HAI TIAN(SH:603288) 智通财经网·2025-05-23 11:19Group 1 - The core viewpoint of the article is that Foshanshi Haitian Flavoring Food Co., Ltd. (Haitian) is preparing for its listing on the Hong Kong Stock Exchange, with major investment banks acting as joint sponsors [1][3] - Haitian aims to provide high-quality products to meet the seasoning needs for home cooking and dining experiences, with key product categories including soy sauce, oyster sauce, seasoning sauces, specialty condiments, and others [3] - According to a report by Frost & Sullivan, Haitian ranks first in the Chinese seasoning market by revenue for 2024, with a market size of RMB 498.1 billion and a market share of 4.8% [3] Group 2 - In the global seasoning market, Haitian is ranked fifth by revenue for 2024, with a market size of RMB 2,143.8 billion and a market share of 1.1% [3] - The company has been the largest seasoning enterprise in China for 28 consecutive years by sales volume, with soy sauce and oyster sauce products consistently leading the market [3] - Soy sauce contributes the most to Haitian's revenue, with a market share of 13.2% in China and 6.2% globally for 2024 [3] Group 3 - Haitian has a comprehensive national sales network, reaching nearly 100% of city-level coverage and almost 90% of county-level coverage in China, with distribution through a dealer model accounting for 98% of revenue in 2024 [3][4] - The company collaborates with suppliers to directly source raw materials from high-quality production areas, ensuring quality and stable supply [4] - The main raw materials used in production include soybeans, oyster sauce, sugar, and salt, with the top five suppliers accounting for 20.2%, 17.2%, and 17.4% of total purchases in the relevant years [4] Group 4 - Haitian adheres to a user-centric philosophy and has multiple strategic developments, including local operational strategies to explore global markets [6] - Financially, Haitian reported revenues of approximately RMB 25.61 billion, RMB 24.56 billion, and RMB 26.9 billion for the fiscal years 2022, 2023, and 2024, respectively, with net profits of approximately RMB 6.20 billion, RMB 5.64 billion, and RMB 6.36 billion [6]