中炬高新投资管理制度 中炬高新技术实业（集团）股份有限公司 投资管理制度 （二）公司及上述（一）所列子公司单独或共同出资，合计持股 比例超过 50%的控股子公司； （三）公司及上述（一）、（二）所列子公司对外出资，持股比 例超过 50%的各级控股企业； （四）公司及各级控股子公司直接或间接持股比例未超过 50%， 但通过股东协议、公司章程、董事会决议或其他协议安排能够实际支 配的各级实际控制公司及企业； （五）非公司企业达到上述（一）、（二）、（三）、（四）所 列公司控制条件的按等同子公司原则进行投资管理。 第四条 本制度所称参股企业，指公司及各级子公司持有股权但 （2024年8月修订） 第一章 总则 第一条 为了加强中炬高新技术实业（集团）股份有限公司（以 下简称：总部或公司）投资管理工作，规范公司投资决策程序、强化 公司投资过程管理、防范投资风险、提高投资效益，依据《中华人民 共和国公司法》（以下简称《公司法》）、《上海证券交易所股票上 市规则》、《上海证券交易所上市公司内部控制指引》、国家其他有 关法律法规规定及《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》），并结合公司具体情况制 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-053 详见公司同日披露的《中炬高新关于公司"提质增效重回报"行 动方案的公告》。 中炬高新技术实业（集团）股份有限公司 第十届董事会第二十四次会议决议公告 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）第十届董事会第二十四次会议于 2024 年 7 月 26 日发出会议通 知，于 2024 年 8 月 8 日上午以现场与通讯相结合的方式召开，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 8 票。全部监 事、全部高管列席了会议，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《2024 年半年度报告正文及摘要》； 表决结果：8 票赞成，0 票反对，0 票弃权。 详见公司同日披露的《中炬高新 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.62 billion, a decrease of 1.35% compared to the same period last year[16]. - The net profit attributable to shareholders of the listed company was ¥349.77 million, a significant recovery from a net loss of ¥1.44 billion in the same period last year[16]. - The net profit after deducting non-recurring gains and losses was ¥339.40 million, representing a 14.53% increase year-on-year[16]. - The net cash flow from operating activities increased by 28.71% to ¥592.12 million compared to the previous year[16]. - The total assets of the company at the end of the reporting period were approximately ¥7.09 billion, an increase of 5.46% from the end of the previous year[16]. - The net assets attributable to shareholders of the listed company were approximately ¥4.65 billion, a slight decrease of 1.19% from the previous year[16]. - The basic earnings per share for the reporting period was ¥0.4337, a 12.83% increase compared to ¥0.3844 in the same period last year[17]. - The weighted average return on net assets increased to 7.43%, up 70.50 percentage points from -63.07% in the previous year[17]. - The company reported a total of ¥2.56 billion from Guangdong Meiwai Xian, a decrease of 0.60% year-over-year, but net profit increased by 15.27% to ¥391 million[39]. - The company’s net profit from Zhongshan Innovation Technology Development Co., Ltd. increased by 38.22% to ¥901,500 despite a revenue decline[39]. Sales and Market Strategy - In the first half of 2024, the company's condiment sales revenue reached RMB 2.556 billion, accounting for 97.64% of total revenue[23]. - The company aims to gradually divest non-core businesses and focus on the condiment sector as part of its three-year strategic plan[21]. - The company increased its number of distributors by 201, bringing the total to 2,285 distributors in the first half of 2024[23]. - The company launched two new products, including zero-addition premium soy sauce, and developed 12 product formulas in the first half of 2024[24]. - The company is focusing on optimizing its product mix and enhancing brand recognition through various marketing strategies[24]. - The company has implemented a dual sales model, primarily relying on distributors while also enhancing direct sales through e-commerce platforms[111]. Operational Efficiency - The company has implemented a stock incentive plan to align management with strategic goals and enhance operational efficiency[21]. - The company is focusing on enhancing its organizational capabilities and optimizing its management structure to improve operational efficiency[28]. - The company has identified imbalances in market distribution, channel development, and product development within its seasoning business, which could hinder future growth[41]. Cost Management - The cost of goods sold decreased by 8.13% to approximately ¥1.66 billion from ¥1.81 billion, primarily due to a decline in raw material prices and product structure optimization[30]. - Sales expenses increased by 25.50% to approximately ¥282.82 million, attributed to enhanced promotional activities and channel renovations[30]. Investment and Assets - The company invested a total of ¥2.62 billion in projects during the reporting period, including ongoing investments in the Yangxi base and Zhongshan plant renovation projects[35]. - The Yangxi production base project has accumulated investments of ¥1.55 billion, while the