Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [6]. Core Insights - The company achieved a revenue of 28.873 billion yuan in 2025, representing a year-on-year growth of 7.32%, with a net profit attributable to shareholders of 7.038 billion yuan, up 10.95% year-on-year [1]. - The company has announced a significant cash dividend of 8 yuan per 10 shares, totaling 4.677 billion yuan, with a total dividend payout of 7.95 billion yuan, resulting in a dividend payout ratio of 112.95% [4]. - The company is expected to see a compound annual growth rate (CAGR) in net profit of 11.5% from 2025 to 2027, driven by strong performance in the soy sauce and other seasoning products [4]. Revenue Breakdown - In 2025, the company generated revenue from various products as follows: soy sauce 14.9 billion yuan (+8.55%), oyster sauce 4.9 billion yuan (+5.48%), seasoning sauce 2.9 billion yuan (+9.29%), and others 4.7 billion yuan (+14.55%) [2]. - For Q4 2025, the revenue from soy sauce was 3.78 billion yuan (+10.5%), oyster sauce 1.24 billion yuan (+4.3%), seasoning sauce 690 million yuan (+8.4%), and others 1.09 billion yuan (+18.4%) [2]. - Online sales grew significantly, with 16.4 billion yuan in revenue (+31.87%) for 2025, while offline sales reached 257.6 billion yuan (+7.85%) [2]. Profitability and Cost Management - The company achieved a gross margin of 40.22% in 2025, an increase of 3.23 percentage points year-on-year, attributed to lower procurement costs and improved cost control [3]. - The net profit margin for 2025 was 24.38%, up 0.79 percentage points year-on-year, with sales, management, and R&D expense ratios slightly increasing [3]. Employee Incentives - The company announced an employee stock ownership plan for 2026, involving up to 800 employees with a total investment of 184.35 million yuan, aiming for a net profit CAGR of at least 11.5% by 2027 [3]. Market Position and Future Outlook - The company is well-positioned to benefit from the recovery in the restaurant sector and the potential for increased market concentration in the seasoning industry [4]. - Forecasts suggest that net profit will reach 7.88 billion yuan in 2026, 8.80 billion yuan in 2027, and 9.80 billion yuan in 2028, with respective year-on-year growth rates of 11.9%, 11.7%, and 11.4% [4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 39, indicating a potential upside from the current price of HKD 33.58 [1][5]. Core Insights - The company achieved a revenue of RMB 28.87 billion in 2025, representing a year-on-year growth of 7.3%, and a net profit of RMB 7.04 billion, up 10.9% year-on-year. The fourth quarter of 2025 saw revenue of RMB 7.25 billion, a 11.4% increase year-on-year, with a net profit of RMB 1.72 billion, up 12.2% year-on-year [5][7]. - The company’s product portfolio is robust, with soy sauce contributing 54.5% to revenue, oyster sauce 17.77%, and other sauces 10.65%. The company is also expanding into new product categories, which are beginning to gain traction [7]. - The company’s gross margin improved to 40.2% for the year, an increase of 3.23 percentage points year-on-year, driven by lower raw material costs [7]. - The company is expected to maintain strong growth in 2026, with projected net profits of RMB 7.83 billion, reflecting an 11.2% year-on-year increase, supported by a recovery in dining demand and the introduction of customized products [7][9]. Summary by Sections Financial Performance - In 2025, the company reported total revenue of RMB 28.87 billion, with a net profit of RMB 7.04 billion. The fourth quarter revenue was RMB 7.25 billion, with a net profit of RMB 1.72 billion [5][7]. - The revenue breakdown for 2025 includes RMB 14.93 billion from soy sauce, RMB 4.87 billion from oyster sauce, and RMB 2.92 billion from seasoning sauces, with other products generating RMB 4.68 billion [7]. Market Position and Strategy - The company has a total of 6,702 distributors as of the end of 2025, with a slight decrease of 5 distributors during the year. Offline sales reached RMB 25.76 billion, up 7.9% year-on-year, while online sales grew by 31.9% to RMB 1.64 billion [7]. - The company is focusing on expanding its presence in emerging channels to capture differentiated demand, which is expected to enhance market share [7]. Future Outlook - The company anticipates continued growth in 2026, with net profits projected to reach RMB 7.83 billion, driven by strong demand in the food service sector and the introduction of new product lines [7][9]. - The earnings per share (EPS) are expected to increase to RMB 1.34 in 2026, with a corresponding price-to-earnings (P/E) ratio of 22 times [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported a revenue of 28.873 billion yuan for 2025, reflecting a year-on-year growth of 7.32%, with a net profit attributable to shareholders of 7.038 billion yuan, up 10.95% year-on-year [1]. - The company has demonstrated strong performance in its product segments, with soy sauce revenue reaching 14.9 billion yuan in 2025, a growth of 8.55% year-on-year, and a notable online sales growth of 31.87% [2]. - The gross profit margin improved to 40.22%, an increase of 3.23 percentage points year-on-year, attributed to lower procurement costs and efficient cost control [3]. - The company announced a total cash dividend of 8 yuan per 10 shares, amounting to 4.677 billion yuan, with a total dividend payout ratio of 112.95% [4]. Financial Performance Summary - For 2025, the company achieved a revenue of 28.873 billion yuan and a net profit of 7.038 billion yuan, with projected growth rates for net profit of 11.9%, 11.7%, and 11.4% for 2026, 2027, and 2028 respectively [5]. - The earnings per share (EPS) for 2025 is reported at 1.20 yuan, with a projected EPS of 1.35 yuan for 2026 [5]. - The company’s return on equity (ROE) is expected to improve from 17.0% in 2025 to 22.1% by 2028 [5]. Market Position and Growth Potential - The company is positioned as a leader in the seasoning and fermentation products industry, with a focus on enhancing shareholder value through significant dividend payouts and employee stock ownership plans [4][3]. - The report highlights the potential for growth in the soy sauce and other seasoning segments, with expectations of increased market concentration benefiting leading companies [4].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 50 yuan [1]. Core Insights - The company achieved a revenue of 28.873 billion yuan in 2025, representing a year-on-year growth of 7.32%, and a net profit attributable to shareholders of 7.038 billion yuan, up 10.95% year-on-year [4]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares, totaling 7.95 billion yuan, which exceeds the net profit attributable to shareholders for the year [4]. - The company aims for a compound annual growth rate of at least 11.5% in net profit from 2025 to 2027 as part of its employee stock ownership plan [4]. - The company has shown steady growth in various product categories, with soy sauce, oyster sauce, seasoning sauce, and specialty seasonings growing by 8.6%, 5.5%, 9.3%, and 14.6% respectively in 2025 [4]. - The company is focusing on enhancing its core product categories while exploring new channels and product lines to drive future growth [4]. Financial Performance Summary - In Q4 2025, the company reported a revenue of 7.245 billion yuan, a year-on-year increase of 11.4%, and a net profit of 1.716 billion yuan, up 12.23% year-on-year [4]. - The gross profit margin for 2025 was 40.2%, an increase of 3.2 percentage points year-on-year, driven by cost reductions and supply chain optimization [4]. - The net profit margin for 2025 improved to 24.4%, up 0.8 percentage points year-on-year [4]. - The company expects to maintain a stable growth trajectory in 2026, with projected revenues of 31.223 billion yuan and net profits of 7.838 billion yuan, reflecting growth rates of 8.1% and 11.4% respectively [5]. Future Outlook - The company is expected to continue its strategic transformation, focusing on customer satisfaction and leveraging its core strengths to drive new growth opportunities [4]. - The company has set a dividend policy for the next three years, committing to a dividend payout ratio of no less than 80% of the net profit attributable to shareholders for 2026 and 2027 [4]. - The report maintains earnings per share (EPS) forecasts of 1.34 yuan for 2026, 1.47 yuan for 2027, and 1.59 yuan for 2028, with corresponding price-to-earnings (PE) ratios of 28, 25, and 23 times [5].

