Core Viewpoint - Haitian Flavor Industry has officially launched its global public offering, planning to issue 263,237,500 shares with a price range set between HKD 35.00 and HKD 36.30, expected to be listed on the Hong Kong Stock Exchange on June 19, 2025 [1][3]. Offering Details - The company plans to publicly offer 15,794,300 shares in Hong Kong, accounting for approximately 6.00% of the total offering, while 247,443,200 shares will be offered internationally, making up about 94.00% of the total [3]. - The company may issue an additional 39,485,600 shares if the overallotment option is not exercised, or up to 41,854,700 shares if the option is fully exercised, leading to a maximum total of 320,886,400 shares available for global offering [3]. Cornerstone Investors - Haitian Flavor Industry has secured cornerstone investment agreements with several entities, including HHLRA, GIC, and UBS AM, committing to purchase shares worth approximately USD 595 million at the indicative price of HKD 35.65 per share, totaling around 131 million shares [4]. Financial Performance - The company reported a revenue of CNY 256.1 billion in 2022, a year-on-year increase of 2.42%, but faced a decline in net profit by 7.09% to CNY 61.98 billion [8]. - In 2023, the company experienced its first revenue decline in nearly a decade, with revenue dropping to approximately CNY 245.6 billion, a decrease of 4.10%, and net profit falling to about CNY 56.26 billion, down 9.21% [8]. - However, in 2024, the company rebounded with a revenue of CNY 269.01 billion, a year-on-year growth of 9.63%, and net profit reaching CNY 63.44 billion, up 12.75% [8]. Product Performance - The core product categories, including soy sauce, seasoning sauces, and oyster sauce, all saw revenue growth of nearly 10% year-on-year, with respective gross margin increases of 2.07%, 1.95%, and 4.69% [9]. - The "other" product category has also shown significant growth, with year-on-year increases of 32.61%, 19.35%, and 16.75% from 2022 to 2024, indicating the company's efforts to diversify its product offerings [10]. Strategic Significance - The IPO is seen as a strategic move to enhance the company's global presence and brand image, with plans to focus on markets with strong consumer bases and high demand for seasoning products [10]. - The company aims to utilize the proceeds from the global offering for product development, technological upgrades, capacity expansion, and enhancing its global supply chain capabilities [5].

Investment Rating - The investment rating for the company is "6.3" based on various criteria [6]. Core Insights - Haidilao is a leading player in the Chinese condiment market, holding the position of the largest condiment company in China and the fifth largest globally, with a diverse product range including soy sauce, oyster sauce, and other seasonings [1][2]. - The company has shown a revenue forecast of 245 billion RMB for 2023, 269 billion RMB for 2024, and 83 billion RMB for Q1 2025, with growth rates of -3.3%, 10.4%, and 9% respectively [1]. - The company has a strong market presence with a 4.8% market share in China's condiment market and a 13.2% share in the soy sauce market [2]. Company Overview - Haidilao has developed a comprehensive product matrix with over 1,450 SKUs and has cultivated seven product lines each generating over 1 billion RMB in revenue [1]. - The company has a robust distribution network with 6,707 distributors, covering nearly 100% of prefecture-level cities and about 90% of county-level cities in China [3]. - The company is focused on both domestic and international markets, with plans to expand globally [1]. Industry Status and Outlook - The Chinese condiment market is projected to grow from 408.1 billion RMB in 2019 to 498.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.1% [2]. - The global condiment market is valued at approximately 21,438 billion RMB, with a growth rate of about 3.2% [2]. - The competitive landscape in the condiment industry is fragmented, with Haidilao leading the market in China [2]. Advantages and Opportunities - The company benefits from strong brand recognition and a leading position in the industry, supported by a well-optimized supply chain that enhances production efficiency and reduces costs [3]. - The company's corporate culture emphasizes simplicity, practicality, and openness, which supports long-term sustainable development [3]. Investment Recommendations - The cornerstone investors for the IPO include prominent firms such as Hillhouse, GIC, and UBS Asset Management, accounting for approximately 48.8%-50.66% of the offering [5]. - The IPO price range is set between 35-36.3 HKD, with a post-IPO market capitalization estimated at 9.2-9.5 billion HKD [5]. - The expected net profit for 2025 is around 7 billion RMB, corresponding to a price-to-earnings (PE) ratio of 29-30x, indicating a reasonable valuation compared to the A-share market [5].

Core Viewpoint - Jiangsu Hengshun Vinegar Industry Co., Ltd. is implementing a partial repurchase and cancellation of restricted stock as part of its 2024 incentive plan, following necessary legal procedures and approvals [2][6][10]. Group 1: Legal Framework and Procedures - The legal opinion is based on the Company Law, Securities Law, and the 2025 revised Management Measures for Listed Company Equity Incentives, ensuring compliance with relevant regulations [2][3]. - The company has completed the necessary procedures for the incentive plan, including approval from the supervisory board and public disclosure of the incentive object list [6][8]. - The repurchase and cancellation of restricted stocks have been authorized by the company's board, and no shareholder vote is required for this action [7][10]. Group 2: Details of the Repurchase and Cancellation - The repurchase involves 2,433,900 shares of restricted stock due to the departure of three incentive objects and performance-related issues, with a repurchase price of 3.85 yuan per share [9][10]. - The company has established a dedicated securities account for the repurchase and expects to complete the cancellation by June 16, 2025 [10]. - After the repurchase, the remaining restricted stock will total 3,483,300 shares, ensuring that the incentive plan remains intact for other eligible personnel [9][10].

