茲通告，佛山市海天調味食品股份有限公司（「本公司」）謹定於2025年9月25日 （星期四）下午2時正於廣東省佛山市禪城區文沙路21號之一4樓會議室舉行2025年第一 次臨時股東大會（「2025年第一次臨時股東大會」），以審議及酌情通過下列決議案。除 另行界定者外，本通告所用詞彙與本公司日期為2025年9月8日載有下列決議案詳情的 通函所界定者具有相同涵義。 特別決議案 普通決議案 – 1 – 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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 2025年第一次臨時股東大會通告 1. 關於佛山市海天調味食品股份有限公司修訂《公司章程》的議案 2. 關於修訂《佛山市海天調味食品股份有限公司股東大會議事規則》的議案 3. 關於修訂《佛山市海天調味食品股份有限公司董事會 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證 券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓所有名下的佛山市海天調味食品股份有限公司股份，應立即將本通函及隨 附的代表委任表格交予買方或承讓人，或交予經手買賣或轉讓的銀行、股票經紀或其他代理 商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 修訂《公司章程》 修訂部分公司治理制度 2025年A股員工持股計劃及相關事宜 及 2025年第一次臨時股東大會通告 佛山市海天調味食品股份有限公司謹定於2025年9月25日（星期四）下午2時正於廣東省佛山市 禪城區文沙路21號之一4樓會議室舉行2025年第一次臨時股東大 ...

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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的北京市嘉源律師事務所關於佛山市海天調味食品股份有 限公司實施2025年A股員工持股計劃的法律意見書，僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2025年9月8日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 北京市嘉源律师事务所 关于佛山市海天调味食品股份有限公司 实施 2 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司監事會關於員工持股計劃相關事宜的核查意見， 僅供參閱。 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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 香港，2025年9月8日 （2）《2025 年员工持股计划（草案修订稿）》遵循自愿参与的原则，不存 在以摊派、强行分配等方式强制员工参加的情形； （3）《2025 年员工持股计划（草案修订稿）》有利于进一步完善公司治理 结构，健全公司长期、有效的激励约束机制，进一步释放核心管理层及骨干员工 的自驱力和创造力，有利于公司的持续发展。 佛山市海天调味食品股份有限公司监 ...

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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 董事會 香港，2025年9月8日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 海天味业 2025年A股员工持股计划管理办法（修订稿） 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年A股員工持股計劃管理辦法（修訂稿），僅 供參閱。 佛山市海天调味食品股份有限公司 2025年A股员工持股计 ...

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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 佛山市海天調味食品股份有限公司 董事會 香港，2025年9月8日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 佛山市海天调味食品股份有限公司 2025 年 A 股员工持股计划（草案修订稿） 二〇二五年九月 （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年A股員工持股計劃（草案修訂稿），僅供參 閱。 海天味业 2025 ...

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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年A股員工持股計劃（草案修訂稿）摘要，僅 供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2025年9月8日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 佛山市海天调味食品股份有限公司 2025 年 A 股员工持股计划（草案修订稿）摘要 二〇二五年九月 海天味业 2 ...

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。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 關於修訂2025年A股員工持股計劃相關文件的公告 茲提述佛山市海天調味食品股份有限公司（「公司」或「海天味業」）(1)日期為2025 年8月28日的股份計劃公告，內容有關建議採納2025年A股員工持股計劃；以及 (2)日期為2025年8月28日的海外監管公告，內容有關2025年A股員工持股計劃 （草案）摘要、2025年A股員工持股計劃（草案）及2025年A股員工持股計劃管理辦 法。 本公司於2025年9月8日召開第六屆董事會第八次會議和第六屆監事會第七次會 議，審議通過了《關於〈佛山市海天調味食品股份有限公司2025年A股員工持股 計劃（草案修訂稿）〉及其摘要的議案》《關於〈佛山市海天調味食品股份有限公司 2025年A股員工持股計劃管理辦法（ ...

Corporate Information [Directors, Supervisors, and Joint Company Secretaries](index=3&type=section&id=DIRECTORS) This section outlines the composition of the Board of Directors, Supervisory Board, and joint company secretaries of Foshan Haitian Flavouring & Food Company Ltd - Executive Directors include Ms. Cheng Xue (Chairperson), Mr. Guan Jianghua (President), Mr. Huang Wenbiao, Mr. Wen Zhizhou, Mr. Liao Changhui, and Mr. Dai Wen[5](index=5&type=chunk) - Independent Non-Executive Directors include Mr. Zhang Kechun, Mr. Qu Wenzhou, and Mr. Ding Bangqing[6](index=6&type=chunk) - Supervisors include Ms. Chen Min, Mr. Huang Shuliang, and Mr. He Tao[6](index=6&type=chunk) [Committee Composition](index=3&type=section&id=AUDIT%20COMMITTEE) This section details the membership of the company's Audit, Remuneration and Assessment, Nomination, and Strategy and Sustainable Development Committees - The Audit Committee is chaired by Mr. Qu Wenzhou, with members including Mr. Zhang Kechun and Mr. Ding Bangqing[7](index=7&type=chunk) - The Remuneration and Assessment Committee is chaired by Mr. Qu Wenzhou, with members including Mr. Zhang Kechun, Mr. Ding Bangqing, Ms. Cheng Xue, and Mr. Guan Jianghua[8](index=8&type=chunk)[9](index=9&type=chunk) - The Nomination Committee is chaired by Mr. Zhang Kechun, with members including Mr. Qu Wenzhou, Mr. Ding Bangqing, Ms. Cheng Xue, and Mr. Dai Wen[8](index=8&type=chunk) - The Strategy and Sustainable Development Committee is chaired by Ms. Cheng Xue, with members including Mr. Guan Jianghua, Mr. Huang Wenbiao, Mr. Wen Zhizhou, and Mr. Liao Changhui[8](index=8&type=chunk) [Company Details](index=4&type=section&id=H%20SHARE%20REGISTRAR) This section provides key company information including H-share registrar, headquarters, Hong Kong principal place of business, banks, legal advisors, auditors, website, and stock codes - The H-share registrar is Tricor Investor Services Limited, located at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong[8](index=8&type=chunk)[9](index=9&type=chunk) - The China headquarters and registered office are located at No. 16 Wensha Road, Foshan City, Guangdong Province, China[8](index=8&type=chunk)[9](index=9&type=chunk) - The auditor is KPMG[14](index=14&type=chunk) - The company website is https://www.haitian-food.com, with stock codes **03288.HK** (H-shares) and **603288.SH** (A-shares)[14](index=14&type=chunk) Management Discussion and Analysis [Macro and Industry Environment](index=7&type=section&id=MACRO%20AND%20INDUSTRY%20ENVIRONMENT) The essential condiment industry, with high entry barriers, faces challenges from diverse consumer demands, technological innovation, and intense competition - The condiment industry is characterized by high consumption frequency, strong rigid demand, high user stickiness, and relatively high entry barriers[15](index=15&type=chunk)[17](index=17&type=chunk) - The industry faces challenges such as technological innovation and product innovation, with consumers increasingly seeking diversified products and services that offer extreme value for money[16](index=16&type=chunk)[18](index=18&type=chunk) - Industry competition is intense and fragmented, but leading enterprises are expected to expand their advantages through technology, production capacity, capital, and efficiency barriers, promoting industry consolidation[20](index=20&type=chunk)[23](index=23&type=chunk) - Consumer touchpoints are fragmented, and omnichannel delivery models are diverse, requiring enterprises to accelerate the restructuring of supply and sales systems and enhance digital marketing capabilities[22](index=22&type=chunk)[24](index=24&type=chunk) [Business Review](index=9&type=section&id=BUSINESS%20REVIEW) The Group achieved steady growth in H1 2025, with increased revenue and net profit, advancing its globalization strategy through Hong Kong listing - The Group adheres to strengthening its foundation, optimizing transformation with a user-centric approach, and advancing its globalization strategy through its Hong Kong listing[25](index=25&type=chunk)[28](index=28&type=chunk) - The Group deeply cultivates the Chinese market, creating high-quality and value-for-money products and services, accelerating channel penetration, while steadily promoting its internationalization strategy[26](index=26&type=chunk)[28](index=28&type=chunk) - The company focuses on enhancing systemic comprehensive competitiveness, strengthening extreme supply chain development, and advocating a mutually beneficial cooperative ecosystem[27](index=27&type=chunk)[28](index=28&type=chunk) [Discussion and Analysis on Operations](index=9&type=section&id=1.