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恒顺醋业研发费用率与海天中炬旗鼓相当(18年报)
恒顺醋业研发费用率与海天中炬旗鼓相当(18年报)
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【公司研究】恒顺醋业-全面改革开启食醋龙头再出发-20200306[34页].pdf
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行业数据
2025-12-30
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2023年中炬高新主营收入以南部区域为主(亿元)
fCDlnLDljLogIHwg5pS25YWl77yI5Lq/5YWD77yJIHwg5Y2g5q+UICB8CnwtLS0tLS18LS0tLS0tLS0tLXwtLS0tLS18Cnwg5Lic6YOoICB8IDExLjIgICAgfCAyMi4xJSB8Cnwg5Lit6KW/6YOoIHwgMTAuOCAgICB8IDIxLjMlIHwKfCDljZfpg6ggIHwgMjIuMyAgICB8IDQ0LjAlIHwKfCDljJfpg6ggIHwgNi40ICAgICB8IDEyLjYlIHwKCui1hOaWmeadpea6kO+8mldpbmTvvIzlm73nm5vor4HliLjnoJTnqbbmiYA=
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行业数据
2025-03-24
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炬光科技主营业务及在产业链中位置
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产业链
2024-08-23
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2023年中炬高新酱油品类主要成本拆分
fCDmiJDmnKznsbvliKsgfCDnmb7liIbmr5QgfAp8IC0tLSB8IC0tLSB8Cnwg55u05o6l5p2Q5paZIHwgNzkuMzclIHwKfCDnm7TmjqXkurrlt6UgfCAxMC4xMCUgfAp8IOWItumAoOi0ueeUqCB8IDQuMDElIHwKfCDov5DovpPotLkgfCA2LjUyJSB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzlpKnpo47or4HliLjnoJTnqbbmiYA=
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2024-08-09
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中炬高新2023年ROE为44%
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中炬高新/海天味业酱油品类单位制造费用变化
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2024-08-09
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2023年中炬高新/海天味业销售费用详情(占总营收比重)
fCDpobnnm64gICAgICAgfCDkurrlt6XmiJDmnKwgfCDlub/lkYrotLkgfCDlhbbku5YgIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLXwKfCDmtbflpKnlkbPkuJogICB8IDIuNSUgICAgIHwgMS41JSAgIHwgMS4wJSB8Cnwg5Lit54Ks6auY5pawICAgfCAzLjUlICAgICB8IDEuMCUgICB8IDQuNSUgfAoK6LWE5paZ5p2l5rqQ77ya5ZCE5YWs5Y+45YWs5ZGK77yM5aSp6aOO6K+B5Yi456CU56m25omA
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行业数据
2024-08-09
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中炬高新酱油品类单吨成本仍有下降空间
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行业数据
2024-08-09
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2023年中炬高新/海天味业管理费用详情(占总营收比重)
fCDpobnnm64gICAgICAgfCDkurrlt6XmiJDmnKwgfCDmipjml6cgfCDlhbbku5YgfAp8LS0tLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLXwKfCDmtbflpKnlkbPkuJogICB8IDEuNSUgICAgIHwgMC41JSB8IDAuNSUgfAp8IOS4reeCrOmrmOaWsCAgIHwgNC41JSAgICAgfCAwLjUlIHwgMi41JSB8CgrotYTmlpnmnaXmupDvvJrlkITlhazlj7jlhazlkYrvvIzlpKnpo47or4HliLjnoJTnqbbmiYA=
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行业数据
2024-08-09
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中炬高新/海天味业酱油品类单位人工变化
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行业数据
2024-08-09
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2023年中炬高新销售人员达1630人(人)
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行业数据
2024-08-09
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图表5.1Q24中炬高新股权结构
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其它
2024-07-19
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图表25.2019至2023年中炬吨价及销量增速
fCDlubTku70gfCDkuK3nn63plIDph4/lop7pgJ8gfCDkuK3nn63lkKjku7flop7pgJ8gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfAp8IDIwMTkgfCAxMC44ICAgICAgICAgfCAwLjQgICAgICAgICAgfAp8IDIwMjAgfCAxMi41ICAgICAgICAgfCAtMy42ICAgICAgICAgfAp8IDIwMjEgfCAtNC42ICAgICAgICAgfCAtNS4xICAgICAgICAgfAp8IDIwMjIgfCA1LjIgICAgICAgICAgfCAxLjggICAgICAgICAgfAp8IDIwMjMgfCAxLjkgICAgICAgICAgfCAtMS43ICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaaUZpbmTvvIzlhazlj7jlhazlkYrvvIzkuK3pk7bor4HliLg=
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2024-07-19
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图表22.海天及中炬基础品类生抽、老抽、味极鲜相同规格产品及单价
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2024-07-19
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图表11.中炬高新2024年限制性股票激励计划激励对象及授予情况
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2024-07-19
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A.酿造工艺精益求精。按制醋工艺流程来分,食醋分为酿造食醋和配制食醋。其中酿造醋单独或混合使用各种含有淀粉、糖的物料或酒精,经微生物发酵酿造而成,具备较高营养价值;而配制食醋是以酿造食醋为主体,与冰乙酸(食品级)、食品添加剂等混合而成的调味食醋,口感及营养远低于酿造食醋。同时酿造食醋按发酵工艺分为固态发酵食醋和液态发酵食醋。其中固态发酵食醋是以粮食及其副产物为原料,采用固态醋醅发酵酿制而成的食醋,相较于液态发酵食醋而言,固态发酵法生产的食醋因发酵周期更长,所以风味更好,但同时出率也相对更低,成本相对更高。恒顺香醋及陈醋选取江南优质糯米为原料,采用固态分层发酵的传统技艺,历经制酒、制醅、淋醋三大工艺过程、40 多道工序,经半年以上时间贮存,独具“酸而不涩,香而微甜,色浓味鲜,愈存愈醇”的特色。B.公司重视生产。1.生产研发人员占比高于同行。以 18 年年报数据看,公司生产及技术人员在总员工占比达 68.71%,远高于海天味业/中炬高新/千禾味业/加加食品的水平;以 16 年年报数据为基准,公司生产技术人员总占比为 63.48%,亦高于紫林醋业同期的 59.12%;2.研发费用投入高。18 年公司研发费用率达 2.82%,与酱油行业龙头海天味业(2.89%)和中炬高新(2.93%)旗鼓相当,高于千禾味业(1.91%)及加加食品(1.46%)等企业,表明公司并不吝啬于在产品研发方面的投入。
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【公司研究】恒顺醋业-全面改革开启食醋龙头再出发-20200306[34页].pdf
与涪陵榨菜相比,恒顺醋业每年任务制定偏保守
涪陵榨菜渠道下沉具体做法及成果
恒顺醋/海天酱油生产工艺对比
海天在酱油品牌第一提及率中以49.3%高居第一,远超恒顺在食醋行业当中的水平
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