Core Viewpoint - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, despite recent declines in revenue and net profit [1][4]. Group 1: Company Overview - Tianwei Food specializes in the research, production, and sales of compound condiments, offering over 100 varieties including hot pot seasonings and sauces under major brands like "Haorenjia" and "Dahongpao" [2]. - The company previously attempted to issue Global Depositary Receipts (GDR) for listing on the Swiss Stock Exchange, which was terminated in September 2023 due to changes in internal and external conditions [2][4]. Group 2: Financial Performance - In Q1 of the current year, Tianwei Food reported a revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit of 74.73 million yuan, down 57.53% year-on-year [4]. - The decline in net profit is attributed to decreased sales, influenced by intensified industry competition and the timing of the Spring Festival [4]. Group 3: Market Context - The current move to list in Hong Kong aligns with a trend of consumer companies going public, as seen with other beverage brands like Guming and Mixue Ice City [3]. - Tianwei Food aims to leverage the international advantages of the Hong Kong market to enhance its global strategy and expand overseas operations, with products already sold in over 50 countries [4]. Group 4: Industry Dynamics - The performance of peer companies, such as Haitian Flavoring and Food Co., which recently listed in Hong Kong, may impact the pricing of Tianwei Food's H-share issuance [5].

Core Viewpoint - The company is preparing for the issuance and listing of H-shares to enhance its international strategy and optimize its capital structure, aiming for long-term development and increased brand recognition in international markets [2]. Group 1: Company Overview - The company focuses on the research, production, and sales of compound seasonings, offering over 100 varieties including hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces under six major brands [2]. - The company leverages its R&D advantages to provide customized products for domestic chain restaurants, meeting their needs for standardization, food safety, and flavor stability [2]. Group 2: Financial Performance - In 2024, the company achieved a revenue of approximately 3.476 billion yuan, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of about 625 million yuan, with a year-on-year increase of 36.77% [3]. - In the first quarter of 2025, the company reported a revenue of approximately 642 million yuan, a year-on-year decline of 24.80%, and a net profit attributable to shareholders of about 74.73 million yuan, down 57.53% year-on-year [4]. Group 3: Business Strategy - The company maintains its focus on a big product strategy while enhancing its product matrix, aiming to develop healthier and more nutritious products [4]. - In a highly competitive hot pot market, the company will adhere to its big product and product refinement strategy, focusing on themes of freshness and richness, and will continue to penetrate high-quality consumer segments [4]. - The company plans to develop a core line of big products while also creating regionally flavored seasoning series to meet the evolving consumer demand for compound seasonings [4].

瑞财经 刘治颖 8月20日，天味食品(SH603317)公告，公司为进一步推进公司国际化战略与海外业务布局规划，提升品牌国际化认知与影响力，同时更好地利 用国际资本市场平台，优化资本结构，助力公司长远发展，正在筹划发行境外上市股份（H 股）并申请在香港联交所主板挂牌上市。 截至目前，公司正积极与相关中介机构就本次发行H 股并上市的相关工作进行筹备、商讨，关于本次发行 H 股并上市的细节尚未确定。本次发行H股并上市 能否通过审议、备案和审核程序并最终实施具有重大不确定性。 天味食品成立于2007年，专注于复合调味料的研发、生产和销售。公司产品包括火锅调料、中式菜品调料、香肠腊肉调料、香辣酱等100 多个品种（不含餐 饮定制产品），主要品牌包括"好人家""大红袍""天车""天味食品餐饮高端定制""拾翠坊""加点滋味"六大品牌，主要用于家庭、餐饮的烹调，满足消费者对 烹调风味多样性和便捷性的追求。 2022年至2024年，天味食品营业收入分别为26.91亿元、31.49亿元、34.76亿元，归母净利润分别为3.42亿元、4.57亿元、6.25亿元。 2025年一季度，天味食品营业收入6.42亿元，同比减少24.8% ...

Core Viewpoint - Tianwei Food is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure, although the details and feasibility of this plan remain uncertain [1][4]. Company Overview - Tianwei Food, founded by Deng Wen in Chengdu, Sichuan, is a well-known brand in the Sichuan seasoning industry, focusing on the research, production, and sales of compound seasonings [3]. - The company's product range includes hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces, with major brands such as "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tianwei Food Catering High-end Customization," "Shi Cui Fang," and "Jia Dian Zi Wei" [3]. Financial Performance - Tianwei Food's revenue grew from 1.727 billion yuan in 2019 to 3.149 billion yuan in 2023, marking an increase of 82.33% over four years [4]. - In 2024, the company achieved revenue of 3.476 billion yuan, with a growth rate of approximately 10.40%, a significant decline compared to previous years [6]. - The revenue growth rates for the core business segments, hot pot seasonings and Chinese dish seasonings, have also slowed down, with 2024 growth rates of 3.53% and 16.56%, respectively [6]. Market Competition - The seasoning industry is facing intensified competition, particularly in the compound seasoning segment, which has seen rapid growth due to changing consumer preferences [8][9]. - Major competitors like Haitian Flavoring and Zhongju Gaoxin have launched similar products, impacting Tianwei Food's market share [9]. Strategic Adjustments - To address the competitive landscape, Tianwei Food is adjusting its channel strategy and considering mergers and acquisitions [10]. - The company has implemented a "choose one" policy among distributors to limit competition with brands like Qianhe Flavoring and Jixiangju [11]. - Additionally, Tianwei Food has invested in acquiring stakes in leading brands in the B-end restaurant compound seasoning market, such as acquiring 55% of the parent company of "Shi Cui Fang" for 362 million yuan and 63.84% of the parent company of "Jia Dian Zi Wei" for 154 million yuan [12].

天味食品，这家以火锅底料闻名的企业，近日宣布了其进军香港资本市场的雄心壮志，意在冲刺A+H股上市。 8月20日晚间，天味食品（股票代码：603317.SH）发布公告，披露了公司计划发行H股并在香港联合交易所主板挂牌上市的 重大决策。此举旨在推动公司的国际化战略，进一步拓展海外业务版图。 据公告透露，天味食品目前正与相关中介机构紧密合作，就H股发行上市的具体事宜进行筹备和协商。然而，关于此次上市 的诸多细节尚未最终确定，且整个发行上市过程能否顺利通过各项审议、备案和审核程序，尚存在较大不确定性。 据了解，为了进一步拓展海外市场，天味食品积极参与国际展会，提升品牌知名度。今年6月，公司先后在泰国和美国的重要 食品展会上亮相，展示了其丰富的产品线和卓越的品质。 截至8月21日午间收盘，天味食品股价报收于12.17元/股，总市值达到129.61亿元。在资本市场的助力下，天味食品的国际化 征程或将更加顺畅。 天味食品，这家坐落于四川成都的复合调味品行业"老字号"，自2007年成立以来，便专注于复合调味料的研发、生产和销 售。其产品涵盖火锅调料、中式菜品调料、香辣酱等多个品类，旗下拥有"好人家"、"大红袍"等多个知名品牌 ...