摘要 以海从海底捞供应商起步，通过向第三方经销商供货实现独立发展， 2013 年注册成立，2016 年在港交所上市，受益于海底捞增长及新品推 出，经历了高速成长阶段。 复合调味品行业受益于中国人均肉类消费增长和厨房电器普及，2011 年至 2023 年复合增速约为 14%，高于多数消费品赛道，但渗透率和人 均消费额仍远低于美国和日本，增长潜力巨大。 以海在渠道管理上经历多次调整，从省级代理到店长裂变，再到区长制 度，最终转向考核增量利润，加强经销商管控，通过数字化监控建立科 学管理体系，提升销售质量和盈利能力。 以海坚持多品牌、全品类、大单品策略，稳固火锅调味料市场份额，推 出新口味，在中式复合调味料方面推广酸菜鱼、小龙虾等大单品，并根 据市场需求调整方便速食价格带。 预计以海 2026 年收入企稳，复合调味料实现双位数增长，火锅蘸料和 酸菜鱼调料在小 B 端有贡献，但商超渠道增速或受限，速食业务受行业 竞争影响可能下滑。 Q&A 以海在过去几年中经历了哪些重要的调整和变革？ 以海在过去几年中进行了多方面的调整和变革。首先，渠道管理从之前的激进 状态回归到精细化导向。产品矩阵也从单一的火锅底料扩展到包括中式复 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].

格隆汇1月27日丨颐海国际(01579.HK)宣布，于2026年1月27日，董事会批准采纳2026年股份奖励计划。 ...

颐海国际(01579)发布公告，于2026年1月27日，董事会批准采纳2026年股份奖励计划。该计划的目的 为：表彰若干合资格参与者的贡献，并向彼等提供激励，以促使彼等留任以支持集团的持续营运及发 展;及吸引合适人员以促进集团的进一步发展。 ...

（股份代號：1579） 自願性公告 採納2026年股份獎勵計劃 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 （於開曼群島註冊成立的有限公司） 董事會欣然宣佈，於2026年1月27日，董事會批准採納2026年股份獎勵計劃。 2026年股份獎勵計劃構成上市規則第17章項下的股份計劃，須遵守上市規則第 17.12條下的適用披露規定。然而，2026年股份獎勵計劃並不涉及以發行新股份或 轉讓庫存股方式授予獎勵。因此，2026年股份獎勵計劃並不構成涉及發行新股份 的計劃（定義見上市規則第17章），而其採納將毋須獲得股東批准。本公告乃自願 作出。 主要條款概要 2026年股份獎勵計劃的主要條款如下： (1) 該計劃的目的 該計劃的目的為：(a)表彰若干合資格參與者（定義見下文）的貢獻，並向彼等 提供激勵，以促使彼等留任以支持本集團的持續營運及發展；及(b)吸引合適 人員以促 ...

田地 西部证券食品饮料分析师: 它现在就是盈利预测这块的话，我们给到 26 年大概就是 6 个点左右的收入的增速，然后 利润的增速大概 10 个点，我觉得这个是相对一个比较一个保保守的这个业绩预测。待会 这个具体的拆分后面会，我会再讲到，然后这估值的话对应 26 年大概就是个 15 倍左右的 估值。对，这个核心我们核心的推荐逻辑是要，然后后面我就重点讲一下这个就是对这公 司，就是设计，跟盈利预测相关的，包括跟这个刚才讲的几块业务拆分的，这个就是就几 块业务具体的拆分吧。 然后首首先就是我们也看一下那个怡海它的这个股价的复盘。就确实它从这个 16 年上市 之后吧，然后整个公司是经历了一波这个，从扩张，然后到这个可能，就是估值泡沫，然 后后面有这个估值修整，然后最后再到现在一个这样价值企稳的这个过程中。那我们能看 到，其实在大概，就 21 年的时候，公司的估值当时达到一个非常高的水平。然后那个时 候给了非常高的估值溢价，主要来自于几点，一个是这个海底捞。当时的一个很强的品牌 的溢出效应。然后第二个就是这个市场当时对这个公司的，比如说素素素食，还有包括副 条这些产品，然后包括这个赛道，就是都预期非，这个成长性预期非 ...