Core Points - The company announced the repurchase and cancellation of shares from its 2024 employee stock ownership plan due to the departure of two participants and unmet performance targets [1][2] - A total of 38,180 shares will be repurchased at a price of 5.89 yuan per share, with 1,900 shares related to the departing employees and 36,280 shares due to performance criteria not being met [2] - The cancellation of these shares will not significantly impact the company's financial status or operational results, nor will it change the control of the company [4] Summary of Repurchase and Cancellation - The decision to repurchase and cancel shares was made following the company's 2024 first extraordinary general meeting, which approved the employee stock ownership plan [2] - The repurchase involves two departing employees and other participants in the stock ownership plan, totaling 38,180 shares [2] - The repurchase is expected to be completed by June 16, 2025, with necessary registration changes to be made thereafter [2] Share Structure Changes - Prior to the cancellation, the company had 3,483,300 restricted shares and 1,103,026,408 unrestricted shares, totaling 1,108,943,608 shares [3] - After the cancellation of 38,180 shares, the total will be reduced to 1,106,471,528 shares [3] - The changes in share structure will not affect the company's compliance with listing requirements [4]

Core Viewpoint - Jiangsu Hengshun Vinegar Industry Co., Ltd. has approved the repurchase and cancellation of a portion of restricted stock options due to the departure of certain incentive targets and unmet performance criteria for the 2024 incentive plan [1][2]. Summary by Relevant Sections Repurchase and Cancellation Details - The company will repurchase and cancel a total of 2,433,900 shares of restricted stock, with a repurchase price set at 3.85 yuan per share, effective from June 16, 2025 [1][2]. - The cancellation is due to three incentive targets leaving the company, one retiring, and the company's performance not meeting the criteria for the first release period of the 2024 incentive plan [2]. Impact on Share Structure - Following the repurchase and cancellation, the number of restricted shares will decrease from 5,917,200 to 3,483,300, while the total share capital will reduce from 1,108,943,608 to 1,106,471,528 shares [3]. - The number of unrestricted shares will also decrease from 1,103,026,408 to 1,102,988,228 shares as a result of the repurchase [3]. Compliance and Legal Considerations - The board of directors confirmed that the decision-making process and information disclosure related to the repurchase comply with relevant regulations, ensuring no harm to the rights of incentive targets or creditors [3]. - Jiangsu Shiji Tongren Law Firm has also affirmed that the repurchase and cancellation actions are in accordance with legal regulations and the company's articles of association [3].

目前馨田火锅油碟已覆盖全国各大中型城市，拥有自营分销终端6000余个，累计合作火锅品牌近 2.2万个、服务超20万家火锅门店，在全国火锅市场占有率达65%，川渝连锁火锅品牌的市占率约80%， 产品远销到美国、英国、法国、意大利、阿联酋等国家。 馨田火锅油碟作为火锅油碟品类的开创者和重庆老字号，始终践行"质量第一、信誉至上"的发展理 念，为满足市场需求，馨田打造了行业领先的产能体系，构建起坚实的市场供应保障机制。企业拥有三 个现代化、专业化的生产工厂，配置60余套各型压榨设备，年榨油量达2万余吨；配备20余条高速灌装 生产线，年灌装量达10万吨。通过自主研发全自动重量计重调配PLC控制系统，可同时生产桶装、瓶 装、罐装、袋装等多种规格产品，灵活响应餐饮连锁、线上线下等多渠道需求。 目前，火锅油碟赛道不仅早已衍生出一个成熟的产业，而且也已经跑出了一些成熟的品牌。 2025年4月，经全球企业增长咨询公司弗若斯特沙利文（Frost & Sullivan）市场调研显示，来自重 庆的火锅油碟品牌——馨田火锅，凭借产能规模、销售额及市场占有率等核心指标的绝对领先优势。 随着火锅行业的蓬勃发展，消费者对用餐体验的需求日益精细 ...

