行业研究 证 券 研 究 报 告 食品饮料行业 2025 年三季报前瞻 推荐（维持） 白酒加速出清，大众逐渐改善 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 126 | 0.02 | | 总市值(亿元) | 46,653.82 | 3.99 | ...

Core Viewpoint - Haitan Flavor Industry has demonstrated strong resilience and growth in the competitive condiment market, achieving significant revenue and profit increases in the first half of 2025, marking its successful entry into the Hong Kong stock market [1][3]. Financial Performance - The company reported a revenue of 15.23 billion yuan, representing a year-on-year growth of 7.59% - Net profit attributable to shareholders reached 3.91 billion yuan, with a year-on-year increase of 13.35% [1]. Market Position - Haitan Flavor Industry has maintained its position as China's largest condiment company for 28 consecutive years, with its soy sauce and oyster sauce sales leading the market [3]. - The company’s soy sauce and oyster sauce also rank first globally, showcasing its strong competitive edge in international markets [3]. Product Innovation - The company has adopted a "full-scene cooking solution" strategy, enhancing its core product categories while launching new products like Haitan cold dressing and Haitan spicy fresh sauce to meet diverse consumer needs [3]. - In the vinegar segment, Haitan has introduced a dual product strategy of "traditional vinegar + specialty vinegar," expanding its product line with various types of rice vinegar and organic vinegar [5]. - In the cooking wine category, the company has developed a range of products, including Haitan ancient road cooking wine, to strengthen its market presence [5]. Consumer Engagement - Haitan Flavor Industry'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 consumer brands for 11 consecutive years [6]. - The company’s soy sauce, oyster sauce, and vinegar have consistently ranked at the top of their respective markets, reflecting its strong brand influence [6]. Supply Chain Management - The company has enhanced its supply chain management by focusing on quality, efficiency, and cost, leveraging its scale advantages [6]. - Haitan's factory was recognized as a "lighthouse factory" by the World Economic Forum, highlighting its commitment to high-quality and cost-effective production [6]. - The company is also leading the industry in green development by initiating the "Carbon Road Green Chain Alliance" to promote a sustainable supply chain [6]. Brand Development - Haitan has successfully transitioned from a traditional brand to a modern brand through innovative marketing strategies, including unique promotional campaigns and educational initiatives [7]. - The company has engaged in various social responsibility projects, such as the "Little Powder Cap" initiative, to support special groups and enhance brand trust [7]. - Haitan's marketing efforts have resulted in nearly 5 billion brand exposures, solidifying its image as a representative of authentic Chinese flavors [7].

Core Insights - Haitai Weiye reported its first performance results since its listing on the Hong Kong Stock Exchange, achieving a revenue of 15.23 billion yuan, a year-on-year increase of 7.59%, and a net profit of 3.91 billion yuan, up 13.35% year-on-year [1] Group 1: Company Performance - The company has maintained its position as China's largest seasoning enterprise for 28 consecutive years, with soy sauce and oyster sauce sales leading the market [7] - Haitai'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 consumer brands for 11 consecutive years [7] - The company has invested over 8 billion yuan in R&D in 2024, marking a historical high, and has accumulated over 1,000 patents [8] Group 2: Supply Chain and Innovation - Haitai has strengthened its supply chain management by focusing on quality, efficiency, and cost, and has implemented digital transformation to optimize resource allocation [8] - The company’s factory was recognized as a "lighthouse factory" by the World Economic Forum, highlighting its commitment to smart and efficient operations [8] Group 3: Sustainability and Brand Development - Haitai initiated the first full industry chain carbon reduction alliance in July, promoting a green supply chain and leading the low-carbon transformation in the seasoning industry [12] - The company is transitioning from a traditional brand to a modern brand through innovative marketing strategies and has launched a public welfare initiative to support special groups with customized products [12] - The seasoning industry faces challenges such as slowing demand growth and intensified competition, but leading companies like Haitai are maintaining market share through technological investment and brand upgrades [12]

Core Insights - Company reported strong financial performance for the first half of 2025, with revenue of 15.23 billion and net profit of 3.91 billion, reflecting year-on-year growth of 7.59% and 13.35% respectively [1] Business Performance - Company has maintained its position as China's largest condiment enterprise for 28 consecutive years, leading in soy sauce and oyster sauce sales, and ranking first globally in these categories [2] - The company is focusing on a "full-scene cooking solution" strategy, expanding its product offerings to include new items like cold dressing, spicy fresh sauce, chicken essence, and chicken juice, thereby enhancing its influence in niche markets [2] Market Position - According to Kantar Consumer Index, the company reached a consumer touchpoint of 754 million, an increase of 21.6 million from the previous year, and has been recognized as one of China's top ten preferred brands for 11 consecutive years [3] Supply Chain and R&D - The company is enhancing its supply chain management to solidify its industry-leading position, with a record R&D investment of over 800 million in 2024, totaling 5.9 billion over the past decade [4] - The company has received over 1,000 patents, establishing significant technological barriers that support its product quality and cost advantages [4] Brand Innovation - The company is successfully transitioning from a traditional brand to a modern one through innovative marketing strategies, such as the soy sauce ice cream pop-up event that resonated with younger consumers [5] - The company launched a public welfare initiative called "Little Powder Cap," focusing on special dietary products and health education, reflecting its commitment to social responsibility [6] Global Expansion - Following its listing on the Hong Kong stock exchange on June 19, the company is actively innovating its business model to enhance its global service capabilities and expand into new markets [6]

