Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for a shift in business paradigms to resist "involution" competition and focus on value creation and high-quality development [2][26]. Group 1: Transition from Scale to Quality - Chinese enterprises have achieved significant growth, with 130 companies entering the Fortune Global 500 this year, but now must transition from speed and scale to quality and efficiency [4][29]. - The criteria for measuring development quality include investment returns, market presence, profitability, employee income, government tax revenue, and environmental improvement [4][29]. - Companies like Midea are focusing on modern governance to ensure stable development, projecting a profit of 38.5 billion yuan in 2024 with a market value of 630 billion yuan [4][29]. Group 2: Focus on Core Competencies - Companies should prioritize strengthening their core business rather than blindly expanding into unrelated areas, as many issues arise from straying from core competencies [6][31]. - The principle of business core focus suggests eliminating non-core and loss-making operations to maintain clarity and efficiency [6][31]. - For instance, CATL focuses solely on its core business of power batteries, projecting a profit of 50.7 billion yuan in 2024 with a market value of 1.8 trillion yuan [6][31]. Group 3: Shift from Management to Strategic Operations - The current era requires businesses to focus on strategic operations rather than just management, emphasizing the importance of making the right business decisions to enhance profitability [7][32]. - Effective leadership involves setting strategic direction and resource acquisition while delegating management tasks to subordinates [7][32]. - The distinction between management and operations is crucial, with a focus on generating revenue and market engagement being paramount [7][32]. Group 4: Value-Driven Pricing Strategies - Companies must transition from cost-based pricing to value-based pricing, focusing on the value delivered to customers rather than merely production costs [13][40]. - The importance of understanding the relationship between price, volume, and cost is highlighted, with a focus on maintaining price stability in over-saturated markets [17][42]. - Successful brands like Pop Mart leverage emotional and social value in their products, achieving significant revenue growth and market capitalization [41]. Group 5: Moving Towards Cooperative Competition - The need for a shift from harmful competition to cooperative competition is emphasized, where companies focus on creating value rather than engaging in destructive price wars [18][43]. - The concept of "prisoner's dilemma" illustrates the need for industry players to prioritize collective industry benefits over individual gains [19][44]. - Promoting a cooperative ecosystem within industries can lead to sustainable growth and mutual benefits for all stakeholders involved [19][44].

每经AI快讯，12月22日，调味发酵品板块短线拉升，安记食品涨停，安琪酵母、千禾味业、仲景食 品、海天味业、宝立食品等纷纷走高。 （文章来源：每日经济新闻） ...

Core Viewpoint - Hai Tian Flavor Industry, known as the "soy sauce king," has announced a significant dividend plan, proposing a special dividend of 1.754 billion yuan (including tax) and committing to a cash dividend ratio of no less than 80% of net profit for the next three years [1][2]. Financial Performance - For the first three quarters of 2025, Hai Tian reported revenue of 21.628 billion yuan, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 5.322 billion yuan, up 10.54% year-on-year [1][3]. - The company's cash flow is robust, with cash on hand reaching 22.476 billion yuan and a low debt-to-asset ratio of 15.38% as of the end of the third quarter [3]. Dividend Policy - The total dividend for 2025 is expected to reach 3.273 billion yuan (including tax), which represents 61.50% of the net profit for the first three quarters [1][2]. - Since its listing in 2014, Hai Tian has maintained a consistent cash dividend policy, with a payout ratio exceeding 60% for many years, reaching 75.24% in 2024 [2]. Market Challenges - Despite stable overall performance, Hai Tian faces challenges during the industry's transformation period, with revenue growth slowing to 2.48% and net profit growth to 3.40% in the third quarter of 2025 [4]. - The core soy sauce business saw a revenue growth rate of only 4.9% in the third quarter, significantly down from 9.2% in the first half of the year [4]. Strategic Initiatives - To address traditional channel bottlenecks, Hai Tian is implementing a dual transformation strategy focusing on "channel sinking" and "product upgrading," with online channel revenue reaching 1.245 billion yuan, a year-on-year increase of 32.11% [5]. - The company is enhancing its product offerings by investing in healthier options and expanding into vinegar and cooking wine categories, aligning with consumer trends towards clean-label products [5][6]. Global Expansion - Hai Tian's global strategy includes the construction of a production base in Indonesia, expected to be operational by the end of the year, which will reduce transportation time to Southeast Asian markets [6]. - The company has raised 10.01 billion HKD from its Hong Kong listing, with approximately 20% allocated for overseas market expansion, although current overseas revenue accounts for less than 5% of total income [6].

