Core Viewpoint - The company Tianwei Food is planning to list on the Hong Kong Stock Exchange, aiming to become the second A+H listed company in the seasoning industry, following Haitian Flavoring and Food Co., Ltd. [1][14] Group 1: Company Overview - Tianwei Food, established in March 2007, specializes in the research, production, and sales of compound seasonings, including hot pot base and Sichuan cuisine seasonings [3][5]. - The company has a diverse brand portfolio, including "Hao Ren Jia," "Da Hong Pao," and "Tian Che," and has penetrated both restaurant and home cooking markets [3][5]. Group 2: Financial Performance - From 2019 to 2021, Tianwei Food reported revenues of 1.727 billion, 2.365 billion, and 2.026 billion RMB, with net profits of 297 million, 364 million, and 185 million RMB respectively [5]. - Revenue growth has slowed, with projected revenues of 2.691 billion, 3.149 billion, and 3.476 billion RMB for 2022 to 2024, reflecting year-on-year growth rates of 32.84%, 17.02%, and 10.41% [5][6]. - In the first three quarters of 2025, the company achieved revenues of 2.411 billion RMB, a year-on-year increase of 1.98%, but net profit decreased by 9.3% [5][6]. Group 3: Product Segmentation - The main revenue sources for Tianwei Food include hot pot seasonings, recipe seasonings, sausage and cured meat seasonings, and others [6][7]. - Recipe seasonings are the largest revenue contributor, generating 1.339 billion RMB in the first three quarters of 2025, accounting for 55.53% of total revenue [7][8]. Group 4: Market Position and Strategy - Tianwei Food is the leading company in recipe seasonings and the second-largest in hot pot seasonings in China, holding market shares of 9.7% and 4.8% respectively [8][9]. - The company has established a comprehensive marketing network with over 3,251 distributors across 31 provincial regions, covering nearly 700,000 retail outlets [9][10]. Group 5: Online and Offline Sales Channels - Offline sales remain the primary revenue source, contributing 73.15% of total revenue in the first three quarters of 2025, although this segment saw a decline of 10.35% [9][10]. - Online sales, while only accounting for 26.16% of total revenue, grew by 60.27% in the same period, indicating a shift towards digital marketing strategies [9][10]. Group 6: International Expansion and Future Plans - Tianwei Food has previously attempted international financing, including a failed GDR issuance in Switzerland, and is now focusing on its Hong Kong IPO to enhance its international brand presence [13][14]. - The funds raised from the IPO are intended for marketing, expanding sales networks, and enhancing supply chain capabilities [14][15]. Group 7: Leadership and Ownership - The founders, Deng Wen and Tang Lu, maintain significant control over the company, holding a combined 65.32% of shares [17][18]. - Since its listing, Tianwei Food has consistently paid dividends, totaling 1.561 billion RMB since 2019, with the founders receiving approximately 1.02 billion RMB in dividends [18][19].

Core Insights - The seasoning and fermentation products sector saw a slight increase of 0.22% on November 28, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Anji Food (603696) closed at 12.96, with a rise of 5.02% and a trading volume of 260,300 shares, amounting to a transaction value of 331 million yuan [1] - Other notable stocks include: - Baoli Food (603170) at 15.01, up 2.04% [1] - Zhu Laoliu (920726) at 21.01, up 1.30% [1] - Hengshun Vinegar (600305) at 7.93, up 1.15% [1] - Anding Yeast (600298) at 41.00, up 0.96% [1] Capital Flow - The seasoning and fermentation products sector experienced a net outflow of 80.487 million yuan from institutional investors, while retail investors saw a net inflow of 42.9313 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Anji Food had a net inflow of 9.449 million yuan from institutional investors, but a net outflow of 10.4815 million yuan from retail investors [3] - Tianwei Food (603317) saw a net inflow of 3.9827 million yuan from institutional investors, but also a net outflow from retail investors [3] - Fuling Pickles (002507) had a net inflow of 3.5402 million yuan from institutional investors, with significant retail outflows [3]

