Core Insights - Company reported strong financial performance for the first half of 2025, with revenue of 15.23 billion and net profit of 3.91 billion, reflecting year-on-year growth of 7.59% and 13.35% respectively [1] Business Performance - Company has maintained its position as China's largest condiment enterprise for 28 consecutive years, leading in soy sauce and oyster sauce sales, and ranking first globally in these categories [2] - The company is focusing on a "full-scene cooking solution" strategy, expanding its product offerings to include new items like cold dressing, spicy fresh sauce, chicken essence, and chicken juice, thereby enhancing its influence in niche markets [2] Market Position - According to Kantar Consumer Index, the company reached a consumer touchpoint of 754 million, an increase of 21.6 million from the previous year, and has been recognized as one of China's top ten preferred brands for 11 consecutive years [3] Supply Chain and R&D - The company is enhancing its supply chain management to solidify its industry-leading position, with a record R&D investment of over 800 million in 2024, totaling 5.9 billion over the past decade [4] - The company has received over 1,000 patents, establishing significant technological barriers that support its product quality and cost advantages [4] Brand Innovation - The company is successfully transitioning from a traditional brand to a modern one through innovative marketing strategies, such as the soy sauce ice cream pop-up event that resonated with younger consumers [5] - The company launched a public welfare initiative called "Little Powder Cap," focusing on special dietary products and health education, reflecting its commitment to social responsibility [6] Global Expansion - Following its listing on the Hong Kong stock exchange on June 19, the company is actively innovating its business model to enhance its global service capabilities and expand into new markets [6]

8月28日，海天味业发布2025年半年报。当中披露，2025年上半年，公司实现营业收入152.3亿元，同比 增长7.59%，调味品业务收入145.6亿元，同比增长10.45%；归属净利润39.14亿元，同比增长13.35%。 （企业公告） ...

智通财经APP讯，海天味业(603288.SH)发布2025年半年度报告，该公司营业收入为152.3亿元，同比增 长7.59%。归属于上市公司股东的净利润为39.14亿元，同比增长13.35%。归属于上市公司股东的扣除非 经常性损益的净利润为38.17亿元，同比增长14.77%。基本每股收益为0.7元。此外，拟向全体股东每10 股派发现金股利2.60元(含税)。 报告期内公司实现了稳健发展，实现营业收入152.3亿元，同比增长7.59%，调味品业务收入145.6亿 元，同比增长10.45%，归属于上市公司股东的净利润39.1亿元，同比增长13.35%。 ...

Core Insights - Company achieved a revenue of 15.23 billion yuan in the first half of the year, representing a year-on-year growth of 7.59% [1] - Net profit reached 3.914 billion yuan, with a year-on-year increase of 13.35% [1] - The company’s cash flow from operating activities was 1.505 billion yuan, up 33.56% year-on-year [1] Business Structure - The seasoning business generated revenue of 14.562 billion yuan, growing by 10.45% year-on-year, with a gross margin increase of 2.82 percentage points to 41.45% [1] - Soy sauce, as the largest product, achieved revenue of 7.923 billion yuan, a 9.14% increase, accounting for 54.44% of main business revenue [1] - Oyster sauce revenue was 2.502 billion yuan, up 7.74%, representing 17.18% of total revenue [1] - Seasoning sauce revenue reached 1.626 billion yuan, growing by 12.01%, making up 11.17% of total revenue [1] - Other seasonings and related products generated 2.506 billion yuan, with a year-on-year growth of 16.73% [1] Regional Performance - Eastern region revenue was 2.860 billion yuan, up 13.59% [2] - Southern region revenue reached 3.023 billion yuan, growing by 13.76% [2] - Central region revenue was 3.182 billion yuan, with a 9.06% increase [2] - Northern region revenue amounted to 3.648 billion yuan, up 8.01% [2] - Western region revenue was 1.849 billion yuan, growing by 7.86% [2] Channel Performance - Offline channels remained the main support, generating 13.72 billion yuan, a 9.07% increase, accounting for 94.22% of total revenue [2] - Online channel revenue was 842 million yuan, growing by 38.97%, with its share increasing to 5.78% [2] International Strategy - The company listed 27,903.17 million H-shares on the Hong Kong Stock Exchange on June 19, 2025, raising approximately 9.256 billion yuan for global expansion [2] - On July 16, the company exercised an over-allotment option, issuing an additional 12.1927 million H-shares to enhance its overseas capital platform [2] - The company aims to leverage domestic market opportunities while steadily advancing its international strategy [2] Global Expansion - The company established Haday Food (AM) Holding Limited in Hong Kong, Haday US Inc. in the United States, and PT HADAY GROUP INDONESIA in Indonesia, enhancing its global production and sales network [3] - The Haotian Gaoming factory was recognized as a "lighthouse factory" by the World Economic Forum in January 2025, marking a significant achievement in smart manufacturing [3] - The company integrates traditional brewing techniques with advanced technologies such as AI, IoT, and big data to enhance production efficiency and automation [3]

