海天味业2026中期报告

CONTENTS目錄 02Corporate Information06Management Discussion and Analysis52Corporate Governance and Other Information63Consolidated Statement of Profit or Loss64Consolidated Statement of Profit or Loss andOther Comprehensive Income65Consolidated Statement of Financial Position68Consolidated Statement of Changes in Equity69Condensed Consolidated Cash Flow Statement71Notes to the Unaudited Interim Financial Report104Independent Review Report106Definitions CORPORATE INFORMATION 董事 DIRECTORS 執行董事 Executive Directors Ms. Cheng Xue(Chairwoman)Mr. Guan Jianghua(President)Mr. Huang WenbiaoMr. Wen Zhizhou(Employee Representative Director)Mr. Liao ChanghuiMr. Dai Wen 獨立非執行董事 Independent Non-executive Directors Mr. Zhang KechunMr. Qu WenzhouMr. Ding Bangqing 聯席公司秘書 JOINT COMPANY SECRETARIES Ms. Ke YingMs. Zhang Xiao 授權代表 AUTHORIZED REPRESENTATIVES Mr. Liao ChanghuiMs. Zhang Xiao 審計委員會 AUDIT COMMITTEE Mr. Qu Wenzhou(Chairperson)Mr. Zhang KechunMr. Ding Bangqing CORPORATE INFORMATION 薪酬與考核委員會 REMUNERATION AND EVALUATIONCOMMITTEE Mr. Qu Wenzhou(Chairperson)Mr. Zhang KechunMr. Ding BangqingMs. Cheng XueMr. Guan Jianghua 提名委員會 NOMINATION COMMITTEE Mr. Zhang Kechun(Chairperson)Mr. Qu WenzhouMr. Ding BangqingMs. Cheng XueMr. Dai Wen 戰略與可持續發展委員會 STRATEGY AND SUSTAINABILITYCOMMITTEE Ms. Cheng Xue(Chairperson)Mr. Guan JianghuaMr. Huang WenbiaoMr. Wen ZhizhouMr. Liao Changhui H股證券登記處 H SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 中國總部及註冊辦事處 HEADQUARTERS AND REGISTEREDOFFICE IN THE PRC 16 No. 16, Wensha RoadFoshan CityGuangdong ProvincePRC CORPORATE INFORMATION 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS INHONG KONG Room 1901, 19/F, Lee Garden One33 Hysan AvenueCauseway BayHong Kong 33191901 主要往來銀行 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 香港法律顧問 LEGAL ADVISOR AS TO HONG KONGLAW 27 Clifford Chance27/F, Jardine HouseOne Connaught PlaceCentralHong Kong 中國法律顧問 LEGAL ADVISOR AS TO PRC LAW 77334 Jingtian & Gongcheng34/F, Tower 3China Central Place77 Jianguo Road, BeijingPRC CORPORATE INFORMATION 核數師 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 公司網站 https://www.haday.com https://www.haday.com 股份代號 STOCK CODE 03288.HK603288.SH03288.HK603288.SH MANAGEMENT DISCUSSION AND ANALYSIS MACRO AND INDUSTRY ENVIRONMENT 宏觀及行業環境 20255,11320306,8976.2%2026720306020255020% B e n e f i t i n gf r o m t h e l o n g h i s t o r y o f d e v e l o p m e n t a n d t h echaracteristicsof rigid demand,the condiments industry hasmaintainedoverall steady development in the past.Both theglobaland Chinese condiment markets are sizeable and still holdconsiderable room for development. According to data from Frost &Sullivan, the Chinese condiments market size is projected to increasefromapproximately RMB511.3 billion in 2025 to approximatelyRMB689.7 billion in 2030, representing a compound annual growthrate (CAGR) of approximately 6.2%. In July 2026, the State Councilapproved the 15th Five-Year Plan for Expanding Consumption, whichexplicitly proposed that “by 2030...the total retail sales of consumergoodswill reach approximately RMB60 trillion”.This representsan increase of approximately 20% compared to the RMB50 trilliontotal retail sales of consumer goods in 2025. The overall size of theconsumer market is expanding steadily, providing policy support formid-to-long-term aggregate demand. Source: Frost & Sullivan數據來源：弗若斯特沙利文 MANAGEMENT DISCUSSION AND ANALYSIS 1.行業內拓展成本大，進入壁壘不斷提高 1.High industry expansion costs,with entrybarriers continuously rising Condiments are “small products” with relatively low unit prices;however, the industry involves high capital investment, complexindustrialtechnology,and long input-output cycles,and heavycapitalinvestment in land resources,plant construction,smartequipment,channel networks,and brand operations has alsobuilthigh barriers to entry into the industry.In recent years,consumers’demands for products and services are becomingincreasinglydiversified,again posing higher requirements forthe technological innovation capabilities and product innovationcapabilities of condiment companies. AI D i g i t a la n d i n t e l l i g e n t t e c h n o l o g i e s ,s p e a r h e a d e d b y A Iapplications,are comprehensively penetrating the entirecondimentindustry chain.From consumer insights,researchand development (R&D), and production, to quality control andthe supply chain, empirical experience is being transformed intoquantifiableand reusable models,while flexible manufac