Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company has completed internal adjustments and successfully executed an acquisition, positioning itself for a strong performance in 2026 [9] - The acquisition of a 55% stake in Sichuan Weizimei Foods aims to expand the company's product offerings in the compound seasoning sector, particularly in Sichuan-style products [9] - The company is expected to recover and grow its business in 2026, following a year of adjustments in 2025, with anticipated revenue growth driven by seasonal demand and improved management strategies [9] Financial Forecasts - Projected revenue for 2024 is 5,519 million yuan, with a growth rate of 7.4%. For 2025, revenue is expected to decline to 4,546 million yuan, a decrease of 17.6%, before rebounding to 4,957 million yuan in 2026, reflecting a growth of 9.1% [2][10] - The net profit attributable to shareholders is forecasted to be 893 million yuan in 2024, dropping to 567 million yuan in 2025 (-47.4%), and then increasing to 660 million yuan in 2026 (+16.4%) [2][10] - Earnings per share (EPS) is expected to be 1.15 yuan in 2024, decreasing to 0.73 yuan in 2025, and recovering to 0.85 yuan in 2026 [2][10] - The price-to-earnings (P/E) ratio is projected to be 16 in 2024, increasing to 26 in 2025, and then decreasing to 22 in 2026 and 19 in 2027 [2][10]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Viewpoints - The company has completed internal adjustments and successfully executed an acquisition, positioning itself for a strong performance in 2026 [9] - The acquisition of a 55% stake in Sichuan Weizimei Foods aims to expand the company's product offerings in the compound seasoning sector, enhancing its market presence [9] - The company is expected to recover from operational challenges in 2025, with a focus on improving management efficiency and product diversification [9] Financial Forecast and Key Metrics - Projected revenue for 2024 is 5,519 million yuan, with a growth rate of 7.4%. For 2025, revenue is expected to decline to 4,546 million yuan, a decrease of 17.6%, followed by a recovery to 4,957 million yuan in 2026, reflecting a growth of 9.1% [2][10] - Net profit attributable to shareholders is forecasted to be 893 million yuan in 2024, dropping to 567 million yuan in 2025 (-36.6%), and then increasing to 660 million yuan in 2026 (+16.4%) [2][10] - Earnings per share (EPS) is expected to be 1.15 yuan in 2024, decreasing to 0.73 yuan in 2025, and recovering to 0.85 yuan in 2026 [2][10] - The price-to-earnings (P/E) ratio is projected to be 16 in 2024, increasing to 26 in 2025, and then decreasing to 22 in 2026 [2][10]

证 券 研 究 报 告 中炬高新（600872）跟踪分析报告 强推（维持） 并购布局复调，经营逐步修复 目标价：23.1 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,519 | 4,433 | 4,797 | 5,179 | | 同比增速(%) | 7.4% | -19.7% | 8.2% | 8.0% | | 归母净利润(百万) | 893 | 525 | 641 | 762 | | 同比增速(%) | -47.4% | -41.2% | 22.1% | 18.8% | | 每股盈利(元) | 1.15 | 0.67 | 0.82 | 0.98 | | 市盈率(倍) | 16 | 28 | 23 | 19 | | 市净率(倍) | 2.6 | 2.5 | 2.3 | 2.1 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 11 日收盘价 公司研究 调味品 2026 年 02 月 12 日 | | | ...

证 券 研 究 报 告 中炬高新（600872）跟踪分析报告 强推（维持） 并购布局复调，经营逐步修复 目标价：23.1 元 [ReportFinancialIndex] 主要财务指标 华创证券研究所 证券分析师：欧阳予 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,519 | 4,433 | 4,797 | 5,179 | | 同比增速(%) | 7.4% | -19.7% | 8.2% | 8.0% | | 归母净利润(百万) | 893 | 525 | 641 | 762 | | 同比增速(%) | -47.4% | -41.2% | 22.1% | 18.8% | | 每股盈利(元) | 1.15 | 0.67 | 0.82 | 0.98 | | 市盈率(倍) | 16 | 28 | 23 | 19 | | 市净率(倍) | 2.6 | 2.5 | 2.3 | 2.1 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 11 日收盘价 公司研究 调味品 2026 ...

北京商报讯（记者 陶凤 王悦彤） 2月11日，中炬高新与四川味滋美食品股份有限公司（以下简称"味滋 美"）举行战略投资合作签约仪式，拟战略并购味滋美。公开信息显示，味滋美深耕川味复合调味品领 域多年，在火锅底料定制、风味研发、厨务服务等领域拥有的丰富经验和专业能力，已服务超一万家餐 饮终端。在签约仪式上，中炬高新表示，将通过本次并购合作，以味滋美平台为基础，加快在复合调味 品赛道的发展。 ...

