Core Viewpoint - The Chinese compound seasoning industry, particularly represented by hot pot base ingredients, is experiencing rapid growth, attracting significant attention from the capital market as consumer demand for convenient cooking and diverse flavors continues to rise [1][8]. Company Overview - Tianwei Food, known as the "first stock of hot pot base ingredients" in A-shares, has submitted an application for H-share listing on the Hong Kong Stock Exchange, with CICC serving as the sole sponsor [1][9]. - The company is recognized as a leading and rapidly growing compound seasoning company in China, ranking fourth in revenue among Chinese compound seasoning companies by 2024, and is the fastest-growing among the top five from 2022 to 2024 [2][4]. Financial Performance - Tianwei Food's revenue for 2022, 2023, and 2024 is projected to be 2.676 billion, 3.126 billion, and 3.447 billion RMB, respectively, with a compound annual growth rate (CAGR) of 13.5% [4][5]. - Net profit for the same period is expected to be 341 million, 466 million, and 645 million RMB, with a CAGR of 37.5%, indicating strong cost control and operational efficiency [4][5]. Product Segmentation - The company has developed a diverse brand matrix, including "Haorenjia," "Dahongpao," and others, targeting various consumer segments and avoiding internal competition [2][4]. - Recipe-based seasonings have become the primary revenue source, with revenue growing from 1.375 billion RMB in 2022 to 2.086 billion RMB in 2024, representing a CAGR of 18.2% and increasing its share of total revenue from 51.4% to 60.5% [5][6]. Market Position and Strategy - The hot pot seasoning segment has shown slower growth, with revenue increasing from 1.192 billion RMB in 2022 to 1.256 billion RMB in 2024, reflecting a CAGR of only 2.9% [6]. - The company has established a comprehensive sales network across China, with over 3,251 distributors and more than 1 million terminal points, leading in terminal coverage among listed companies focused on compound seasonings [6][7]. International Expansion - Tianwei Food has begun international expansion, exporting products to over 50 countries and regions, enhancing global brand recognition through various marketing strategies [7][9]. - The upcoming Hong Kong listing is seen as a strategic move to attract international investors and support the company's global branding efforts [9][10]. Industry Outlook - The Chinese seasoning market is projected to grow to 498.1 billion RMB by 2024, with compound seasonings expected to grow at a CAGR of 6.4% [8]. - Recipe-based seasonings are anticipated to be the fastest-growing segment, with a market size of 21.6 billion RMB by 2024, driven by consumer demand for convenient cooking solutions [8].

Core Viewpoint - The Chinese compound seasoning industry, particularly represented by hot pot culture, is experiencing rapid growth, attracting significant attention from the capital market. The demand for convenient cooking, standardized flavors, and diverse tastes is driving the growth of compound seasonings, especially hot pot bases and recipe-style seasonings, making them one of the fastest-growing segments in the seasoning industry [1][8]. Company Overview - Sichuan Tianwei Food Group Co., Ltd. (Tianwei Food) is a leading and rapidly growing compound seasoning company in China, having listed on the Shanghai Stock Exchange in 2019. According to Frost & Sullivan, by 2024, the company is projected to be the fourth largest compound seasoning company in China and the fastest-growing among the top five in terms of revenue growth from 2022 to 2024 [1][8]. Financial Performance - Tianwei Food's revenue for 2022, 2023, and 2024 is projected to be 2.676 billion RMB, 3.126 billion RMB, and 3.447 billion RMB, respectively, with a compound annual growth rate (CAGR) of 13.5%. Net profit for the same years is expected to be 341 million RMB, 466 million RMB, and 645 million RMB, reflecting a CAGR of 37.5%, significantly outpacing revenue growth [4][5]. Product Segmentation - The company has a diverse product matrix, including recipe-style seasonings, hot pot seasonings, sauces, and other compound seasonings. Recipe-style seasonings have become the most important revenue source, with revenue growing from 1.375 billion RMB in 2022 to 2.086 billion RMB in 2024, achieving a CAGR of 18.2% and accounting for 60.5% of total revenue by 2024 [5][6]. Market Position - In the recipe-style seasoning segment, Tianwei Food holds a market share of 9.7%, significantly higher than the second-place competitor's 2.6%. The company is also the second-largest in the hot pot seasoning market with a 4.8% market share [8][9]. Sales Network - Tianwei Food has established a comprehensive sales network across China, with 3,251 distributors and over 1 million retail points. The company leads in terminal coverage among listed companies focused on compound seasonings [6][8]. International Expansion - The company has begun internationalizing its brand, exporting products to over 50 countries and regions. The upcoming listing in Hong Kong is seen as a strategic move to enhance global brand recognition and access international investors [7][9]. Industry Outlook - The Chinese seasoning market is projected to reach 498.1 billion RMB by 2024, with compound seasonings growing at a CAGR of 6.4%. Recipe-style seasonings are expected to grow even faster, with a projected market size of 21.6 billion RMB by 2024 [8][9].

