此外，公司在算力科技板块，也取得新的发展成效，已成为经营发展第二增长曲线。2023年莲花控股进 军智能算力业务以来，展现出了强大的执行力和高效的业务落地能力。以公司旗下莲花紫星为业务主 体，快速推进智算中心建设与算力资源部署。公司陆续推出莲花紫星云平台、莲花智能体、莲花智能体 DeepSeek一体机等产品，聚焦行业个性化需求提供综合解决方案，在智算中心建设、自主研发、业务 拓展等方面均取得关键成效。公司在持续做好算力服务基础上，还充分发挥莲花紫星在算力大模型等方 面的技术积累，推出莲小盒、莲小喵和莲小Ring三款端侧智能系列产品，标志着其在人工智能消费领域 迈出重要一步。 据莲花控股官网显示，2026年是公司全面推进"消费+科技"双轮驱动战略，在更高起点之上，推动高质 量发展的关键之年。未来，莲花控股将聚焦产品力、品牌力、渠道力、文化力、供应力、数字力、组织 力"七大能力"全面提升，将战略部署转化为实干行动，为2026年经营开局与"双轮驱动"战略深化推进注 入动力，奋力开创高质量发展新局面。 对于本期业绩预增的主要原因，业绩预告显示：2025年度公司经营发展和深化改革均取得新的显著成 效，消费+科技"双轮驱动 ...

Investment Rating - The investment rating for the company is "6.3" based on various criteria [6]. Core Insights - Haidilao is a leading player in the Chinese condiment market, holding the position of the largest condiment company in China and the fifth largest globally, with a diverse product range including soy sauce, oyster sauce, and other seasonings [1][2]. - The company has shown a revenue forecast of 245 billion RMB for 2023, 269 billion RMB for 2024, and 83 billion RMB for Q1 2025, with growth rates of -3.3%, 10.4%, and 9% respectively [1]. - The company has a strong market presence with a 4.8% market share in China's condiment market and a 13.2% share in the soy sauce market [2]. Company Overview - Haidilao has developed a comprehensive product matrix with over 1,450 SKUs and has cultivated seven product lines each generating over 1 billion RMB in revenue [1]. - The company has a robust distribution network with 6,707 distributors, covering nearly 100% of prefecture-level cities and about 90% of county-level cities in China [3]. - The company is focused on both domestic and international markets, with plans to expand globally [1]. Industry Status and Outlook - The Chinese condiment market is projected to grow from 408.1 billion RMB in 2019 to 498.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.1% [2]. - The global condiment market is valued at approximately 21,438 billion RMB, with a growth rate of about 3.2% [2]. - The competitive landscape in the condiment industry is fragmented, with Haidilao leading the market in China [2]. Advantages and Opportunities - The company benefits from strong brand recognition and a leading position in the industry, supported by a well-optimized supply chain that enhances production efficiency and reduces costs [3]. - The company's corporate culture emphasizes simplicity, practicality, and openness, which supports long-term sustainable development [3]. Investment Recommendations - The cornerstone investors for the IPO include prominent firms such as Hillhouse, GIC, and UBS Asset Management, accounting for approximately 48.8%-50.66% of the offering [5]. - The IPO price range is set between 35-36.3 HKD, with a post-IPO market capitalization estimated at 9.2-9.5 billion HKD [5]. - The expected net profit for 2025 is around 7 billion RMB, corresponding to a price-to-earnings (PE) ratio of 29-30x, indicating a reasonable valuation compared to the A-share market [5].

Group 1 - The core viewpoint of the article highlights the strong market position and growth potential of Haitian Flavor Industry Co., Ltd. as it prepares for its H-share IPO, emphasizing its dominance in the condiment market and strategic plans for expansion [1][2][3] Group 2 - Haitian holds a 13.2% share of the global soy sauce market, ranking first, and a 4.8% share in the overall Chinese condiment market, ranking fifth, showcasing its market leadership [2] - The company has an annual production capacity exceeding 5.1 million tons and nearly 20% market share in the Chinese soy sauce segment, supported by a diverse product matrix with seven core products generating over 1 billion yuan in sales [2] - The IPO plans to issue approximately 710 million H-shares, aiming to raise between 1 billion to 1.5 billion USD (approximately 7.8 billion to 11.7 billion HKD), with a pricing strategy that offers a 15%-20% discount compared to its A-share price [3] - The majority of the raised funds (about 55%) will be allocated to overseas capacity expansion, particularly for the second phase of the factory in Indonesia, while 30% will focus on R&D for healthier product lines [3]