Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 50 CNY / 50 HKD, compared to the current price of 41.73 CNY [1][7]. Core Views - The company is recognized as a high-quality consumer stock that has successfully navigated through various economic cycles, demonstrating strong operational and adjustment capabilities. The report emphasizes the company's comprehensive optimization efforts and the positive outlook for its growth trajectory in 2025, with expected revenue growth of around 10% [1][11]. Summary by Sections 1. Operational Foundation - The company has undergone a full-scale optimization process, driven by a solid business model and management mechanism. The current operational state is strong, indicating a restart of the expansion cycle. Key adjustments include channel and product strategies, with a focus on enhancing profitability and product structure [1][6]. - The management team has improved morale and operational efficiency, leading to a positive feedback loop in business performance. The company is expected to achieve approximately 10% growth in 2025 [1][6][31]. 2. Long-term Growth Path - The company aims to maintain a baseline of market share for existing products while exploring new product opportunities for growth. The long-term revenue growth is projected to approach 10%, driven by three main sources: continued market share gains in core products, significant growth in specialty condiments, and expansion into overseas markets [1][5][7]. - The report suggests a cautious approach to growth expectations, focusing on sustainable and certain growth rather than aggressive targets [1][6]. 3. Valuation Discussion - The report discusses the potential for a revaluation of core assets in a low-interest-rate environment, suggesting that the company deserves a higher valuation premium due to its strong business model and predictable growth in market share. Comparisons with global peers indicate that the company's current valuation is reasonable, with potential for upward movement [1][6][7]. - The report estimates future earnings per share (EPS) for 2025-2027 at 1.29, 1.43, and 1.58 CNY, corresponding to price-to-earnings (PE) ratios of 32, 29, and 26 times, respectively [5][7]. 4. Investment Recommendations - The report concludes with a positive short-term outlook, indicating that the company's operational turnaround is underway, with a clear upward trend and potential catalysts from new products and international expansion. The long-term perspective remains strong, reinforcing the recommendation to "Buy" [1][7][11].

据悉，公司预期定价日为6月17日，发售价将为每股发售股份35.00~36.30港元，中金公司（601995）、 高盛及摩根士丹利为联席保荐人。此次IPO引入高瓴资本、新加坡政府投资公司（GIC）、瑞银资管、 加拿大皇家银行、中信产业基金、红杉、博裕等8家基石投资者，认购金额近47亿港元。 海天味业在公告中表示，本次募集资金将主要用于支持主营业务发展，重点投入产能扩建、技术研发、 市场拓展及品牌建设等方面。其中，所得款项净额约20%将用于建立全球品牌形象、拓展销售渠道以及 提升海外供应链能力，以提升海天味业的全球影响力。 6月11日，海天味业（603288）正式开启招股，预计于6月19日在香港联交所主板挂牌上市，股票代码为 06796.HK。此次发行意味着消费领域"A+H"上市公司将再添一员。 从财务表现看，2014年A股上市至今，海天味业营收从98亿元增长至269亿元，增幅达174%。2025年一 季度，海天味业营收为83.15亿元，同比增长8.08%；归母净利润为22.02亿元，同比增长14.77%；扣非 净利润为21.47亿元，同比增长15.42%。 海天味业是一家以酱油、蚝油、调味酱为核心产品的调味品龙 ...

点评：海天味业启动招股，计划筹资超90亿港元，显示其扩展国际市场的决心。作为调味品龙头，其品 牌与市场份额优势明显，此次上市将增强国际竞争力并推动业务创新。基石投资者的参与提振市场信 心，但投资者也需关注二级市场波动风险。 每经记者｜舒冬妮 每经编辑｜张益铭 ｜2025年6月12日 星期四｜ NO.1 海天味业启动招股 海天味业计划于2025年6月11日至16日招股，拟全球发售2.63亿股H股，其中香港公开发售占6%，国际 发售占94%，并有15%的超额配股权。每股发售价35至36.3港元，预期于6月19日在联交所上市。此次H 股发行引入了源峰基金、佛山发展等多家基石投资者，基石投资总额达5.95亿美元。若按中间价35.65港 元计算，预计全球发售所得款项净额约92.71亿港元。 点评：云南旅游连亏四年，经营压力持续加大，董事减持计划进一步凸显公司面临的困境。尽管此次减 持比例较小，但可能引发市场对公司治理和未来发展的担忧，短期内或加剧股价波动。投资者需关注公 司后续的经营改善措施，以及潜在的市值管理动作，以评估其长期投资价值。 NO.4 知情人士称泡泡玛特年初已扩产能 据媒体记者从知情人士处获悉，随着IP（ ...

