Core Viewpoint - The Supervisory Board of Foshan Haitian Flavoring Food Co., Ltd. has reviewed the employee stock ownership plan for 2025, confirming its compliance with relevant laws and regulations, and highlighting its potential benefits for corporate governance and employee motivation [1]. Summary by Relevant Sections Compliance with Regulations - The employee stock ownership plan aligns with the Company Law, Securities Law, and relevant guidelines, ensuring no harm to the company or shareholders [1]. Voluntary Participation - The plan is based on voluntary participation, with no coercion or forced distribution of shares to employees [1]. Corporate Governance and Development - The plan aims to enhance the company's governance structure and establish a long-term incentive mechanism, which is expected to boost the motivation and creativity of core management and key employees, contributing to the company's sustainable development [1].

Core Viewpoint - The report details the fundraising activities and usage of funds by Lianhua Holdings Co., Ltd. for the first half of 2025, highlighting the total amount raised, the allocation of funds, and the management of these funds [1][2][3]. Fundraising Overview - The company raised a total of RMB 993,545,246.40 through a non-public offering of 413,977,186 shares at RMB 2.40 per share, with a net amount of RMB 976,158,204.59 after deducting underwriting fees [1]. - As of June 30, 2025, the balance of the raised funds was RMB 54,815.84 million, with RMB 34,815.84 million in the special account [3]. Fund Usage and Management - The company has used RMB 41,949.97 million of the raised funds cumulatively by the end of 2024, with no usage reported for the first half of 2025 [2][6]. - The company has temporarily used RMB 20,000.00 million of idle funds to supplement working capital, with the repayment period not exceeding 12 months [6][7]. Fund Management Practices - The company has established a management system for the raised funds, including a special account for storage and a tripartite supervision agreement with banks and the sponsor [3][4]. - No cash management or investment in related products was reported for idle funds during the reporting period [7][12]. Project Adjustments - The company has made adjustments to its fundraising projects, including the termination of the "Biological Fermentation Products Project" and the "Supporting Biological Fermentation Products Project" due to market conditions and strategic considerations [10][12]. - The "Wheat Flour Series Products Project" has been scaled down and concluded, reflecting a cautious approach to investment in light of increased competition and market saturation [10][11]. Compliance and Disclosure - The company has ensured compliance with relevant regulations regarding the use of raised funds and has committed to timely and accurate disclosures [9][12].

证券代码：603027 证券简称：千禾味业 公告编号：临 2025-029 千禾味业食品股份有限公司 关于 2025 年半年度利润分配及资本公积金转增股本预 案的公告 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个别及连带责任。 重要内容提示： ● 公司第五届董事会第六次会议审议通过了《关于 2025 年半年度利润分配 及资本公积金转增股本预案的议案》，拟以实施权益分派股权登记日登记的总股 本为基数，向全体股东进行现金分红，每 10 股分配现金 1 元（含税）。以实施权 益分派股权登记日登记的总股本为基数，进行资本公积金转增股本，全体股东每 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发生 变动的，拟维持每股分配现金金额及每股转增股本比例不变，相应调整现金分配 总额及转增股本总额。 ● 上述预案已经公司第五届董事会第六次会议审议通过，尚须提交公司股东 会审议。 一、2025 年半年度利润分配及资本公积金转增股本预案 经信永中和会计师事务所（特殊 ...

