佛山市海天调味食品股份有限公司 监事会关于员工持股计划相关事宜的核查意见 佛山市海天调味食品股份有限公司（以下简称"公司"）监事会依据《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》"）《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》"）等法律法规、规范性文件及《公司章程》等有关规定，对 《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（草案修订稿）》 （以下简称"《2025 年员工持股计划（草案修订稿）》"）的相关事宜进行核查， 并将有关情况发表核查意见如下： （1）《2025 年员工持股计划（草案修订稿）》的内容符合《公司法》《证 券法》《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》等有关法律、行政法规、规章、规范性文件和《公司章程》的规定，不存在 损害公司及全体股东利益的情形； （2）《2025 年员工持股计划（草案修订稿）》遵循自愿参与的原则，不存 在以摊派、强行分配等方式强制员工参加的情形； （3）《2025 年员工持股计划（草案修订稿）》有利于进一步完善公司治理 结构，健全公司 ...

截至6月30日，海天味业股东户数19.92万，较上期增加7.95%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，海天味业实现营业收入152.30亿元，同比增长7.59%；归母净利润39.14亿元，同比增长 13.35%。 分红方面，海天味业A股上市后累计派现311.91亿元。近三年，累计派现116.77亿元。 机构持仓方面，截止2025年6月30日，海天味业十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.95亿股，相比上期增加40.94万股。华泰柏瑞沪深300ETF（510300）位居第十大流通股 东，持股2977.07万股，为新进股东。华夏上证50ETF（510050）退出十大流通股东之列。 责任编辑：小浪快报 9月8日，海天味业盘中上涨2.03%，截至11:04，报41.26元/股，成交6.04亿元，换手率0.27%，总市值 2414.46亿元。 资金流向方面，主力资金净流入2239.50万元，特大单买入5910.25万元，占比9.79%，卖出5396.06万 元，占比8.94%；大单买入1.85亿元，占比30.60%，卖出1.68亿元，占比27.75%。 海天味业今年 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a total revenue of 15.23 billion yuan in H1 2025, representing a year-on-year increase of 7.59%. The net profit attributable to shareholders was 3.914 billion yuan, up 13.35% year-on-year [2][4] - The main business of condiments saw a revenue of 14.562 billion yuan in H1 2025, with a year-on-year growth of 10.45% [4] - The company has successfully improved profitability through cost reduction and efficiency enhancement, with a net profit margin increase of 1.31 percentage points to 25.7% in H1 2025 [6] Revenue Breakdown - Revenue from soy sauce reached 7.928 billion yuan in H1 2025, up 9.14% year-on-year; revenue from seasoning sauces was 1.626 billion yuan, up 12.01% year-on-year; and revenue from oyster sauce was 2.502 billion yuan, up 7.74% year-on-year [5] - Online sales accounted for 8.42 billion yuan in H1 2025, a significant increase of 38.97% year-on-year, driven by e-commerce and instant retail channels [5] Profitability Analysis - The gross profit margin improved by 3.26 percentage points to 40.12% in H1 2025, primarily due to a decrease in raw material costs and enhanced efficiency in raw material usage [6] - The company implemented a mid-term cash dividend of approximately 1.519 billion yuan, enhancing shareholder returns [7] Future Outlook - The company expects net profits attributable to shareholders to reach 7.295 billion yuan and 8.028 billion yuan for 2025 and 2026, respectively, corresponding to PE valuations of 32 and 29 times [7]

