Company Overview - Yaxiang Co Ltd is a leading global player in the natural flavor and fragrance segment, specializing in natural flavors, synthetic flavors, and cooling agents, with nearly 300 types of flavors in production, including over 160 natural flavors [1] - The company reported revenue of 630 million yuan in 2023, a decrease of 10.66% YoY, and net profit attributable to shareholders of 80 million yuan, down 39.18% YoY [1] - For the first three quarters of 2024, Yaxiang achieved revenue of 576 million yuan, a 21.37% YoY increase, but net profit attributable to shareholders declined by 34.58% to 45 million yuan [1] Industry Analysis - The global flavor and fragrance market was valued at 29.2 billion USD in 2022, showing steady growth, with food and daily chemicals being the primary downstream applications [1] - The electronic cigarette market, particularly in tobacco flavors, is expected to drive new demand, with the global e-cigarette market projected to grow from 13.7 billion USD in 2019 to 26.6 billion USD in 2023, at a CAGR of 6.25% [1] - The market is highly concentrated, with international giants dominating, while the domestic market in China is fragmented, with some companies like Yaxiang holding significant shares in specific products such as vanillin (30%) and cooling agents (80%) [1] Product and Market Strategy - Yaxiang has a diverse product portfolio and strong customer relationships, covering all top ten international flavor and fragrance companies, including Givaudan, Firmenich, and IFF, as well as major consumer brands like Mars Wrigley and RELX [1] - The company's Thailand production base, which began operations in November 2024, is expected to contribute an additional 125 million yuan in profit, helping to mitigate tariff impacts and expand production capacity [1] - The Thailand facility includes production lines for vanillin (1,000 tons), oakmoss (200 tons), benzaldehyde (100 tons), benzyl alcohol (50 tons), methyl cinnamate (100 tons), cooling agents (150 tons), and leaf alcohol (150 tons) [1] Financial Projections and Valuation - Yaxiang is projected to achieve net profits of 65 million yuan, 129 million yuan, and 161 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 38X, 19X, and 15X [1] - The company's revenue is expected to grow from 780 million yuan in 2024 to 1.206 billion yuan in 2026, with growth rates of 23.8%, 32.1%, and 17.0% for the respective years [2] - Earnings per share (EPS) are forecasted to increase from 0.80 yuan in 2024 to 2.00 yuan in 2026 [2] Key Products and Market Position - Yaxiang's main products include natural flavors and cooling agents, which accounted for over 80% of revenue in 2023, with natural flavors contributing 36.66% and cooling agents 46.28% [28] - The company has a strong position in specific segments, such as vanillin and cooling agents, with significant market shares globally [1] - Yaxiang's product portfolio includes vanillin, methyl cinnamate, raspberry ketone, and cooling agents like WS-23, which are widely used in food, beverages, and personal care products [16] Production and Capacity - Yaxiang operates four production bases in Jiangxi, Wuxue, Nantong, and Thailand, with a combined design capacity of over 10,000 tons [20] - The Thailand base, with a design capacity of 1,750 tons, is expected to enhance the company's production capabilities and profitability [21] - The company employs a combination of in-house production and outsourced processing to meet diverse product demands and optimize production efficiency [22] Research and Development - Yaxiang has consistently increased its R&D investment, with R&D expenses accounting for 4.69% of revenue in the first three quarters of 2024, up from 3.91% in 2019 [27] - The company focuses on developing new products and improving production processes, particularly in natural flavors and cooling agents, to maintain its competitive edge [27] Market Trends and Opportunities - The global flavor and fragrance market is expected to continue growing, driven by increasing demand for natural and sustainable products [1] - The electronic cigarette market presents a significant growth opportunity, particularly for tobacco flavors, which could further boost demand for Yaxiang's products [1] - The company's expansion into Thailand and its focus on high-margin products like vanillin and cooling agents position it well to capitalize on these trends [1]

证券代码：301220 证券简称：亚香股份 公告编号：2024-048 昆山亚香香料股份有限公司 第三届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 三、备查文件 1、公司第三届监事会第十七次会议决议。 特此公告。 昆山亚香香料股份有限公司（以下简称"公司"）第三届监事会第十七次会议于 2024 年 10 月 25 日在公司会议室以现场结合通讯方式召开，会议通知已于 2024 年 10 月 15 日以通讯方式发出。会议由公司监事会主席徐平先生主持，应出席监事 3 名， 实际出席监事 3 名。本次监事会会议的召集、召开和表决程序符合有关法律法规和《公 司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，形成决议如下： 1、审议通过了《关于<2024 年第三季度报告>的议案》 经审议，监事会通过了公司编制的《2024 年第三季度报告》，认为公司董事会编 制和审核公司《2024 年第三季度报告》的程序符合相关法律法规和深圳证券交易所的 有关规定，公司《2024 年第三季度报告》真实、准确、完整地反映了公 ...