Core Viewpoint - Tianwei Food has initiated the process for a dual listing in Hong Kong, aiming to raise funds primarily for marketing and sales network expansion amidst declining sales in hot pot and recipe-based condiments [2][5]. Group 1: Company Overview - Tianwei Food is a leading compound condiment company in China, holding a market share of 9.7% in recipe-based condiments and 4.8% in hot pot condiments as of 2024 [3]. - The company operates under six major brands, including "Haorenjia" and "Dahongpao," and its business encompasses traditional retail, online retail, and catering customization [3]. Group 2: Financial Performance - The company's revenue and net profit for 2024 are projected to reach 3.447 billion RMB and 625 million RMB, respectively, but there has been a decline in both metrics in the first half of 2025 [5]. - In the first three quarters of this year, overall revenue growth has been weak, with net profit decreasing by 9% year-on-year [5]. - Sales volume for the three main condiment products has declined in the first half of this year, indicating weak market demand [5][9]. Group 3: Market Environment - The external environment has negatively impacted Tianwei Food's performance, with a significant drop in sales across its product lines [5][7]. - The domestic restaurant consumption recovery has been sluggish, with retail sales growth slowing down since June, and restaurant income growth lagging behind overall retail sales [7][9]. - The competitive landscape in the compound condiment sector is intense, with over 1,000 participants, exacerbating the challenges faced by Tianwei Food [9]. Group 4: Shareholder Actions - The company's ownership structure is characterized by a high concentration of shares held by the founding couple, who control approximately 74.64% of the voting rights [10][11]. - The founders have benefited from a generous dividend policy, with cash dividends increasing from 37.7 million RMB in 2022 to 585 million RMB in the first half of 2025 [12]. - The founders have frequently sold shares, cashing out nearly 1 billion shares since June 2022, totaling approximately 1.62 billion RMB [13]. Group 5: Future Outlook - Tianwei Food's attempt to raise funds through a Hong Kong listing comes at a challenging time, with declining sales and increased competition [14]. - The ability of Tianwei Food to reverse its performance decline and succeed in the Hong Kong market remains to be seen [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company's total revenue for the first three quarters of 2025 reached 2.411 billion yuan, representing a year-on-year increase of 1.98%. However, the net profit attributable to the parent company was 392 million yuan, down 9.3% year-on-year. The third quarter alone saw revenue of 1.02 billion yuan, up 13.79% year-on-year, with a net profit of 202 million yuan, an increase of 8.93% year-on-year [2][4][10]. - The company has shown a significant increase in online sales channels, with online revenue growing by 60.27% year-on-year, while offline sales decreased by 10.35% [10]. - The company maintains a stable profitability, with a gross profit margin of 39.44% for the first three quarters, slightly up by 0.16 percentage points year-on-year. The net profit margin decreased by 2.02 percentage points to 16.27% [10]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 2.411 billion yuan, with a net profit of 392 million yuan, reflecting a decline in profitability compared to the previous year [2][4]. - In Q3 2025, the company achieved a revenue of 1.02 billion yuan, marking a 13.79% increase year-on-year, and a net profit of 202 million yuan, which is an 8.93% increase year-on-year [2][4]. Revenue Breakdown - Revenue from hot pot condiments was 806 million yuan (up 1.59% year-on-year), while Chinese cuisine condiments generated 1.339 billion yuan (up 5.26% year-on-year). However, sausage and cured meat condiments saw a decline of 27.87% to 158 million yuan [10]. - Online sales channels contributed 631 million yuan, showing a remarkable growth of 60.27% year-on-year, while offline sales totaled 1.764 billion yuan, down 10.35% [10]. Profitability Analysis - The company's net profit margin for the first three quarters was 16.27%, down 2.02 percentage points year-on-year, while the gross profit margin increased to 39.44% [10]. - In Q3 2025, the net profit margin was 19.81%, a decrease of 0.88 percentage points year-on-year, with a gross profit margin of 40.46%, up 1.63 percentage points year-on-year [10]. Growth Strategy - The company is focusing on external growth as a key strategy, with successful acquisitions enhancing its product innovation and market presence. The expected EPS for 2025 and 2026 are 0.57 yuan and 0.63 yuan, respectively, with corresponding PE ratios of 23 and 21 times [10].