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

机构：西部证券 研究员：于佳琦/田地 长期来看，我们认为底料、复调行业依然还有成长空间，并非存量市场。根据弗若斯特沙利文数据，我 国复合调味品市场规模约1265 亿，其中鸡精鸡粉、火锅调味料、菜谱式调料、其他复调规模分别为 307、269、216、473亿元。2020 年前后行业快速增长，现在进入稳步增长阶段。随着餐饮连锁化率提 升、城镇化率提升、家庭厨房烹饪越来越非专业化等趋势，复合调味品依然是渗透率提升的量增赛道。 关联方业务有望回暖，餐饮 B 端与海外市场成为核心增长点。关联方收入有望跟随海底捞企稳改善， 国内C 端业务销量稳步增长，公司在大 B、小 B两端同步发力，并自 2025 年起组建小 B 团队，依托供 应链与研发优势，完善产品体系，直接对接餐饮客户。海外业务增长迅速，本土化推进成效显著，东南 亚、美国、韩国为主要市场，未来几年海外业务有望保持稳定增长。 股息托底，向上具备弹性，首次覆盖给予"买入"评级。公司现金分红积极，股息回报具备吸引力。我们 预测2025-2027 年公司营收分别为65.7 亿元/69.6亿元/73.8 亿元，同比+0.5%/+5.9%/+6.0%，同期归母净 利润分别为8 ...

机构：招商证券 研究员：陈书慧/任龙 公司核心看点在于业绩改善+高股息，此前公司关联方业务价格不断下调制约业绩的同时影响公司估 值，目前看这一阻力有望得到改善，同时第三方业务在海外及B 端业务快速发展下有望延续双位数的增 长。公司23 年开始持续开启高分红，未来看预计分红率保持较高水平。我们预计25-26 年EPS 分别为 0.81、0.88 元，对应26 年估值15X，25-26 年股息率均有望超过6%，我们看好餐饮复苏+关联方改善 下，公司业绩上修带动估值中枢上移，26 年目标估值22X，对应股价21.5 港元，空间44%，维持"强烈 推荐"评级。 25H2 业绩有望提速，毛销差提升。据我们近期跟踪了解到，公司25H2 第三方收入增速环比有所放缓， 关联方业务下滑幅度收窄，整体看25H2 预计低个位数增长。利润端看，25H2 公司提升出厂价，同时提 升渠道费用投入和补贴，支持经销商做市场拉动销，因为毛利率、费用率均有所提升，实际效果来看毛 销差有所改善。此外公司25 年继续提升供应链效率，对毛利率也有正向贡献。此外，24 年公司一次性 支付历史遗留的分红预缴税导致24H2 税率35.2%同比提升7.1pc ...

Core Viewpoint - The report from Western Securities indicates that Yihai International (01579) initially enjoyed a growth valuation premium, but this has declined due to fluctuations in related party revenues and lower-than-expected industry growth, leading to a shift in market perception from a high-growth company to a low-valuation, high-dividend company, with a "Buy" rating assigned for the first time [1] Company Summary - Yihai International's capital expenditure has entered a downward cycle, and the company has increased its dividend payout ratio [1] - The company is expected to stabilize its related party revenues, with a forecast for revenue growth in the hot pot seasoning segment of 0.1%, 5.7%, and 5% from 2025 to 2027 [1] - The revenue from convenient fast food is projected to decline by 2.9%, recover by 2.4%, and then grow by 5.4% over the same period [1] - Compound seasoning revenue is anticipated to grow by 6.9%, 11.3%, and 8.7% respectively from 2025 to 2027 [1] - The company is noted for its active cash dividends, making its dividend returns attractive [1] Industry Summary - The base material and compound seasoning industry still have growth potential and are not limited to a saturated market [1] - The number of Haidilao stores has stabilized, and there is an expectation for improved table turnover next year due to a low base [1] - Third-party business pricing is under pressure but is expected to improve next year, with steady growth in sales anticipated [1] Financial Projections - Revenue forecasts for Yihai International are projected at 6.57 billion yuan, 6.96 billion yuan, and 7.38 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 0.5%, 5.9%, and 6% [1] - The net profit attributable to the parent company is expected to be 800 million yuan, 890 million yuan, and 980 million yuan for the same years, with annual growth rates of 8.8%, 10.3%, and 10.2% [1]