长江商报消息 ●长江商报记者 沈右荣 "打工女皇"程雪上位后，酱油茅海天味业（603288.SH）成功突围。 6月16日，海天味业H股招股结束。数据显示，融资申购倍数高达698.57倍，超额认购超过930倍，融资申购额则达 4000亿港元左右。 6月17日晚间，海天味业公告确定本次H股发行以招股价范围的上限36.3港元/股定价，预计融资将达到101亿港元 （约合人民币92亿元）。 海天味业曾卷入"双标"风波，经营业绩也曾承压，2022年、2023年，归属于母公司股东的净利润（简称"归母净利 润"）连续2年下降。 2024年9月，庞康退居二线，1992年就已经加入海天味业的程雪上位，成为新一任董事长。 2024年及今年一季度，海天味业营收、净利重回增长轨道，且归母净利润同比增速为两位数。 H股上市之后，海天味业将会取得什么样发展成就，备受市场期待。 4000亿资金抢购H股 港股市场上，打新激情高涨。海天味业发行H股，宁德时代港股上市之时的盛况再现。 海天味业港股上市进展顺利，且进度较快。 2024年12月，海天味业便公布发行H股并申请在香港联交所主板上市的计划，旨在深化全球化战略，提升国际品 牌形象和综合竞争力 ...

Group 1 - The core viewpoint emphasizes the importance of food safety as a critical issue, highlighting the need for strict adherence to regulations and comprehensive supervision throughout the food supply chain [1][2] - The local government is focusing on enhancing food safety management systems, training, and awareness among all stakeholders to improve overall food safety standards [1][2] - The responsibility for food safety is framed as a political obligation, necessitating a collaborative approach involving various stakeholders, including businesses, local authorities, and regulatory bodies [2] Group 2 - The government aims to implement a systematic approach to food safety, emphasizing the need for continuous improvement in regulatory practices and the establishment of new guidelines for emerging sectors such as online food sales and cross-border e-commerce [2] - There is a strong emphasis on enhancing the capacity for timely problem detection and resolution within the food safety framework, alongside improving the effectiveness of inspections and testing [2] - The initiative includes fostering a culture of food safety awareness among the public, encouraging community involvement and participation in food safety efforts [2]

Group 1 - Company Haitian Flavor Industry has made progress towards its listing on the Hong Kong Stock Exchange, with its public offering ending on June 16, achieving a subscription multiple of 698.57 times and raising approximately 400 billion yuan [2] - The company aims to enhance its global strategy and brand image through this listing, as it has faced challenges in its core soy sauce business due to increased competition [2][3] - Despite a historical revenue growth rate of over 10% from 2010 to 2020, the company's revenue and net profit declined in 2022 and 2023, with 2022 revenue at 25.61 billion yuan (up 2.42%) and net profit at 6.20 billion yuan (down 7.09%) [3][4] Group 2 - In 2024, the company reported a revenue of 26.90 billion yuan (up 9.53%) and a net profit of 6.34 billion yuan (up 12.75%), indicating a recovery [3][4] - The soy sauce business generated 13.76 billion yuan in revenue in 2024, growing by 8.87%, but the revenue was still lower than in 2022 despite an increase in sales volume [4] - The company plans to allocate approximately 20% of the net proceeds from the IPO to establish a global brand image and enhance overseas supply chain capabilities, with a target of increasing overseas revenue to 15% within three years [5] Group 3 - The domestic seasoning market is experiencing intense competition, prompting the company to seek growth opportunities in overseas markets through its Hong Kong listing [4][6] - The company has established international operations, including a new investment entity in Hong Kong and a subsidiary in Indonesia, to facilitate its overseas expansion [6] - Competitors in the seasoning industry have already established strong international presences, posing challenges for the company's global strategy [7]

海天味业（603288）公告，公司已于2025年6月16日确定H股发行最终价格为每股36.3港元，不包括相关 费用。公司授予整体协调人的发售量调整权已获全面行使，将额外发行及配发1579.42万股H股，占公司 本次全球发售项下初步提呈发售的H股股份总数的约6%。预计公司本次发行的H股将于2025年6月19日 在香港联交所主板挂牌并开始上市交易。 ...

