市场地位方面，弗若斯特沙利文数据显示，2024年海天以4.8%的市场份额领跑中国调味品行业，相当 于第二名的两倍多；其酱油和蚝油销量更是双双位居全球第一。海天味业在A股市场的长期优异表现， 验证了其作为稀缺优质投资标的的价值，这也是吸引国际投资者的关键因素。 6月11日，海天味业发布公告，宣布正式启动全球公开发售，预计于6月19日在香港联交所主板挂牌交 易。海天酱油作为中国调味品行业的龙头企业，此次IPO不仅创下今年迄今消费行业规模最大的港股 IPO纪录，更以豪华阵容引发市场广泛关注。 自2014年A股上市以来，海天味业的业绩表现堪称穿越经济周期的典范。十年间，其营收从98亿元增长 至269亿元，增幅达174%。即便在2024年宏观经济承压、行业竞争加剧的背景下，仍实现营收269亿 元，同比增长9.53%；净利润63.44亿元，同比增长12.75%。2025年一季度，增长态势持续，营收83.15 亿元，同比增长8.08%；净利润22.02亿元，同比增长14.77%。 产品层面，海天味业围绕全球健康消费趋势推出多款针对性产品：有机酱油、有机黄豆酱获中美欧三重 认证；针对桥本和麸质过敏人群的无麸质酱油获得SGS无 ...

第 9 頁 共 10 頁 v 1.1.1 FF301 在購回股份（股份被持作庫存股份）的情況下，「事件發生日期」應理解爲「發行人購回並以庫存方式持有股份的日期」。 份數目。 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佛山市海天調味食品股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 證券代號 (如上市) 03288 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 279,031,700 RMB 1 RMB 279,031,700 增加 / 減少 (-) 12,192,700 RMB 12,192,700 本月底結存 291,224,400 RMB 1 RMB 291,224,400 證券代號 (如上市) 603288 說明 於上海證券交易所上市 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 5,560,600,544 RMB 1 RMB 5,560,600,544 增加 / 減少 (-) 0 RMB 0 本月底結存 5,560,600,54 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佛山市海天調味食品股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 279,031,700 | RMB | | 1 RMB | | 279,031,700 | | 增加 / 減少 (-) | | | 12,192,700 | | | RMB | | 12,192,700 | | 本月底結存 | | | 291,224,400 | RMB | | 1 RMB | | 291,224,400 | | 2. 股份分類 | ...

金融界8月6日消息，上证指数低开高走，中证沪港深互联互通综合主要消费指数 (沪港深通消费综合， H30482)报10037.55点。 从中证沪港深互联互通综合主要消费指数持仓样本的行业来看，酒占比37.62%、食品占比27.64%、养 殖占比16.77%、软饮料占比8.13%、美容护理占比3.73%、种植占比2.90%、家庭用品占比2.00%、烟草 占比1.22%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 数据统计显示，中证沪港深互联互通综合主要消费指数近一个月上涨2.16%，近三个月下跌1.02%，年 至今上涨0.75%。 据了解，中证沪港深行业指数系列将中证沪港深 ...

Core Viewpoint - Haitan Flavor Industry's H-shares have fallen below the issue price, closing at 33.20 HKD, marking a new low since its listing on June 19, 2023 [1][3] Group 1: Stock Performance - Haitan Flavor Industry's stock has experienced a decline of 0.48% over two consecutive trading days, with the current price at 33.20 HKD, which is 8.5% lower than the issue price of 36.30 HKD [1][3] - The stock hit a low of 36.05 HKD on its first trading day, indicating initial market volatility [1] Group 2: IPO Details - The total number of H-shares offered globally was 279,031,700, with 55,279,900 shares allocated for the Hong Kong offering and 223,751,800 shares for international investors [1][2] - The final offer price was set at 36.30 HKD, raising a total of 10,128.9 million HKD, with a net amount of 10,009.6 million HKD after deducting estimated listing expenses [2] Group 3: Use of Proceeds - The net proceeds from the global offering will be allocated as follows: 20% for product development and technology upgrades, 30% for capacity expansion and digital supply chain upgrades, 20% for enhancing global brand image and sales channels, 20% for strengthening the sales network, and 10% for working capital and general corporate purposes [3] - Key cornerstone investors include Hillhouse HHLR Advisors, GIC Private Limited, and Sequoia China, among others [3]

