Core Viewpoint - Haitian Flavor Industry (海天味业) is set to launch a significant IPO in Hong Kong, reflecting strong international investor confidence in China's consumer sector [1][2] Group 1: IPO Details - The IPO will have a maximum offer price of HKD 36.3 per share, approximately RMB 33.3, with a potential discount of less than 25% [2] - Haitian will issue 263 million H-shares, with 247 million shares allocated for international investors, accounting for 94% of the total [2] - The cornerstone investors include major firms such as Hillhouse Capital, GIC, and UBS Asset Management, with a total subscription amount nearing HKD 4.7 billion [2] Group 2: Company Performance - Since its A-share listing in 2014, Haitian's revenue has grown from RMB 9.8 billion to RMB 26.9 billion, a 174% increase [3] - Haitian leads the Chinese seasoning market with a 4.8% market share, more than double that of its closest competitor [3] - The company has over 1,400 product SKUs, with seven products achieving annual sales exceeding RMB 1 billion [3] Group 3: Innovation and R&D - In 2024, Haitian's R&D investment reached a record high of RMB 840 million, representing 3% of its revenue [4] - The company has invested over RMB 3.8 billion in R&D over the past five years, achieving breakthroughs in fermentation technology and smart manufacturing [4] Group 4: Market Outlook - Haitian is well-positioned to benefit from the structural changes in the seasoning industry, with increasing market concentration and global demand for Chinese cuisine [5][6] - The company’s robust distribution network and brand influence support its growth, as it replicates domestic success in international markets [5] - The unique demand characteristics of the seasoning industry, combined with consumer upgrades and the globalization of Chinese cuisine, present significant growth opportunities for Haitian [6]

6月11日早盘，港股三大指数集体高开。盘面上，科网股普涨，新消费概念股普遍上涨，稀土概念上 涨，创新药概念延续涨势。A股同赛道规模及流动性双料第一的恒生科技指数ETF（513180）跟随指数 震荡向上，持仓股中，比亚迪（002594）股份、蔚来、比亚迪电子、金蝶国际、小鹏汽车、百度集团等 涨幅居前。 消息面上，海天味业（603288）于2025年6月11日至2025年6月16日招股，该公司拟全球发售2.63亿股H 股，港股公开发售占6%，国际发售占94%。另有15%超额配股权。每股发售价35-36.3港元，每手100 股，预期H股将于2025年6月19日（星期四）上午九时正在联交所开始买卖。此外，据港交所6月10日披 露，曹操出行通过港交所主板上市聆讯。据悉，该公司是一家由吉利集团孵化的中国网约车平台。 国金证券认为，港股市场持续火热，综合港股IPO（无论是A+H还是新股IPO）和成交量等因素来看， 港股的资产质量、风险偏好等都有显著提升，积极寻找港股的机会，其中资产交易平台的价值凸显。此 外，开年以来，港股市场多板块或者赛道景气度上行，AI、新消费、创新药等板块的赚钱明显，港股 市场的风险偏好显著提升，投资 ...

Group 1 - Company Hai Tian Wei Ye has officially launched a global public offering and is set to list on the Hong Kong Stock Exchange on June 19, marking it as the largest IPO in the consumer sector this year and the second largest overall in the Hong Kong market after Ningde Times [1] - The cornerstone investor lineup for the IPO includes prestigious institutions such as Hillhouse Capital, GIC, UBS Asset Management, and Sequoia, with a total subscription of 129 million shares and an investment amount nearing 4.7 billion HKD, representing almost 50% of the offering [1][2] - Hai Tian Wei Ye has demonstrated strong financial performance, with revenue growth from 9.8 billion CNY in 2014 to 26.9 billion CNY in 2024, achieving a 174% increase over ten years, and a 9.53% year-on-year growth in 2024 [2][3] Group 2 - The company is pursuing a global strategy, capitalizing on the growing international demand for Chinese condiments, and has introduced organic and gluten-free products that meet international standards [3][4] - Hai Tian Wei Ye's dual listing in A+H shares is expected to enhance its global brand influence and attract more international investors, facilitating future overseas acquisitions and channel development [4] - The company has established a comprehensive competitive advantage in product quality, brand recognition, distribution channels, and innovation, making it a benchmark in the Chinese condiment industry [4][5] Group 3 - Hai Tian Wei Ye boasts a diverse product matrix with over 1,400 SKUs, including seven products with annual sales exceeding 1 billion CNY, and maintains a leading market position in soy sauce for 27 consecutive years [5][6] - The company invests significantly in R&D, with 840 million CNY allocated in 2024, and has accumulated over 1,000 patents, positioning itself as a leader in the condiment sector [6] - Hai Tian Wei Ye's production capacity reaches 5 million tons annually, supported by four major production bases, and it actively promotes sustainable practices and social responsibility [6]

