Core Viewpoint - Haitan Weiye officially listed on the Hong Kong Stock Exchange on June 19, becoming the first condiment company to achieve an "A+H" dual listing, marking a significant milestone for Chinese consumer goods companies in the global market [1] Group 1: IPO Details - The IPO price was set at HKD 36.3 per share, with 279 million shares issued, raising a total of USD 1.48 billion, making it the largest IPO in the global consumer sector for 2025 and setting a record for the condiment industry in nearly 25 years [3] - The IPO saw overwhelming demand, with the Hong Kong public offering oversubscribed by 918.2 times and the international offering oversubscribed by 22.9 times, making it the "subscription king" among IPOs over USD 1 billion in Hong Kong since 2022 [3] - Major institutional investors, including Hillhouse Capital, GIC, and UBS Asset Management, collectively subscribed for nearly HKD 4.7 billion, accounting for almost half of the total offering [3] Group 2: Market Position and Competitive Advantage - Haitan Weiye has established a leading position in the industry, with over 1,400 SKUs and seven core products each generating over RMB 1 billion in annual sales, maintaining a market share more than double that of the second-largest competitor in China [4][8] - The company has consistently ranked first in the Chinese market for 28 years, with soy sauce and oyster sauce being its core products, leading in both global and Chinese markets [8] - Haitan's competitive edge is attributed to its "scale + brand + channel" strategy, achieving cost optimization through economies of scale and maintaining a brand penetration rate of 80%, significantly higher than the industry average [8] Group 3: Global Expansion and Future Outlook - The listing provides Haitan with favorable conditions for international expansion, supported by policy improvements from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [9] - The global condiment market is projected to grow to USD 402.7 billion by 2029, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2029, particularly in Southeast Asia and Latin America [9] - Haitan's revenue growth from 2013 to 2024 has a CAGR of 11.2%, making it the only top condiment company to achieve double-digit growth, with a net profit margin consistently above 20% over the past decade [9]

Core Viewpoint - Haitan Weiye officially listed on the Hong Kong Stock Exchange, becoming the first condiment company to achieve an "A+H" dual listing, marking a significant milestone for Chinese consumer goods companies in the global market [1] Group 1: IPO Performance - The IPO was priced at HKD 36.3 per share, with 279 million shares issued, raising USD 1.48 billion, making it the largest IPO in the global consumer sector for 2025 and setting a record for the condiment industry in nearly 25 years [3] - The IPO attracted significant interest, with the Hong Kong public offering oversubscribed by 918.2 times and the international offering oversubscribed by 22.9 times, making it the "subscription king" among IPOs over USD 1 billion since 2022 [4] Group 2: Financial Utilization - The funds raised will primarily be used for the development of health-oriented products, research on core fermentation technology, strain selection, and traditional brewing processes, as well as global R&D system construction and brand image enhancement [4] Group 3: Market Position and Competitive Advantage - Haitan Weiye has established a leading position in the industry with over 1,400 SKUs, and seven core products each generating over RMB 1 billion in annual sales, maintaining a market share more than double that of the second competitor [5] - The company ranks among the top five condiment companies globally, with soy sauce and oyster sauce leading in both global and Chinese markets [5] Group 4: Strategic Advantages - Haitan Weiye's competitive edge is attributed to its "scale + brand + channel" strategy, achieving cost optimization through scale effects and maintaining a brand penetration rate of 80%, significantly higher than the industry average [6] - The company has built a sales network covering 100% of China's prefecture-level cities, providing a depth of channel access that surpasses competitors [6] Group 5: Market Opportunities - The company is positioned to benefit from favorable policies and a growing global condiment market, projected to reach USD 402.7 billion by 2029, with a compound annual growth rate of 6.2% from 2024 to 2029 [7] - Haitan Weiye's revenue growth rate from 2013 to 2024 is projected at 11.2%, with a net profit margin consistently above 20% over the past decade [7] Group 6: Investor Sentiment - International investors are optimistic about Haitan Weiye due to its dominant market position in China, unique combination of smart manufacturing and a century-old brand, and a clear internationalization strategy expected to significantly increase overseas revenue in the next three years [8] Group 7: Management Vision - The management team emphasized a commitment to deepening the Chinese market while pursuing global expansion and continuous innovation, aiming to serve global users effectively [9]