HAI TIAN(SH:603288) Mei Ri Jing Ji Xin Wen·2025-04-07 12:40Core Viewpoint - Haitan Weiye has achieved a significant rebound in net profit growth, returning to double-digit growth for the first time in four years, indicating a recovery in its financial performance and market position [1][4]. Financial Performance - In 2024, Haitan Weiye reported a net profit of 6.344 billion yuan, a year-on-year increase of 12.75% [1][4]. - The company's operating revenue reached 26.901 billion yuan, reflecting a growth of 9.53% compared to the previous year [4]. - The gross profit margin increased by 2.47 percentage points to 38.62%, attributed to lower material procurement costs and improved cost control through technology [4]. Product and Channel Performance - Revenue from various product categories in 2024 included: soy sauce (13.758 billion yuan, +8.87%), seasoning sauce (2.669 billion yuan, +9.97%), oyster sauce (4.615 billion yuan, +8.56%), and other categories (4.086 billion yuan, +16.75%) [5]. - Offline channels generated 23.885 billion yuan in revenue, up 8.93%, while online channels saw a significant increase of 39.78%, reaching 1.243 billion yuan [5]. Global Expansion Strategy - Haitan Weiye is planning to pursue a Hong Kong IPO and aims for global expansion, focusing on markets with strong consumer bases and high demand for condiments [3][4]. - The company has established new subsidiaries in Hong Kong, Vietnam, and Indonesia, indicating a strategic move towards international trade and investment [5][6]. Regulatory Changes and Industry Trends - The recent regulatory changes regarding "zero additives" in food labeling have prompted Haitan Weiye to adapt its product marketing strategies, as the company supports the new regulations and plans to comply [6][9]. - The industry is experiencing a shift towards quality-price ratio competition, with consumers becoming more price-sensitive and preferring lower-priced products without compromising quality [10]. Product Innovation - Haitan Weiye has introduced a wide range of innovative products, including over 500 low-sugar or sugar-free products, more than 300 low-salt or reduced-salt products, and over 850 low-fat or fat-free products [10]. - The company emphasizes ongoing product iteration and innovation to enhance its competitive edge in the market [10].