以下文章来源于中外香料香精第一资讯 ，作者David Johnson 中外香料香精第一资讯 . 国内外香料香精化妆品领域的最新进展，商业情报，会展信息，以资讯的前沿性，及时性和教育性，体 现其功能和价值。 技术人员会检测水果中赋予其天然风味的成分（这些成分主要是碳氢化合物），然后在实验室中复制这 些碳氢化合物。 例如，要制造柠檬香精，技术人员会识别出柠檬皮或柠檬草中天然存在的柠檬醛化合物，并通过化学计 算合成类似的化合物。在橙子香精的制作中，这种替代品是"乙酸辛酯"。 现在，您可能会问，他们从哪里获取这些碳氢化合物来制造所需的替代品呢？问得好。 嗯，这取决于对制造商来说哪种更有利可图，可能是石油也可能是纸浆。这些物质中的一种构成了人工 香料的基础。咱们先好好想想这个。 当天然香料变得不天然时，是时候揭示冷榨的真相了 在某个时候，我们不都曾尝试过将两种已有的颜色混合来创造出一种新颜色吗？有人觉得把白色和黑色 混合会很有趣，于是就有了灰色。当黄色和红色混合在一起时，橙色就诞生了。食品行业也是如此。只 不过它将这种技术同时应用于颜色和味道，然后把混合的结果放进我们的食物里！ 这些被称为"香精"的东西，是通过各种化学 ...

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 24 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月24日 华源晨会精粹 20250624 固定收益 "数据中心 REIT"有何不同？——REITs 系列专题报告：截至 2025 年 6 月 16 日，C-REITs 已累计上市 66 只，累计市值突破 2000 亿元。一级发行方面， 2024 年全年发行上市 29 只 C-REITs，累计发行规模 656 亿元；二级表现上，2025 年 6 月 16 日中证 REITs 全收益指数收于 1117.87 点，较 2025 年初累计涨幅达 14.69%，收益率在各项大类资产中领跑。2025 年 6 月 18 日，"南方万国数据中心 REIT"、"南方润泽科技数据中心 REIT"获批，分别为上交所、深交所的首单数据 中心公募 REITs，底层资产类型进一步扩容。数据中心 REITs 作为新型基础设施资 产，与传统产权类 REITs 在运营模式、收益稳定性、估值逻辑等方面存在显著差异。 C-REITs 二级持仓以券商自营、保险资金为主。"数据中心 REIT"作为"新基建" 的 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 23 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 下游日化行业发展促进香精香料行业稳步增长，关注北交所相关标的 ——北交所消费服务产业跟踪第十九期（20250620） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 香精香料市场前景向好，下游化妆品行业繁荣拉动需求。2023 年中国香料香精行业 市场规模约为 439 亿元，同比增长 2.6%，预计 2026 年有望突破 500 亿元。随着中 国居民生活水平的提高与消费结构的升级，日化、食品等行业在下游需求的推动下 得到了持续发展，也为香料香精产业链的上游和中游企业提供了广阔的市场空间和 机遇。2023 年中国化妆品市场规模约为 5169.0 亿元，同比增长 6.4%，2025 年有 望增至 5791.0 亿元。化妆品生产通常可分为自主生产和代工生产两种模式，人群、 渠道、品牌多 ...

Group 1 - The company held its 21st meeting of the third supervisory board on May 27, 2025, with three supervisors present, complying with legal and regulatory requirements [1] - The supervisory board approved changes to the company's business scope, expanding from the production and sales of natural and synthetic flavors to include daily chemical products manufacturing and sales, food additives production and sales, and hazardous chemicals operation [1][2] - Following the completion of the 2024 annual equity distribution, the company's total share capital will increase from 80,800,000 shares to 112,770,840 shares, and the registered capital will change from 80,800,000 yuan [1] Group 2 - The company plans to amend its articles of association to reflect the changes in business scope and registered capital, and will seek authorization from the shareholders' meeting for necessary registration and filing [2] - The voting results for the proposal were unanimous, with three votes in favor and no votes against or abstaining [2]

