天风证券研报指出，中炬高新25H1实现营收/归母净利润21.32/2.57亿元，同比-18.58%/-26.56%；25Q2 实现营收/归母净利润10.30/0.76亿元，同比-9.11%/-31.57%。业绩持续承压，静待后续改善。由于调味 品行业收入规模增长放缓，叠加消费需求疲软，市场处于高度竞争中，预计25年公司业绩或将承压。根 据半年报调整盈利预测，预计25-27年营收为49/53/57亿元（前值为60.6/66.6/73.2亿元），同 比-11%/+8%/+8%；预计归母净利润为6.9/8.1/9.1亿元（前值为9.9/10.9/12.0），同比-22%/+17%/+12%， 对应PE分别为22X/19X/17X，短期公司面临内部改革挑战，但长期发展前景乐观，公司有望在新董事长 带领下步入增长通道，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has faced continuous pressure on its performance, with a significant decline in revenue and net profit in the first half of 2025, reporting revenue of 2.13 billion and net profit of 257 million, down 18.58% and 26.56% year-on-year respectively [1] - The soy sauce category has shown growth, with the company focusing on product innovation and health-oriented offerings, aligning with national health initiatives [1] - The company is experiencing a rapid increase in the number of distributors, with a net addition of 514 distributors in Q2 2025, bringing the total to 2,799 [2] - Despite a decline in revenue in the southern region, the company is enhancing its market position through targeted distributor management and increased coverage in key areas [2] - The gross margin has improved, reaching 39.39%, while the net margin decreased to 7.38% [2] - The company is expected to face challenges in the short term due to a slowdown in the seasoning industry and weak consumer demand, but long-term growth prospects remain optimistic under new leadership [3] Financial Summary - Revenue projections for 2025-2027 are adjusted to 4.89 billion, 5.29 billion, and 5.72 billion respectively, reflecting a year-on-year change of -11%, +8%, and +8% [3] - The forecasted net profit for the same period is 694 million, 810 million, and 909 million, with year-on-year changes of -22%, +17%, and +12% [3] - The company's financial metrics indicate a PE ratio of 22X for 2025, decreasing to 17X by 2027 [3] - The company’s gross margin is projected to improve to 41.25% by 2025, with a net margin of 14.20% [10]

Core Viewpoint - The seasoning and fermentation sector experienced a decline of 0.89% on September 10, with Anqi Yeast leading the drop, while the Shanghai Composite Index rose by 0.13% and the Shenzhen Component Index increased by 0.38% [1][2]. Group 1: Market Performance - The seasoning and fermentation sector's stocks showed mixed performance, with Anji Food closing at 13.58, up by 3.03%, and Anqi Yeast closing at 41.07, down by 2.35% [1][2]. - The total trading volume for the seasoning and fermentation sector was significant, with Anji Food achieving a transaction value of 4.17 billion yuan and Anqi Yeast reaching 5.00 billion yuan [1][2]. Group 2: Capital Flow - The main capital flow in the seasoning and fermentation sector indicated a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 55.06 million yuan [2][3]. - Specific stocks like Hai Tian Wei Ye and Anji Food had varying capital flows, with Hai Tian Wei Ye experiencing a net inflow of 5.26 million yuan from institutional investors [3].

中炬高新 2025 年第三次临时股东会会议资料 中炬高新 2025 年第三次临时股东会议程 五、审议关于修订《核心管理人员薪酬与绩效考核管理制度》的 议案； 中炬高新 2025 年第三次临时股东会会议资料 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会议资料 会议时间：2025 年 9 月 15 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 六、讨论、审议，并对上述议案进行表决； 七、董事长宣读表决结果； 八、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、审议关于减少公司注册资本的议案； 四、审议关于修订《公司章程》的议案； 中炬高新 2025 年第三次临时股东会会议资料 中炬高新技术实业（集团）股份有限公司 关于减少公司注册资本的议案 各位股东： 依据中炬高新技术实业（集团）股份有限公司（以下简称：公司） 《2024 年限制性股票激励计划》（以下简称：《激励计划》）的相关规 定，公司需对股权激励对象已获授但尚未解除限售的共计 481,978 股 限制性股票进行回购注销，并对应减 ...

