Core Viewpoint - Haitan Weiye reported a revenue of 20.399 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 9.38%, and a net profit of 4.815 billion yuan, up 11.23% year-on-year [1] Financial Performance - In Q3 2024, the company achieved a revenue of 6.243 billion yuan, reflecting a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, which is a 10.50% increase year-on-year [1] - The net profit growth has been in double digits this year, contrasting with the previous three years where the growth rates were 4.18%, -7.09%, and -9.21% respectively [1] - The company's market capitalization has decreased from nearly 700 billion yuan at its peak in 2021 to approximately 250 billion yuan currently [1] Management Changes - On September 19, 2023, Haitan Weiye announced a management change, electing Cheng Xue as the new chairman, while founder and former chairman Pang Kang exited the board [2] - Cheng Xue has been with the company since 1992 and has held various positions, including vice chairman and executive vice president [2] - Cheng Xue is the fourth largest shareholder, holding approximately 3.17% of the company’s shares, and through the controlling shareholder, she indirectly holds about 10% [2] Strategic Direction - The new management team includes three vice presidents, indicating a trend towards a younger leadership [3] - The company is actively pursuing diversification, entering markets such as hot pot base sauces, edible oils, and prepared dishes, with other businesses contributing 14.25% to revenue in 2023 [3] - Dongwu Securities commented that the leadership transition is expected to be smooth, with a clear medium to long-term plan aimed at maintaining double-digit growth and increasing market share [3]

Financial Performance - The company's revenue for Q3 2024 reached ¥6,243,397,818.04, representing a year-on-year increase of 9.83%[2] - Net profit attributable to shareholders for the same period was ¥1,361,854,306.73, reflecting a growth of 10.50% compared to the previous year[2] - The basic earnings per share (EPS) for Q3 2024 was ¥0.25, an increase of 13.64% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 20.40 billion, an increase of 9.87% compared to CNY 18.65 billion in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was CNY 5.67 billion, up from CNY 5.19 billion in 2023, reflecting a growth of 9.27%[17] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 4.81 billion, compared to CNY 4.33 billion in 2023, representing an increase of 10.88%[19] - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY 0.87, compared to CNY 0.78 in the same period of 2023, indicating a growth of 11.56%[19] - Total comprehensive income attributable to shareholders of the parent company was CNY 4.82 billion in 2024, up from CNY 4.33 billion in 2023, reflecting an increase of 11.36%[19] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was ¥2,752,550,316.51, showing a decline of 20.36% compared to the same period last year[2] - The net cash flow from operating activities for Q3 2024 was CNY 2,752,550,316.51, a decrease of 20.3% compared to CNY 3,456,158,468.39 in Q3 2023[21] - The net cash flow from investing activities was -CNY 4,770,467,086.05, significantly worse than -CNY 612,756,979.55 in the same period last year[21] - Cash flow from financing activities showed a net outflow of -CNY 3,968,948,183.29, compared to -CNY 2,010,667,788.26 in Q3 2023, indicating increased financial strain[21] - The company reported a total cash outflow from operating activities of CNY 16,995,199,694.05, slightly up from CNY 16,714,534,361.30 in the previous year[21] - Investment cash inflows totaled CNY 11,178,495,167.68, marginally lower than CNY 11,197,971,605.10 in Q3 2023[21] - The company paid CNY 3,687,266,076.92 in dividends and interest, an increase from CNY 3,251,964,974.88 in the same quarter last year[21] - The cash outflow for purchasing fixed assets and other long-term assets was CNY 1,195,066,803.95, down from CNY 1,432,211,355.65 in Q3 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥36,008,139,175.07, a decrease of 6.29% from the end of the previous year[3] - The company's current assets totaled ¥28,153,490,980.70, down from ¥30,774,419,278.23, indicating a decrease of about 8.5%[12] - Cash and cash equivalents decreased to ¥18,538,771,796.33 from ¥21,689,385,461.71, representing a decline of approximately 14.9%[12] - Inventory levels decreased to ¥1,911,798,651.92 from ¥2,618,773,147.00, a reduction of about 27%[12] - The company's total liabilities decreased to ¥6,127,219,460.93 from ¥9,390,542,813.50, a significant reduction of approximately 34.3%[14] - The company's equity attributable to shareholders increased to ¥29,372,148,672.60 from ¥28,530,612,036.85, reflecting an increase of about 3%[14] - The company reported a decrease in short-term borrowings to ¥293,215,461.91 from ¥362,645,734.42, a decline of approximately 19.2%[13] - The company's accounts payable decreased to ¥1,190,373,374.24 from ¥1,403,494,596.12, indicating a reduction of about 15.2%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 203,445[5] - Guangdong Haid Group Co., Ltd. held 58.26% of the shares, making it the largest shareholder[6] - There are no significant changes in the major shareholders or their holdings during the reporting period[10] Research and Development - Research and development expenses increased to CNY 602.74 million in 2024 from CNY 501.71 million in 2023, marking a rise of 19.99%[15] Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in this report[8] - The company has not reported any new products or technologies in the current quarter[11] - The company did not report any new product launches or significant market expansions during this quarter[22] - The company has not adopted new accounting standards for the current fiscal year, maintaining consistency in financial reporting[22]

