Core Insights - The Hong Kong stock market is becoming a crucial platform for global investors to share in the growth dividends of China's core assets, with significant inflows of southbound capital [1][12] - As of November 10, southbound capital's cumulative net purchases of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [1] - The influx of long-term mainland funds, primarily from insurance and public offerings, is expected to support a "slow bull" market in Hong Kong [1][8] Southbound Capital Inflows - As of November 19, southbound capital net inflows through the Stock Connect reached 65.91 million HKD, bringing the total for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [2] - Cumulative net inflows since the launch of the Stock Connect have surpassed 5 trillion HKD [2][3] Market Dynamics - Southbound capital has become a core driver of liquidity in the Hong Kong stock market, with its share of total market turnover rising from 15.6% at the beginning of 2024 to 23.6% by the third quarter of 2025 [3] - The total market value of southbound capital holdings exceeded 6.3 trillion HKD by the end of the third quarter, representing a year-on-year increase of over 90% [3] Sector and Stock Preferences - The allocation of southbound capital has shifted significantly, with the banking sector previously dominating but now more evenly distributed across industries, including media, pharmaceuticals, and technology [3][4] - The top ten holdings of southbound capital are now characterized by a "technology + dividend" strategy, with Tencent Holdings and Alibaba being major beneficiaries [4] Fund Composition - Insurance funds and public funds constitute the majority of southbound capital, with insurance holdings surpassing 1 trillion RMB (approximately 1.4 trillion HKD) by the end of the third quarter [7] - Public fund holdings reached 1.01 trillion RMB, accounting for about 18% of total southbound capital [7] Future Projections - Predictions indicate that southbound capital could see an additional inflow of 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential total increase of 10 trillion RMB (approximately 11 trillion HKD) over the next five years [8] - The continuous inflow of long-term capital is expected to enhance market fundamentals and support a "slow bull" market [8][9] Market Valuation and Asset Supply - The Hong Kong stock market is viewed as having significant allocation value, with lower valuation levels compared to other major global markets [11] - The influx of quality companies listing in Hong Kong is creating a virtuous cycle, enhancing market liquidity and attracting more capital [12][13] Historical Context - Historical analysis indicates that periods of outperformance in the Hong Kong stock market have been driven by the scarcity of assets, with current trends reflecting similar dynamics as seen in previous advantageous periods [14]

Core Viewpoint - Haitan Flavor Industry (03288) announced the transfer of 5 million shares to a dedicated securities account for the 2025 A-share employee stock ownership plan on November 14, 2025 [1] Group 1 - The company has completed the non-trading transfer of 5 million shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 佛山市海天調味食品股份有限公司（「公司」） 呈交日期： 2025年11月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 603288 | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | ...

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 )刊登的本公司關於2025年A股員工持股計劃非交易過戶完成的 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，2025年11月17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。 证券代码：603288 证券简称：海天味业 公告编号：2025-053 本公司董事会及全体董事保证本公 ...

Group 1 - The core point of the article highlights the transfer of shares of Haitian Flavoring and Food Company (海天味业) from Citibank to Goldman Sachs (Asia) Securities, with a market value of HKD 419 million, representing 4.26% of the total shares [1] - Haitian Flavoring and Food Company reported its performance for the first three quarters, achieving a revenue of RMB 21.628 billion, which reflects a year-on-year growth of 6.02% [1] - The net profit attributable to shareholders of the listed company reached RMB 5.322 billion, marking a year-on-year increase of 10.54%, with basic earnings per share at RMB 0.94 [1]

Core Viewpoint - The recent stock transfer of Haitian Flavor Industry Co., Ltd. from Goldman Sachs to Citibank indicates a significant market movement, alongside the company's financial performance showing steady growth in revenue and profit [1] Financial Performance - For the first three quarters, the company reported a revenue of 21.628 billion RMB, reflecting a year-on-year increase of 6.02% [1] - The net profit attributable to shareholders reached 5.322 billion RMB, marking a year-on-year growth of 10.54% [1] - The basic earnings per share stood at 0.94 RMB [1] Shareholder Activity - On November 12, shareholders transferred stocks valued at 629 million HKD, which represents 6.49% of the company's shares [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） 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 )刊登的本公司關於2024年員工持股計劃已歸屬股票完成非交易 過戶的公告，僅供參閱。 佛山市海天調味食品股份有限公司 董事會 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。 香港，2025年11月4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。 证券代码：603288 证券简称：海天味业 公告编号：2025-052 佛山市海天调味食品股份有限 ...

FF301 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10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11月4日 | 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 ...

Core Insights - The company reported a revenue of approximately RMB 6.398 billion for Q3 2025, representing a year-on-year increase of 2.48% [1] - The net profit for the same period was around RMB 1.408 billion, showing a year-on-year growth of 3.4% [1] - Basic earnings per share were recorded at RMB 0.24 [1] Financial Performance - For the first three quarters, the company achieved a revenue of approximately RMB 21.628 billion, which is a year-on-year increase of 6.02% [1] - The net profit for the first three quarters was about RMB 5.322 billion, reflecting a year-on-year growth of 10.54% [1]

Core Viewpoint - Haitan Flavor Industry (03288) reported a revenue of 21.628 billion yuan for the first three quarters, reflecting a year-on-year growth of 6.02% and a net profit attributable to shareholders of 5.322 billion yuan, which represents a year-on-year increase of 10.54% [1] Financial Performance - The company achieved an operating income of 21.628 billion yuan, marking a 6.02% increase compared to the previous year [1] - The net profit attributable to shareholders reached 5.322 billion yuan, showing a growth of 10.54% year-on-year [1] - Basic earnings per share were reported at 0.94 yuan [1]