CONTENTS目錄
Corporate Information
Management Discussion and Analysis
Corporate Governance and Other Information
Consolidated Statement of Profit or Loss
Consolidated Statement of Profit or Loss and
綜合損益及其他全面收益表
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Condensed Consolidated Cash Flow Statement
Notes to the Unaudited Interim Financial Report
Independent Review Report
Definitions
CORPORATE INFORMATION
公司資料
DIRECTORS 董事
Executive Directors 執行董事
Ms. Cheng Xue (Chairwoman) 程雪女士（董事長）
Mr. Guan Jianghua (President) 管江華先生（總裁）
Mr. Huang Wenbiao 黃文彪先生
Mr. Wen Zhizhou 文志州先生
Mr. Liao Changhui 廖長輝先生
Mr. Dai Wen 代文先生
Independent Non-executive Directors 獨立非執行董事
Mr. Zhang Kechun 張科春先生
Mr. Qu Wenzhou 屈文洲先生
Mr. Ding Bangqing 丁邦清先生
SUPERVISORS 監事
Ms. Chen Min 陳敏女士
Mr. Huang Shuliang 黃樹亮先生
Mr. He Tao 何濤先生
JOINT COMPANY SECRETARIES 聯席公司秘書
Ms. Ke Ying 柯瑩女士
Ms. Zhang Xiao 張瀟女士
AUTHORIZED REPRESENTATIVES 授權代表
Mr. Liao Changhui 廖長輝先生
Ms. Zhang Xiao 張瀟女士
AUDIT COMMITTEE 審計委員會
Mr. Qu Wenzhou (Chairperson) 屈文洲先生（主席）
Mr. Zhang Kechun 張科春先生
Mr. Ding Bangqing 丁邦清先生
CORPORATE INFORMATION
公司資料
REMUNERATION AND EVALUATION 薪酬與考核委員會
COMMITTEE
Mr. Qu Wenzhou (Chairperson) 屈文洲先生（主席）
Mr. Zhang Kechun 張科春先生
Mr. Ding Bangqing 丁邦清先生
Ms. Cheng Xue 程雪女士
Mr. Guan Jianghua 管江華先生
NOMINATION COMMITTEE 提名委員會
Mr. Zhang Kechun (Chairperson) 張科春先生（主席）
Mr. Qu Wenzhou 屈文洲先生
Mr. Ding Bangqing 丁邦清先生
Ms. Cheng Xue 程雪女士
Mr. Dai Wen 代文先生
STRATEGY AND SUSTAINABILITY 戰略與可持續發展委員會
COMMITTEE
Ms. Cheng Xue (Chairperson) 程雪女士（主席）
Mr. Guan Jianghua 管江華先生
Mr. Huang Wenbiao 黃文彪先生
Mr. Wen Zhizhou 文志州先生
Mr. Liao Changhui 廖長輝先生
H SHARE REGISTRAR H股證券登記處
Tricor Investor Services Limited 卓佳證券登記有限公司
Hong Kong 遠東金融中心17樓
HEADQUARTERS AND REGISTERED 中國總部及註冊辦事處
OFFICE IN THE PRC
No. 16, Wensha Road 中國
Foshan City 廣東省
Guangdong Province 佛山市
PRC 文沙路16號
佛山市海天調味食品股份有限公司 • 2025 中期報告 03
CORPORATE INFORMATION
公司資料
PRINCIPAL PLACE OF BUSINESS IN 香港主要營業地點
HONG KONG
No. 248 Queen’s Road East 灣仔
Wanchai 皇后大道東248號
Hong Kong 大新金融中心40樓
PRINCIPAL BANKS 主要往來銀行
Industrial and Commercial Bank of China Foshan Shengping 中國工商銀行佛山升平支行
Sub-Branch
Agricultural Bank of China Foshan Huaqing Sub-Branch 中國農業銀行佛山華輕支行
Bank of China Foshan Branch 中國銀行佛山分行
China Construction Bank Foshan Jinlong Garden Sub-Branch 中國建設銀行佛山錦隆花園支行
Bank of Communications Foshan Hujing Sub-Branch 交通銀行佛山湖景支行
China Merchants Bank Foshan Branch 招商銀行佛山分行
LEGAL ADVISOR AS TO HONG KONG 香港法律顧問
LAW
Clifford Chance 高偉紳律師行
One Connaught Place 中環
Central 康樂廣場一號
Hong Kong 怡和大廈27樓
LEGAL ADVISOR AS TO PRC LAW 中國法律顧問
Jingtian & Gongcheng 競天公誠律師事務所
China Central Place 北京市建國路77號
PRC 3號寫字樓34層
CORPORATE INFORMATION
公司資料
AUDITOR 核數師
KPMG 畢馬威會計師事務所
Certified Public Accountants 執業會計師
Public Interest Entity Auditor registered in accordance with the 根據會計及財務匯報局條例註冊的公衆利益實
Accounting and Financial Reporting Council Ordinance 體核數師
Central 遮打道10號
Hong Kong 太子大廈8樓
COMPANY’S WEBSITE 公司網站
https://www.haitian-food.com https://www.haitian-food.com
STOCK CODE 股份代號
佛山市海天調味食品股份有限公司 • 2025 中期報告 05
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
MACRO AND INDUSTRY ENVIRONMENT 宏觀及行業環境
The condiments industry to which the Company belongs is a 公司所屬的調味品行業是與千家萬戶日常生活
livelihood industry closely related to the daily life of countless 緊密相關的民生行業，符合國家產業政策。近
households and is in line with national industrial policies. In recent 年來，調味品行業發展呈現出以下特點：
years, the development of the condiments industry has shown the
following characteristics:
for condiments and high barriers to entry, the 檻，但仍面臨多重挑戰
industry faces multiple challenges
China has a unique dietary culture and a long history of 我國具有獨特的飲食文化和悠久的調味品
condiments. Given China’s vast territory, abundant resources and 歷史，因我國地大物博、菜系眾多，各地
numerous kinds of cuisines, the preferences for condiments vary 對調味品的偏好各不相同，為行業提供了
from place to place, which provides a broad space for product 廣闊的品類發展空間。得益於調味品消費
development for the industry. Thanks to the high consumption 頻次高、具備一定需求剛性的特點，產品
frequency and relatively rigid demand for condiments, the loyalty 用戶黏性相對較強，行業往年發展態勢相
of product users is relatively strong, contributing to the industry’s 對保持穩健。同時，調味品行業具有「小產
relatively stable development trend in previous years. At the 品、重資本」的特點，資本投入重、產業技
same time, the condiments industry is characterized by “small 術複雜、投入產出週期長，而調味品的特
products, heavy capital”, involving heavy capital investment, 徵風味更離不開釀造和發酵技術的長期沉
complex industrial technology, and long input-output cycles. 澱和持久創新，從而形成了較高的行業進
The characteristic flavor of condiments is rooted in long-term 入壁壘。
consolidation and continuous innovation of brewing and
fermentation technology, resulting in a relatively high industry
entry barrier.
However, with the increasing diversification of consumer demand 但是，隨著消費者對產品及服務的需求日
for products and services and the pursuit of extraordinary 益多元化和對質價比的極致追求，調味品
quality-to-price ratio, the condiments industry is facing various 行業面臨技術革新和產品創新等種種挑戰。
challenges such as technological revolution and product
innovation.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
characterized by the rivalry in overall corporate 合實力的競爭
strength
The concentration of the condiments industry is relatively 調味品行業的集中度不高，一直以來，行
low, and competition has always been a constant feature 業的發展過程持續伴隨著競爭。當下，經
of its development. Currently, the economic environment is 濟環境不斷變化，行業亦進入規範化發展
constantly evolving, and the industry has entered a new stage 的新階段，競爭力低效的企業承受較大壓
of standardized development. Enterprises with inefficient 力；同時伴隨著調味品健康化、多元化和
competitiveness are under considerable pressure. At the same 高質價比的需求不斷見長，消費者對企業
time, with the increasing consumption demand for condiments 綜合實力提出高要求，需要企業持續在品
that are healthier, more diversified and with higher quality-to- 牌、質量、營銷和規範經營等各方面迭
price ratio, greater demands are put forward to enterprises. The 代升級。龍頭企業積累的技術、產能、資
enterprises must continuously iterate and upgrade their brands, 金、效率壁壘有望幫助其擴大優勢，進一
quality, marketing and standardized operations to strengthen their 步促進行業集中。
overall competitiveness. The technology, production capacity,
capital, and efficiency barriers accumulated by market leaders
are expected to help them expand their advantages and further
promote industry concentration.
diversifying engagement channels is becoming 的趨勢日益凸顯，考驗企業把握機
increasingly prominent, testing the ability of 遇迎接挑戰的能力
enterprises to seize opportunities and address
challenges
As consumption habits evolve, the diversification of demands 在消費習慣變遷的過程中，調味品行業需
within the condiments industry is reflected in various situations, 求的多元化體現於各類情形，如對食品健
including the growing emphasis on health attributes of food, the 康屬性的追求、便捷性需求、特殊膳食的
demand for convenience, functional requirements for special 功能性需求、特定場景化需求等等。企業
dietary foods, and scenario-based demands. Enterprises must 必須順勢而為，牢牢把握新趨勢帶來的增
adapt to these trends and capitalize on the growth opportunities 量空間，而企業的市場洞察能力、研發創
they present. However, their competence in market insight, R&D 新能力、柔性化和數字化生產能力以及極
innovation, flexible and digital production, and exceptional delivery 致交付能力則必須通過市場的考驗。
must all withstand the test of the market.