Investment Rating - The investment rating for the food and beverage industry is "Positive" and maintained [10] Core Insights - The liquor industry is undergoing adjustments, with leading brands in high-end and regional segments remaining relatively stable. The industry is currently in a phase of active destocking, with expectations of demand recovery as macroeconomic conditions improve. High-end brands such as Kweichow Moutai and Wuliangye are recommended [5][18] - The yellow wine sector is entering a new price increase cycle, with significant concentration in the market. Leading brands are collaborating strategically and expanding into new markets, particularly focusing on high-end product lines [6][19] - The mass consumer goods segment is facing pressure from the restaurant chain demand, but certain sub-sectors like dairy products and condiments show promising growth potential. The dairy sector is expected to stabilize with the introduction of child-rearing subsidies, while condiment companies are managing inventory pressures effectively [7][22][24] Summary by Sections Liquor Industry - The liquor industry is currently in a destocking phase, with a short-term impact from policy changes. However, the demand structure differs from previous cycles, and recovery is anticipated as consumer confidence improves. High-end brands are expected to perform well, with Kweichow Moutai projected to achieve a 7% revenue growth in Q2 2025 [5][18] - The yellow wine market has seen a significant increase in concentration, with the top three brands holding approximately 43% market share as of 2023. Price increases are expected for key products, with brands like Kuaijishan actively promoting high-end offerings [6][19] Mass Consumer Goods - The dairy sector is experiencing a slight decline in production, but demand is showing signs of improvement. The introduction of a national child-rearing subsidy is expected to enhance long-term demand for dairy products [7][22] - The condiment industry is managing inventory pressures better than in previous years, with leading companies expected to achieve stable growth despite short-term challenges. Key players include Haitian Flavoring and Qianhe Flavoring [24] - The beer sector is facing challenges in the on-premise consumption channel, but companies are adapting by exploring new retail channels. Qingdao Beer and Yanjing Beer are highlighted as key recommendations [25][27] Restaurant Supply Chain - The restaurant supply chain is entering a new normal with stable demand. The total revenue for the restaurant sector in the first half of 2025 reached 27,480 billion yuan, reflecting a year-on-year growth of 4.3%. Companies are seeking new channels for growth, with recommendations for Guoquan and Lihai Foods [8][28] Key Individual Stocks - Kweichow Moutai is expected to maintain a strong market position with a projected revenue of 396.5 billion yuan in Q2 2025, reflecting a 7.26% year-on-year increase [31] - Wuliangye is anticipated to outperform the industry average, with revenue and profit growth expected to remain positive [31] - Yili Group is projected to achieve a revenue growth of around 8% in Q2 2025, benefiting from a favorable inventory situation [39]

市场地位方面，弗若斯特沙利文数据显示，2024年海天以4.8%的市场份额领跑中国调味品行业，相当 于第二名的两倍多；其酱油和蚝油销量更是双双位居全球第一。海天味业在A股市场的长期优异表现， 验证了其作为稀缺优质投资标的的价值，这也是吸引国际投资者的关键因素。 6月11日，海天味业发布公告，宣布正式启动全球公开发售，预计于6月19日在香港联交所主板挂牌交 易。海天酱油作为中国调味品行业的龙头企业，此次IPO不仅创下今年迄今消费行业规模最大的港股 IPO纪录，更以豪华阵容引发市场广泛关注。 自2014年A股上市以来，海天味业的业绩表现堪称穿越经济周期的典范。十年间，其营收从98亿元增长 至269亿元，增幅达174%。即便在2024年宏观经济承压、行业竞争加剧的背景下，仍实现营收269亿 元，同比增长9.53%；净利润63.44亿元，同比增长12.75%。2025年一季度，增长态势持续，营收83.15 亿元，同比增长8.08%；净利润22.02亿元，同比增长14.77%。 产品层面，海天味业围绕全球健康消费趋势推出多款针对性产品：有机酱油、有机黄豆酱获中美欧三重 认证；针对桥本和麸质过敏人群的无麸质酱油获得SGS无 ...

