2025年以来，内地推进赴港上市的A股上市公司已有21家， 其中包括万亿市值的宁德时代（300750.SZ），千亿市值的海天味业（603288.SH）、恒 瑞医药（600276.SH）、三一重工（600031.SH）等。 这一数据远超去年同期。2024年前三个月，明确推进赴港上市且处于实质性进展的A股上市公司较少，有康乐卫士、迈威生物等。 具体来说，宁德时代是全球知名的新能源创新科技公司，已递交招股书。 赴港上市主要是为了进一步推进公司全球化战略布局，其港股 IPO 募集资金用 于推进匈牙利项目等。 海天味业是千亿市值的调味品行业龙头企业， 在推进赴港上市事宜以拓展国际市场，提升品牌的国际影响力。 恒瑞医药是千亿市值的医药生物领域巨头， 拟赴港上市以加强国际业务布局，提升公司在全球医药市场的竞争力。 晶澳科技是全球光伏一体化组件龙头之一， 2025年2月21日晚间公告计划发行境外上市外资股（H 股）股票并申请在香港联交所主板挂牌上市，旨在进一 步推动公司全球化发展战略。 三一重工是千亿市值的工程机械行业龙头企业， 2025年2月18日晚间公告称正在筹划境外发行股份（H 股）并在香港联合交易所有限公司上市事项， ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

"请你公司补充说明以下事项，请律师核查并出具明确的法律意见: 一、关于股权架构设立的合规性， 请说明：（1） 2023年10月，北京茶姬短时间内增资后减资的原因、对价、定价依据及公允性，相关决策程序履行及税费缴纳情 况， 是否涉及虚假出资、抽逃出资，是否符合《公司法》和税收相关法律法规。（2）2021年2月，Hniken HK Holding Limited增资北京茶姬的对价、定价依据及公 允性、支付手段、支付期限， 履行外商投资程序情况。 （3）2023年10月，CHAGEE INVESTMENT受让北京茶姬股权的对价、定价依据及公允性、支付手段、支 付期限、税费缴纳情况。（4）发行人搭建离岸架构和返程投资涉及的境外投资、外商投资、外汇管理、税务等监管程序履行情况，并就合规性出具结论性意见。 2025年3月7日，证监会公布了《境外发行上市备案补充材料要求（2025年2月28日—2025年3月6日）》，对宁德时代、霸王茶姬、老乡鸡、海天味业、一亩田、新 代科技、维立志博7家公司出具补充材料要求。 其中，就近期新受理的 茶姬餐饮（即霸王茶姬） ，补充材料要求如下： 二、关于股东， 请说明： （1）持有发行人5% ...

Investment Rating - The industry investment rating is "Recommended" [3][26] Core Views - The sector experienced a rebound of 2.3% this week, primarily due to a systematic market rebound, although the fundamental feedback remains subdued [4][9] - The liquor sector has seen a relatively smooth landing during the Spring Festival, but it is now entering a low season with both demand and inventory under pressure, making it unlikely for the fundamentals to improve significantly [4][6] - The consumer goods sector continues to recover, with policies like "consumption vouchers" in cities like Shanghai potentially benefiting the restaurant supply chain [4][6] - The overall sector may lack short-term catalysts and is expected to remain relatively weak, but there is potential for gradual improvement throughout the year [4][6] Summary by Sections Liquor Sector - The Spring Festival sales were relatively stable, but the industry is now entering a low season with weak demand, leading manufacturers to control supply and maintain prices [6] - The price of Moutai remains stable at around 2250 yuan per bottle, while Wuliangye is around 930 yuan per bottle [11] - The sector's fundamentals are becoming less influential on market trends, with a growing sensitivity to macroeconomic policies and capital changes [6] Consumer Goods Sector - The introduction of "consumption vouchers" in Shanghai is expected to have a marginally positive impact on consumer goods [6] - Sales during the Spring Festival showed a slight recovery, particularly in condiments and snacks, although overall performance remains relatively weak [6] - Raw material prices, such as milk and sugar, are on a downward trend, which is favorable for profit margins [6][17] Recommended Companies - Recommended companies include Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Tianwei Food, Anjui Food, Yili, Haitian Flavoring, Qianwei Central Kitchen, and Yanjing Beer [4][6]

证券代码：603288 证券简称：海天味业 公告编号：2025-003 佛山市海天调味食品股份有限公司 委托理财进展公告 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： 一、投资情况概述 1 投资种类：中低风险类理财产品 投资金额：26.90 亿元人民币 履行的审议程序：佛山市海天调味食品股份有限公司（以下简称"本公 司"、"公司"）2024 年 4 月 26 召开第五届董事会第七次会议审议了《关 于公司 2024 年度以自有闲置资金进行委托理财的议案》，同意公司为 提高资金使用效率，将部分自有资金用于购买安全性高、流动性好、风 险较低的中低风险类理财产品。委托理财金额不超过等值 75 亿元人民 币，有效期限为公司董事会决议通过之日起一年以内，上述额度内的资 金可以滚动使用。 特别风险提示：公司本次购买的理财产品属于中低风险类理财产品，产 品风险评级为 PR2 及以下，但不排除该项投资会受到市场风险、政策 风险、流动性风险、不可抗力风险等风险因素的影响，从而影响投资收 益。 （一）投资目的 在不影响公司正常经营 ...