%20Discussion%20and%20Analysis%20on%20Operations) In H1 2025, the Group achieved robust growth in operating revenue, condiment business revenue, and net profit attributable to shareholders 2025 H1 Operating Performance | Indicator | 2025 H1 (RMB billion) | YoY Growth Rate (%) | | :--- | :--- | :--- | | Operating Revenue | 15.23 | 7.6 | | Condiment Business Revenue | 14.56 | 10.4 | | Net Profit Attributable to Listed Company Shareholders | 3.91 | 13.3 | [Analysis of Core Competitiveness](index=10&type=section&id=2.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The Group's core strengths lie in leading fermentation technology, optimized supply chain, extensive distribution, diverse product matrix, and sustainable development initiatives - The company has decades of experience in the fermentation and brewing industry, continuously achieving breakthroughs in core fermentation technology, key brewing equipment, nutrition, raw materials, and formulations, forming high technological barriers[30](index=30&type=chunk)[31](index=31&type=chunk) - Haitian Gaoming Factory was selected for the World Economic Forum's "Lighthouse Factory" list in January 2025, demonstrating its scale advantage and technology-driven extreme efficiency[39](index=39&type=chunk)[40](index=40&type=chunk) - The company continuously optimizes its traditional distribution network, strengthens coverage in towns and villages, and builds a full-chain digital ecosystem through digital marketing tools to enhance market responsiveness[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company boasts a rich product matrix, with classic best-selling products in core categories like soy sauce, oyster sauce, and seasoning sauces, while accelerating the development of extended categories such as cooking wine, vinegar, and compound seasonings[46](index=46&type=chunk)[47](index=47&type=chunk) - The company adheres to steady operations and high-quality development, deploying multi-base production capacity, building smart industrial parks, and incorporating green and low-carbon initiatives into performance incentives to promote sustainable supply chain development[51](index=51&type=chunk)[54](index=54&type=chunk) [Core Products of the Group](index=16&type=section&id=3.%20Core%20Products%20of%20the%20Group) The Group, a leading Chinese condiment enterprise, offers a wide product range including soy sauce, oyster sauce, and seasonings, maintaining top market shares - Based on 2024 sales volume, the company has been China's largest condiment enterprise for **28 consecutive years**, with soy sauce and oyster sauce sales ranking first in the Chinese market for many years, and seasoning sauces, vinegar, and cooking wine also among the top in the Chinese market[55](index=55&type=chunk) 2025 H1 Revenue by Product Category | Product Category | 2025 H1 Revenue (RMB million) | Share of Total Revenue (%) | 2024 H1 Revenue (RMB million) | Share of Total Revenue (%) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Soy Sauce Products | 7,927.9 | 52.1 | 7,263.9 | 51.3 | 664.0 | 9.1 | | Oyster Sauce Products | 2,502.3 | 16.4 | 2,322.5 | 16.4 | 179.8 | 7.7 | | Seasoning Sauce Products | 1,626.0 | 10.7 | 1,451.6 | 10.3 | 174.4 | 12.0 | | Specialty Condiments and Others | 2,505.5 | 16.5 | 2,146.3 | 15.2 | 359.2 | 16.7 | | Subtotal | 14,561.7 | 95.7 | 13,184.3 | 93.2 | 1,377.4 | 10.4 | | Other | 668.2 | 4.3 | 971.6 | 6.8 | -303.4 | -31.2 | | **Total** | **15,229.9** | **100.0** | **14,155.9** | **100.0** | **1,074.0** | **7.6** | - Soy sauce product revenue increased by **9.1%**, primarily driven by growth in healthy series products (organic, light soy sauce) and increased sales from digital promotion at the retail level[60](index=60&type=chunk)[61](index=61&type=chunk)[89](index=89&type=chunk) - Oyster sauce product revenue increased by **7.7%**, mainly due to growth in healthy series products (organic, light oyster sauce), product upgrades, and increased channel penetration[66](index=66&type=chunk)[67](index=67&type=chunk)[89](index=89&type=chunk) - Seasoning sauce product revenue increased by **12.0%**, primarily due to the introduction of specialty flavored products to meet regional market demands[69](index=69&type=chunk)[70](index=70&type=chunk)[89](index=89&type=chunk) - Specialty condiments and other revenue increased by **16.7%**, mainly due to the company launching new products such as compound sauces and seasoning liquids based on user needs[73](index=73&type=chunk)[75](index=75&type=chunk)[89](index=89&type=chunk) [Financial Review](index=24&type=section&id=FINANCIAL%20REVIEW) The Group achieved robust financial growth in H1 2025, with improved profitability, a healthy balance sheet, enhanced liquidity, and a reduced debt-to-capital ratio 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 15,229.9 | 14,155.9 | 7.6 | | Cost of Sales | 9,250.4 | 9,051.1 | 2.2 | | Gross Profit | 5,979.5 | 5,104.8 | 17.1 | | Gross Profit Margin | 39.3% | 36.1% | +3.2 percentage points | | Profit for the Period | 3,921.8 | 3,465.2 | 13.2 | | Net Profit Margin | 25.8% | 24.5% | +1.3 percentage points | - Gross profit margin improved primarily due to a decrease in market prices for some raw materials and increased production efficiency[91](index=91&type=chunk)[95](index=95&type=chunk) - Other revenue decreased by **8.8%** year-on-year, mainly due to lower interest income resulting from decreased interest rates[92](index=92&type=chunk)[96](index=96&type=chunk) - Selling and marketing expenses increased by **14.4%** year-on-year, primarily due to increased employee benefits expenses from a higher number of sales personnel and increased advertising fees[94](index=94&type=chunk)[98](index=98&type=chunk) - Administrative expenses increased by **19.6%** year-on-year, mainly due to increased employee benefits expenses from a higher number of administrative personnel[99](index=99&type=chunk)[104](index=104&type=chunk) - Research and development costs increased by **8.2%** year-on-year, primarily due to increased raw materials and consumables used in R&D processes[100](index=100&type=chunk)[105](index=105&type=chunk) - Inventories decreased by **31.3%** compared to the end of 2024, mainly due to increased inventory reserves at the end of the previous year to meet distributor stocking demand[114](index=114&type=chunk)[119](index=119&type=chunk) - Trade receivables increased by **14.3%** compared to the end of 2024, primarily due to increased product sales to a small number of customers provided with credit terms[120](index=120&type=chunk)[125](index=125&type=chunk) - Trade and bills payable increased by **66.6%** compared to the end of 2024, mainly due to an increase in bills payable[121](index=121&type=chunk)[126](index=126&type=chunk) - Net cash generated from operating activities was **RMB 1,504.9 million**, an increase from **RMB 1,126.8 million** in the same period last year[122](index=122&type=chunk)[127](index=127&type=chunk) - Total cash and bank balances were **RMB 29,998.7 million**, an increase of **35.7%** from the end of 2024, primarily benefiting from H-share issuance financing and operating cash flow[123](index=123&type=chunk)[127](index=127&type=chunk)[138](index=138&type=chunk) - Interest-bearing bank loans and other borrowings decreased by **50.2%** compared to the end of 2024, mainly due to repayment of bank loans during the reporting period[124](index=124&type=chunk)[127](index=127&type=chunk) - The debt-to-capital ratio was **15.2%**, a decrease of **7.9 percentage points** from **23.1%** at the end of 2024, primarily due to increased monetary assets from H-share issuance financing and operating cash flow[138](index=138&type=chunk) [Employees and