北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 关于佛山市海天调味食品股份有限公司 差异化分红之法律意见书 佛山市海天调味食品股份有限公司： 本所受贵公司的委托并根据《中华人民共和国公司法》（以下称《公司法》）、 《中华人民共和国证券法》（以下称《证券法》）、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》（以下称《自律监管指引第 7 号》）等有关 法律、法规和其他规范性文件以及《佛山市海天调味食品股份有限公司公司章程》 （以下称《公司章程》）的规定,就贵公司 2024 年度利润分配涉及的差异化分红 （以下称本次差异化分红）相关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师审查了与本次差异化分红相关的文件 及资料，并已得到贵公司以下保证：贵公司已经提供了本所为出具本法律意见书 所必需的原始书面材料、副本材料、复印材料、确 ...

佛山市海天调味食品股份有限公司2024年年度 权益分派实施公告 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： 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会审议通过。 证券代码：603288 证券简称：海天味业 公告编号：2025-025 二、 分配方案 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/6/4 | － | 2025/6/5 | 2025/6/5 | 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》 ...

Core Viewpoint - Haitan Flavor Industry (603288) is set to go public in Hong Kong, aiming to raise at least $1.5 billion for R&D, capacity expansion, digital supply chain, and global market expansion, highlighting its strong market position and investor interest [1][2]. Company Overview - Haitan Flavor Industry has a rich history of over 400 years, originating from "Foshan Ancient Sauce Garden" and evolving into a leading player in China's condiment industry [3][4]. - The company has a comprehensive product range, including soy sauce, oyster sauce, and various other condiments, with over 1,450 SKUs and a significant number of high-revenue products [5]. Financial Performance - The company reported revenues of approximately 25.61 billion, 24.56 billion, and 26.90 billion RMB for 2022, 2023, and 2024 respectively, with a projected growth rate of 9.53% for 2024 [6]. - Net profits for the same years were around 6.20 billion, 5.64 billion, and 6.36 billion RMB, with a growth rate of 12.65% expected for 2024 [6]. - Haitan Flavor Industry maintains a healthy financial structure with a cash flow of 6.84 billion RMB and a low debt ratio of 23.1% [6][7]. Market Position - The global condiment market is projected to reach 2,143.8 billion RMB by 2024, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2029, driven by stable demand and consumption upgrades [8][9]. - Haitan Flavor Industry holds a leading market share in various segments, including 13.2% in the soy sauce market and 40.2% in the oyster sauce market in China [10]. Industry Challenges - The company faces increasing competition from other leading brands and rising raw material costs, which could impact profit margins [11].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of Rmb50.40, indicating an expected upside from the current price of Rmb44.78 [2][5]. Core Insights - The company is expected to achieve stable short-term operations while solidifying its long-term competitive strength through product upgrades and new product penetration [3][10]. - Revenue projections for 2025, 2026, and 2027 are Rmb29.7 billion, Rmb32.8 billion, and Rmb36.3 billion, respectively, with year-on-year growth rates of 10%, 11%, and 11% [13]. Summary by Sections Revenue and Profit Forecast - Revenue for the fiscal year ending December 2024 is projected at Rmb26.9 billion, with a growth rate of 9.5%. For 2025, revenue is expected to increase to Rmb29.7 billion, reflecting a 10.4% growth [8]. - Net profit for 2024 is estimated at Rmb6.4 billion, with a growth rate of 12.8%. The net profit is projected to reach Rmb7.0 billion in 2025, representing a 10.6% increase [8]. Product Development and Market Strategy - The company will focus on upgrading classic product categories such as soy sauce and oyster sauce while expanding into health-oriented products like organic and low-salt options. New product categories have shown significant growth, with revenue increases of 16.8% and 20.8% for cooking wine and vinegar, respectively [3][9]. - The company is transitioning from extensive development to refined operations, aiming for full category coverage [9]. Supply Chain and Sales Network - A flexible supply chain transformation is underway to adapt to diverse channel demands, enhancing the company's market share through improved cost control and responsiveness to customized demands [10][11]. - Online sales channels have shown remarkable growth, achieving Rmb1.24 billion in revenue for 2024, a year-on-year increase of 39.8%, which is significantly better than the overall company performance [10]. International Expansion - The company's listing on the Hong Kong Stock Exchange supports its internationalization strategy, with a focus on steady overseas market expansion and localized business strategies [12][5]. Financial Metrics - The projected diluted EPS for 2025 is Rmb1.26, with a P/E ratio of 36X, decreasing to 29X by 2027 [8][13].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of Rmb 50.40, indicating a potential upside from the current price of Rmb 44.78 [2][5]. Core Insights - The company is expected to achieve stable short-term operations while solidifying its long-term competitive strength through product upgrades and new product penetration [3][10]. - Revenue forecasts for 2025, 2026, and 2027 are projected at Rmb 29.7 billion, Rmb 32.8 billion, and Rmb 36.3 billion, respectively, with year-on-year growth rates of 10%, 11%, and 11% [13]. Summary by Sections Revenue and Profit Forecast - Revenue for the company is projected to grow from Rmb 26.9 billion in 2024 to Rmb 36.3 billion by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [8][13]. - Net profit is expected to increase from Rmb 6.4 billion in 2024 to Rmb 8.7 billion in 2027, reflecting a consistent growth rate of around 11% annually [8][13]. Product Development and Market Strategy - The company will focus on upgrading classic product categories such as soy sauce and oyster sauce while also expanding into health-oriented products like organic and gluten-free options [3][9]. - New product categories, including cooking wine and vinegar, have shown significant growth, with year-on-year revenue increases of 16.8% and 20.8% in early 2025 [3][9]. Supply Chain and Sales Network - The company is transforming its supply chain to enhance flexibility and responsiveness to market demands, which is expected to improve market share [10][11]. - Online sales channels have seen a remarkable growth of 39.8% year-on-year, contributing to a more robust sales network [10][11]. International Expansion - The company's listing on the Hong Kong Stock Exchange supports its internationalization strategy, with plans to tap into overseas markets with strong demand for condiments [12][5]. Financial Metrics - The projected P/E ratios for the company are 36X for 2025, 32X for 2026, and 29X for 2027, indicating a favorable valuation compared to industry peers [13].

