with varying year-on-year growth rates [3] Group 4 - The company’s seasoning gross margin improved to 37.32%, an increase of 5.13 percentage points year-on-year, driven by lower raw material costs and manufacturing expenses [4] - The gross margins for soy sauce, chicken essence and powder, cooking oil, and other products were 43.56%, 46.14%, 13.05%, and 20.18%, respectively, with significant improvements noted [4] - The company’s sales and management expense ratios were 9.14% and 6.92%, respectively, with sales expenses increasing due to channel reforms and marketing investments [4] Group 5 - New channel breakthroughs are expected to accelerate revenue growth for the company [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 5.519 billion yuan for 2024, a year-on-year increase of 7.39%, while the net profit attributable to shareholders was 893 million yuan, a decrease of 47.37% due to the reversal of estimated liabilities from the industrial joint case [7] - The company is expected to see a slight increase in profit forecasts for 2025, with net profits projected at 980 million yuan, reflecting a year-on-year growth of 10% [7] - The new leadership team is expected to bring positive changes, including organizational reforms and brand marketing efforts, which are anticipated to enhance operational capabilities and growth potential [7] Financial Data and Profit Forecast - Total revenue projections for the company from 2023 to 2027 are as follows: 5.139 billion (2023), 5.519 billion (2024), 5.812 billion (2025E), 6.116 billion (2026E), and 6.430 billion (2027E) [6][8] - The net profit attributable to shareholders is projected to be 1.697 billion (2023), 893 million (2024), 980 million (2025E), 1.059 billion (2026E), and 1.132 billion (2027E) [8] - The gross profit margin for the company's seasoning products improved to 37.32% in 2024, an increase of 5.13 percentage points year-on-year [7] Revenue Breakdown - The revenue from the company's main product lines in 2024 was as follows: soy sauce (2.982 billion), chicken essence (674 million), cooking oil (567 million), and other foods (631 million) [7] - The company achieved a significant increase in cooking oil sales, with a year-on-year growth of 27.03% [7] Market Position and Strategy - The company is focusing on improving its brand reputation and product strength in the seasoning market, with expectations for continued internal operational improvements and growth opportunities [7] - The company plans to enhance marketing efforts, including hiring a celebrity spokesperson to boost brand visibility [7]

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...