Core Viewpoint - Haitian Flavor Industry is set to launch its Hong Kong IPO on June 19, 2025, with a target fundraising of up to HKD 95.5 billion, reflecting strong market confidence in its future growth [1] Group 1: IPO Details - The company has initiated a global roadshow with a share price range set between HKD 35 and HKD 36.3, planning to issue 263 million H-shares [1] - Notable cornerstone investors, including Hillhouse HHLR Advisors and GIC Private Limited, have committed to purchasing shares worth USD 595 million, indicating robust investor interest [1] Group 2: Financial Performance - For 2024, Haitian Flavor reported a revenue of CNY 26.9 billion, a year-on-year increase of 9.53%, and a net profit of CNY 6.344 billion, up 12.75% [1] - In Q1 2025, the company achieved a revenue of CNY 8.315 billion, reflecting an 8% growth, and a net profit of CNY 2.202 billion, which is a 14.77% increase compared to the previous year [2] Group 3: Capital Management - The company plans to distribute cash dividends of CNY 4.773 billion to all shareholders and intends to invest up to CNY 10 billion in financial management, enhancing shareholder returns and optimizing financial structure [3] Group 4: Shareholding Structure - Haitian Flavor's actual controller, Pang Kang, and Guangdong Haitian Group collectively hold over 67% of the shares, ensuring absolute control over the company [4] Group 5: Industry Outlook - The upcoming IPO is seen as a significant milestone for the seasoning industry, with Haitian Flavor poised to lead market trends due to its product quality, brand strength, and distribution channels [5]

Company Overview - Haitan Flavor Industry Co., Ltd. (海天味业) is launching a global public offering, with shares expected to be listed on the Hong Kong Stock Exchange on June 19 [1] - The maximum offer price for the H-shares is set at HKD 36.3, approximately RMB 33.3 per share, with a total issuance of 263 million H-shares [1] - The offering includes 247 million H-shares for international investors, accounting for 94% of the total shares, and 15.79 million H-shares for public subscription in Hong Kong [1] Investment Highlights - Key cornerstone investors include major firms such as Hillhouse Capital, GIC, UBS Asset Management, and Sequoia, with a total subscription amount nearing HKD 4.7 billion, marking it as the third-largest cornerstone investment in a Hong Kong IPO in 2023 [1] - Since its A-share listing in 2014, the company's revenue has grown from RMB 9.8 billion to an expected RMB 26.9 billion in 2024, representing a 174% increase [1] Industry Context - The Chinese condiment industry is undergoing structural changes, with an accelerating optimization of the competitive landscape and increasing industry concentration [2] - The global demand for Chinese cuisine is expanding, providing growth opportunities for leading companies like Haitan Flavor, as the industry still has significant room for concentration compared to mature markets like the US and Japan [2] - Haitan Flavor leads the Chinese condiment market with a 4.8% market share, according to data from Frost & Sullivan [1]

Core Viewpoint - Haitian Flavor Industry Co., Ltd. is in the process of issuing H shares and listing on the Hong Kong Stock Exchange, with the announcement detailing the issuance price range and public offering schedule [1][4]. Group 1: H Share Issuance Details - The company plans to issue a total of 263,237,500 H shares, with 15,794,300 shares allocated for public offering in Hong Kong, representing approximately 6.00% of the total issuance [3]. - The international offering will consist of 247,443,200 shares, which may be adjusted based on demand and the exercise of over-allotment options [3]. - The maximum number of shares available for global issuance, including adjustments and over-allotment, could reach 320,886,400 shares [3]. Group 2: Pricing and Timeline - The preliminary price range for the H shares is set between HKD 35.00 and HKD 36.30 [3]. - The public offering in Hong Kong is scheduled to commence on June 11, 2025, and conclude on June 16, 2025, with the issuance price expected to be announced on June 18, 2025 [4]. - The H shares are anticipated to begin trading on the Hong Kong Stock Exchange on June 19, 2025 [4].

Core Viewpoint - Haitian Flavor Industry (海天味业) is set to launch a significant IPO in Hong Kong, reflecting strong international investor confidence in China's consumer sector [1][2] Group 1: IPO Details - The IPO will have a maximum offer price of HKD 36.3 per share, approximately RMB 33.3, with a potential discount of less than 25% [2] - Haitian will issue 263 million H-shares, with 247 million shares allocated for international investors, accounting for 94% of the total [2] - The cornerstone investors include major firms such as Hillhouse Capital, GIC, and UBS Asset Management, with a total subscription amount nearing HKD 4.7 billion [2] Group 2: Company Performance - Since its A-share listing in 2014, Haitian's revenue has grown from RMB 9.8 billion to RMB 26.9 billion, a 174% increase [3] - Haitian leads the Chinese seasoning market with a 4.8% market share, more than double that of its closest competitor [3] - The company has over 1,400 product SKUs, with seven products achieving annual sales exceeding RMB 1 billion [3] Group 3: Innovation and R&D - In 2024, Haitian's R&D investment reached a record high of RMB 840 million, representing 3% of its revenue [4] - The company has invested over RMB 3.8 billion in R&D over the past five years, achieving breakthroughs in fermentation technology and smart manufacturing [4] Group 4: Market Outlook - Haitian is well-positioned to benefit from the structural changes in the seasoning industry, with increasing market concentration and global demand for Chinese cuisine [5][6] - The company’s robust distribution network and brand influence support its growth, as it replicates domestic success in international markets [5] - The unique demand characteristics of the seasoning industry, combined with consumer upgrades and the globalization of Chinese cuisine, present significant growth opportunities for Haitian [6]