Core Viewpoint - Tianwei Food (603317.SH) has recently filed for an IPO in Hong Kong, highlighting its status as the fastest-growing company among China's top five compound seasoning companies over the past three years, although signs of growth fatigue are emerging due to reliance on external acquisitions [1][2]. Group 1: Company Overview - Tianwei Food, headquartered in Chengdu, Sichuan, specializes in hot pot condiments, recipe-based seasonings, and sausage and cured meat seasonings, with brands including "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tianwei Food Catering High-end Customization," "Shi Cui Fang," and "Jia Dian Zi Wei" [2]. - As of 2024, Tianwei Food is projected to achieve revenue of 3.476 billion yuan and a net profit of 625 million yuan, marking new highs since its listing [2]. Group 2: Acquisition Strategy - The company has pursued external growth through acquisitions, including a 55% stake in Sichuan Shicui Food Co., Ltd. for 362 million yuan, which primarily serves B-end clients in the restaurant sector [2][3]. - Following the acquisition of Shicui Food, Tianwei Food acquired a 63.84% stake in Hangzhou Jia Dian Zi Wei Technology Co., Ltd., which specializes in compound seasonings and has seen significant revenue growth [3]. Group 3: Financial Performance - Despite the revenue boost from acquisitions, Tianwei Food reported a decline in both revenue and net profit in the first half of 2025, with revenue of 1.391 billion yuan (down 5.24%) and net profit of 190 million yuan (down 23.01%) [4]. - The company's operating cash flow also decreased significantly, dropping 44.89% year-on-year to 164 million yuan in the first half of 2025 [4]. Group 4: Market Challenges - Tianwei Food faces a competitive landscape in the seasoning market, with over 1,000 participants and more than 500 competitors in key segments like recipe-based and hot pot seasonings [5]. - The overall market for seasoning products has stabilized, with a compound annual growth rate of only 2.5% over the past five years, raising questions about the sustainability of Tianwei Food's growth through acquisitions [5].

Core Viewpoint - The company, Tianwei Foods, is aiming for a dual listing in Hong Kong (A+H) after successfully going public in A-shares, leveraging its strong market position in the condiment industry while facing challenges such as slowing growth and market competition [1][4][11]. Group 1: Company Overview - Tianwei Foods started as a small condiment shop in Chengdu and has grown into a leading player in the hot pot base market, integrating well-known brands like "Hao Ren Jia" and "Da Hong Pao" [1][4]. - The company was established in 2007 and became the first A-share listed company in the hot pot base segment in 2019, now targeting a second A+H listing [4][11]. - The founders, Deng Wen and Tang Lu, maintain significant control over the company, holding a combined 65.32% of shares in A-shares and approximately 74.64% voting rights in the Hong Kong listing [8][9]. Group 2: Financial Performance - For 2024, the company expects revenue of 3.476 billion yuan, with a slight growth of 1.98% year-on-year for the first three quarters of 2025, while net profit decreased by 9.3% [4][11]. - The main revenue driver is recipe-style condiments, contributing 1.339 billion yuan, accounting for 55.53% of total revenue, with a growth of 5.26% [4][11]. - Online sales have surged by 60.27%, reaching 631 million yuan, while offline sales have declined by 10.35% [5][11]. Group 3: Market Position and Challenges - Tianwei Foods is the largest recipe-style condiment company in China with a market share of 9.7% and the second-largest hot pot condiment company with a 4.8% market share [9][11]. - The company faces challenges such as slowing growth, reliance on a narrow product range, and limited international market presence, primarily focusing on Southeast Asia [9][11]. - The upcoming Hong Kong listing aims to raise funds for marketing, expanding sales networks, and product development to overcome growth limitations [9][12].

截至9月30日，天味食品股东户数3.17万，较上期减少12.51%；人均流通股33564股，较上期增加 14.30%。2025年1月-9月，天味食品实现营业收入24.11亿元，同比增长1.98%；归母净利润3.92亿元，同 比减少9.30%。 分红方面，天味食品A股上市后累计派现16.44亿元。近三年，累计派现12.50亿元。 机构持仓方面，截止2025年9月30日，天味食品十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1628.23万股，相比上期增加132.26万股。景顺长城新兴成长混合A（260108）位居第六大 流通股东，持股863.63万股，持股数量较上期不变。 11月17日，天味食品盘中上涨2.06%，截至13:00，报13.35元/股，成交8835.08万元，换手率0.63%，总 市值142.18亿元。 资金流向方面，主力资金净流入682.65万元，特大单买入119.80万元，占比1.36%，卖出0.00元，占比 0.00%；大单买入1722.64万元，占比19.50%，卖出1159.78万元，占比13.13%。 天味食品今年以来股价涨4.37%，近5个交易日涨2.30%，近20日 ...