Core Viewpoint - Sichuan Tianwei Food Group Co., Ltd. is progressing with its plan to list in Hong Kong, having submitted its application materials to the China Securities Regulatory Commission, but the approval process remains uncertain [2] Financial Performance - In the first half of 2025, Tianwei Food reported revenue of 1.373 billion yuan, a decrease of 5.7% year-on-year, and a profit of 202 million yuan, down 20.59% year-on-year [4] - For the first three quarters of 2025, the company achieved revenue of 2.411 billion yuan, a year-on-year increase of 1.98%, while net profit attributable to shareholders was 392 million yuan, a decline of 9.30% [4][6] - The company's gross profit margin for the first three quarters of 2025 was 39.44%, showing a slight increase, while the net profit margin was 17.15%, down 1.65% year-on-year [10] Shareholder Actions - Since 2022, Tianwei Food has adopted a high dividend policy, with total dividends exceeding 1 billion yuan over four years, raising concerns given the declining profits [6][7] - The actual controller of the company, Deng Wen, has engaged in multiple share transfers to private equity funds, raising approximately 220 million yuan, citing personal asset planning needs [7] Market Position and Strategy - Despite recent performance challenges, Tianwei Food's debt ratio is relatively low at 19.83%, below the industry average of 20.91% [10] - The company aims to enhance its international presence and brand recognition through its planned Hong Kong listing, which is seen as a strategic move to access international capital markets [12] - The majority of Tianwei Food's revenue still comes from the domestic market, indicating that its international expansion is in the early stages [12]

Core Insights - The seasoning and fermentation products sector experienced a decline of 0.4% on November 26, with Baoli Food leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Stock Performance - Zhu Laoliu saw a significant increase of 13.18%, closing at 22.41, with a trading volume of 121,000 shares and a turnover of 258 million [1] - Anji Food and Lianhua Holdings also reported gains of 2.85% and 1.83%, respectively [1] - Baoli Food, on the other hand, declined by 0.87%, closing at 14.80, with a trading volume of 22,700 shares and a turnover of approximately 33.8 million [2] Capital Flow - The seasoning and fermentation products sector had a net inflow of 8.96 million from institutional investors, while retail investors saw a net outflow of 37.35 million [2][3] - Qianhe Flavor Industry had a net inflow of 28.12 million from institutional investors, but a significant outflow of 25.31 million from retail investors [3] - Zhu Laoliu attracted a net inflow of 20.73 million from institutional investors, indicating strong interest despite the overall sector decline [3]

运营商财经网 周颖/文 近日，天味食品发布2025年三季度财报，报告显示，公司第三季度营利双增，表现亮眼，运营商财经网由此注意到了公司副总经理吴学军。 招股书显示，吴学军1978年出生，于2022年12月，也就是他44岁的时候，通过远程教育获得中国人民大学工商管理文凭。1999年至2003年历任成都旺旺食品有限公司重庆分公司区域主管、产 2007年加入天味食品，历任大区销售经理、营销中心总经理助理，公司销售总监、营销中心总经理等职位，2017年至今担任公司副总裁，主要负责监督公司市场营销部门、关键业务及运营事项 可以看出吴学军在天味食品工作了近二十年，积累了丰富的销售与营销经验。吴学军2024年薪酬为137.8万元，相较于2023年的137.2万元，仅微增了0.6万元，是公司高管中涨薪幅度最小的 财报数据显示，天味食品2025年前三季度实现营业收入24.11亿元，同比增长1.98%，归母净利润为3.92亿元，同比下降9.3%，呈现增收不增利的情形。其中菜谱式调料前三季度收入同比增长 而第三季度单季度，天味食品营业收入为10.20亿元，同比增长13.79%，归母净利润2.02亿元，同比增长8.93%，营收和利润 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [4] Core Insights - The food and beverage sector in A-shares has shown a 1.34% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index by 5.41 percentage points [12] - The Consumer Price Index (CPI) turned positive in October, with a year-on-year increase of 0.2%, indicating a potential recovery in consumer sentiment [3][62] - The report highlights a structural shift in dairy imports towards high-value products, driven by changing consumer preferences for low-fat, high-protein, and organic options [7][62] Summary by Sections 1. Market Review - A-shares in the food and beverage industry rose by 1.34% from November 10 to November 21, outperforming the Shanghai Composite Index by 5.41 percentage points [12] - Within the sector, dairy (+6.67%), processed foods (+2.60%), and liquor (+2.52%) saw the highest gains, while soft drinks (-4.27%), health products (-2.25%), and snacks (-1.02%) experienced declines [12] 2. Key Data Tracking - The average price of fresh milk in major production areas is 3.03 yuan/kg, down 2.9% year-on-year [39] - The national market price for pork is 23.13 yuan/kg, reflecting a year-on-year decrease of 19.7% [44] - The price of PET (water bottle grade) is 6,100 yuan/ton, down 3.9% year-on-year [44] 3. Key Events Tracking - The October CPI data showed a year-on-year increase of 0.2%, with food prices decreasing by 2.9% [3][62] - Retail sales in October grew by 2.9% year-on-year, with significant increases in the sales of grain, oil, and beverages [3][62] - Dairy imports have returned to positive growth, driven by strong demand for high-end products [7][62] 4. Important Company Announcements - Yili Group plans to maintain a cash dividend payout ratio of no less than 75% over the next three years [63] - Huangtai Liquor's major shareholder intends to increase their stake in the company through market purchases [63] 5. Investment Recommendations - For liquor, focus on high-end brands with strong market positions such as Kweichow Moutai and Wuliangye [8][65] - In the consumer goods sector, consider companies in the snack and energy drink markets, as well as those benefiting from the recovery of the dairy and restaurant supply chains [8][65]