Investment Rating - The report maintains a "Buy" rating for high-end liquor companies and recommends several key stocks in the food and beverage sector [6][8]. Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in 2026 [6][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the sector, projecting a potential turning point in fundamentals by Q3 2026 [6][8]. - The report identifies systemic opportunities in consumer goods, particularly in the food sector, with a focus on CPI as a core observation indicator [6][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with the liquor segment declining by 0.58% [5]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [5]. 2. Market Performance of Food and Beverage Segments - The report highlights the recent price movements of key liquor brands, including Moutai and Wuliangye, with Moutai's bottle price increasing by 45 RMB to 1545 RMB [7][30]. - Wuliangye is focusing on optimizing its product matrix and channel strategies to enhance long-term growth [7]. 3. Industry Matters - The report discusses the expected improvement in the supply-demand dynamics of the dairy industry in 2026, recommending stocks like Yili and New Hope Dairy [8][9]. - It also notes the high dividend yield of Hai Tian Wei Ye, projecting a dividend payout of 17.54 billion RMB [9][26]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 20.10x, with a premium rate of 24% [30]. - The liquor segment's dynamic PE stands at 18.49x, with a premium rate of 14% [30].

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly emphasizing the strategic importance of expanding domestic demand and consumption [3][8]. Core Insights - The report highlights the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in their upcoming plans [3][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the market, projecting a potential turning point in fundamentals by Q3 2026 [3][8]. - The report recommends several high-quality liquor companies for long-term investment, including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands [3][8]. - For consumer goods, the report identifies opportunities in sectors like seasoning, frozen foods, and dairy, recommending companies such as Anjuke Foods, Yili, and QD Beer [3][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with liquor experiencing a slight decline of 0.58% [7]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [7]. 2. Market Performance of Food and Beverage Sectors - The report provides detailed price updates for major liquor brands, noting Moutai's bottle price at 1545 RMB, a week-on-week increase of 45 RMB, and Wuliangye's price remaining stable at approximately 780 RMB [9][35]. - The report emphasizes the need for liquor companies to optimize their product matrices and channels to adapt to external pressures [9]. 3. Industry Matters - The report discusses the anticipated improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [3][8]. - It highlights the expected gradual recovery in the dairy sector, with recommendations for Yili and New Dairy [10][11]. 4. Valuation Table - The report notes the current dynamic PE for the food and beverage sector at 20.10x, with a premium rate of 24%, and for liquor at 18.49x, with a premium rate of 14% [35].

记者丨崔文静 编辑丨朱益民 12月18日，调味品行业龙头海天味业发布了一份备受瞩目的未来三年股东回报规划，其中一项承诺在资本市场激起波澜：公司计划在2025年至2027年， 每年现金分红总额不低于当年归母净利润的80%，且该比例不含可能另行实施的特别分红。 80%的比例，高到了什么程度？横向对比，A股上市公司常见的分红承诺比例多在净利润的30%以内，超过40%已属少见。纵向来看，即便是以分红"豪 横"著称的贵州茅台，其2024年分红总额占净利润的比例约为75%。这意味着，海天味业承诺的底线比例，已超越了市场标杆。 承诺的背后，是实实在在的现金回报。海天味业同时公告了一项总额超17.54亿元的股东特别分红，以庆祝公司重要里程碑。加之其在2025年首次实施的 中报分红15.19亿元，年内累计分红达32.73亿元，规模已十分可观。 回溯过往，其分红力度自2023年起显著提升，2024年达47.73亿元，未来在承诺约束下，分红规模有望再度攀升。 在业内人士看来，海天味业敢于作出如此高比例的分红承诺，与其所处的企业生命周期密切相关。作为已步入成熟期的行业巨头，其大规模资本投入需 求相对减少，经营产生的丰厚利润得以更大比 ...