Zhongshan plant renovation project has reached ¥523 million in total investments[36]. - The company has increased its investment in financial products, leading to a significant rise in cash outflows from investment activities, which increased by 132.02% year-on-year[31]. - The company's trading financial assets increased to ¥359.72 million, representing 5.08% of total assets, a 63.15% increase from the previous year[33]. - Accounts receivable decreased significantly to ¥24.15 million, accounting for 0.34% of total assets, a decline of 67.91% year-over-year[33]. Environmental Compliance - Guangdong Meiwei Xian Food Co., Ltd. has two wastewater treatment plants with a total design capacity of 3,500 m³/day, operating 24 hours and meeting the discharge standards of Guangdong Province[52]. - The company has established online monitoring systems for various pollutants, including COD and pH, in compliance with local environmental regulations[56]. - The company has conducted emergency drills to enhance its capability to respond to environmental incidents[55]. - No administrative penalties were imposed on the company during the reporting period[57]. Legal and Regulatory Matters - The company successfully resolved litigation related to land use rights transfer contracts, which had previously impacted financial results[18]. - There are ongoing legal matters related to land use rights, with recent developments indicating resolution and withdrawal of lawsuits[62]. - The company has made commitments regarding shareholding and stock sales, ensuring compliance with regulations[59]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 55,025[71]. - The company’s total shares decreased from 785,375,950 to 783,222,372 after the cancellation of 2,153,578 shares[70]. - The largest shareholder, Zhongshan Torch Group Co., Ltd., holds 86,344,162 shares, representing 11.02% of the total shares[74]. - The company has granted a total of 2,761,907 shares to mid-level management and core technical personnel, with a similar number granted in subsequent periods[73]. Financial Reporting and Compliance - The company’s financial statements were approved by the board on August 8, 2024, ensuring compliance with regulatory requirements[111]. - The company has maintained a continuous operating basis for its financial reporting, with no significant factors affecting its ability to continue operations in the next 12 months[112]. - The company’s accounting policies comply with the requirements of the enterprise accounting standards, ensuring accurate financial reporting[113]. Future Outlook - The company did not provide future outlook or performance guidance in this report[200].

证券代码：600872 证券简称：中炬高新 公告编号：2024-055 中炬高新技术实业（集团）股份有限公司 2024 年半年度主要经营数据公告 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。 根据《上海证券交易所上市公司行业信息披露指引第十四号—— 食品制造》第十四条相关规定，现将广东美味鲜调味食品有限公司（以 下简称：美味鲜）2024 年半年度主要经营数据公告如下： 一、2024 年半年度美味鲜主要经营数据： | 1、报告期内主营业务按产品类别 | | | 单位：万元 | | --- | --- | --- | --- | | 产品分项 2024 | 年上半年 | 2023 年上半年 | 营业收入比上年增减 | | 酱油 | 155,733.78 | 161,734.10 | -3.71% | | 鸡精鸡粉 | 32,736.77 | 32,776.94 | -0.12% | | 食用油 | 21,500.93 | 19,530.50 | 10.09% | | 其他 | 34,171.42 | 39,974.82 | ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-054 中炬高新技术实业（集团）股份有限公司 关于公司"提质增效重回报"行动方案的公告 2、完善公司治理水平，推动公司高质量发展 目前公司股东中山火炬集团有限公司、中山火炬公有资产经营集 团有限公司以及一致行动人鼎晖投资，合计持有公司股份 20.49%， 推荐的董事名额在董事会形成了相对多数，其持股比例及董事会席位 合理，公司治理结构相对稳定；公司将持续完善法人治理结构和内部 控制制度，提高规范运作和科学决策水平，在稳中求进的基础上，不 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：公司）为 践行"以投资者为本"的上市公司发展理念，维护公司全体股东利益， 基于对公司未来发展前景的信心及对公司价值的认可，公司积极采取 措施，落实"提质增效重回报"的行动方案，主要措施包括： 1、专注主营业务，提升核心竞争力 在董事会新战略目标指导下，公司进一步剥离非核心业务，聚焦 健康食品主业，将坚持以"让生活更有味道"为使命， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [5]. Core Insights - The company has undergone significant management changes, with a new board and leadership team in place, which is expected to lead to improved operational performance [12][20]. - The company aims to achieve a revenue target of 10 billion yuan by 2026, driven by a three-year strategic plan focusing on product development and channel optimization [24][49]. - The company has shown strong performance in Q1 2024, with revenue and net profit increasing by 8.6% and 59.1% year-on-year, respectively [13][15]. Summary by Sections 1. Steady Growth in Seasoning Business - The company has been in operation for over 30 years and has successfully restructured its leadership team, which is expected to enhance strategic execution [12][19]. - In Q1 2024, the company reported a revenue of 1.485 billion yuan and a net profit of 239 million yuan, reflecting a year-on-year increase of 8.64% and 59.07% respectively [13][15]. - The gross profit margin has remained stable, with room for improvement in expense ratios [17]. 