With the rapid development of online channels such as 電商平台、社交媒體、新零售等線上渠道
e-commerce platforms, social media and new retail, consumer 迅速發展，消費者的觸達場景已高度碎片
reach scenarios have become highly fragmented, and 化，全渠道交付模式變得立體多元。這要
omni-channel delivery models have become three-dimensional 求企業加快重構供應與銷售體系，積極推
and diversified. This requires enterprises to accelerate the 進數字化營銷能力建設，並全面提升創新
restructuring of their supply and sales systems, actively 能力。但另一方面，新渠道的發展也為企
promote the development of digital marketing capabilities, 業擴大品牌影響力、拓展銷售地域、密切
and comprehensively enhance their innovation capabilities. 與消費者互動提供了機遇。
Nevertheless, the development of new channels also provides
enterprises with opportunities to expand their brand influence,
broaden sales regions, and strengthen interaction with
consumers.
佛山市海天調味食品股份有限公司 • 2025 中期報告 07
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
BUSINESS REVIEW 業務回顧
In the first half of 2025, the Group adhered to consolidating its 2025 年上半年，本集團堅持固本強基，
foundation and reinforcing its operational base, continued to 繼續通過以用戶為中心的理念引導各業務
guide the optimization and transformation of various business 優化轉型，通過香港上市助力深入推進全
operations with the user-centered concept, and deepened its 球化戰略，不斷提升本集團高質量發展水
implementation of globalization strategy through its Listing in 平。報告期內本集團實現了穩健發展，實
Hong Kong, further enhancing the high-quality development of 現營業收入152.3 億元，同比增長7.6%，
the Group. During the Reporting Period, the Group achieved 調味品業務收入145.6 億元，同比增長
steady development, recording revenue of RMB15.23 billion, 10.4%，歸屬於上市公司股東的淨利潤
a year-on-year increase of 7.6%, revenue generated from 39.1億元，同比增長13.3%。
condiments business amounted to RMB14.56 billion, a year-on-
year increase of 10.4%, and net profit attributable to Shareholders
of listed company amounted to RMB3.91 billion, a year-on-year
increase of 13.3%.
As a leader in the condiments industry, we believe that with 作為調味品行業龍頭，我們認為憑藉多年
the key strengths accumulated over the years, the Group is 沉澱積攢的關鍵能力，本集團具備把握行
well-positioned to seize the development opportunities of 業發展機遇的能力，且在未來仍會持續迭
the industry, and will continue to iterate and raise the bar in 代、提升壁壘。報告期內，本集團仍深耕
the future. During the Reporting Period, the Group further 中國市場，堅持打造最具質價比的產品和
penetrated the domestic market, adhered to creating the best 服務，加快做深做細渠道，滿足消費者更
value-for-money products and services, and accelerated the 多元、更健康、更細分的需求，把握國內
development of in-depth and refined channels, all of which has 市場的發展機遇；同時本集團穩健推進
allowed it to meet the increasingly diverse, health-conscious and 國際化戰略，加速海天經驗向國際市場複
segmented needs of consumers to seize opportunities in the 製，以進一步提升服務全球用戶的能力，
domestic market. Simultaneously, the Group steadily promoted 並打開新的發展空間。
the globalization strategy and accelerated the application of
Haitian’s expertise in the international market, in order to further
enhance its ability to serve global users and open up new
development space.
At the same time, the Group focused on the improvement of its 同時，本集團亦著眼於體系化綜合競爭力
systematic comprehensive competitiveness, leveraging its scale 的提升，借力規模優勢，繼續圍繞「質量和
advantages, and continuing to strengthen the creation of an 效率」強化極致供應鏈的打造，構築更為長
optimized supply chain centered on “quality and efficiency” to 期的競爭壁壘。此外，我們倡導互促互利
build a more durable competitive edge. In addition, we advocated 的合作生態，在全產業鏈上與各方夥伴形
a mutually beneficial collaborative ecosystem, forming integrated 成一體化動態協作，合力共創合作共贏。
dynamic collaboration with partners across the entire industry
chain to jointly create a win-win cooperation.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Reporting Period
With years of deep cultivation and accumulation in the industry, 經過多年的行業深耕和沉澱積累，本集團
the Group has built overall competitiveness with multi- 憑藉極致供應鏈、立體渠道觸達、國民產
dimensional core strengths, including optimized supply chain, 品及矩陣、行業技術壁壘和優秀企業文化
extensive and in-depth sales channel, household bestsellers 等方面多維的核心競爭優勢，構築了企業
and product portfolio, industry technical barriers, and excellent 的綜合競爭實力。本集團將持續鞏固既有
corporate culture. The Group will continue to consolidate its 優勢，同時持續迭代新的優勢，這將成為
existing advantages while continuously iterating new advantages, 本集團把握未來市場機遇、實現長期可持
which will become the key for the Group to seize future market 續發展的關鍵。
opportunities and achieve long-term sustainable development.
(1) T e c h n o l o g y d e v e l o p m e n t c o n t i n u e s t o d r i v e l e a d i n g (1) 科技立企帶來不斷領先的發酵釀造技
fermentation and brewing technology, equipment and 術、裝備和數智化能力
digitalization capabilities
With decades of in-depth cultivation in the fermentation 本集團在發酵釀造行業深耕數十載，
and brewing industry, the Group has continuously made 在發酵核心技術、釀造關鍵裝備、營
breakthroughs in key areas such as core fermentation 養、原料和配方等關鍵領域不斷攻
technology, key brewing equipment, nutrition, raw materials 堅，沉澱了多項核心技術，形成了較
and formulas, accumulating a number of core technologies 高的壁壘。核心技術的支撐，不但保
and forming high barriers. The support of core technologies 證了本集團產品品質和效率的領先，
not only ensures the Group’s leading position in product 也為本集團業務版圖從醬油向醋、料
quality and efficiency, but also provides a strong guarantee 酒等發酵相關品類和行業延伸提供了
for the Group to expand its business from soy sauce to 有力的保障。
vinegar, cooking wine, and other fermentation-related
categories and industries.
佛山市海天調味食品股份有限公司 • 2025 中期報告 09
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
The Group has consistently prioritized heavy investment in 本集團長期以來堅持在科技創新上重
scientific and technological innovation, and continuously 投入，通過完善的科研體系及高度專
consolidated its R&D strength through a well-developed 業化的研發隊伍，不斷鞏固研發實
scientific research system and a highly specialized R&D team. 力；同時，本集團堅持將傳統的老師
At the same time, the Group is committed to digitizing and 傅釀造經驗通過技術革命數字化、智
intelligentizing the master craftsmen’s heritage know-how 能化，並有效嵌入到現代化生產中，
through technological revolution, and effectively integrating 在保證傳統工藝風味、質量的同時，
it into modern production. While ensuring the traditional 用數字化工具持續為科技落地提質增
craftsmanship’s flavor and quality, it continuously enhances 效。
the quality and efficiency of technological application with
digital tools.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(2) Optimized supply chain (2) 極致的供應鏈
Based on the concepts of quality and efficiency advantages, 圍繞質量、效率優勢的理念，本集團
the Group continues to iterate its end-to-end supply chain 持續迭代端到端的極致供應鏈能力。
capabilities. Committed to the philosophy that “good 本 集 團 堅 持 踐 行「 用 好 原 料 製 造 好 產
ingredients produce good products”, the Group meticulously 品 」的 理 念 ， 嚴 選 上 游 優 質 原 材 料 ，
selects quality raw materials upstream to lay the foundation 為高品質產品奠定基礎；同時，本集
for high-quality products. At the same time, the Group 團圍繞規模化和柔性能力等主題優化
optimizes resource allocation with a focus on scale-up 資源配置，通過數字化驅動供應鏈轉
and flexibility, drives supply chain transformation through 型，不斷孵化並釋放柔性產能，在核
digitalization, continuously incubates and unleash flexible 心供應鏈路實現極致效率。
production capacity, and achieves optimized efficiency in
core supply chains.
