调味品变局：海天味业，独自增长

Core Viewpoint - Haitian Flavor Industry (海天味业) demonstrates resilience and growth amidst market fluctuations, achieving revenue and profit increases while competitors face declines [1][2]. Financial Performance - In Q3 2025, Haitian's revenue grew by 2.48% year-on-year to 6.398 billion yuan, and net profit increased by 3.40% to 1.776 billion yuan [1][3]. - For the first three quarters of 2025, revenue rose by 6.02% to 21.628 billion yuan, with net profit up by 10.54% to 5.322 billion yuan [1][3]. Market Context - Competitors like Zhongju Gaoxin (中炬高新) and Qianhe Flavor (千禾味业) reported significant revenue declines, with Zhongju's Q3 revenue down 22.84% and Qianhe's first half revenue down 17.1% [2]. - The seasoning market is entering a new phase, indicating a shift in consumer preferences and market dynamics [2]. Product Performance - Haitian's soy sauce revenue grew by 7.91% to 11.156 billion yuan, oyster sauce by 5.89% to 3.629 billion yuan, and seasoning sauces by 9.57% to 2.229 billion yuan in the first three quarters [4]. - The company has successfully launched new products like "Scallion Oil Noodle Sauce," leveraging consumer data to adapt quickly to market demands [4]. Supply Chain and Innovation - Haitian's flexible supply chain allows for customization in response to market fragmentation, moving from "mass standardization" to "mass customization" [4]. - The company utilizes AI to stabilize product quality, converting traditional methods into precise data models for consistent flavor profiles [5]. Competitive Advantage - Haitian's scale enables significant investment in R&D, with 840 million yuan allocated in 2024, far exceeding competitors [8]. - The company's household penetration rate exceeds 80%, providing a strong market presence [7]. International Expansion - Haitian is expanding into overseas markets, having raised 10.129 billion HKD in its Hong Kong IPO, with plans to allocate 20% of funds for international growth [10]. - The company aims to establish localized teams and supply chains, adapting products to local tastes and building consumer loyalty [11].