Remuneration](index=32&type=section&id=Employees%20and%20remuneration) The Group maintained a substantial workforce, supported by competitive compensation, talent development programs, and employee stock ownership plans - As of June 30, 2025, the Group had a total of **9,006** full-time employees[149](index=149&type=chunk) - During the reporting period, the Group's employee costs were **RMB 1,007.2 million** (including salaries, bonuses, allowances, subsidies, welfare expenses, and directors' remuneration)[149](index=149&type=chunk) - The company adheres to the philosophy that "talent is the driving force of development," continuously upgrading its talent cultivation model and providing customized talent development products[151](index=151&type=chunk) - The company implements a "high salary, high efficiency, high responsibility" compensation philosophy and promotes employee and Group co-development through incentive programs such as employee stock ownership plans[152](index=152&type=chunk)[153](index=153&type=chunk) [Risk Factors](index=33&type=section&id=RISK%20FACTORS) The Group faces risks including food safety, raw material price volatility, industry downturns, market competition, talent shortages, and foreign exchange fluctuations - Food safety is paramount for food processing enterprises; the company consistently enforces strict quality control and focuses on technological breakthroughs for quality improvement[154](index=154&type=chunk)[157](index=157&type=chunk) - Raw material price fluctuations may impact gross profit margins, so the company's procurement team develops purchasing plans in advance based on sales forecasts and expected price volatility[155](index=155&type=chunk)[158](index=158&type=chunk) - While the condiment industry is resilient, it is susceptible to the catering industry's prosperity, and growth in mass consumer goods may face downward risks, potentially driving industry consolidation[156](index=156&type=chunk)[159](index=159&type=chunk) - Intensified market competition may lead to homogenization and disorderly competition risks; the company is committed to providing high-quality and value-for-money products, enhancing operational capabilities and efficiency[161](index=161&type=chunk)[164](index=164&type=chunk) - As business expands, the company may face risks of insufficient or loss of R&D talent[162](index=162&type=chunk)[165](index=165&type=chunk) - Foreign exchange risk primarily arises from USD, EUR, HKD, and RMB, with the company monitoring exchange rate fluctuations and using financial instruments for hedging when necessary[163](index=163&type=chunk)[166](index=166&type=chunk) [Significant Events After the Reporting Period](index=35&type=section&id=SIGNIFICANT%20EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) Post-reporting period, the company issued 12,192,700 additional H-shares on July 21, 2025, through an over-allotment option, raising approximately RMB 398 million - On July 21, 2025, the company issued **12,192,700** H-shares through an over-allotment option, with an offering price of **HKD 36.30** per share[167](index=167&type=chunk)[170](index=170&type=chunk) - The net proceeds from the exercise of the over-allotment option amounted to approximately **RMB 398 million**[167](index=167&type=chunk)[170](index=170&type=chunk) [Outlook](index=35&type=section&id=OUTLOOK) The company will uphold its "quality-first" principle, focusing on innovation and product upgrades, leveraging domestic demand, and expanding global influence post-H-share listing - "Quality-first" is Haitian's core competitiveness; the company will continue to focus on technological innovation and product upgrades, committed to creating high-quality and value-for-money products[168](index=168&type=chunk)[171](index=171&type=chunk) - The company will leverage its strengths to seize growth opportunities arising from the national strategy to expand domestic demand[168](index=168&type=chunk)[171](index=171&type=chunk) - On June 19, 2025, the company successfully listed on the Main Board of the Hong Kong Stock Exchange, opening a new chapter for global development and aiming to build the global influence of "Oriental Flavors"[169](index=169&type=chunk)[171](index=171&type=chunk) Corporate Governance and Other Information [Directors', Supervisors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=36&type=section&id=DIRECTORS%27%2C%20SUPERVISORS%27%20AND%20CHIEF%20EXECUTIVE%20%27%20S%20I%20N%20T%20E%20R%20E%20S%20T%20S%20A%20N%20D%20S%20H%20O%20R%20T%20P%20O%20S%20I%20T%20I%20O%20N%20S%20I%20N%20T%20H%20E%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20AND%20ITS%20ASSOCIATED%20CORPORATIONS) This section discloses the interests and short positions of the company's directors, supervisors, and chief executive in the company's and its associated corporations' shares as of the reporting period end Directors', Supervisors' and Chief Executive's Interests in the Company's A-Shares | Name | Nature of Interest | Share Class | Number of Shares Held | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Ms. Cheng Xue | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,432,656,153 | 58.78 | | Mr. Guan Jianghua | Controlled Corporation Interest, Beneficial Owner & Spouse's Interest | A-shares | 3,290,012,954 | 56.34 | | Mr. Wen Zhizhou | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,265,176,642 | 55.91 | | Mr. Liao Changhui | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,257,828,998 | 55.79 | | Mr. Huang Wenbiao | Beneficial Owner | A-shares | 28,984,921 | 0.50 | | Mr. Ding Bangqing | Spouse's Interest | A-shares | 180,000 | 0.003 | - Guangdong Haitian is collectively owned by Mr. Pang, Ms. Cheng, Mr. Guan, Mr. Chen, Mr. Wen, and Mr. Liao (the "Concerted Action Group"), holding a total of **73.59%** equity interest[177](index=177&type=chunk)[183](index=183&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=40&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%20%27%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20THE%20SHARES%20AND%20UNDERLYING%20SHARES) This section lists the interests and short positions of substantial shareholders in the company's shares or underlying shares as of the reporting period end Substantial Shareholders' Interests and Short Positions in the Company's Shares | Name/Entity | Nature of Interest | Share Class | Number of Shares Held | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Haitian | Beneficial Owner & Controlled Corporation Interest | A-shares | 3,256,290,675 | 55.76 | | Mr. Pang | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,788,405,852 | 64.87 | | Ms. Cheng | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,432,656,153 | 58.78 | | Mr. Guan | Controlled Corporation Interest, Beneficial Owner & Spouse's Interest | A-shares | 3,290,012,954 | 56.34 | | Mr. Chen | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,268,053,059 | 55.96 | | Mr. Wen | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,265,176,642 | 55.91 | | Mr. Liao | Controlled Corporation Interest & Beneficial Owner | A-shares | 3,257,828,998 | 55.79 | | HHLR Advisors, Ltd. | Investment Manager | H-shares | 99,385,600 | 1.70 | | HHLR Fund, L.P. | Beneficial Owner | H-shares | 60,349,100 | 1.03 | | China International Capital Corporation (International) Limited | Controlled Corporation Interest | H-shares | 51,662,878 (Long Position) / 42,120,700 (Short Position) | 0.88 (Long Position) / 0.72 (Short Position) | | GIC Private Limited | Investment Manager | H-shares | 27,995,000 | 0.48 | | TF-B, L.P. | Beneficial Owner | H-shares | 14,325,800 | 0.25 | - As of the end of the reporting period, the