Revenue and Profit - Revenue for Q3 2024 reached ¥214,593,526.72, an increase of 14.84% year-over-year, while year-to-date revenue was ¥575,718,809.09, up 21.37% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥9,791,033.60, a decrease of 57.10% year-over-year, with year-to-date net profit at ¥45,140,081.26, down 34.58%[2]. - Basic earnings per share for Q3 2024 was ¥0.12, reflecting a decline of 57.14% compared to the same quarter last year[2]. - Total operating revenue for Q3 2024 reached ¥575,718,809.09, an increase of 21.4% compared to ¥474,337,511.46 in Q3 2023[15]. - Net profit for Q3 2024 was ¥44,707,775.48, a decrease of 34.8% from ¥68,626,274.27 in Q3 2023[15]. - The net profit attributable to the parent company for Q3 2024 is CNY 45,140,081.26, a decrease from CNY 69,001,118.08 in Q3 2023, representing a decline of approximately 34.6%[16]. - The total comprehensive income attributable to the parent company for Q3 2024 is CNY 61,752,258.10, down from CNY 65,742,360.03 in Q3 2023, reflecting a decrease of about 6.0%[16]. - The basic and diluted earnings per share for Q3 2024 are both CNY 0.56, compared to CNY 0.85 in Q3 2023, indicating a decline of approximately 34.1%[16]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥2,057,666,387.58, representing an increase of 11.88% from the end of the previous year[2]. - Total liabilities increased to ¥429,324,657.72 from ¥261,901,071.64, reflecting a growth of 63.8%[14]. - The company’s total equity increased to ¥1,628,341,729.86 from ¥1,577,284,209.78, reflecting a growth of 3.2%[14]. - The company reported a significant increase in accounts receivable by 30.51% to ¥242,721,033.19, attributed to higher sales revenue[5]. - The company’s total liabilities increased, with short-term borrowings rising by 44.12% to ¥180,063,219.19, reflecting increased bank loans during the period[5]. Cash Flow - Cash flow from operating activities for the year-to-date period was ¥11,758,111.86, down 38.25% compared to the previous year[7]. - Cash inflows from operating activities for Q3 2024 amount to CNY 697,922,217.05, an increase from CNY 572,645,627.90 in Q3 2023, representing a growth of about 22.0%[18]. - Cash outflows from operating activities for Q3 2024 total CNY 686,164,105.19, compared to CNY 553,603,230.97 in Q3 2023, which is an increase of approximately 23.9%[18]. - The net cash flow from operating activities for Q3 2024 is CNY 11,758,111.86, down from CNY 19,042,396.93 in Q3 2023, indicating a decrease of about 38.1%[18]. - The net cash flow from investing activities for Q3 2024 is CNY -193,163,675.38, compared to CNY 146,522,328.31 in Q3 2023, showing a significant decline[19]. - The cash and cash equivalents at the end of Q3 2024 are CNY 177,641,381.04, down from CNY 304,358,905.58 at the end of Q3 2023, reflecting a decrease of approximately 41.7%[19]. Research and Development - Research and development expenses increased by 35.76% to ¥26,798,761.24, primarily due to higher investment in R&D materials[6]. - Research and development expenses for Q3 2024 were ¥26,798,761.24, up from ¥19,740,165.79, indicating a 35.6% increase[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,025[8]. - The largest shareholder, Zhou Junxue, holds 39.93% of the shares, totaling 32,261,951 shares[8]. - The second-largest shareholder, Kunshan Dinglong Bohui Investment Management Enterprise, holds 6.85% with 5,538,300 shares[9]. - The company has a total of 5,257,668 restricted shares, with 300,000 shares newly restricted during the period[11]. - The total number of shares held by the top ten unrestricted shareholders is 13,000,000[9]. - The company reported a 6.49% ownership by Kunshan Dinglong Bohui Investment Management at the beginning of the period, which increased to 6.85% by the end[10]. - The company has no preferred shareholders or related party transactions reported[11]. - The total number of shares held by the top ten shareholders participating in margin trading is not applicable[10]. - The company has not reported any significant changes in the top ten shareholders due to margin trading activities[10]. - The company has a total of 872,900 shares repurchased, accounting for 1.0803% of the total share capital[9].