Core Viewpoint - Zhongju Gaoxin's financial performance in the first half of 2025 shows significant declines in both revenue and net profit, prompting strategic changes under new management [1][3][10] Financial Performance - The company reported a revenue of 2.132 billion yuan, a year-on-year decrease of 18.58% [1] - Net profit attributable to shareholders was 257 million yuan, down 26.56% year-on-year [1] - The non-recurring net profit was 263 million yuan, reflecting a decline of 22.53% [3] Business Segment Analysis - The seasoning products segment generated sales of 2.098 billion yuan, a decrease of 17.92% [3] - Soy sauce, the largest product line, saw revenue drop to 1.298 billion yuan, down 16.68% [3] - Chicken essence and powder revenue fell to 255 million yuan, a decline of 21.98% [3] - Edible oil revenue halved to 109 million yuan, down 49.39% [3] Market Dynamics - Revenue in the eastern region decreased by 28.64% to 436 million yuan, while the southern region saw a decline of 16.29% to 808 million yuan [4] - The company is implementing inventory reduction measures to strategically reshape market pricing [4] - The competitive landscape is intensifying, necessitating faster strategic adjustments and business optimizations [4][12] Corporate Governance Changes - The company announced the termination of a significant non-public A-share issuance plan originally intended to raise approximately 8 billion yuan [5][8] - This decision marks the end of a capital operation era associated with the Baoneng Group [5][6] - The new chairman, Li Ruxiong, aims to initiate deep reforms within the company [9][10] Strategic Goals - The company plans to achieve a revenue target of 10 billion yuan for its subsidiary, Meiwai Xian, by 2026 [10][11] - The company is actively adjusting its product strategy and enhancing brand image through celebrity endorsements [12] - There is a focus on potential acquisitions to fill product gaps while maintaining a cautious investment approach [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total revenue for H1 2025 is 2.132 billion yuan, a year-on-year decrease of 18.58%. The net profit attributable to shareholders is 257 million yuan, down 26.56% year-on-year, while the net profit excluding non-recurring items is 263 million yuan, a decrease of 22.53% year-on-year [2][4] - In Q2 2025, the total revenue is 1.03 billion yuan, a year-on-year decline of 9.11%. The net profit attributable to shareholders is 75.78 million yuan, down 31.57% year-on-year, and the net profit excluding non-recurring items is 82.78 million yuan, a decrease of 19.46% year-on-year [2][4] Revenue Analysis - Revenue decline is narrowing, with the main product soy sauce turning positive. For H1 2025, revenue breakdown shows soy sauce at 1.298 billion yuan (-16.68%), chicken essence and powder at 255 million yuan (-21.98%), edible oil at 109 million yuan (-49.39%), and others at 331 million yuan (-3.23%). In Q2 2025, soy sauce revenue increased by 6.39% [5] - Channel adjustments are ongoing, with Q2 pressure easing. Direct sales channel grew rapidly, with core online categories exceeding 60% growth in H1 2025 [5] Cost and Profitability - Cost reductions improved gross margin, but personnel expenses increased. The net profit margin for H1 2025 decreased by 1.31 percentage points to 12.05%. The gross margin increased by 2.42 percentage points to 39.05%, while the expense ratio rose by 4.12 percentage points to 25.16% [6] - In Q2 2025, the net profit margin decreased by 2.41 percentage points to 7.35%, with a gross margin of 39.39% [6] Operational Adjustments - The company is undergoing channel adjustments, with short-term revenue pressure. However, positive signals such as improved gross margins and accelerated online channels are emerging. With the new board in place, governance structure optimization is expected to lead to a new operational phase [7] - Looking ahead, the company aims to enhance operations around the themes of "strengthening fundamentals, diversification, and efficiency." As channel inventory is gradually digested and pricing systems are streamlined, long-term growth momentum is anticipated to be released [7]

Group 1 - The "Chubang-Jiangnan University Condiment Joint Innovation Center" was officially established on September 4, marking a significant breakthrough in the integration of government, industry, academia, research, and application in the Zhongshan Torch High-tech Zone [1] - The center will focus on the development of healthy soy sauce processes, fermentation technology optimization, and industry standard formulation, aiming to achieve breakthroughs in key technologies and create a number of influential patents, enhancing the technological added value and market competitiveness of Chubang products [3][4] - The establishment of the center aligns with the strategic actions of the Zhongshan Torch High-tech Zone to enhance the core competitiveness of enterprises and promote high-quality regional economic development [3] Group 2 - The collaboration between Chubang and Jiangnan University aims to leverage top-tier research capabilities to accelerate breakthroughs in common key technologies in the food sector, enhancing the driving force and control of state-owned capital in this field [4] - The initiative is in line with Guangdong Province's strategy to promote the intelligent, green, and high-end development of the food industry, contributing to the establishment of a technology innovation hub in the Guangdong-Hong Kong-Macao Greater Bay Area [4] - Jiangnan University will fully utilize its research and talent advantages to support the construction of the joint innovation center and facilitate the transformation of scientific achievements in Zhongshan [4]

