HAI TIAN(SH:603288) Di Yi Cai Jing·2025-06-19 12:18Core Viewpoint - The fluctuations in the stock prices of Haitian Flavoring and Food Co., Ltd. reflect a reassessment of its value by domestic and international investors, alongside adjustments in growth expectations for the company [2][4][5]. Company Overview - Haitian Flavoring is a leading condiment company in China, primarily producing soy sauce, oyster sauce, and other seasoning products. It ranks first in the Chinese condiment market and fifth globally, holding a market share of 4.8% in China [4]. - The company’s main soy sauce products lead both the global and Chinese markets, with a market share of 13.2% in China and 6.2% globally [4]. IPO Details - Haitian Flavoring officially listed on the Hong Kong Stock Exchange on June 19, with an initial offering price of HKD 36.3 per share, raising approximately HKD 10 billion. On its first trading day, the stock price briefly fell below the issue price [2][3]. - The IPO is noted as the second-largest in Hong Kong since 2025 and the largest in the global consumer sector during the same period [3]. Financial Performance - In the first quarter of the year, Haitian Flavoring reported revenue of CNY 8.315 billion, a year-on-year increase of over 8%, and a net profit of CNY 2.2 billion, up 14.77% year-on-year [6]. Market Sentiment and Valuation - The decline in Haitian Flavoring's A-shares prior to its Hong Kong listing indicates a market reassessment of its valuation and future growth prospects, influenced by overall market volatility and changing investor sentiment [2][4][5]. - Analysts suggest that the company's fundamentals have weakened, with concerns over cost control and a slowdown in growth, leading to a decline in market share and a sluggish international expansion [5]. - The average price-to-earnings ratio for the Hong Kong condiment sector is below 20, while Haitian Flavoring's A-share valuation remains relatively high, indicating potential pressure for valuation adjustments [5]. Comparative Analysis - The performance of Haitian Flavoring's stock contrasts sharply with that of other industry leaders like CATL, which saw a significant premium upon listing due to its position in the high-growth battery sector [8]. - The differing market perceptions between traditional consumer stocks and emerging sectors highlight the varying expectations regarding growth potential and risk among investors [8].