关于 中炬高新技术实业（集团）股份有限公司 二〇二五年第一次临时股东大会的 法律意见书 广东卓建（中山）律师事务所 二〇二五年一月 法律意见书 广东卓建（中山）律师事务所 关于中炬高新技术实业（集团）股份有限公司 二〇二五年第一次临时股东大会的 法律意见书 致：中炬高新技术实业（集团）股份有限公司 法律意见书 具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， 并承担相应法律责任。 本法律意见书仅供公司本次股东大会相关事项的合法性之目的使用，不得用作 任何其他目的。 本所律师根据按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对 本次股东大会所涉及的有关事项和相关文件进行了必要的核查和验证，出席了本次 股东大会，出具法律意见如下： 一、本次股东大会的召集与召开程序 广东卓建（中山）律师事务所（以下简称"卓建"）接受中炬高新技术实业（集 团）股份有限公司（以下简称"公司"）的委托，指派律师（以下简称"本所律师"） 出席公司2025年第一 ...

| 1、出席会议的股东和代理人人数 | 600 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 235,839,470 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 30.2684 | 证券代码：600872 证券简称：中炬高新 公告编号：2025-005 中炬高新技术实业（集团）股份有限公司 2025 年第一次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长余健华先生主持会议。本次会议采取现 场投票和网络投票相结合方式表决，符合《公司法》及《公司章程》的相关规定。 (一) 股东大会召开的时间：2025 年 1 月 22 日 (二) 股东大会召开的地点：广东省中山市火炬开发区厨邦路 1 号广东美味鲜 调味食品有限公司综合楼 904 会议厅 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-004 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东所持部分公司股份 被司法拍卖的进展公告 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： 本次拍卖事项的股份为中炬高新持股 5%以上股东中山润田所 持有的中炬高新非限售流通股 9,000,000 股，占中炬高新总股本的 1.149%。 截止本公告披露日，拍卖网拍阶段已经结束，中国银河资产管 理有限责任公司以人民币 180,416,000.00 元的价格竞得上述股份。后 续仍涉及缴款、法院执行法定程序、股权变更过户等环节，最终结果 以深圳福田法院出具的法院裁定为准，仍存在不确定性。 1 证券代码：600872 证券简称：中炬高新 公告编号：2025-004 用户姓名为中国银河资产管理有限责任公司通过竞买号 232321858 于 2025 年 01 月 17 日在深圳市福田区人民法院（以下简 称：深圳福田法院）于京东网开展的"证券简称中炬高新（证券代号 600872）900 万股 ...

中炬高新 2025 年第一次临时股东大会资料 中炬高新技术实业（集团）股份有限公司 2025 年第一次临时股东大会会议资料 会议时间：2025 年 1 月 22 日 14 点 30 分 会议地点：广东省中山市火炬开发区厨邦路 1 号 广东美味鲜调味食品有限公司综合楼 904 中炬高新 2025 年第一次临时股东大会资料 中炬高新 2025 年第一次临时股东大会议程 六、会议结束。 1 一、董事长主持会议，并宣布会议开始； 二、选举大会计票员、监票员； 三、审议《关于选举方祥先生为公司独立董事的议案》； 四、讨论、审议，并对上述议案进行表决； 五、董事会秘书宣读表决结果； 中炬高新 2025 年第一次临时股东大会资料 中炬高新技术实业（集团）股份有限公司 关于选举方祥先生为公司独立董事的议案 为保障董事会成员组成符合法律法规规定，提升公司治理水平， 经股东中山火炬公有资产经营集团有限公司推荐、公司提名委员会审 查并经公司第十届董事会第二十六次会议审议通过，董事会现拟推选 方祥先生为公司第十届董事会独立董事，任期自本次股东大会审议通 过之日起至第十届董事会届满之日止。 经公司董事会提名委员会及董事会审查，上述独立 ...

