Group 1: Market Performance - On December 10, A-shares rebounded with slight gains in the consumer sector, as the Consumer ETF (159928) rose by 0.25% with a total trading volume of 399 million yuan [1] - The Consumer ETF (159928) saw a net inflow of over 170 million yuan in the past 10 days, and as of December 9, its latest scale exceeded 20.5 billion yuan, leading its peers significantly [1] Group 2: Economic Indicators - The National Bureau of Statistics reported that consumer spending continues to recover, with the Consumer Price Index (CPI) slightly decreasing by 0.1% month-on-month and increasing by 0.7% year-on-year. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year [3] Group 3: Real Estate and Alcohol Industry - Real estate stocks showed unusual upward movement in the afternoon, with a leading real estate company nearing a trading limit, influenced by recent mortgage-related news [6] - In the alcohol sector, the price of 25-year Flying Moutai bottles dropped to 1,500 yuan, a decrease of 15 yuan from the previous day. The wholesale reference price for the original box remained unchanged at 1,520 yuan [6] Group 4: Valuation and Investment Opportunities - The valuation of the Consumer ETF (159928) remains attractive, with a TTM price-to-earnings ratio of 19.32, which is at the 2.84% percentile over the past decade, indicating it is cheaper than 97% of the historical time [8] - The white liquor sector is facing price pressure, with high inventory and weak demand challenges. However, the current adjustment in stock prices has reflected pessimistic expectations, suggesting long-term investment value [10] Group 5: Consumer Trends - There is a growing emphasis on expanding service consumption, which is expected to accelerate as China's GDP per capita exceeds 13,000 USD. This shift indicates significant growth potential in sectors like culture, leisure, and health [11] - Recent data shows positive trends in consumer spending, with notable increases in luxury goods sales and hotel industry performance, indicating a recovery in consumer sentiment [12]

Core Viewpoint - Pop Mart's stock price has significantly declined, dropping 44% from its August peak, leading to a market value loss of over 200 billion HKD, comparable to a major company like Haitian Flavoring and Food [1][2] Stock Performance - In the last seven trading days, Pop Mart's stock has only seen two days of gains, with significant declines on other days, reflecting a market capitalization reduction of over 40% since the peak on August 29 [1][2] - The stock was initially listed at 80 HKD per share in late 2020, fell below 10 HKD in late 2022, and reached a high of 339.8 HKD on August 29, 2025 [1] Market Concerns - Concerns have arisen regarding Pop Mart's sales performance during the upcoming Black Friday promotions in the U.S., with expectations that the market interest in new products may not meet previous levels [2][4] - The premium on hidden versions of products has decreased by over 50%, and regular versions are selling below official retail prices on secondary markets [4] Growth and Revenue Projections - Deutsche Bank's report indicates that while there is a strong growth driven by the Labubu IP, there are significant risks related to supply and demand imbalances [5] - Two contrasting scenarios for future growth have been proposed: one predicting a 20% decline in domestic revenue and a 10% decline in overseas revenue by 2026, and another forecasting a 30% increase in domestic revenue and a 50% increase in overseas revenue [5] Business Model and Strategy - Pop Mart has successfully transitioned from a retail company to an IP incubation operation, creating a matrix of popular IPs, including Labubu and Crybaby [8][10] - The company has increased its production capacity from an average of 10 million units per month to 50 million units by the end of the year, significantly boosting revenue and profit [9][10] Challenges of Mass Production - The rapid expansion of production capacity may dilute the brand's appeal, as products that were once scarce become widely available, potentially transforming them into mass-market items [10][11] - The company is advised to shift from explosive growth to sustainable growth, emphasizing the importance of maintaining the "cool" and "scarcity" attributes of its products [12][13] Comparison with Disney - Pop Mart's business model is still in its early stages compared to Disney, which has diversified into entertainment, sports, and experiential sectors, generating substantial revenue [15][18] - Disney's success is attributed to its ability to create emotional connections through IP and monetize them across various platforms, a strategy that Pop Mart has yet to fully adopt [19][20] Future Directions - To evolve into a "emotional consumption ecosystem," Pop Mart needs to explore new markets and develop business areas closely related to its core IPs, moving beyond just selling toys [20][21][22]

Core Viewpoint - GIC Private Limited has increased its stake in Haitian Flavoring and Food Company Limited (603288) to 13.09% by purchasing 297,700 shares at a price of HKD 32.0822 per share, totaling approximately HKD 9.5509 million [1] Group 1 - GIC Private Limited acquired 297,700 shares of Haitian Flavoring and Food Company Limited on December 4 [1] - The total investment made by GIC Private Limited amounts to approximately HKD 9.5509 million [1] - Following the acquisition, GIC Private Limited's total shareholding in Haitian Flavoring and Food Company Limited reached 38,107,800 shares [1]

