Core Insights - The company has shown significant improvement in its Q2 performance, attributed to the initial success of prior reforms under the new chairman [1] - The new chairman, Li Ruxiong, was elected in July and has extensive experience in the China Resources system [2] Financial Performance - In the first half of 2025, the company reported revenue of approximately 2.132 billion yuan, a year-on-year decrease of 18.58% [3] - The revenue from the seasoning business was 2.098 billion yuan, reflecting a year-on-year decline of 17.92% [3] - The net profit attributable to shareholders was around 257 million yuan, down 26.56% year-on-year [3] Strategic Actions - The company has implemented a proactive supply strategy, focusing on inventory reduction with leading distributors to strategically reshape the market pricing system and restore distributor confidence [4]

Group 1 - The core point of the article highlights the recent stock transfer activities of Haitian Flavor Industry Co., Ltd. (海天味业), indicating a significant shift in shareholder investments between Citibank and Goldman Sachs [1] - On September 2, shareholders transferred stocks worth HKD 4.424 billion from Citibank to Goldman Sachs, representing 4.16% of the company's shares [1] - Prior to this, on August 29, a transfer of stocks worth HKD 346 million occurred from Goldman Sachs to Citibank, accounting for 3.47% of the shares [1] Group 2 - Haitian Flavor Industry reported a revenue of RMB 15.23 billion for the six months ending June 30, 2025, reflecting a year-on-year growth of 7.6% [1] - The company's condiment business generated revenue of RMB 14.56 billion, which is a 10.4% increase compared to the previous year [1] - The net profit attributable to shareholders reached RMB 3.91 billion, marking a 13.3% year-on-year growth, with earnings per share at RMB 0.7 [1]

海天味业发布的截至2025年6月30日止6个月中期业绩显示，该集团实现营业收入152.3亿元，同比增长 7.6%，调味品业务收入145.6亿元，同比增长10.4%，归属于上市公司股东的净利润39.1亿元，同比增长 13.3%，每股盈利0.7元。 此前于8月29日，海天味业发生转仓行为，股东将股票由高盛(亚洲)证券转入花旗银行，转仓市值3.46亿 港元，占比3.47%。 智通财经APP获悉，香港联交所最新资料显示，9月2日，海天味业(03288)股东将股票由花旗银行转入高 盛(亚洲)证券，转仓市值44.24亿港元，占比4.16%。 ...

来源：北京商报 就半年报内容以及"再造一个新厨邦"目标等问题，北京商报记者向中炬高新发送采访函，但截至发稿，未收到回复。但从公开信息来看，中炬高新似乎一直对并购比较感兴趣。近年来，中炬高新 在朱丹蓬看来，中炬高新近年来内部管理结构有着一定的问题，组织架构经历了多次调整，黎汝雄上任后肩负着一定的使命。若公司计划推进并购活动，需要综合考量企业的营收与利润表现、市 詹军豪也表示，中炬高新在业绩下滑与营收利润目标的双重挑战下，若并购操作得当，可快速补齐短板、拓展品类，增强市场竞争力；但并购也存在整合风险，中炬高新需谨慎选择标的，确保与 责任编辑：高佳 今年上半年，美味鲜公司旗下的调味品营收出现全线下滑。其中，酱油实现营收12.98亿元，同比下滑16.68%；鸡精鸡粉实现营收2.55亿元，同比下滑21.98%；食用油实现营收1.09亿元，同 对于调味品收入的下滑，中炬高新表示，主要是公司上半年主动优化供货策略，针对销量领先的经销商实施去库存措施，旨在战略性重塑市场价格体系，重振经销商信心。 上半年，美味鲜公司净增加经销商245家，经销商总数达到2799家。值得注意的是，经销商数量虽有所增加，但美味鲜公司多个区域的市场营 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, primarily due to a drop in condiment sales, which is its core business [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.132 billion yuan, a year-on-year decrease of 18.58% [1]. - The net profit attributable to shareholders was 257 million yuan, down 26.56% year-on-year [1]. - The condiment business, managed by subsidiary Guangdong Meiwei Xian, contributed approximately 98% of the company's revenue [3]. Condiment Business Analysis - The condiment revenue saw a comprehensive decline, with soy sauce revenue at 1.298 billion yuan (down 16.68%), chicken essence and powder at 255 million yuan (down 21.98%), cooking oil at 109 million yuan (down 49.39%), and other products at 331 million yuan (down 3.23%) [3]. - The company implemented a strategy to optimize supply and reduce inventory among leading distributors, aiming to reshape the market pricing system [3]. - Despite increasing the number of distributors by 245 to a total of 2,799, revenue in various regions still experienced declines, with East, South, Central-West, and North regions down 28.64%, 16.29%, 16.12%, and 9.64% respectively [3]. Market Environment - The condiment market is increasingly competitive, with a "Matthew Effect" where stronger players continue to dominate [4]. - The company acknowledged the slowdown in revenue growth within the condiment industry and the need for internal management and product innovation upgrades [4]. - Competitors have been investing heavily in R&D, production, and marketing, which has pressured the company's market share [4]. Leadership Changes - The company underwent a board restructuring in July, appointing 64-year-old Li Ruxiong as the new chairman, who has a strong background in retail and experience in major acquisitions [6]. - The new management team includes individuals with experience in related enterprises, indicating a strategic shift towards a more diversified management structure [6]. Strategic Goals - The previous chairman had set an ambitious target to "recreate a new Chubang," aiming for Meiwei Xian's revenue to exceed 10 billion yuan and profit to reach 1.5 billion yuan by 2026 [5]. - The company has not adjusted this target despite current performance challenges, raising questions about how the new chairman will address the situation [6]. M&A Interests - The company has shown interest in pursuing acquisitions related to its condiment business, with a goal to complete at least one industry acquisition this year to fill gaps in its product offerings [7]. - Analysts suggest that successful acquisitions could enhance market competitiveness, but caution that integration risks must be carefully managed [7].

