Sichuan Teway Food (SH:603317) 智通财经网·2025-10-30 11:14Core Viewpoint - Sichuan Tianwei Food Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Company Overview - Tianwei Food is a leading and rapidly growing compound seasoning company in China, ranked as the fourth largest by revenue in 2024 and the fastest-growing among the top five compound seasoning companies from 2022 to 2024 according to Frost & Sullivan [5]. - The company holds the largest market share in recipe-based seasonings at 9.7% and the second largest in hot pot seasonings at 4.8% as of 2024 [5]. Product Offerings - The company offers a comprehensive product range, including: - Recipe-based seasonings such as fish seasonings, crayfish seasonings, sausage and cured meat seasonings, and other recipe-based seasonings [7]. - Hot pot seasonings including spicy and non-spicy bases, as well as dipping sauces [7]. - Sauces and other products, including various ready-to-eat sauces and compound seasoning products [7]. Sales and Distribution Network - Tianwei Food has established a vast sales network covering over 1 million terminal points across China, achieving the highest coverage rate among listed companies specializing in compound seasonings [8]. - As of June 30, 2025, the company has 3,251 distributors covering all provinces and nearly all prefecture-level administrative regions in China, while also expanding its international market presence, with products sold in over 50 countries and regions [8]. Financial Performance - The company's revenue for the six months ending June 30 for the years 2022, 2023, 2024, and 2025 was approximately RMB 2.68 billion, RMB 3.13 billion, RMB 3.45 billion, and RMB 1.37 billion respectively [8]. - The corresponding net profit figures for the same periods were approximately RMB 341 million, RMB 466 million, RMB 645 million, and RMB 202 million [8].