公司研究 证 券 研 究 报 告 恒顺醋业（600305）2025 年中报点评 推荐（维持） Q2 盈利改善，期待改革加速 目标价：8.8 元 事项： ❖ 公司发布 2025 年半年报，2025 年 H1 实现营业总收入 11.2 亿元，同增 12.0%， 归母净利润 1.1 亿元，同增 18.1%；单 Q2 实现营收 5.0 亿元，同降 8.2%，归 母净利润 0.5 亿元，同增 40.6%。 评论： ❖ 风险提示：下游需求低迷；市场竞争加剧；费用投放加大；食品安全问题等 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：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,196 | 2,286 | 2,454 | 2,615 | | 同比 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 恒顺醋业（600305.SH） 坚持做强食醋主业，持续提升盈利能力 事件：公司发布 2025 年中报，2025H1 实现营收 11.25 亿元，同比 +12.03%；实现归母净利润 1.11 亿元，同比+18.07%；实现扣非归母净 利润 1.00 亿元，同比+22.83%。其中 25Q2 实现营收 4.99 亿元，同比- 8.22%；实现归母净利润 0.54 亿元，同比+40.61%；实现扣非归母净利 润 0.52 亿元，同比+43.94%。 线上渠道增速亮眼，苏南大区增长突出。分产品来看，2025Q2 公司醋/酒 /酱/其他系列分别实现营收 3.73/0.67/0.35/0.18 亿元，同比分别-1.0%/- 18.9%/-29.0%/-38.6%，占比分别 75.6%/13.6%/7.2%/3.7%，发展聚焦 核心食醋品类。分渠道来看，线上/线下分别实现收入 0.76/4.17 亿元，同 比分别+18.7%/-12.1%，线上增速亮眼 。分战区来看，北部/东部/苏北/苏 南/西南/中部战区分别实现收入0.810/. ...

Core Viewpoint - The article reflects on the life and legacy of Cai Lan, emphasizing his philosophy of enjoying life through food, business, and personal relationships, encapsulated in his motto of "reasonable price, beautiful presentation, and delicious taste" [39]. Group 1: Personal Background and Career - Cai Lan was born in 1941 in Singapore and had a diverse career as a film producer, writer, traveler, and host, publishing over 200 books on food, life, and philosophy [6][9]. - He was part of the "Four Talents of Hong Kong," alongside Jin Yong, Huang Zhan, and Ni Kuang, and was known for his significant influence in the cultural scene of Hong Kong during the 1980s [5]. - Cai Lan transitioned from the film industry to writing, where he found more creative freedom, particularly focusing on food critiques [15][16]. Group 2: Business Ventures - In the mid-1990s, Cai Lan launched "暴暴茶," a beverage aimed at aiding digestion after overeating, showcasing his entrepreneurial spirit [24]. - He established "Cai Lan Food Court" in collaboration with a restaurant in Hong Kong, ensuring that only restaurants he personally vetted could join [25]. - By 2018, "Cai Lan Dim Sum" had opened its first store in Shenzhen, with 100 locations nationwide, and "Cai Lan Vietnamese Noodles" had 12 locations, indicating successful expansion in the food industry [34]. Group 3: Philosophy and Approach to Business - Cai Lan's business philosophy revolved around passion, expertise, and focus, believing that deep knowledge in a field would ensure success [27][28]. - He emphasized the importance of storytelling and uniqueness in products to attract customers, particularly in the online marketplace [32]. - His approach to business was characterized by a blend of enjoyment and creativity, viewing it as a form of art rather than a mere transaction [21][22].

Group 1 - As of June 20, Haitian Flavor Industry (03288.HK) closed at HKD 35.750, down 2.06% from the previous trading day, reaching a new low in nearly a year [1] - On that day, the main capital inflow was HKD 145.66077 million, while outflow was HKD 266.02126 million, resulting in a net outflow of HKD 120.3605 million [1] Group 2 - Foshan Haitian Flavor Industry Co., Ltd. is a leading enterprise in China's condiment industry, known for its long history and recognized as one of the first "Chinese Time-honored Brands" by the Ministry of Commerce of the People's Republic of China [2] - The company produces over 1000 SKUs, including soy sauce, oyster sauce, sauces, and vinegar, and is committed to combining modern scientific research with traditional brewing techniques [2] - Haitian has established large-scale facilities for high-quality soy sauce production and operates advanced fully automated packaging production lines, adhering to strict quality standards [2] - The company's products are not only popular in the domestic market but are also distributed in over 100 countries and regions globally [2] - Haitian ranked 4th in the Kantar Consumer Index "2024 Global Brand Footprint Report" for China's fast-moving consumer goods market and achieved first place in multiple categories in the 2024 C-BPI rankings [2]