研究报告 Research Report 2 Sep 2025 中国必需消费 China (A-share) Staples 中国必选消费 9 月投资策略：资金面影响更大，关注低位股和权重股 The impact of funds is greater, pay attention to low position stocks and heavyweight stocks [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 贵州茅台 | Outperform 双汇发展 | Outperform | | 贵州茅台 | Outperform 古井贡酒 | Outperform | | 五粮液 | Outperform 今世缘 | Outperform | | 五粮液 | Outperform 迎驾贡酒 | Outperform | | 山西汾酒 | Outperform 燕京啤酒 | Outperform | | 海天味业 | Outperform 安琪酵母 ...

只爱吃好吃的。 端上来的食物，味道上稍微差一点，他就跟死了亲爹一样拼命嚎淘，不肯吃。 一定要最鲜嫩的。 就这样，这个讨人嫌的孩子长大了。 结婚了。 有一天，妻子给他端来一碗汤。 他急忙摆手：不要喝，你做的汤，太恶心了。 妻子劝他：亲爱的，你别挑剔了，你知道你的嘴有多刁，想让你吃到满意，又有多难。 他回答说：我不是嘴刁，我这是工匠精神。 你快拉倒吧。 最终，池田菊苗接过妻子熬的汤，品了一口。 正要皱眉，说不好喝。可是忽然间，他的眉眼激烈的扭动起来：你这碗汤……这碗汤……咕嘟咕嘟，他连喝了几大口：你这碗汤，为什么味道如此鲜美？ 鲜美？没有吧？妻子茫然摇头：就是随便熬的汤，反正你也要说不好喝，就没太上心思。 不对，你这碗汤……池田菊苗冲进厨房，看到了案板上的海带。 是海带？ 为什么放了海带的汤，味道如此鲜美？ 为什么？ （03） 池田菊苗发现，汤里如果没放海带，就不好喝。 放了海带，味道美极了。 这是为什么呢？ 他弄来一大堆海带，开始在锅里熬。 最终，他从海带中提炼出了谷氨酸钠。 然后他注册了专利，就放一边了。 除了喝汤时放一点，他不打算跟任何人共享。 直到有一天，一个叫铃木三郎的人登门。 （04） 铃木三郎登门， ...

调味品收入下滑，中炬高新交出一份营收、净利双下滑的半年成绩单。根据最新财报，2025年上半年，中炬高新实现营收21.32亿元，同比减少18.58%；实 现归母净利润2.57亿元，同比减少26.56%。对于业绩变动，中炬高新在财报中坦言"主要受本期调味品收入下降影响"。 中炬高新通过子公司广东美味鲜调味食品有限公司（以下简称"美味鲜公司"）来负责调味品这一核心业务，旗下有美味鲜和厨邦两个酱油品牌。2024年4 月，中炬高新曾提出"再造一个新厨邦"的目标，计划到2026年美味鲜公司营收突破100亿元、利润达到15亿元。然而，从半年报来看，美味鲜公司旗下调味 品业务全面出现下滑，公司整体净利下滑近四成。而这对于刚刚上任中炬高新董事长职务的黎汝雄来说并不是个好消息。 调味品收入全线下滑 美味鲜公司负责的调味品业务是中炬高新的核心业务，贡献了公司98%左右的营收。 今年上半年，美味鲜公司旗下的调味品营收出现全线下滑。其中，酱油实现营收12.98亿元，同比下滑16.68%；鸡精鸡粉实现营收2.55亿元，同比下滑 21.98%；食用油实现营收1.09亿元，同比下滑49.39%；其他产品实现营收3.31亿元，同比下滑3.23 ...

格隆汇9月2日｜太平洋证券研报指出，海天味业2025H1实现归母净利润39.14亿元，同比+13.35%，Q2 实现归母净利润17.12亿元，同比+11.57%。龙头表现优异，调味品主业延续双位数稳增。行业受到下游 餐饮需求表现较疲软影响，但公司继续实现领先行业增长表现，盈利水平持续改善。目前公司渠道调整 到位，经销商数量由优化、减少转稳步扩张，销售团队人员同步扩招，市场份额提升明显，未来有望继 续领先行业增长。按照2026年业绩给35倍PE，一年目标价49.7元，维持"买入"评级。 ...

回购方案实施期限 2025 年 4 月 29 日~2026 年 4 月 28 日 预计回购金额 1,800万元~3,600万元 □减少注册资本 √用于员工持股计划或股权激励 证券代码：603317 证券简称：天味食品 公告编号：2025-084 四川天味食品集团股份有限公司 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： 回购方案首次披露日 2025/4/30 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 本次回购股份符合相关法律法规的规定和回购股份方案的要求。 三、 其他事项 为顺利实施本次回购，公司与证券公司合作，综合借鉴专业机构经验并结合 监管要求，在依法合规前提下运用收益互换、场外期权等场外衍生品工具，以支 持公司顺利实施股份回购并控制回购成本，为公司实施本次回购提供综合服务。 运用场外衍生品工具，可以减少因股票价格波动造成的回购成本波动风险，维护 公司权益的相对稳定，进而维护公司正常生产经营活动。 | 累计已回购股数 | 1,090,120股 | | --- | --- | | 累计已回 ...