total number of shares in the company was **5,839,632,244**, comprising **279,031,700** H-shares and **5,560,600,544** A-shares[190](index=190&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities from the listing date to the end of the reporting period - From the listing date to the end of the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[195](index=195&type=chunk)[196](index=196&type=chunk) - As of the end of the reporting period, the company held **10,289,491** treasury A-shares, which will be used for the employee stock ownership plan[195](index=195&type=chunk)[196](index=196&type=chunk) [Compliance with the Model Code Regarding Securities Transactions](index=44&type=section&id=C%20O%20M%20P%20L%20I%20A%20N%20C%20E%20W%20I%20T%20H%20T%20H%20E%20M%20O%20D%20E%20L%20C%20O%20D%20E%20R%20E%20G%20A%20R%20D%20I%20N%20G%20S%20E%20C%20U%20R%20I%20T%20I%20E%20S%20TRANSACTIONS) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirmed compliance by all directors and supervisors - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers[197](index=197&type=chunk)[199](index=199&type=chunk) - All directors and supervisors confirmed compliance with the requirements of the Model Code from the listing date to the end of the reporting period[197](index=197&type=chunk)[199](index=199&type=chunk) [Share Scheme](index=44&type=section&id=SHARE%20SCHEME) The company adopted the 2024-2028 A-share employee stock ownership plan on September 19, 2024, with no awards granted to date and no new share issuance involved - The company adopted the 2024-2028 Employee Stock Ownership Plan (A-share Employee Stock Ownership Plan) on September 19, 2024[198](index=198&type=chunk)[200](index=200&type=chunk) - As of the latest practicable date, no awards have been granted under the A-share Employee Stock Ownership Plan[198](index=198&type=chunk)[200](index=200&type=chunk) - The A-share Employee Stock Ownership Plan does not involve the issuance of new shares by the company[198](index=198&type=chunk)[200](index=200&type=chunk) [Compliance with the Corporate Governance Code](index=45&type=section&id=COMPLIANCE%20WITH%20THE%20CORPORATE%20GOVERNANCE%20CODE) The company is committed to high corporate governance standards, adopting and complying with the Corporate Governance Code since its listing date - The company has adopted the code provisions of the Corporate Governance Code as set out in Part 2 of Appendix C1 to the HKEX Listing Rules since its listing date[201](index=201&type=chunk)[204](index=204&type=chunk) - The company has complied with the applicable code provisions of the Corporate Governance Code from the listing date to the end of the reporting period[201](index=201&type=chunk)[204](index=204&type=chunk) [Interim Dividend](index=45&type=section&id=INTERIM%20DIVIDEND) The company proposes an interim dividend of RMB 2.60 per 10 shares (tax inclusive) for 2025, totaling RMB 1.519 billion, payable on October 23, 2025 - The company proposes to distribute a 2025 interim dividend, with a total cash dividend of **RMB 1,518,799,217.78** (tax inclusive)[202](index=202&type=chunk)[205](index=205&type=chunk) - A cash dividend of **RMB 2.60** (tax inclusive) will be distributed per 10 shares[202](index=202&type=chunk)[205](index=205&type=chunk) - H-share shareholders will be paid in HKD, with **HKD 2.850452** (tax inclusive) per 10 shares, calculated at the average exchange rate[202](index=202&type=chunk)[205](index=205&type=chunk) - The 2025 interim dividend will be distributed on Thursday, October 23, 2025[203](index=203&type=chunk)[206](index=206&type=chunk) [Closure of Register of Members](index=46&type=section&id=CLOSURE%20OF%20REGISTER%20OF%20MEMBERS) H-share transfer registration will be suspended from September 18 to September 25, 2025, to determine eligibility for the 2025 interim dividend and EGM attendance - H-share transfer registration will be suspended from Thursday, September 18, 2025, to Thursday, September 25, 2025 (both dates inclusive)[207](index=207&type=chunk)[209](index=209&type=chunk) - Shareholders whose names appear on the company's H-share register of members on Tuesday, September 23, 2025, will be entitled to receive the 2025 interim dividend and attend the first extraordinary general meeting of 2025[207](index=207&type=chunk)[209](index=209&type=chunk) [Tax Implications](index=46&type=section&id=TAX%20IMPLICATIONS) This section details tax policies for H-share dividends, including withholding tax rates for non-resident individual and corporate shareholders, and different treatments for mainland investors - Non-resident individual H-share shareholders receiving dividends from domestic non-foreign-invested enterprises listed in Hong Kong are generally subject to a **10%** individual income tax withholding rate[210](index=210&type=chunk)[211](index=211&type=chunk)[213](index=213&type=chunk) - Residents of countries with tax treaties with China that specify a dividend tax rate lower than **10%** must proactively submit forms to enjoy treaty benefits[211](index=211&type=chunk)[213](index=213&type=chunk) - Mainland individual investors investing in H-shares through Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect are subject to a **20%** individual income tax withholding rate by the H-share company[215](index=215&type=chunk)[217](index=217&type=chunk) - When Chinese resident enterprises distribute dividends to non-resident corporate H-share shareholders, a **10%** corporate income tax is uniformly withheld and remitted[216](index=216&type=chunk)[218](index=218&type=chunk) - For non-resident corporate H-share shareholders, the company will distribute the 2025 interim dividend after deducting a **10%** income tax[220](index=220&type=chunk)[222](index=222&type=chunk) [Audit Committee and Review of Financial Information](index=50&type=section&id=AUDIT%20COMMITTEE%20AND%20REVIEW%20OF%20FINANCIAL%20INFORMATION) The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim results for H1 2025, which were also reviewed by KPMG - The Audit Committee is composed of three independent non-executive directors, with Mr. Qu Wenzhou serving as Chairman[224](index=224&type=chunk)[228](index=228&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and considers them to be in compliance with relevant accounting standards, rules, and regulations[224](index=224&type=chunk)[228](index=228&type=chunk) - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[225](index=225&type=chunk)[229](index=229&type=chunk) [Changes in Information of Directors, Supervisors and Chief Executive](index=50&type=section&id=C%20H%20A%20N%20G%20E%20S%20I%20N%20I%20N%20F%20O%20R%20M%20A%20T%20I%20O%20N%20O%20F%20DIRECTORS%2C%20SUPERVISORS%20AND%20CHIEF%20EXECUTIVE) No changes in information of directors, supervisors, and chief executive requiring disclosure under Listing Rule 13.51B(1) occurred during the reporting period - There were no changes in the information of directors, supervisors, and chief executive requiring disclosure during the reporting period and up to the latest practicable date[226](index=226&type=chunk)[230](index=230&type=chunk) [Use of Proceeds](index=51&type=section&id=USE%20OF%20PROCEEDS) The company's H-share IPO on June 19, 2025, raised approximately RMB 9.543 billion net, with proceeds allocated consistent with the prospectus for product development, capacity expansion, and global influence - The company issued H-shares and listed on the Main Board of the HKEX on June 19, 2025, issuing **279,031,700** H-shares at an issue price of **HKD 36.30** per share[231](index=231&type=chunk)[232](index=232&type=chunk) - Subsequently, on July 