证券代码：600872 证券简称：中炬高新 公告编号：2025-009 表决结果：8 票赞成，0 票反对，0 票弃权。 1、战略委员会：余健华（召集人）、林颖、方祥、甘耀仁、李 刚、万鹤群、刘戈锐； 2、审计委员会：甘耀仁（召集人）、方祥、李刚、余健华、万 鹤群； 3、提名委员会：方祥、甘耀仁、李刚、余健华、梁大衡；经委 员会选举，方祥当选提名委员会召集人； 中炬高新技术实业（集团）股份有限公司 第十届董事会第二十七次会议决议公告 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）第十届董事会第二十七次会议于 2025 年 3 月 13 日发出会议通 知，于 2025 年 3 月 18 日上午以现场与通讯相结合的方式召开。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。部分高管 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 ...

中炬高新技术实业(集团)股份有限公司 简式权益变动报告书 股份变动性质:减少 签署日期:2025年2月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司收购管理办法》、《公开发行证券公司信息披露内容与格式 准则第 15 号——权益变动报告书》及相关的法律、法规编写本报告书。 二、依据上述法律法规的规定,本报告书已全面披露了信息披露义务人所持 有的中炬高新技术实业(集团)股份有限公司股份变动情况。 截至本报告书签署之日,除本报告书披露的持股信息外,信息披露义务人没 有通过任何其他方式增加或减少在中炬高新技术实业(集团)股份有限公司拥有 权益的股份。 三、信息披露义务人签署本报告书已获得必要的授权和批准,其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 四、本次信息披露的原因是中山润田投资有限公司基于债权人执行法院裁定 书,导致股权比例低于 5%。 上市公司名称:中炬高新技术实业（集团）股份有限公司 股票上市地点:上海证券交易所 股票简称:中炬高新 股票代码:600872 信息披露义务人:中山润田投资有限公司 住所:中山市火炬开发区 ...

Summary of Conference Call for Zhongju Gaoxin Company Overview - The conference call pertains to Zhongju Gaoxin, a company involved in the food and beverage industry, particularly focusing on sauces and condiments. Key Points and Arguments Sales and Inventory Management - In January, there was a decline in shipments, but inventory levels remained normal, with good digestion of stock. An increase in channel replenishment and sales velocity is expected in February and March, with specific data to be shared later [2][4][5] - The company plans to increase sales expenses, particularly in the restaurant sector, while maintaining stable costs. A gradual improvement in gross margin is anticipated [2][7] Distributor and Channel Development - The number of distributors significantly increased in 2024, exceeding the target of 300, primarily in non-core urban areas. The company aims to continue expanding into untapped areas and enhance resource development in the restaurant sector [2][8] - The restaurant sector is identified as a key channel for 2025, with adjustments made in product offerings, personnel, and organizational structure to support this strategy [2][10][11] Product Development and Market Strategy - Despite attempts to upgrade product health features, sales were disappointing. The company plans to develop functional products tailored to different scenarios or consumer groups, focusing on the restaurant market [2][9][17] - The company aims to enhance product quality through improvements in raw materials and enzyme technology, while also focusing on health-oriented product development [17] Pricing and Profitability - Following a price increase in September, product prices stabilized, and sales did not decline further, improving distributor profit margins. The company provided support to distributors for pre-holiday stocking and implemented rebate policies [3][13][14] - The company plans to increase the dividend payout ratio and may initiate stock buybacks based on market fluctuations [3][20] Marketing and Organizational Changes - Significant personnel changes occurred during the marketing system reform, leading to a slower adaptation process. The company plans to slow down the reform pace in the second half of the year to provide more support to employees [11][12] - The company is focusing on developing new channels, particularly in the C-end market, and is negotiating with large supply chain retailers to stabilize its market position [21] Future Outlook and Strategic Goals - The management expressed confidence in achieving revenue and profit targets for the next three years, despite anticipated intensified competition in the industry. Plans include enhancing channels, products, and management to adapt to market conditions [18] - The company has established an overseas division to manage international business, targeting regions such as Southeast Asia and Europe, with expectations for project launches in 2025 [19] Shareholder Returns and Corporate Governance - The company aims to enhance shareholder returns through increased dividends and potential stock buybacks, pending board approval [20] - The controlling shareholder's stake remains stable, with no immediate plans for further share acquisition or significant market impact anticipated from recent changes in shareholding [19] Additional Important Information - The company is actively engaging in discussions regarding land acquisition but has no new updates to report [16] - The focus for 2025 will be on product innovation while also recognizing the importance of channel growth, particularly in the restaurant sector [16][22]