Core Viewpoint - The Chinese compound seasoning industry, particularly represented by hot pot base ingredients, is experiencing rapid growth, attracting significant attention from the capital market as consumer demand for convenient cooking and diverse flavors continues to rise [1][8]. Company Overview - Tianwei Food, known as the "first stock of hot pot base ingredients" in A-shares, has submitted an application for H-share listing on the Hong Kong Stock Exchange, with CICC serving as the sole sponsor [1][9]. - The company is recognized as a leading and rapidly growing compound seasoning company in China, ranking fourth in revenue among Chinese compound seasoning companies by 2024, and is the fastest-growing among the top five from 2022 to 2024 [2][4]. Financial Performance - Tianwei Food's revenue for 2022, 2023, and 2024 is projected to be 2.676 billion, 3.126 billion, and 3.447 billion RMB, respectively, with a compound annual growth rate (CAGR) of 13.5% [4][5]. - Net profit for the same period is expected to be 341 million, 466 million, and 645 million RMB, with a CAGR of 37.5%, indicating strong cost control and operational efficiency [4][5]. Product Segmentation - The company has developed a diverse brand matrix, including "Haorenjia," "Dahongpao," and others, targeting various consumer segments and avoiding internal competition [2][4]. - Recipe-based seasonings have become the primary revenue source, with revenue growing from 1.375 billion RMB in 2022 to 2.086 billion RMB in 2024, representing a CAGR of 18.2% and increasing its share of total revenue from 51.4% to 60.5% [5][6]. Market Position and Strategy - The hot pot seasoning segment has shown slower growth, with revenue increasing from 1.192 billion RMB in 2022 to 1.256 billion RMB in 2024, reflecting a CAGR of only 2.9% [6]. - The company has established a comprehensive sales network across China, with over 3,251 distributors and more than 1 million terminal points, leading in terminal coverage among listed companies focused on compound seasonings [6][7]. International Expansion - Tianwei Food has begun international expansion, exporting products to over 50 countries and regions, enhancing global brand recognition through various marketing strategies [7][9]. - The upcoming Hong Kong listing is seen as a strategic move to attract international investors and support the company's global branding efforts [9][10]. Industry Outlook - The Chinese seasoning market is projected to grow to 498.1 billion RMB by 2024, with compound seasonings expected to grow at a CAGR of 6.4% [8]. - Recipe-based seasonings are anticipated to be the fastest-growing segment, with a market size of 21.6 billion RMB by 2024, driven by consumer demand for convenient cooking solutions [8].

Core Viewpoint - The Chinese compound seasoning industry, particularly represented by hot pot culture, is experiencing rapid growth, attracting significant attention from the capital market. The demand for convenient cooking, standardized flavors, and diverse tastes is driving the growth of compound seasonings, especially hot pot bases and recipe-style seasonings, making them one of the fastest-growing segments in the seasoning industry [1][8]. Company Overview - Sichuan Tianwei Food Group Co., Ltd. (Tianwei Food) is a leading and rapidly growing compound seasoning company in China, having listed on the Shanghai Stock Exchange in 2019. According to Frost & Sullivan, by 2024, the company is projected to be the fourth largest compound seasoning company in China and the fastest-growing among the top five in terms of revenue growth from 2022 to 2024 [1][8]. Financial Performance - Tianwei Food's revenue for 2022, 2023, and 2024 is projected to be 2.676 billion RMB, 3.126 billion RMB, and 3.447 billion RMB, respectively, with a compound annual growth rate (CAGR) of 13.5%. Net profit for the same years is expected to be 341 million RMB, 466 million RMB, and 645 million RMB, reflecting a CAGR of 37.5%, significantly outpacing revenue growth [4][5]. Product Segmentation - The company has a diverse product matrix, including recipe-style seasonings, hot pot seasonings, sauces, and other compound seasonings. Recipe-style seasonings have become the most important revenue source, with revenue growing from 1.375 billion RMB in 2022 to 2.086 billion RMB in 2024, achieving a CAGR of 18.2% and accounting for 60.5% of total revenue by 2024 [5][6]. Market Position - In the recipe-style seasoning segment, Tianwei Food holds a market share of 9.7%, significantly higher than the second-place competitor's 2.6%. The company is also the second-largest in the hot pot seasoning market with a 4.8% market share [8][9]. Sales Network - Tianwei Food has established a comprehensive sales network across China, with 3,251 distributors and over 1 million retail points. The company leads in terminal coverage among listed companies focused on compound seasonings [6][8]. International Expansion - The company has begun internationalizing its brand, exporting products to over 50 countries and regions. The upcoming listing in Hong Kong is seen as a strategic move to enhance global brand recognition and access international investors [7][9]. Industry Outlook - The Chinese seasoning market is projected to reach 498.1 billion RMB by 2024, with compound seasonings growing at a CAGR of 6.4%. Recipe-style seasonings are expected to grow even faster, with a projected market size of 21.6 billion RMB by 2024 [8][9].

