佛山市海天調味食品股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code 股份代號：3288） FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. Dear Shareholder(s), 12 August 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the articles of association of Foshan Haitian Flavouring and Food Company Ltd. ...

Core Insights - The article discusses the AH premium rates of various stocks as of August 7, highlighting the top and bottom performers in terms of premium rates and deviation values [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 831.03%, followed by Hongye Futures (03678) at 233.11% and Andeli Juice (02218) at 211.82% [1][2]. - The top three stocks with the highest deviation values are Andeli Juice (02218) at 29.36%, Kinglong Magnet (06680) at 18.33%, and Zhaoyan New Drug (06127) at 14.37% [1][2]. Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Heng Rui Pharmaceutical (01276) at -6.07%, China Merchants Bank (03968) at 5.94%, and Zijin Mining (02899) at 8.09% [1][2]. - The bottom three stocks with the lowest deviation values are BYD Company (01211) at -185.95%, Chenming Paper (01812) at -71.15%, and Northeast Electric (00042) at -62.30% [1][2]. Group 3: Detailed Premium and Deviation Data - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 205.08% and Zhejiang Shibao (01057) at 190.91% [2]. - The bottom ten AH stocks by premium rate include Midea Group (00300) at 8.93% and Weichai Power (02338) at 9.41% [2]. - The deviation values for the top ten AH stocks show significant positive deviations for Andeli Juice, while BYD Company shows a substantial negative deviation [2][3].

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 279,031,700 | RMB | | 1 RMB | | 279,031,700 | | 增加 / 減少 (-) | | | 12,192,700 | | | RMB | | 12,192,700 | | 本月底結存 | | | 291,224,400 | RMB | | 1 RMB | | 291,224,400 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603288 | 說明 | | ...

Group 1 - Tianyue Advanced, the world's second-largest silicon carbide substrate manufacturer, has passed the Hong Kong Stock Exchange hearing, while lithium battery giant XWANDA and AI inference chip service provider Yuntian Lifi have submitted their listing applications [1] - As of July 30, a total of 236 companies are queued for Hong Kong stock listings, with 42 A-share companies having submitted their applications [5][8] - In 2023, 10 companies successfully listed in Hong Kong, raising a total of HKD 88.286 billion, with CATL leading at HKD 41.006 billion, marking the largest IPO globally this year [2][4] Group 2 - The average cumulative increase for the 10 A+H shares listed this year is 38.55%, with notable performers including Jihong Co. at 117.71% and Hengrui Medicine at 79% [4] - The Hong Kong Stock Exchange has seen significant inflows, with over HKD 850 billion entering the market this year, surpassing the total for 2024 [12] - A growing number of A-share companies are choosing to list in Hong Kong due to supportive domestic policies and improved liquidity in the Hong Kong market [12][13]

Group 1 - The semi-annual index review results of the Shanghai-Hong Kong Stock Connect AH Share Smart Index were announced by China Securities Index Co., Ltd. and Hang Seng Indexes Company Limited [1] - Heng Rui Medicine (01276.HK) and Hai Tian Wei Ye (03288.HK) will be added to the index [1] - Dongfang Securities (03958.HK) and GAC Group (02238.HK) will be removed from the index [1]

Summary of Key Points Core Viewpoint - The document outlines the changes in the issued shares of Foshanshi Haitian Flavoring Food Co., Ltd., including the issuance of additional H shares and the total number of shares outstanding as of specific dates [2]. Group 1: Share Issuance Details - As of June 30, 2025, the total issued shares (excluding treasury shares) were 279,031,700 [2]. - On July 21, 2025, following the partial exercise of the over-allotment option, the total issued shares increased to 291,224,400 [2]. - The document confirms that all necessary approvals and compliance with applicable listing rules and regulations have been met for the share issuance [2]. Group 2: Compliance and Regulatory Information - The company has confirmed that the issuance of shares has been authorized by the board and complies with all relevant regulations [2]. - All required documentation has been filed with the relevant authorities, ensuring adherence to legal requirements [2]. - The company has fulfilled all preconditions for listing as stipulated in the Main Board Listing Rules and GEM Listing Rules [2].

