海天味业将在港交所上市，实现A+H布局

Core Viewpoint - Haitai Flavoring Food Co., Ltd. plans to conduct an "A+H" listing, with an expected IPO on June 19, 2025, in Hong Kong, aiming to raise approximately HKD 92.13 billion to HKD 95.56 billion [1][3]. Company Overview - Haitai Flavoring was established in April 2000 and is located in Foshan, Guangdong Province. The company was listed on the Shanghai Stock Exchange on February 11, 2014, with the stock code "603288" [3]. - As of June 13, 2025, Haitai's A-share closed at CNY 41.07 per share, giving it a total market capitalization of approximately CNY 228.4 billion [3]. Financial Performance - The company reported revenues of CNY 256.10 billion, CNY 245.59 billion, and CNY 269.01 billion for the years 2022, 2023, and 2024, respectively. The gross profits for the same years were approximately CNY 89.31 billion, CNY 83.37 billion, and CNY 97.25 billion [5][6]. - The net profits for 2022, 2023, and 2024 were approximately CNY 62.03 billion, CNY 56.42 billion, and CNY 63.56 billion, respectively [5][8]. Product Portfolio - Haitai Flavoring offers over 1,450 SKUs, focusing on high-quality products for everyday cooking and dining needs. The main product categories include soy sauce, oyster sauce, seasoning sauces, and specialty condiments [4][5]. - The company has seven product lines with annual revenues exceeding CNY 1 billion, and 31 product lines with revenues over CNY 100 million, which collectively accounted for 76.6% of total sales revenue in 2024 [5]. Market Trends - The company experienced a decline in revenue and net profit in 2023, with decreases of 4.1% and 9.0%, respectively. However, a significant recovery was noted in 2024, with a revenue increase of 9.5% [8].