Investment Rating - The report maintains a "Strong Buy" rating for Zhongju Gaoxin (600872.SH) [2][4] Core Views - The company is under pressure but is expected to improve with new management reforms and increased mergers and acquisitions, leading to gradual recovery in the second half of the year [4][5] - The revenue and net profit for Q2 2025 showed a year-on-year decline of 7.21% and 34.59% respectively, indicating ongoing performance challenges, although the decline in revenue has narrowed [4][5] - The soy sauce business has shown significant improvement in Q2 2025, contributing positively to the overall performance [4][5] Financial Performance Summary - For H1 2025, the company reported revenue of 2.132 billion yuan, down 18.58% year-on-year, and a net profit of 257 million yuan, down 26.56% year-on-year [4][5] - In Q2 2025, the company achieved revenue of 1.030 billion yuan, a decline of 9.11% year-on-year, and a net profit of 76 million yuan, down 31.57% year-on-year [4][5] - The gross margin for Q2 2025 was 39.39%, an increase of 3.22 percentage points year-on-year, driven by cost reductions and an increase in the proportion of soy sauce sales [4][5] Product Performance Summary - In Q2 2025, revenue from soy sauce, chicken essence, cooking oil, and other products were 650 million, 126 million, 58 million, and 132 million yuan respectively, with soy sauce showing a year-on-year increase of 6.39% [4][5] - The company has increased its distributor count to 2,799, up by 127 from Q1 2025, indicating a focus on expanding distribution channels [4][5] Future Outlook - The company plans to accelerate the expansion of new channels and improve management to enhance performance in the second half of 2025 [4][5] - The new management team, led by the newly appointed chairman, is expected to drive reforms and return the company to a growth trajectory [4][5]

Core Insights - The company has shown significant improvement in its Q2 performance, attributed to the initial success of prior reforms under the new chairman [1] - The new chairman, Li Ruxiong, was elected in July and has extensive experience in the China Resources system [2] Financial Performance - In the first half of 2025, the company reported revenue of approximately 2.132 billion yuan, a year-on-year decrease of 18.58% [3] - The revenue from the seasoning business was 2.098 billion yuan, reflecting a year-on-year decline of 17.92% [3] - The net profit attributable to shareholders was around 257 million yuan, down 26.56% year-on-year [3] Strategic Actions - The company has implemented a proactive supply strategy, focusing on inventory reduction with leading distributors to strategically reshape the market pricing system and restore distributor confidence [4]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, primarily due to a drop in its core seasoning business, which accounts for approximately 98% of its revenue [1][2]. Revenue and Profit Performance - In the first half of 2025, the company achieved revenue of 2.132 billion yuan, a year-on-year decrease of 18.58% [1]. - The net profit attributable to shareholders was 257 million yuan, also reflecting a decline compared to the previous year [1]. Seasoning Business Decline - The seasoning business, managed by Meiwai Xian, experienced a comprehensive revenue decline. Soy sauce revenue was 1.298 billion yuan, down 16.68% year-on-year; chicken essence and powder revenue was 255 million yuan, down 21.98%; and edible oil revenue was 109 million yuan [1]. - The company attributed the decline to a strategic decision to optimize supply strategies and implement inventory reduction measures with leading distributors, aiming to reshape the market pricing system and restore distributor confidence [1]. Distributor Network and Market Dynamics - In the first half of the year, the company added 245 distributors, bringing the total to 2,799. However, market revenue in several regions still saw varying degrees of decline [2]. - The seasoning market is increasingly characterized by a "winner-takes-all" effect, necessitating faster internal management and product innovation from the company [2]. Leadership Changes and Strategic Goals - In July, prior to the release of the half-year report, the company underwent a board reshuffle, appointing 64-year-old Li Ruxiong as the new chairman, with a new executive team formed [2]. - The company has not adjusted its ambitious goal of achieving over 10 billion yuan in revenue for Meiwai Xian by 2026, despite current challenges [2]. M&A Interests and Strategic Considerations - The company has shown interest in mergers and acquisitions in recent years, which could help address its performance challenges and expand its product categories [3]. - Analysts suggest that if executed properly, acquisitions could enhance market competitiveness, but the company must carefully select targets to mitigate integration risks [3].