格隆汇8月28日丨海天味业(603288.SH)公布，2025年上半年，公司实现营业收入152.30亿元，同比增长 7.59%；归属于上市公司股东的净利润为39.14亿元，同比增长13.35%。基本每股收益0.7元。公司拟向 全体股东按每10股派发现金股利2.6元（含税）。 ...

Core Viewpoint - The condiment market is exhibiting a Matthew effect, with leading companies like Haitian Flavor Industry showing strong performance while others like Qianhe Flavor and Zhongju High-tech are struggling [2][3]. Group 1: Company Performance - Haitian Flavor Industry reported a revenue increase of 7.6% year-on-year to RMB 15.23 billion and a net profit increase of 13.3% to RMB 3.91 billion for the first half of 2025 [2][4]. - In contrast, Qianhe Flavor's revenue declined by 17.1% to RMB 1.32 billion, and net profit fell by 30.8% to RMB 170 million [2][6]. - Zhongju High-tech also faced challenges, with revenue down 18.6% to RMB 2.13 billion and net profit down 26.6% to RMB 260 million [2][6]. Group 2: Sales Breakdown - Haitian's soy sauce sales grew by 9.1% to RMB 7.93 billion, driven by health-oriented products and increased digital promotion [5]. - Oyster sauce sales for Haitian increased by 7.7% to RMB 2.50 billion, supported by health product growth and improved channel penetration [5]. - Qianhe's soy sauce and vinegar revenues fell by 16.1% and 21.5%, respectively, due to negative impacts from public sentiment and increased competition [6]. Group 3: Profit Margins - Haitian's gross profit rose by 17.1% to RMB 5.98 billion, with a gross margin increase of 3.2 percentage points to 39.3% [5]. - Qianhe's gross margin decreased by 2.5 percentage points to 32.6% in the second quarter, despite a 1 percentage point increase to 36.6% in the first half due to lower raw material prices [6]. - Zhongju High-tech's gross margin improved by 2.4 percentage points to 39.0% [7]. Group 4: Strategic Reforms - Haitian Flavor Industry undertook significant reforms, focusing on core product categories and enhancing production flexibility to meet consumer demands [9][10]. - The company reduced the number of distributors by 1,253 while increasing the number by 672, optimizing its distribution network [10]. - Haitian is also expanding into overseas markets, having raised HKD 10.13 billion for this purpose, with plans to allocate 20% of the funds for international market development [11]. Group 5: Market Trends - The performance disparity among condiment companies indicates a trend towards more refined competition in the market [12].