证券代码：600872 证券简称：中炬高新 公告编号：2025-001 中炬高新技术实业（集团）股份有限公司 第十届董事会第二十六次会议决议公告 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）第十届董事会第二十六次会议于 2024 年 12 月 31 日发出会议 通知，于 2025 年 1 月 6 日上午以通讯方式召开。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。全体监事列席了会议，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《关于选举方祥先生为公司独立董事的议案》； 表决结果：7 票赞成，0 票反对，1 票弃权。 详见公司同日披露的《中炬高新增补公司第十届董事会独立董事 的公告》。 本议案尚需提交公司股东大会审议。 二、审议通过《关于召开 2025 年第一次临时股东大会的议案》。 表决结果：7 票赞成 ...

Key Points Industry or Company Involved - The company discussed in the call is focused on the food and beverage industry, specifically in the sauce and condiment sector. Core Points and Arguments - **Minority Equity Recovery**: The company has successfully recovered the minority equity in a subsidiary, contributing significantly to profits. This recovery is expected to provide a stable contribution to profits in the future. - **Marketing Transformation**: The company has completed the transformation of its marketing team and processes, leading to improved performance. The focus has been on optimizing personnel and marketing strategies. - **Revenue Targets**: The company has set ambitious revenue targets, which are under pressure due to market conditions. However, the company remains confident in achieving these targets. - **Product Development**: The company is focusing on product development, particularly in the areas of health and wellness. This includes launching new products and improving existing ones. - **Cost Reduction**: The company has implemented measures to reduce costs, including optimizing procurement processes and improving transportation efficiency. - **Investment and Mergers and Acquisitions (M&A)**: The company is actively seeking investment opportunities and M&A targets, particularly in the mid-sized enterprise segment. Other Important Points - **Sales Team**: The company is currently experiencing a gap in its sales team due to recent restructuring. The company plans to continue hiring to meet its sales targets. - **Distribution**: The company has expanded its distribution network, particularly in the B2B segment. The company is also exploring new channels, such as government and educational institutions. - **Sales and Marketing Expenses**: The company expects to increase its sales and marketing expenses in the coming year to support its growth strategy. - **Dividend Policy**: The company plans to increase its dividend payout in the future to reward shareholders. References - [doc id='1'] - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='6'] - [doc id='7'] - [doc id='8'] - [doc id='9'] - [doc id='10'] - [doc id='11'] - [doc id='12'] - [doc id='13'] - [doc id='14'] - [doc id='15'] - [doc id='16'] - [doc id='17'] - [doc id='18'] - [doc id='19'] - [doc id='20'] - [doc id='21'] - [doc id='22'] - [doc id='23'] - [doc id='24'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='28'] - [doc id='29'] - [doc id='30'] - [doc id='31'] - [doc id='32'] - [doc id='33'] - [doc id='34']

Investment Rating - The report maintains a "Buy" investment rating for the company [4][9]. Core Views - The acquisition of minority stakes in Guangdong Chubang Food Co., Ltd. will enhance the company's profit performance, as the net profit from Chubang will now fully belong to the company, increasing earnings per share and return on equity [7]. - The company is actively reforming its distribution channels and has implemented price increases to ensure profitability for distributors, while also supporting key distributors to improve efficiency [8]. - The company aims to accelerate mergers and acquisitions, with a target revenue of 6.784 billion yuan and profit margins by 2025 [8]. Summary by Sections Company Overview - The company has a current stock price of 23.62 yuan and a total market capitalization of 18.5 billion yuan, with a total share count of 783 million [2]. Financial Performance - The average net profit of Chubang from 2021 to 2023 was 191 million yuan, contributing approximately 6.31% to the company's net profit [7]. - The company forecasts earnings per share (EPS) of 0.94, 1.12, and 1.30 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 25, 21, and 18 [9]. Revenue and Profit Forecast - The company expects a revenue growth rate of 6.1% in 2024, followed by 8.1% in 2025 and 7.4% in 2026 [12]. - The projected net profit for 2024 is 734 million yuan, with a significant increase of 20% in 2025 [12]. Strategic Initiatives - The company is focusing on channel reform and has made personnel adjustments to enhance operational efficiency [8]. - The management is committed to executing its strategies effectively, with a focus on internal resource integration and decision-making efficiency [7][8].