（原标题：广盐股份与山河醋业达成战略合作，国企民企牵手振兴老字号） 南方财经记者伍素文 通讯员陈婷婷 广州报道 七夕佳节，南北老字号成功"牵手"。 公开信息显示，广盐股份作为华南地区盐业龙头，销售网络遍布广东省内21个地级市各县区，是粤港澳 大湾区内兼有国家食盐定点生产企业资质及食盐定点批发企业资质的企业。其依托全产业链布局与渠道 优势，持续推动食盐产品多元化、健康化升级，同时加强生态海盐饮料新品研发，持续推进IPO申报， 加速推动资本与产业深度融合。 山河醋业是集研发、生产、销售为一体的食品制造企业，为省级非遗"山西老陈醋酿制技艺"保护单位， 致力于打造全球生态有机老陈醋专业化生产基地，近年来该公司推动传统酿造工艺与现代科技手段结 合，进一步丰富产品矩阵。 此次合作是双方响应国家"振兴老字号"政策、践行"健康中国"战略的重要实践。据悉，两家企业将通过 资源整合、优势互补与模式创新，共同推动调味品行业向"生态化、健康化、高端化"转型，并以非遗技 艺保护与活化利用，助力乡村振兴与地域文化传播，构建国企与民企协同发展样本，为传统产业升级提 供可复制经验。 据了解，广东盐业集团近年持续深耕主责主业、拓展多元赛道，全 ...

"零添加"舆情风波令千禾味业（603027）食品股份有限公司(简称"千禾味业")业绩受损。千禾味业日前 交出的2025年半年报显示，上半年净利润同比下滑30.81%，其王牌酱油产品收入也出现收缩。公司坦 承，业绩滑坡的主要原因是"零添加"舆情危机。 对于2025年上半年业绩下降，千禾味业解释称，主要是受负面舆情影响，收入下降，导致利润下降。 千禾味业所指的负面舆情，是2025年3月发生的一场风波。当时，有媒体称，向第三方检测机构送检了 千禾、加加等13家品牌的"零添加"酱油，测试结果显示，标识"千禾0"的千禾御藏本酿380天酱油中检测 出0.011mg/kg的镉。该检测结果引发舆情。有网友称，"千禾0"只是一个商标，并不意味着"零添加"。 事件发生后，千禾味业两次发布回应，强调"千禾0"商标仅用于区分其"零添加"产品与"非零添加"产 品，凡使用该商标的产品均未添加任何食品添加剂，产品仅以食品原料生产。公司解释称，涉事酱油中 检出的微量镉元素天然存在于水、土壤及各类农产品中，其来源为原料本身。 该事件源于3月，有媒体报道称，在标识为"千禾0"的千禾酱油中检测出微量镉元素，随即引发消费者对 检测结果以及"千禾0" ...

产品名称:海天葱姜汁料酒(调味料酒) 配料表:水, 谷物食用酒精, 黄酒, 大米, 葱, 姜, 香辛料, 食用盐, 谷氨酸钠, 焦糖色, ञ्睛度: ≥10.0%vol 生产日期见标签或盖子 产品标准号：SB/T 10416 | 保质期: 18个月 贮存条件: 常温避晒，使用后请盖上盖子。 本产品存放过程会有少量沉淀，属正常现象， 请放心使用。 8月28日，海天味业公布2025年上半年经营业绩。报告显示，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39.1亿元，同比 增长13.35%。这是海天自6月19日在港交所上市后发布的首份业绩报告。 日 7 Haday Seasoning W 国 中华老字号 China Time honored Brand 87 * 在供应链管理方面，海天严控原材料品质，并通过数字化手段推动供应链数字化转型，优化资源配置，提升柔性生产能力。2025年1月，海天高明工厂入选 世界经济论坛（WEF）发布的"灯塔工厂"名单。智能化与高效运营，不仅确保了产品的高品质，还保证了效率和成本优势，为用户提供高性价比的产品。 H7270 NDRY the state ...

Group 1 - GIC Private Limited increased its stake in Haitian Flavoring and Food Company Limited (stock code: 03288) by acquiring 456,600 shares at a price of approximately HKD 34.91 per share [1] - The total amount spent on this acquisition was about HKD 15.9386 million [1] - After the purchase, GIC's total shareholding in Haitian Flavoring reached 29.4674 million shares, representing a 10.12% ownership stake [1]

