Core Viewpoint - The China Securities Regulatory Commission has introduced measures to support leading domestic companies in listing in Hong Kong, leading to a surge in A-share companies pursuing secondary listings in the Hong Kong market [2][3] Group 1: Listing and Market Response - Haitian Flavoring and Food Co., known as "Soy Sauce King," completed its secondary listing on the Hong Kong Stock Exchange on June 19, 2024, after a rapid approval process [2] - The company attracted significant institutional interest, with cornerstone investors subscribing to approximately 129 million H-shares, accounting for nearly 50% of the total shares offered, raising around 4.7 billion HKD [2] - Despite strong initial demand, the stock opened at 37.5 HKD, slightly above the issue price, but subsequently fell below the issue price, closing at 36.5 HKD on the first day [3][5] Group 2: Stock Performance and Market Conditions - The stock continued to decline in the following days, closing at 35.75 HKD on June 20 and 36.325 HKD on June 23, marking a significant drop from the opening price [3][5] - The overall market conditions were unfavorable, with the Hong Kong market experiencing a downturn prior to the listing, contributing to the stock's poor performance [5][6] Group 3: Company Financials and Valuation - Haitian Flavoring's valuation is relatively high, with a price-to-earnings ratio around 34, while the average valuation in the Hong Kong condiment sector is below 20 [9] - The company's financial performance has been under pressure, with revenue growth of 2.42% in 2022 and a decline of 4.1% in 2023, alongside net profit decreases of 7.09% and 9.21% respectively [9][10] - In 2024, the company reported a revenue increase of 9.53% to 26.901 billion CNY and a net profit increase of 12.75% to 6.344 billion CNY, with positive growth continuing into Q1 2025 [9][10] Group 4: Strategic Goals and Challenges - The company aims to enhance its global brand image and competitiveness through its Hong Kong listing, planning to allocate 20% of the net proceeds to build its global brand and expand sales channels [9][10] - Haitian Flavoring has set a goal to increase overseas revenue to 15% within three years, with plans to establish localized supply chains in Southeast Asia by 2025 and in Europe by 2028 [10] - However, the company faces challenges in penetrating international markets, particularly due to cultural differences in condiment usage and competition from other market players [10]

二次上市。 作者 I 杨继云 报道 I 投资界PEdaily 始于一家小厂 浙江巨无霸再次敲钟 三花智控起源于浙江省新昌县的一家农机修配厂，1984年，34岁的张道才带领工厂转型 为"新昌制冷配件厂"——正值改革开放之初，他目睹路边的饭馆、酒店越来越多，考虑 到冰箱大量使用并逐步进入百姓家庭，遂将精巧轻型的制冷配件作为发展大方向。 从 这 种 简 单 产 品 开 始 ， 张 道 才 最 初 创 业 的 10 年 里 ， 一 直 为 冰 箱 、 空 调 整 机 生 产 厂 家 做 着"配角"。 1 9 87年，工厂联合上海交通大学的科研力量，研发出第一款"两位三通电磁阀"，不仅打 破海外垄断，更为厂里带来了突破千万的年利润。这为后来三花智控发展攒下了重要资 金， 此后对技术和产品也更为重视。 时间来到1 994年，一家名为三花不二工机有限公司的中日合资企业成立，这便是三花智 控的前身，三花指的是管理之花、科技之花、人才之花。这一时期，张道才带领公司瞄 准"四通换向阀"，全力投入攻关，终于在1 9 9 5年取得突破，自主建成第一条生产线，打 破了美国兰柯公司6 0多年的垄断。 当中还涉及 一场并购风波 。1996 ...