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies, led by industry giants like CATL, pursuing IPOs in Hong Kong, while smaller companies face pressure due to low market capitalization [1][2] - Regulatory authorities are considering setting a minimum market capitalization requirement for A-share companies seeking to list in Hong Kong, potentially raising the threshold from 10 billion RMB to 20 billion RMB [1][5] - As of now, over 40 A-share companies have officially submitted applications to the Hong Kong Stock Exchange, with 30 more announcing related processes, indicating a significant interest in the A+H listing model [1][2] Group 2 - A notable trend is the surge of small-cap stocks announcing plans for A+H listings, with at least 30 A-share companies revealing their intentions, many of which have market capitalizations between 5 billion RMB and 8 billion RMB [2][3] - The majority of these small-cap companies are from sectors such as technology, pharmaceuticals, and artificial intelligence, reflecting a shift towards internationalization and access to global capital [3][6] - Analysts suggest that the potential increase in market capitalization requirements could lead to a more selective process for companies pursuing Hong Kong listings, ensuring that only stronger firms participate [4][7] Group 3 - The article discusses the mixed stock price performance of small-cap companies following their announcements to pursue Hong Kong listings, with some experiencing slight increases while others saw declines [3] - Experts argue that setting a market capitalization threshold is reasonable as it would filter for higher-quality companies, enhancing the attractiveness of the Hong Kong market to global investors [5][6] - The emphasis on industry leaders for Hong Kong listings aligns with the regulatory focus on supporting robust companies, which may lead to a more sustainable IPO environment [6][7]

中国经济网北京8月5日讯 海天味业（603288）（03288.HK）港股今日收报33.36港元，跌幅1.71%，创 上市以来收盘价新低。目前该股H股处于破发状态。 海天味业6月19日在港交所上市，当日盘中最低报36.05港元，跌幅0.69%，一度跌破发行价。最终发售 价及配发结果公告显示，海天味业全球发售项下的发售股份数目为279,031,700股H股（经计及发售量调 整权获悉数行使及视乎超额配股权行使与否而定），香港发售股份数目为55,279,900股H股（经重新分 配后调整），国际发售股份数目为223,751,800股H股（经计及发售量调整权获悉数行使、经重新分配后 调整以及视乎超额配股权行使与否而定）。 以今日收盘价33.36港元计算，较36.30港元的发行价已下跌8.1%，高瓴HHLR Advisors与HSG Growth （红杉中国）均浮亏。 海天味业的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国际 金融香港证券有限公司、高盛（亚洲）有限责任公司、摩根士丹利亚洲有限公司，联席账簿管理人及联 席牵头经办人为中银国际亚洲有限公司、工银国际证券有限公司、交银国际证券有 ...

Group 1 - The seasoning and fermentation sector increased by 0.42% on August 5, with Jialong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] - Key stocks in the seasoning and fermentation sector showed varied performance, with Jialong Co., Ltd. closing at 2.73, up 2.25%, and Haidilao closing at 38.40, up 0.37% [1] Group 2 - The seasoning and fermentation sector experienced a net outflow of 41.97 million yuan from institutional investors, while retail investors saw a net inflow of 45.66 million yuan [2] - The trading volume and turnover for key stocks varied, with Jialong Co., Ltd. achieving a turnover of 69.89 million yuan and Haidilao reaching 407 million yuan [2] - The net inflow and outflow of funds for individual stocks showed mixed results, with Jialong Co., Ltd. experiencing a net outflow of 4.98 million yuan from institutional investors [3]

