Group 1: Company Overview - Haitan Weiye officially listed on the Hong Kong Stock Exchange on June 19, with a total fundraising amount of 10.1 billion HKD, making it the second-largest IPO in Hong Kong this year [2] - The company achieved a market capitalization exceeding 210 billion HKD shortly after opening, with significant backing from renowned institutional investors [3] - Haitan Weiye has maintained its position as China's largest condiment company for 28 consecutive years, holding a market share of 4.8% in a market projected to reach 498.1 billion RMB by 2024 [3] Group 2: Product Portfolio and Market Position - The company boasts seven product lines with annual revenues exceeding 1 billion RMB, the highest in the industry, and 31 product lines with revenues over 100 million RMB, contributing to 76.6% of total sales revenue [3] - Haitan Weiye's product range includes soy sauce, oyster sauce, seasoning sauces, vinegar, cooking wine, and various other condiments, with over 1,450 SKUs and an 80% household penetration rate in China [6] Group 3: Recent Challenges and Market Dynamics - Since 2022, the company has faced challenges, including a decline in net profit for the first time since its listing, attributed to a public relations crisis and changing market trends [7] - In 2023, the company experienced its first decline in both revenue and profit in nearly a decade, with significant drops in sales from its core products [7] - The rise of Sichuan cuisine and its associated condiments has created competitive pressure, with Sichuan-style hot pot ingredients gaining popularity and market share [8][9] Group 4: Strategic Initiatives and Future Outlook - In response to recent challenges, the company is focusing on global expansion and innovation, with plans to enhance its global brand image and supply chain capabilities [10] - The company aims to establish a global research and development system, targeting overseas markets with strong demand for condiments, particularly in Southeast Asia and Europe [10] - The transition from a domestic leader to a global food group presents significant challenges, requiring the company to navigate complex geopolitical landscapes and adapt to international market demands [11]

Investment Rating - The report assigns a rating of ★★★★☆ to the company based on fundamental factors and valuation [4] Core Insights - The company is a leading player in the domestic seasoning industry, with a market share of 4.8% in the mainland seasoning market, which is expected to reach RMB 498.1 billion by 2024 [2][3] - The company ranks fifth globally in the seasoning market, holding a 1.1% market share in a market projected to reach RMB 2,143.8 billion by 2024 [2] - The company has a strong product matrix with seven product lines generating over RMB 1 billion in annual revenue, the highest in the domestic seasoning industry [3] - The domestic seasoning market is expected to grow at a compound annual growth rate (CAGR) of 7.0%, reaching RMB 699.8 billion by 2029, indicating significant growth opportunities [3] Summary by Sections Industry Position - The company has maintained its position as the largest seasoning enterprise in the mainland for 28 consecutive years, with soy sauce and oyster sauce products leading in sales [2] - The company is recognized as a popular brand in the domestic consumer market, with over 80% household penetration [2] Product Portfolio - The company offers a comprehensive product range, including soy sauce, oyster sauce, seasoning sauces, vinegar, cooking wine, and various specialty condiments, with over 1,450 SKUs available [2] Financial Performance - The company's revenue for the fiscal years ending December 31 is projected as follows: RMB 256.09 billion in 2022, RMB 245.59 billion in 2023, and RMB 269.01 billion in 2024 [4] - Profit figures are expected to be RMB 62.03 billion in 2022, RMB 56.42 billion in 2023, and RMB 63.56 billion in 2024 [4]

全球發售 股份代號 : 3288 （於中華人民共和國註冊成立的股份有限公司） 佛山市海天調味食品股份有限公司 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 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） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及 聯席牽頭經辦人 | ぴＣＩＣ中金公司 {goldman 直成 Morgan Stanley | | --- | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程 ...

Core Insights - The nutritional value of tomato sauce is often underestimated compared to fresh tomatoes, but it actually has significant advantages in terms of certain nutrients, particularly lycopene [1][2] Lycopene Comparison - Lycopene content in tomato sauce is over four times higher than that in fresh tomatoes due to the breakdown of cell walls during processing and the concentration process [1] - The absorption rate of lycopene is enhanced when tomato sauce is cooked with fats, making it more bioavailable [2] Nutritional Components - Vitamin C content in fresh tomatoes is 19 mg per 100 grams, while tomato sauce experiences a loss of about 10%-30% during processing, but retains some due to its acidic environment [3] - Tomato sauce has significantly higher concentrations of potassium (989 mg/100g) and dietary fiber (over twice that of fresh tomatoes), making it beneficial for individuals with hypertension [3] - Most B vitamins and carotenoids are preserved in tomato sauce, although folate levels are slightly lower than in fresh tomatoes [3] Target Consumer Groups - Individuals needing efficient lycopene supplementation for cancer and cardiovascular disease prevention, as well as those with sensitive stomachs, may benefit from tomato sauce [4] Fresh Tomato Recommendation - For those primarily seeking to increase their vitamin C intake, fresh tomatoes are still recommended [5] Tomato Sauce vs. Ketchup - Tomato sauce is distinct from ketchup, which contains added sugars, salts, and other additives, leading to higher calorie and sodium content [6] - The market has introduced "simplified" ketchup with organic ingredients, which has similar sodium content to organic tomato sauce but higher carbohydrate levels [6] Culinary Uses - Tomato sauce can be used in various dishes such as stews, stir-fries, and as a dipping sauce for barbecues, enhancing antioxidant intake and reducing carcinogenic effects [7] - It can also be incorporated into desserts, salads, and beverages, providing essential nutrients without increasing sugar and salt intake [7]