佛山市海天调味食品股份有限公司 对外捐赠管理制度 （2024 年 10 月修订） 第一章 总则 第一条 为了进一步规范佛山市海天调味食品股份有限公司（下称"公司"） 的对外捐赠行为，加强公司对捐赠事务的管理，在充分维护股东权益的基础上更 好地参与社会公益和慈善事业，积极履行社会责任，提升公司品牌形象，根据《中 华人民共和国公益事业捐赠法》、《中华人民共和国慈善法》、《中华人民共和国公 司法》、《上海证券交易所股票上市规则》等法律法规、规范性文件，以及《佛山 市海天调味食品股份有限公司章程》（下称"公司章程"）的相关规定，特制定本 制度。 第二条 本制度所称"对外捐赠"，是指公司及下属全资、控股子公司（以 下合称"子公司"）以公司或子公司名义，基于慈善目的，自愿无偿将其有权处 理的合法财产赠与合法的受赠人，用于与生产经营活动没有直接关系的公益事业 的行为。 第二章 对外捐赠的原则 第三条 自愿无偿原则。公司对外捐赠后，不得要求受赠方在融资、市场准 入、行政许可、占有其他资源等方面创造便利条件。公司董事、监事、高级管理 人员及其他员工不得以捐赠作为条件要求受赠方购买、销售或推荐公司产品或服 务。 第四条 权责清晰 ...

证券代码：603288 证券简称：海天味业 公告编号：2024-047 佛山市海天调味食品股份有限公司 2024 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造(2022 年修 订)》第十四条的相关规定，现将佛山市海天调味食品股份有限公司 2024 年前三季度主要经 营数据（未经审计）公告如下： 一、2024 年前三季度主要经营数据 1、按照产品类别分类情况 | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | 产品分项 | 2024 年前三季度 | 2023 年前三季度 | 同比变动 | | 酱油 | 10,338,455,286.23 | 9,626,407,483.43 | 7.40% | | 调味酱 | 2,034,488,748.35 | 1,866,379,897.55 | 9.01% | | 蚝油 | 3,427,139,880.21 | 3,221,510,292.7 ...

证券代码：603288 证券简称：海天味业 公告编号：2024-046 佛山市海天调味食品股份有限公司 第六届董事会第二次会议决议公告 《佛山市海天调味食品股份有限公司对外捐赠管理制度》详见公司于上海证 券交易所网站(www.sse.com.cn)披露的《海天味业对外捐赠管理制度（2024 年 10 月修订）》。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 二、董事会会议审议情况 (一) 《公司 2024 年第三季度报告》 表决结果：9 票同意；0 票反对；0 票弃权。议案获通过。 本议案提交董事会审议前已经公司第六届董事会审计委员会第二次会议审 议通过。 (二) 关于修订《佛山市海天调味食品股份有限公司对外捐赠管理制度》 的议案 表决结果：9 票同意；0 票反对；0 票弃权。议案获通过。 佛山市海天调味食品股份有限公司（以下称"公司"）第六届董事会第二次 会议通知于 2024 年 10 月 18 日以专人送达或电子邮件方式发出，会议于 2024 年 10 月 28 日在佛山市禅城区文沙 ...

证券代码：603288 证券简称：海天味业 公告编号： 2024-045 佛山市海天调味食品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 25 日(星期五) 至 10 月 31 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 OBD@haday.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 佛山市海天调味食品股份有限公司（以下简称"公司"）将于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 01 日 下午 14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进 行交流。 一、 说明会类型 财务负责人：李军先生 独立董事：屈文洲先生 (如会议当天有特殊情况，公司参会人员可能进行调整) 本次 ...