Core Viewpoint - Haitian Flavor Industry has officially launched its global public offering, planning to issue 263,237,500 shares with a price range set between HKD 35.00 and HKD 36.30, expected to be listed on the Hong Kong Stock Exchange on June 19, 2025 [1][3]. Offering Details - The company plans to publicly offer 15,794,300 shares in Hong Kong, accounting for approximately 6.00% of the total offering, while 247,443,200 shares will be offered internationally, making up about 94.00% of the total [3]. - The company may issue an additional 39,485,600 shares if the overallotment option is not exercised, or up to 41,854,700 shares if the option is fully exercised, leading to a maximum total of 320,886,400 shares available for global offering [3]. Cornerstone Investors - Haitian Flavor Industry has secured cornerstone investment agreements with several entities, including HHLRA, GIC, and UBS AM, committing to purchase shares worth approximately USD 595 million at the indicative price of HKD 35.65 per share, totaling around 131 million shares [4]. Financial Performance - The company reported a revenue of CNY 256.1 billion in 2022, a year-on-year increase of 2.42%, but faced a decline in net profit by 7.09% to CNY 61.98 billion [8]. - In 2023, the company experienced its first revenue decline in nearly a decade, with revenue dropping to approximately CNY 245.6 billion, a decrease of 4.10%, and net profit falling to about CNY 56.26 billion, down 9.21% [8]. - However, in 2024, the company rebounded with a revenue of CNY 269.01 billion, a year-on-year growth of 9.63%, and net profit reaching CNY 63.44 billion, up 12.75% [8]. Product Performance - The core product categories, including soy sauce, seasoning sauces, and oyster sauce, all saw revenue growth of nearly 10% year-on-year, with respective gross margin increases of 2.07%, 1.95%, and 4.69% [9]. - The "other" product category has also shown significant growth, with year-on-year increases of 32.61%, 19.35%, and 16.75% from 2022 to 2024, indicating the company's efforts to diversify its product offerings [10]. Strategic Significance - The IPO is seen as a strategic move to enhance the company's global presence and brand image, with plans to focus on markets with strong consumer bases and high demand for seasoning products [10]. - The company aims to utilize the proceeds from the global offering for product development, technological upgrades, capacity expansion, and enhancing its global supply chain capabilities [5].

Core Viewpoint - Haitian Flavor Industry is set to launch its Hong Kong IPO on June 19, 2025, with a target fundraising of up to HKD 95.5 billion, reflecting strong market confidence in its future growth [1] Group 1: IPO Details - The company has initiated a global roadshow with a share price range set between HKD 35 and HKD 36.3, planning to issue 263 million H-shares [1] - Notable cornerstone investors, including Hillhouse HHLR Advisors and GIC Private Limited, have committed to purchasing shares worth USD 595 million, indicating robust investor interest [1] Group 2: Financial Performance - For 2024, Haitian Flavor reported a revenue of CNY 26.9 billion, a year-on-year increase of 9.53%, and a net profit of CNY 6.344 billion, up 12.75% [1] - In Q1 2025, the company achieved a revenue of CNY 8.315 billion, reflecting an 8% growth, and a net profit of CNY 2.202 billion, which is a 14.77% increase compared to the previous year [2] Group 3: Capital Management - The company plans to distribute cash dividends of CNY 4.773 billion to all shareholders and intends to invest up to CNY 10 billion in financial management, enhancing shareholder returns and optimizing financial structure [3] Group 4: Shareholding Structure - Haitian Flavor's actual controller, Pang Kang, and Guangdong Haitian Group collectively hold over 67% of the shares, ensuring absolute control over the company [4] Group 5: Industry Outlook - The upcoming IPO is seen as a significant milestone for the seasoning industry, with Haitian Flavor poised to lead market trends due to its product quality, brand strength, and distribution channels [5]

Core Viewpoint - Haitai Weiye has officially launched its global public offering on June 11, 2023, with a record high in cornerstone investor subscriptions, indicating strong market interest and confidence in the company [1] Company Summary - The IPO is set to list on the Hong Kong Stock Exchange on June 19, 2023, with a maximum offer price of HKD 36.3 per share, approximately RMB 33.3 per share, reflecting a discount of less than 25% [1] - The company plans to issue 263 million H-shares, with 247 million shares allocated for international offerings, accounting for 94% of the total, and cornerstone investors subscribing to 129 million shares, nearly 50% of the total [1] - Notable cornerstone investors include Hillhouse Capital and Singapore's GIC, with total subscriptions nearing HKD 4.7 billion, marking it as the third-largest cornerstone subscription for a Hong Kong IPO in 2023 [1] - Haitai Weiye, listed on A-shares in 2014, has seen revenue growth from RMB 9.8 billion to RMB 26.9 billion, a 174% increase [1] - The company leads the Chinese seasoning industry with a 4.8% market share in 2024, holding the top global sales for soy sauce and oyster sauce [1] - Haitai Weiye offers a comprehensive product matrix with over 1,400 SKUs, including seven products with annual sales exceeding RMB 1 billion [1] - The company is capitalizing on health trends with its organic and low-sugar/low-fat/low-salt product lines becoming star products [1] - Research and development investment is projected to reach RMB 840 million in 2024, with a cumulative investment exceeding RMB 3.8 billion over the past five years [1] - In early 2025, Haitai Weiye is expected to be recognized as the world's first "lighthouse factory" for soy sauce production [1] Industry Summary - Analysts view the IPO as a high-quality consumer sector offering in the Hong Kong market for 2023, highlighting strong competitive barriers and favorable financial performance [1] - The industry is undergoing transformation, presenting opportunities for growth within a "large industry, small leaders" framework, which provides ample growth space for companies like Haitai Weiye [1] - Experts indicate that the essential nature of the products combined with dual benefits positions Haitai Weiye to expand its market share and create long-term value for investors [1]