Core Viewpoint - The article highlights the upcoming promotion of Guangdong cuisine in Xinjiang, emphasizing the unique flavors of Guangdong, particularly the "sour" taste, which will be showcased at the 2025 China-Eurasia Commodity and Trade Expo [3][10]. Group 1: Guangdong Cuisine Promotion - The promotion event "Jiangpin South, Yuepin North" will take place from June 26 to 30, featuring Guangdong's distinctive foods in Xinjiang [3][4]. - The series "Taste of Lingnan" will introduce six flavors: sweet, salty, sour, preserved, sweet, and fragrant, showcasing the culinary charm of Guangdong [5][6]. Group 2: Unique Flavors of Guangdong - Guangdong's "sour" flavor manifests in various forms, such as fermented vegetables, soups, and fruit jams, which are characterized by a gentle and appealing taste [7][9]. - A specific dish, "Huai Ji Sixty-Day Yellow Vegetable," is highlighted for its unique preparation method, resulting in a mild and natural sour flavor that complements local dishes in Xinjiang [12][15]. Group 3: Market Insights - The pre-prepared food market in Guangdong is projected to exceed 70 billion yuan by 2025, with sour fish dishes being particularly popular [18]. - The sour soup of Guangdong's sour fish differs from the spicy Sichuan version, offering a milder and fresher taste that can be easily transported to Xinjiang [19][20].

Core Viewpoint - The article discusses the successful IPO of Haitian Flavoring and Food Co., Ltd. on the Hong Kong Stock Exchange, highlighting its market position, historical background, and future growth potential in the condiment industry [4][5][15]. Group 1: Company Overview - Haitian Flavoring and Food Co., Ltd., known as the "Soy Sauce King," officially listed on the Hong Kong Stock Exchange on June 19, with a market capitalization exceeding 210 billion HKD [5]. - The company raised nearly 4.7 billion HKD from cornerstone investors, making it the third-largest IPO in Hong Kong in 2023 [5]. - The public offering saw a subscription multiple of over 698 times, with total subscription amounts around 400 billion HKD [3][5]. Group 2: Historical Development - The company's origins trace back over 400 years to the "Maolong Soy Sauce" established during the Ming Dynasty, evolving into Haitian Flavoring through a merger of 25 soy sauce factories in 1955 [7][8]. - Under the leadership of CEO Peng Kang, who became a major shareholder in 1994, the company experienced significant growth, including a successful A-share listing in 2014 [9][10]. Group 3: Financial Performance - In 2024, Haitian achieved a revenue of 26.9 billion CNY, a year-on-year increase of 9.53%, and a net profit of 6.34 billion CNY, up 12.75% [14]. - The company faced challenges in recent years, including a decline in revenue and net profit in 2023, but has since optimized its sales network and product offerings to recover [12][13][14]. Group 4: Market Position and Future Outlook - Haitian is the leading player in China's condiment market, holding a market share significantly larger than its closest competitor, yet still under 5% of the total market [15]. - The company plans to utilize the funds raised from its IPO to enhance its international presence and brand competitiveness, indicating substantial growth potential in the global condiment market [15]. Group 5: Industry Trends - A trend of A-share listed companies moving to the Hong Kong market is noted, with over 60 companies initiating the process in 2023, driven by favorable policies and the need for international financing [16][18]. - The Hong Kong Stock Exchange has been actively attracting these companies by lowering listing thresholds and expediting approval processes, enhancing its appeal as a platform for global expansion [18].

完整早报音频，请点击标题下方小耳机收听 【消息人士否认张一鸣重回一线：仍base在新加坡】 6月20日，有消息人士对记者透露，字节跳动 创始人张一鸣经常往返北京和新加坡，尤为关注AI业务，从去年下半年开始，他每月会参加一次seed 核心技术团队的复盘和讨论会。上述人士同时表示："不存在'重回一线'的说法。目前张一鸣仍然 base在新加坡，非常关注技术，在新加坡也主要和researcher在一起交流，定期回国也找技术骨干交 流。张一鸣关注的是面向未来的前沿技术。他的角色更像是回归后的谷歌联合创始人谢尔盖·布林： 专注AI核心研究团队，花大量时间和研究人员打交道。"（第一财经） 【曝威马被宝能汽车收购，已现身宝能展厅】 6月20日消息，据报道，深圳市罗湖区梨园路406号的 宝能汽车展示中心内，两台宝能汽车旗下品牌悠宝利的"全新"车型 A3正对大门，在其背后，则突兀 地停放着两台威马汽车。报道提到，店内工作人员明确表示，威马已经被宝能汽车"收购"。另一名宝 能汽车内部人士透露，宝能汽车正在与威马汽车交接生产资质等资产。（新浪财经） 【超49万台充电宝被召回后，罗马仕充电宝3C证书被大批撤销，有电商平台已下架】 6月 ...