2025年6月19日，海天味业以36.3港元/股登陆港交所，此次港股上市募资超101亿港元，成为年内港股 消费类IPO募资榜首。这场资本盛宴不仅刷新了市场对传统消费龙头海天酱油的认知，更以8家顶级机 构组成的"超豪华基石阵容"引发行业热议。高瓴资本、新加坡政府投资公司（GIC）、红杉中国等全球 资管巨头合计认购近47亿港元，占发行规模的50%，用真金白银投票中国调味品行业的长期价值。 海天酱油此次IPO的基石投资者名单堪称"全明星阵容"：高瓴资本通过旗下HHLR ADVISORS认购3.5亿 美元，GIC、瑞银资管、加拿大皇家银行等机构跟投，甚至出现佛山发展等地方国资平台的身影。这一 配置折射国际资本对中国消费升级趋势的坚定看好。 全球化野心，从"中国厨房"到"世界餐桌标配"。从数据上看，可以说海天酱油的全球化是必经之路！ 海天的上市是"新经济"与"老字号"融合的标杆，它证明传统行业只要拥抱创新，依然能成为资本市场的 宠儿。当一瓶酱油卖向全球，海天味业正在书写的，不仅是一个企业的成长史，更是中国消费品牌走向 世界的缩影。 一方面，国内酱油行业市场规模增长天花板显现。中国人均酱油消费量从2015年7.28kg降 ...

Core Viewpoint - The article explores the cultural significance and evolving role of Asian supermarkets in North Carolina, highlighting their function as community hubs for Asian immigrants and their growing acceptance among non-Asian consumers [6][10][11]. Group 1: Cultural Significance - Asian supermarkets serve as a "parallel space" where diverse cultural identities coexist, allowing immigrants to navigate their dual identities through food and community interactions [7][9]. - These supermarkets are not just places to buy groceries; they are vital for maintaining cultural connections and facilitating intergenerational dialogues within immigrant families [9][10]. Group 2: Market Trends - The Asian grocery sector is experiencing significant growth, with Asian/ethnic food sales in U.S. supermarkets increasing at four times the rate of overall supermarket sales from 2023 to 2024 [11]. - Major Asian supermarket chains like H Mart and 99 Ranch are expanding, with H Mart reporting that approximately 30% of its customers are non-Asian, indicating a shift in consumer demographics [11]. Group 3: Community Impact - Local Asian supermarkets, such as Li Ming Global Mart and Grand Asia Market, play a crucial role in the daily lives of immigrants, often serving as their first point of contact in a new country [12]. - The article emphasizes the emotional connection that immigrants have with these supermarkets, as they provide a sense of belonging and familiarity in an unfamiliar environment [13].

Core Viewpoint - Recently, Haitian Soy Sauce's IPO in Hong Kong attracted significant interest, with over 200,000 participants and a subscription rate exceeding 918 times, but the stock price fell below the issue price on the first day of trading, disappointing many investors [1][3]. Group 1: Company Performance - Haitian Soy Sauce, once a market leader, is experiencing a decline in performance and customer base, with even chefs reducing their use of soy sauce [3]. - The company has faced criticism for changes in its product formula, leading to a perceived decline in taste quality, as consumers report that the soy sauce has become less flavorful compared to previous versions [5]. - There are concerns regarding the use of cheaper raw materials to increase profits, which has resulted in a compromise on product quality, such as substituting defatted soybeans for whole soybeans and shortening fermentation times [7]. Group 2: Consumer Sentiment - The overuse of additives has raised food safety concerns among consumers, particularly following the "double standard" incident in 2022, where domestic products contained various additives while similar products sold abroad were labeled as "zero additives" [9]. - The brand's reputation has declined as consumers increasingly prefer healthier, natural food options, leading to a shift towards zero-additive and organic soy sauces, while Haitian has lagged in product innovation [12]. - The rise of social media has accelerated the spread of negative reviews, making it easier for consumers to share their experiences, which can quickly impact purchasing decisions in the face of trust issues related to product quality and safety [14].

6月19日，调味品龙头企业海天味业（03288.HK）在港交所挂牌上市，开盘报37.5港元/股，较发行价 36.3港元/股涨3.3%。但随后股价回落跌破发行价，截至记者10：35发稿，报36.150港元/股，跌0.41%。 | 海天味业 | | | --- | --- | | HK3288 HK AH | | | 38.000 市值2111.0亿 量比 30.48 36.150 | | | 36.150 流通 100.87亿 换 -0.150 -0.41% # | 18.27% | | 37.500 市盈™ 30.17 额 | 19.24亿 | | 39.07 -2.88% H/A溢价率 -15.42% | 溢价分析 | | 异动解读:今日上市。海天味业港股今日上 ... ● × | | | 分时 日K 周K 月K 五日 更多▼ | | | 均价:37.746 最新:36.150 -0.150 -0.413% | | | 38.000 +4.68% 卖1 36.200 36.56万 | | | 买1 36.150 6.77万 | | | 日日 2日 36.300 - - | | | 500 | | | 10: ...