Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 50 yuan [1][5]. Core Views - The company achieved a total operating revenue of 26.901 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders reached 6.344 billion yuan, up 12.8% year-on-year. The fourth quarter of 2024 saw a revenue of 6.502 billion yuan, with a 10.0% year-on-year growth and a net profit of 1.529 billion yuan, increasing by 17.8% year-on-year [5][6]. - The company plans to distribute a cash dividend of 8.6 yuan per 10 shares, totaling 4.773 billion yuan, which corresponds to a dividend yield of 2.1% [5]. - The company is expected to continue its upward trend in 2025, with revenue growth projected to remain close to double digits, driven by improvements in management, channels, products, and strategies [5][6]. Financial Summary - Total revenue for 2024 is projected at 26.901 billion yuan, with a year-on-year growth rate of 9.5%. For 2025, revenue is expected to reach 29.595 billion yuan, reflecting a growth rate of 10.0% [6]. - The net profit for 2024 is estimated at 6.344 billion yuan, with a growth rate of 12.8%. The forecast for 2025 is a net profit of 7.031 billion yuan, indicating a growth rate of 10.8% [6]. - The earnings per share (EPS) for 2024 is projected at 1.14 yuan, with estimates of 1.26 yuan for 2025 and 1.39 yuan for 2026 [6][7]. Market Performance - The company has shown resilience in a challenging market environment, with significant growth in both offline and online sales channels. Offline revenue grew by 8.9%, while online sales surged by 39.8% year-on-year [5][6]. - The company has successfully increased its number of distributors, adding 116 new distributors to reach a total of 6,707, indicating a recovery in its expansion strategy [5][6]. Cost and Profitability - The gross profit margin for 2024 was 37.0%, an increase of 2.3 percentage points year-on-year, attributed to lower raw material costs and improved production efficiency [5][6]. - The net profit margin for 2024 was recorded at 23.6%, reflecting a year-on-year increase of 0.7 percentage points [5][6].

Core Insights - Haitai Flavor Industry (603288) reported a comprehensive growth in its 2024 annual performance, achieving record highs in revenue, net profit, and category sales value despite industry challenges [2] - The company generated revenue of 26.9 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% from the previous year [2] - Haitai's R&D investment reached a historical high of 840 million yuan, representing 3% of its annual revenue, with a cumulative investment of 3.8 billion yuan over the past five years [2] R&D and Technological Advancements - Haitai has made significant breakthroughs in core areas such as fermentation technology, strain selection, brewing equipment, and testing technology, establishing a global leading technological advantage [2] - The company was recognized as the world's first and only "Lighthouse Factory" for soy sauce brewing, a prestigious accolade in the field of smart manufacturing [2] - Haitai employs AI, IoT, and big data technologies to integrate traditional brewing processes with advanced digital technologies, facilitating a transition from experience-driven to data-driven production [2] Product Innovation and Market Strategy - Haitai's substantial R&D investment has bolstered its product competitiveness, leading to a comprehensive product matrix that includes organic, low-sodium, and "special dietary" series [3] - The company's health-oriented products align with China's "Healthy China" strategy and have received multiple international certifications, including organic certifications from China, Europe, and the U.S. for its organic soy sauce and yellow soybean paste [3] - The company aims to continue its innovation-driven approach to serve global consumers, promoting Chinese flavors worldwide while incorporating global delicacies into its offerings [3]

Core Insights - Haidilao achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year, indicating strong performance despite underlying challenges [1] Group 1: Revenue Growth and Market Competition - Revenue growth has slowed down, with a 9.53% increase in 2024 compared to a decline of 4.10% in 2023, but this is significantly lower than the growth rates of 9.71% in 2021 and 15.13% in 2020, suggesting weakened growth momentum in the seasoning market [4] - The company maintains a leading position in traditional categories such as soy sauce, oyster sauce, and seasoning sauces, but faces increasing competition from emerging and regional brands that are gradually eroding market share [4] - The company has not established a clear competitive advantage in the specialty seasoning sector, which may lead to future growth challenges [4] Group 2: R&D Investment and Technological Innovation - In 2024, R&D expenses amounted to 840 million yuan, accounting for 3.12% of total revenue, which, while still leading the industry, represents a decrease from 3.47% in 2023, indicating a reduction in investment in technological innovation [5] - Although the company has made breakthroughs in core fermentation technology, strain selection, and key brewing equipment, the efficiency of converting these technological achievements into marketable products needs improvement [6] - The application of AI bean face recognition technology and "smart nose" sensing systems has improved production efficiency and quality control, but consumer awareness of these technologies remains low, failing to significantly enhance brand premium [6] Group 3: Internationalization Strategy - The company's internationalization strategy has progressed slowly, with limited success in expanding overseas markets, despite plans to enhance international influence through a Hong Kong stock listing [7] - The primary market remains concentrated in China, with overseas revenue accounting for a very small proportion, highlighting a significant gap in brand internationalization and product localization compared to global seasoning giants [7] - Challenges such as cultural differences and policy risks must be effectively addressed to improve the effectiveness of overseas market expansion [7]

? 本期利润分配不会导致公司触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的 可能被实施其他风险警示的情形。 一、利润分配预案内容 （一）利润分配预案的具体内容 证券代码：603288 证券简称：海天味业 公告编号：2025-007 佛山市海天调味食品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 佛山市海天调味食品股份有限公司（以下简称"公司"）2024 年度利润分 配预案：每 10 股派发现金红利 8.60 元（含税）。 ? 本次利润分配股本以实施权益分派股权登记日登记的总股本扣除公司回购 专户中股份为基数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额 不变，相应调整每股分配比例，并将在相关公告中披露。 经毕马威华振会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日， 公司期末可供分配利润为人民币 11,512,976,806 ...