2. Future Potential: Strengthening Product and Channel Empowerment - The company has launched a three-year strategic plan aimed at creating a "new kitchen brand" and achieving high-quality development [24]. - The product strategy focuses on soy sauce as the main product, with a "1+N" development strategy to expand into other categories such as chicken powder and oyster sauce [32][34]. - The company is optimizing its channel management and aims to enhance efficiency in its distribution network, particularly in the eastern region of China [41][45]. 3. Real Estate Business Value Analysis - The company plans to gradually divest its real estate business to concentrate on its core seasoning operations, with significant land holdings expected to yield substantial compensation [3][48]. - The company currently has 1,666 acres of developable residential land, with ongoing negotiations for compensation that could amount to 1.23 billion yuan [3][47]. 4. Profit Forecast and Rating - The company targets a revenue of 10 billion yuan and an operating profit of 1.5 billion yuan by 2026, with a projected revenue growth of 12% in 2024 [49]. - The expected revenues for 2024, 2025, and 2026 are 5.768 billion yuan, 6.817 billion yuan, and 8.047 billion yuan, respectively, with corresponding net profits of 803 million yuan, 954 million yuan, and 1.146 billion yuan [49].

Company and Industry Summary Company Overview - The company is committed to not adjusting its established targets and will continue to execute its reform plan, aiming to overcome challenges through problem-solving and communication with various departments [3][2][1]. Key Points and Arguments Strategic Goals and Reforms - The management emphasizes the importance of achieving the original targets despite facing challenges, with a focus on operational management and resource allocation [5][4]. - The company is undergoing a strategic review to address underperformance in Q2, with a focus on redeploying management and enhancing execution capabilities [5][6]. Financial Management and Cost Control - The company is facing high costs with low returns and is attempting to decentralize cost control to adapt to regional differences [4][2]. - There is a strong emphasis on optimizing financial systems for better responsiveness and accuracy, particularly in expense management [9][22]. Market and Sales Strategy - The company plans to adjust its sales personnel and channels, particularly focusing on the southwestern region for demonstration projects to drive growth [8][7]. - The management is exploring mergers and acquisitions as a means to achieve business growth and is actively seeking potential targets [9][24]. Inventory and Profitability - Inventory management, especially in the southern region, is a significant concern, with discussions on improving procurement and cost control to enhance gross margins [10][25]. - The company is also focusing on recovering minority stakes to improve shareholder satisfaction [10][25]. Industry Context and Competitive Landscape - The company acknowledges the intensifying competition in the soy sauce industry and the need for continuous reform to adapt to market demands [11][26]. - The management is aware of external pressures but emphasizes the importance of addressing internal issues to maintain competitiveness [17][12]. Additional Important Insights - The company is optimistic about its ability to meet its annual growth target of 12%, despite challenges in the second half of the year [14][15]. - There is a focus on enhancing employee morale through internal competitions and adjustments to the sales team [18][20]. - The management is committed to addressing the impact of external events, such as the "oyster sauce incident," on performance and is confident in finding solutions [26][12]. Conclusion - The company is navigating a complex landscape with a clear focus on reform, cost control, and market adaptation. The management's proactive approach to internal challenges and strategic adjustments positions the company to potentially overcome current hurdles and achieve its growth objectives.