21, 2025, an additional **12,192,700** H-shares were issued through over-allotment, also at **HKD 36.30** per share[231](index=231&type=chunk)[232](index=232&type=chunk) - The total gross proceeds from the H-share issuance were **HKD 10,571.4 million** (approximately **RMB 9,658.9 million**), with net proceeds of approximately **RMB 9,542.6 million** after deducting issuance expenses[231](index=231&type=chunk)[232](index=232&type=chunk) H-share Proceeds Usage and Expected Timetable | Use | Approximate Percentage of Total (%) | Net Proceeds Available (RMB million) | Amount Utilized During Reporting Period (RMB million) | Amount Unutilized as of Reporting Period End (RMB million) | Expected Timetable for Full Utilization of Unutilized Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Product Development and Technology Upgrades | 20.0 | 1,908.5 | – | 1,908.5 | Before December 31, 2028 | | Capacity Expansion and Digital Upgrades | 30.0 | 2,862.8 | – | 2,862.8 | Before December 31, 2028 | | Enhancing Global Influence | 20.0 | 1,908.5 | – | 1,908.5 | Before December 31, 2028 | | Strengthening Sales Network and Penetration | 20.0 | 1,908.5 | – | 1,908.5 | Before December 31, 2028 | | Working Capital and General Corporate Purposes | 10.0 | 954.3 | – | 954.3 | Before December 31, 2028 | | **Total** | **100** | **9,542.6** | **–** | **9,542.6** | **N/A** | Consolidated Financial Statements [Consolidated Statement of Profit or Loss](index=53&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2025, the Group reported RMB 15.23 billion in revenue, RMB 5.98 billion in gross profit, and RMB 3.92 billion in profit for the period, with basic and diluted EPS of RMB 0.70 Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 15,229,923 | 14,155,910 | | Cost of Sales | (9,250,415) | (9,051,102) | | Gross Profit | 5,979,508 | 5,104,808 | | Operating Profit | 4,665,992 | 4,091,888 | | Profit Before Taxation | 4,651,340 | 4,076,138 | | Profit for the Period | 3,921,771 | 3,465,188 | | Profit Attributable to Equity Holders of the Company | 3,914,004 | 3,453,049 | | Basic and Diluted Earnings Per Share (RMB) | 0.70 | 0.62 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=54&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the Group's profit for the period was RMB 3.922 billion, with other comprehensive income of RMB (1.6) million, resulting in a total comprehensive income of RMB 3.920 billion Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 3,921,771 | 3,465,188 | | Other Comprehensive Income for the Period | (1,599) | (1,887) | | Total Comprehensive Income for the Period | 3,920,172 | 3,463,301 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 3,912,405 | 3,451,162 | [Consolidated Statement of Financial Position](index=55&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were RMB 40.15 billion, with net assets of RMB 39.70 billion, driven by a significant increase in net current assets Consolidated Statement of Financial Position Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 8,011,728 | 8,016,326 | | Current Assets | 38,796,975 | 32,842,109 | | Current Liabilities | 6,657,076 | 8,985,791 | | Net Current Assets | 32,139,899 | 23,856,318 | | Total Assets Less Current Liabilities | 40,151,627 | 31,872,644 | | Non-current Liabilities | 450,114 | 470,700 | | Net Assets | 39,701,513 | 31,401,944 | | Total Equity Attributable to Equity Holders of the Company | 39,187,211 | 30,895,409 | | Total Equity | 39,701,513 | 31,401,944 | - Property, plant, and equipment increased by **1.8%** compared to the end of 2024, primarily due to increased production facilities at some production bases[112](index=112&type=chunk)[117](index=117&type=chunk)[240](index=240&type=chunk) - Inventories decreased by **31.3%** compared to the end of 2024, mainly due to increased inventory reserves at the end of the previous year to meet distributor stocking demand[114](index=114&type=chunk)[119](index=119&type=chunk)[240](index=240&type=chunk) - Cash and bank balances (including term deposits, certificates of deposits, restricted cash, and cash equivalents) increased by **35.7%** compared to the end of 2024, reaching **RMB 29,998.7 million**[123](index=123&type=chunk)[127](index=127&type=chunk)[240](index=240&type=chunk) - Trade and bills payable increased by **66.6%** compared to the end of 2024, primarily due to an increase in bills payable[121](index=121&type=chunk)[126](index=126&type=chunk)[242](index=242&type=chunk) [Consolidated Statement of Changes in Equity](index=58&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to equity holders increased from RMB 30.895 billion to RMB 39.187 billion in H1 2025, primarily due to profit for the period and H-share issuance Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30, 2025) | Indicator | Balance as of January 1, 2025 (RMB thousand) | Balance as of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 5,560,601 | 5,839,632 | | Treasury Shares | (563,842) | (563,842) | | Capital Reserve | 95,860 | 8,965,193 | | Statutory Reserve | 3,075,896 | 3,075,896 | | Other Reserves | 46,639 | 46,639 | | Exchange Reserve | (5,082) | (6,681) | | Retained Earnings | 22,685,337 | 21,830,374 | | Total Equity Attributable to Equity Holders of the Company | 30,895,409 | 39,187,211 | | Non-controlling Interests | 506,535 | 514,302 | | **Total Equity** | **31,401,944** | **39,701,513** | - The issuance of H-shares resulted in an increase in share capital of **RMB 279,031 thousand** and an increase in capital reserve of **RMB 8,869,333 thousand**[247](index=247&type=chunk)[354](index=354&type=chunk)[355](index=355&type=chunk) - Profit for the period was **RMB 3,914,004 thousand**, positively impacting total equity[247](index=247&type=chunk) - Dividends for the previous year amounting to **RMB 4,768,967 thousand** were distributed[247](index=247&type=chunk) [Condensed Consolidated Cash Flow Statement](index=59&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash from operating activities was RMB 1.505 billion, net cash used in investing activities was RMB (1.272) billion, and net cash from financing activities was RMB 5.452 billion, significantly increasing cash and cash equivalents Condensed Consolidated Cash Flow Statement Key Data (For the six months ended June 30, 2025) | Activity Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 1,504,939 | 1,126,773 | | Net Cash Used in Investing Activities | (1,271,574) | (2,182,704) | | Net Cash Generated From/(Used In) Financing Activities | 5,451,696 | (3,346,328) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 5,685,061 | (4,402,259) | | Cash and Cash Equivalents at End of Period | 17,624,412 | 8,439,172 | - Net cash generated from financing activities significantly increased, primarily due to net proceeds of **RMB 9,179,673 thousand** from the initial public offering of H-shares[248](index=248&type=chunk)[334](index=334&type=chunk)[336](index=336&type=chunk) - Net cash used in investing activities decreased, mainly due to a reduction in term deposits and certificates of deposit, and an increase in proceeds from the disposal of other financial assets at fair value through profit or loss[248](index=248&type=chunk) Notes to the Unaudited Interim Financial Report [General Information and Basis of Preparation](index=61&type=section&id=1%20GENERAL%20INFORMATION%20AND%20BASIS%20OF%20PREPARATION) Foshan Haitian Flavouring & Food Company Ltd, established in 2000, listed A-shares in 2014 and H-shares in 2025, with this interim report prepared under HKEX Listing Rules and IAS 34 - The company was established on April 8, 2000, listed its A-shares on the Shanghai