HAI TIAN(SH:603288) Xin Lang Cai Jing·2025-08-30 00:52Core Viewpoint - The company reported steady growth in revenue and profit for the first half of 2025, indicating a strong performance in the seasoning industry [1][2]. Financial Performance - The company achieved a revenue of 15.23 billion yuan, a year-on-year increase of 7.59% [1]. - The net profit attributable to shareholders was 3.91 billion yuan, up 13.35% year-on-year [1]. - The net profit excluding non-recurring gains and losses was 3.82 billion yuan, reflecting a 14.77% increase year-on-year [1]. Profitability and Cost Management - The gross profit margin for the first half of 2025 was 40.12%, an increase of 3.26 percentage points compared to the same period last year [2]. - The net profit margin reached 25.75%, up 1.27 percentage points year-on-year, indicating enhanced profitability [2]. - Sales expense ratio increased to 6.38%, while management expense ratio rose to 2.08%, and R&D expense ratio remained stable at 2.70% [2]. Product Performance - Revenue from soy sauce reached 7.93 billion yuan, a 9.14% increase year-on-year [2]. - Oyster sauce revenue was 2.50 billion yuan, up 7.74% year-on-year [2]. - Revenue from seasoning sauces was 1.63 billion yuan, reflecting a 12.01% increase year-on-year [2]. Channel and Regional Development - Offline channels generated 13.72 billion yuan in revenue, a 9.07% increase year-on-year, while online channels saw a significant growth of 38.97%, reaching 842 million yuan [3]. - The company has achieved a balanced national layout, with the fastest growth in the southern and eastern regions, generating 3.02 billion yuan and 2.86 billion yuan respectively, with year-on-year growth of 13.76% and 13.59% [3]. Financial Forecast and Valuation - The company is expected to achieve net profits of 7.07 billion yuan, 7.82 billion yuan, and 8.57 billion yuan for 2025-2027, with corresponding EPS of 1.21 yuan, 1.34 yuan, and 1.46 yuan [4]. - The price-to-earnings ratio (PE) is projected to be 33.2, 30.0, and 27.4 times based on the closing price on August 28 [4].