海天味业业绩会：海外业务正处于起步阶段

Core Insights - Company reported a revenue of 15.23 billion yuan for the first half of 2025, representing a year-on-year growth of 7.59% [1] - Net profit reached 3.914 billion yuan, with a year-on-year increase of 13.35% [1] - The company’s cash flow from operating activities was 1.505 billion yuan, showing a significant growth of 33.56% [1] Revenue Breakdown - The seasoning business generated 14.562 billion yuan in revenue, up 10.45% year-on-year, with a gross margin increase of 2.82 percentage points to 41.45% [1] - Soy sauce, as the largest single product, achieved revenue of 7.923 billion yuan, a growth of 9.14%, accounting for 54.44% of main business revenue [1] - Oyster sauce revenue was 2.502 billion yuan, growing by 7.74%, representing 17.18% of total revenue [1] - The condiment business generated 1.626 billion yuan, with a year-on-year growth of 12.01%, making up 11.17% of total revenue [1] - Other seasonings and related products saw revenue of 2.506 billion yuan, with a growth rate of 16.73% [1] Strategic Focus - The company emphasizes a user-centered approach to optimize and transform its business for high-quality development [2] - It aims to enhance its competitive edge through digital transformation and a robust supply chain, ensuring quality control while improving efficiency and cost [2] - The company is committed to developing organic and low-salt products, as well as ready-to-use sauces to meet evolving consumer demands [2] International Expansion - The company’s overseas business is in its early stages but has shown promising development, with plans to accelerate international market penetration [3] - The strategy includes prioritizing regions with strong consumer bases and high demand for seasonings, expanding distribution channels, and enhancing brand image [3] - The company is focused on localizing its teams while leveraging headquarters support to adapt to local market conditions [3]