SDICSI 2025 年 6 月 11 日 海天味业 (3288.HK) 海天味业 IPO 点评报告 报告摘要 公司概览 海天味业是中国调味品领军者。据Frost-Sullivan数据，公司是全球第五大、中国 第一大的调味品企业，主要品类包括酱油、蚝油、调味酱、特色调味品及其他。23 全年/24全年/25一季度收入为245/269/83亿人民币，增速为-3.3%/10.4%/9%；净利 润为56.3/63.4/22亿，增速为-9.2%/12.7%/14.7%。23年公司进行渠道优化导致业 绩下滑，24年已经看到比较明显的改善，并且25年一季度增长延续。2025年3月末 公司资产负债率为16%，24年ROE为21%。 手握多个大单品，渠道覆盖全面。公司成功培育了7个10亿级大单系列（金标生抽、 草菇老抽等）、31个亿级以上产品系列。针对餐饮、食品加工企业及终端用户的需 求，公司累计推出超过1,450个SKU，产品矩阵完善。公司有广泛的渠道布局，经销 商数量达到6707家。凭借庞大的规模，公司的生产效率领先行业。公司未来的战略 规划除了深耕国内外，还将探索出海至全球。 行业状况及前景 中国调味品市场增长潜力大。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of Foshan Haitian Flavoring and Food Co., Ltd. (Haitian) in Q1 2025, with revenue of 8.315 billion yuan and net profit of 2.202 billion yuan, showcasing the resilience of a leading enterprise [1] - Haitian's organic soy sauce, recognized for its "excellent quality" and "health positioning," has become a new growth driver, reflecting the company's precise grasp of consumer trends and deep innovation across the entire industry chain [1][3] - The organic food market in China is projected to reach 62 billion yuan in 2024, with the organic seasoning market expected to exceed 80 billion yuan in 2025, indicating significant potential in the organic seasoning market [3] Group 2 - Haitian's organic soy sauce is produced from non-GMO organic soybeans and wheat, adhering strictly to organic food requirements, and has received organic certification from China, the US, and Europe [3] - The "Lighthouse Factory" smart manufacturing system ensures stable output of organic soy sauce, utilizing AI technology for quality assurance and real-time monitoring of production parameters [4] - In 2024, Haitian achieved a revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75%, demonstrating the effectiveness of its supply chain upgrades and cost optimization [6]