佛山市海天調味食品股份有限公司 • 2025 中期報告 11
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
In January 2025, Haitian Gaoming Factory was successfully 2025 年 1 月，海天高明工廠成功入選
selected into the “Lighthouse Factory” list released by the 世 界 經 濟 論 壇 ( W E F ) 發 佈 的「 燈 塔 工
World Economic Forum (WEF). Its dominant scale advantage 廠 」名 單 。 絕 對 領 先 的 規 模 優 勢 以 及
and technology-driven optimal efficiency not only ensure 技術驅動的極致效率，不僅確保了產
the high quality of products, but also guarantee efficiency 品的高品質，還保證了效率和成本優
and cost advantages, providing users with high-quality and 勢，為用戶提供高質價比的產品。
cost-effective products.
(3) Extensive and in-depth channels (3) 立體化的渠道
The Group continues to optimize the quality of its traditional 本集團持續優化傳統分銷網絡的質
distribution network, strengthens its coverage in towns 量、加強鎮村覆蓋率，並不斷強化多
and villages, and continuously reinforces multi-scenario, 場景、多渠道銷售。廣泛而下沉的渠
multi-channel sales. Extensive and in-depth channel coverage 道覆蓋，幫助本集團獲得敏銳、精
enables the Group to obtain keen, accurate and broad 準、廣泛的的市場反饋，並在產品推
market feedback, and achieve efficient performance in 廣和銷售中實現高效表現。
product promotion and sales.
The Group has an extensive and quality distributor team. The 本集團擁有廣泛和優質的經銷商隊
collaborative efforts between the sales team and distributor 伍，銷售團隊與經銷夥伴間的互促共
partners have deepened the cooperation bond between core 創，深化了核心經銷商與本集團的合
distributors and our Group. Adhering to channel reform, 作黏性。本集團堅持渠道改革，通過
through the promotion and upgrade of digital marketing tools, 數字化營銷工具的推廣及升級，構建
our Group has built a full-link digital ecosystem connecting 起連通本集團、渠道商、推廣人員和
the Group, channel partners, promotion staff, and end users, 終端用戶的全鏈路數字化生態，強化
strengthening the sales team’s ability to respond quickly to 銷售團隊快速響應市場和用戶需求的
market and user needs and upgrading user experience. 能力，升級用戶體驗。
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(4) A portfolio of household bestsellers with taste memory and (4) 有味蕾記憶且持續豐富的國民產品及
continuous enrichment 矩陣
Drawing on its deep insight and continuous innovation 基於對調味品的深刻洞察和持續創
in condiments, the Group has developed a rich product 新，本集團已形成豐富的產品矩陣，
portfolio, with Haitian flavors forming the taste memory of 海天味道成為一代又一代人的味蕾記
generations. In core advantageous segments such as soy 憶。在醬油、蠔油、調味醬等核心優
sauce, oyster sauce and flavored sauce, the Group has 勢領域中，本集團積累了諸多原創且
accumulated numerous original and classic bestsellers that 暢銷幾十年的經典產品，並不斷加快
have thrived for decades, while continuously accelerating 產品推陳出新、搶抓新機遇；同時在
product innovation and seizing new opportunities. 料酒、醋、複合調料等延展品類也加
Simultaneously, the Group is accelerating its development 速發展，本集團的特色調味品亦迅速
in extended categories such as cooking wine, vinegar 獲得市場認同。健康、穩固且不斷多
and compound condiments, with its specialty condiments 元的產品，構建起了一站式滿足用戶
rapidly recognized by the market. With a healthy, stable and 全場景調味需求的矩陣，不斷推動消
increasingly diverse product portfolio that creates a one- 費者交叉購買、提升品類心智，形成
stop solution for users’ seasoning needs in all scenarios, we 增長良性循環。
continuously strive for cross-purchasing among consumers,
enhancing category awareness, and forming a virtuous cycle
of growth.
佛山市海天調味食品股份有限公司 • 2025 中期報告 13
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
As of June 30, 2025, the Group had four product categories, 截至2025 年6 月30 日，本集團有醬
including soy sauce, oyster sauce, flavored sauce, specialty 油、蠔油、調味醬、特色調味品及其
condiment products and others: 他四類產品：
Product Category Photo
產品類型 照片
Soy sauce
醬油
Oyster sauce
蠔油
Flavored sauce
調味醬
Specialty condiment
products and others
特色調味品及其他
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(5) Sustainable development layout (5) 可持續發展佈局
The Group adheres to steady operation and is dedicated to 本集團堅持穩健經營，堅持實現高
achieving high-quality development. Moderately advanced 質量發展。適度超前的多基地產
multi-base production capacity layout and our continued 能佈局、堅持數智化產業園區建
effort on the construction of digitally intelligent industrial 設，為本集團在未來的競爭中繼
parks lay the foundation for maintaining its leading position 續保有優勢地位奠定基礎。經過
in future competition. Through its sustainable development 近年來的可持續發展能力建設，本
initiatives in recent years, the Group has effectively identified 集團有效識別出密切相關的可持續
closely related sustainable development issues and built 發展議題，建立起較為完善的可持
a well-established sustainable development system and 續發展制度與管理架構體系。本集
management framework. The Group is committed to 團堅持將綠色低碳作為高質量發展
green and low-carbon development, considering it as the 的底色，通過將碳目標分解並納入
underlying principle for high-quality growth. By breaking down 績效激勵，激發內部節能減碳的積
carbon targets and incorporating them into performance 極性；通過為員工創造公平包容、
incentives, we motivate internal efforts to conserve energy 充滿活力和多元化的工作環境，為
and reduce carbon emissions. By creating a fair, inclusive, 本集團的長遠發展提供不竭動力。
vibrant and diverse work environment for employees, we 在提升內部可持續發展水平的同
provide an inexhaustible source of momentum for the 時，本集團通過優化採購合同、供
Group’s long-term development. While enhancing internal 應商考核機制等方式，以實際行動
sustainable development, the Group promotes the concept 在供應鏈上下游推廣可持續發展的
of sustainable development throughout the supply chain with 理念，帶動更多的企業加入到踐行
practical actions such as optimizing procurement contracts 可持續發展理念的隊伍中來；本集
and supplier assessment mechanisms, encouraging more 團充分利用食品製造企業的優勢與
enterprises to join in the practice of sustainability. Leveraging 特點，通過結對幫扶、教育幫扶、
the strengths and characteristics of a food manufacturing 就業幫扶、產業幫扶等方式，助力
enterprise, the Group also contributes to consolidating 鞏固脫貧攻堅成果和鄉村振興的事
poverty alleviation achievements and advancing rural 業，與相關群眾共同釀造美好未
revitalization through providing pairing assistance to support 來，為經濟社會的可持續發展做出
education, employment and industries, so as to create a 本集團應有的貢獻。
better future with relevant communities and make the Group’s
due contributions to the sustainable development of economy
and society.
As a leading condiments company in China with a long-standing 本集團是有著悠久歷史傳承的中國調味品
heritage, the Group is dedicated to providing quality condiments, 龍頭企業，致力於為用戶提供優質的調味
serving well the seasoning needs of the customers. At present, 產品，服務好用戶的調味需求。目前本集
the Group has product lines covering a variety of categories, such 團擁有涵蓋醬油、蠔油、調味醬、醋、料
as soy sauce, oyster sauce, flavored sauce, vinegar, cooking 酒、各類複合調味料等豐富品類的產品
wine and various compound condiments, which can meet the 線，可以滿足不同消費者的多樣化需求。
diversified needs of different consumers.