证券代码：603288 证券简称：海天味业 公告编号：2025-028 佛山市海天调味食品股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间 及 H 股香港公开发售等事宜的公告 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（以下简称"公司"）正在进行发行 H 股股票并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市 （以下简称"本次发行上市"）的相关工作。 公司 H 股招股说明书根据香港联交所、香港证券及期货事务监察委员会的 相关规范及要求而刊发，其包含的部分内容可能与公司先前根据中国法律法规准 备或者刊发的相关文件存在一定的差异，包括但不限于该招股说明书中包含的根 据国际会计准则编制的会计师报告，境内投资者应当参阅公司在境内的报纸及监 管机构指定的信息披露网站披露的相关信息和公告。 2025 年 1 月 13 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 1 月 14 日在 上海证券交易所网站 ...

Core Viewpoint - The company, Haitian Flavor Industry (海天味业), is launching a global offering of approximately 263 million H-shares, with a pricing range of HKD 35.00 to HKD 36.30 per share, aiming to raise around HKD 9.2712 billion for various strategic initiatives [1][4]. Group 1: Company Overview - Haitian Flavor Industry is a leading Chinese condiment company with a long-standing history, focusing on high-quality products for home cooking and dining experiences [2]. - The company ranks first in the Chinese condiment market with a market share of 4.8%, significantly higher than its largest competitor, and is the fifth largest globally with a 1.1% market share [2]. Group 2: Offering Details - The company plans to issue approximately 157.943 million shares in Hong Kong and around 247 million shares internationally, with the offering period from June 11 to June 16, 2025 [1]. - The expected pricing date is June 17, 2025, and trading on the Hong Kong Stock Exchange is anticipated to commence on June 19, 2025 [1]. Group 3: Strategic Use of Proceeds - The estimated net proceeds of approximately HKD 9.2712 billion will be allocated as follows: 20% for product development and technology upgrades, 30% for capacity expansion and supply chain digitalization, 20% for enhancing global brand image and sales channels, 20% for strengthening the sales network, and 10% for working capital and general corporate purposes [4]. Group 4: Cornerstone Investors - The company has secured cornerstone investment agreements totaling USD 595 million (approximately HKD 4.6675 billion) from various investors, including HHLR Advisors, GIC, and UBS AM, among others [3].

Core Viewpoint - Haitan Flavor Industry (海天味业) is launching a global offering of 263 million H-shares, with a price range of HKD 35-36.3 per share, aiming to raise approximately HKD 9.271 billion for various strategic initiatives [1][2]. Company Overview - Haitan Flavor Industry is a leading Chinese condiment company with a long history, focusing on high-quality products for home cooking and dining experiences. Its main product categories include soy sauce, oyster sauce, seasoning sauces, specialty condiments, and others [1]. - According to Frost & Sullivan, the company ranks first in the Chinese condiment market with a market share of 4.8% in 2024, which is more than double that of its largest competitor. The total market size for Chinese condiments is projected to reach RMB 498.1 billion in 2024 [1]. Financial Performance - The company's revenue decreased by 4.1% from RMB 25.61 billion in 2022 to RMB 24.559 billion in 2023, followed by a 9.5% increase to RMB 26.901 billion in 2024. The net profit for the same years was RMB 6.203 billion, RMB 5.642 billion, and RMB 6.356 billion, respectively [3]. - The net profit margins for 2022, 2023, and 2024 were 24.2%, 23.0%, and 23.6%, respectively [3]. Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: - 20% for product development and advanced technology research, including 8% for new product lines, 7% for core fermentation technology, and 5% for global R&D capabilities [2]. - 30% for capacity expansion, new technology adoption, and supply chain digitalization, with 17% for production base expansion and 8% for upgrading production technology [2]. - 20% for enhancing global brand image and expanding sales channels, including 15% for establishing local sales offices and 5% for brand building in overseas markets [2]. - 20% for strengthening sales networks and marketing efforts, with 9% for marketing on various platforms and 2% for digital marketing initiatives [2]. - 10% for working capital and general corporate purposes [2].

智通财经6月11日电，港交所文件显示，海天味业香港上市拟发行263,237,500股H股（视乎发售量调整 权及超额配股权行使与否而定），定价介于35港元~36.3港元，预计6月19日在港交所开始买卖。 海天味业在港上市拟发行2.63亿股 定价介于35至36.3港元/股 ...

