Core Viewpoint - Tianwei Food is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure, although the details and feasibility of this plan remain uncertain [1][4]. Company Overview - Tianwei Food, founded by Deng Wen in Chengdu, Sichuan, is a well-known brand in the Sichuan seasoning industry, focusing on the research, production, and sales of compound seasonings [3]. - The company's product range includes hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces, with major brands such as "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tianwei Food Catering High-end Customization," "Shi Cui Fang," and "Jia Dian Zi Wei" [3]. Financial Performance - Tianwei Food's revenue grew from 1.727 billion yuan in 2019 to 3.149 billion yuan in 2023, marking an increase of 82.33% over four years [4]. - In 2024, the company achieved revenue of 3.476 billion yuan, with a growth rate of approximately 10.40%, a significant decline compared to previous years [6]. - The revenue growth rates for the core business segments, hot pot seasonings and Chinese dish seasonings, have also slowed down, with 2024 growth rates of 3.53% and 16.56%, respectively [6]. Market Competition - The seasoning industry is facing intensified competition, particularly in the compound seasoning segment, which has seen rapid growth due to changing consumer preferences [8][9]. - Major competitors like Haitian Flavoring and Zhongju Gaoxin have launched similar products, impacting Tianwei Food's market share [9]. Strategic Adjustments - To address the competitive landscape, Tianwei Food is adjusting its channel strategy and considering mergers and acquisitions [10]. - The company has implemented a "choose one" policy among distributors to limit competition with brands like Qianhe Flavoring and Jixiangju [11]. - Additionally, Tianwei Food has invested in acquiring stakes in leading brands in the B-end restaurant compound seasoning market, such as acquiring 55% of the parent company of "Shi Cui Fang" for 362 million yuan and 63.84% of the parent company of "Jia Dian Zi Wei" for 154 million yuan [12].

Core Insights - The article highlights the innovative approach of Hangzhou Songxianxian Natural Seasoning Co., Ltd. in transforming the high-altitude Matsutake mushroom into a daily health seasoning product, making it accessible to households across China [1][2]. Company Overview - Founded by Yi Zihan, Songxianxian has launched the first Matsutake seasoning product in China and introduced a new seasoning with "3% real Matsutake addition" in collaboration with "Encountering Yajiang" [1][2]. - The company has established a robust online and offline distribution network, covering over 200,000 retail terminals, and is committed to promoting the branding and industrialization of Yajiang Matsutake [1][6]. Product Development - Since its inception, Songxianxian has focused on "safe seasoning" and has successfully transitioned from product development to brand establishment, leading the national sales in Matsutake seasoning for five consecutive years [3]. - The company emphasizes a "zero additive" approach, ensuring rigorous testing and quality control throughout the production process [4][5]. Industry Collaboration - In 2024, Songxianxian began collaborating with the Yajiang government and local Matsutake associations to enhance the Matsutake industry, including the establishment of a large trading center and promotional events [4]. - The company has addressed the challenges of transporting fresh Matsutake over long distances by partnering with local cold storage facilities to ensure product freshness and timely sales [4][5]. Market Strategy - Songxianxian aims to leverage its extensive distribution network to promote the geographical indication of "Yajiang Matsutake" on its products, enhancing visibility and consumer choice [6]. - The company is also expanding its international presence, navigating complex food safety standards and regulations to introduce Chinese food products to global markets [6]. Corporate Social Responsibility - Songxianxian has contributed to local education by donating books to children in Yajiang and plans to engage in environmental protection and community support initiatives [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603288 证券简称：海天味业 公告编号：2025-033 佛山市海天调味食品股份有限公司关于召开2025年半年度业绩说明会的公告 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法律责任。 重要内容提示： ● 投资者可于 2025年8月25日（星期一）至8月29日（星期五）16:00前登录上证路演中心网站，在首 页"提问预征集通道"点击"立即提问"，或通过公司邮箱OBD@haday.cn进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 佛山市海天调味食品股份有限公司（以下简称"公司"）将于2025年8月29日发布公司2025年半年度报 告，为便于广大投资者更全面深入地了解公司2025年上半年的经营成果、财务状况，公司计划于2025年 9月1日（星期一）15:00-16:00举行2025年半年度业绩说明会。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对2025年上半年的经营成果及财务指标的具体情况与投 资者进行互动交流和沟通，在信息披露允许的范围内就 ...