舆情管理制度 第二条 本制度适用于对公司股价、公司商业信誉及正常生产经营活动造成 影响的各类舆情。 第三条 本制度所称舆情包括： 昆山亚香香料股份有限公司 第一章 总则 第一条 为提高昆山亚香香料股份有限公司（以下简称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正确把握 和引导网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及正 常生产经营活动造成的影响，切实保护投资者合法权益，根据相关法律法规和规 范性文件及《公司章程》的规定，结合公司实际情况，制定本制度。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 第五条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，总经理和董事会秘书担任副组长，成员由公司其他高级管 理人员及相关职能部门负责人组成。 第六条 舆情工作组是公司应对各类舆情（尤其是媒体质疑信息）处理工作 的领导机构，统一领导公司应对各类舆情的处理工作，就相关工作做出决策和部 署，根据需要研究决定公司对外发布信息，主要工作职责包括： ...

证券代码：301220 证券简称：亚香股份 公告编号：2024-047 昆山亚香香料股份有限公司 第三届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 表决情况：同意 9 票；反对 0 票；弃权 0 票。 表决情况：同意 9 票；反对 0 票；弃权 0 票。 本议案已经审计委员会审议通过。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露的《2024 年第三季度报告》。 2、审议通过了《关于制定<舆情管理制度>的议案》 经审核，董事会同意制定《舆情管理制度》，认为《舆情管理制度》可以提高公 司应对各类舆情的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正 确把握和引导网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及 正常生产经营活动造成的影响，切实保护投资者合法权益。 1、审议通过了《关于<2024 年第三季度报告>的议案》 昆山亚香香料股份有限公司（以下简称"公司"）第三届董事会第十九次会议于 2024 年 10 月 25 日在公司会议室以现 ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 15% increase compared to the same period last year[7]. - The company's operating revenue for the reporting period was ¥361,125,282.37, representing a 25.62% increase compared to ¥287,467,480.74 in the same period last year[13]. - The net profit attributable to shareholders was ¥35,349,047.66, a decrease of 23.45% from ¥46,180,146.00 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥34,516,177.27, down 9.88% from ¥38,299,855.27 year-on-year[13]. - The net cash flow from operating activities improved significantly to ¥7,151,870.92, compared to a negative cash flow of ¥10,439,259.92 in the same period last year, marking a 168.51% increase[13]. - The total comprehensive income for the first half of 2024 was ¥29,051,970.59, a decrease from ¥47,371,989.48 in the same period of 2023[132]. - The basic earnings per share for the first half of 2024 were ¥0.44, down from ¥0.57 in the first half of 2023[132]. - The company reported a net profit for the first half of 2024 of ¥35,037,570.83, a decrease of 24.1% compared to ¥46,142,324.99 in the first half of 2023[132]. Research and Development - Research and development expenses increased by 25% to 50 million RMB, reflecting the company's commitment to innovation and product development[7]. - Research and development expenses rose by 24.75% to ¥15,799,969.01 from ¥12,665,378.19, reflecting the company's commitment to improving R&D efficiency and innovation capabilities[39]. - The company's research and development efforts are driven by market trends and customer needs, integrating both internal and external resources for product innovation[25]. Market Position and Strategy - User data showed a 20% increase in active customers, reaching 1.2 million by the end of June 2024[7]. - The company plans to launch two new product lines in Q3 2024, focusing on natural flavor enhancers and cooling agents[7]. - Future outlook includes a projected revenue growth of 10-15% for the second half of 2024, driven by market expansion and new product introductions[7]. - The company is exploring