Core Viewpoint - The Hong Kong stock market experienced a significant surge in IPO activities in the first half of 2025, driven by a strong participation of cornerstone investors, leading to a total of 42 IPOs that raised HKD 107.1 billion, marking a year-on-year increase of approximately 700% and positioning Hong Kong as the leading global market for IPO fundraising [1][2]. Group 1: IPO Market Performance - In the first half of 2025, Hong Kong's IPO market completed 42 IPOs, raising a total of HKD 107.1 billion, which is a 700% increase year-on-year and a 22% increase compared to the total amount raised in 2024 [1]. - Four out of the top ten global IPOs in 2025 were from Hong Kong, highlighting the city's growing prominence in the global IPO landscape [1]. - The participation of cornerstone investors was crucial, with 36 out of 42 IPOs attracting a total of 189 cornerstone investors, accounting for 85.71% of the IPOs [2]. Group 2: Characteristics of Cornerstone Investors - The cornerstone investment in Hong Kong's IPOs showed three notable trends: a significant clustering of investors, a preference for industry-leading companies, and impressive investment returns [2][4]. - A total of 452.02 million HKD in cornerstone investments represented over 42% of the total fundraising in the market, indicating strong confidence from capital sources [2]. - Leading companies such as Ningde Times, Haitian Flavoring, and Sanhua Intelligent Control attracted a total of 60 cornerstone investors, accounting for 31.7% of the total, with investment amounts reaching HKD 351.4 billion, which is over 77% of the total cornerstone investment [2][4]. Group 3: Investment Returns and Market Dynamics - As of July 15, 2025, 31 out of 36 IPOs with cornerstone investors saw their stock prices rise compared to their issue prices, with 21 companies experiencing price increases exceeding 50% [4]. - The diverse composition of cornerstone investors, including local state-owned platforms, foreign institutions, public funds, and individual investors, contributed to a robust market environment [5][10]. - The participation of foreign institutions in cornerstone investments has notably increased, with significant investments from entities like the Kuwait Investment Authority and the Singapore Government Investment Corporation [7][10]. Group 4: Sector Focus and Future Outlook - Cornerstone investors are primarily focusing on sectors such as new energy, consumer goods, pharmaceuticals, and advanced manufacturing, aligning with national industrial policies and market trends [10]. - The involvement of cornerstone investors is expected to stabilize new stock prices and build investor confidence, with major institutions playing a key role in reducing market volatility [10]. - Looking ahead, the Hong Kong IPO market is anticipated to attract more quality enterprises, with local state-owned enterprises and foreign institutions expected to deepen their involvement in cornerstone investments [10].

Group 1 - The overall restaurant industry prosperity index in June 2025 slightly decreased to 104.1, down 0.1% from May's 104.2 [5][3] - The decline in the index was influenced by various factors, including seasonal changes and consumer behavior adjustments [8][4] - The index for third-tier and below cities saw the largest decline at 5.4%, followed by second-tier cities at 4.6%, while first-tier cities experienced a slight increase of 1.2% [12] Group 2 - The "Red Restaurant Index Top 100" for June 2025 saw 36 brands rise in rankings, 33 fall, and 30 remain unchanged, with one new entry [18] - The top three brands in the index were Haidilao, KFC (China), and Luckin Coffee, followed closely by McDonald's (China) and others [20][18] Group 3 - In June 2025, the snack fast food category showed significant growth, with its prosperity index rising to 103.7, an increase of 5.4% [16] - Conversely, the beverage category's index fell to 116.5, down 2.2%, while the index for hot pot and barbecue categories were 93.5 and 81.9, respectively, both showing declines [16] Group 4 - The restaurant industry saw active financing events in June 2025, with a total of 10 financing occurrences, marking a significant increase from the previous month [59] - Notable IPO movements included the submission of a prospectus by Banu International Holdings for a main board listing and the listing of Haitian Flavoring and Food Company on the Hong Kong Stock Exchange [62][58] Group 5 - The restaurant industry is witnessing a trend of local brand expansion and international market penetration, with brands innovating through unique store formats and digital models [55] - Significant industry events included the opening of Haidilao's first fresh-cut beef theme store in Guangzhou and Luckin Coffee's first stores in the U.S. [61][62]