Group 1 - The A-share market has shown a significant recovery, with the consumption ETF (159928) rising by 0.82% and achieving a total transaction volume of 8.91 billion yuan, indicating a strong inflow of funds [1] - The consumption ETF (159928) has seen a net subscription of 462 million units, accumulating over 3 billion yuan in the last ten days, with a total share exceeding 21.3 billion, leading its peers [1] - New policies aimed at expanding service consumption are expected to be announced soon, with inbound tourism consumption anticipated to boost domestic demand [3] Group 2 - The food and beverage sector is showing signs of marginal improvement, with a projected consumption recovery in the second half of 2025, as indicated by a 5.6% year-on-year revenue growth in Q2 2025, up from 4.6% in Q1 [6] - The report highlights a divergence in performance among companies, with leading brands like Kweichow Moutai and Haitian Flavoring maintaining stable growth, while some second-tier brands are experiencing revenue declines [9] - The beverage sector has shown resilience, with many snack companies performing well, suggesting a gradual recovery in demand across various industries in the latter half of 2025 [9] Group 3 - The white liquor sector is beginning to show signs of bottoming out, with market liquidity supporting a rise in valuations, despite short-term consumption pressures from regulatory restrictions [10] - The report indicates that the white liquor industry is undergoing a cleansing phase, with performance under pressure but showing signs of improvement, particularly in August [10] - High-end liquor brands are maintaining resilience through effective brand management and channel control, while second-tier brands are more directly affected by policy changes [11] Group 4 - The consumption ETF (159928) is characterized by its strong demand and resilience across economic cycles, with over 68% of its top ten holdings in essential consumer goods [12] - The report emphasizes the importance of focusing on leading companies in the consumer sector, particularly those with strong growth potential and innovative distribution channels [9][12] - The Hong Kong Stock Connect Consumption 50 ETF (159268) is highlighted as an efficient investment option for accessing the consumer sector, particularly for younger consumers [12]

Market Overview - The seasoning and fermentation sector increased by 0.28% on September 5, with ST Jiajia leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - ST Jiajia (002650) closed at 6.50, up 1.72% with a trading volume of 42,200 shares and a transaction value of 27.26 million yuan [1] - Lianhua Holdings (600186) closed at 6.14, up 1.32% with a trading volume of 556,600 shares and a transaction value of 338 million yuan [1] - Zhu Laoliu (831726) closed at 22.35, up 1.22% with a trading volume of 62,800 shares and a transaction value of 137 million yuan [1] - Tianwei Food (603317) closed at 12.01, up 1.09% with a trading volume of 64,000 shares and a transaction value of 76.35 million yuan [1] - Anzhi Yeast (600298) closed at 39.97, up 1.06% with a trading volume of 117,300 shares and a transaction value of 469 million yuan [1] Capital Flow - The seasoning and fermentation sector saw a net inflow of 24.55 million yuan from institutional investors, while retail investors experienced a net outflow of 25.93 million yuan [2] - The main stocks in the sector showed varied capital flows, with Hai Tian Wei Ye (603288) experiencing a significant net outflow of 49.99 million yuan from institutional investors [3] - Lianhua Holdings (600186) had a net inflow of 12.87 million yuan from institutional investors, while retail investors saw a net inflow of 16.89 million yuan [3]

Core Viewpoint - The company reported continuous revenue and net profit growth in the first half of 2025, although there was a noticeable pressure in the single quarter performance [1] Financial Performance - In the first half of 2025, the company achieved revenue of 15.23 billion yuan, an increase of 7.59%, and a net profit attributable to shareholders of 3.91 billion yuan, up 13.35% [1] - The gross profit margin was 40.12%, an increase of 3.26 percentage points year-on-year [1] - For Q1 and Q2 of 2025, revenues were 8.31 billion yuan and 6.91 billion yuan, respectively, with year-on-year growth of 8.08% and 7.00% [1] - The net profit for Q1 and Q2 was 2.20 billion yuan and 1.71 billion yuan, reflecting year-on-year growth of 14.77% and 11.57% [1] - The gross profit margins for Q1 and Q2 were 40.04% and 40.21%, showing year-on-year increases of 2.73% and 3% [1] Product Performance - The core condiment categories, including soy sauce, oyster sauce, and seasoning sauces, continued to lead the market, with revenues of 7.93 billion yuan, 2.50 billion yuan, 1.63 billion yuan, and 2.51 billion yuan, respectively [1] - Year-on-year growth rates for these products were 9.14%, 7.74%, 12.01%, and 16.73%, with respective market shares of 54.44%, 17.18%, 11.17%, and 17.21% [1] Strategic Initiatives - The company is advancing its domestic channel penetration and enhancing coverage in town and village markets, building a fully digital ecosystem to improve sales efficiency and user experience [1] - The global strategy is being accelerated through the establishment of subsidiaries in the US and Indonesia, leveraging the A+H share listing platform [1] Capital Structure and Shareholder Returns - The company significantly increased its cash reserves by 35.65% year-on-year through H-share issuance, with capital reserves surging by 6224.15% [1] - A cash dividend of 2.60 yuan per 10 shares (including tax) is proposed for all shareholders, totaling approximately 1.52 billion yuan, which accounts for 39.1% of the net profit for the first half of the year [1] Investment Outlook - The company is positioned as a leading player with a clear first-mover advantage, likely to benefit from the industry's increasing concentration [1] - The management team has substantial experience, effectively navigating industry adjustments [1] - The ongoing A+H share listing is expected to support the implementation of the global strategy and accelerate the internationalization of the company's expertise [1]

