Core Viewpoint - The company reported a solid financial performance for the first half of 2025, with revenue and net profit showing positive year-on-year growth, indicating resilience in a challenging external consumption environment [1][2][3][4]. Financial Performance - For the first half of 2025, the company achieved revenue of 15.23 billion yuan, a year-on-year increase of 7.6%, and a net profit attributable to shareholders of 3.91 billion yuan, up 13.3% [1]. - In Q2 2025, the company recorded revenue of 6.91 billion yuan, reflecting a 7.0% year-on-year growth, and a net profit of 1.71 billion yuan, which is an 11.6% increase [1][2]. Product and Regional Performance - In Q2 2025, the main product categories experienced nearly double-digit growth, with soy sauce, seasoning sauce, oyster sauce, and other products generating revenues of 3.51 billion, 0.71 billion, 1.14 billion, and 1.22 billion yuan respectively, showing year-on-year growth rates of 10.3%, 9.6%, 9.8%, and 12.7% [2]. - Revenue by region in Q2 2025 was as follows: Eastern region 1.22 billion yuan (+12.8%), Southern region 1.45 billion yuan (+11.3%), Central region 1.42 billion yuan (+10.5%), Western region 1.66 billion yuan (+10.8%), and Northern region 0.82 billion yuan (+6.0%) [2]. Profitability and Cost Management - The company achieved a gross margin of 40.2% in Q2 2025, an increase of 3.9 percentage points year-on-year, driven by raw material cost advantages and improved production efficiency [3]. - The net profit margin and adjusted net profit margin for Q2 2025 were 24.8% and 24.1%, respectively, both showing year-on-year increases of 1.0 and 1.5 percentage points [3]. Shareholder Returns - The company plans to distribute a cash dividend of 1.52 billion yuan for the first half of 2025, resulting in a mid-term dividend payout ratio of 38.8% [4]. - Future revenue projections for 2025-2027 are 29.11 billion, 31.97 billion, and 34.94 billion yuan, with expected year-on-year growth rates of 8.2%, 9.8%, and 9.3% respectively [4].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by cost improvements and a focus on expanding market share despite increased competition and rising expenses [1][3]. Financial Performance - For 25H1, the company achieved revenue of 15.23 billion yuan, a year-on-year increase of 7.6%, with net profit attributable to shareholders at 3.91 billion yuan, up 13.3% [1]. - In 25Q2, revenue reached 6.91 billion yuan, reflecting a 7.0% year-on-year growth, while net profit was 1.71 billion yuan, increasing by 11.6% [1]. - The gross profit margin for 25H1 was 40.1%, up 3.3 percentage points year-on-year, and for 25Q2, it was 40.2%, an increase of 3.9 percentage points [3]. Product and Channel Performance - In 25H1, revenue from soy sauce, seasoning sauce, oyster sauce, and other products was 7.93 billion, 1.63 billion, 2.50 billion, and 2.51 billion yuan respectively, with year-on-year growth rates of 9.1%, 12.0%, 7.7%, and 16.7% [2]. - Online sales grew significantly, with a 39.0% increase year-on-year, while offline sales rose by 9.1% [2]. - The company had 6,681 distributors as of 25H1, a net decrease of 26 from the end of 2024, indicating ongoing channel structure adjustments [2]. Cost and Profitability - The company experienced a release of cost benefits from raw material price declines, contributing to a stable profit growth despite increased marketing expenses [3]. - The sales and management expense ratios for 25H1 were 6.4% and 2.1%, respectively, reflecting a slight increase due to heightened market spending [3]. Profit Forecast and Valuation - The company slightly adjusted its revenue growth expectations downward due to competitive pressures and slow recovery in dining demand, forecasting net profits of 7.08 billion, 7.68 billion, and 8.20 billion yuan for 2025-2027 [4]. - The target price for the company is set at 48.40 yuan, based on a 40x PE ratio for 2025, reflecting a premium valuation due to its leading market position [4].