Core Viewpoint - Haitai Weiye, a leading condiment company in A-shares, has officially launched its global offering for a secondary listing in Hong Kong, scheduled from June 11 to June 16, with expected listing on June 19 [1] Group 1: Global Offering Details - The company plans to issue 263 million H-shares, with 247 million shares allocated for international offering and 15.79 million shares for public offering in Hong Kong [2] - The expected price range for the shares is between 35 to 36.3 HKD per share, with cornerstone investors committing nearly 4.7 billion HKD, accounting for about 50% of the total offering [2][3] - Notable cornerstone investors include Hillhouse Capital, GIC, UBS Asset Management, and others, indicating strong market confidence in the company [2] Group 2: Financial Performance - Since its listing in 2014, the company's revenue has grown from 9.8 billion RMB to over 26.9 billion RMB, maintaining a strong market position [3] - The company reported revenues of 256.1 billion RMB, 245.59 billion RMB, and 269.01 billion RMB for the years 2022 to 2024, with net profits of 62 billion RMB, 56.42 billion RMB, and 63.55 billion RMB respectively [3] - In the first quarter of 2025, the company achieved a revenue of 8.315 billion RMB, an increase of 8.1% year-on-year, with a net profit of 2.207 billion RMB, up 14.5% [3] Group 3: Market Position - Haitai Weiye holds a 4.8% market share in China's condiment market, which is projected to reach 498.1 billion RMB in 2024, making it the market leader [4] - The global condiment market is expected to reach 2.1438 trillion RMB in 2024, with the company holding a 1.1% share, ranking fifth globally [5] Group 4: Global Expansion Strategy - The company aims to utilize the funds raised from the listing for global brand building, sales channel expansion, and enhancing overseas supply chain capabilities, with 20% of the funds specifically allocated for these purposes [6][7] - The company has already initiated its overseas expansion by establishing several international trade companies and plans to enhance its presence in Southeast Asia and Europe [6][7]

Core Viewpoint - Haitian Flavor Industry is set to launch its Hong Kong IPO on June 19, 2025, with a target fundraising of up to HKD 95.5 billion, reflecting strong market confidence in its future growth [1] Group 1: IPO Details - The company has initiated a global roadshow with a share price range set between HKD 35 and HKD 36.3, planning to issue 263 million H-shares [1] - Notable cornerstone investors, including Hillhouse HHLR Advisors and GIC Private Limited, have committed to purchasing shares worth USD 595 million, indicating robust investor interest [1] Group 2: Financial Performance - For 2024, Haitian Flavor reported a revenue of CNY 26.9 billion, a year-on-year increase of 9.53%, and a net profit of CNY 6.344 billion, up 12.75% [1] - In Q1 2025, the company achieved a revenue of CNY 8.315 billion, reflecting an 8% growth, and a net profit of CNY 2.202 billion, which is a 14.77% increase compared to the previous year [2] Group 3: Capital Management - The company plans to distribute cash dividends of CNY 4.773 billion to all shareholders and intends to invest up to CNY 10 billion in financial management, enhancing shareholder returns and optimizing financial structure [3] Group 4: Shareholding Structure - Haitian Flavor's actual controller, Pang Kang, and Guangdong Haitian Group collectively hold over 67% of the shares, ensuring absolute control over the company [4] Group 5: Industry Outlook - The upcoming IPO is seen as a significant milestone for the seasoning industry, with Haitian Flavor poised to lead market trends due to its product quality, brand strength, and distribution channels [5]

Core Viewpoint - The consumer goods industry is entering a new cycle, with leading companies like Nongfu Spring and Haitian Flavor Industry expected to see a revaluation of their stock prices [3][4]. Group 1: Market Trends and Company Performance - Four years ago, the consumer goods sector experienced a significant bull market, led by Kweichow Moutai, with many leading companies reaching new stock price highs [3]. - Haitian Flavor Industry, known as "Soy Sauce Moutai," saw its market capitalization peak at 700 billion yuan [3]. - Following a period of high valuation, Kweichow Moutai began to digest its valuation, leading to a decline in stock prices for other consumer "Moutai" companies, including Haitian Flavor Industry, which experienced a drop of over 70% from its historical high, resulting in a market cap loss exceeding 510 billion yuan [4]. Group 2: Recovery and Financial Performance - Despite facing challenges, including an additive controversy, Haitian Flavor Industry initiated a stock buyback in October 2023 to stabilize its stock price [5]. - The company's financial performance is showing signs of recovery, with 2024 revenue reported at 26.901 billion yuan, a year-on-year increase of 9.53%, and net profit at 6.344 billion yuan, up 12.75% [6]. - In the first quarter of 2025, Haitian Flavor Industry achieved revenue of 8.315 billion yuan, a growth of 8.08%, and net profit of 2.202 billion yuan, an increase of 14.77% [7]. Group 3: Leadership and Strategic Initiatives - After a decline in performance, Haitian Flavor Industry appointed Cheng Xue as the new CEO in September 2024, marking a significant leadership change aimed at revitalizing the company [12]. - Cheng Xue is pushing for international expansion, with plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance the company's global brand image and competitiveness [13][14]. - The company has a diverse product matrix and aims to become a respected international food group, with ongoing efforts to certify health-oriented products for international markets [14]. Group 4: Market Position and Future Outlook - The decision to list in Hong Kong is seen as a strategic move to improve valuation and increase international visibility, especially as leading companies are increasingly opting for dual listings [15][21]. - The competitive landscape in the domestic seasoning market is intensifying, making international markets a crucial growth area for Haitian Flavor Industry [18]. - The company has a strong cash position, with a cash balance of 9.104 billion yuan as of March 31, 2025, and plans for significant cash dividends, indicating robust financial health [20][19].

证 券 研 究 报 告 恒顺醋业（600305）2025 年一季报点评 推荐（维持） Q1 延续高增，仍待改革落地 目标价：8.8 元 事项： 公司发布 2025 年一季报，25Q1 公司实现营业总收入 6.26 亿元，同比+36.0%； 归母净利润 0.57 亿元，同比+2.4%。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,196 | 2,373 | 2,548 | 2,716 | | 同比增速(%) | 4.2% | 8.1% | 7.4% | 6.6% | | 归母净利润(百万) | 127 | 178 | 203 | 231 | | 同比增速(%) | 46.5% | 40.1% | 13.5% | 14.3% | | 每股盈利(元) | 0.11 | 0.16 | 0.18 | 0.21 | | 市盈率(倍) | 70 | 50 | 44 | 39 | | 市净率(倍) | 2.7 | 2.6 | 2.6 | ...