全球發售 股份代號 : 3288 （於中華人民共和國註冊成立的股份有限公司） 佛山市海天調味食品股份有限公司 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及 聯席牽頭經辦人 | ぴＣＩＣ中金公司 {goldman 直成 Morgan Stanley | | --- | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程 ...

Core Viewpoint - Haitan Flavor Industry Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to enhance its international presence and capitalize on the growing demand for condiments both domestically and globally [2][14]. Company Core Advantages - The company boasts a rich history of over 400 years as a "Chinese Time-honored Brand," leading in brand value within the industry. It ranks first in soy sauce, sauces, oyster sauce, and vinegar categories according to the C-BPI 2024 brand index [3]. - Haitan has developed a comprehensive product matrix with over 1,000 SKUs, covering household consumption, catering customization, and food processing [4]. Production Capacity and Smart Manufacturing - Haitan operates four major production bases across China, achieving a production capacity exceeding 4.5 million tons in 2024, maintaining its industry leadership. Its factory in Guangdong has been recognized as a "Lighthouse Factory" by the World Economic Forum, showcasing advanced manufacturing capabilities [5]. Channel Network and Digital Capabilities - The company has a nationwide sales network reaching nearly 100% of city-level and about 90% of county-level markets, with over 6,700 distributors. Online sales have surged, with a 39.78% year-on-year increase in 2024, reaching 1.243 billion yuan [6]. Industry Development Prospects - The condiment market in China is projected to grow from 479.3 billion yuan in 2023 to 699.8 billion yuan by 2029, with a compound annual growth rate (CAGR) of 7%. This growth is driven by the recovery of the catering industry, consumption upgrades, and the development of the food processing sector [8]. - The global condiment market is expected to increase from 2.1 trillion yuan in 2023 to nearly 2.9 trillion yuan by 2029, with a CAGR of 6.2% [9]. Consumption Upgrade and Health Trends - The Chinese condiment market is experiencing a shift towards higher quality and differentiated products, with increasing demand for organic and health-oriented options. Haitan is responding by launching zero-additive and organic products [13]. Industry Consolidation and Concentration - The Chinese condiment industry has a low market concentration, with the top five companies holding only 10.9% of the market share, compared to 24.0% in the U.S. and 28.5% in Japan. Haitan's IPO is a strategic move to enhance its global brand image and attract international capital [14]. Competitive Advantages and Barriers - Haitan holds a 17% market share in the Chinese condiment industry, significantly outperforming competitors like Lee Kum Kee and Qianhe. The company is projected to achieve revenues of 26.901 billion yuan and a net profit of 6.344 billion yuan in 2024 [15]. R&D Investment and Technical Barriers - In 2024, Haitan plans to invest 840 million yuan in R&D, focusing on salt reduction and organic technology, with over 500 authorized patents in fermentation technology and brewing equipment [16]. Cost Control and Supply Chain Resilience - Haitan's cost advantages stem from large-scale procurement and smart manufacturing, resulting in a gross margin that is 5-8 percentage points higher than the industry average. The company has also implemented strategies to mitigate raw material price fluctuations [17]. Capital Strength and Globalization Layout - The upcoming IPO is expected to enhance Haitan's international financing capabilities, with plans to expand into Southeast Asia and North America. The company aims to increase its overseas revenue share from less than 5% to 15% within three years [18].

Core Viewpoint - The Shanghai Composite Index opened high but closed lower, with the CSI 300 Food and Beverage Index reported at 23,349.84 points [1] Group 1: Index Performance - The CSI 300 Food and Beverage Index has decreased by 5.27% over the past month, 2.96% over the past three months, and 4.25% year-to-date [2] Group 2: Index Composition - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1,000.0 [2] - The top ten weights in the CSI 300 Food and Beverage Index are: Kweichow Moutai (50.79%), Wuliangye (13.2%), Yili (9.98%), Shanxi Fenjiu (4.72%), Luzhou Laojiao (4.66%), Haitian Flavoring (3.82%), Dongpeng Beverage (3.78%), Yanghe Brewery (2.19%), Jinshiyuan (1.75%), and Tsingtao Brewery (1.41%) [2] Group 3: Market Distribution - The market distribution of the CSI 300 Food and Beverage Index shows that the Shanghai Stock Exchange accounts for 76.26%, while the Shenzhen Stock Exchange accounts for 23.74% [2] Group 4: Industry Breakdown - The industry composition of the CSI 300 Food and Beverage Index includes: Baijiu (78.63%), Dairy Products (9.98%), Condiments and Cooking Oils (4.81%), Soft Drinks (3.78%), Beer (1.41%), and Meat Products (1.40%) [3] Group 5: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]