Core Viewpoint - The company demonstrated stable performance in Q2 2025, with revenue and net profit growth driven by product optimization and channel structure adjustments [1][2] Financial Performance - In H1 2025, the company achieved revenue of 15.23 billion yuan, a year-on-year increase of 7.59%, and a net profit of 3.91 billion yuan, up 13.35% [1] - Q2 2025 revenue reached 6.92 billion yuan, growing 7.00% year-on-year, while net profit was 1.71 billion yuan, reflecting an 11.57% increase [1] - The company's gross margin improved by 3.88 percentage points to 40.21% in Q2 2025, benefiting from lower raw material prices and product structure optimization [2] - The net profit margin for Q2 2025 was 24.80%, an increase of 1.01 percentage points year-on-year [2] Product and Channel Performance - Core product categories such as soy sauce, seasoning sauce, and oyster sauce saw revenue growth, with soy sauce revenue in H1 2025 reaching 7.93 billion yuan, up 9.14% [1] - Online channels maintained rapid growth, with H1 2025 online revenue at 842 million yuan, a significant increase of 38.97% year-on-year [1] Employee Incentives - The company announced an employee stock ownership plan for 2025, aimed at core management and key employees, with performance targets linked to net profit growth [2] Valuation and Outlook - The company maintains a "buy" rating, with projected earnings per share of 1.21 yuan and 1.32 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 34x and 31x [2]

Core Viewpoint - The report highlights the financial performance and operational strategies of Foshan Haitian Flavouring and Food Company Limited for the first half of 2025, showcasing steady growth in revenue and profit, alongside a focus on innovation and market expansion [1][11]. Financial Performance - The company achieved a revenue of CNY 15.23 billion, representing a year-on-year increase of 7.59% [2][11]. - The total profit reached CNY 4.65 billion, up 14.11% from the previous year [2][11]. - The net profit attributable to shareholders was CNY 3.91 billion, reflecting a growth of 13.35% [2][11]. - The net cash flow from operating activities increased by 33.56% to CNY 1.50 billion [2][17]. - The company's total assets grew by 14.56% to CNY 46.81 billion, while net assets increased by 26.84% to CNY 39.19 billion [2][17]. Industry Overview - The seasoning industry in China is characterized by a strong connection to daily life, with a diverse range of products catering to various regional tastes [3][4]. - The industry has shown resilience and steady growth, driven by high consumption frequency and strong brand loyalty [3][4]. - However, the industry faces challenges such as the need for technological innovation and product diversification to meet evolving consumer demands [3][4]. Business Operations - The company is a leading player in the seasoning industry, with a product range that includes soy sauce, oyster sauce, and various condiments, maintaining a dominant market position [5][6]. - The company has consistently ranked as the largest seasoning enterprise in China for 28 consecutive years, with soy sauce and oyster sauce holding the top market shares [5][6]. - The company emphasizes traditional production methods combined with modern technology to ensure product quality and innovation [10][13]. Marketing and Brand Strategy - The company has engaged in various marketing initiatives, including sponsoring culinary shows to enhance brand visibility and connect with consumers [6][11]. - The company is focused on expanding its digital marketing capabilities and enhancing its supply chain efficiency to better meet consumer needs [10][14]. Product Development - The company has a diverse product portfolio, continuously innovating to introduce new flavors and health-oriented products [7][8][15]. - The company is committed to sustainable practices, integrating ESG principles into its operations and supply chain management [9][16].

Core Viewpoint - The report highlights the financial performance of Foshan Haitian Flavoring Food Co., Ltd. for the first half of 2025, indicating a positive growth trajectory in revenue and profit metrics, alongside a proposed cash dividend distribution to shareholders [1]. Financial Performance - Total assets at the end of the reporting period reached CNY 46.81 billion, an increase of 14.56% compared to the previous year [3]. - Operating revenue for the first half of 2025 was CNY 15.23 billion, reflecting a year-on-year growth of 7.59% [3]. - Total profit amounted to CNY 4.65 billion, which is a 14.11% increase from the same period last year [3]. - Net profit attributable to shareholders was CNY 3.91 billion, representing a growth of 14.11% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was also reported, although specific figures were not provided [3]. - The weighted average return on equity increased to 12.22%, up by 0.37 percentage points from the previous year [3]. - Basic and diluted earnings per share were both CNY 0.70, an increase of 12.90% compared to CNY 0.62 in the previous year [3]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.60 per 10 shares (including tax), totaling approximately CNY 1.52 billion, which is about 38.80% of the net profit attributable to shareholders for the first half of 2025 [1].

Core Viewpoint - The company, Foshan Haitian Flavoring and Food Co., Ltd., announced a cash dividend distribution plan for the first half of 2025, proposing a cash dividend of 2.60 RMB per 10 shares (including tax) [1][2]. Summary by Sections Profit Distribution Plan - As of June 30, 2025, the company's unaudited retained earnings amounted to 7,061,467,368.50 RMB. The board of directors resolved to distribute profits based on the total share capital registered on the dividend distribution date, excluding shares in the company's repurchase account [1]. - The total number of shares eligible for the cash dividend distribution is 5,841,535,453 shares, after excluding 10,289,491 shares held in the repurchase account. The total cash dividend to be distributed is 1,518,799,217.78 RMB (including tax), which represents approximately 38.80% of the net profit attributable to shareholders for the first half of 2025 [1]. Decision-Making Process - The company held its annual general meeting on May 9, 2025, where it authorized the board of directors to determine the mid-term dividend plan, ensuring that the necessary conditions and limits for the distribution are met [2]. - The board meeting was convened to review and approve the profit distribution plan, and the board was authorized to decide on the payment date and other necessary matters for the smooth implementation of the mid-term profit distribution [2]. Supervisory Board Opinion - The supervisory board agreed with the profit distribution proposal, considering the long-term interests of the company and its shareholders, and emphasized sharing the operational development results with investors [3].