最近海天酱油赴港上市，吸引了20万人参与打新，获得超918倍的认购，可谓是非常火热，吸引了很多 人参与。 但是谁能想到，上市当天股价直接破发了，股价表现不佳，让不少参与打新的人直呼："一顿操作猛如 虎，一口汤都没喝到，真的是来打了个酱油。" 海天是酱油中的龙头，曾经备受消费者青睐，但是如今却是业绩不断下降，顾客越来越少，就连厨师们 也在减少酱油的用量了。 为何大家不再像以前那样热衷购买海天酱油？其实这背后有4个原因很现实，也很扎心，咱们一起来看 看吧。 1、配方改变，口味下降 海天酱油曾经以其醇厚的口感和稳定的品质赢得了广大消费者的信任，近年来，不少消费者都发现了， 海天的酱油味道"变淡了""没有以前香了"。 这一变化背后，与调整配方有关，在市场竞争加剧的背景下，企业为了降低成本会对产品配方进行调 整，从而能够提高利润。 但是这种做法却未能充分考虑消费者的接受度，最终适得其反，导致客户了的流失，许多消费者表示， 过去的海天酱油鲜味浓郁，适合烹饪各种菜肴，但现在的产品风味大不如前。 2、 为了提高利润，使用廉价原材料 企业的核心目标是盈利，但在追求利润最大化的过程中，如果过度压缩成本，可能会牺牲产品质量。 近年 ...

Core Viewpoint - The Hong Kong IPO market experienced a significant surge in the first half of 2025, with four A+H listed companies—CATL, Hengrui Medicine, Haitian Flavoring, and Sanhua Intelligent Control—ranking among the top ten globally in terms of fundraising, with CATL leading the pack [1][3]. Group 1: IPO Performance - CATL raised approximately HKD 410 billion, making it the top fundraiser among the four companies [3]. - Hengrui Medicine, Haitian Flavoring, and Sanhua Intelligent Control raised around HKD 114 billion, HKD 101 billion, and HKD 79 billion, respectively [3]. - Sanhua Intelligent Control attracted 17 cornerstone investors who collectively invested USD 562 million (approximately HKD 4.41 billion), accounting for about 56% of its IPO [1][2]. Group 2: Investor Interest - Major institutional investors, including Hillhouse Capital, Sequoia, UBS, and the Singapore Government Investment Corporation, have heavily invested in these IPOs, indicating strong market confidence [1][2][3]. - CATL's cornerstone investors included Sinopec, Hillhouse, Kuwait Investment Authority, and others, with a total subscription amounting to USD 2.628 billion (approximately HKD 20.37 billion), representing 66% of its total fundraising [2]. Group 3: Market Trends - There is a growing trend of A-share companies applying for listings in Hong Kong, particularly in sectors like new energy, high-end manufacturing, and healthcare [4][5]. - The anticipated "H+A" model has garnered attention, with expectations for more large enterprises and industry leaders to list in Hong Kong, enhancing the attractiveness of the A+H model [6][8]. - The AH premium has reached a five-year low, with the Hang Seng AH Premium Index hitting 126.91 points, reflecting the influence of southbound capital flows on Hong Kong stock pricing [7][8].

