格隆汇8月28日丨海天味业(603288.SH)公布，2025年上半年，公司实现营业收入152.30亿元，同比增长 7.59%；归属于上市公司股东的净利润为39.14亿元，同比增长13.35%。基本每股收益0.7元。公司拟向 全体股东按每10股派发现金股利2.6元（含税）。 ...

Core Viewpoint - The condiment market is exhibiting a Matthew effect, with leading companies like Haitian Flavor Industry showing strong performance while others like Qianhe Flavor and Zhongju High-tech are struggling [2][3]. Group 1: Company Performance - Haitian Flavor Industry reported a revenue increase of 7.6% year-on-year to RMB 15.23 billion and a net profit increase of 13.3% to RMB 3.91 billion for the first half of 2025 [2][4]. - In contrast, Qianhe Flavor's revenue declined by 17.1% to RMB 1.32 billion, and net profit fell by 30.8% to RMB 170 million [2][6]. - Zhongju High-tech also faced challenges, with revenue down 18.6% to RMB 2.13 billion and net profit down 26.6% to RMB 260 million [2][6]. Group 2: Sales Breakdown - Haitian's soy sauce sales grew by 9.1% to RMB 7.93 billion, driven by health-oriented products and increased digital promotion [5]. - Oyster sauce sales for Haitian increased by 7.7% to RMB 2.50 billion, supported by health product growth and improved channel penetration [5]. - Qianhe's soy sauce and vinegar revenues fell by 16.1% and 21.5%, respectively, due to negative impacts from public sentiment and increased competition [6]. Group 3: Profit Margins - Haitian's gross profit rose by 17.1% to RMB 5.98 billion, with a gross margin increase of 3.2 percentage points to 39.3% [5]. - Qianhe's gross margin decreased by 2.5 percentage points to 32.6% in the second quarter, despite a 1 percentage point increase to 36.6% in the first half due to lower raw material prices [6]. - Zhongju High-tech's gross margin improved by 2.4 percentage points to 39.0% [7]. Group 4: Strategic Reforms - Haitian Flavor Industry undertook significant reforms, focusing on core product categories and enhancing production flexibility to meet consumer demands [9][10]. - The company reduced the number of distributors by 1,253 while increasing the number by 672, optimizing its distribution network [10]. - Haitian is also expanding into overseas markets, having raised HKD 10.13 billion for this purpose, with plans to allocate 20% of the funds for international market development [11]. Group 5: Market Trends - The performance disparity among condiment companies indicates a trend towards more refined competition in the market [12].

Core Viewpoint - The condiment market is exhibiting a Matthew effect, with leading companies like Haitian Flavor Industry showing significant growth while others like Qianhe Flavor and Zhongju High-tech are experiencing declines in revenue and profit [1][3]. Group 1: Company Performance - Haitian Flavor Industry reported a revenue increase of 7.6% to RMB 15.23 billion and a net profit increase of 13.3% to RMB 3.91 billion for the first half of 2025 [1][2]. - In contrast, Qianhe Flavor's revenue declined by 17.1% to RMB 1.32 billion, and net profit fell by 30.8% to RMB 170 million [1][5]. - Zhongju High-tech also faced challenges, with a revenue drop of 18.6% to RMB 2.13 billion and a net profit decrease of 26.6% to RMB 260 million [1][5]. Group 2: Sales Breakdown - Haitian's soy sauce sales grew by 9.1% to RMB 7.93 billion, driven by health-oriented products and increased digital marketing efforts [4]. - The sales of oyster sauce increased by 7.7% to RMB 2.50 billion, supported by health product growth and improved penetration in certain channels [4]. - Qianhe's soy sauce and vinegar sales fell by 16.1% and 21.5%, respectively, due to negative publicity and increased competition [5]. Group 3: Profitability and Cost Management - Haitian's gross profit rose by 17.1% to RMB 5.98 billion, with a gross margin increase of 3.2 percentage points to 39.3%, aided by lower material costs and improved production efficiency [4]. - Qianhe's gross margin decreased by 2.5 percentage points to 32.6% in the second quarter, despite a 1 percentage point increase in the first half due to lower raw material prices [5]. - Zhongju High-tech's gross margin improved by 2.4 percentage points to 39.0% [6]. Group 4: Strategic Initiatives - Haitian is focusing on core product categories and expanding its offerings in vinegar and cooking wine, while also enhancing its product line to meet consumer trends [7]. - The company is optimizing its distribution network by reducing the number of underperforming distributors and enhancing channel management through digital systems [8]. - Haitian is also seeking growth in overseas markets, having raised RMB 10.13 billion from its Hong Kong listing, with plans to allocate 20% of the funds for international expansion [9].