Core Insights - In the first half of 2025, 73 Chinese companies with VC/PE backgrounds successfully went public, achieving an IPO penetration rate of 55.73% for VC/PE institutions [5][14][23] - CICC led the IPO performance by participating in 7 companies, followed by Sequoia China with 6, and Huajin Capital and Junlian Capital with 5 each [5][6] - The total exit return for VC/PE institutions reached 105.76 billion yuan, with an average return multiple of 3.83 times [10][14] Group 1: IPO Performance Analysis - The advanced manufacturing sector had the highest number of IPOs at 16, while the electronic information sector generated the highest exit return of 27.39 billion yuan [10][13] - The Hong Kong Stock Exchange's main board recorded the highest exit return of 58.20 billion yuan [15][16] - In June 2025, the exit return peaked at 34.9 billion yuan, while April saw the highest average return multiple of 9.11 times [10][14] Group 2: Market Trends - The total number of IPOs in the first half of 2025 reached 131, with a total fundraising amount of 130.1 billion yuan, marking a year-on-year increase of 35.05% [25][27] - The Hong Kong Stock Exchange led in both IPO numbers and fundraising amounts, with 40 IPOs raising 86.73 billion yuan [27][29] - The North Exchange had the highest first-day price increase, with 25 companies experiencing a price surge of over 100% [32][33] Group 3: Sector and Regional Analysis - The energy and mining sector saw the highest fundraising amounts, while the consumer sector experienced a significant increase in IPO numbers, doubling compared to the previous year [63][64] - Zhejiang province led in the number of IPOs with 24, while Fujian province topped in fundraising with 33.69 billion yuan [69][72] - The consumer sector's IPO numbers increased by 11, while the medical health sector saw an increase of 9 [63][64] Group 4: Notable IPO Cases - Notable IPOs included Insta360, which achieved a first-day return of 853 times, and Circle, which saw a return of several dozen times on its first day [20][22] - The tea brand Bawang Chaji went public on NASDAQ, with XVC's investment yielding over 100 times return [20][22] - The top five IPOs by fundraising in the first half of 2025 included Ningde Times, Haitian Flavoring, and Heng Rui Medicine, with amounts exceeding 32.78 billion yuan, 9.26 billion yuan, and 9.08 billion yuan respectively [80][82]

Group 1: Hong Kong IPO Market Overview - In the first half of 2025, Hong Kong's IPO market showed strong performance with 44 IPOs completed, an increase of 14 from the same period last year, raising over 105 billion HKD [2] - June 2025 marked a peak in IPO activity with 15 companies listed, reflecting a market trend towards "hard technology + new consumption" [3] - The total net fundraising from the 15 companies in June was approximately 73.87 billion HKD, with significant contributions from Sanhua Intelligent (24.74 billion HKD) and Haitian Flavoring (20.07 billion HKD) [4] Group 2: Companies Listed in June - Notable companies that went public in June include MetaLight Inc. (data intelligence), Haitian Flavoring (seasoning), and Cloud Travel (transportation platform), with share prices ranging from 2.86 HKD to 205 HKD [4] - The IPOs were characterized by a concentration of fundraising among leading companies, indicating a trend where consumer and technology manufacturing sectors drive the market [4] Group 3: Upcoming and Recent Listings - From June 23 to June 29, three companies passed the listing hearing, including Weili Zhibo (biopharmaceuticals), Dazhong Dental (dental services), and Shougang Langze (carbon technology) [5][6] - In June, 77 companies submitted applications to list on the Hong Kong main board, covering sectors such as biomedicine, semiconductors, and smart vehicles, indicating a robust interest in capital markets [7] Group 4: US IPO Market Overview - By June 2025, 45 Chinese companies completed listings in the US, with a notable focus on Nasdaq as the primary listing venue [10] - In June, six Chinese companies listed in the US, with four using traditional IPO methods and two utilizing SPACs, showcasing a diverse range of industries including biotechnology and consumer services [11][12] Group 5: Fundraising Trends - The fundraising landscape for Chinese companies in the US showed a split between SPAC-driven headliners and traditional IPOs, with many projects reflecting cautious market sentiment regarding valuations and risks [15] - The overall trend indicates an improvement in quality and structure of listings, with healthcare, technology, and consumer sectors being the focal points for capital investment [18]