We have been the largest condiment company in China for 28 按2024年銷量計，我們已連續28年蟬聯中
consecutive years in terms of sales volume in 2024. Our soy 國最大調味品企業，其中，醬油、蠔油銷
sauce and oyster sauce products consistently hold the number 量多年中國市場第一，調味醬、醋、料酒
one positions, while our flavored sauce, vinegar, and cooking 亦位居中國市場前列。
wine products achieved leading market positions in China.
佛山市海天調味食品股份有限公司 • 2025 中期報告 15
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
The following table sets out the Group’s revenue by product 下表載列本集團於所示期間各產品類別的
category and as a percentage of total revenue for the periods 收益和佔總收益的比例：
indicated:
Six months ended Six months ended
June 30, 2025 June 30, 2024 Change
截至2025年 截至2024年
Revenue Percentage Revenue Percentage Amount
RMB of total RMB of total RMB
million revenue million revenue million Percentage
收益 收益 金額
人民幣 佔總收益 人民幣 佔總收益 人民幣
百萬元 的比例 百萬元 的比例 百萬元 比例
Product sales
產品銷售
Soy sauce products
醬油產品 7,927.9 52.1% 7,263.9 51.3% 664.0 9.1%
Oyster sauce products
蠔油產品 2,502.3 16.4% 2,322.5 16.4% 179.8 7.7%
Flavored sauce products
調味醬產品 1,626.0 10.7% 1,451.6 10.3% 174.4 12.0%
Specialty condiment
products and others
特色調味品及其他 2,505.5 16.5% 2,146.3 15.2% 359.2 16.7%
Subtotal
小計 14,561.7 95.7% 13,184.3 93.2% 1,377.4 10.4%
Others (Note)
其他（註） 668.2 4.3% 971.6 6.8% -303.4 -31.2%
Total
總計 15,229.9 100.0% 14,155.9 100.0% 1,074.0 7.6%
Note: Others primarily consist of (i) sales of raw materials, packaging 註： 其他主要包括(i)原材料、包裝材料、副產品
materials, by-products and others, (ii) logistics and transportation 及其他的銷售，(ii)物流和運輸服務以及(iii)
services and (iii) rental income. 租金收入。
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(1) Soy sauce products (1) 醬油產品
Haitian soy sauce has been ranked No. 1 in China in terms 海天醬油市場佔有率連續多年位居全
of market share for many consecutive years. The Group 國第一。本集團堅持使用優選黃豆、
adheres to three core principles in its modernized production: 堅持天然陽光曬制、堅持傳統釀造工
using selected soybeans, employing natural sun-brewing 藝。本集團在現代化生產中的「三大堅
methods and upholding traditional brewing techniques. 持」，加之獨特的海天菌種選育技術及
These commitments, coupled with the unique Haitian strain 發酵技術沉澱，讓我們釀造了一代又
breeding technology and fermentation expertise, have 一代消費者熟悉和信賴的味道。海天
allowed us to brew a taste familiar and trusted by generations 的醬油產品已覆蓋滿足大眾日常需求
of consumers. Haitian soy sauce products cover the classic 的經典系列、特惠系列、味極鮮系列
series, preferential series and Weijixian series that meet the 等，滿足中高端需求的老字號系列、
daily needs of the public; time-honored series and organic 有機系列等，滿足特定需求的薄鹽系
series that meet medium and high-end needs; reduced-salt 列、無麩質系列等，以及緊扣市場新
series and gluten-free series that meet specific needs, and 需求推出的松茸鮮醬油、輕鹽姜蔥汁
new products such as matsutake fresh soy sauce and light 醬油等新品。我們在功能、口味、規
salt soy sauce with ginger and scallion, which have been 格、包裝等方面不斷創新，為消費者
launched to closely follow the new market needs. We are 提供更多的高品質醬油產品。
constantly innovating in terms of function, taste, specification
and packaging to provide consumers with more high-quality
soy sauce products.
佛山市海天調味食品股份有限公司 • 2025 中期報告 17
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Even in the smallest kitchen, the condiments still play a big 方寸灶台間，調味品賦予了美食更加
role in interpreting gourmet cuisine. In 2025, the Company 豐富的演繹方式。2025 年，公司深度
deeply participated in and became the title sponsor of 參與並冠名國內首檔美食競技綜藝《一
China’s first gourmet competition variety show, Chef of China 飯封神》，將海天調味品與美食的融合
( ), vividly conveying the innovative integration
《一飯封神》 創新，以場景化的方式生動傳遞給消
of Haitian condiments and gourmet cuisine to consumers 費者，並向世界遞出「正宗中國味道」
through scenario-based presentations. This initiative also 的文化名片。在品牌宣傳的同時，我
introduced the cultural emblem of “authentic Chinese flavors” 們助力中國優質餐飲業的健康發展，
to the world. While promoting the brand, we supported 將中國文化和藝術美學結合，傳揚真
the healthy development of China’s high-quality catering 正的中國美食文化。我們諸多產品受
industry by integrating Chinese culture and artistic aesthetics 到名師大廚的喜愛，美味封神榜、綜
to carry forward genuine Chinese culinary culture. Many of 藝同款餐廳、大廚菜品雲教學等也讓
our products won favor from renowned chefs. In addition, 消費者有了更多的實際調味體驗。
projects such as the Divine Taste List (美味封神榜), the
Identical Restaurants from the Variety Show (綜藝同款餐
廳) and the Online Master Cooking Workshop (大廚菜品雲教
學) also provided consumers with more hands-on flavoring
experiences.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(2) Oyster sauce products (2) 蠔油產品
Haitian oyster sauce has been ranked No. 1 in the Chinese 海天蠔油市場佔有率連續多年位居中
market in terms of market share for many consecutive years. 國市場第一。海天對蠔油品類堅持做
Haitian adhered to the entire chain research on the oyster 全鏈研究，在生蠔品種開採→蠔汁煮
sauce category, devoting to improve the entire chain of 制→蠔油工藝的全鏈條中下功夫，形
oyster variety picking → oyster juice boiling → oyster sauce 成 了「 濃 而 不 腥 ， 一 招 定 鮮 」的 優 勢
craftsmanship, forming an advantageous barrier of “rich in 壁壘。經過多年的積累和發展，海天
flavor, free from any fishy taste; one simple step to seal in 蠔油產品線涵蓋多個品類，具有不同
freshness (濃而不腥, 一招定鮮)”. After years of accumulation 風味、包裝及價位，滿足不同消費者
and development, Haitian oyster sauce product line covers 的多種使用場景需求，讓美味觸手可
multiple product categories, with different flavors, packaging 及。2025年上半年，主打有機 ╱ 薄鹽
and price points, meeting the needs of different consumers 蠔油、醬油、黃豆醬等健康系列產品
in various seasoning scenarios and making delicious food 的「海天干飯節 × 脫口秀」整合營銷活
within reach. In the first half of 2025, with the return of the 動聯動回歸，我們通過常年覆蓋的方
integrated marketing campaign “Haitian Ganfan Festival × 式增強產品在年輕消費群體中的曝光
Talk Show (海天干飯節×脫口秀)” focusing on better-for-you 度和用戶黏性，實現多渠道增長。
product lines such as organic/reduced-salt oyster sauce, soy
sauce and soybean paste, we enhanced product exposure
and user stickiness among young consumer groups through
year-round coverage, thereby achieving multi-channel growth.
