来源丨凤凰网财经《 IPO观察哨》 冬天吃热气腾腾的火锅，少不了火锅底料来提升风味。 在四川天味食品集团的产品序列中， "好人家"和"大红袍"两大品牌几乎成为川味火锅底料的 代名词。 这家总部位于四川成都的企业，主营火锅调料、菜谱式调料、香肠腊肉调料等，旗下拥有六大 品牌，卖火锅调料年入 34亿 。 邓文、唐璐夫妇 借此 以 115亿元财富登上2025年胡润全球 富豪榜。6年前邓文把天味食品送上A股，如今又助推公司闯港股，计划实现"A+H"两地上 市。 然而，这家公司的基本面却亮起红灯：营收增速放缓、净利润下滑、消费者口碑下降等问题正 考验着这家火锅底料龙头企业的未来。 01 火锅底 料 也 塌房？消费者投诉频发 随着天味食品市场规模扩大，消费者对其产品的投诉也与日俱增。 在 12315消费者投诉信息 平台上，不少消费者反映购买的天味食品火锅底料、蘸料后存在食 品安全问题。 有消费者 也在 社交平台上发文称，冲着全网好评买了 "好人家"的蒜蓉小龙虾调料，结果"翻 车翻到外太空" ， 期待的蒜香扑鼻没有出现，反而是一股腻到发慌的奶香味直冲天灵盖。更 严重的是，按说明书烹制的小海鲜齁咸无比，即使加水调整也难以入口 ...

Core Viewpoint - The Chinese seasoning market is experiencing significant growth, with the market size expected to reach 498.1 billion RMB in 2024, driven by increasing disposable income, urbanization, and diverse product offerings [1][9]. Company Overview - Tianwei Foods, a leading player in the compound seasoning sector, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence [1][17]. - The company was established in 2007 and has a market capitalization of approximately 13.7 billion RMB as of November 20 [1][17]. Product Segmentation - Tianwei Foods focuses on compound seasonings, which account for over 50% of its revenue, with hot pot seasonings contributing more than 30% [6][10]. - The company offers various popular products, including "Good People" brand pickled fish seasoning and handmade beef hot pot base [4][6]. Financial Performance - The company's revenue has shown a growth trend, with figures of approximately 2.68 billion RMB in 2022, 3.13 billion RMB in 2023, and projected 3.45 billion RMB in 2024 [10][11]. - The gross profit margin has improved from 33.9% in 2022 to 39.4% in 2024 [10][13]. Market Position - Tianwei Foods ranks as the fourth largest compound seasoning company in China, holding a market share of 2.7% [14][15]. - The overall compound seasoning market in China is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029 [9][14]. Competitive Landscape - The Chinese seasoning market is highly competitive, with over a thousand participants, including major brands like Haitian Flavoring and Zhongju High-tech [14][15]. - The market is characterized by low concentration, with the top five companies holding only 15.9% of the market share [14][15]. Supply Chain and Production - Tianwei Foods sources raw materials from multiple suppliers, with the top five suppliers accounting for 44.2% of total procurement in recent years [8]. - The company operates four production bases in Sichuan and utilizes third-party manufacturers for certain products [8][10]. Marketing and Sales Strategy - The company has increased its online sales efforts, with direct sales revenue rising from 15% to 32.4% during the reporting period [8]. - Marketing expenses significantly exceed research and development costs, indicating a strong focus on brand promotion [11][17]. Future Outlook - The company plans to use funds from its IPO for brand building, expanding sales networks, and enhancing supply chain capabilities [17]. - Despite growth opportunities, Tianwei Foods faces challenges such as raw material price fluctuations and intense competition in the seasoning market [17].

Core Viewpoint - The Chinese seasoning market is experiencing significant growth, with the market size expected to reach 498.1 billion RMB in 2024, driven by increasing disposable income, urbanization, and diversification of seasoning products [1][12]. Company Overview - Tianwei Foods, also known as Sichuan Tianwei Food Group Co., Ltd., is focusing on compound seasoning products and has recently submitted an IPO application to the Hong Kong Stock Exchange [1][21]. - The company was listed on the Shanghai Stock Exchange in 2019 and has a current market capitalization of approximately 13.7 billion RMB as of November 20 [1]. Product Categories - Seasonings are categorized into single and compound seasonings, with Tianwei Foods specializing in various compound seasoning products, including hot pot bases and customized sauces [4][5]. - In the reporting period from 2022 to the first half of 2025, recipe-based seasonings contributed over 50% of the company's revenue, while hot pot seasonings accounted for more than 30% [7]. Financial Performance - Tianwei Foods has shown a growth trend in revenue, with figures of approximately 2.68 billion RMB in 2022, 3.13 billion RMB in 2023, and projected 3.45 billion RMB in 2024 [14]. - The company’s gross profit margin has improved from 33.9% in 2022 to 39.4% in 2024, indicating better cost management and pricing strategies [14]. Market Position - Tianwei Foods ranks as the fourth largest compound seasoning company in China, holding a market share of 2.7% in 2024, amidst a competitive landscape with over a thousand market participants [17][19]. - The global seasoning market is projected to grow from approximately 2.14 trillion RMB in 2024 to 2.87 trillion RMB by 2029, with compound seasonings expected to grow at a faster rate due to changing consumer preferences [12]. Sales Channels - The company has expanded its sales channels significantly, with direct sales revenue increasing from 15% to 32.4% due to the development of online sales [10]. - Tianwei Foods has established a nationwide distribution network with over 3,251 distributors and is actively expanding into international markets [9]. Future Prospects - The IPO proceeds are intended for brand building, expanding sales networks, enhancing supply chain capabilities, and increasing product innovation [23]. - The compound seasoning market in China is still in its early development stage, suggesting potential for future growth as consumer preferences evolve [17].