Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company is experiencing production optimization that alleviates revenue pressure and highlights its long-term competitiveness [1]. - Despite weak demand in the catering segment, industrial demand has helped offset some of the shortfall, and the company is focused on cost optimization through refined management and supply chain improvements [10][12]. - The company is optimistic about future earnings growth, supported by a matrix strategy of existing and new product lines, deepening channel penetration, and enhancing digitalized production [12][11]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of RMB 15.23 billion, a year-over-year increase of 7.59%, and a net profit of RMB 3.914 billion, up 13.35% [3][8]. - The gross margin improved to 40.12%, an increase of 3.26 percentage points year-over-year, while the net margin reached 25.75%, up 1.27 percentage points [3][8]. - Revenue projections for 2025, 2026, and 2027 are RMB 29.7 billion, RMB 32.8 billion, and RMB 36.3 billion, respectively, with net profit attributable to shareholders expected to be RMB 7.0 billion, RMB 7.8 billion, and RMB 8.6 billion, all reflecting a year-over-year growth of 11% [5][13]. Strategic Initiatives - The company plans to implement an employee stock ownership scheme to incentivize sustainable growth, targeting a minimum net profit growth rate of 10.8% in 2025 [11]. - Investment in new channels, new products, and globalization is expected to lead to a temporary rise in the sales expense ratio, which is anticipated to stabilize as these businesses scale [10][12]. - The company is focusing on enhancing channel refinement and expanding into online, new retail, and lower-tier markets to optimize production costs [12].

"酱油茅"海天味业为未来增长设定了更高的预期。 近日，公司修订了A股员工持股计划中的业绩考核指标，进一步提升了盈利目标。 原方案要求2025年归母净利润较2024年增长不低于10.8%，而调整后则以2024年为基期，要求2026年实 现年均复合增长率不低于11%。 计划拟涉及不超800名核心管理人员及骨干员工的员工持股计划，总规模达1.84亿元，资金来源为公司 提取的激励基金。 这不仅意味着考核期从一年延长至两年，增长率目标也相应提高。根据新标准测算，海天味业2026年归 母净利润预计将达到约78.2亿元。 此次修订距原方案公布尚不足半月。与其同步披露的还有海天味业逆势增长的半年报。 同时，因大豆、包材等原材料价格回落，海天味业毛利率同比提升近3个百分点至40.12%，净利率升至 25.75%。 上半年，海天味业实现收入152.3亿元，同比增长7.6%，归母净利润39.1亿元，同比增长13.3%，均创历 史同期新高。 同期，中炬高新与千禾味业均遭遇营收和净利润的双位数下滑。 业绩增长首先得益于传统酱油业务的稳定，以及多元化产品的成功。 拆分品类看，海天第一大单品酱油收入79.28亿元，同比增长9.14%，恢复 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 50 yuan [1][7]. Core Insights - The company achieved a revenue of 15.23 billion yuan in the first half of 2025, representing a year-on-year increase of 7.59%, while the net profit attributable to shareholders was 3.91 billion yuan, up 13.35% year-on-year [1][7]. - The second quarter of 2025 saw a revenue of 6.92 billion yuan, with a year-on-year growth of 7.00%, and a net profit of 1.71 billion yuan, reflecting an 11.57% increase year-on-year [1][7]. - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares, totaling 1.52 billion yuan [1]. Financial Performance Summary - Total revenue projections for the company are as follows: 26.90 billion yuan in 2024, 28.89 billion yuan in 2025, 31.53 billion yuan in 2026, and 34.04 billion yuan in 2027, with respective year-on-year growth rates of 9.5%, 7.4%, 9.1%, and 8.0% [3]. - The net profit attributable to shareholders is projected to be 6.34 billion yuan in 2024, 7.25 billion yuan in 2025, 8.16 billion yuan in 2026, and 8.99 billion yuan in 2027, with year-on-year growth rates of 12.8%, 14.2%, 12.6%, and 10.2% [3]. - The earnings per share (EPS) are expected to be 1.08 yuan in 2024, 1.24 yuan in 2025, 1.39 yuan in 2026, and 1.54 yuan in 2027 [3]. Business Segment Performance - The company's condiment business experienced a year-on-year growth of 10.59% in Q2 2025, with soy sauce, oyster sauce, and seasoning sauce revenues increasing by 10.35%, 9.77%, and 9.62% respectively [7]. - Online sales showed a significant increase of 35.05% year-on-year, while offline sales grew by 9.23% [7]. - The company added 13 new distributors in Q2 2025, bringing the total to 6,681 [7]. Profitability Metrics - The gross profit margin for Q2 2025 was 40.2%, an increase of 3.9 percentage points year-on-year, attributed to lower raw material costs and improved production efficiency [7]. - The net profit margin for Q2 2025 was recorded at 24.8%, reflecting a slight improvement of 1.0 percentage points year-on-year [7].