Key Points Industry or Company Involved - The discussion revolves around a specific company within the fast-moving consumer goods (FMCG) industry, focusing on its financial performance, strategic initiatives, and market dynamics. Core Views and Arguments - **Impact of Minority Equity**: The company has received significant profits from minority equity, contributing around 60-70 million RMB to its profits. This is a major positive for the company, and the full impact will be calculated after the equity transfer. - **Profitability and Cost Reduction**: The company has experienced a decline in profits due to increased competition and weak demand. However, cost-saving measures, including reduced raw material prices and improved procurement strategies, have contributed to a 70% cost reduction. - **Product Development and Sales**: The company has launched new products, including a simplified version of its existing product and a new packaging. However, the progress of these new products has been slower than expected due to weak consumer demand. - **Sales and Distribution**: The company has faced challenges in sales and distribution, particularly in the community store and chain supermarket channels. The company is working to improve its distribution network and expand its dealer base. - **Marketing and Sales Strategy**: The company has implemented a new marketing strategy, focusing on cost-effective sales and improving the efficiency of the sales team. The company plans to increase its marketing budget in the future to support product innovation and brand building. - **Investment and Acquisition**: The company is considering investment and acquisition opportunities to expand its product portfolio and distribution channels. However, the company will remain cautious in its approach to ensure that these initiatives do not negatively impact its financial performance. Other Important Points - **Sales Performance**: The company's sales performance has been stable in recent months, with a slight increase in October and November. The company expects further growth in December. - **Price Control Measures**: The company has implemented price control measures to improve dealer profitability and increase their enthusiasm for purchasing. These measures have had a positive impact, but the company will continue to monitor their effectiveness. - **Debt Repayment**: The company has made progress in repaying its debt, and its debt-to-equity ratio has improved. - **Regulatory Environment**: The company is closely monitoring the regulatory environment and ensuring compliance with all relevant laws and regulations. - **Future Outlook**: The company remains optimistic about its future prospects, despite the challenges it has faced in the current market environment. The company expects to see improved sales and profitability in the coming years.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.20 CNY per share, compared to the current price of 23.21 CNY [6]. Core Views - The company announced the acquisition of minority shares in Guangdong Chubang Food Co., Ltd., which will enhance its financial statements by consolidating profits from this subsidiary [2]. - The revenue for Chubang is projected to be 1.789 billion CNY with a net profit of 317 million CNY for the first three quarters of 2024. The net profit is expected to increase to 427 million CNY in 2024 and 491 million CNY in 2025 due to reforms and improved profit margins [2][3]. - The company anticipates a recovery in revenue in Q4 2024, driven by channel reforms and improved sales performance, with significant contributions expected from the restaurant channel and products like soy sauce and chicken essence [3]. Financial Summary - Revenue projections for 2024-2026 are 5.394 billion CNY, 5.970 billion CNY, and 6.639 billion CNY, reflecting year-on-year growth rates of 4.96%, 10.68%, and 11.20% respectively [4]. - The forecasted net profit for the parent company is 779 million CNY in 2024, 993 million CNY in 2025, and 1.141 billion CNY in 2026, with year-on-year changes of -54.11%, +27.53%, and +14.87% respectively [4]. - The company’s EBITDA is expected to grow from 1.091 billion CNY in 2024 to 1.503 billion CNY in 2026, indicating a positive trend in operational efficiency [5]. Valuation Metrics - The estimated P/E ratios for the company are projected to be 20, 15, and 13 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation compared to historical performance [4]. - The report assumes a reasonable value of the real estate business at 3 billion CNY, which impacts the overall market valuation [4].