记者丨 崔文静 编辑丨朱益民 12月18日，调味品行业龙头海天味业发布了一份备受瞩目的未来三年股东回报规划，其中一项承诺在资本市场激起波澜： 公司计划在2025年 80%的比例，高到了什么程度？横向对比， A股上市公司常见的分红承诺比例多在净利润的30%以内，超过40%已属少见。 纵向来看， 即便 是以分红"豪横"著称的贵州茅台，其2024年分红总额占净利润的比例约为75%。 这意味着，海天味业承诺的底线比例，已超越了市场标杆。 承诺的背后，是实实在在的现金回报。海天味业同时公告了一项总额超17.54亿元的股东特别分红，以庆祝公司重要里程碑。加之其在2025年 首次实施的中报分红 15.19亿元 ，年内累计分红 达32.73亿元， 规模已十分可观。 至2027年，每年现金分红总额不低于当年归母净利润的80%，且该比例不含可能另行实施的特别分红。 回溯过往，其分红力度自2023年起显著提升，2024年达47.73亿元，未来在承诺约束下，分红规模有望再度攀升。 在业内人士看来，海天味业敢于作出如此高比例的分红承诺，与其所处的企业生命周期密切相关。作为已步入成熟期的行业巨头，其大规模资 本投入需求相对减少，经营产生 ...

21世纪经济报道 记者 崔文静 调味品行业龙头海天味业发布了一份备受瞩目的未来三年股东回报规划，其中一项承诺在资本市场激起 波澜：公司计划在2025年至2027年，每年现金分红总额不低于当年归母净利润的80%，且该比例不含可 能另行实施的特别分红。 80%的比例，高到了什么程度？ 横向对比，A股上市公司常见的分红承诺比例多在净利润的30%以内，超过40%已属少见。纵向来看， 即便是以分红"豪横"著称的贵州茅台，其2024年分红总额占净利润的比例约为75%。这意味着，海天味 业承诺的底线比例，已超越了市场标杆。 承诺的背后，是实实在在的现金回报。 日前，海天味业同时公告了一项总额超17.54亿元的股东特别分红，以庆祝公司重要里程碑。加之其在 2025年首次实施的中报分红，年内累计分红规模已十分可观。 回溯过往，其分红力度自2023年起显著提升，2024年达47.73亿元，未来在承诺约束下，分红规模有望 再度攀升。 在业内人士看来，海天味业敢于作出如此高比例的分红承诺，与其所处的企业生命周期密切相关。作为 已步入成熟期的行业巨头，其大规模资本投入需求相对减少，经营产生的丰厚利润得以更大比例回馈股 东，这为同类企业 ...

【A股下跌、港股破发！海天味业欲以高分红"救市"】 ...

Core Viewpoint - The company, Haitian Flavor Industry (海天味业), has announced a special cash dividend of 3 yuan per 10 shares, totaling 1.754 billion yuan, alongside a commitment to maintain a cash dividend ratio of no less than 80% of the annual net profit attributable to shareholders from 2025 to 2027, excluding any special dividends [1][4]. Company Summary - Haitian Flavor Industry is implementing a rare special dividend, attributed to its strong performance and competitive position, coinciding with the 20th anniversary of its high-tech production facility and its recognition as a "World Lighthouse Factory" [5]. - The company has also listed on the Hong Kong Stock Exchange, achieving an "A+H" share listing [5]. - If the special dividend is executed successfully, combined with the previously distributed 1.519 billion yuan in interim dividends, the total dividends for 2025 could reach 3.273 billion yuan, representing 61.5% of the net profit attributable to shareholders for the first three quarters [5]. - For the first three quarters of 2025, the company reported revenue of 21.628 billion yuan, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 5.322 billion yuan, up 10.54% [5]. - The company's debt-to-asset ratio stood at 15.38% as of the end of the third quarter [5]. Industry Context - The seasoning industry is facing challenges due to intense market competition and weakened demand in the restaurant sector, which has generally pressured performance across the industry [5]. - In comparison, competitors like Zhongju Gaoxin and Qianhe Flavor have reported significant declines in revenue and net profit, highlighting the difficult market conditions [6]. - Despite the overall industry pressures, Haitian Flavor Industry's high dividend payout may be influenced by its stock price volatility, as the company's stock has decreased by 17.69% since the beginning of the year [8]. - The management has emphasized efforts in market value management through high dividend payouts, increased frequency of dividends, stock buybacks, and improved communication with the capital market [8].