Core Viewpoint - Haitan Flavor Industry (海天味业) debuted on the Hong Kong Stock Exchange on June 19, 2023, with an opening price of HKD 37.5 per share, a 3.3% increase from the issue price of HKD 36.3, but later fell below the issue price [1][2]. Company Performance - Haitan Flavor Industry's market capitalization reached HKD 211.1 billion, with a trading volume of 100.87 million shares [2]. - The company's stock price fluctuated, with a decline of 0.41% to HKD 36.15 by 10:35 AM on the listing day [1][2]. - The A-share price also performed poorly, dropping over 4% at one point, and was down 2.88% at the time of reporting [2][7]. Market Sentiment - The initial strong demand for Haitan's H-shares saw oversubscription exceeding 930 times, attracting notable cornerstone investors such as Hillhouse Capital and GIC [4]. - Market analysts suggest that the stock's performance may be influenced by the current market environment and investor sentiment [3]. Financial Growth and Challenges - Haitan Flavor Industry has been the leading condiment company in China for 28 consecutive years, ranking first in the domestic market and fifth globally by sales volume [6]. - From 2014 to 2022, the company's revenue grew from CNY 9.817 billion to CNY 25.61 billion, although it faced a significant decline in stock price from its peak of CNY 124.68 per share in 2021 [6][7]. - The company experienced its first decline in net profit since its listing in 2022, with a year-on-year decrease of 7.09% [7]. - In 2023, Haitan reported its first revenue decline in nearly a decade, continuing the downward trend in net profit [7]. Recent Financial Results - In 2024, Haitan's revenue rebounded to CNY 26.901 billion, a year-on-year increase of 9.53%, and net profit rose to CNY 6.344 billion, up 12.75% [9]. - For the first quarter of 2025, the company achieved revenue of CNY 8.315 billion, an 8.08% increase year-on-year, and net profit of CNY 2.202 billion, a 14.77% increase [9].