Group 1 - Haitai Flavor Industry has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [1] - Yinlun Holdings reported that its business in the robot components sector is still in the research and development stage, with no significant impact on its performance [1] - Ciweng Media confirmed that there are no undisclosed significant matters affecting its operations [1] Group 2 - Shengshi Technology has integrated the DeepSeek large model into its operations, but this has no current impact on its performance [2] - China Satcom successfully launched the Zhongxing 10R satellite, which will be managed by the company after in-orbit testing [2] Group 3 - Tianyue Advanced reported a net profit of 180 million yuan for 2024, a turnaround from a loss of 45.72 million yuan in the previous year, with a revenue increase of 41.37% [3] - Yuenan New Materials announced a net profit of 69.32 million yuan for 2024, a decrease of 13.21% year-on-year, attributed to increased costs and taxes [4] Group 4 - Airo Energy's shareholder plans to reduce its stake by up to 0.5125% [5] - Shanghai Auto Parts' shareholders intend to reduce their holdings by up to 2.96% [5] - Fangyuan Co. plans to reduce its stake by up to 1% [5] - Zhongyan Dadi's controlling shareholder and management plan to reduce their holdings by up to 3.07% [5] Group 5 - Xinjiang Jiaojian plans to invest 33 million yuan to acquire a 66% stake in Shule Huitong Company, which will become a subsidiary [6]

公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了关于公司本次发行的备案申请材料并于近日获中国证监会接收。 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港 联交所等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍 存在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大 投资者注意投资风险。 特此公告。 佛山市海天调味食品股份有限公司董事会 证券代码：603288 证券简称：海天味业 公告编号：2025-002 佛山市海天调味食品股份有限公司 关于发行 H 股备案申请材料获中国证监会 接收的公告 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。 佛山市海天调味食品股份有限公司（以下简称"公司"）已于 2025 年 1 月 13 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股 股票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请。具体内容 详见公司于 2025 年 1 月 14 日在上海证券交易所网站（www.sse.com. ...

Core Viewpoint - The company, Haitian Flavor Industry Co., Ltd. (海天味业), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and market presence [1]. Group 1 - The company submitted its application to the Hong Kong Stock Exchange on January 13, 2025 [1]. - The company has also filed the necessary documentation with the China Securities Regulatory Commission (CSRC) for this issuance and has recently received acknowledgment from the CSRC [1].

财联社1月19日讯（编辑 冯轶） 财联社为您带来每周港股新股资讯。 先看递表，本周共有11家公司递表： 1）1月13日，创新国际实业集团有限公司向港交所主板提交上市申请书，中金公司、华泰国际为联席保 荐人。 招股书显示，创新国际聚焦于铝产业链上游的高附加值环节，目前主要从事电解铝以及氧化铝及其他相 关产品的生产和销售。截至2025年1月6日，创新国际拥有788.1千吨/年的电解铝设计产能及1200.0千吨/ 年的氧化铝设计产能。 财务方面，公司于2022年、2023年及2024年截至9月30日止九个月，分别录得收入134.9亿元(人民币， 下同)、138.15亿元、109.37亿元；对应同期，公司实现期内利润分别约为9.13亿元、10.81亿元、17.9亿 元。 2）1月13日，A股调味品龙头企业海天味业(603288.SH)递表港交所主板，中金公司、高盛、大摩为联席 保荐人。 招股书显示，公司拥有7个年收入10亿级以上大单品系列，为中国调味品行业大单品数量最多的企业； 拥有25个年收入1亿级以上产品系列。根据弗若斯特沙利文报告，按2023年的收入计，公司在中国调味 品市场排行首位，市场份额超过第二名两倍以上 ...

Group 1 - Company Haitian Flavor Industry (海天味业) is progressing with its Hong Kong IPO application, which could become the largest IPO in the seasoning industry in Hong Kong [1] - Since its A-share listing in 2014, the company has shown strong performance with revenue growth of approximately 150% and net profit growth of about 180% over the past decade [2] - For the first three quarters of 2024, the company is expected to achieve revenue of 20.399 billion yuan, representing a year-on-year growth of 9.38% [2] Group 2 - According to a report by Frost & Sullivan, Haitan Flavor Industry is the leading player in China's seasoning market, holding a market share significantly higher than its closest competitors [3] - The company has maintained its position as the largest seasoning enterprise in China for 27 consecutive years, with a diverse product range including soy sauce, cooking oil, and various sauces [3] - The Chinese seasoning market is projected to grow to 677 billion yuan by 2028, with an annual growth rate of 7.2% from 2023 to 2028, indicating structural growth opportunities in the industry [3] Group 3 - The competitive advantages and growth potential of Haitan Flavor Industry are viewed positively by the investment community, with expectations for further market expansion [4] - The domestic seasoning market is relatively fragmented, suggesting significant untapped market potential for leading companies like Haitan Flavor Industry [4] - The company is expected to benefit from increasing consumer demand and industry competition, which will further enhance its market position [4]