Core Viewpoint - The company, Kunshan Yaxiang Fragrance Co., Ltd., plans to change its business scope, increase registered capital, and amend its articles of association and governance systems to align with business development needs and regulatory requirements [1][2]. Business Scope Changes - The company intends to modify its business scope from producing and selling natural and synthetic fragrances, food additives, and related activities to include manufacturing and sales of daily chemical products, food additives, non-residential real estate leasing, and hazardous chemicals management [1][6]. - The registered capital will increase from RMB 80.8 million to RMB 112.77 million, with total shares rising from 80,800,000 to 112,770,840 shares [1][2]. Governance Structure Amendments - The company will abolish the supervisory board, transferring its powers to the audit committee of the board of directors, in compliance with the new Company Law and relevant regulations [2][3]. - New governance systems will be established to enhance internal governance and ensure compliance with the revised Company Law and stock exchange rules [2][4]. Articles of Association Revisions - The articles of association will be revised to reflect the new registered capital and business scope, ensuring legal compliance and clarity in governance [2][5]. - Specific articles will be updated to define the roles and responsibilities of the general manager as the legal representative and to clarify the rights and obligations of shareholders [3][4]. Shareholder Meeting Requirements - The proposed changes will be submitted for approval at the upcoming shareholders' meeting, ensuring that all stakeholders have a say in the governance and operational direction of the company [1][2].

Core Viewpoint - The company reported a mixed financial performance for 2024, with revenue growth but a significant decline in net profit, indicating challenges in maintaining profitability amidst competitive pressures in the market [1][2]. Financial Performance - In 2024, the company achieved a revenue of 797 million yuan, a year-on-year increase of 26.42%, while the net profit attributable to shareholders was 56 million yuan, down 30.51% year-on-year [1]. - The company's gross profit margin for 2024 was 25.52%, a decrease of 6.65 percentage points compared to the previous year [2]. - The net profit margin for 2024 was 6.90%, down 5.71 percentage points year-on-year, reflecting increased competition and reduced profit margins [2]. Cash Flow and Financial Health - The net cash flow from operating activities in 2024 was 31 million yuan, a decrease of 58.75% year-on-year, primarily due to rising product costs and increased procurement expenses [3]. - The net cash flow from investing activities was -284 million yuan, a decline of 433.73% year-on-year, attributed to the disposal of financial assets and investment returns [3]. - The net cash flow from financing activities increased to 133 million yuan, up 700.33% year-on-year, mainly due to increased bank borrowings [3]. Market Position and Product Offering - The company is a leading producer of mid-to-high-end flavoring agents in China, with a diverse product range including over 310 types of flavors, meeting various downstream application needs [4]. - The company has established stable relationships with major international flavor companies, ensuring a solid customer base and revenue growth [5]. - The global flavor and fragrance market is projected to grow, with the market size expected to reach approximately 32.1 billion USD by 2025, indicating a favorable environment for the company's growth [5][6]. Strategic Initiatives - The company is expanding its overseas market presence to mitigate geopolitical risks, with a new synthetic vanillin production line planned in Thailand [7]. - The Thai production facility has commenced full operations, contributing to performance growth, while domestic capacity expansion is underway [7]. - The company is adapting to new tariffs on imports, implementing a production adjustment plan to maintain competitiveness [7]. Future Outlook - The company is expected to achieve revenues of 1.406 billion yuan, 1.762 billion yuan, and 2.007 billion yuan for 2025-2027, with corresponding net profits of 223 million yuan, 294 million yuan, and 352 million yuan [8]. - The company is well-positioned to benefit from the expanding flavor and fragrance market and its new production capacities, leading to improved economic efficiency [8].

证券代码：920016 证券简称：中草香料 公告编号：2025-048 安徽中草香料股份有限公司 三、 投资者关系活动主要内容 在本次投资者关系活动中公司向各位投资者简要介绍了公司的基本情况、 主营业务、产品特性等内容。本次投资者关系活动的主要问题及问题回复概要 如下： □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 1、公司 2024 年度产品收入构成 关于投资者关系活动记录表的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、 投资者关系活动类别 √特定对象调研 二、 投资者关系活动情况 活动时间：2025 年 4 月 26 日 活动地点：安徽中草新材料有限公司会议室、厂区 参会单位及人员：洪顺资本、申万宏源研究、东北证券（以上排名不分先后） 上市公司接待人员：董事、董事会秘书赵娅女士 回答：公司产品可以分为凉味剂系列、合成香料系列、天然香料系列，可 以应用于食品、饮料、日化、医药、烟草、饲料等领域，公司产品基本流向产 业链下游企业。 5、预计何时释放新 ...