海天味业上半年营收同比增长7.6%，归母净利增长13.3%

Core Insights - The company has demonstrated steady growth, with revenue reaching 152.3 billion yuan, a year-on-year increase of 7.6% [2] - The gross profit margin improved significantly to 39.3%, up 3.2 percentage points from the previous year, driven by lower raw material costs and enhanced production efficiency [2][3] Financial Performance - Revenue from the seasoning business was 145.6 billion yuan, growing by 10.4% [2] - Net profit attributable to shareholders was 39.1 billion yuan, reflecting a year-on-year growth of 13.3% [2] - The company reported a net profit margin of 25.8%, an increase of 1.3 percentage points compared to the previous year [2] Business Segments - Soy sauce revenue was 79.3 billion yuan, growing by 9.1%, with notable growth in health-oriented products [2][3] - Oyster sauce revenue reached 25.0 billion yuan, increasing by 7.7%, with strong performance from organic and low-salt products [2][3] - Specialty seasoning products saw a remarkable growth of 16.7%, indicating a shift towards diversified consumer preferences [2][3] Cost Management - The company effectively controlled sales costs, which amounted to 92.5 billion yuan, only increasing by 2.2%, significantly lower than revenue growth [3] - Sales and marketing expenses rose by 14.4% to 9.7 billion yuan, attributed to team expansion and increased advertising [3] - Administrative expenses increased by 19.6% to 3.2 billion yuan, reflecting investments in organizational development [3] Research and Development - R&D expenses were 4.1 billion yuan, up 8.2%, highlighting the company's commitment to innovation [4] Cash Flow and Financial Position - Operating cash flow was strong at 15.0 billion yuan, although there is room for optimization relative to revenue scale [5] - The company holds nearly 30 billion yuan in cash and bank deposits, indicating robust financial health [5] - The management faces the challenge of ensuring investment returns while planning for product development, capacity expansion, and internationalization amidst slowing growth [5]