Core Viewpoint - Tianwei Food is planning to issue overseas listed shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange, following the trend set by other condiment companies like Haitian Flavoring and Food [1] Company Overview - Tianwei Food is a leading company in China's compound condiment industry, listed on the Shanghai Stock Exchange in 2019. Its main products include hot pot seasonings, Chinese dish seasonings, and sausage and cured meat seasonings, under brands such as "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tianwei Food Catering High-end Customization," "Shi Cui Fang," and "Jia Dian Zi Wei" [3] - The compound condiment market in China is expected to grow from 230.1 billion yuan in 2024 to 336.7 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 13.3%, outpacing the overall condiment industry growth [3] Market Competition - Tianwei Food is facing performance pressure due to increasing market competition, with revenue growth rates slowing from 32.84% in 2022 to an expected 10.41% in 2024. Net profit growth rates are also declining, with a significant drop in Q1 2025, where revenue fell by 24.8% year-on-year [4] - The competitive landscape has attracted new entrants, including Haitian Flavoring and Food and Fuling Mustard, which have launched their own compound condiment products [3] International Expansion - To seek new growth opportunities, Tianwei Food is expanding into international markets, with products already sold in over 50 countries, including the United States, Australia, and Spain. The company showcased its brands at the Summer Fancy Food Show in New York, the largest specialty food exhibition in North America [5] - The planned Hong Kong listing is seen as a step towards enhancing the company's international strategy and optimizing its capital structure, although there is no specific timeline for the listing [5] Previous Listing Attempts - Prior to the current plans for a Hong Kong listing, Tianwei Food attempted to issue Global Depositary Receipts (GDRs) for listing on the Swiss Stock Exchange in December 2022, but this plan was terminated in September 2023 [6] Challenges Ahead - Analysts highlight that Tianwei Food faces challenges in expanding overseas, including the need for local flavor adaptation, competition from larger global players, and higher compliance costs. The company’s reliance on hot pot seasonings may limit its market acceptance outside of Chinese communities and Southeast Asia [6]

Core Viewpoint - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy and capital structure optimization [2][4]. Group 1: Company Overview - Tianwei Food is a leading player in China's compound seasoning industry, primarily offering hot pot seasonings, Chinese dish seasonings, and sausage seasonings under six brands [2]. - The compound seasoning market in China is projected to reach 230.1 billion yuan in 2024 and 336.7 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 13.3%, outpacing the overall seasoning industry growth [2]. Group 2: Financial Performance - Tianwei Food's revenue growth is slowing, with increases of 32.84%, 17.02%, and 10.41% from 2022 to 2024, while net profit growth rates were 85.11%, 33.65%, and 36.77% respectively [3]. - In Q1 2025, the company reported a revenue of 642 million yuan, a year-on-year decline of 24.8%, and a net profit of 74.73 million yuan, down 57.53% year-on-year [3]. Group 3: Market Expansion - Tianwei Food is expanding into international markets, with products already sold in over 50 countries, including the USA, Australia, and Spain [4]. - The company participated in the Summer Fancy Food Show in New York, the largest specialty food exhibition in North America, to enhance its international presence [4]. Group 4: Challenges and Expert Opinions - Analysts express concerns about Tianwei Food's small scale, low profitability, and reliance on hot pot seasonings, which may limit its competitiveness in mainstream markets outside of Chinese communities [5]. - The H-share listing could provide financing opportunities and enhance brand recognition, but the company will face challenges such as local taste adaptation and competition from larger overseas players [5].

