海天味业2025年度报告

CONTENTS目錄 2Corporate Information5Letter to Shareholders9Management Discussion and Analysis62Biographical Details of Directors and SeniorManagement70Report of the Directors116Corporate Governance Report145Independent Auditor’s Report154Consolidated Statement of Profit or Loss155Consolidated Statement of Profit or Loss andOther Comprehensive Income156Consolidated Statement of Financial Position159Consolidated Statement of Changes in Equity160Consolidated Cash Flow Statement162Notes to the Consolidated Financial Statements287Five-Year Financial Summary289Definitions CORPORATE INFORMATION DIRECTORS Executive Directors Ms. Cheng Xue(Chairwoman)Mr. Guan Jianghua(President)Mr. Huang WenbiaoMr. Wen Zhizhou(Employee Representative Director)Mr. Liao ChanghuiMr. Dai Wen Independent Non-executive Directors Mr. Zhang KechunMr. Qu WenzhouMr. Ding Bangqing 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 REMUNERATION AND EVALUATIONCOMMITTEE Mr. Qu Wenzhou(Chairperson)Mr. Zhang KechunMr. Ding BangqingMs. Cheng XueMr. Guan Jianghua CORPORATE INFORMATION 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 PRINCIPAL PLACE OF BUSINESS INHONG KONG 24840 40/F, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong CORPORATE INFORMATION 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 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.haday.com https://www.haday.com STOCK CODE 03288.HK603288.SH 03288.HK603288.SH LETTER TO SHAREHOLDERS Dear Shareholders, Over the past few years, like many enterprises, we have been goingforward on a road of breaking the inertia of logic and reconstitutingnew potentials. No matter how the times change, people’s yearningfor a better life is reflected at the dining table in their endless pursuitof delicious food and health. Ensuring user satisfaction remains theabsolute principle for navigating through economic cycles. Anchoredby this conviction, the Company has continued to deepen its strategictransformationover the past year.We have strengthened ourcapabilities from “Consumer First” to “Customer Satisfaction First”. 2025288.73273.9970.3868.45 It is precisely this dedication that allowed Haitian to demonstrate acertainlevel of resilience in 2025:revenue of RMB28,873 million,principal business income of RMB27,399 million, net profit attributabletoshareholders of the parent company of RMB7,038 million,andnet profit attributable to shareholders of the parent company afterdeducting non-recurring items of RMB6,845 million. Each of thesefigures has set a historical record; behind every number is the votesof confidence by our users, the companionship of every Shareholder,and the diligent effort of all Haitian employees and partners. LETTER TO SHAREHOLDERS 2 0 2 51 4 9 . 3 44 8 . 6 82 9 . 1 78.55%/5.48%/9.29% Thecontinuous establishment of new advantages in productcategories and the increasingly accessible distribution network havegiven us a solid foundation to cope with changes. The foundation ofour three core categories – soy sauce, oyster sauce, and flavoredsauce – is developing in a steady manner, consolidating the baseofcategory pyramid.The three core categories achieved revenueofRMB14.934 billion,RMB4.868 billion,and RMB2.917 billion,respectively,in 2025,representing year-on-year growth rates of8.55%,5.48%,and 9.29%.Building upon the relatively secureddevelopmentof our foundational base,we are,on one hand,accelerating our efforts to achieve a leading position in other basicseasoningcategories such as vinegar and cooking wine,therebyestablishing an absolute advantage in the broader basic seasoningmarket. On the other hand, we are accelerating our pace to take thelead in trend-driven categories characterized by health, convenience,scenarios,and customization