海天味业：2025年中期报告

CONTENTS目錄 2Corporate Information6Management Discussion and Analysis35Corporate Governance and Other Information52Consolidated Statement of Profit or Loss53Consolidated Statement of Profit or Loss andOther Comprehensive Income54Consolidated Statement of Financial Position57Consolidated Statement of Changes in Equity58Condensed Consolidated Cash Flow Statement60Notes to the Unaudited Interim Financial Report92Independent Review Report94Definitions CORPORATE INFORMATION DIRECTORS Executive Directors Ms. Cheng Xue(Chairwoman)Mr. Guan Jianghua(President)Mr. Huang WenbiaoMr. Wen ZhizhouMr. Liao ChanghuiMr. Dai Wen Independent Non-executive Directors Mr. Zhang KechunMr. Qu WenzhouMr. Ding Bangqing SUPERVISORS Ms. Chen MinMr. Huang ShuliangMr. He Tao JOINT COMPANY SECRETARIES Ms. Ke YingMs. Zhang Xiao AUTHORIZED REPRESENTATIVES Mr. Liao ChanghuiMs. Zhang Xiao AUDIT COMMITTEE Mr. Qu Wenzhou(Chairperson)Mr. Zhang KechunMr. Ding Bangqing CORPORATE INFORMATION REMUNERATION AND EVALUATIONCOMMITTEE Mr. Qu Wenzhou(Chairperson)Mr. Zhang KechunMr. Ding BangqingMs. Cheng XueMr. Guan Jianghua NOMINATION COMMITTEE Mr. Zhang Kechun(Chairperson)Mr. Qu WenzhouMr. Ding BangqingMs. Cheng XueMr. Dai Wen STRATEGY AND SUSTAINABILITYCOMMITTEE Ms. Cheng Xue(Chairperson)Mr. Guan JianghuaMr. Huang WenbiaoMr. Wen ZhizhouMr. Liao Changhui H H SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong HEADQUARTERS AND REGISTEREDOFFICE IN THE PRC 16 No. 16, Wensha RoadFoshan CityGuangdong ProvincePRC CORPORATE INFORMATION PRINCIPAL PLACE OF BUSINESS INHONG KONG 40/F, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong 24840 PRINCIPAL BANKS Industrial and Commercial Bank of China Foshan ShengpingSub-BranchAgricultural Bank of China Foshan Huaqing Sub-BranchBank of China Foshan BranchChina Construction Bank Foshan Jinlong Garden Sub-BranchBank of Communications Foshan Hujing Sub-BranchChina Merchants Bank Foshan Branch LEGAL ADVISOR AS TO HONG KONGLAW 27 Clifford Chance27/F, Jardine HouseOne Connaught PlaceCentralHong Kong LEGAL ADVISOR AS TO PRC LAW 77334 Jingtian & Gongcheng34/F, Tower 3China Central Place77 Jianguo Road, BeijingPRC CORPORATE INFORMATION AUDITOR 108 KPMGCertified Public AccountantsPublicInterest Entity Auditor registered in accordance with theAccounting and Financial Reporting Council Ordinance8th Floor, Prince’s Building10 Chater RoadCentralHong Kong COMPANY’S WEBSITE https://www.haitian-food.com https://www.haitian-food.com STOCK CODE 03288.HK603288.SH03288.HK603288.SH MANAGEMENT DISCUSSION AND ANALYSIS MACRO AND INDUSTRY ENVIRONMENT Thecondiments industry to which the Company belongs is alivelihoodindustry closely related to the daily life of countlesshouseholds and is in line with national industrial policies. In recentyears, the development of the condiments industry has shown thefollowing characteristics: 1. 1.Despite of the relatively inelastic demandsfor condiments and high barriers to entry, theindustry faces multiple challenges Chinahas a unique dietary culture and a long history ofcondiments. Given China’s vast territory, abundant resources andnumerous kinds of cuisines, the preferences for condiments varyfrom place to place, which provides a broad space for productdevelopment for the industry. Thanks to the high consumptionfrequency and relatively rigid demand for condiments, the loyaltyof product users is relatively strong, contributing to the industry’srelativelystable development trend in previous years.At thesame time, the condiments industry is characterized by “smallproducts,heavy capital”,involving heavy capital investment,complexindustrial technology,and long input-output cycles.Thecharacteristic flavor of condiments is rooted in long-termconsolidationand continuous innovation of brewing andfermentationtechnology,resulting in a relatively high industryentry barrier. However, with the increasing diversification of consumer demandforproducts and services and the pursuit of extraordinaryquality-to-price ratio, the condiments industry is facing variouschallengessuch as technological revolution and productinnovation. MANAGEMENT DISCUSSION AND ANALYSIS 2. 2.I n d u s t r y c o m p e t i t i o n i s i n t e n s e ,p r i m a r i l ycharacterized by the rivalry in overall corporatestrength Theconcentration of the condiments industry is relativelylow,and competition has always been a constant featureofits development.Currently,the economic environment isconstantly evolving, and the industry has entered a new stageofstandardized development.Enterprises with inefficientcompetitiveness are under considerable pressure. At the sametime, with the increasing consumption demand for condimentsthatare healthier,more diversified and with higher quality-to-price ratio, greater demands are put forward to enterprises. Theenterprises must continuously iterate and upgrade their brands,quality, marketing and