“酱油茅”海天味业拟赴港上市，意在推进全球化战略

Company Overview - Haitian Flavoring & Food Co Ltd (Haitian) plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its globalization strategy and enhance its international brand image [1] - The company is known as the "soy sauce giant" in the A-share market [1] - Haitian's H-share listing has been rumored since October, with potential fundraising of at least $1.5 billion [1] Financial Performance - In H1 2024, Haitian achieved revenue of RMB 14.156 billion, a YoY increase of 9.18%, and net profit of RMB 3.453 billion, a YoY increase of 11.52% [1] - Operating cash flow reached RMB 1.127 billion in H1 2024 [1] - As of H1 2024, the company's liquid assets, including cash, totaled RMB 27.342 billion, while short-term liabilities were RMB 6.222 billion [1] - In 2022, Haitian faced a public relations crisis, resulting in revenue growth slowing to 2.42% YoY (RMB 25.61 billion) and net profit decreasing by 7.09% YoY to RMB 6.198 billion [2] - In 2023, revenue declined by 4.10% YoY to RMB 24.56 billion, and net profit decreased by 9.21% YoY to RMB 5.626 billion [2] Recovery and Growth Strategies - Haitian's H1 2024 performance recovery was attributed to product quality improvement, product specification enrichment, new product development, channel construction and innovation, raw material price adjustments, and efficiency enhancement measures [3] Industry Trends - Several major companies have completed or planned Hong Kong listings in 2024, including Midea Group, SF Holding, and Hengrui Pharmaceuticals [4] - Midea Group raised over HKD 30 billion in its Hong Kong listing, potentially the largest fundraising in Hong Kong's capital market in nearly three years [4] - SF Holding raised HKD 5.66 billion (approximately RMB 5.28 billion) in its Hong Kong listing, becoming the first A+H listed company in the express logistics industry [4] - Hengrui Pharmaceuticals announced plans to issue H-shares and list on the Hong Kong Stock Exchange to drive technological innovation and internationalization [4]