Core Insights - The A-share condiment companies reported a dual growth in revenue and net profit for the first half of 2025, with a shift towards high-end and health-oriented product upgrades due to a slowdown in the soy sauce market [1][4][9]. Group 1: Financial Performance - In the first half of 2025, 18 A-share condiment companies achieved a total revenue of 53.356 billion yuan and a net profit of 8.66 billion yuan, with 8 companies reporting growth in both metrics [4][5]. - Notable performers include Haitian Flavor Industry with a revenue of 15.23 billion yuan (up 7.59%) and a net profit of 3.914 billion yuan (up 13.35%), while companies like Su Yan Jingshen and Xue Tian Salt Industry experienced significant declines in both revenue and profit [5][6][7]. - The industry shows a "stronger getting stronger" trend, with only two companies exceeding 10 billion yuan in revenue, while 15 companies reported revenues below 2.5 billion yuan [6]. Group 2: Market Trends - The soy sauce market is entering a phase of stock competition, with a compound annual growth rate of only 2.3% over five years, significantly lower than the overall condiment industry growth rate of 4.5% [9][10]. - The per capita demand for soy sauce has decreased from 7.28 kg in 2015 to less than 5 kg in 2023, indicating a supply surplus in the market [9]. Group 3: Regulatory Changes - The new national food safety standard GB 7718-2025 prohibits the use of "zero additives" labels, which is expected to push the industry towards more standardized and healthier development [2][13]. - Companies are adjusting their marketing strategies in response to the new regulations, moving away from "zero additives" claims to focus on product quality and health benefits [12][13]. Group 4: Strategic Initiatives - Many companies are accelerating diversification and internationalization strategies, such as Fuling Zhacai's acquisition of Weimeizi and Haitian Flavor Industry's listing on the Hong Kong stock exchange [3][14][16]. - The health sector is becoming a significant focus, with companies like Zhongjing Food entering the health food market and Jia Long Co. expanding into soy sauce production [15][17]. - Companies are also exploring overseas markets, with Haitian Flavor Industry aiming to increase its overseas revenue share to 15% within three years [16][17].