Core Viewpoint - Haitian Flavor Industry is pursuing a secondary listing on the Hong Kong Stock Exchange to address growth bottlenecks in the domestic market and to tackle challenges related to brand trust and international competition [1][2]. Group 1: Reasons for Secondary Listing - The secondary listing is driven by dual motivations: "valuation repair" and "strategic restructuring" [2]. - In 2024, Haitian's revenue reached 26.901 billion yuan, a year-on-year increase of 9.53%, while the domestic seasoning industry growth rate slowed to 1.3% [2]. - Following the "double standard incident" in 2021, Haitian's market value dropped over 60% from its peak of 700 billion yuan, although its stock price rebounded by 23% in 2024 [2]. - The price-to-earnings ratio (PE) has decreased from a historical high of 65 times to 37 times [2]. - The Hong Kong market values consumer leaders based on long-term cash flow, and Haitian aims to present itself as a "global food group" to enhance its valuation [2]. - Despite being present in over 100 countries, overseas revenue accounted for only 4.01% in 2024, significantly lower than competitors like Lee Kum Kee, which has over 50% [2]. - The new chairman has set a goal to double overseas revenue in three years, with plans to establish factories and acquire local brands in Vietnam and Indonesia [2]. - The company aims to raise 1 billion USD (approximately 7 billion yuan) to support supply chain development in Southeast Asia, international certifications, and brand promotion [2]. Group 2: Challenges Ahead - Haitian must overcome three significant challenges in its Hong Kong journey [4]. - The first challenge is rebuilding brand trust, as concerns about the safety of Chinese food products persist, highlighted by past incidents like the removal of Haitian products from Singapore supermarkets [4]. - The second challenge involves localizing products for overseas markets, as the strong regional characteristics of seasonings pose difficulties; for instance, Japanese soy sauce has a penetration rate of less than 3% in Europe and the U.S. [4]. - The company faces consumer resistance to its high-salt soy sauce, which contains 15%-18% salt, exceeding the average acceptance level of 10% in Western markets [4]. - The third challenge is compliance with stricter regulations, such as the EU's revised arsenic content standard for soy sauce, which is 2.3 times stricter than China's [4]. - Haitian will need to invest 200 million yuan to upgrade its filtration processes, leading to an estimated 5% increase in production costs [4]. Conclusion - The secondary listing is not an endpoint but a starting point for Haitian's global expansion [5]. - The short-term valuation recovery will depend on its ESG performance and overseas revenue growth, which is expected to reach 1.5 billion yuan [5]. - The long-term success hinges on whether Haitian can become a "flavor translator" for global consumers as it expands beyond the Chinese market [5].

