| 股票基金信息 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商除 | | 证券代码 | 成交价(元) 成交盒额(万元) 成交量(*) 买入营业部 | | | | 奥出营业那 | 是否为专场 | | | | | | | | | 机构专用 | 机构专用 | | | | | 2025-09-10 | | 海天味业 | 603288 | 41.33 3762.1 | 91.03 | | | | | Ko | 9月10日，海天味业大宗交易成交91.03万股，成交额3762.1万元，占当日总成交额的6.63%，成交价 41.33元，较市场收盘价40.95元溢价0.93%。 ...

Core Viewpoint - The seasoning and fermentation sector experienced a decline of 0.89% on September 10, with Anqi Yeast leading the drop, while the Shanghai Composite Index rose by 0.13% and the Shenzhen Component Index increased by 0.38% [1][2]. Group 1: Market Performance - The seasoning and fermentation sector's stocks showed mixed performance, with Anji Food closing at 13.58, up by 3.03%, and Anqi Yeast closing at 41.07, down by 2.35% [1][2]. - The total trading volume for the seasoning and fermentation sector was significant, with Anji Food achieving a transaction value of 4.17 billion yuan and Anqi Yeast reaching 5.00 billion yuan [1][2]. Group 2: Capital Flow - The main capital flow in the seasoning and fermentation sector indicated a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 55.06 million yuan [2][3]. - Specific stocks like Hai Tian Wei Ye and Anji Food had varying capital flows, with Hai Tian Wei Ye experiencing a net inflow of 5.26 million yuan from institutional investors [3].

Core Insights - MSCI has upgraded Haitian Flavor Industry's ESG rating to A, reflecting significant improvements in sustainability practices since 2023 [1] - The company has actively advanced various ESG initiatives in green manufacturing, social responsibility, and corporate governance [1] Group 1: ESG Rating and Achievements - Haitian Flavor Industry's ESG rating was raised to A, marking a three-level increase since 2023 [1] - The company was recognized as the first "Lighthouse Factory" in the global soy sauce industry by the World Economic Forum in early 2025, showcasing its smart brewing technology and resource recycling systems [1] - The implementation of AI optimization technology in refrigeration systems has led to over a 20% reduction in energy consumption [1] Group 2: Collaborative Efforts and Innovations - In July 2025, Haitian Flavor Industry established the "Carbon Road Green Chain Alliance" with 25 partners to create a comprehensive carbon reduction system from farm to table [1] - The company has launched innovative products targeting special populations, including iron-fortified soy sauce and gluten-free soy sauce, under the "Little Powder Cap" charity initiative [1] - Research and development investment reached 840 million yuan in 2024, alongside the establishment of the "Haitian Lingyun Scientific Development Fund" to support health and nutrition research projects [1] Group 3: Recognition and Awards - Haitian Flavor Industry has received multiple accolades for its ESG performance, including the "Pearl Cup Climate-Friendly Enterprise" and "Golden Orchid Cup Excellent ESG Social Responsibility Case" at the 2024 Pearl Bay International Climate Investment and Financing Conference [2] - The company has been recognized as an "Outstanding Case of ESG in Chinese Enterprises" for two consecutive years from 2023 to 2024, indicating strong recognition from both domestic and international rating agencies and the public [2]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 48.40 [6][4] Core Views - The company has revised its employee stock ownership plan, aiming for a compound annual growth rate (CAGR) of at least 11% in net profit attributable to shareholders from 2024 to 2026, reflecting strong internal growth expectations [1][2] - The company is expected to achieve a net profit of no less than RMB 7.8 billion by 2026, with a corresponding valuation of 31x for A shares and 24x for H shares [1][2] - The report highlights the company's strong channel management capabilities and ongoing market share gains, supported by cost advantages and supply chain efficiencies [3] Summary by Sections Employee Stock Ownership Plan - The company plans to grant 5 million shares as part of the 2025 employee stock ownership plan, covering up to 800 employees, including senior management [2] - The revised assessment criteria are more ambitious compared to previous targets, indicating the company's confidence in achieving growth [2] Growth Path Analysis - For the first half of 2025, the company reported revenue of RMB 15.23 billion, a year-on-year increase of 7.6%, and a net profit of RMB 3.91 billion, up 13.3% [3] - The company is focusing on new product introductions and expanding into overseas markets, which are expected to contribute to revenue growth [3] - Cost reductions from low raw material prices and enhanced supply chain efficiency are anticipated to support profit growth [3] Profit Forecast and Valuation - The report forecasts earnings per share (EPS) of RMB 1.21, RMB 1.31, and RMB 1.40 for 2025, 2026, and 2027 respectively [4] - The company is assigned a price-to-earnings (PE) ratio of 40x for 2025, reflecting its leading market position and justifying a premium valuation [4][10]

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [Table_Target] 目标价格(元): | 49.08 | | 程碧升(分析师) | 021-23185685 | chengbisheng@gtht.com | S0880525040031 | | | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | | | 本报告导读： 2025H1 海天业绩实现双位数增长，其他调味品放量成收入亮点，成本下行驱动盈利 能力提升。 投资要点： [Table_Market] 交易数据 | 52 周内股价区间(元) | 35.27 ...

