HAI TIAN(SH:603288)2024-09-02 10:31Group 1: Market Competition and Consumer Demand - The condiment industry is highly competitive, with increasing competition in recent years due to rising living standards and diverse consumer demands [2][3] - The company is continuously innovating its technology and products to meet the diverse needs of consumers [3] Group 2: Sales and Financial Performance - The company reported a significant increase in sales expenses in the first half of the year, primarily due to higher labor, advertising, and promotional costs [4] - The sales revenue from zero-additive soy sauce is currently stable, reflecting the company's commitment to health and diversity in its product matrix [4][5] - Both the catering and consumer segments have shown steady growth, contributing to overall revenue increases [5] Group 3: Inventory and Distribution - Market inventory levels are maintained at a relatively reasonable level, with the company focusing on market dynamics and inventory management [4][6] - The company has not set specific targets for the number of distributors, as reforms continue to progress [4] Group 4: Future Outlook and Capital Expenditure - The company plans to gradually release production capacity in line with market development and category growth, maintaining stable capital expenditure compared to previous years [5][6] - Raw material costs are expected to remain relatively stable, positively impacting gross margins [6]