HAI TIAN(SH:603288) 智通财经网·2025-06-10 22:46Core 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].