继机构投资者在国际发售时表现出浓厚兴趣后，散户投资者也在香港发售环节积极响应，共同掀起认购热潮。 据了解，在16日结束的香港公开发售环节，孖展认购金额高达近4000亿港元，较公开发售起始集资额5.73亿 港元超购约695倍。其中，富途、辉立、老虎国际及耀才等券商分别借出2174亿港元、930亿港元、313亿港 元及168亿港元孖展资金。鉴于市场的热烈反响，海天味业计划全额行使超额配售权，增发6%股份，并拟以 36.3港元的招股价上限定价，预计总集资额将攀升至约101.5亿港元。值得注意的是，其H股招股价较A股前一 日收盘价折让约19%。 在此前结束的国际发售中，海天味业同样收获颇丰，吸引了一众实力强劲的基石投资者。高瓴资本、新加坡政 府投资公司、瑞银资管、加拿大皇家银行、中信产业基金、红杉等8家顶级机构和主权财富基金纷纷参与认 购。这些基石投资者合计认购不超过1.29亿股H股，占发售股份总数近50%，认购金额近47亿港元。这一规模 使海天味业成为2023年以来，继宁德时代、美的集团港股IPO之后，基石投资者认购规模第三大的港股IPO项 目。 按照计划，海天味业将于6月19日正式在港交所挂牌上市。 "作为调味品 ...

Core Viewpoint - Shanxi aged vinegar, known as "the best vinegar in the world," faces challenges from market competition and counterfeit products, prompting the need for innovation and quality assurance in the industry [1][2]. Industry Overview - Qingxu County, the birthplace of Shanxi aged vinegar, produces nearly 800,000 tons of vinegar annually, generating an industry output value of 6.5 billion yuan and providing employment for nearly 100,000 people [2]. - The county was awarded the title of "China's Vinegar Capital" in 2020 and was selected as one of the first ten provincial-level key specialty towns in Shanxi in 2022 [2]. Quality Standards - Shanxi aged vinegar must meet specific national standards, including a total acidity of at least 6 degrees and aging for over one year to be labeled as such [2][3]. - The new national standard, effective from October 1, 2014, expanded the quality indicators from five to ten, enhancing the flavor and quality of Shanxi aged vinegar [2][3]. Technological Innovation - Qingxu County is establishing a detection and certification innovation platform to improve inspection technology and ensure product quality, with an investment of nearly 100 million yuan and an area of 5,500 square meters [4][5]. - The platform aims to enhance the core competitiveness of high-quality vinegar products through advanced testing and certification methods [4][5]. Health Benefits - Shanxi aged vinegar is recognized for its health benefits, particularly due to its total flavonoid content, which is beneficial for immune health [6]. - The innovation platform is focused on identifying high-quality Shanxi aged vinegar products and promoting them as health foods, expanding their market potential beyond traditional uses [6].

Group 1 - The China Securities Regulatory Commission (CSRC) released eight measures to deepen the reform of the Sci-Tech Innovation Board, aiming to enhance the development of new productivity and promote the board as a "testing ground" for innovation [1] - The measures include reforms in issuance and underwriting, equity and debt financing, mergers and acquisitions, and trading mechanisms, with a focus on increasing institutional inclusiveness and adaptability [1] Group 2 - The Ministry of Industry and Information Technology and the National Development and Reform Commission aim to cultivate over 20 pilot platforms for biomanufacturing by 2027, facilitating the scale-up of the industry [2] - Significant technological breakthroughs and industry developments are occurring in biomanufacturing, with companies like Kasei Biotech and Jinbo Biotech increasing their investments [2] Group 3 - The automotive industry is seeing an acceleration in the international expansion of autonomous driving companies, with new guidelines for data export safety being proposed [3] - The guidelines require safety assessments for various data types related to vehicle operation, road environments, and personal privacy [3] Group 4 - The Ministry of Human Resources and Social Security reported that the accumulated fund size of enterprise annuities reached 3.73 trillion yuan, with a three-year cumulative return of 7.46% [4] - The investment ratio of enterprise annuity funds in A-shares is approximately 14%, indicating significant room for growth towards the 40% cap [4] Group 5 - Huazhong University of Science and Technology has opened the first brain-computer interface outpatient clinic in Central China, providing assessments and consultations for patients [5] - The brain-computer interface industry is expected to experience rapid growth, driven by policy support and technological advancements [5] Group 6 - Haidilao's Hong Kong IPO was highly successful, with a subscription amount reaching nearly 400 billion HKD, oversubscribed by approximately 695 times [7] - The company plans to fully exercise its over-allotment option, increasing the total fundraising amount to about 101.5 billion HKD [7] Group 7 - Midea Group announced a share repurchase plan with a budget of up to 10 billion yuan, aimed at reducing registered capital and implementing employee stock ownership plans [8] - The company has been active in share repurchases, with total plans reaching up to 37 billion yuan since 2021 [8] Group 8 - The "post-exam economy" is gaining traction as graduation travel demand increases, with various scenic spots offering discounts to students [9] - This trend is expected to boost related industries such as dining, accommodation, and transportation, creating more job opportunities [9] Group 9 - In June, brokerage firms conducted 1,576 research activities on 350 listed companies, with a focus on business expansion and international strategies [10] - Yanjing Beer was the most researched company, receiving inquiries from 38 brokerage firms [10] Group 10 - The popularity of trendy toys has surged, with companies like Worth Buying and Qingmu Technology actively engaging in the sector [11] - Worth Buying noted that while they have products related to trendy toys, their contribution to overall revenue is currently low [11]