Core Viewpoint - The condiment market is exhibiting a Matthew effect, with leading companies like Haitian Flavor Industry showing strong performance while others struggle [1][3]. Company Performance - Haitian Flavor Industry reported a revenue increase of 7.6% year-on-year to 15.23 billion yuan and a net profit increase of 13.3% to 3.91 billion yuan in the first half of 2025 [1]. - In contrast, Qianhe Flavor Industry experienced a revenue decline of 17.1% to 1.32 billion yuan and a net profit decline of 30.8% to 170 million yuan [2]. - Zhongju High-tech also faced challenges, with a revenue drop of 18.6% to 2.13 billion yuan and a net profit drop of 26.6% to 260 million yuan [2]. Sales Growth Drivers - Haitian's soy sauce sales grew by 9.1% to 7.928 billion yuan, driven by health-oriented products like organic and low-salt soy sauce [4]. - Oyster sauce sales increased by 7.7% to 2.502 billion yuan, supported by health product growth and improved penetration in certain channels [4]. - The sales of seasoning sauces rose by 12.0% to 1.626 billion yuan, aided by the introduction of regional specialty products [4]. - Overall, Haitian's gross profit increased by 17.1% to 5.98 billion yuan, with a gross margin improvement of 3.2 percentage points to 39.3% [4]. Challenges Faced by Competitors - Qianhe's soy sauce and vinegar revenues fell by 16.1% to 840 million yuan and 21.5% to 160 million yuan, respectively, due to negative publicity and increased competition [5]. - Zhongju High-tech's various product lines also saw significant revenue declines, particularly in cooking oil, which dropped by 49.4% [5]. Strategic Adjustments - Haitian is focusing on five core product categories and expanding its vinegar and cooking wine offerings, while also developing more health-oriented products [8]. - The company is enhancing its production flexibility and optimizing its distribution channels to address inventory issues and stabilize pricing [9]. - In 2023, Haitian reduced the number of distributors by 1,253 while increasing the number by 672, indicating a strategic shift in its distribution approach [9]. Market Expansion Plans - Haitian Flavor Industry is seeking growth in overseas markets, having raised 10.129 billion HKD from its Hong Kong listing, with plans to allocate 20% of these funds for international expansion [9].

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月28日，海天味业发布2025年半年报，报告期内，公司 实现营业收入152.3亿元，同比增长7.59%；实现归母净利润39.14亿元，同比增长13.35%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2025年8月28日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 佛山市海天调味食品股份有限公司 2025 年半年度报告 公司代码：603288 公司简称：海天味业 佛山市海天调味食品股份有限公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 佛山市海天调味食品股份有限公司 2025 年半年度报告摘要 公司代码：603288 公司简称：海天味业 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年半年度報告摘要（A股），僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2025年8月28日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 佛山市海天调味食品股 ...

海天味业8月28日公告，上半年实现营业收入152.30亿元，同比增长7.59%；归属于上市公司股东的净利 润为39.14亿元，同比增长13.35%。 ...

人民财讯8月28日电，海天味业（603288）8月28日晚间披露半年报，2025年上半年，公司实现营业收入 152.3亿元，同比增长7.59%；归属于上市公司股东的净利润39.14亿元，同比增长13.35%；基本每股收 益0.7元。公司拟向全体股东按每10股派发现金股利2.6元(含税)。 ...

Core Viewpoint - Qianhe Flavor Industry (千禾味业) demonstrated strong operational resilience and recovery capabilities in its 2025 semi-annual report, with revenue of 1.318 billion yuan and net profit attributable to shareholders of 173 million yuan for the first half of 2025 [1] Group 1: Sales Recovery and Market Trends - The recovery in Qianhe's sales is attributed to product compliance, stable consumer demand, channel upgrades, and technological innovation [2] - The company's products have maintained a 100% compliance rate in food safety inspections since 2014, reflecting its commitment to quality [2] - The demand for healthy condiments is driving sales, particularly for the Qianhe 0 series soy sauce, which uses natural ingredients without additives [2][4] Group 2: Channel Strategy and Expansion - Qianhe is actively implementing channel reforms, with a focus on optimizing consumer experience through product labeling and category-based shelf displays [4] - Offline sales in May saw a month-on-month increase of approximately 20%, with significant growth in major retailers like Walmart and Yonghui [4] - The company has expanded its distributor network to 3,307, covering over 370 cities, and is enhancing its online presence through content e-commerce and social marketing [4] Group 3: Research and Development - In the first half of 2025, Qianhe invested approximately 41.2 million yuan in R&D, acquiring advanced equipment and establishing a research laboratory [5] - Collaborations with academic institutions have led to innovations in fermentation technology, improving flavor stability and protein utilization in soy sauce production [6] Group 4: Supply Chain Management - Qianhe has strengthened its raw material supply chain management by establishing strategic partnerships with suppliers to ensure quality and traceability [7] - The company has built a dedicated salt production line and a high-standard soybean supply chain to secure high-quality non-GMO soybeans [7] Group 5: Future Outlook - The company anticipates continued growth in the second half of 2025, supported by favorable policies, marketing efforts, and capacity expansion [8][10] - The launch of the "Double Reduction" policy on food additives is expected to further promote the trend of using natural ingredients in the condiment industry [9]