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 )刊登的本公司公司章程（2026年5月修訂），僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2026年3月26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 章 程 二〇二六年五月 1 | 第一章 | 总则 3 | | --- | --- | | 第二 ...

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2026年A股員工持股計劃（草案）及摘要、2026年 A股員工持股計劃管理辦法、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2026年A股員工持股計劃的法律意見書及薪酬與考核委員會關於 2026年A股員工持股計劃相關事宜的核查意見，僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2026年3月26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 ...

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。 香港，2026年3月26日 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 )刊登的本公司對會計師事務所2025年度履職情況評估報告、董 事會審計委員會對會計師事務所2025年度履行監督職責情況的報告、2025年度內 部控制評價報告、2025年度內部控制審計報告、2025年度審計報告及2025年度非 經營性資金佔用及其他關聯資金往來情況的專項說明，僅供參閱。 佛山市海天調味食品股份有限公司 董事會 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 ...

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 )刊登的本公司續聘會計師事務所公告、關於回購註銷2024年員 工持股計劃A股股份暨2024年員工持股計劃終止的公告、關於2026年度以自有閒 置資金進行投資理財的公告、關於開展外匯衍生品交易業務的公告、關於申請銀 行授信額度的公告、關於2026年度日常關聯交易計劃的公告及投資理財進展公 告，僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2026年3月26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 ...

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 )刊登的本公司第六屆董事會第十二次會議決議公告、董事會關 於獨立董事獨立性情況評估的專項意見、2025年度獨立董事述職報告及董事會審 計委員會2025年度履職情況報告，僅供參閱。 佛山市海天調味食品股份有限公司 董事會 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。 佛山市海天调味食品股份有限公司（以下称"公司"）第六届董事会第十二 次会议通知于 2026 年 3 月 12 日以专人送达或电子邮件方式发出，会议于 2026 年 3 月 26 日在佛山市南海区桂城街道金明路 29 ...

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。 公司代码：603288 公司简称：海天味业 佛山市海天调味食品股份有限公司 证券代码 603288 2025 年年度报告摘要 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年年度報告摘要（A股），僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2026年3月26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。 ...