佛山市海天調味食品股份有限公司 • 2025 中期報告 19
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(3) Flavored sauce products (3) 調味醬產品
Thanks to years of accumulated achievements in core 得益於多年積累的核心發酵技術成
fermentation technology, our Group has successfully 果，本集團成功推出眾多原創醬料產
launched a wide array of original sauce products, creating a 品，形成了品類豐富、一醬一特色的
diverse lineup where each sauce boasts its unique character. 醬料產品體系。既有黃豆醬、香辣醬
There are general basic sauces such as soybean paste and 等通用基礎醬料，也有柱侯醬、海鮮
spicy sauce, special sauces such as Chu Hou Paste, Hoisin 醬、拌飯醬等適用不同烹飪方式的特
Sauce and Sauce for Rice that are suitable for different 色醬料，還有紫蘇豆豉醬、桂林風味
cooking methods, as well as perilla fermented bean sauce 辣椒醬等滿足不同地域口味的醬料，
and Guilin-style chili sauce that satisfy different regional 產品線不斷豐富。
tastes. The product lines are constantly enriched.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(4) Specialty condiment products and others (4) 特色調味品及其他
Our Group provides all-encompassing culinary solutions 本集團為全場景烹飪提供解決方案，
and actively develops other products such as specialty 積極開發特色調味品等其他產品，包
condiments, including salad dressing, spicy liquid seasoning, 括涼拌汁、辣鮮露、雞精和雞汁等，
chicken essence and chicken broth, etc., to provide 一站式覆蓋從廚房至餐桌多場景的調
comprehensive product offerings for all kitchen and dining 味需求。在過往醬油、蠔油和調味醬
table seasoning needs. On the basis of its previous major 等大單品的基礎上，本集團通過成熟
products such as soy sauce, oyster sauce and flavored 的網絡體系推廣醋、料酒和複調等新
sauce, our Group promotes new products such as vinegar, 品，不斷提升在調味品細分領域的影
cooking wine and compound condiment through its well- 響力。
developed system, and continues to enhance its influence in
the seasoning segment.
In terms of vinegar products, Haitian vinegar stands by the 在 食 醋 產 品 方 面 ， 海 天 醋 堅 持「 真 材
principle of “real material and true fermentation”. In order to 實酵」，為滿足消費者對醋類產品的不
meet consumers’ demands for vinegar products with different 同風味及應用場景需求，海天充分挖
flavors and application scenarios, Haitian has fully explored 掘各種原材料和工藝的特點，開發出
the characteristics of various raw materials and processes, 白米醋、黑米醋、清香米醋等米醋品
and developed rice vinegar categories such as white rice 類，以及蘋果醋、糯米甜醋、具有地
vinegar, black rice vinegar and fresh rice vinegar, as well as 方特色的陳醋和香醋等，並在有機醋
apple cider vinegar, glutinous rice sweet vinegar, regionally 等細分賽道上積極佈局，「傳統醋+ 特
distinctive aged vinegar and balsamic vinegar, and actively 色醋」的產品佈局日益成熟完善。
laid out in niche segments like organic vinegar. The product
layout of “traditional vinegar + specialty vinegar” is becoming
increasingly complete.
佛山市海天調味食品股份有限公司 • 2025 中期報告 21
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
In terms of cooking wine products, our Group has 在料酒產品方面，本集團結合市場需
developed a wide range of products, such as Haday Old 求並充分利用自身的專業能力，開發
Technique Cooking Wine, Haday Old Technique Cooking 出豐富的料酒產品種類，如海天古
Wine with Ginger and Scallion, etc., taking into account 道料酒、海天古道姜蔥料酒等，已形
the market demand and fully utilizing its own professional 成包括基礎系列、有機系列、老字號
capabilities. Our Group has formed a portfolio of its product 系列和年份系列等產品系列在內的佈
series, including the basic series, the organic series, 局，是料酒細分市場有力的競爭者。
the time-honored series and the aged series, which has
positioned it as a strong competitor in the cooking wine
market segment.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
FINANCIAL REVIEW 財務回顧
The following discussion is based on, and should be read in 以下討論乃基於本報告其他處所載財務資料及
conjunction with, the financial information and notes thereto contained 其附註，並應與之一併閱讀。
elsewhere in this report.
Revenue 收入
During the Reporting Period, the Group’s revenue amounted to 報告期內，本集團的收入為人民幣15,229.9百
RMB15,229.9 million, representing an increase of 7.6% as compared 萬元，較上年同期的人民幣14,155.9 百萬元，
to RMB14,155.9 million in the same period of last year. The following 增加7.6%。下表載列本集團報告期內及去年同
table sets out a breakdown of the Group’s revenue by product 期按產品類別劃分的收入明細。
category during the Reporting Period and in the same period of last
year.
Six months ended Six months ended
June 30, 2025 June 30, 2024 Change
截至2025年 截至2024
Revenue Percentage Revenue Percentage Amount
RMB of total RMB of total RMB
million revenue million revenue million Percentage
收益 收益 金額
人民幣 佔總收益的 人民幣 佔總收益的 人民幣
百萬元 比例 百萬元 比例 百萬元 比例
Product sales
產品銷售
Soy sauce products
醬油產品 7,927.9 52.1% 7,263.9 51.3% 664.0 9.1%
Oyster sauce products
蠔油產品 2,502.3 16.4% 2,322.5 16.4% 179.8 7.7%
Flavored sauce products
調味醬產品 1,626.0 10.7% 1,451.6 10.3% 174.4 12.0%
Specialty condiment
products and others
特色調味品及其他 2,505.5 16.5% 2,146.3 15.2% 359.2 16.7%
Subtotal
小計 14,561.7 95.7% 13,184.3 93.2% 1,377.4 10.4%
Others (Note)
其他（註） 668.2 4.3% 971.6 6.8% -303.4 -31.2%
Total
總計 15,229.9 100.0% 14,155.9 100.0% 1,074.0 7.6%
Note: Others primarily consist of (i) sales of raw materials, packaging materials, 註： 其他主要包括(i)原材料、包裝材料、副產品及其
by-products and others, (ii) logistics and transportation services and (iii) 他的銷售，(ii)物流和運輸服務以及(iii)租金收入。
rental income.
佛山市海天調味食品股份有限公司 • 2025 中期報告 23
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
• Soy sauce products. During the Reporting Period, the Group’s • 醬油產品。報告期內，本集團醬油產品銷
revenue from sales of soy sauce products amounted to 售收入為人民幣7,927.9百萬元，較去年同
RMB7,927.9 million, representing an increase of 9.1% as 期的人民幣7,263.9 百萬元，增加9.1%，
compared to RMB7,263.9 million in the same period of last year, 主要由於 (i) 健康系列增長，包括有機、薄
primarily due to (i) the growth of the better-for-you product line, 鹽醬油產品，及(ii)增加終端數字化推廣帶
including organic and reduced-salt soy sauce products, and 來銷售增加。
(ii) an increase in sales resulting from increased terminal digital
promotion.
• Oyster sauce products. During the Reporting Period, the • 蠔油產品。報告期內，本集團蠔油產品銷
Group’s revenue from sales of oyster sauce products amounted 售收入為人民幣2,502.3百萬元，較去年同
to RMB2,502.3 million, representing an increase of 7.7% as 期的人民幣2,322.5 百萬元，增加7.7%，
compared to RMB2,322.5 million in the same period of last year, 主要由於 (i) 健康系列增長，包括有機、薄
primarily due to (i) the growth of the better-for-you product line, 鹽蠔油產品，及(ii)產品升級，並提高產品
including organic and reduced-salt oyster sauce products, and 在部分渠道的滲透率。
(ii) product upgrades and penetration enhancement of products
across some channels.
• Flavored sauce products. During the Reporting Period, the • 調味醬產品。報告期內，本集團調味醬產
Group’s revenue from sales of flavored sauce products amounted 品銷售收入為人民幣 1,626.0 百萬元，較
to RMB1,626.0 million, representing an increase of 12.0% as 去年同期的人民幣 1,451.6 百萬元，增加
compared to RMB1,451.6 million in the same period of last year, 12.0%，主要由於滿足區域市場需求，推
primarily due to the launch of specialty flavored products to meet 出特色風味產品。
regional market demand.
• Specialty condiment products and others. During the Reporting • 特色調味品及其他。報告期內，本集團特
Period, the Group’s revenue from sales of specialty condiment 色調味品銷售收入為人民幣 2,505.5 百萬
products amounted to RMB2,505.5 million, representing an 元，較去年同期的人民幣2,146.3百萬元，
increase of 16.7% as compared to RMB2,146.3 million in the 增加 16.7%，主要由於我們結合用戶需求
same period of last year, primarily due to the launch of new 推出新產品，如複合醬、調味汁。
products by us based on customer demand, such as compound
sauce and liquid condiments.
