Sichuan Teway Food (SH:603317) 智通财经网·2025-11-21 02:16Core Viewpoint - The Chinese compound seasoning industry, particularly represented by hot pot culture, is experiencing rapid growth, attracting significant attention from the capital market. The demand for convenient cooking, standardized flavors, and diverse tastes is driving the growth of compound seasonings, especially hot pot bases and recipe-style seasonings, making them one of the fastest-growing segments in the seasoning industry [1][8]. Company Overview - Sichuan Tianwei Food Group Co., Ltd. (Tianwei Food) is a leading and rapidly growing compound seasoning company in China, having listed on the Shanghai Stock Exchange in 2019. According to Frost & Sullivan, by 2024, the company is projected to be the fourth largest compound seasoning company in China and the fastest-growing among the top five in terms of revenue growth from 2022 to 2024 [1][8]. Financial Performance - Tianwei Food's revenue for 2022, 2023, and 2024 is projected to be 2.676 billion RMB, 3.126 billion RMB, and 3.447 billion RMB, respectively, with a compound annual growth rate (CAGR) of 13.5%. Net profit for the same years is expected to be 341 million RMB, 466 million RMB, and 645 million RMB, reflecting a CAGR of 37.5%, significantly outpacing revenue growth [4][5]. Product Segmentation - The company has a diverse product matrix, including recipe-style seasonings, hot pot seasonings, sauces, and other compound seasonings. Recipe-style seasonings have become the most important revenue source, with revenue growing from 1.375 billion RMB in 2022 to 2.086 billion RMB in 2024, achieving a CAGR of 18.2% and accounting for 60.5% of total revenue by 2024 [5][6]. Market Position - In the recipe-style seasoning segment, Tianwei Food holds a market share of 9.7%, significantly higher than the second-place competitor's 2.6%. The company is also the second-largest in the hot pot seasoning market with a 4.8% market share [8][9]. Sales Network - Tianwei Food has established a comprehensive sales network across China, with 3,251 distributors and over 1 million retail points. The company leads in terminal coverage among listed companies focused on compound seasonings [6][8]. International Expansion - The company has begun internationalizing its brand, exporting products to over 50 countries and regions. The upcoming listing in Hong Kong is seen as a strategic move to enhance global brand recognition and access international investors [7][9]. Industry Outlook - The Chinese seasoning market is projected to reach 498.1 billion RMB by 2024, with compound seasonings growing at a CAGR of 6.4%. Recipe-style seasonings are expected to grow even faster, with a projected market size of 21.6 billion RMB by 2024 [8][9].