海天味业H股发行火爆预计筹资92亿 程雪成功突围首季盈利22亿延续增长

Core Viewpoint - The successful H-share IPO of Haitian Flavor Industry Co., Ltd. (海天味业) reflects strong market confidence and a turnaround in the company's performance under the new leadership of Cheng Xue, following a challenging period marked by declining profits and controversies [2][4][10]. Group 1: H-share IPO Details - The H-share IPO was oversubscribed with a subscription multiple of 698.57 times, raising approximately HKD 101 billion (around RMB 92 billion) at a final price of HKD 36.3 per share [2][9]. - The IPO attracted significant interest from global investors, with cornerstone investors collectively subscribing to about 129 million shares, totaling approximately HKD 47 billion [9]. - The company plans to issue approximately 279 million H-shares, with the shares expected to begin trading on June 19 [8][9]. Group 2: Financial Performance - After two years of declining profits, the company reported a revenue of RMB 269.01 billion and a net profit of RMB 63.44 billion in 2024, marking a year-on-year growth of 9.53% and 12.75% respectively [13]. - In the first quarter of 2024, the company continued its growth trajectory with revenues of RMB 83.15 billion and a net profit of RMB 22.02 billion, reflecting increases of 8.08% and 14.77% year-on-year [13]. - The company had previously faced challenges, with revenues and net profits declining in 2022 and 2023 due to controversies and market pressures [12][13]. Group 3: Strategic Goals and Global Expansion - The primary objectives of the IPO include enhancing global brand image, increasing international competitiveness, and expanding overseas market presence [15]. - The company aims to increase the proportion of overseas revenue to 15% within three years, targeting approximately RMB 40 billion in overseas income based on projected revenues of RMB 270 billion [17]. - Plans for international expansion include establishing production bases in Indonesia and Europe, with a goal of sourcing over 50% of raw materials from overseas [15][17].