【深圳商报讯】（记者钟国斌）作为A股调味品行业龙头企业，海天味业近日启动港股全球发售相关工 作，本次发售时间为6月11日至16日，发售价格35港元/股至36.3港元/股，最高募资总额约95.6亿港元， 成为年内港股市场最大规模IPO之一。6月19日，海天味业H股在港交所主板上市。 海天味业赴港上市吸引了众多投资者踊跃参与，其中基石投资者认购金额近47亿港元，认购份额约占总 发售股份的50%。这一数据不仅创下年内基石投资者认购规模的新高，也充分展现出国际资本对中国消 费行业龙头企业的高度认可。 业内人士表示，此次IPO将成为港股2023年以来继宁德时代、美的集团港股IPO后，基石投资者认购规 模第三大的IPO。 公开资料显示，海天味业成立于2000年，前身是1955年佛山25家古酱园合并重组而成的"海天酱油厂"。 按销量计算，截至2024年，海天味业已连续28年蝉联国内最大调味品企业。按2024年收入计算，海天味 业在国内调味品市场中排行首位，在全球调味品市场中排名第五；酱油、蚝油产品销量连续多年位居国 内调味品市场第一。 （文章来源：深圳商报） 2014年，海天味业在A股上市。上市以来，海天味业展现出强劲的增 ...

Group 1 - The core viewpoint of the articles highlights the strong demand for Haitian Flavor Industry's IPO, with a subscription amount reaching nearly 400 billion HKD, oversubscribed by approximately 695 times compared to the initial fundraising target of 573 million HKD [2] - The company plans to fully exercise its over-allotment option, increasing the share issuance by 6%, with a final offer price set at 36.3 HKD, leading to an expected total fundraising amount of about 10.15 billion HKD [2] - The international offering attracted significant interest from top institutional investors, with cornerstone investors collectively subscribing for nearly 1.29 million shares, accounting for nearly 50% of the total shares offered, amounting to nearly 4.7 billion HKD [2] Group 2 - Haitian Flavor Industry is set to officially list on the Hong Kong Stock Exchange on June 19, reflecting strong global investor confidence in the Chinese consumer market and the core competitiveness of leading companies in the seasoning industry [3] - The Hong Kong IPO market has shown strong attractiveness this year, with 29 companies completing listings in the first five months, accumulating a total fundraising amount of 77.7 billion HKD, making it the leading market globally in terms of fundraising [3] - There is an expectation for many quality companies to continue listing in Hong Kong in the second half of the year, with consumer and technology sectors remaining focal points for investors [3]

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [2][5][6]. Core Views - The high-end liquor prices continue to face pressure, influenced by a "ban on alcohol" affecting short-term market fluctuations. The white liquor industry is undergoing a longer adjustment cycle compared to the previous one, with demand decline attributed to regulatory policies and economic activity levels [3][13][15]. - The food and beverage sector experienced a decline of 4.42% during the week, underperforming the Shanghai Composite Index by 4.17 percentage points [2][24]. Summary by Sections 1. White Liquor - High-end liquor prices are under pressure, with a reported 2.0% year-on-year decline in liquor prices from January to May. The white liquor index fell by 5.3% this week, influenced by the "ban on alcohol" for public officials [3][15]. - Recommended stocks include leading companies with proven risk resilience such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as those with digital transformation benefits like Luzhou Laojiao [3][15]. 2. Consumer Goods - The upcoming IPO of Haitian Flavoring and Food Co. is noted, with the beer and beverage sectors entering a peak season. The report suggests focusing on alpha-type beer stocks like Yanjing Beer and Zhujiang Beer during valuation corrections [4][16]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies like Wei Long and Yanjinpuzi that are innovating in product categories and channels [4][18]. 3. Seasonality and Market Trends - The report highlights that the beer sector is entering its peak season, with expectations for stable or growing sales due to favorable weather conditions. The report suggests monitoring stocks like Qingdao Beer and China Resources Beer for rebound opportunities [4][17]. - The dairy sector is expected to see a gradual recovery in demand, with potential policy catalysts and supply adjustments leading to improved conditions in 2025 [4][21]. 4. Investment Recommendations - The recommended investment portfolio includes Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanjing Beer, Wei Long, and Yihai International [5][6].