本报讯(记者李昱丞)港股市场再迎重磅IPO。6月11日，佛山市海天调味食品股份有限公司(以下简称"海 天味业（603288）")宣布正式启动全球公开发售，预计于6月19日在香港联交所主板挂牌并开始上市交 易。 目前海天味业拥有酱油、蚝油、调味酱等1400余个产品SKU，其中7个单品年销超10亿元，为行业"10亿 级单品"单品数量之最。 机构分析人士指出，当前中国调味品行业正经历结构性变革。一方面，国内市场竞争格局加速优化，行 业集中度持续提升；另一方面，随着中餐文化全球传播，国际市场需求快速扩容。对比美、日等成熟市 场，中国调味品行业集中度仍具显著提升空间。这种"大行业、小龙头"的格局，为海天味业这样的头部 企业提供了广阔的成长空间。 此次参与认购的基石投资者包括高瓴资本、新加坡政府投资公司GIC、瑞银资管、加拿大皇家银行、中 信产业基金、红杉、博裕等8家行业巨头、主权财富基金和顶级市场化机构，认购金额近47亿港元。此 次IPO成为2023年以来基石投资者认购规模第三大的港股IPO。 海天味业2014年A股上市至今，营收自98亿元增长至2024年的269亿元，增幅达174%，展现出了持续发 展能力。弗若斯特沙 ...

金十图示：2025年06月11日（周三）富时中国A50指数成分股午盘收盘行情一览：证券、石油行业走强，银行股涨跌不一 保险 R 中国人保 中国太保 中国平安 咖啡 3701.55亿市值 3417.15亿市值 9900.90亿市值 24.63亿成交额 5.07亿成交额 6.20亿成交额 35.52 54.37 8.37 +0.64(+1.83%) +0.94(+1.76%) +0.05(+0.60%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18645.12亿市值 2170.80亿市值 4846.96亿市值 29.50亿成交额 11.07亿成交额 7.71亿成交额 1484.25 177.94 124.87 +9.24(+0.63%) +0.48(+0.39%) +1.12(+0.63%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2226.12亿市值 3165.52亿市值 2519.64亿市值 7.68亿成交额 29.28亿成交额 9.26亿成交额 416.74 603.57 136.19 +1.68(+0.28%) -5.79(-4.08%) -0.26(-0.06%) 汽车整车 铁路公路 比亚迪 ...

Core Viewpoint - Haitian Flavor Industry Co., Ltd. is in the process of issuing H shares and listing on the Hong Kong Stock Exchange, with the announcement detailing the issuance price range and public offering schedule [1][4]. Group 1: H Share Issuance Details - The company plans to issue a total of 263,237,500 H shares, with 15,794,300 shares allocated for public offering in Hong Kong, representing approximately 6.00% of the total issuance [3]. - The international offering will consist of 247,443,200 shares, which may be adjusted based on demand and the exercise of over-allotment options [3]. - The maximum number of shares available for global issuance, including adjustments and over-allotment, could reach 320,886,400 shares [3]. Group 2: Pricing and Timeline - The preliminary price range for the H shares is set between HKD 35.00 and HKD 36.30 [3]. - The public offering in Hong Kong is scheduled to commence on June 11, 2025, and conclude on June 16, 2025, with the issuance price expected to be announced on June 18, 2025 [4]. - The H shares are anticipated to begin trading on the Hong Kong Stock Exchange on June 19, 2025 [4].

香港资本市场即将再迎重磅IPO。6月11日，海天味业（603288）宣布正式启动全球公开发售，预计于6 月19日在香港联交所主板挂牌并开始上市交易。 此次IPO不仅创下年内基石投资者认购规模新高，展现出国际资本对中国消费龙头的高度认可。 基石投资者阵容豪华，国际认购热情高涨 根据全球发售方案，海天味业此次招股最高发售价定为每股H股36.3港元，折合人民币约33.3元/股，折 价率很可能不到25%，显示出市场对其估值的强烈信心。 此次海天味业将发行2.63亿股H股。其中，国际发售（向香港及境外机构及专业投资者）初步按发售价 发售2.47亿股H股，约占发售股份总数的94%；基石投资者将认购1.29亿股H股，占发售股份总数的近 50%；香港公开发售（可供香港公众认购）为1,579万股H股。 海天味业通过完善的渠道网络和品牌影响力，成功将国内经验复制到全球市场，这种可复制的商业模式 为其持续增长提供了有力支撑。机构分析人士指出，当前中国调味品行业正经历结构性变革。一方面， 十年A股绩优，持续研发投入锻炼硬实力 源于A股表现，这家源自佛山古酱园的中华老字号一直被市场誉为"优等生"。2014年A股上市至今，营 收自98亿 ...