Core Insights - The report maintains a positive investment rating for the food and beverage industry, indicating potential recovery and growth opportunities despite current pressures [1] - The food and beverage sector has underperformed the market, with a year-to-date increase of 3.9%, lagging behind the CSI 300 by approximately 17.2 percentage points [4][16] - The snack segment has shown strong performance, with a notable increase of 55.2% from January to August 2025, while other segments like beer and seasoning products have struggled [4][16] Market Performance - The food and beverage sector's performance has been mixed, with snacks, cooked food, and other alcoholic beverages showing positive growth, while beer and seasoning products have declined [4][16] - The overall market sentiment has shifted towards technology themes, leading to weaker performance in traditional food and beverage sectors [4][16] - The report highlights that the snack segment's strong performance is driven by companies like Wancheng Group (+164.7%), Youyou Foods (+40.9%), and Haoxiangni (+36.2%) [4][16] Economic Overview - The macroeconomic environment remains challenging, with China's GDP growth at 5.2% in Q2 2025, slightly down from Q1 [5][49] - Retail sales of consumer goods increased by 5.4% year-on-year in Q2 2025, indicating a slight recovery, but traditional consumption sectors still face pressure [5][49] - The report anticipates a gradual recovery in consumer spending in the second half of 2025 [5][49] Industry Analysis - The food and beverage sector's revenue growth in Q2 2025 was 5.6%, a slight improvement from Q1, but profits declined by 2.1% [6][49] - The report notes a significant decline in the revenue growth of the liquor sector, particularly due to the impact of alcohol bans [6][49] - New consumption trends are emerging, with snack and health product segments showing resilience and growth potential [6][49] Investment Opportunities - The report suggests that the liquor sector is beginning to show signs of recovery, with potential for valuation improvement as the market stabilizes [7] - It recommends focusing on leading companies in the sector, particularly those with strong growth prospects in new consumption categories [7] - Specific companies to watch include Wancheng Group, Xiamen International Trade, and Dongpeng Beverage, which are expected to benefit from emerging trends [7]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry experienced a revenue growth of 2.47% year-on-year in H1 2025, totaling 582.81 billion yuan, while net profit decreased by 0.60% to 127.67 billion yuan [3][11] - The report highlights a significant performance divergence among sub-sectors, with the liquor sector facing challenges while other segments like snacks and soft drinks showed better performance [3][11] Summary by Sections 1. Industry Overview - The food and beverage industry achieved a total revenue of 582.81 billion yuan in H1 2025, with a year-on-year growth of 2.47%, a decline of 2.79 percentage points compared to the previous year [3][11] - The net profit attributable to shareholders was 127.67 billion yuan, down 0.60% year-on-year, with a notable decline in growth rate of 14.64 percentage points [3][11] 2. Liquor Sector - The liquor sector's revenue in H1 2025 was 241.51 billion yuan, a decrease of 0.86% year-on-year, with net profit at 94.56 billion yuan, down 1.18% [24][28] - In Q2 2025, the liquor sector's revenue was 88.09 billion yuan, down 5.01% year-on-year, and net profit decreased by 7.50% to 31.17 billion yuan [24][28] 3. Beer Sector - The beer sector showed a revenue growth of 2.36% in H1 2025, with a double-digit increase in net profit [3][11] - The sector's profitability improved steadily, benefiting from cost reductions and product structure optimization [3][11] 4. Seasoning Sector - The seasoning sector experienced a year-on-year revenue growth in Q2 2025, indicating a recovery in dining consumption [3][11] 5. Dairy Sector - The dairy sector's performance improved in Q2 2025, with growth driven by a low base effect [3][11] 6. Snack Sector - The snack sector showed a mixed performance in Q2 2025, with some companies benefiting from core products and online channels [3][11] 7. Investment Strategy - The report suggests focusing on high-certainty stocks in the liquor sector, such as Kweichow Moutai and Wuliangye, and highlights the potential in the snack and dairy sectors due to improving consumption trends [3][11]

Core Insights - The seasoning and fermentation sector saw a 0.61% increase on September 4, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Anji Food (603696) closed at 13.19, up 10.01% with a trading volume of 321,700 shares and a turnover of 416 million yuan [1] - Zhu Laoliu (831726) closed at 22.08, up 8.98% with a trading volume of 89,000 shares [1] - Other notable performers include Shengjing Food (300908) up 3.24%, and Richen Co. (603755) up 2.84% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 1.3143 million yuan from institutional investors and a net outflow of 36.2977 million yuan from speculative funds, while retail investors saw a net inflow of 3.7612 million yuan [2] - Anji Food had a net inflow of 1.03 million yuan from institutional investors, but a net outflow of 48.2153 million yuan from speculative funds [3] - Hai Tian Flavor Industry (603288) had a net inflow of 14.3824 million yuan from institutional investors, while retail investors experienced a net outflow of 32.7321 million yuan [3]