（企业公众号） 2月11日，中炬高新公众号发文称，中炬高新技术实业（集团）股份有限公司与四川味滋美食品股份有 限公司举行战略投资合作签约仪式。文章介绍，味滋美公司在餐饮客户服务方面，构建了完善、成熟的 定制化生产和客户服务体系，积累了广泛餐饮客户资源，这将有效弥补厨邦品牌在餐饮场所的能力短板 与缺口，实现双方资源的精准互补。中炬高新也将通过本次并购合作，以味滋美平台为基础，加快在复 合调味品赛道的发展。展望未来，双方将以此次并购合作为契机，聚焦产品品类拓展、渠道资源协同、 产能布局互补三大核心方向，持续深化合作层次、拓宽合作领域，不断巩固和扩大双方业务基本盘，提 升整体发展效率，为企业长期发展注入强劲新动力。 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, suggesting investors take advantage of low prices to acquire quality leading companies [6]. Core Insights - The report highlights a positive outlook for the food and beverage sector, driven by seasonal demand and improved sales performance during the Chinese New Year [1]. - It emphasizes the importance of focusing on leading brands with strong fundamentals, particularly in the liquor and dairy segments, as they are expected to outperform their peers [2][4]. Summary by Category Liquor - The liquor industry is experiencing a divergence in performance, with top brands like Kweichow Moutai and Wuliangye showing strong sales, while others face challenges [1]. - Kweichow Moutai benefits from marketing reforms and strong demand, with its product prices stabilizing above 1600 RMB [1]. - Recommendations include Kweichow Moutai, Wuliangye, and other leading brands for investment [1]. Dairy Products - Major dairy companies like Yili and Mengniu are expected to achieve strong sales during the Chinese New Year, with inventory levels remaining healthy [2]. - The report anticipates a turning point in the raw milk cycle, with prices expected to stabilize, benefiting leading dairy firms [2]. - Recommended stocks include Yili and Mengniu, which are expected to gain market share in 2026 [2]. Restaurant Supply Chain and Condiments - The report sees a recovery in the restaurant sector, supported by government policies and improved consumer confidence [3]. - Leading companies are adjusting pricing strategies to enhance profitability, with inventory levels remaining healthy [3]. - Key recommendations include Anjijia and Haitian Flavoring, which are expected to benefit from improved market conditions [3]. Snacks - The snack industry is poised for growth, with increased sales during the Chinese New Year and a shift towards efficient retail channels [4]. - Recommended stocks include Weilian and Qiaqia, which are expected to maintain high profitability levels [4].

Group 1 - The seasoning and fermentation sector increased by 0.83% compared to the previous trading day, with Zhongju Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the seasoning and fermentation sector showed various performance, with Zhongju Gaoxin closing at 18.31, up 2.35%, and Jieling Pickles at 13.38, up 1.98% [1] Group 2 - The main capital inflow in the seasoning and fermentation sector was 24.37 million yuan, while retail investors experienced a net outflow of 13.68 million yuan [2] - The capital flow for individual stocks showed that Hai Tian Wei Ye had a net inflow of 56.30 million yuan from main funds, while retail investors had a net outflow of 29.55 million yuan [3] - Zhongju Gaoxin had a net inflow of 9.12 million yuan from main funds, but retail investors saw a net outflow of 14.76 million yuan [3]

证券代码：600872 证券简称：中炬高新 公告编号：2026-008 中炬高新技术实业（集团）股份有限公司 关于以集中竞价交易方式首次回购股份 暨股份回购进展的公告 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法律责任。 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司截至 1 月末的回购进展及首次回购股份 的情况公告如下： 截至 2026 年 1 月 31 日，公司暂未实施股份回购。 2026 年 2 月 3 日，公司通过上海证券交易所以集中竞价交易方式首次回购股 份 484,800 股，已回购股份占公司总股本的比例为 0.0623%，成交的最高价为 17.90 元/股、最低价为 17.74 元/股，成交总金额为 8,644,274.00 元（不含交易费用）。 本次股份回购符合相关法律法规的规定和公司回购方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等 ...

格隆汇2月3日丨中炬高新(600872.SH)公布，2026年2月3日，公司通过上海证券交易所以集中竞价交易 方式首次回购股份484,800股，已回购股份占公司总股本的比例为0.0623%，成交的最高价为17.90元/ 股、最低价为17.74元/股，成交总金额为8,644,274.00元（不含交易费用）。 ...