Key Points Industry/Company - The meeting is related to a specific industry and company, but the name is not disclosed due to confidentiality restrictions. Core Views and Arguments - The meeting focuses on the company's financial performance, industry trends, and macroeconomic factors impacting the business. - The analyst emphasizes the importance of understanding the company's financial statements, industry dynamics, and broader market conditions to identify investment opportunities and risks. Important but Potentially Overlooked Content - The meeting highlights the following key points: - **Financial Performance**: The company's revenue growth, profitability, and cash flow analysis. - **Industry Trends**: Overview of the industry landscape, including market size, growth drivers, and competitive landscape. - **Macroeconomic Factors**: Impact of economic indicators, interest rates, and geopolitical events on the company and industry. - **Investment Opportunities**: Identification of potential investment opportunities based on the company's financial performance and industry outlook. - **Risks**: Assessment of risks associated with the company and industry, including regulatory changes, technological disruptions, and market volatility. References - [1] <doc id='1'> - Confidentiality notice regarding the meeting content.

Financial Data and Key Metrics Changes - The company has undergone significant changes since the management team was restructured last year, leading to a new three-year strategic plan aimed at enhancing company value and stock recommendations [3][5] - The sales volume of soy sauce has been steadily increasing, although pricing has experienced fluctuations due to industry factors and internal management issues [3][4] - The company aims for a compound annual growth rate of approximately 15% over the next three years, with a focus on both organic and external growth [13][14] Business Line Data and Key Metrics Changes - The core business has shifted towards kitchen brands and subsidiaries, with over 90% of sales coming from condiments, including soy sauce and cooking oil [4][6] - The company is focusing on enhancing its product offerings, particularly in health-oriented and high-quality products, as consumer preferences evolve [7][8] - The company is also working on improving its marketing strategies and product focus, particularly in the soy sauce and other condiment categories [16][17] Market Data and Key Metrics Changes - The company has a strong presence in southern China, accounting for over 30% of sales, while also expanding into central and northern regions [4][12] - The restaurant sector's recovery has been gradual, impacting the demand for condiments, but there are structural growth opportunities in certain product categories [9][10] - The company is adapting to changes in consumer purchasing habits, with a notable shift towards fresh supermarkets and e-commerce platforms [10][11] Company Strategy and Development Direction - The company is committed to a long-term growth strategy that includes both internal improvements and potential acquisitions to enhance market position [18][19] - The management team is focused on operational efficiency and cost reduction, with significant room for improvement compared to industry peers [15][21] - Future growth will also involve exploring opportunities in related industries and product categories, not limited to traditional condiments [19][20] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the company's ability to navigate current market challenges and achieve growth targets, despite past performance being below industry averages [21][23] - There is an expectation for gradual improvements in operational efficiency and profitability, supported by favorable trends in raw material costs [21][22] - The company is also looking to address its real estate business, which has shown volatility, with plans to gradually release existing products while reducing new developments [22][20] Other Important Information - The company is currently positioned in the middle range of its industry peers in terms of valuation, suggesting potential for upward movement [23] - The management has emphasized the importance of aligning incentives and improving team dynamics to drive performance [23][24] Q&A Session Summary Question: What are the company's growth targets for the next few years? - The company has set ambitious growth targets, aiming for a compound annual growth rate of around 15%, focusing on both organic and external growth strategies [13][14] Question: How is the company addressing the challenges in the restaurant sector? - The management noted that while the recovery in the restaurant sector has been slow, there are still structural growth opportunities in certain product categories that the company plans to capitalize on [9][10] Question: What is the company's approach to acquisitions? - The company is open to exploring acquisitions as a means to enhance its market position, particularly in related industries, while ensuring effective management integration [18][19]

Investment Rating - The report initiates coverage with a "Buy" rating for Zhongju Gaoxin [4][5] Core Viewpoints - Zhongju Gaoxin is a leading company in the condiment industry, primarily focusing on soy sauce, with significant market presence in Southern China and expanding nationwide. The company has undergone governance changes and is expected to enter a new operational phase in 2024 following the implementation of its first equity incentive plan and the strategic planning for its core brand, Meiwai Xian [4][12][13]. Company Overview - Zhongju Gaoxin specializes in the condiment sector, with key brands including Chubang and Meiwai Xian. The company has faced stagnation in revenue growth over the past three years, with a reported revenue of 5.139 billion yuan in 2023, a decrease of 3.8% year-on-year. However, the net profit attributable to shareholders was 1.697 billion yuan, showing a significant recovery compared to the average of the past five years [4][13][18]. Product and Market Dynamics - Soy sauce is the company's largest product category, accounting for 58.92% of total revenue, with sales reaching 512,100 tons in 2023. The compound annual growth rate (CAGR) for soy sauce sales from 2018 to 2023 was 4.97%. Despite a decline in average price per ton due to increased competition, there is potential for price recovery as consumer income rises and dining trends improve [4][12][18][32]. Strategic Changes and Management - The company has implemented comprehensive operational reforms, including a new board and management team, which are expected to enhance efficiency and drive long-term growth. An equity incentive plan has been proposed to motivate key personnel, aiming for a doubling of revenue over three years [5][25][26]. Industry Trends - The condiment industry is experiencing a shift towards health-oriented products, with increasing consumer awareness driving demand for healthier options. The market for high-quality soy sauce is expanding, particularly in the premium segment, which has seen a CAGR of 18% from 2015 to 2020 [28][29][32]. The transition from B2B to B2C sales channels is also notable, with a growing emphasis on diverse purchasing methods in the consumer market [35][40].

