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].

+10.35%/+9.52%/+9.81%/+12.79%。分渠道看，公司优化渠道，线上渠道维持较快增长。2025H1，公司 线下渠道与线上渠道分别实现营收137.20亿元/8.42亿元，同比分别+9.07%/+38.97%。 2025Q2公司盈利水平同比提升。受益于大豆等原材料价格下降叠加产品结构优化，2025Q2公司毛利率 同比增加3.88个百分点至40.21%。费用方面，2025Q2公司销售费用率/管理费用率分别为6.95%/2.30%， 同比分别+0.35pct/+0.17pct。综合毛利率与费用率的情况，2025Q2公司净利率为24.80%，同比增加1.01 个百分点，盈利水平同比提升。 点评： 公司2025Q2业绩稳健。2025年上半年，公司实现营业收入152.30亿元，同比增长7.59%；实现归母净利 润39.14亿元，同比增长13.35%。分季度看，二季度消费弱复苏，公司作为行业龙头积极优化产品与渠 道结构，Q2业绩稳健增长。2025Q2公司实现营业收入69.15亿元，同比增长7.00%；实现归母净利润 17.12亿元，同比增长11.57%。 主业表现稳健，线上渠道维持较快增长。分品类看，公司 ...

佛山市海天调味食品股份有限公司2025 年半年度报告 公司代码：603288 公司简称：海天味业 佛山市海天调味食品股份有限公司 佛山市海天调味食品股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人程雪、主管会计工作负责人李军及会计机构负责人（会计主管人员）牟琪声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 拟以实施权益分派股权登记日登记的总股本扣除回购专用证券账户中股份为基数，向全体股 东按每 10 股派发现金股利 2.60 元（含税），拟派发现金红利 1,518,799,217.78 元（含税）,约 为公司 2025 年上半年实现的归属于上市公司股东净利润的 38.80%。如在本报告披露之日起至实 施权益分派股权登记日期间公司总股本发生变动的，公司拟维持分配总额不变，相应调整每股分 配比例。 六、 ...

佛山市海天调味食品股份有限公司2025 年半年度报告摘要 公司代码：603288 公司简称：海天味业 佛山市海天调味食品股份有限公司 佛山市海天调味食品股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 拟以实施权益分派股权登记日登记的总股本扣除回购专用证券账户中股份为基数，向全体股 东按每 10 股派发现金股利 2.60 元（含税），拟派发现金红利 1,518,799,217.78 元（含税）,约 为公司 2025 年上半年实现的归属于上市公司股东净利润的 38.80%。如在本报告披露之日起至实 施权益分派股权登记日期间公司总股本发生变动的，公司拟维持分配总额不变，相应调整每股分 配比例。 | 第二节 | 公司基本情况 | | --- | --- | | | 公司股票简况 | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 | 变更前股票简 | | --- | --- | --- | --- | --- | | 称 | | | | ...

佛山市海天调味食品股份有限公司 证券代码：603288 证券简称：海天味业 公告编号：2025-038 本利润分配方案无需提交公司股东大会审议。 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"）2025 年中期利润分 配方案：每 10 股派发现金红利 2.60 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 专用证券账户中的股份为基数，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。 一、利润分配方案内容 截至 2025 年 6 月 30 日，公司半年度报告（未经审计）母公司报表中期末未 分配利润为人民币 7,061,467,368.50 元。经董事会决议，公司 2025 年半年度拟以 实施权益分派股权登记日登记的总股本扣除回购专用证券账户中的股份为基数分 配利润。本次利润分配方案如下： 除回购专用证券账户中的股份外， ...

证券代码：603288 证券简称：海天味业 公告编号：2025-034 佛山市海天调味食品股份有限公司 第六届董事会第七次会议决议公告 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。 一、董事会会议召开情况 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 届董事会第七次会议通知于 2025 年 8 月 14 日以专人送达或电子邮件方式发出， 会议于 2025 年 8 月 28 日在佛山市禅城区文沙路 16 号公司会议室以现场结合通 讯的方式召开。本次会议应出席董事 9 人，实际出席 9 人，董事会秘书等高级管 理人员列席会议。本次会议由公司董事长程雪女士召集和主持。本次会议的召集、 召开和会议程序符合有关法律、法规及《公司章程》的规定。 二、董事会会议审议情况 （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》 董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 ...

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]