Market Overview - The seasoning and fermentation sector saw a slight increase of 0.04% on September 19, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 30.75, up 3.33% with a trading volume of 50,500 shares and a turnover of 152 million yuan [1] - ST Jiajia (002650) closed at 6.49, up 1.41% with a trading volume of 57,400 shares and a turnover of 37.19 million yuan [1] - Tianwei Food (603317) closed at 11.72, up 0.69% with a trading volume of 41,100 shares and a turnover of 47.95 million yuan [1] - Other notable stocks include Zhongju Gaoxin (600872) at 18.80, up 0.59%, and Anqi Yeast (600298) at 39.63, up 0.35% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 98.62 million yuan from institutional investors, while retail investors saw a net inflow of 7.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Anqi Yeast (600298) had a net inflow of 7.01 million yuan from institutional investors, but a net outflow of 30.54 million yuan from retail investors [3] - Richen Co., Ltd. (603755) saw a net inflow of 5.98 million yuan from institutional investors and a net outflow of 13.68 million yuan from retail investors [3] - Jiagang Co., Ltd. (002495) had a net inflow of 5.39 million yuan from retail investors, despite a net outflow from institutional investors [3]

Investment Rating - The report provides a positive investment rating for the low-alcohol and beverage sectors, recommending specific companies based on their performance and market positioning [2]. Core Insights - The report emphasizes the structural recovery in the consumer goods sector, highlighting the importance of channel dynamics and product innovation in driving growth [2][25]. - It identifies key players in the beer segment, such as Yanjing Beer and Zhujiang Beer, which are expected to outperform due to their strong regional presence and operational efficiency [2][11]. - The report also notes the challenges faced by the seasoning and food supply sectors, particularly due to weak downstream demand, but suggests potential for recovery as the restaurant industry stabilizes [2][26]. Summary by Sections Beer Sector - The beer sector experienced a revenue of 41.73 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [7]. - Major companies like Qingdao Beer and China Resources Beer showed mixed performance, with Qingdao Beer achieving a revenue increase of 1.9% [11][12]. - The report highlights the impact of channel structure on revenue performance, with companies like Yanjing and Zhujiang benefiting from a higher proportion of non-immediate sales channels [11][12]. Yellow Wine Sector - The yellow wine sector reported a revenue of 1.93 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.4% [26]. - Kuaijishan, a leading player, achieved a double-digit growth rate of 11% in the same period, driven by its high-end and youth-oriented strategies [26][27]. - The report indicates a trend of market share concentration among leading companies, with Kuaijishan and Guyue Longshan capturing a larger portion of the market [31]. Seasoning and Food Supply Sector - The seasoning and food supply sector faced revenue pressure due to weak restaurant demand, but companies that successfully launched new products or expanded channels showed resilience [2][26]. - The report suggests that a recovery in restaurant demand could lead to increased supply chain needs, benefiting leading companies in the sector [2][26]. Beverage Sector - The beverage sector is highlighted for its high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its national presence [2]. - The report recommends focusing on companies that are effectively navigating the competitive landscape and capitalizing on emerging consumer trends [2][26].

Core Viewpoint - The company will participate in the "2025 Guangdong Investor Collective Reception Day" to enhance interaction with investors, focusing on performance, governance, strategy, and returns [1]. Group 1 - The event will be held online on September 19, 2025, from 15:30 to 17:00 [1]. - Investors can join the event through the "Panorama Roadshow" website [1]. - Company executives will communicate with investors regarding the company's half-year performance and other key concerns [1].

证券代码：600872 证券简称：中炬高新 公告编号：2025-055 中炬高新技术实业（集团）股份有限公司 关于参加 2025 年广东辖区投资者网上集体 接待日活动的公告 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。 为进一步加强与投资者的互动交流，中炬高新技术实业（集团） 股份有限公司（以下简称：公司）将参加由广东证监局、广东上市公 司协会联合举办的"向新提质，价值领航——2025 年广东辖区投资者 集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30~17:00。届时公司高管将在线就 2025 年半年度 业绩、公司治理、发展战略、投资者回报等投资者关心的问题，与投 资者进行沟通与交流，欢迎广大投资者踊跃参与。 中炬高新技术实业（集团）股份有限公司董事会 2025 年 9 月 17 日 特此公告。 1 ...