证券代码：600872 证券简称：中炬高新 公告编号：2025-008 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东所持公司部分股份被司法拍卖 完成过户登记暨权益变动后持股比例低于 5%的提示性公告 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： 本次被司法拍卖完成过户登记股份为中炬高新持股 5%以上股 东中山润田所持公司 9,000,000 股股份，占公司总股本的 1.15%。受 让方在受让前述司法拍卖股份后 6 个月内不得减持。 本次权益变动后，中山润田持有公司股份总数为 35,110,000 股， 持股比例下降至 4.48%。中山润田不再属于公司持股 5%以上的股东。 本次权益变动不触及要约收购，不会对公司经营活动产生影响。 一、司法拍卖的基本情况 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）于 2024 年 12 月 18 日披露《中炬高新关于持股 5%以上股东所 持部分公司股份将被司法拍卖的提示性公告》（公告编号：2024-069）， 深圳市福田区人民法院于 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a market price of RMB 21.13 and an industry rating of "Outperform" compared to the market [1][3]. Core Insights - The company, Zhongju Gaoxin, is expected to achieve a net profit attributable to shareholders of approximately RMB 679 million to RMB 1.018 billion in 2024, representing a decrease of about 40%-60%. However, the non-recurring net profit is projected to increase by 20%-40% year-on-year, reaching RMB 629 million to RMB 734 million [3][7]. - The company is actively pursuing internal reforms and recovering minority interests, which are expected to enhance the financial performance in the coming years [3][7]. Summary by Sections Financial Performance - The company’s main revenue for 2022 was RMB 5.341 billion, with a projected decline to RMB 5.139 billion in 2023, followed by an expected increase to RMB 5.502 billion in 2024 and further growth to RMB 6.279 billion in 2025 [6][8]. - The EBITDA is forecasted to rise from RMB 749 million in 2023 to RMB 1.046 billion in 2024, and to RMB 1.295 billion in 2025 [6][8]. - The net profit attributable to shareholders is expected to recover from a loss of RMB 592 million in 2022 to a profit of RMB 1.697 billion in 2023, followed by RMB 710 million in 2024 and RMB 903 million in 2025 [6][8]. Market Dynamics - The company is experiencing fluctuations in quarterly performance due to price adjustments and a challenging external consumption environment. The first quarter of 2024 is expected to show a revenue growth of 10.2%, while the second quarter may see a decline of 12.1% [7]. - The company is implementing cost reduction and efficiency improvement measures, benefiting from lower raw material prices, which are expected to positively impact the non-recurring net profit in 2024 [7]. Strategic Initiatives - The company is recovering minority interests, which is anticipated to significantly contribute to the profit in 2025. The acquisition of a 20% stake in Chubang Company is expected to add approximately 6.31% to the net profit [7]. - The company has outlined a strategic plan to achieve RMB 10 billion in revenue for its main product line, Meiwai Xian, by 2026, although achieving this target may be challenging due to team integration and external conditions [7].