Stock Exchange on February 11, 2014, and its H-shares on the Main Board of The Stock Exchange of Hong Kong Limited on June 19, 2025[251](index=251&type=chunk)[255](index=255&type=chunk) - This interim financial report is prepared in accordance with the HKEX Listing Rules and International Accounting Standard 34, and has been reviewed by KPMG[252](index=252&type=chunk)[258](index=258&type=chunk)[255](index=255&type=chunk)[262](index=262&type=chunk) [Changes in Accounting Policies](index=62&type=section&id=2%20CHANGES%20IN%20ACCOUNTING%20POLICIES) The Group applied amendments to HKAS 21 regarding lack of exchangeability, which had no material impact as no relevant foreign currency transactions occurred - The Group has applied the amendments to Hong Kong Accounting Standard 21, "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability"[260](index=260&type=chunk)[263](index=263&type=chunk) - As the Group has not entered into any foreign currency transactions that cannot be converted into other currencies, these amendments have no material impact on this interim report[260](index=260&type=chunk)[263](index=263&type=chunk) [Revenue and Segment Reporting](index=63&type=section&id=3%20REVENUE%20AND%20SEGMENT%20REPORTING) The Group's primary business is manufacturing and selling condiments, with H1 2025 revenue from customer contracts at RMB 15.225 billion, operating as a single segment - The Group's principal business is the manufacture and sale of soy sauce, oyster sauce, seasoning sauces, specialty condiments, and other products[265](index=265&type=chunk)[266](index=266&type=chunk) Revenue by Major Products and Services (For the six months ended June 30, 2025) | Product/Service | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of Soy Sauce Products | 7,927,943 | 7,263,877 | | Sales of Oyster Sauce Products | 2,502,330 | 2,322,480 | | Sales of Seasoning Sauce Products | 1,625,951 | 1,451,593 | | Sales of Specialty Condiments and Others | 2,505,507 | 2,146,329 | | Other | 663,761 | 962,336 | | **Revenue from Contracts with Customers** | **15,225,492** | **14,146,615** | | Rental Income | 4,431 | 9,295 | | **Total Revenue** | **15,229,923** | **14,155,910** | - The Group has a diversified customer base, with no single customer accounting for more than **10%** of total revenue[269](index=269&type=chunk)[272](index=272&type=chunk) - The Group has only one operating segment, therefore no segment information is presented[274](index=274&type=chunk)[277](index=277&type=chunk) [Other Revenue](index=65&type=section&id=4%20OTHER%20REVENUE) For H1 2025, other revenue decreased by 8.8% to RMB 333.298 million, primarily due to a reduction in interest income Other Revenue Details (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income | 254,608 | 269,517 | | Government Grants | 43,069 | 48,348 | | VAT Additional Deduction | 35,621 | 47,761 | | **Total** | **333,298** | **365,626** | - Other revenue decreased by **8.8%** year-on-year, mainly due to lower interest income resulting from decreased interest rates[92](index=92&type=chunk)[96](index=96&type=chunk)[280](index=280&type=chunk) [Other Net Income](index=66&type=section&id=5%20OTHER%20NET%20INCOME) For H1 2025, other net income decreased by 51.7% to RMB 55.680 million, mainly due to reduced fair value changes in financial assets and increased foreign exchange losses Other Net Income Details (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Fair Value Change of Other Financial Assets at Fair Value Through Profit or Loss | 90,709 | 114,004 | | Net Loss on Disposal of Property, Plant and Equipment | (344) | (735) | | Net Foreign Exchange (Loss)/Gain | (27,145) | 775 | | Other | (7,540) | 1,318 | | **Total** | **55,680** | **115,362** | - Other net income decreased by **51.7%** year-on-year, primarily due to a decrease in the net fair value change of other financial assets at fair value through profit or loss, and an increase in foreign exchange losses[93](index=93&type=chunk)[97](index=97&type=chunk)[285](index=285&type=chunk) [Profit Before Taxation](index=66&type=section&id=6%20PROFIT%20BEFORE%20TAXATION) For H1 2025, the Group's profit before taxation was RMB 4.651 billion, with financial costs including interest on bank loans and lease liabilities, and other expenses like depreciation and R&D Financial Costs Details (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on Bank Loans and Other Borrowings | 13,722 | 14,800 | | Interest on Lease Liabilities | 930 | 950 | | **Total** | **14,652** | **15,750** | Other Expenses Details (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Amortization Cost of Intangible Assets | 7,739 | 8,019 | | Depreciation Expense (Property, Plant and Equipment) | 380,436 | 450,178 | | Depreciation Expense (Right-of-Use Assets) | 23,663 | 17,894 | | Depreciation Expense (Investment Properties) | 138 | 169 | | Cost of Inventories | 7,728,113 | 7,488,465 | | Logistics Costs | 790,681 | 737,438 | | Research and Development Expenses | 411,400 | 380,128 | [Income Tax in the Consolidated Statements of Profit or Loss](index=68&type=section&id=7%20INCOME%20TAX%20IN%20THE%20CONSOLIDATED%20STATEMENTS%20OF%20PROFIT%20OR%20LOSS) For H1 2025, income tax increased by 19.4% to RMB 729.569 million, primarily due to higher profit before taxation, with Pillar Two income tax exceptions applied Income Tax Details in Consolidated Statement of Profit or Loss (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax – China Corporate Income Tax | 664,539 | 543,517 | | Deferred Tax | 65,030 | 67,433 | | **Total** | **729,569** | **610,950** | - Income tax increased by **19.4%** year-on-year, primarily due to an increase in profit before taxation[110](index=110&type=chunk)[115](index=115&type=chunk)[291](index=291&type=chunk) - The company has applied the temporary mandatory exception for Pillar Two income tax, recognizing it as current tax when incurred[294](index=294&type=chunk)[296](index=296&type=chunk) - The Group's assessment indicates no significant related current tax risks in Vietnam and Hong Kong for the six months ended June 30, 2025, and 2024[293](index=293&type=chunk)[295](index=295&type=chunk) [Earnings Per Share](index=70&type=section&id=8%20EARNINGS%20PER%20SHARE) For H1 2025, basic earnings per share increased to RMB 0.70 from RMB 0.62 in the prior period, with diluted EPS remaining the same due to anti-dilutive over-allotment options Earnings Per Share (For the six months ended June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share (RMB) | 0.70 | 0.62 | | Profit Attributable to Ordinary Equity Holders of the Company (RMB thousand) | 3,914,004 | 3,453,049 | | Weighted Average Number of Ordinary Shares Issued (thousand shares) | 5,562,363 | 5,547,938 | - For the six months ended June 30, 2025, the over-allotment option had an anti-dilutive effect, thus diluted earnings per share are the same as basic earnings per share[302](index=302&type=chunk)[303](index=303&type=chunk) [Property, Plant and Equipment](index=72&type=section&id=9%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) In H1 2025, the Group purchased RMB 496.958 million in property, plant, and equipment, while disposing of items with a net book value of RMB 481 thousand, resulting in a net loss of RMB 344 thousand - For the six months ended June 30, 2025, the Group purchased property, plant, and equipment at a cost of **RMB 496,958 thousand**[304](index=304&type=chunk)[307](index=307&type=chunk) - The net book value of disposed property, plant, and equipment was **RMB 481 thousand**, resulting in a net loss on disposal of **RMB 344 