Cost of sales 銷售成本
During the Reporting Period, the Group’s cost of sales amounted to 報告期內，本集團的銷售成本為人民幣9,250.4
RMB9,250.4 million, representing an increase of 2.2% as compared 百萬元，較上年同期的人民幣9,051.1百萬元，
to RMB9,051.1 million in the same period of last year, primarily due to 增加2.2%，主要由於產品銷售額增加，部分被
the increase in product sales, which was partially offset by a decrease 原材料價格下降以及生產效率增加所抵銷。
in the prices of raw materials and the improvement in production
efficiency.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Gross profit and gross profit margin 毛利及毛利率
During the Reporting Period, the Group’s gross profit amounted to 報告期內，本集團的毛利為人民幣5,979.5百萬
RMB5,979.5 million, representing an increase of 17.1% as compared 元，較上年同期的人民幣5,104.8百萬元，增加
to RMB5,104.8 million in the same period of last year; the gross profit 17.1%；本期毛利率為39.3%，較上年同期的
margin for the current period was 39.3%, representing an increase 36.1%，提升3.2個百分點，主要由於本期部分
of 3.2 percentage points as compared to 36.1% in the same period 原材料市場價格下降，以及生產環節效率提升。
of last year, primarily due to a decrease in the market prices of some
raw materials, as well as the efficiency improvement in production
process for the current period.
Other revenue 其他收入
During the Reporting Period, the Group’s other revenue amounted to 報告期內，本集團的其他收入為人民幣 333.3
RMB333.3 million, representing a decrease of 8.8% as compared to 百萬元，較上年同期的人民幣 365.6 百萬元，
RMB365.6 million in the same period of last year, primarily due to a 減少 8.8%，主要是利率下降導致利息收入減
decrease in interest income attributed to the decline in interest rates. 少。
Other net income 其他淨收入
During the Reporting Period, the Group’s other net income amounted 報告期內，本集團的其他淨收入為人民幣55.7
to RMB55.7 million, representing a decrease of 51.7% as compared 百萬元，較上年同期的人民幣 115.4 百萬元，
to RMB115.4 million in the same period of last year, primarily due to 減少51.7%，主要由於(i)報告期內按公允價值
(i) a decrease in net fair value changes on other financial assets at 計入損益的其他金融資產公允價值變動淨額減
fair value through profit or loss (“FVPL”) during the Reporting Period, 少，及(ii)報告期內外匯匯兌損失增加。
and (ii) an increase in foreign exchange losses during the Reporting
Period.
Selling and marketing expenses 銷售及營銷開支
During the Reporting Period, the Group’s selling and marketing 報告期內，本集團的銷售及營銷開支為人民幣
expenses amounted to RMB972.0 million, representing an increase 972.0百萬元，較上年同期的人民幣849.5百萬
of 14.4% as compared to RMB849.5 million in the same period 元，增加14.4%，主要由於(i)銷售團隊的銷售
of last year, primarily due to (i) the increase in employee benefit 人員數量有所增加，導致僱員福利開支增加；
expenses, which was attributable to an increase in the number of 及(ii)廣告費增加。
sales personnel of the sales team; and (ii) an increase in advertising
expenses.
佛山市海天調味食品股份有限公司 • 2025 中期報告 25
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Administrative expenses 行政開支
During the Reporting Period, the Group’s administrative expenses 報告期內，本集團的行政開支為人民幣 317.7
amounted to RMB317.7 million, representing an increase of 19.6% 百萬元，較上年同期的人民幣 265.6 百萬元，
as compared to RMB265.6 million in the same period of last year, 增加19.6%，主要由於行政人員人數增加導致
primarily due to an increase in employee benefits expenses as the 僱員福利開支增加。
number of administrative personnel increased.
Research and development costs 研發成本
During the Reporting Period, the Group’s research and development 報告期內，本集團的研發成本為人民幣 411.4
costs amounted to RMB411.4 million, representing an increase of 百萬元，較上年同期的人民幣 380.1 百萬元，
year, primarily due to an increase in raw materials and consumables 耗材增加。
used in the R&D process.
Provision for expected credit losses on trade and 貿易及其他應收款項預期信貸虧損撥
other receivables 備
During the Reporting Period, the Group’s provision for expected 報告期內，本集團貿易及其他應收款項預期信
credit losses on trade and other receivables amounted to RMB1.1 貸虧損撥備為人民幣1.1百萬元，上年同期轉回
million, compared to a reversal of RMB1.2 million in the same period 人民幣1.2百萬元，主要由於部分貿易應收款項
of last year, primarily due to an increase in the balance of some trade 結餘增加。
receivables.
Provision for impairment losses 減值虧損撥備
During the Reporting Period, the Group’s provision for impairment 報告期內，本集團減值虧損撥備為人民幣0.2百
losses amounted to RMB0.2 million, compared to nil in the same 萬元，去年同期為零，主要由於本期對少量存
period of last year, primarily due to the provision for impairment of a 貨計提減值。
small amount of inventories for the current period.
Finance costs 財務成本
During the Reporting Period, the Group’s finance costs amounted 報告期內，本集團財務成本為人民幣14.7 百萬
to RMB14.7 million, representing a decrease of 7.0% as compared 元，較去年同期的人民幣15.8 百萬元，減少
to RMB15.8 million in the same period of last year, primarily due to 7.0%，主要由於借款規模減少，支付的借款利
a decrease in interest paid on borrowings as the borrowing scale 息減少。
reduced.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Income tax 所得稅
During the Reporting Period, the Group’s income tax amounted to 報告期內，本集團的所得稅為人民幣 729.6 百
RMB729.6 million, representing an increase of 19.4% as compared to 萬元，較去年同期的人民幣 611.0 百萬元，增
RMB611.0 million in the same period of last year, primarily due to the 加19.4%，主要由於除稅前利潤增加。
increase in profit before tax.
Profit for the period 期內利潤
As a result of the foregoing, the Group’s profit for the period 由於上文所述，本集團的期內利潤為人民幣
amounted to RMB3,921.8 million, representing an increase of 13.2% 3,921.8 百萬元，較上年同期的人民幣3,465.2
as compared to RMB3,465.2 million in the same period of last year. 百萬元增長13.2%。報告期內本集團淨利率為
The net profit margin of the Group during the Reporting Period 25.8%，較上年同期的 24.5% 提升 1.3 個百分
was 25.8%, representing an increase of 1.3 percentage points as 點。
compared to 24.5% in the same period of last year.
Property, plant and equipment 物業、廠房及設備
As of June 30, 2025, the Group had property, plant and equipment of 截至2025年6月30日，本集團的物業、廠房及
RMB6,647.7 million, representing an increase of 1.8% as compared 設備為人民幣6,647.7百萬元，較2024年12月
to RMB6,533.1 million as of December 31, 2024, primarily due to the 31日的人民幣6,533.1百萬元，增加1.8%，主
addition of production facilities in some production bases. 要由於部分生產基地增加生產設施。
Right-of-use assets 使用權資產
As of June 30, 2025, the Group’s right-of-use assets amounted to 截至2025年6月30日，本集團的使用權資產為
RMB868.1 million, representing a decrease of 1.4% as compared 人民幣868.1百萬元，較2024年12月31日的人
to RMB880.6 million as of December 31, 2024, primarily due to the 民幣880.6 百萬元，減少1.4%，主要由於使用
depreciation of right-of-use assets. 權資產折舊。
Inventories 存貨
As of June 30, 2025, the Group’s inventories amounted to 截至2025年6月30日，本集團的存貨為人民幣
RMB1,733.9 million, representing a decrease of 31.3% as compared 1,733.9百萬元，較2024年12月31日的人民幣
to RMB2,525.3 million as of December 31, 2024, primarily due to 2,525.3百萬元，減少31.3%，主要由於上年末
the increase in inventory reserves at the end of last year to meet the 增加存貨儲備以應對經銷商備貨需求。
stocking needs of distributors.