Group 1 - The food and beverage sector is experiencing a significant pullback, with the Food ETF (515710) down 1.35% as of the latest report [1] - Major stocks in the sector, particularly in the liquor category, are seeing substantial declines, with Luzhou Laojiao and Gujing Gongjiu both dropping over 3% [1] - The recent launch of a commemorative product by Kweichow Moutai, priced at 11,000 yuan per bottle, sold out quickly, indicating strong demand in a specific consumer group [2][3] Group 2 - Analysts highlight that the rapid sellout of the commemorative liquor reflects the brand's strong market appeal and pricing power, serving as a barometer for the high-end liquor market [3] - Kweichow Moutai maintains a strong brand barrier and a solid business model, with expectations for stable growth during the 14th Five-Year Plan period [3] - The Food ETF (515710) has Kweichow Moutai as its largest holding, accounting for 14.89% of the fund's assets as of Q3 2025 [4] Group 3 - The valuation of the food and beverage sector is currently at a historical low, suggesting a potential opportunity for investment [4] - The price-to-earnings ratio for the Food ETF's underlying index is 20.15, placing it in the lower 5.48% of the past decade [4] - Analysts recommend focusing on leading companies with stable demand and risk resilience, as well as those actively pursuing new channels and high-growth opportunities [6]

Core Viewpoint - Haitan Flavor Industry (03288) has seen a stock price increase of 2.14%, reaching HKD 32.46, with a trading volume of HKD 60.48 million, following the announcement of a board meeting scheduled for December 18, 2025, to consider a special dividend and a shareholder return plan for the next three years (2025-2027) [1] Group 1 - The board meeting will discuss the proposal for a special dividend and the future shareholder return plan [1] - The announcement indicates the company's commitment to enhancing shareholder returns, which is viewed positively by the market [1] - Morgan Stanley anticipates an increase in the company's regular dividend payout ratio, with expected dividends of RMB 0.86 and RMB 0.96 per share for 2025 and 2026, respectively, suggesting potential for upward adjustments [1]

Core Viewpoint - Haitian Flavor Industry (03288.HK) saw an increase of over 2%, with a current price of 32.46 HKD and a trading volume of 60.48 million HKD [1] Group 1 - The stock price of Haitian Flavor Industry rose by 2.14% [1] - The current trading price is reported at 32.46 HKD [1] - The total trading volume reached 60.48 million HKD [1]

Core Viewpoint - Haitan Flavor Industry (03288) has seen a stock price increase of 2.14%, reaching HKD 32.46, with a trading volume of HKD 60.48 million, following the announcement of a board meeting to consider a special dividend and a shareholder return plan for 2025-2027 [1] Group 1 - The board meeting is scheduled for December 18, 2025, to discuss the proposal for a special dividend and the future three-year shareholder return plan [1] - The announcement indicates that the proposals may not necessarily be approved by the board, advising shareholders and potential investors to act cautiously when trading the company's shares [1] - Morgan Stanley views this news as a positive surprise for the market, reflecting the company's commitment to enhancing shareholder returns [1] Group 2 - Morgan Stanley anticipates an increase in the company's regular dividend payout ratio, with market expectations for dividends per share of RMB 0.86 and RMB 0.96 for 2025 and 2026, respectively, suggesting potential for upward adjustments [1]

Core Viewpoint - Haitian Flavor Industry (603288) announced a board meeting on December 18, 2025, to consider a special dividend and a shareholder return plan for the next three years (2025-2027) [1] Group 1: Stock Performance - Haitian Flavor Industry's stock rose by 2.14%, trading at HKD 32.46, with a transaction volume of HKD 60.48 million [1] Group 2: Market Reaction - Morgan Stanley views the announcement as a positive surprise, indicating the company's commitment to enhancing shareholder returns [1] - The market anticipates an increase in the regular dividend payout ratio, with expected dividends of RMB 0.86 and RMB 0.96 per share for 2025 and 2026, respectively, suggesting potential for upward adjustments [1]

Group 1 - The company, Foshan Haitian Flavoring Food Co., Ltd., will hold a board meeting on December 18 to consider the proposal for a special dividend [1] - The board will also review and approve the shareholder return plan for the years 2025 to 2027 [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。 由於前述議案未必一定會獲董事會批准，故本公司股東及潛在投資者於買賣本公 司股份時務請審慎行事。 佛山市海天調味食品股份有限公司 董事會 香港，2025年12月8日 於本公告日期，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。 （股份代號：3288） 董事會會議召開日期 及 建議派發特別股息 佛山市海天調味食品股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董 事會會議（「董事會會議」）將於2025年12月18日（星期四）舉行，藉以（其中包括） (1)考慮建議派發特別股息（「特別股息」）及(2)審議及批准本公司未來三年（2025 年－2027年）股東回報規劃。 經於董事會會議上批准後，本公司將於董事會會議後另行刊發公告，以載列特別 股息之詳情（如有）。 FOSHAN HAITIAN ...