potential acquisitions to enhance its market position and product offerings, particularly in the Asia-Pacific region[7]. - The company maintains stable partnerships with international fragrance companies and well-known fast-moving consumer goods brands, ensuring a robust customer base[17]. - The company has established long-term stable cooperation with renowned companies in the fragrance industry, enhancing its market position[17]. Environmental Compliance and Sustainability - The company emphasizes its commitment to sustainability and compliance with international standards in its operations[7]. - The company has established a comprehensive environmental management system and emergency response plan for environmental incidents[88]. - The company has implemented energy management policies to promote energy efficiency and reduce carbon emissions[90]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[90]. - The company has implemented a "no odor enterprise" initiative, enhancing solvent recovery efficiency and improving waste gas treatment[84]. Financial Position and Assets - Total assets at the end of the reporting period were ¥1,965,877,133.00, up 6.89% from ¥1,839,185,281.42 at the end of the previous year[13]. - The total liabilities reached CNY 371,332,375.32, up from CNY 261,901,071.64, representing an increase of approximately 41.7%[126]. - Owner's equity totaled CNY 1,594,544,757.68, compared to CNY 1,577,284,209.78, showing a slight increase of about 1.1%[126]. - The company reported a decrease in cash and cash equivalents to CNY 231,962,796.77 from CNY 264,641,378.14, a decline of approximately 12.3%[127]. Risks and Challenges - The company faces potential risks related to regulatory changes and market competition, which are detailed in the risk management section of the report[2]. - The company faces risks in new product development due to the rapid technological advancements and changing market demands, which require significant investment[65]. - The company has a significant customer concentration risk, with sales to the top five customers accounting for a large proportion of total revenue, which could affect operations if any major customer experiences difficulties[68]. - The company faces risks from fluctuations in raw material prices, particularly for natural and chemical raw materials, which may impact production costs and operational performance[68]. Shareholder Information - The company held three shareholder meetings during the reporting period, with participation rates of 43.26%, 43.55%, and 43.14% respectively[73][74][75]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[75]. - The largest shareholder, Zhou Junxue, holds 39.93% of the shares, totaling 32,261,951 shares, with no change during the reporting period[113]. - The company has not encountered any significant legal disputes or non-compliance issues during the reporting period[95]. Investment and Acquisitions - The company completed the acquisition of Wuxue Glamor Biotechnology Co., Ltd. for an investment amount of CNY 216 million, holding a 72% stake[48]. - The company has not reported any investment gains or losses from the recent acquisitions[48]. - The total investment during the reporting period was 297,773,283.30 CNY, a decrease of 56.33% compared to the previous year[47]. Operational Efficiency - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency[13]. - The company actively participates in industry conferences to maintain close relationships with existing clients and to explore new customer opportunities[24]. - The company focuses on technological innovation and process improvement to enhance product yield and reduce energy consumption during production[25].