Core Insights - The domestic seasoning industry is experiencing a shift from incremental expansion to stock integration, with Lianhua Holdings achieving a revenue growth of 32.7% and a net profit growth of 60.01%, significantly outperforming the industry average [1] - Lianhua's revival strategy is based on a clear dual-driven approach of product and channel development, enhancing retail coverage and expanding digital marketing to reach new consumer demographics [2][3] - The company's focus on product innovation has led to significant growth in various segments, with amino acid seasoning revenue reaching 1.081 billion yuan, compound seasoning revenue increasing by 58.28%, and liquid seasoning revenue soaring by 916.79% [3] Business Strategy - Lianhua's strategy emphasizes maintaining its core seasoning business while gradually expanding into related capabilities, leveraging existing R&D systems, channel networks, and brand assets [3] - The company has made substantial progress in its second growth curve, the computing power business, with 34 signed projects and a contract value exceeding 1.5 billion yuan, showcasing a 209% year-on-year growth in computing service revenue [4][9] - The technology sector's layout is systematic, focusing on computing power, algorithms, and semiconductor materials, with a recent patent obtained in collaboration with Zhejiang University [7][8] Market Positioning - Lianhua's computing power business is built on a solid infrastructure, emphasizing domestic solutions and full-stack services, which redefine the deployment model for AI applications across various industries [9][10] - The company's approach illustrates a sustainable model for traditional enterprises transitioning to technology, highlighting the importance of leveraging core competencies from existing fields to enter new markets [10]

Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) with a current stock price of 40.08 yuan [1]. Core Views - The company continues to demonstrate steady growth in performance, with a 7.59% year-on-year increase in revenue to 15.23 billion yuan and a 13.35% increase in net profit to 3.914 billion yuan for the first half of 2025 [4]. - The gross profit margin for the first half of 2025 improved to 40.12%, up 3.26 percentage points from the previous year, attributed to enhanced supply chain management and alleviated raw material cost pressures [7]. - The company is actively expanding its product categories, with soy sauce revenue reaching 7.928 billion yuan (up 9.14%), oyster sauce at 2.502 billion yuan (up 7.74%), and seasoning sauces at 1.626 billion yuan (up 12.01%) [7]. - The company has established a comprehensive sales channel strategy, achieving 13.72 billion yuan in offline sales (up 9.07%) and 0.842 billion yuan in online sales (up 38.97%) in the first half of 2025 [7]. Financial Forecast and Valuation - The company is projected to achieve net profits of 7.067 billion yuan, 7.817 billion yuan, and 8.568 billion yuan for the years 2025 to 2027, respectively, with corresponding EPS of 1.21 yuan, 1.34 yuan, and 1.46 yuan [8]. - The report anticipates a slight upward adjustment in profit forecasts, maintaining a positive outlook on the company's long-term development due to its competitive advantages in supply chain, channel reach, and product offerings [8]. - The estimated P/E ratios for 2025, 2026, and 2027 are 33.2, 30.0, and 27.4, respectively, indicating a favorable valuation trend [8].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company demonstrates strong resilience in performance with steady growth in its main business [1][4] - The report highlights a favorable trend in gross margin due to declining raw material prices, with a projected annual gross margin optimization [5] - The company is actively optimizing its channel strategies and enhancing resource allocation, leading to stable revenue growth despite high baselines [9] Financial Performance - For H1 2025, total revenue reached 15.23 billion yuan, representing an 8% year-on-year increase, while net profit attributable to shareholders was 3.91 billion yuan, up 13% [4] - In Q2 2025, total revenue was 6.92 billion yuan, with a 7% year-on-year increase, and net profit of 1.71 billion yuan, reflecting a 12% increase [4] - The gross margin in Q2 2025 increased by 4 percentage points to 40.21%, driven by lower raw material costs [5] Product and Channel Development - The company reported a 10% increase in soy sauce revenue, reaching 3.51 billion yuan in Q2 2025, supported by customized business expansion and new product penetration [6] - The offline channel revenue for Q2 2025 was 6.16 billion yuan, up 9%, while online channel revenue surged by 35% to 425 million yuan [6] Employee Incentives - The company has introduced an employee stock ownership plan aimed at core management and key employees, with a performance target of at least 10.8% growth in net profit for 2025 [7] Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 1.22, 1.34, and 1.45 yuan respectively, with corresponding price-to-earnings (PE) ratios of 34, 31, and 29 times [9][11]