根据淘宝网司法拍卖网络平台于 2024 年 12 月 31 日公示的《成 交确认书》显示，前述股份被李涛竞得。具体内容详见公司于 2025 年 1 月 1 日披露的《中炬高新关于持股 5%以上股东所持部分公司股 份被司法拍卖的进展公告》（公告编号：2024-070）。 1 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东所持公司部分股份 被司法拍卖完成过户登记的公告 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： 本次被司法拍卖完成过户登记股份为中炬高新持股 5%以上股 东中山润田所持公司 2,435,843 股股票，占公司总股本的 0.31%。本 次过户登记完成后，中山润田对公司持股比例从 5.94%变为 5.63%。 一、司法拍卖的基本情况 中炬高新技术实业（集团）股份有限公司（以下简称：公司、中 炬高新）于 2024 年 12 月 3 日披露《中炬高新关于持股 5%以上股东 所持部分公司股份将被司法拍卖的提示性公告》（公告编号： 2024-067），广东省中山市中级人民法院于 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 679 million to 1.018 billion yuan in 2024, representing a year-on-year decrease of about 40% to 60% [1]. - The non-recurring net profit is projected to be around 629 million to 734 million yuan, indicating a year-on-year growth of approximately 20% to 40% [1]. - The company has successfully acquired a 20% minority stake in Chubang Company, which is anticipated to enhance net profit [2]. - The company is actively pursuing reforms, including the establishment of a dedicated channel expansion department and a new retail division to enhance e-commerce efforts [2]. - Revenue is expected to grow steadily in 2024, with projected revenues of 5.829 billion, 6.321 billion, and 7.028 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 12%, 10%, and 10% [2]. Financial Summary - The company reported a revenue of 5.139 billion yuan in 2023, with an expected revenue of 5.759 billion yuan in 2024, marking a growth rate of 12.07% [4]. - The net profit attributable to shareholders for 2023 was 1.697 billion yuan, with an expected profit of 859.88 million yuan in 2024, indicating a decrease of 49.33% [4]. - The earnings per share (EPS) is projected to be 1.10 yuan in 2024, compared to 2.17 yuan in 2023 [4]. - The company’s price-to-earnings (P/E) ratio is expected to be 19.24 in 2024, decreasing to 15.17 by 2026 [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is focusing on cost reduction and efficiency improvement, leading to a year-on-year increase in profitability [5] - The company’s net profit for 2024 is forecasted to be between 679 million and 1.018 billion yuan, reflecting a decrease of 40%-60% year-on-year due to a high base effect from a previous provision reversal [5] - The non-GAAP net profit is expected to be between 629 million and 734 million yuan, representing a year-on-year increase of 20%-40% driven by lower raw material procurement costs [5] - In Q4 2024, the company anticipates a net profit of 103 million to 442 million yuan, a significant decrease of 85%-97% year-on-year, while the non-GAAP net profit is projected to grow by 26%-198% [5] Summary by Sections Sales and Profitability - The company is accelerating its sales pace in Q4 2024, with an annual revenue growth of 12% due to the effects of channel adjustments and the timing of the Spring Festival [6] - The company plans to enhance product development and strengthen restaurant channel expansion while optimizing raw material costs [6] - The company aims to achieve its 2025 revenue target of 6.784 billion yuan, with an operating profit margin of no less than 16.5% and a return on equity of no less than 15.5% [6] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 1.07, 1.29, and 1.53 yuan respectively, with the current stock price corresponding to price-to-earnings (PE) ratios of 20, 17, and 14 times [7] - The report emphasizes the importance of channel reform effects and the progress of merger and acquisition projects [7] Financial Projections - The company’s projected main revenue for 2024 is 5.695 billion yuan, with a growth rate of 10.8% [11] - The projected net profit for 2024 is 840 million yuan, reflecting a decrease of 50.5% year-on-year, followed by a recovery in 2025 with a projected net profit of 1.011 billion yuan, representing a growth of 20.3% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is focusing on cost reduction and efficiency improvement, leading to a year-on-year increase in profitability [5] - The company’s net profit for 2024 is forecasted to be between 679 million and 1.018 billion yuan, reflecting a decrease of 40%-60% year-on-year, primarily due to a high base effect from a previous provision reversal [5] - The non-GAAP net profit is expected to be between 629 million and 734 million yuan, representing a year-on-year increase of 20%-40% due to lower raw material procurement costs [5] - In Q4 2024, the company anticipates a net profit of 103 million to 442 million yuan, a decrease of 85%-97% year-on-year, while the non-GAAP net profit is projected to be between 770 million and 1.82 billion yuan, indicating a significant increase of 26%-198% [5] Summary by Sections Sales and Profitability - The company is accelerating its sales pace in Q4 2024, with an annual revenue growth of 12% driven by adjustments in distribution channels and product improvements [6] - The company plans to enhance channel profits while maintaining existing customer bases and expanding new ones [6] - The company aims to achieve its 2025 revenue target of 6.784 billion yuan, with an operating profit margin of no less than 16.5% and a return on equity of no less than 15.5% [6] Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 1.07, 1.29, and 1.53 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [7] - The company’s marketing structure and personnel adjustments are entering a verification phase, with a focus on channel reform and the progress of merger and acquisition projects [7] Financial Projections - The company’s main revenue is projected to grow from 5.139 billion yuan in 2023 to 7.462 billion yuan in 2026, reflecting a compound annual growth rate [11] - The net profit is expected to recover from 1.697 billion yuan in 2023 to 1.202 billion yuan in 2026, with significant growth rates anticipated in the coming years [11]

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2024 to be approximately between 679 million and 1.018 billion CNY, representing a decrease of about 679 million to 1.018 billion CNY, or a decline of approximately 40% to 60% compared to the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 629 million to 734 million CNY, an increase of approximately 105 million to 210 million CNY, with a year-on-year growth rate of about 20% to 40%[2]. - In 2023, the net profit attributable to shareholders was 1.697 billion CNY, with an earnings per share of 2.2010 CNY[5]. Factors Influencing Profit - The increase in net profit after deducting non-recurring gains and losses for 2024 is primarily due to a decrease in raw material procurement prices and the company's efforts in fine management to reduce costs and increase efficiency[6]. Legal and Financial Considerations - The company has resolved litigation related to land use rights transfer contracts, which did not impact its performance during the reporting period[6]. - The financial data provided is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[7]. - Investors are advised to pay attention to investment risks as the accurate financial data will be disclosed in the official 2024 annual report[8].