Group 1: McDonald's Expansion in China - McDonald's plans to open nearly half of its new restaurants in China this year, with over 90% of its raw materials sourced locally [2][4] - The company has over 7,000 restaurants in China and aims to continue its expansion in the market [2] Group 2: Mousse Cake Brand Mùsānshān Controversy - The brand Mùsānshān, which has opened 800 stores in one year, faces controversy over selling pre-made frozen cakes as freshly made, infringing on consumer rights [4][5] - Mùsānshān's products are priced between 98 to 398 yuan, with most stores being partnerships rather than direct ownership [5] Group 3: Huǒshànghuǒ's Store Expansion Goals - Huǒshànghuǒ aims to increase the proportion of high-potential stores in its expansion strategy, focusing on both deepening existing markets and exploring new ones [6] - The company targets a revenue of 2.1 billion yuan and a net profit of 145 million yuan for the year 2025 [6] Group 4: Haitian Flavor Industry's IPO Plans - Haitian Flavor Industry is evaluating investor demand for a potential IPO on the Hong Kong Stock Exchange, aiming to raise approximately $1 billion [7] Group 5: Tims Coffee and Sinopec Partnership - Tims Coffee has ceased operations at all five cooperative stores with Sinopec in Shandong, transitioning to "Yijie Coffee" branding [8] Group 6: Cha Baidao's New Store Concept - Cha Baidao has launched its first handmade store "Cha Baidao·Tàn Chuān Mì Yǐn" in Chengdu, featuring a unique day-to-night concept with a focus on tea and alcohol [9]

Group 1 - The main consumption index (000932) has shown a slight increase of 0.14% as of May 27, 2025, with notable gains in stocks such as Yanjing Beer (2.89%) and Angel Yeast (2.85%) [1] - The major consumption ETF (159672) has risen by 4.04% over the past three months, indicating a positive trend in consumer sector investments [1] - Huatai Securities expresses optimism regarding the food and beverage industry during the economic transition towards consumption, supported by clear policies and steady growth in retail sales [1] Group 2 - The major consumption ETF closely tracks the main consumption index and is categorized into 11 primary and 35 secondary industries, providing a comprehensive analysis tool for investors [2] - Since its inception, the major consumption ETF has achieved a maximum monthly return of 24.35% and an average monthly return of 5.36% [2] - The current price-to-earnings ratio (PE-TTM) of the major consumption index is 19.75, indicating a valuation lower than 95.63% of the past year, suggesting historical low valuations [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the main consumption index account for 67.16% of the total index, with Yili (10.39%) and Kweichow Moutai (10.39%) being the largest contributors [3] - The top ten stocks include notable companies such as Wuliangye and Moutai, reflecting the concentration of market weight in a few key players [3][5]

Group 1 - A-share companies are increasingly pursuing dual listings in Hong Kong, with notable firms like CATL, Heng Rui Medicine, and Weir Semiconductor leading the trend [1][2] - The recent IPOs in Hong Kong include Heng Rui Medicine raising 9.89 billion HKD, marking the largest pharmaceutical IPO of the year, and CATL raising 35.657 billion HKD, the largest global IPO this year [2][4] - Companies are motivated by the desire to enhance their international presence and connect with global capital markets, as seen in statements from SANY Heavy Industry and Haitian Flavoring [3] Group 2 - The Hong Kong IPO market has seen a significant increase in fundraising, with over 76 billion HKD raised this year, a sevenfold increase compared to the same period last year [4] - The influx of A-share companies into the Hong Kong market is expected to improve the market's industry structure and enhance its attractiveness as an international financial center [4]

日前，54家佛山A股上市企业已全部披露2024年年报及报告期内支付给董监高的薪酬。谁是佛山最 强"金领"？相关企业年报透露了答案。 同花顺i问财数据显示，2024年，佛山54家A股上市公司合计为董事长们发放了8874.47万元薪酬，人均 薪酬达到167.44万元。 其中，美的集团董事长方洪波继续蝉联佛山年薪最高的A股上市公司董事长，去年年薪达到1378万元， 比2023年还涨了24万元。 | 序号 | - | 股票代码 | 营业总收入(元) 7 股票简称 | 所属同花顾行业 2024.12.31 | 童事长薪酬(元)。董事长姓名 | | | --- | --- | --- | --- | --- | --- | --- | | 1 | | 000333 | 美的集团 | 4.090.84 Z 家用电器-白色家电-空调 | 1,378.00万 | 方洪波 | | 2 | | 603288 | 海天味亚 | 269.01亿 食品饮料-食品加工制造-调味发酵品 | 913 48万 | 程雷 | | 3 | | 002611 | 东方精工 | 47.78亿 机械设备-专用设备-印刷包装机械 | 435.07万 | 唐 ...