Core Viewpoint - The condiment market is exhibiting a Matthew effect, with leading companies like Haitian Flavor Industry showing significant growth while others like Qianhe Flavor and Zhongju High-tech are experiencing declines in revenue and profit [1][3]. Group 1: Company Performance - Haitian Flavor Industry reported a revenue increase of 7.6% to RMB 15.23 billion and a net profit increase of 13.3% to RMB 3.91 billion for the first half of 2025 [1][2]. - In contrast, Qianhe Flavor's revenue declined by 17.1% to RMB 1.32 billion, and net profit fell by 30.8% to RMB 170 million [1][5]. - Zhongju High-tech also faced challenges, with a revenue drop of 18.6% to RMB 2.13 billion and a net profit decrease of 26.6% to RMB 260 million [1][5]. Group 2: Sales Breakdown - Haitian's soy sauce sales grew by 9.1% to RMB 7.93 billion, driven by health-oriented products and increased digital marketing efforts [4]. - The sales of oyster sauce increased by 7.7% to RMB 2.50 billion, supported by health product growth and improved penetration in certain channels [4]. - Qianhe's soy sauce and vinegar sales fell by 16.1% and 21.5%, respectively, due to negative publicity and increased competition [5]. Group 3: Profitability and Cost Management - Haitian's gross profit rose by 17.1% to RMB 5.98 billion, with a gross margin increase of 3.2 percentage points to 39.3%, aided by lower material costs and improved production efficiency [4]. - Qianhe's gross margin decreased by 2.5 percentage points to 32.6% in the second quarter, despite a 1 percentage point increase in the first half due to lower raw material prices [5]. - Zhongju High-tech's gross margin improved by 2.4 percentage points to 39.0% [6]. Group 4: Strategic Initiatives - Haitian is focusing on core product categories and expanding its offerings in vinegar and cooking wine, while also enhancing its product line to meet consumer trends [7]. - The company is optimizing its distribution network by reducing the number of underperforming distributors and enhancing channel management through digital systems [8]. - Haitian is also seeking growth in overseas markets, having raised RMB 10.13 billion from its Hong Kong listing, with plans to allocate 20% of the funds for international expansion [9].

Core Viewpoint - The condiment market is exhibiting a Matthew effect, with leading companies like Haitian Flavor Industry showing strong performance while others struggle [1][3]. Company Performance - Haitian Flavor Industry reported a revenue increase of 7.6% year-on-year to 15.23 billion yuan and a net profit increase of 13.3% to 3.91 billion yuan in the first half of 2025 [1]. - In contrast, Qianhe Flavor Industry experienced a revenue decline of 17.1% to 1.32 billion yuan and a net profit decline of 30.8% to 170 million yuan [2]. - Zhongju High-tech also faced challenges, with a revenue drop of 18.6% to 2.13 billion yuan and a net profit drop of 26.6% to 260 million yuan [2]. Sales Growth Drivers - Haitian's soy sauce sales grew by 9.1% to 7.928 billion yuan, driven by health-oriented products like organic and low-salt soy sauce [4]. - Oyster sauce sales increased by 7.7% to 2.502 billion yuan, supported by health product growth and improved penetration in certain channels [4]. - The sales of seasoning sauces rose by 12.0% to 1.626 billion yuan, aided by the introduction of regional specialty products [4]. - Overall, Haitian's gross profit increased by 17.1% to 5.98 billion yuan, with a gross margin improvement of 3.2 percentage points to 39.3% [4]. Challenges Faced by Competitors - Qianhe's soy sauce and vinegar revenues fell by 16.1% to 840 million yuan and 21.5% to 160 million yuan, respectively, due to negative publicity and increased competition [5]. - Zhongju High-tech's various product lines also saw significant revenue declines, particularly in cooking oil, which dropped by 49.4% [5]. Strategic Adjustments - Haitian is focusing on five core product categories and expanding its vinegar and cooking wine offerings, while also developing more health-oriented products [8]. - The company is enhancing its production flexibility and optimizing its distribution channels to address inventory issues and stabilize pricing [9]. - In 2023, Haitian reduced the number of distributors by 1,253 while increasing the number by 672, indicating a strategic shift in its distribution approach [9]. Market Expansion Plans - Haitian Flavor Industry is seeking growth in overseas markets, having raised 10.129 billion HKD from its Hong Kong listing, with plans to allocate 20% of these funds for international expansion [9].

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月28日，海天味业发布2025年半年报，报告期内，公司 实现营业收入152.3亿元，同比增长7.59%；实现归母净利润39.14亿元，同比增长13.35%。 ...

Group 1 - The core point of the article is that Haitian Flavor Industry (SH 603288) announced its sixth board meeting on August 28, 2025, to review its 2025 semi-annual report [1] - For the year 2024, the revenue composition of Haitian Flavor Industry is 93.41% from food manufacturing and 6.59% from other businesses [1] - As of the report, the market capitalization of Haitian Flavor Industry is 234.5 billion yuan [1]