（原标题：海天味业(03288)股东将股票由花旗银行转入Merrill Lynch Far East Limited 转仓市值3.56亿港 元） 智通财经APP获悉，香港联交所最新资料显示，9月10日，海天味业(03288)股东将股票由花旗银行转入 Merrill Lynch Far East Limited，转仓市值3.56亿港元，占比3.51%。 海天味业发布的截至2025年6月30日止6个月中期业绩显示，该集团实现营业收入152.3亿元，同比增长 7.6%，调味品业务收入145.6亿元，同比增长10.4%，归属于上市公司股东的净利润39.1亿元，同比增长 13.3%，每股盈利0.7元。 ...

海天味业发布的截至2025年6月30日止6个月中期业绩显示，该集团实现营业收入152.3亿元，同比增长 7.6%，调味品业务收入145.6亿元，同比增长10.4%，归属于上市公司股东的净利润39.1亿元，同比增长 13.3%，每股盈利0.7元。 香港联交所最新资料显示，9月10日，海天味业（603288）(03288)股东将股票由花旗银行转入Merrill Lynch Far East Limited，转仓市值3.56亿港元，占比3.51%。 ...

Group 1 - The core point of the news is that Haitan Flavor Industry experienced a significant block trade on September 10, with a transaction volume of 910,300 shares and a transaction amount of 37.621 million yuan, at a price of 41.33 yuan, which is a premium of 0.93% compared to the closing price of the day [2][3] - In the last three months, Haitan Flavor Industry has recorded a total of 35 block trades, with a cumulative transaction amount of 201 million yuan [2] - The closing price of Haitan Flavor Industry on the day of the report was 40.95 yuan, reflecting a decrease of 0.92%, with a daily turnover rate of 0.23% and a total transaction amount of 530 million yuan [2] Group 2 - The latest margin financing balance for Haitan Flavor Industry is 1.152 billion yuan, which has decreased by 21.177 million yuan over the past five days, representing a decline of 1.81% [3] - In the past five days, four institutions have rated the stock, with the highest target price set by Guotai Junan Securities at 49.08 yuan as of September 9 [3]

Core Viewpoint - The company, Haitian Flavor Industry, has set higher growth expectations for the future by revising its employee stock ownership plan's performance assessment indicators, aiming for a compound annual growth rate of no less than 11% from 2024 to 2026 [1] Group 1: Performance and Financials - The company revised its profit target, now expecting a net profit of approximately 7.82 billion yuan by 2026, up from the previous target of a 10.8% increase from 2024 [1] - In the first half of the year, the company achieved revenue of 15.23 billion yuan, a year-on-year increase of 7.6%, and a net profit of 3.91 billion yuan, up 13.3%, both reaching historical highs for the same period [1] - The main product, soy sauce, generated revenue of 7.93 billion yuan, a year-on-year increase of 9.14%, returning to pre-"double standard" incident levels [2] - The gross profit margin improved by nearly 3 percentage points to 40.12%, while the net profit margin rose to 25.75% due to a decline in raw material prices [2] Group 2: Strategic Initiatives - The company is focusing on international expansion, aiming for overseas revenue to account for 15% of total revenue within three years, with plans to invest at least 1.85 billion HKD in Southeast Asia and Europe [3] - The company has announced its first interim dividend since listing, distributing 2.6 yuan per 10 shares, totaling 1.52 billion yuan, to enhance market investment confidence [3] Group 3: Market Conditions - The domestic condiment market faces growth constraints due to the diminishing demographic dividend and ongoing pressures in the restaurant industry [3] - The company continues to optimize and streamline its distribution channels, although the pace of changes has slowed in the second quarter compared to the first [2]

Group 1 - A total of 103 stocks experienced block trading on the A-share market today, with a total transaction value of 3.529 billion yuan [1] - The top three stocks by transaction value were Zijin Mining at 288 million yuan, Guangqi Technology at 173 million yuan, and Yahui Long at 145 million yuan [1] - Among the stocks, 18 were traded at par, 20 at a premium, and 65 at a discount; the highest premium rates were for Dingjia Precision at 11.02%, Zhejiang Meida at 9.17%, and Chongqing Steel at 4.17% [1] Group 2 - The ranking of institutional buy amounts was led by Zijin Mining at 288 million yuan, followed by CITIC Securities at 141 million yuan and BOE Technology at 134 million yuan [2] - Other notable institutional purchases included Ningde Times at 99.2 million yuan, Northern Huachuang at 98.5 million yuan, and Muyuan Foods at 92.1 million yuan [2] - The total buy amounts for the top 30 stocks reflect significant institutional interest in these companies [2] Group 3 - The ranking of institutional sell amounts was also led by Zijin Mining at 288 million yuan, with CITIC Securities at 141 million yuan and BOE Technology at 134 million yuan [3] - Other significant sell amounts included Ningde Times at 121 million yuan, Northern Huachuang at 98.5 million yuan, and Muyuan Foods at 92.1 million yuan [3] - The data indicates a consistent pattern of institutional trading activity in these key stocks [3]

| 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 ...