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company is a leading player in the seasoning industry, with well-known brands "Chubang" and "Meiweixian," and has significant room for market share growth [3][9] - Recent management changes and reforms are expected to enhance operational efficiency and drive future performance [3][22] - The company is focusing on optimizing its product structure and expanding its national marketing network, particularly in the restaurant channel [3][5] Summary by Sections Company Background - The company, Zhongju Gaoxin, was established in 1993 and listed in 1995, focusing on seasoning products and real estate development [9] - In 2023, the company achieved revenue of 5.14 billion RMB, with soy sauce products accounting for 62.2% of its revenue [3][9] Shareholding Structure - The ownership dispute has concluded, with Huojun Group regaining control as the largest shareholder [12] Management Team - A new management team with backgrounds in major consumer goods companies has been appointed, aiming to leverage their experience for business synergy [22][23] Incentive Mechanism - The company has announced a stock incentive plan for 2024, aimed at enhancing internal motivation and team building [24] Product Strategy - The company is shifting its focus towards high-margin products and optimizing its product mix to enhance profitability [5][9] Marketing and Sales Channels - The company is reforming its marketing structure and aims to increase its presence in the restaurant channel, which represents a significant market opportunity [3][5] Financial Forecast - The company expects revenue growth from 5.50 billion RMB in 2024 to 7.16 billion RMB in 2026, with a projected net profit of 710 million RMB in 2024 [4][5]

证券代码：600872 证券简称：中炬高新 公告编号：2024-052 中炬高新技术实业（集团）股份有限公司 关于部分董事、高管增持公司股份的公告 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。 6、增持前后持股情况如下： 1 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 7 月 12 日接到公司总经理余向阳先生及公司董事、常务副总 经理兼财务负责人林颖女士的通知，基于对公司投资价值的认可及对 公司未来持续稳定发展的信心，上述董事、高管于 2024 年 7 月 12 日 通过上海证券交易所证券交易系统以集中竞价方式增持公司股份合 计 51,200 股，合计增持金额 997,826.60 元。现将本次增持股份情况 公告如下： 一、本次增持的主体及主要内容 1、增持主体：公司总经理余向阳先生；公司董事、常务副总经 理兼财务负责人林颖女士。 2、增持目的：基于对公司投资价值的认可及对公司未来持续稳 定发展的信心，切实维护广大投资者权益和资本市场稳定。 3、增持方式：集中竞价交易方式。 4、资金来源：自 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.70 CNY per share, compared to the current price of 19.68 CNY [3]. Core Views - The company has announced a pre-profit notice for the first half of 2024, projecting revenue of 2.62 billion CNY, a year-on-year decrease of 1.32%. The net profit attributable to shareholders is expected to be between 315 million and 378 million CNY, recovering from a loss of 1.44 billion CNY in the same period last year [1]. - The adjusted net profit for the first half of 2024 is forecasted to be between 306 million and 368 million CNY, reflecting a year-on-year increase of 3.38% to 24.32% [1]. - For the second quarter of 2024, revenue is expected to be 1.14 billion CNY, down 11.88% year-on-year, with a net profit of 76 million to 139 million CNY, indicating a return to profitability [1]. - The company is facing short-term pressure on performance due to weak industry demand and ongoing reforms within its subsidiary, Meiwai Xian, which is expected to see a revenue decline of approximately 10% year-on-year in Q2 [1]. - The report projects revenue growth for 2024-2026 at 5.55 billion CNY, 6.23 billion CNY, and 7.11 billion CNY, respectively, with year-on-year growth rates of 6.55%, 13.72%, and 14.19% [2]. - The net profit forecast for the same period is 725 million CNY, 919 million CNY, and 1.11 billion CNY, with year-on-year changes of -57.30%, +26.85%, and +21.18% [2]. Financial Summary - The company reported a revenue of 5.34 billion CNY in 2022, which decreased to 5.14 billion CNY in 2023, with an expected recovery to 5.48 billion CNY in 2024 [2]. - The EBITDA is projected to increase from 795 million CNY in 2023 to 1.03 billion CNY in 2024 [2]. - The net profit attributable to shareholders is expected to recover from a loss of 592 million CNY in 2022 to a profit of 725 million CNY in 2024 [2]. - The report indicates a decrease in the net profit margin from -10.4% in 2023 to 13.5% in 2024, reflecting improved profitability [9].