Core Viewpoint - Tianwei Foods, known as the "first stock of Sichuan hot pot seasoning," is facing significant financial and operational pressures, leading to a decline in performance and a need for strategic adjustments [1][3][24]. Financial Concerns - Tianwei Foods has experienced a slowdown in revenue growth, with a reported revenue of 13.73 billion yuan in the first half of 2025, a decrease of over 800 million yuan year-on-year [3][4]. - The company's net profit for the first three quarters of 2025 was approximately 3.92 billion yuan, down 9.3% year-on-year, indicating a troubling trend of "increased revenue without increased profit" [4][5]. - Operating cash flow has significantly decreased, with a net cash flow of about 1.63 billion yuan in the first half of 2025, a drop of 44.55% compared to the same period in 2024 [5][8]. Operational Adjustments - The company is heavily reliant on a few major products, particularly hot pot base and sauerkraut fish seasonings, which raises concerns about product dependency [17][24]. - Despite a 60% increase in online revenue, offline sales have dropped by 10%, highlighting a significant channel imbalance [12][13]. - The number of distributors has increased from 3,017 to 3,278, but this has not translated into higher offline sales, indicating potential issues in distributor relationships [14][15]. Market Position and Competition - Tianwei Foods holds a market share of 9.7% in the recipe-style seasoning market and 4.8% in the hot pot seasoning market, making it a significant player in these segments [11]. - However, the company faces increasing competition from numerous rivals, including Hai Di Lao and other established brands, which is putting pressure on its market position [18][24]. Strategic Direction - The company plans to use funds from its IPO for investments, expansion, and overseas market development, but there are concerns about the feasibility of these plans given the current cash flow situation [20][21]. - The high concentration of shareholding, with the controlling family holding over 74%, raises concerns about potential sell-off risks post-IPO [22][24].

Core Viewpoint - Tianwei Food's stock price has shown fluctuations, with a recent decline of 2.07%, while the company has experienced a year-to-date increase of 3.74% in stock price [1] Group 1: Stock Performance - As of November 14, Tianwei Food's stock price is 13.27 CNY per share, with a market capitalization of 14.133 billion CNY [1] - The stock has increased by 5.91% over the last five trading days, 14.99% over the last 20 days, and 12.27% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Tianwei Food reported a revenue of 2.411 billion CNY, representing a year-on-year growth of 1.98% [2] - The net profit attributable to shareholders for the same period was 392 million CNY, reflecting a year-on-year decrease of 9.30% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tianwei Food is 31,700, a decrease of 12.51% from the previous period [2] - The average number of circulating shares per shareholder is 33,564, which is an increase of 14.30% from the previous period [2] Group 4: Dividend Information - Since its A-share listing, Tianwei Food has distributed a total of 1.644 billion CNY in dividends, with 1.250 billion CNY distributed over the last three years [3] Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 16.2823 million shares, an increase of 1.3226 million shares from the previous period [3] - Invesco Great Wall New Growth Mixed A (260108) is the sixth-largest circulating shareholder, holding 8.6363 million shares, with no change in the number of shares held [3]

Group 1 - The core viewpoint of the news is that Tianwei Food has shown a slight increase in stock price recently, with a year-to-date decline of 1.10% but a notable rise over the past 5, 20, and 60 days [1] - As of November 7, Tianwei Food's stock price reached 12.65 CNY per share, with a market capitalization of 13.472 billion CNY [1] - The company specializes in the research, production, and sales of Sichuan-style compound seasonings, with its main revenue sources being recipe-based seasonings (64.45%) and hot pot seasonings (30.74%) [1] Group 2 - For the period from January to September 2025, Tianwei Food achieved an operating income of 2.411 billion CNY, representing a year-on-year growth of 1.98%, while the net profit attributable to shareholders decreased by 9.30% to 392 million CNY [2] - The number of shareholders as of September 30 decreased by 12.51% to 31,700, while the average circulating shares per person increased by 14.30% to 33,564 shares [2] - Since its A-share listing, Tianwei Food has distributed a total of 1.644 billion CNY in dividends, with 1.250 billion CNY distributed over the past three years [3]