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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》第十四号— 食品制造的相关规定，现将佛山市海天调味食品股份有限公司 2025 年一季度主要经营数据 （未经审计）公告如下： 一、2025 年一季度主要经营数据 证券代码：603288 证券简称：海天味业 公告编号：2025-019 佛山市海天调味食品股份有限公司 2025 年第一季度主要经营数据公告 1、按照产品类别分类情况 | 地区分部 | 2025 年一季度 | 2024 年一季度 | 同比变动 | | --- | --- | --- | --- | | 东部区域 | 1,640,117,301.32 | 1,436,505,960.83 | 14.17% | | 南部区域 | 1,568,313,573.63 | 1,350,480,708.16 | 16.13% | | 中部区域 | 1,763,722,226.15 | 1,634,519,412.65 | 7.90% | | 北部区域 | 1,983, ...

证券代码：603288 证券简称：海天味业 公告编号：2025-020 佛山市海天调味食品股份有限公司 投资理财进展公告 投资种类：中低风险类理财产品 投资金额：30.80 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"）2025 年 4 月 2 日召开第六届董事会第四次会议审议了 《公司 2025 年度以自有闲置资金进行投资理财的议案》，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。投资理财金额不超过等值 100 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所需流动资金以及资金安全的前提下，合理利用闲置 资金、提高资金使用效率。 （二）投资金额 本次投资总金额为 30.80 亿元。 本公司董事会及全体董事保证本公告内容不存在任 ...

若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 佛山市海天调味食品股份有限公司董事会 佛山市海天调味食品股份有限公司 关于股东大会开设网络投票提示服务的公告 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（以下称"公司"）拟于 2025 年 5 月 9 日 14:00 召开公司 2024 年年度股东大会，本次会议采用现场投票和网络投票相 结合的表决方式。具体内容请见《海天味业关于召开 2024 年年度股东大会的通 知》（公告编号：2025-017）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户 ...

Group 1 - The core viewpoint of the articles highlights the performance of the CSI 300 Food Index, which closed at 7859.35 points, showing a decline of 0.33% over the past month, an increase of 2.02% over the past three months, and a year-to-date decline of 3.28% [1] - The CSI 300 Food Index is categorized into various industry sectors, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on the performance of 300 sample securities from the CSI 300 Index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The market share of the CSI 300 Food Index is predominantly from the Shanghai Stock Exchange at 84.29%, while the Shenzhen Stock Exchange accounts for 15.71% [2] - Within the holdings of the CSI 300 Food Index, the dairy sector represents 61.22%, followed by condiments and edible oils at 29.41%, and meat products at 9.37% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year, ensuring that the weight factors are updated accordingly [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company achieved a year-on-year revenue growth of 10.0% and a net profit growth of 17.8% in Q4, continuing its trend of high-quality growth [1][5] - For 2024, the company is expected to perform well despite market pressures, with a focus on channel improvement and new product promotion, leading to sustained growth [1][6] - EPS forecasts for 2025 and 2026 are projected at 1.28 and 1.40 CNY respectively, with the current stock price corresponding to a PE ratio of 33 times for 2025 [1][6] Financial Performance Summary - In 2024, the company reported total revenue of 269.01 billion CNY, a 9.53% increase year-on-year, and a net profit of 63.44 billion CNY, up 12.75% [5][7] - Q4 results showed revenue of 65.02 billion CNY and net profit of 15.29 billion CNY, reflecting a 10.03% and 17.81% increase year-on-year respectively [5][7] - The company’s gross margin improved to 37.00% in 2024, up 2.26 percentage points from the previous year, driven by cost optimization and efficiency improvements [5][7] Segment Performance - Soy sauce revenue reached 137.58 billion CNY in 2024, with a volume increase of 11.63% despite a 2.5% decline in average price [5][7] - Oyster sauce revenue was 46.15 billion CNY, with an 8.56% increase year-on-year, and a slight average price increase of 0.4% [5][7] - The company’s other product categories also showed strong growth, with total revenue of 40.86 billion CNY, a 16.75% increase year-on-year [5][7] Shareholder Returns - The company plans to distribute a cash dividend of 50.87 billion CNY for 2024, representing a significant payout ratio of 80.19% [5][7]