| 编制单位：昆山亚香香料股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2024年初占 用资金余额 | 2024年度占用 累计发生金额 (不含利息) | 2024年度占 用资金的利 息(如有) | 2024年度偿还 累计发生金额 | 2024年末占 用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及 | | | | | | | | - | | | | 其附属企业 | | | | | | | | | | | | 小计 | — | — | — | - | - | - | - | - | | | | 前控股股东、实际控制人 | | | | | | | | - | | | | 及其附属企业 | | | | | | | | | | | | 小计 | — | — | — | - | - | - | - | - | | | | 其他关 ...

法律意见书 二〇二四年八月 北京市中伦（上海）律师事务所 关于昆山亚香香料股份有限公司 北京市中伦（上海）律师事务所 关于昆山亚香香料股份有限公司 2024 年限制性股票激励计划调整授予价格及授予预 留限制性股票事项的 2024 年限制性股票激励计划 调整授予价格及授予预留限制性股票事项 的法律意见书 致：昆山亚香香料股份有限公司 北京市中伦（上海）律师事务所（以下简称"本所"）接受昆山亚香香料股 份有限公司（以下简称"公司"或"亚香股份"）的委托，就公司 2024 年限制性 股票激励计划（以下简称"本次激励计划"）调整授予价格（以下简称"本次调 整"）及授予预留限制性股票（以下简称"本次授予"，与本次调整合称"本次调 整及授予"）相关事项出具本法律意见书。 为出具本法律意见书，本所律师根据有关法律、行政法规、规范性文件的规 定和本所业务规则的要求，本着审慎性及重要性原则对本次调整及授予的有关文 件资料和事实进行了核查和验证。 对本法律意见书，本所律师作出如下声明： 1. 本所律师在工作过程中，已得到公司的保证：即公司已向本所律师提供 了本所律师认为制作法律意见书所必需的原始书面材料、副本材料和口头证言， 其 ...

证券代码：301220 证券简称：亚香股份 公告编号：2024-043 昆山亚香香料股份有限公司 关于向激励对象授予预留部分限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 昆山亚香香料股份有限公司（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"）规定的预留限制性股票授予条件已经成就，根 据公司 2024 年第二次临时股东大会授权，公司于 2024 年 8 月 27 日召开第三 届董事会第十八次会议、第三届监事会第十六次会议，审议通过《关于向激 励对象授予预留部分限制性股票的议案》，确定 2024 年 8 月 27 日为预留授 予日，向符合授予条件的 9 名激励对象授予 116,000 股第二类限制性股票， 授予价格为 13.72 元/股。现将有关事项说明如下： 一、股权激励计划简述及已履行的相关审批程序 （一）限制性股票激励计划简述 2024 年 3 月 12 日公司召开 2024 年第二次临时股东大会，审议通过了《关 于<昆山亚香香料股份有限公司 2024 年限制性股票激励计划（草案）>及其摘要 的议案 ...

证券代码：301220 证券简称：亚香股份 公告编号：2024-039 昆山亚香香料股份有限公司 第三届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 昆山亚香香料股份有限公司（以下简称"公司"）第三届监事会第十六次会议于 2024 年 8 月 27 日在江苏省南通市经济技术开发区通秀路 29 号 3 楼会议室以现场结 合通讯方式召开，会议通知已于 2024 年 8 月 17 日以通讯方式发出。会议由公司监事 会主席徐平先生主持，应出席监事 3 名，实际出席监事 3 名。本次监事会会议的召集、 召开和表决程序符合有关法律法规和《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，形成决议如下： 1、审议通过了《关于<2024 年半年度报告>及其摘要的议案》 监事会认为：董事会编制和审核公司《2024 年半年度报告》及《2024 年半年度报 告摘要》的程序符合相关法律法规、中国证监会和深圳证券交易所的有关规定，报告 内容真实、准确、完整地反映了公司 2024 年半年度的实际情况，不存在虚假记载、误 ...