Core Viewpoint - Haitian Flavor Industry (603288) has revised its employee stock ownership plan for 2025, increasing performance assessment requirements, with a new target of a compound annual growth rate of at least 11% for net profit attributable to shareholders from 2024 to 2026 [1][2] Group 1: Employee Stock Ownership Plan - The revised performance assessment indicators now require a compound annual growth rate of at least 11% for net profit attributable to shareholders from 2024 to 2026, compared to the previous requirement of a minimum growth of 10.8% for 2025 compared to 2024 [1] - The employee stock ownership plan involves up to 800 core management personnel and key employees, with a total scale of 184 million yuan, funded by the company's incentive fund [1] Group 2: Financial Performance - In the first half of the year, the company achieved operating revenue of 15.23 billion yuan, a year-on-year increase of 7.59%, and a net profit attributable to shareholders of 3.91 billion yuan, up 13.35% year-on-year [1][2] - The gross profit margin for the main business increased by 2.82 percentage points year-on-year, benefiting from a decline in raw material prices and product structure optimization [1] Group 3: Product and Market Development - The company has maintained steady growth in core categories such as soy sauce, oyster sauce, and condiments, while accelerating the growth of specialty condiments [2] - All product categories showed revenue growth in the first half, with sauces and other products (including vinegar and cooking wine) experiencing double-digit year-on-year growth [2] - Online channels generated revenue of 842 million yuan, with a year-on-year growth rate of 38.97%, although they accounted for only 5.78% of total revenue [2] Group 4: International Strategy - The company completed its H-share listing, marking a further advancement of its international strategy [2] - Although overseas business currently represents a small portion of total revenue, the company sees significant market opportunities and is accelerating its international expansion efforts [2]

Group 1 - The company, Haitian Flavor Industry, announced that it will hold its first extraordinary general meeting of shareholders in 2025 on September 25 [2] - The meeting will review multiple proposals, including the proposal for amendments [2]

INTERIM REPORT 2025 中期報告 佛山市海天調味食品股份有限公司 CONTENTS目錄 | 2 | Corporate Information | | --- | --- | | | 公司資料 | | 6 | Management Discussion and Analysis | | | 管理層討論與分析 | | 35 | Corporate Governance and Other Information | | | 企業管治及其他資料 | | 52 | Consolidated Statement of Profit or Loss | | | 綜合損益表 | | 53 | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 綜合損益及其他全面收益表 | | 54 | Consolidated Statement of Financial Position | | | 綜合財務狀況表 | | 57 | Consolidated Statement of Changes in Equit ...

海天味业 2025年A股员工持股计划管理办法（修订稿） 佛山市海天调味食品股份有限公司 2025年A股员工持股计划管理办法（修订稿） 二〇二五年九月 佛山市海天调味食品股份有限公司 2025年A股员工持股计划管理办法（修订稿） 为规范佛山市海天调味食品股份有限公司（以下简称"海天味业"或"公司"） 2025年A股员工持股计划（以下简称"本计划"或"本持股计划"）的实施，根据《中 华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下 简称"《证券法》"）中国证监会《关于上市公司实施员工持股计划试点的指导意见》 （以下简称"《指导意见》"）《上海证券交易所上市公司自律监管指引第1号—— 规范运作》（以下简称"《上市公司规范运作》"）等有关法律、行政法规、规章、 规范性文件和《佛山市海天调味食品股份有限公司章程》（以下简称"《公司章程》"） 之规定，特制定《佛山市海天调味食品股份有限公司2025年A股员工持股计划管理办 法》（修订稿）。 第一章 员工持股计划的制定 第一条 员工持股计划遵循的基本原则 （一）依法合规原则 公司实施持股计划，严格按照法律、行政法规的规定履行程序，真实、准确、完 ...

北京市嘉源律师事务所 关于佛山市海天调味食品股份有限公司 实施 2025 年 A 股员工持股计划的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 un = UAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:佛山市海天调味食品股份有限公司 北京市嘉源律师事务所 关于佛山市海天调味食品股份有限公司 实施 2025年 A 股员工持股计划的法律意见书 嘉源(2025) -05-315 敬启者: 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》(以下简称"《证券法》")、中国证券监督管理委员会(以下简称"中国证 监会")《关于上市公司实施员工持股计划试点的指导意见》(以下简称"《指导意 见》")、《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》(以下简 称"《自律监管指引第1号》")和《佛山市海天调味食品股份有限公司章程》(以 下简称"《公司章程》")等有关规定,北京市嘉源律师事务所(以下简称"本所") 接 ...