证券代码：603288 证券简称：海天味业 公告编号：2024-044 类型：其他股份有限公司（上市） 成立日期：2000 年 04 月 08 日 法定代表人：程雪 住所：佛山市文沙路 16 号 佛山市海天调味食品股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 佛山市海天调味食品股份有限公司（以下称"公司"）2024 年第一次临时股 东大会、第六届董事会第一次会议以及第六届监事会第一次会议，分别选举产生 了第六届董事会成员、第六届监事会成员、第六届董事会董事长和第六届监事会 主席，聘任了新一届高级管理人员。具体内容详见公司 2024 年 9 月 20 日于上海 证券交易所网站(www.sse.com.cn)披露的临时公告。 近日，公司完成了上述事项的工商变更登记备案手续，并取得佛山市市场监 督管理局换发的《营业执照》，变更后的《营业执照》登记的相关信息如下： 名称：佛山市海天调味食品股份有限公司 统一社会信用代码：91440600722448755D 注册资本：伍拾伍亿陆 ...

佛山市海天调味食品股份有限公司 关于 2024 年员工持股计划非交易过户完成的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603288 证券简称：海天味业 公告编号：2024-043 佛山市海天调味食品股份有限公司（以下简称"公司"或"海天味业"）分 别于 2024 年 8 月 29 日召开的第五届董事会第九次会议、2024 年 9 月 19 日召开 的 2024 年第一次临时股东大会，审议通过了《关于＜公司 2024 年-2028 年员工 持股计划（草案）＞及其摘要的议案》等相关议案，同意公司实施 2024 年员工 持股计划。具体内容见公司于 2024 年 8 月 30 日、2024 年 9 月 20 日在上海证券 交易所网站(www.sse.com.cn)披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易 所上市公司自律监管指引第 1 号—规范运作》等相关规定，现将 2024 年员工持 股计划实施的相关情况公告如下： 2024 年员工持股计划的股份来源为受让海天味业回购专用 ...

| 回购方案首次披露日 | 2023 年 31 日 | 10 | 月 | | --- | --- | --- | --- | | 回购方案实施期限 | 自公司董事会审议通过本次回购方案之日起 12 个月内 | | | | 预计回购金额 | 50,000 万元~80,000 万元 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 15,289,491 股 | | | | 累计已回购股数占总股本比 | 0.2750% | | | | 例 | | | | | 累计已回购金额 | 56,364.933741 万元 | | | | 实际回购价格区间 | 33.05 元/股~41.81 元/股 | | | 一、 回购股份的基本情况 证券代码：603288 证券简称：海天味业 公告编号：2024-042 佛山市海天调味食品股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承 ...

Investment Rating - Maintain "Overweight" rating with a target price of CNY 49.08 [3] - The current price is CNY 38.32, indicating potential upside [3] Core Views - The condiment industry shows resilience with a 3% YoY growth in 2023, driven by health-focused products and compound condiments [3] - The industry is experiencing accelerated concentration, with leading brands gaining market share [3] - The company is undergoing supply chain reforms to achieve double-digit growth in revenue and profit during its "Five-Year Plan" [3] - The company has launched an employee stock ownership plan (2024-2028) to incentivize core employees, which is expected to drive long-term growth [3] Financial Performance - Revenue is expected to grow from CNY 24.56 billion in 2023 to CNY 35.60 billion in 2026, with a CAGR of 12.0% to 15.5% [8] - Net profit is projected to increase from CNY 5.63 billion in 2023 to CNY 8.40 billion in 2026, with a CAGR of 10.8% to 17.3% [8] - EPS is forecasted to rise from CNY 1.01 in 2023 to CNY 1.51 in 2026 [8] - ROE is expected to remain stable, ranging from 19.5% to 20.6% from 2024 to 2026 [8] Market Data - The company's market capitalization is CNY 201.74 billion [4] - The 52-week price range is CNY 33.34 to CNY 42.17 [4] - The P/E ratio is 37.87x based on the current price and latest diluted shares [8] Industry Trends - The condiment industry is benefiting from structural changes, with health-focused products and compound condiments gaining traction [3] - Leading brands are leveraging their nationwide distribution networks and brand advantages to consolidate market share [3] Strategic Initiatives - The company is focusing on supply chain reforms, including cost reduction, product innovation, and channel optimization [3] - The employee stock ownership plan aims to align the interests of core employees with the company's long-term growth objectives [3]