thousand**[304](index=304&type=chunk)[307](index=307&type=chunk) [Right-of-Use Assets](index=72&type=section&id=10%20RIGHT-OF-USE%20ASSETS) In H1 2025, right-of-use assets decreased by RMB 23.663 million due to depreciation, while new lease agreements increased their original cost by RMB 12.049 million - For the six months ended June 30, 2025, depreciation of right-of-use assets resulted in a net decrease of **RMB 23,663 thousand**[305](index=305&type=chunk)[308](index=308&type=chunk) - The Group recognized an increase in the original cost of right-of-use assets of **RMB 12,049 thousand** due to new lease agreements[306](index=306&type=chunk)[308](index=308&type=chunk) [Other Financial Assets at Fair Value Through Profit or Loss](index=73&type=section&id=11%20OTHER%20FINANCIAL%20ASSETS%20AT%20FAIR%20VALUE%20THROUGH%20PROFIT%20OR%20LOSS) As of June 30, 2025, other financial assets at fair value through profit or loss totaled RMB 6.500 billion, primarily comprising wealth management products and listed securities Other Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current: Equity Securities | 100 | 100 | | Current: Wealth Management Products | 6,493,370 | 7,518,580 | | Current: Listed Securities | 6,511 | 98,996 | | **Total** | **6,499,981** | **7,617,676** | - Wealth management products are issued by banks, have variable investment returns, and are redeemable immediately or in the short term[311](index=311&type=chunk) [Inventories](index=74&type=section&id=12%20INVENTORIES) As of June 30, 2025, total inventories decreased by 31.3% to RMB 1.734 billion, primarily consisting of work-in-progress, finished goods, and raw materials Inventory Composition (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw Materials | 200,646 | 210,128 | | Work-in-Progress | 1,112,105 | 1,318,745 | | Finished Goods | 311,149 | 884,592 | | Packaging Materials | 67,963 | 73,989 | | Low-Value Consumables | 36,698 | 32,744 | | Other | 5,336 | 5,076 | | **Total** | **1,733,897** | **2,525,274** | - As of June 30, 2025, inventories decreased by **31.3%** compared to December 31, 2024, mainly due to increased inventory reserves at the end of the previous year to meet distributor stocking demand[114](index=114&type=chunk)[119](index=119&type=chunk)[313](index=313&type=chunk) Amount of Inventories Recognized as Expense (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying Amount of Inventories Sold | 7,441,924 | 7,224,270 | | Carrying Amount of Inventories Recognized as R&D Expenses | 285,972 | 264,188 | | Inventory Write-downs | 217 | 7 | | **Total** | **7,728,113** | **7,488,465** | [Trade Receivables](index=75&type=section&id=13%20TRADE%20RECEIVABLES) As of June 30, 2025, total trade receivables increased by 14.3% to RMB 277.270 million, with most expected to be recovered within one year Trade Receivables Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 289,559 | 254,507 | | Bills Receivable | 1,100 | 371 | | Less: Loss Allowance | (13,389) | (12,246) | | **Total** | **277,270** | **242,632** | - Trade receivables increased by **14.3%** compared to the end of 2024, primarily due to increased product sales to a small number of customers provided with credit terms[120](index=120&type=chunk)[125](index=125&type=chunk)[316](index=316&type=chunk) Ageing Analysis of Trade Receivables and Bills Receivable (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 Year | 287,317 | 251,728 | | 1 to 2 Years | 2,125 | 2,053 | | 2 to 3 Years | 142 | 737 | | Over 3 Years | 1,075 | 360 | | **Total** | **290,659** | **254,878** | [Other Receivables](index=76&type=section&id=14%20OTHER%20RECEIVABLES) As of June 30, 2025, current other receivables were RMB 287.232 million and non-current were RMB 32.487 million, mainly including deductible input VAT and prepayments for materials Other Receivables Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current: Amounts Due from Related Parties | 7,025 | 3,325 | | Current: Other Receivables | 17,284 | 15,281 | | Current: Prepayments for Materials | 43,512 | 34,294 | | Current: Deductible Input VAT and Others | 219,411 | 288,991 | | Non-current: Prepayments for Purchase of Property, Plant and Equipment | 32,487 | 61,219 | | **Total** | **319,719** | **403,110** | - All current other receivables are expected to be recovered or recognized as expenses within one year[323](index=323&type=chunk) [Cash and Cash Equivalents, Term Deposits, Certificates of Deposits, Restricted Cash and Cash Flow Information](index=77&type=section&id=15%20CASH%20AND%20CASH%20EQUIVALENTS%2C%20TERM%20DEPOSITS%2C%20CERTIFICATES%20OF%20DEPOSITS%2C%20RESTRICTED%20CASH%20AND%20CASH%20FLOW%20INFORMATION) As of June 30, 2025, cash and cash equivalents totaled RMB 17.624 billion, with significant inflows from the H-share listing Cash and Bank Balances Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and Bank Balances, and Cash Equivalents | 17,624,412 | 11,906,831 | | Term Deposits | 4,849,928 | 5,327,793 | | Certificates of Deposit | 7,503,788 | 4,871,719 | | Restricted Cash (Margin Deposits) | 20,567 | 8,393 | | **Total** | **29,998,700** | **22,114,736** | - For the six months ended June 30, 2025, the H-share listing generated net proceeds of **RMB 9,179,673 thousand**[334](index=334&type=chunk)[336](index=336&type=chunk) - Restricted cash primarily includes letter of credit margin deposits and third-party payment platform margin deposits[334](index=334&type=chunk)[335](index=335&type=chunk) [Trade and Bills Payable](index=79&type=section&id=16%20TRADE%20AND%20BILLS%20PAYABLE) As of June 30, 2025, trade and bills payable increased by 66.6% to RMB 3.242 billion, primarily due to an increase in bills payable, with all expected to be settled within one year Trade and Bills Payable Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables (Third Parties) | 1,243,695 | 1,224,340 | | Trade Payables (Related Parties) | 128,869 | 135,758 | | Bills Payable | 1,869,533 | 586,477 | | **Total** | **3,242,097** | **1,946,575** | - Trade and bills payable increased by **66.6%** compared to the end of 2024, primarily due to an increase in bills payable[121](index=121&type=chunk)[126](index=126&type=chunk)[338](index=338&type=chunk) - The company has factoring arrangements with Guangdong Haitian Commercial Factoring Co., Ltd. (an entity controlled by Guangdong Haitian), where some suppliers transfer their receivables from the Group to Haitian Factoring[338](index=338&type=chunk) Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 Year | 1,372,564 | 1,360,098 | | **Total** | **1,372,564** | **1,360,098** | [Other Payables](index=80&type=section&id=17%20OTHER%20PAYABLES) As of June 30, 2025, other payables totaled RMB 1.626 billion, mainly comprising accrued wages, marketing expenses, transportation expenses, and other taxes, all due within one year Other Payables Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Other Taxes Payable | 236,956 | 76,320 | | Accrued Wages | 510,068 | 664,673 | | Amounts Due to Related Parties | 2,872 | 3,858 | | Supplier Deposits | 165,786 | 154,877 | | Accrued Marketing Expenses | 273,444 | 227,760 | | Accrued Transportation Expenses | 293,573 | 261,592 | | Payables for Equipment and Projects | 96,084 | 157,538 | | Other | 46,803 | 56,389 | | **Total** | **1,625,586** | **1,603,007** | - All other payables are expected to be settled within one year or repaid on demand[343](index=343&type=chunk) [Contract Liabilities](index=81&type=section&id=18%20CONTRACT%20LIABILITIES) As of June 30, 2025, contract liabilities significantly decreased to RMB 1.184 billion, primarily representing customer prepayments for goods not yet delivered Contract Liabilities (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer Prepayments | 1,184,045 | 4,335,313 | - Contract liabilities primarily represent prepayments from customers for goods not yet provided (excluding output VAT)[344](index=344&type=chunk)[345](index=345&type=chunk) [Capital, Reserves and Dividends](index=81&type=section&id=19%20CAPITAL%2C%20RESERVES%20AND%20DIVIDENDS) This section details the company's share capital, capital reserves, and dividend policy, noting a significant increase in equity due to H-share listing and proposed interim dividend - The company proposes to distribute a 2025 interim dividend of **RMB 0.26** per share (tax inclusive), totaling **RMB 1,518,799 thousand**[348](index=348&type=chunk)[349](index=349&type=chunk) - On June 19, 2025, the company's H-shares were listed, issuing **279,031,700** shares, with net proceeds of **RMB 9,148,364 thousand**, of which **RMB 279,031 thousand** was credited to share capital and **RMB 8,869,333 thousand** to capital reserve[354](index=354&type=chunk)[355](index=355&type=chunk) - For the six months ended June 30, 2025, the company did not repurchase any treasury shares, whereas **8,068,939** A-shares were repurchased in H1 2024 for a total consideration of **RMB 297,544 thousand**[356](index=356&type=chunk)[357](index=357&type=chunk)[358](index=358&type=chunk) - Ordinary shares held as of June 30, 2025, include **10,289,491** treasury shares and **5,000,000** shares held under the 2024 employee stock ownership plan, primarily for future share award schemes[359](index=359&type=chunk)[360](index=360&type=chunk) [Fair Value Measurement of Financial Instruments](index=85&type=section&id=20%20FAIR%20VALUE%20MEASUREMENT%20OF%20FINANCIAL%20INSTRUMENTS) This section provides fair value measurements for financial instruments, classified by IFRS 13 levels, with wealth management products and listed securities as key assets Financial Assets Measured at Fair Value (As of June 30, 2025) | Item | Fair Value (RMB thousand) | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | 6,493,370 | – | 6,493,370 | – | | Equity Securities | 100 | – | 100 | – | | Listed Securities | 6,511 | 6,511 | – | – | | **Total** | **6,499,981** | **6,511** | **6,493,470** | **–** | - The fair value of wealth management products is measured by reference to the net asset value published by banks (Level 2)[368](index=368&type=chunk)[370](index=370&type=chunk) - Listed securities are recognized at Level 1 fair value, measured by reference to share prices[367](index=367&type=chunk)[369](index=369&type=chunk) - As of June 30, 2025, there were no significant differences between the carrying amounts and fair values of the Group's financial instruments measured at amortized cost[371](index=371&type=chunk)[374](index=374&type=chunk) [Commitments](index=88&type=section&id=21%20COMMITMENTS) As of June 30, 2025, the Group's capital commitments not provided for in the interim financial report totaled RMB 558.055 million, primarily for property, plant, and equipment purchases Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted for Purchase of Property, Plant and Equipment | 558,055 | 704,563 | [Material Related Party Transactions](index=89&type=section&id=22%20MATERIAL%20RELATED%20PARTY%20TRANSACTIONS) The Group engaged in significant related party transactions, including buying and selling goods and services, leasing, and loan agreements with distributors, primarily involving Guangdong Haitian Transactions with Related Parties (For the six months ended June 30, 2025) | Transaction Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Purchase of Goods and Services | 597,553 | 653,191 | | Sale of Goods and Provision of Services | 27,170 | 30,283 | | Short-term Lease Related Expenses | 1,102 | 1,099 | | Provision of Lease Services | 651 | 876 | | Purchase of Property, Plant and Equipment | 28,371 | 70,225 | - The Group has entered into lease agreements with Guangdong Haitian and its controlled entities for leasing properties, machinery, and equipment[379](index=379&type=chunk)[381](index=381&type=chunk) - Since 2024, some distributors have entered into loan agreements with Jiaxing Haitian Microfinance Co., Ltd. (an entity controlled by Guangdong Haitian), where Jiaxing Haitian pays prepayments to the Group on behalf of the distributors[380](index=380&type=chunk)[381](index=381&type=chunk) Balances with Related Parties (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Other Receivables (Related Parties) | 7,025 | 3,325 | | Trade Payables (Related Parties) | 122,769 | 135,758 | | Other Payables (Related Parties) | 2,872 | 3,858 | [Immediate and Ultimate Controlling Party](index=92&type=section&id=23%20IMMEDIATE%20AND%20ULTIMATE%20CONTROLLING%20PARTY) As of June 30, 2025, Guangdong Haitian was the immediate controlling party, with Mr. Pang Kang and five others as ultimate controlling parties through a concerted action agreement - The immediate controlling party of the company is Guangdong Haitian[384](index=384&type=chunk)[387](index=387&type=chunk) - The ultimate controlling parties of the company are Mr. Pang Kang, Ms. Cheng Xue, Mr. Guan Jianghua, Mr. Chen Junyang, Mr. Wen Zhizhou, and Mr. Liao Changhui, who have signed a concerted action agreement[385](index=385&type=chunk)[387](index=387&type=chunk) [Significant Non-Adjusting Events](index=92&type=section&id=24%20SIGNIFICANT%20NON-ADJUSTING%20EVENTS) Post-reporting period, on July 21, 2025, the company successfully issued 12,192,700 additional H-shares via over-allotment, raising approximately RMB 398 million net - On July 21, 2025, the company successfully issued and allotted **12,192,700** additional H-shares under the over-allotment option, with an offering price of **HKD 36.30** per share[386](index=386&type=chunk)[388](index=388&type=chunk) - The net additional proceeds received from the exercise of the over-allotment option amounted to approximately **RMB 398 million**[386](index=386&type=chunk)[388](index=388&type=chunk) Independent Review Report [Independent Review Report](index=93&type=section&id=Independent%20Review%20Report) KPMG reviewed Foshan Haitian Flavouring & Food Company Ltd's unaudited interim financial report for H1 2025, concluding no material non-compliance with IAS 34 - KPMG has reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[389](index=389&type=chunk)[391](index=391&type=chunk)[394](index=394&type=chunk) - The review concluded that nothing has come to their attention that causes them to believe the interim financial report is not prepared, in all material respects, in accordance with International Accounting Standard 34[396](index=396&type=chunk)[397](index=397&type=chunk) Definitions [Definitions](index=95&type=section&id=Definitions) This section provides definitions for key terms used throughout the report, ensuring clarity and consistent understanding for readers - This section contains key terms used in the report, such as "A Shares," "Board," "China," "Company," "Controlling Shareholder," "Group," "Guangdong Haitian," "H Shares," "HKD," "Listing Date," "Listing Rules," "Listing," "Main Board," "Mr. Pang," "Ms. Cheng," "Prospectus," "Reporting Period," "RMB," "SFO," "Shareholder," "SSE," and "Stock Exchange"[399](index=399&type=chunk)[401](index=401&type=chunk)

FF301 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佛山市海天調味食品股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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 | | | 291,224,400 | RMB | | 1 RMB | | 291,224,400 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 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 | | | --- | ...