Core Viewpoint - The recent dual listing of companies in A-shares and Hong Kong has provided opportunities for refinancing and injected vitality into the Hong Kong market, exemplified by the mixed performance of Haitian Flavor Industry's Hong Kong debut [1][2]. Group 1: Impact of Population Structure Changes - The aging population in China, influenced by the baby boom of the 1960s, is expected to significantly alter consumption patterns, particularly affecting traditional consumer goods like soy sauce and alcohol [4][6]. - As the population ages, the consumption of many products, including soy sauce, is likely to decline, as older consumers tend to reduce their consumption of these items [7]. - Younger generations are increasingly opting for convenience, such as takeaway meals, which often utilize lower-cost brands, impacting traditional consumption patterns [8][10]. Group 2: Haitian Flavor Industry's Performance - In 2024, Haitian Flavor Industry reported a revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75%, reversing a two-year decline in net profit [11]. - The company's gross margin reached 37.00%, an increase of 2.26 percentage points, while the net margin was 23.63%, up 0.65 percentage points, primarily due to lower raw material costs and optimized production [13]. - The company is shifting its focus from high growth to high-quality growth, reflecting a strategic change in response to market conditions [14]. Group 3: Structural Transformation - Haitian Flavor Industry is undergoing a structural transformation in response to changes in economic structure, with its soy sauce business peaking in 2021 and subsequently declining [16][18]. - The company is maintaining revenue growth through its oyster sauce and seasoning sauce businesses, while also attempting to penetrate new markets such as vinegar and cooking wine [18][20]. - Emerging categories, including compound sauces and cooking wine, generated 4.086 billion yuan in revenue, a year-on-year increase of 16.75%, with online sales growing significantly [21][22]. Group 4: Operational Risks - The company faces several operational risks, including fluctuations in raw material prices, intensified market competition, slow international expansion, and potential goodwill impairment [23][25]. - Raw materials like soybeans and sugar account for over 60% of costs, with future price increases posing a risk despite recent declines [25]. - Competition from emerging brands in the health-oriented market is increasing, with Haitian's market share in high-end soy sauce lagging behind competitors [25].

Core Viewpoint - The initial public offering (IPO) of Haitian Flavoring and Food Co., Ltd. faced a dramatic decline in stock performance after a strong start, reflecting concerns about its growth potential and market conditions [3][4][6]. Company Performance - Haitian Flavoring opened at 37.5 HKD, a 3.3% increase from the issue price of 36.3 HKD, but later fell below the issue price, closing at 36.5 HKD on the first day [3][6]. - On June 20, the stock continued to decline, closing at 38.51 HKD, with a total market capitalization of 224.9 billion HKD [3][6]. - The IPO raised over 10 billion HKD, with 918.15 times oversubscription during the public offering, indicating high initial investor interest [3][8]. Market Context - Analysts suggest that Haitian Flavoring's growth is hindered by domestic overcapacity and limited international demand, leading to poor performance expectations [4][10]. - The company aims to increase its international revenue share from less than 7% in 2024 to 15% within three years, targeting Southeast Asia as a primary market [14][17]. Leadership Transition - Cheng Xue, known as the "Soy Sauce Queen," took over leadership in September 2024, marking a significant transition for the company [11][12]. - Cheng holds approximately 13% of the company's shares and has been instrumental in its growth trajectory [11][12]. Financial Highlights - In 2024, Haitian Flavoring reported revenue of 26.9 billion CNY, a 9.53% increase year-on-year, and a net profit of 6.34 billion CNY, up 12.75% [14]. - The first quarter of 2025 continued this growth trend, with revenue of 8.32 billion CNY and a net profit of 2.20 billion CNY, reflecting increases of 8.08% and 14.77%, respectively [15]. Inventory Concerns - Despite revenue growth, the company faces challenges with rising inventory levels, particularly a 44.69% increase in oyster sauce stock, which could pose operational risks [16].

证券代码：600872 证券简称：中炬高新 公告编号：2025-036 中炬高新技术实业（集团）股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开的日期时间：2025-07-03 14 点 30 分 召开地点：广东省中山市火炬开发区厨邦路 1 号广东美味鲜调味食品有限公 司综合楼 904 会议厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 3 日 至2025 年 7 月 3 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上 ...