Group 1 - The company proposes to authorize the board of directors to determine the mid-term dividend plan for 2025, contingent upon certain conditions being met [1][2] - The mid-term cash dividend plan includes the authorization for the board to formulate, implement, and handle necessary matters related to the 2025 mid-term dividend [1][2] - The authorization period extends from the approval date at the 2024 annual shareholders' meeting until the completion of the 2025 mid-term dividend implementation [2] Group 2 - The board of directors and the supervisory board have approved the proposal to submit the authorization to the shareholders' meeting for review [2]

证券代码：603288 证券简称：海天味业 公告编号：2025-006 佛山市海天调味食品股份有限公司 第六届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 监事会会议召开情况 佛山市海天调味食品股份有限公司（以下称"公司"）第六届监事会第四次 会议通知于 2025 年 3 月 21 日以书面方式送达全体监事，会议于 2025 年 4 月 2 日在佛山市禅城区文沙路 16 号中区办公楼 4 楼会议室以现场表决方式召开。本 次会议应出席监事 3 人，实际出席 3 人。本次会议由公司监事会主席陈敏主持。 本次会议的召集、召开和会议程序符合有关法律、行政法规、部门规章、规范性 文件及《公司章程》的规定。 二、监事会会议审议情况 表决结果：3 票同意；0 票反对；0 票弃权。议案获通过。 议案内容详见登载于上海证券交易所网站 www.sse.com.cn 的《海天味业 本议案需提交公司股东大会审议。 公司监事会在全面审阅公司 2024 年年度报告后，发表如下审核意见： 表决结果：3 票同意；0 票反对； ...

佛山市海天调味食品股份有限公司 会议材料 证券代码：603288 佛山市海天调味食品股份有限公 司 2024 年年度股东 大会会议材料 议案九：公司关于提请股东大会授权董事会决定 2025 年中期分红方案的议案 佛山市海天调味食品股份有限公司 2024 年年度股东大会会议材料 佛山市海天调味食品股份有限公司 为维护投资者的合法权益，保障股东在公司 2024 年年度股东大会期间依法行 使权利，确保股东大会的正常秩序和议事效率，根据《中华人民共和国公司法》 《佛 山市海天调味食品股份有限公司章程》 《佛山市海天调味食品股份有限公司股东大 会议事规则》的有关规定，特制定本须知： 一、请按照本次股东大会会议通知（详见 2025 年 4 月 3 日刊登于上海证券交 易所网站（www.sse.com.cn）的《海天味业关于召开 2024 年年度股东大会的通知》） 中规定的时间和登记方法办理参加会议手续，证明文件不齐或手续不全的，谢绝 参会。 二、本公司设立股东大会秘书处，具体负责大会有关各项事宜。 三、本次股东大会以现场投票、网络投票召开。 四、股东参加股东大会依法享有发言权、质询权、表决权等权利，同时也应 履行法定义务 ...

证券代码：603288 证券简称：海天味业 公告编号：2025-017 佛山市海天调味食品股份有限公司 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 召开地点：广东省佛山市禅城区文沙路 21 号之一 4 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 9 日 至 2025 年 5 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关 ...

| | 占用方与 | | | | 2024 年度占用 | | 2024 年度占用 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金占用方 | | | 上市公司核算 | 2024 年期初 | | | | | 2024 年度偿还 | | 2024 年期 | | 末 | | | | | | | | | | | | | 非经营性资金占用 | | 上市公司的 | | | | 累计发生金额 | | 资金的利 | | | | | 息 | | | 占用形成原因 | 占用性质 | | | | | | | | | 名称 | | | 的会计科目 | 占用资金余额 | | | | | 累计发生金额 | | 占用资金余额 | | | 关联关系 | | | | (不含利息) | | (如有) | | | | | | 现大股东及其附属企业 | 无 | | 不适用 | 不适用 | - | | - | - | - | | - | | 不适用 不适用 | | | | | | | | | | | | | 小 | | | ...

证券代码：603288 证券简称：海天味业 公告编号：2025-013 佛山市海天调味食品股份有限公司 与广东海天商业保理有限公司 （一）关联方关系介绍 海天保理为公司控股股东广东海天集团股份有限公司的全资子公司，根据 《上海证券交易所股票上市规则》规定，海天保理为公司的关联方，本次交易 构成了关联交易。 进行关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、关联交易概述 公司第五届董事会第三次会议和 2022 年度股东大会审议通过了《公司拟与广东 海天商业保理有限公司进行关联交易的议案》，公司与海天保理签订合作协议。 公司根据供应商在海云信平台的申请，向供应商开具海诺单。供应商可以根据自 身资金需求选择将海诺单持有至到期收款、或转让至上游供应商、或转让至海天 保理进行融资。公司对开具的海诺单履行到期付款义务。该合作协议有效期为两 年，将于 2025 年 5 月到期。 公司拟于海天保理续签协议，新协议有效期两年，在协议有效期内公司在海 云信平台开具的海诺单最高余额不超过人民币 10 亿元。 公 ...