Meeting Overview - The sixth board meeting of Foshan Haitian Flavoring Food Co., Ltd. was held on August 28, 2025, with all 9 directors present [1][2]. Financial Reporting - The board approved the 2025 semi-annual report and summary, which complies with relevant regulations and guidelines [2][3]. - The report is available on the Shanghai Stock Exchange and Hong Kong Stock Exchange websites [2][3]. Capital and Governance Changes - The board approved a proposal to change the registered capital, cancel the supervisory board, and amend the company's articles of association [3][4]. - The proposal requires submission to the shareholders' meeting for approval [3]. Rule Amendments - Multiple governance documents were revised and approved, including: - Shareholders' meeting rules [3][4] - Board meeting rules [3][4] - Fund management system [4] - External guarantee management system [4] - Independent director work system [4] - Accountant selection system [5][6] - All amendments require submission to the shareholders' meeting for approval [4][5]. Profit Distribution - The board approved a profit distribution plan for the first half of 2025, proposing a cash dividend of 2.60 yuan per 10 shares, totaling approximately 1.52 billion yuan, which is about 38.80% of the net profit attributable to shareholders [9][10]. Employee Stock Ownership Plan - The board approved the draft of the 2025 A-share employee stock ownership plan and its management measures, which will be submitted to the shareholders' meeting for approval [10][11]. Shareholders' Meeting - The board proposed to convene the first extraordinary shareholders' meeting of 2025 [11].

Core Viewpoint - The Supervisory Board of Foshan Haitian Flavoring Food Co., Ltd. has reviewed the employee stock ownership plan for 2025, confirming its compliance with relevant laws and regulations, and highlighting its potential benefits for corporate governance and employee motivation [1]. Summary by Relevant Sections Compliance with Regulations - The employee stock ownership plan aligns with the Company Law, Securities Law, and relevant guidelines, ensuring no harm to the company or shareholders [1]. Voluntary Participation - The plan is based on voluntary participation, with no coercion or forced distribution of shares to employees [1]. Corporate Governance and Development - The plan aims to enhance the company's governance structure and establish a long-term incentive mechanism, which is expected to boost the motivation and creativity of core management and key employees, contributing to the company's sustainable development [1].

证券代码：603288 证券简称：海天味业 公告编号：2025-035 佛山市海天调味食品股份有限公司 第六届监事会第六次会议决议公告 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"或"海天味业"）第六 届监事会第六次会议通知于 2025 年 8 月 14 日以书面方式送达全体监事，会议于 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 （一） 审议通过《佛山市海天调味食品股份有限公司 2025 年半年度报告全 文及摘要》 监事会同意公司根据中国证券监督管理委员会《公开发行证券的公司信息披 露内容与格式准则第 3 号——半年度报告的内容与格式（2025 年修订）》、 《上海 证券交易所股票上市规则（2025 年 4 月修订）》、上海证券交易所《关于做好主 板上市公司 2025 年半年度报告 ...

Market Overview - The Shanghai Composite Index closed at 3857.93 points, above the annual line, with a change of 0.37% [1] - The total trading volume of A-shares reached 28,301.97 billion yuan [1] Stocks Breaking Annual Line - A total of 22 A-shares have surpassed the annual line today, with notable stocks including Guoan Co., Transsion Holdings, and ST Huawen, showing divergence rates of 6.70%, 5.14%, and 4.43% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Changjiang Electric, ST Zhongzhuang, and Laobaigan Liquor [1] Top Divergence Rates - The top three stocks with the highest divergence rates are: - Guoan Co. (10.07% increase, 6.70% divergence) - Transsion Holdings (7.17% increase, 5.14% divergence) - ST Huawen (4.86% increase, 4.43% divergence) [1] Additional Stock Performance - Other notable stocks include: - Shenyang Machine Tool (4.49% increase, 3.75% divergence) - Shangong Shenbei (4.20% increase, 3.64% divergence) - ST Boda (4.10% increase, 3.48% divergence) [1]