佛山市海天調味食品股份有限公司 • 2025 中期報告 27
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Trade receivables 貿易應收款項
As of June 30, 2025, the Group’s trade receivables amounted to 截至2025年6月30日，本集團的貿易應收款項
RMB277.3 million, representing an increase of 14.3% as compared 為人民幣277.3百萬元，較2024年12月31日的
to RMB242.6 million as of December 31, 2024, primarily due to the 人民幣 242.6 百萬元，增加 14.3%，主要由於
increase in product sales to a small number of customers to whom 我們向少部分客戶提供信貸期，向此類客戶的
we offer credit terms. 產品銷售增加。
Trade and bills payable 貿易應付款項及應付票據
As of June 30, 2025, the Group’s trade and bills payable amounted to 截至2025年6月30日，本集團的貿易應付款項
RMB3,242.1 million, representing an increase of 66.6% as compared 及應付票據為人民幣3,242.1 百萬元，較2024
to RMB1,946.6 million as of December 31, 2024, primarily due to an 年 12 月 31 日的人民幣 1,946.6 百萬元，增加
increase in bills payable. 66.6%，主要由於應付票據增加。
Liquidity and capital resources 流動資金及資本資源
During the Reporting Period, the Group had cash generated from 報告期內，本集團經營活動所得現金為人民幣
operating activities of RMB1,504.9 million, compared to RMB1,126.8 1,504.9百萬元，去年同期為人民幣1,126.8 百
million in the same period of last year. 萬元。
As of June 30, 2025, the Group had cash and bank deposits of 截至 2025 年 6 月 30 日，本集團的現金及銀行
RMB29,998.7 million, which included time deposits and certificates 存款為人民幣29,998.7 百萬元，包括定期存款
of RMB12,353.7 million, restricted cash of RMB20.6 million and 及存單人民幣12,353.7 百萬元、受限制現金人
cash and cash equivalents of RMB17,624.4 million, representing 民幣20.6 百萬元以及現金及現金等價物人民幣
an increase of 35.7% as compared to RMB22,114.7 million as of 17,624.4 百萬元，較2024 年12 月31 日的人民
December 31, 2024. 幣22,114.7百萬元，增加35.7%。
As of June 30, 2025, the Group had interest-bearing bank loans and 截至 2025 年 6 月 30 日，本集團的有息銀行貸
other borrowings of RMB180.3 million, which included long-term 款及其他借款為人民幣 180.3 百萬元，包括長
borrowings of RMB27 million and short-term borrowings of RMB153.3 期借款人民幣27 百萬元以及短期借款人民幣
million, representing a decrease of 50.2% as compared to RMB361.7 153.3 百萬元，較 2024 年 12 月 31 日的人民幣
million as of December 31, 2024, primarily due to the repayment 361.7百萬元，減少50.2%，主要由於本報告期
of bank loans during the Reporting Period. All borrowings were 內償還銀行貸款。所有借款均以人民幣計值，
denominated in Renminbi, of which borrowings with fixed interest 其中固定利率借款為人民幣 166.4 百萬元。本
rates amounted to RMB166.4 million. The Group did not implement 集團並無實施任何利率對沖政策。
any interest rate hedging policy.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Indebtedness 債務
The indebtedness of the Group included bank loans and other 本集團的債務包括銀行貸款及其他借款以及租
borrowing and lease liabilities. 賃負債。
As of June 30, 2025, the bank loans and lease liabilities in the current 截至 2025 年 6 月 30 日，本集團即期債務中的
indebtedness of the Group were RMB153.3 million and RMB10.4 銀行貸款及租賃負債分別為人民幣 153.3 百萬
million, respectively. As of December 31, 2024, the bank loans 元和人民幣10.4 百萬元，截至2024 年12 月31
and lease liabilities in the current indebtedness of the Group were 日，本集團即期債務中的銀行貸款及租賃負債
RMB309.5 million and RMB14.8 million, respectively. 分別為人民幣309.5 百萬元和人民幣14.8 百萬
元。
As of June 30, 2025, the bank loans and other borrowing and lease 截至2025年6月30日，本集團非即期債務中的
liabilities in the non-current indebtedness of the Group were RMB27 銀行貸款及其他借款以及租賃負債分別為人民
million and RMB27.3 million, respectively. As of December 31, 幣 27 百萬元和人民幣27.3 百萬元，截至2024
non-current indebtedness of the Group were RMB52.2 million and 及其他借款以及租賃負債分別為人民幣52.2 百
RMB28.6 million, respectively. 萬元和人民幣28.6百萬元。
Contingent liabilities 或然負債
The Group did not have any material contingent liabilities as of June 截至2025年6月30日，本集團並無任何重大或
Capital expenditure 資本開支
During the Reporting Period, the capital expenditure of the Group 報告期內，本集團資本開支為人民幣 549.9 百
amounted to RMB549.9 million. The capital expenditure of the Group 萬元。本集團的資本開支包括購買物業、廠房
consisted of payment for purchase of property, plant and equipment, 及設備、使用權資產以及無形資產的付款。
right-of-use assets and intangible assets.
Capital commitments 資本承擔
As of June 30, 2025, the capital commitments of the Group 截至2025年6月30日，本集團資本承擔為人民
amounted to RMB558.1 million, which were mainly contracted for 幣558.1百萬元，主要用於物業、廠房及設備。
property, plant and equipment.
佛山市海天調味食品股份有限公司 • 2025 中期報告 29
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Gearing ratio 資本負債比率
As of June 30, 2025, the gearing ratio (defined as the ratio of dividing 截至 2025 年 6 月 30 日，本集團資本負債比率
total liabilities by total assets as of the same date) of the Group was （定義為負債總額除以截至同日資產總值的比
of December 31, 2024, which was primarily due to the increase in 少7.9%，這主要是由於本集團在報告期內發行
monetary assets resulting from the Group’s fundraising by issuance H 股融資及經營活動現金流帶來的貨幣性資產
of H Shares and cash flow generated from operating activities during 增加所致。
the Reporting Period.
Distributable reserves 可供分派的儲備
As of June 30, 2025, the Group had retained profits of RMB21,830.4 截至2025年6月30日，本集團的保留利潤為人
million, which are available for distribution to its Shareholders. 民幣21,830.4百萬元，可供分派予股東。
Asset mortgages 資產抵押
As of June 30, 2025, the Group did not have any mortgage over its 截至2025年6月30日，本集團並無抵押任何資
assets. 產。
Significant investments, material acquisitions and 重大投資、重大收購和出售
disposals
As of the end of the Reporting Period, the Group had no significant 截至報告期末，本集團未有根據《聯交所上市
investments to be disclosed pursuant to Paragraph 32(4A) of 規則》附錄D2 第32(4A)段須披露的重大投資。
Appendix D2 of the Listing Rules of the Stock Exchange. During the 報告期內，本集團並無重大投資、重大收購
Reporting Period, the Group had no significant investments, material 及 ╱ 或出售子公司、聯營公司及合營企業。
acquisitions and/or disposals of subsidiaries, associates and joint
ventures.
Future plans for material investments and capital 重大投資及資本資產投資的未來計劃
asset investments
As of June 30, 2025, save as disclosed in the “USE OF PROCEEDS” 截至2025 年6 月30 日，除本報告「募集資金使
of this report and the “Future Plans and Use of Proceeds” of the 用情況」及招股章程「未來計劃及所得款項用
Prospectus, the Group had no future plans for material investments 途」所披露者外，本集團並無重大投資及資本
and capital asset investments. 資產投資的未來計劃。
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Employees and remuneration 僱員及薪酬
As of June 30, 2025, the total number of employees of the Group 截至2025年6月30日，本集團正式員工總人數
was 9,006, and the staff costs of the Group during the Reporting 為 9,006 名，報告期內本集團員工成本為人民
Period amounted to RMB1,007.2 million (including salaries, bonuses, 幣1,007.2百萬元（包括工資、獎金、津貼、補
allowances, subsidies, welfare expenses and directors’ emoluments). 貼、福利費、董事酬金）。
Based on the Group’s talent assessment needs, we attract and select 我們依據集團的人才評估需求，通過各類方式
high-quality, skilled talents through various channels and activities. 和活動吸引和選拔高素質、技能型人才，堅持
We adhere to the philosophy of merit-based recruitment, continuously 唯才是舉的用人理念，持續完善人才引進網
improve our talent introduction network, and continuously optimize 絡，不斷優化招聘管理制度、體系以及流程。
our recruitment management system, framework and processes.
We consistently uphold the philosophy that “talent drives 我們始終貫徹「人才是發展的源動力」的理念，
development,” continuously upgrading and iterating our talent 不斷升級迭代人才培育模式、提升人才培育質
cultivation model and improving the quality of talent cultivation. 量。內部以業務和人才為中心，定制化提供各
Internally, focusing on business and talents, we provide various 類人才培養賦能產品，形成前中後完整閉環等
talent training and empowerment products in a customized manner. 多種教學模式，實現培訓效果轉化，達到學習
We have developed various teaching models such as a closed-loop 質量效率雙贏。
training system covering pre-, in-progress, and post-phases, so as
to realize the transformation of training effect and achieve a win-win
situation in learning quality and efficiency.