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [8] Core Views - The company reported a revenue of 524 million yuan for the first half of 2025, a year-on-year decrease of 2.6%, with a net profit of 100 million yuan, remaining stable compared to the previous year [7] - The decline in revenue is primarily attributed to a significant drop in e-commerce sales, particularly in the seasoning food segment, which saw a revenue of 310 million yuan, down 2.31% year-on-year [7] - The company strategically reduced ineffective investments in e-commerce channels, leading to a 10.69% decrease in e-commerce sales on platforms like Tmall, JD, and Douyin [7] - Despite a decrease in sales volume for seasoning foods, the average price per ton increased by 1.16% [7] - The gross profit margin for the company's main business improved, rising by 1.24 percentage points to 44.77% [8] Summary by Sections Financial Performance - The company achieved a main business revenue of 522 million yuan, down 1.91% year-on-year [7] - The gross profit margin for seasoning foods decreased by 1.47 percentage points to 41.73% due to increased costs [7] - The gross profit margin for seasoning ingredients increased by 5.19 percentage points to 49.19% due to a significant drop in procurement costs for certain raw materials [7] Cost Management - The overall expense ratio increased by 0.69 percentage points to 22.66%, with a notable reduction in marketing expenses by 34.37% [8] - The net profit margin improved by 0.53 percentage points to 19.17% despite the increase in overall expenses [8] Earnings Forecast - The projected earnings per share for 2025, 2026, and 2027 are 1.27 yuan, 1.31 yuan, and 1.36 yuan respectively, with corresponding price-to-earnings ratios of 24.97, 24.25, and 23.28 [8]

证券代码：603288 证券简称：海天味业 公告编号：2025-033 佛山市海天调味食品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 1 日（星期一）15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星期五） 击"立即提问"，或通过公司邮箱 OBD@haday.cn 进行提问。公司 将在说明会上对投资者普遍关注的问题进行回答。 佛山市海天调味食品股份有限公司（以下简称"公司" ）将于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年上半年的经营成果、财务状况，公司计划于 明会。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 ...

Core Viewpoint - Tianwei Food emphasizes the importance of quality control throughout the entire supply chain, from raw materials to the final product, ensuring food safety and brand integrity [1][2][6]. Group 1: Quality Control Measures - The company has established a dual-track management system for risk control, combining proactive and reactive measures to ensure food safety [2][4]. - Tianwei Food has developed a food safety early warning model based on contamination pathways and created a risk assessment database for raw materials [2][3]. - The company implements strict quality control measures for spices, including requiring suppliers to enhance cleaning processes and switch to clean energy for drying [3][4]. Group 2: Technological Innovation - Tianwei Food has integrated advanced technology into its production processes, establishing a comprehensive quality management model that emphasizes prevention and digital empowerment [4][5]. - The company has invested 1 billion yuan in smart factories, achieving full automation from ingredient preparation to packaging [4][5]. - A Product Lifecycle Management (PLM) system has been introduced to manage the entire lifecycle of products, enhancing food safety risk prediction and flavor evaluation [5][6]. Group 3: Supplier Management - The company has created a comprehensive supplier lifecycle management system, focusing on selection, utilization, cultivation, and retention of suppliers [6]. - Tianwei Food employs a Supplier Relationship Management (SRM) system for integrated qualification review, performance evaluation, and risk warning [6]. - The company promotes a "quality recognition" and "exemption from inspection" cooperation model with strategic suppliers, ensuring adherence to international standards [6][7]. Group 4: Government Support and Market Presence - Tianwei Food has received strong support from the Chengdu Shuangliu District Market Supervision Bureau, which has aided in quality improvement and user feedback [7]. - The company's products are sold nationwide and exported to over 50 countries, with brands like "Dahongpao" and "Haorenjia" becoming household names [7].

Group 1 - The article highlights the ongoing enforcement actions by the Chongqing Fuling District Market Supervision Administration to protect the "Fuling Pickles" trademark and brand image [2] - The enforcement actions include inspections of local pickles production companies to ensure compliance with trademark usage and product quality standards [2] - The focus is on preventing unauthorized use of the "Fuling Pickles" trademark and addressing issues related to counterfeit registered trademarks [2]

Group 1 - The core point of the news is that Tianwei Foods is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure [1][2] - The company aims to improve brand recognition and influence in international markets through this H-share issuance [1] - The issuance and listing are subject to approval from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1][2] Group 2 - Tianwei Foods was listed on the Shanghai Stock Exchange on April 16, 2019, raising a total of RMB 556.17 million from the public offering of 41.32 million A-shares at a price of RMB 13.46 per share [2] - In 2020, the company conducted a private placement of shares, raising RMB 1.63 billion, with the actual net proceeds amounting to RMB 1.62 billion after deducting issuance costs [2] - The company’s major shareholder, Deng Wen, transferred 21.2 million shares internally between July 21 and July 23, 2025, without affecting the overall shareholding structure [3][4]