Core Insights - Haitian Flavor Industry reported a revenue of 15.23 billion yuan for the first half of 2025, marking a year-on-year growth of 7.59%, and a net profit of 3.91 billion yuan, up 13.35% year-on-year, showcasing strong resilience in a competitive market [1] - The company has maintained its position as China's largest condiment manufacturer for 28 consecutive years, with soy sauce and oyster sauce sales leading both the domestic and global markets [1][6] - Haitian's strategic focus on "full-scene cooking solutions" has led to the development of new products, including cold dressing, spicy fresh sauce, chicken essence, and chicken juice, enhancing its influence in niche markets [1] Product Development - In the vinegar sector, the company has adopted a "true materials and fermentation" philosophy, launching a dual product strategy of "traditional vinegar + specialty vinegar," including varieties like white rice vinegar and apple vinegar [3] - In the cooking wine category, Haitian has introduced a range of products such as Haitian Ancient Road Cooking Wine, establishing a strong presence in the niche market [6] Consumer Engagement - Haitian's consumer reach has grown to 754 million, an increase of 21.6 million from the previous year, and it has been recognized as one of China's top ten preferred brands for 11 consecutive years [6] - The company’s soy sauce, oyster sauce, and vinegar have consistently ranked first in their respective categories according to the C-BPI brand power index [6] Supply Chain and R&D - The company has strengthened its supply chain management, focusing on quality, efficiency, and cost, which has solidified its industry-leading position [7] - In 2024, Haitian's R&D investment exceeded 800 million yuan, a record high, with over 1,000 patents granted, enhancing product quality and cost advantages [7] Sustainability Initiatives - Haitian is committed to green development and has initiated the first full industry chain carbon reduction alliance in the condiment sector, promoting a sustainable supply chain [7] Brand Innovation - The company has successfully transitioned from a traditional brand to a modern one, exemplified by innovative marketing campaigns such as the soy sauce ice cream pop-up event, which resonated with younger consumers [8] - Haitian has launched the "Little Powder Cap" public welfare initiative, developing special series products to support vulnerable groups while promoting nutritional health [8] Marketing and Brand Exposure - In the first half of 2025, Haitian sponsored the first domestic food competition variety show, "One Meal to Fame," significantly enhancing brand exposure with nearly 5 billion impressions [10] - The company aims to expand its global presence following its successful listing on the Hong Kong stock exchange, enhancing its international market influence [10][11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2025年8月28日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 佛山市海天调味食品股份有限公司 2025 年半年度报告 公司代码：603288 公司简称：海天味业 佛山市海天调味食品股份有限公 ...

Core Viewpoint - Qianhe Flavor Industry reported a strong recovery in sales and revenue in the first half of 2025, driven by the increasing demand for healthy condiments and a focus on core product categories such as soy sauce, vinegar, and cooking wine [1][3]. Group 1: Financial Performance - In the first half of 2025, Qianhe Flavor Industry achieved revenue of 1.318 billion yuan and a net profit of 173 million yuan [1]. - Sales in May and June showed a significant rebound, with online sales increasing by approximately 15% and offline sales by 2% compared to the previous months [1]. Group 2: Market Demand and Product Strategy - The company has positioned itself to meet the growing consumer demand for healthy condiments, having launched the Qianhe 0 series in 2008, which contains no additives and has a fermentation time twice that of ordinary products [3]. - Qianhe Flavor Industry has increased its marketing and promotional investments, with the sales expense ratio rising to 15% in the first half of 2025 [3]. Group 3: Supply Chain Management - The company has strengthened its raw material supply chain management by establishing strategic partnerships with key suppliers of soybeans and salt, ensuring quality control and traceability [4]. Group 4: Channel Development - Qianhe Flavor Industry has expanded its distribution channels, increasing the number of distributors to 3,307, covering over 370 cities nationwide [5]. - The company has also launched its smart manufacturing phase II project, adding an annual production capacity of 600,000 tons to meet growing market demand [5]. Group 5: Financial Stability and Shareholder Returns - As of June 30, 2025, Qianhe Flavor Industry had over 1.8 billion yuan in self-owned funds and stable cash flow, planning to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [7].

Core Points - The company, Jiangsu Hengshun Vinegar Industry Co., Ltd., has released its 2025 semi-annual report, ensuring the accuracy and completeness of the information provided [1][5][28] - The report includes details on the actual use of raised funds and their management, highlighting compliance with relevant regulations [9][31] Group 1: Company Overview - Jiangsu Hengshun Vinegar Industry Co., Ltd. is engaged in the production and sale of vinegar and related products [2] - The company has a total of 110,000,000 shares issued at a price of 10.39 yuan per share, raising a total of 1,142,900,000 yuan [6] Group 2: Financial Data - The net amount raised after deducting issuance costs was 1,121,437,500.37 yuan, with the funds received on April 28, 2023 [6] - As of June 30, 2025, the balance in the special account for raised funds was 70,429,852.44 yuan [8] Group 3: Fund Usage - The company utilized 81,114.71 million yuan of the raised funds in 2023, 19,076.46 million yuan in 2024, and 5,187.07 million yuan in the first half of 2025 [7] - There were no instances of using idle raised funds for temporary working capital or investing in related products during the reporting period [15][16] Group 4: Fund Management - The company has established a special account storage system for raised funds, ensuring compliance with legal and regulatory requirements [9] - As of June 30, 2025, the company maintained eight special accounts for raised funds [11] Group 5: Changes in Fund Projects - The company has made changes to the use of raised funds, reallocating 50,601,276.82 yuan from a terminated project to a new project for the production line of soy sauce and vinegar [24][25] - The company has extended the timeline for certain projects, with completion dates pushed from December 2024 to December 2025 [25] Group 6: Board Resolutions - The company's board of directors approved the semi-annual report and the special report on the use of raised funds during a meeting held on August 24, 2025 [28][31] - The board also approved modifications to the company's management methods for raised funds and information disclosure systems [34][36]