Market Overview - The A-share market closed positively on August 5, with a total trading volume exceeding 1.6 trillion yuan, and the Shanghai Composite Index rising nearly 1%, reaching a new closing high for the year [1] - The leading consumption ETF (159928) saw a nearly 1% increase, with a trading volume of 470 million yuan and a net subscription of 208 million units, marking the ninth consecutive day of capital inflow, totaling over 1.4 billion yuan [1] ETF Performance - The consumption ETF (159928) has a current scale exceeding 13.1 billion yuan, significantly leading its peers [1] - Key constituent stocks of the consumption ETF performed well, with Dongpeng Beverage rising over 3%, Luzhou Laojiao up over 2%, and Shanxi Fenjiu increasing over 1% [3] Policy and Economic Insights - Haitong International noted that six out of eight essential consumption sectors tracked in July maintained positive growth, while two sectors, including high-end and mid-range liquor, experienced negative growth due to new alcohol bans and adverse weather conditions [5] - The report highlighted that most liquor prices stabilized in July, with slight adjustments observed in various products [5] - The introduction of favorable policies, such as the implementation of a childcare subsidy system estimated at 100 billion yuan annually, is expected to stimulate essential consumption sectors [6] Industry Analysis - CITIC Securities indicated that the liquor industry has been under pressure this year, but signs of stabilization are emerging, with expectations of a gradual recovery in demand and performance in the third quarter [7] - The report emphasized that leading liquor companies are enhancing shareholder returns through increased dividends and buybacks, which may provide a safety margin for investments [7] - The analysis of Moutai's business model suggests a proactive approach to exploring new demand and adjusting its distribution network during the industry's cyclical downturn [8] Investment Strategy - The consumption ETF (159928) is characterized by its resilience across economic cycles, with over 68% of its top ten constituent stocks being essential consumer goods [8] - The report recommends focusing on sectors benefiting from policy support, particularly dairy products and liquor, while remaining cautious about the potential decline in soft drink margins [6]

Investment Focus - The report highlights a focus on structural opportunities driven by policy catalysis, particularly in essential consumer sectors such as dairy products and liquor, while cautioning against the risks in the soft drink sector [7]. Demand Analysis - In July, among the eight tracked essential consumer sectors, six maintained positive growth, while two experienced negative growth. The sectors with single-digit growth included dining (+4.4%), soft drinks (+2.7%), frozen foods (+1.7%), condiments (+1.1%), dairy products (+1.1%), and beer (+0.6%). The declining sectors were high-end and above liquor (-4.0%) and mass-market liquor (-3.9%) [3][9]. - The report notes that five sectors saw a deterioration in growth rates compared to the previous month, while three improved. The new alcohol ban and adverse weather conditions were identified as significant negative factors affecting demand [3][9]. Price Trends - In July, most liquor wholesale prices stabilized after a period of decline. Specific prices included Feitian at 1915/1880/655 yuan for different packaging, with year-on-year declines of 665/500/155 yuan. The price of Wuliangye was 930 yuan, showing a slight increase of 10 yuan from the previous month [3][22][24]. - The report indicates that the prices of liquid milk and beer saw a reduction in discount rates, while soft drink discounts increased, with stable prices for infant formula, convenience foods, and condiments [4][19]. Cost Analysis - The report states that the spot cost index for various sectors, including dairy, soft drinks, frozen foods, and beer, generally decreased in July, while futures cost indices showed mixed results. For instance, the spot cost index for dairy products fell by 2.92% [4]. Fund Flow - As of the end of July, net inflows into Hong Kong Stock Connect amounted to 124.1 billion yuan, with the essential consumer sector's market capitalization share rising to 5.05%. The food additives sector saw a decrease in share, while the dairy sector experienced an increase [5]. Valuation Insights - By the end of July, the historical PE ratio for the food and beverage sector was at 16% (20.2x), remaining stable from the previous month. The report notes that the median valuation for leading A-share companies was 20x, a decrease of 1x from the previous month [6]. Sector Recommendations - The report recommends focusing on sectors benefiting from policy support, particularly dairy and liquor, while being cautious about the soft drink sector's marginal deterioration. Specific companies to watch include China Feihe, Yili, Mengniu, Master Kong, Uni-President, Yanghe, WH Group, and China Foods [7].