Investment Rating - The investment rating for the company is maintained as "Accumulate" [5] Core Views - The company demonstrated resilience in a weak economic environment, with a significant increase in dividend payout [4] - In 2024, the company achieved a total revenue of 26.9 billion yuan, representing a year-on-year growth of 9.5%, and a net profit of 6.34 billion yuan, up 12.8% year-on-year [1][5] - The company is expected to continue its growth trajectory, with projected revenues of 29.38 billion yuan, 31.93 billion yuan, and 34.34 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 9.2%, 8.7%, and 7.6% [5] Revenue Breakdown - In 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other products was 13.76 billion yuan, 2.67 billion yuan, 4.62 billion yuan, and 4.09 billion yuan respectively, with year-on-year growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [2] - Online sales grew significantly, with a year-on-year increase of 39.8% in 2024, while offline sales increased by 8.9% [2] - Revenue from different regions showed varied growth, with the southern region achieving a 12.9% increase year-on-year [2] Profitability and Margins - The gross margin improved to 37.0% in 2024, an increase of 2.3 percentage points year-on-year, while the net margin reached 23.6%, up 0.7 percentage points [4] - The company has increased its dividend payout ratio to 75% in 2024, reflecting a 10 percentage point increase year-on-year [4] Forecast and Valuation - The forecast for the company's earnings per share (EPS) is projected to be 1.25 yuan in 2025, 1.38 yuan in 2026, and 1.51 yuan in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 36.85 in 2024 to 27.89 by 2027, indicating an improving valuation over time [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company has experienced a significant acceleration in its core business growth, supported by a decline in raw material costs, leading to notable profit improvements. The company is expected to continue its steady and positive growth into 2025, with a slight increase in profitability due to ongoing cost improvements. The implementation of an employee stock ownership plan is expected to enhance personnel motivation and improve the execution of the company's long-term strategy. Additionally, the dividend payout ratio for 2024 has increased to 75.2% from 65% in 2023, enhancing shareholder returns [2][7]. Financial Performance Summary - For the year 2024, the company achieved total revenue of 26.901 billion yuan, representing a 9.53% increase, with core business revenue of 25.128 billion yuan, up 10.14%. The net profit attributable to shareholders was 6.344 billion yuan, reflecting a 12.75% increase, while the net profit excluding non-recurring items was 6.069 billion yuan, up 12.51%. In Q4 2024, total revenue reached 6.502 billion yuan, a 10.03% increase, with core business revenue of 6.162 billion yuan, up 12.85%. The net profit attributable to shareholders for Q4 was 1.529 billion yuan, a 17.82% increase, and the net profit excluding non-recurring items was 1.455 billion yuan, up 17.07% [4][5]. Business Growth and Structure Optimization - The company's core business revenue for the year totaled 25.128 billion yuan, with a growth rate of 10.14%, and Q4 growth at 12.85%. The product breakdown shows soy sauce revenue at 13.758 billion yuan (+8.87%), seasoning sauce at 2.669 billion yuan (+9.97%), oyster sauce at 4.615 billion yuan (+8.56%), and other products at 4.086 billion yuan (+16.75%). Online sales have seen significant growth, with total online revenue of 1.243 billion yuan, up 39.78%, and Q4 growth at 59.25%. The number of distributors increased to 6,707, up by 116 from the previous year, indicating a stabilization and recovery in distribution channels [5][6]. Profitability Improvement - The company's net profit margin improved by 0.67 percentage points to 23.58%, with a gross margin increase of 2.26 percentage points to 37%. The expense ratio rose by 1.49 percentage points to 9.48%. In Q4, the net profit margin increased by 1.56 percentage points to 23.52%, with a gross margin of 37.66%, reflecting a significant improvement driven by a decrease in direct material costs for soy sauce, oyster sauce, and sauces, which fell by 6.8%, 7.6%, and 6.5%, respectively [6][7]. Future Earnings Projections - The company is projected to have earnings per share (EPS) of 1.28 yuan in 2025 and 1.39 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 33 and 30 times, respectively [7].

Core Viewpoint - Despite a significant decline in market capitalization, the company reported strong financial performance in 2024, indicating resilience in its core business operations [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 26.901 billion yuan, representing a year-on-year growth of 8.93% [2]. - The net profit attributable to shareholders was 6.344 billion yuan, up 12.75% year-on-year [2]. - The net assets attributable to shareholders reached 30.895 billion yuan, reflecting an 8.29% increase [2]. - The overall net profit margin was 23.63%, an increase of 0.65% compared to the previous year [2]. Revenue Breakdown - Soy sauce remained the most significant revenue contributor, generating 13.758 billion yuan, accounting for 51.14% of total revenue [3]. - Oyster sauce was the second-largest category with a revenue of 4.615 billion yuan, representing 17.16% of total revenue [3]. - Other categories generated 4.086 billion yuan, making up 15.19% of total revenue, with the highest growth rate of 16.75% year-on-year [3]. International Expansion - The company is accelerating its overseas market expansion, although the current overseas revenue proportion is still low [3]. - Other business income primarily includes sales of by-products and logistics services, with overseas sales conducted mainly through third-party distributors [3]. Regulatory Changes - The new "zero additives" regulation is seen as beneficial for industry standardization, and the company supports compliance with these new policies [4][5]. - The company plans to adapt its product offerings to meet the new standards while exploring new differentiation strategies [5]. Executive Compensation - The chairman's salary reached 9.1348 million yuan in 2024, a year-on-year increase of over 26%, marking the highest recorded salary in the company's history [5]. - Executive compensation is determined based on company performance, individual contributions, and responsibilities [5].

Group 1 - The company Kid King expects a significant increase in net profit attributable to shareholders for Q1 2025, projecting a growth of 150% to 230%, amounting to between 29.15 million and 38.47 million yuan [1] - The growth is attributed to store scene upgrades, supply chain optimization, improved single-customer operations, and the positive development of franchise and AI digitalization [1] - Kid King operates in the mother and baby products retail and value-added services sector, positioning itself as a data-driven, innovative provider of all-channel services for parent-child families [1] Group 2 - Haitian Flavor Industry's president, Guan Jianghua, discussed the company's overseas expansion plans, focusing on markets with strong consumer bases and high demand for condiments [2] - The company aims to promote its brand, product selection, and distribution channels in a manner tailored to the specific conditions of each country or region [2] - This strategic direction may enhance investor confidence in Haitian's international prospects and provide new growth expectations for the condiment industry [2] Group 3 - Pang Donglai Commercial Group announced a lawsuit against financial influencer Song Qinghui for allegedly damaging the company's brand image, seeking compensation of no less than 1 million yuan [3] - Song Qinghui responded by stating intentions to counter-sue, indicating a contentious legal battle [3] - This incident highlights the company's commitment to protecting its brand reputation and may prompt a reevaluation of Pang Donglai's operational status and brand value in the retail sector [3] Group 4 - Victor, a leading badminton brand, announced a price increase for its products due to rising raw material costs, effective April 1 [4] - The price hike reflects ongoing pressures from supply chain challenges and increased market demand for badminton products [4] - The growing popularity of badminton as a sport is expected to enhance the market potential for the sports goods industry in the long term [4]