Market Overview - The seasoning and fermentation sector experienced a decline of 0.37% on September 17, with ST Jia Jia leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Key stocks in the seasoning and fermentation sector showed mixed results, with notable declines in several companies: - ST Jia Jia (002650) closed at 6.53, down 4.39% with a trading volume of 114,000 shares and a turnover of 75.18 million yuan [2] - Anji Food (603696) closed at 12.41, down 3.87% with a trading volume of 152,800 shares and a turnover of 192 million yuan [2] - Other notable declines include: - Day Chen Co. (603755) down 1.40% - Jialong Co. (002495) down 1.37% [2] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 228 million yuan from institutional investors, while retail investors contributed a net inflow of 180 million yuan [2] - The following stocks had significant capital flow changes: - Tianwei Food (603317) had a net inflow of 5.51 million yuan from institutional investors, but a net outflow of 6.63 million yuan from retail investors [3] - ST Jia Jia (002650) experienced a net outflow of 12.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.33 million yuan [3] - Fuling Pickles (002507) had a net outflow of 17.49 million yuan from institutional investors, with a net inflow of 19.78 million yuan from retail investors [3]

Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 0.81% on September 16, with Haitian Flavoring leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] - The following companies in the seasoning and fermentation sector showed varied performance: - ST Jiajia (002650) closed at 6.83, up 4.75% with a trading volume of 151,700 shares and a turnover of 103 million yuan - Jialong Co., Ltd. (002495) closed at 2.92, up 2.10% with a trading volume of 521,200 shares and a turnover of 150 million yuan - Rihou Co., Ltd. (603755) closed at 28.48, up 1.10% with a trading volume of 41,750 shares and a turnover of 49.75 million yuan - Other companies like Zhongjing Food (300908) and Lianhua Holdings (600186) also showed slight increases [1] Group 2: Capital Flow - The seasoning and fermentation sector saw a net outflow of 176 million yuan from main funds, while retail investors contributed a net inflow of 116 million yuan [3] - Speculative funds recorded a net inflow of approximately 59.99 million yuan [3]

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。 证券代码：600872 证券简称：中炬高新 公告编号：2025-054 中炬高新技术实业（集团）股份有限公司 2025年第三次临时股东会决议公告 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 (一)股东会召开的时间：2025 年 9 月 15 日 (二)股东会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 945 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 210,776,335 | | 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（%） | 27.1994 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，董事长黎汝雄先生主持会议。本次会议采取 现场投票和网络投票 ...

关于 中炬高新技术实业（集团）股份有限公司 二〇二五年第三次临时股东会的 法律意见书 地址：中国广东省中山市东区东苑南路 101 号大东裕贸联大厦北塔 2 号 27 楼 2709、 2710 卡 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 二〇二五年第三次临时股东会的 法律意见书 致：中炬高新技术实业（集团）股份有限公司 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年第三次临时股东会（以下简称"本次股东会"），并根据《中华人 民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》等法律、法规、规范性文件以 及现行有效的《中炬高新技术实业（集团）股份有限公司章程》（以下简称"《公 司章程》"）的规定，在进行必要验证工作的基础上，对公司本次股东会的召集、 召开程序、出席会议人员和召集人资格、表决程序和结果等事项的合法性发表见证 法律意见。 本所律师已得到公司如下保证：公司已经提供和披露了本所 ...

Core Viewpoint - The seasoning and fermentation products sector experienced a slight increase of 0.3% on September 15, with Baoli Food leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.26% and the Shenzhen Component Index up by 0.63% [1] Group 1: Market Performance - The seasoning and fermentation products sector saw Baoli Food closing at 14.49, up by 3.65%, with a trading volume of 47,100 hands and a transaction value of 67.81 million yuan [1] - Other notable performers included Jialong Co. at 2.86, up by 2.14%, and Richen Co. at 28.17, up by 2.10% [1] - The overall trading volume in the sector was characterized by a net outflow of 147 million yuan from main funds, while retail funds saw a net inflow of 66.92 million yuan [2] Group 2: Individual Stock Analysis - Baoli Food had a main fund net inflow of 2.84 million yuan, while retail funds showed a net outflow of 3.26 million yuan [3] - Jialong Co. experienced a main fund net inflow of 15.76 million yuan, but retail funds had a net outflow of 6.47 million yuan [3] - Anji Food saw a significant main fund net outflow of 7.52 million yuan, despite a retail net inflow of 12.02 million yuan [3]

Group 1 - The core viewpoint of the report indicates that Zhongju Gaoxin's performance is under pressure, with a significant decline in revenue and net profit for the first half of 2025 compared to the previous year [1] - In H1 2025, the company achieved revenue and net profit of 2.132 billion and 257 million yuan, representing a year-on-year decrease of 18.58% and 26.56% respectively [1] - For Q2 2025, the revenue and net profit were 1.03 billion and 76 million yuan, showing a year-on-year decline of 9.11% and 31.57% [1] Group 2 - The report highlights that the seasoning industry is experiencing slow revenue growth, coupled with weak consumer demand and intense market competition, which may continue to pressure the company's performance in 2025 [1] - The profit forecast has been adjusted, with expected revenues for 2025-2027 set at 4.9 billion, 5.3 billion, and 5.7 billion yuan, reflecting a year-on-year change of -11%, +8%, and +8% respectively [1] - The expected net profit for the same period is projected to be 690 million, 810 million, and 910 million yuan, with year-on-year changes of -22%, +17%, and +12% respectively [1] Group 3 - The report notes that the company is facing internal reform challenges in the short term, but the long-term development outlook remains optimistic [1] - Under the leadership of the new chairman, the company is expected to enter a growth phase [1] - The report maintains a "buy" rating for the company, indicating confidence in its future performance [1]