Core Viewpoint - Jiangsu Hengshun Vinegar Industry Co., Ltd. reported a revenue increase of 12.03% year-on-year for the first half of 2025, reaching approximately 1.13 billion RMB, with a net profit attributable to shareholders of approximately 100 million RMB, reflecting a growth of 22.83% compared to the previous year [2][3][12]. Company Overview and Financial Indicators - The company is recognized as one of China's four famous vinegars and has a history dating back to 1840, being the largest vinegar producer in China and the first vinegar company listed on the stock market [4][5]. - Key financial metrics for the first half of 2025 include: - Total revenue: 1,125,355,659.57 RMB, up from 1,004,488,986.73 RMB in the same period last year [2]. - Total profit: 126,291,058.47 RMB, a 20.30% increase from 104,980,295.01 RMB [2]. - Net profit attributable to shareholders: 100,078,380.66 RMB, up 22.83% from 81,474,295.12 RMB [2]. - Basic earnings per share: 0.10 RMB, an increase of 25% from 0.08 RMB [2]. Industry Position and Business Model - The condiment industry is characterized by stable demand and low sensitivity to economic fluctuations, with a trend towards maturity driven by rising living standards and diverse consumer preferences [3][4]. - The company has established a comprehensive product system covering various types of vinegar, with a focus on innovation and brand building to enhance competitiveness [5][6]. - The company employs a dual-channel strategy, integrating traditional distribution with digital channels to enhance market reach and consumer engagement [6][7]. Product and Innovation - The company’s main products include various types of vinegar, cooking wine, and sauces, with a strong emphasis on traditional production techniques combined with modern technology [5][10]. - The company has applied for 12 patents during the reporting period, indicating a commitment to innovation and technological advancement [6]. Marketing and Brand Strategy - The company is focusing on brand promotion through a multi-channel marketing strategy, leveraging traditional media and digital platforms to enhance brand recognition and consumer education [11][12]. - The company aims to position itself as a leader in health-oriented food products, emphasizing the health benefits of vinegar and expanding its product offerings to include functional foods [11][12]. Operational Efficiency and Quality Control - The company has implemented a standardized production management system and a comprehensive quality control framework to ensure product safety and quality [8][9]. - The company is actively pursuing digital transformation in its production processes to enhance efficiency and reduce costs [9][10].

Fundraising Overview - The company raised a total of RMB 1,121,437,500.37 through a non-public offering of 110 million shares at a price of RMB 10.39 per share, with funds received on April 28, 2023 [1][2] - As of June 30, 2025, the total amount used from the raised funds was RMB 1,053,782,355.52, leaving a balance of RMB 70,429,852.44 in the dedicated account [1][2] Fund Management - The company has established a dedicated account for the management of raised funds, adhering to regulations and guidelines to ensure proper usage and efficiency [1][2] - A total of eight dedicated accounts have been opened with various banks for the management of the raised funds [2] Project Investment Status - The company has not utilized idle funds for temporary working capital or invested in financial products during the reporting period [2][3] - There have been no changes in the investment projects that would prevent the separate accounting of benefits [2][3] Project Delays and Adjustments - The timeline for the "Expansion of Hengshun Vinegar Project (Phase II)" has been extended from December 2024 to December 2025 due to increased complexity in equipment debugging [4][5] - The "Annual Production of 30,000 Tons of Brewed Vinegar Expansion Project" has also had its completion date extended from March 2025 to December 2025 [4][5] Fund Usage and Adjustments - The company has decided to repurpose unused funds from the "Expansion of Hengshun Vinegar Project (Phase II)" for the "Annual Production of 45,000 Tons of Raw Brewed Soy Sauce and Vinegar Intelligent Production Line Project" [4][5] - The total amount repurposed includes RMB 54,776,479.85 in unused funds along with interest and financial gains [4][5]

Core Insights - The company reported a revenue of 107 million yuan for the first half of 2025, representing a year-on-year decrease of 1.45% [1] - The net profit attributable to the parent company was approximately 10.97 million yuan, down 5.12% compared to the previous year [1] Business Overview - The company's main business includes the research, production, and sales of Northeast Chinese specialty condiments such as fermented bean curd, cooking wine, and pickled vegetables [1] - The sales revenue from fermented bean curd products decreased by 4.65% year-on-year, while the sales revenue from pickled vegetables increased by 20.48% year-on-year [1] Sales Region Analysis - The Northeast and North China regions remain the primary markets for the company's products [1]