证券代码：600872 证券简称：中炬高新 公告编号：2024-039 中炬高新技术实业（集团）股份有限公司 关于向公司 2024 年限制性股票激励计划激励对象 授予限制性股票的公告 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： 中炬高新技术实业（集团）股份有限公司（以下简称：公司）于 2024 年 6 月 4 日召开第十届董事会第二十二次会议、第十届监事会 第十三次会议，审议通过了《关于向公司 2024 年限制性股票激励计 划激励对象授予限制性股票的议案》，现将公司《2024 年度限制性 股票激励计划（草案）》（以下简称：本次激励计划或《激励计划》） 授予有关事项进行如下说明： 一、本次激励计划权益授予情况 （一）已履行的决策程序和信息披露情况 1、2024 年 3 月 29 日，公司召开第十届董事会第二十次会议、 第十届监事会第十一次会议，审议通过了《公司 2024 年限制性股票 激励计划（草案）及摘要》《中炬高新限制性股票激励计划管理办法》 《中炬高新 2024 年限制性股票激励计划实施考核管理办 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-041 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024-06-21 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。 中炬高新技术实业（集团）股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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 股东大会召开日期：2024-06-21 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 (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 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 2024 年 6 月 21 日 至 2024 年 6 月 21 日 采用上海证券交易所网络投票 ...

中炬高新技术实业（集团）股份有限公司章程 中炬高新技术实业（集团）股份有限公司 章 程 （草案） 2024 年 6 月修订 中炬高新技术实业（集团）股份有限公司章程 目 录 | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 | 4 | | 第三节 | 股份转让 | 5 | | 第四章 | 股东和股东大会 | 5 | | 第一节 | 股东 | 5 | | 第二节 | 股东大会的一般规定 | 7 | | 第三节 | 股东大会的召集 | 9 | | 第四节 | 股东大会的提案与通知 | 10 | | 第五节 | 股东大会的召开 | 11 | | 第六节 | 股东大会的表决和决议 | 13 | | 第五章 | 董事会 | 16 | | 第一节 | 董事 | 16 | | 第二节 | 董事会 | 19 | | 第六章 | 经理及其他高级管理人员 | 22 | | 第七章 | 监事会 | 24 | | 第一节 | 监事 | 24 | | 第二节 | 监 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-035 公司薪酬与考核委员会审议通过了此议案。详见公司同日披露的 《中炬高新关于调整公司 2024 年限制性股票激励计划相关事项的公 告》。 二、审议通过《关于调整公司 2024 年限制性股票激励计划授予 对象及授予数量的议案》； 表决结果：5 票赞成，0 票反对，1 票弃权，2 票回避。 根据有关规定，关联董事余健华、林颖对本议案回避表决。 公司薪酬与考核委员会、独立董事专门会议审议通过了此议案。 中炬高新技术实业（集团）股份有限公司 第十届董事会第二十二次会议决议公告 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）第十届董事会第二十二次会议于 2024 年 5 月 27 日发出会议通 知，于 2024 年 6 月 4 日上午以现场与网络参会相结合的方式召开， 现场会议地址在广东省中山火炬开发区厨邦路 1号公司综合楼806会 议室。会议应到董事 8 人，实到 8 人，本次会议有效表决票数为 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-038 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）监 事会依据《中华人民共和国公司法》（以下简称:《公司法》）、《中 华人民共和国证券法》（以下简称:《证券法》）、《上市公司股权 激励管理办法》（以下简称:《管理办法》）等有关规定，对《中炬 高新 2024 年限制性股票激励计划（草案）》（以下简称:本次激励计 划或《激励计划》）激励对象名单（授予日）进行了核查，发表核查 意见如下： 中炬高新技术实业（集团）股份有限公司 监事会关于公司 2024 年限制性股票激励计划 激励对象名单（授予日）的核查意见 1、本次激励计划确定的激励对象中，8 名激励对象在限制性股 票授予前离职而不再符合激励对象资格，66 名激励对象因个人原因 自愿放弃认购限制性股票，因此，公司取消授予上述激励对象拟获 授的限制性股票 215.3578 万股。其余激励对象及其获授限制性股 票的情况均与公司 2023 年年度股东大会审议通过 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-037 中炬高新技术实业（集团）股份有限公司（以下简称：公司）于 2024 年 6 月 4 日召开第十届董事会第二十二次会议、第十届监事会 第十三次会议，审议通过了《关于调整公司 2024 年限制性股票激励 计划授予价格的议案》《关于调整公司 2024 年限制性股票激励计划 授予对象及授予数量的议案》，同意公司根据《上市公司股权激励管 理办法》（以下简称：《管理办法》）、公司《2024 年度限制性股 票激励计划（草案）》（以下简称：本次激励计划或《激励计划》） 的有关规定，将 2024 年限制性股票的授予价格由 14.19 元/股调整为 13.79 元/股、授予激励对象由 329 人调整为 255 人，授予的限制性股 票数量由 1438.80 万股调整为 1223.4422 万股。具体情况如下： 一、公司 2024 年限制性股票激励计划已履行的相关审批程序 1、2024 年 3 月 29 日，公司召开第十届董事会第二十次会议、 第十届监事会第十一次会议，审议通过了《公司 2024 年限制性股票 激励计划（草案）及摘要》《中炬高新限制性股票激励计划 ...

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 2024 年限制性股票激励计划 调整及授予事项的 法律意见书 汉坤（证）字[2024]第 40908-1-O-2 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 2024 年限制性股票激励计划调整及授予事项的法律意见书 汉坤（证）字[2024]第 40908-1-O-2 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《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下 简称"《管理办法》"）等相关法律法规、规章及 ...