Core Viewpoint - The Chinese seasoning market is experiencing significant growth, with the market size expected to reach 498.1 billion RMB in 2024, driven by increasing disposable income, urbanization, and diverse product offerings [1][9]. Company Overview - Tianwei Foods, a leading player in the compound seasoning sector, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence [1][17]. - The company was established in 2007 and has a market capitalization of approximately 13.7 billion RMB as of November 20 [1][17]. Product Segmentation - Tianwei Foods focuses on compound seasonings, which account for over 50% of its revenue, with hot pot seasonings contributing more than 30% [6][10]. - The company offers various popular products, including "Good People" brand pickled fish seasoning and handmade beef hot pot base [4][6]. Financial Performance - The company's revenue has shown a growth trend, with figures of approximately 2.68 billion RMB in 2022, 3.13 billion RMB in 2023, and projected 3.45 billion RMB in 2024 [10][11]. - The gross profit margin has improved from 33.9% in 2022 to 39.4% in 2024 [10][13]. Market Position - Tianwei Foods ranks as the fourth largest compound seasoning company in China, holding a market share of 2.7% [14][15]. - The overall compound seasoning market in China is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029 [9][14]. Competitive Landscape - The Chinese seasoning market is highly competitive, with over a thousand participants, including major brands like Haitian Flavoring and Zhongju High-tech [14][15]. - The market is characterized by low concentration, with the top five companies holding only 15.9% of the market share [14][15]. Supply Chain and Production - Tianwei Foods sources raw materials from multiple suppliers, with the top five suppliers accounting for 44.2% of total procurement in recent years [8]. - The company operates four production bases in Sichuan and utilizes third-party manufacturers for certain products [8][10]. Marketing and Sales Strategy - The company has increased its online sales efforts, with direct sales revenue rising from 15% to 32.4% during the reporting period [8]. - Marketing expenses significantly exceed research and development costs, indicating a strong focus on brand promotion [11][17]. Future Outlook - The company plans to use funds from its IPO for brand building, expanding sales networks, and enhancing supply chain capabilities [17]. - Despite growth opportunities, Tianwei Foods faces challenges such as raw material price fluctuations and intense competition in the seasoning market [17].

Core Viewpoint - Tianwei Food is pursuing a dual listing in A+H shares to enhance its international strategy and brand recognition, despite facing challenges in a competitive domestic seasoning market [3][7]. Company Overview - Tianwei Food has submitted its application for H-share listing to the China Securities Regulatory Commission and has received acceptance [3]. - The company aims to leverage international capital markets to optimize its capital structure and support long-term development [3][8]. Financial Performance - Tianwei Food's financial performance has been volatile, with a revenue of 1.39 billion yuan in the first half of 2025, a decrease of 5.24% year-on-year, and a net profit of 190 million yuan, down 23.01% [4]. - In the third quarter, revenue showed signs of recovery, increasing by 13.79% to 1.02 billion yuan, but the overall performance for the first three quarters still reflected a decline in net profit by 9.3% [4]. - The company reported a compound annual growth rate of 13.5% in revenue from 2022 to 2024, but recent growth rates indicate a downward trend [4]. Market Challenges - The domestic seasoning market has shifted from a blue ocean to a red ocean, with over 1,000 participants in the compound seasoning industry [7]. - Tianwei Food's main product line, hot pot seasoning, has seen a revenue decline of 12.85% in the first half of 2025 [4]. - The company faces competition not only from traditional seasoning companies but also from cross-industry players like grain and oil companies entering the seasoning market [9]. Strategic Moves - Online sales channels have become a bright spot for Tianwei Food, with a 60.27% increase in online revenue to 631 million yuan, contrasting with a 10.35% decline in offline sales [5]. - The company has made significant acquisitions, including a 55% stake in Shicui Food for 362 million yuan, which contributed to its revenue growth [5]. - Tianwei Food plans to use funds raised from the H-share listing for global sales network development and supply chain construction [8]. International Expansion - The company has begun international food safety standard certifications and has products sold in over 50 countries [8]. - The global seasoning market is projected to grow, with the industry size increasing from 857 billion yuan in 2019 to 1,265 billion yuan in 2024, indicating potential for international expansion [7][8]. - However, challenges remain in breaking into mainstream markets outside the Chinese consumer base [8].