We implement competitive talent compensation and benefits policies 我們實施具有市場競爭力的人才薪酬福利政
and consistently adhere to the compensation philosophy of “high 策，始終堅持「高薪、高效、高責」的薪酬理
remuneration, high efficiency, high responsibility”. To promote the 念。為促進員工與集團共同發展，我們實施員
joint development of employees and the Group, we implement 工持股計劃等激勵項目，持續構建能激發組織
incentive programs such as the Employee Stock Ownership Scheme 和員工活力及創造力的激勵體系。
and continue to build an incentive system that can ignite the vitality
and creativity of the organization and the employees.
佛山市海天調味食品股份有限公司 • 2025 中期報告 31
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
RISK FACTORS 風險因素
Food quality must be a top priority for any food processing 無論是考慮國家和國內消費者對食品安全
company. This holds true whether considering the increased 的關注度提升，還是國際業務所帶來更為
concern for food safety from the PRC government and domestic 多樣的市場監管環境，食品質量均應為食
consumers, or the more diverse regulatory environment brought 品加工企業的重中之重。本集團始終嚴格
about by international business. The Group has always strictly 在各個經營環節執行質量控制，尤其關注
implemented quality control in all aspects of operation, especially 技術突破和應用帶來的質量水平躍升，將
focusing on the quality advancements driven by technological 食品質量安全控制作為本集團的核心工作。
breakthroughs and applications, and regards food quality and
safety control as the core work of the Group.
The production and sale of condiments depend on a stable and 調味品的生產銷售依賴於穩定充足的優質
sufficient supply of high-quality raw materials. The prices of 原材料供應。農產品的價格可能受市場供
agricultural products are subject to volatility due to market supply 求、氣候環境條件等多方面因素的影響，
and demand, climate, environmental conditions and other factors. 從而產生波動。本集團採購團隊每年根據
The Group’s procurement team formulates procurement plans 銷售預測和預期價格波動提前制定採購計
in advance on an annual basis based on sales projections and 劃，但如原材料價格上漲較大，將可能對
anticipated price fluctuation. However, significant increases in raw 本集團產品毛利率水平帶來一定影響。
material prices could potentially impact our products’ gross profit
margins.
Although the condiments industry has a certain anti-cyclical 雖調味品產業具有一定的抗週期能力，但
ability, it is susceptible to factors such as the prosperity and 易受餐飲行業景氣度和復甦情況等因素影
recovery of the catering industry, and the growth rate of mass 響，大眾消費品增速不排除面臨下行風
consumer goods may be subject to downside risk. But on the 險。但另一方面，此項風險同時也有利於
other hand, this risk also presents an opportunity to promote 推動行業整合。
industry consolidation.
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
With the increasing number of companies in the condiments 隨著調味品市場企業日益增多，銷售渠道
market, sales channels and models are gradually diversified and 和模式逐漸多元化、碎片化，行業競爭不
fragmented, and industry competition continues to intensify. 斷加劇。在此過程中，可能存在同質化競
In this process, there may be potential risks brought by 爭、無序競爭帶來的潛在風險。為此，本
homogeneous and disorderly competition. In response, the Group 集團堅持追求為用戶提供高質價比產品，
is committed to providing users with value-for-money products, 不斷提升運營能力和效率，滿足不同用戶
continuously improving its operational capabilities and efficiency, 群體需求。
and meeting the needs of different user groups.
Through long-term development and business accumulation, the 本集團經過長期發展和業務積累，已經形
Group has built a stable R&D team and accumulated a number 成穩定的研發團隊並積累多項核心技術。
of core technologies. As its business continues to expand, the 隨著業務不斷擴張，本集團對技術研發人
Group’s demand for technical R&D talents will inevitably increase, 才的需求必然加大，因此可能面臨技術人
and it may therefore face the risk of insufficient technical talent. 才不足的風險。
Foreign currency risk arises from business transactions or 外匯風險來自外幣（即交易相關經營業務的
recognized assets and liabilities that are denominated in foreign 功能貨幣以外的貨幣）計值的商業交易或已
currencies, i.e. currencies other than the functional currency of 確認的資產及負債。本集團產生此風險的
the operations to which the transactions relate. In terms of the 貨幣主要為美元、歐元、港元及人民幣。
Group, the currencies giving rise to this risk are primarily USD, 本集團持續跟蹤匯率波動，並在必要時運
Euros, HKD and RMB. The Group keeps track of the fluctuations 用適當的金融工具進行對沖，以降低外匯
in foreign exchange rates and utilizes appropriate financial 風險。
instruments for hedging purposes when necessary to mitigate
foreign currency risk.
佛山市海天調味食品股份有限公司 • 2025 中期報告 33
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
SIGNIFICANT EVENTS AFTER THE 報告期後的重大事項
REPORTING PERIOD
On July 21, 2025, due to the partial exercise of the over-allotment 於2025年7月21日，由於首次公開發售整體協
option by the overall coordinators of the initial public offering, the 調人部分行使超額配股權，公司按發售價每股
Company over-allotted and issued 12,192,700 H Shares, with an 36.30 港元超額配售發行H股12,192,700 股，
offer price of HK$36.30 per share. The Company received additional 因超額配股權獲行使而收取的額外所得款項淨
net proceeds equivalent to approximately RMB398 million pursuant to 額折合約人民幣398百萬元。
the exercise of the over-allotment option.
OUTLOOK 未來展望
“Quality first” is Haitian’s core competitiveness. Consistent focus 「以品質為本」是海天的核心競爭力。本集團數
on product quality and consumer value underpins the Group’s 十載保持行業領先地位，始終堅持對產品品質
industry-leading position for decades. In line with responsible 與消費者價值的關注。與ESG負責任商業實踐
business practices in terms of ESG, the Group will adhere to the 相契合，本集團將秉持推動行業進步的理念，
concept of promoting industry progress, focus on technological 將重心放在技術創新和產品升級上，堅持打造
innovation and product upgrades, and insist on creating 高質價比的產品。隨著上半年國家擴大內需戰
value-for-money products. With the gradual implementation and 略的逐步實施和發力，我們將用好自身優勢，
acceleration of the national strategy to expand domestic demand in 為把握新的增長機遇打好基礎。
the first half of the year, we will leverage our own strengths to lay a
solid foundation for seizing new growth opportunities.
On June 19, 2025, the Company was successfully listed on the 2025 年 6 月 19 日，公司在香港聯合交易所主
Main Board of the Hong Kong Stock Exchange, ushering in a new 板成功掛牌上市，打開本集團全球化新發展篇
chapter of global development for our Group. We will maintain our 章。我們將繼續保持戰略定力，堅持為用戶提
strategic focus, remain committed to providing high-quality products 供優質產品，爭取更高質量的增長，打造「東
to consumers, and strive for higher-quality growth, to develop global 方味道」的全球影響力。
influence of “Eastern flavouring”.
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
DIRECTORS’, SUPERVISORS’ AND 董事、監事及最高行政人員於
CHIEF EXECUTIVE’S INTERESTS 本公司及其相聯法團的股份及
AND SHORT POSITIONS IN THE 相關股份及債權證中擁有的權
SHARES, UNDERLYING SHARES AND 益及淡倉
DEBENTURES OF THE COMPANY AND
ITS ASSOCIATED CORPORATIONS
As of the end of the Reporting Period, the following directors, 截至報告期末，下列董事、監事或最高行政人
supervisors or chief executive had interests or short positions in 員於本公司及其相聯法團（定義見《證券及期貨
the shares, underlying shares and debentures of the Company and 條例》第 XV 部）的股份、相關股份及債權證中
its associated corporations (within the meaning of Part XV of the 擁有根據《證券及期貨條例》第XV部第7 及第8
SFO) which were required to be notified to the Company and the 分部須知會本公司及聯交所的任何權益或淡倉
Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO （包括根據《證券及期貨條例》的有關條文被當
(including interests and short positions which they were taken or 作或視為擁有的權益及淡倉），或根據《證券及
deemed to have under such provisions of the SFO) or which were 期貨條例》第352條須記入該條所述登記冊或根
required, pursuant to Section 352 of the SFO, to be recorded in the 據《聯交所上市規則》標準守則須知會本公司及
register referred to therein, or which were required to be notified to 聯交所的權益或淡倉：
the Company and the Stock Exchange pursuant to the Model Code
of the Listing Rules of the Stock Exchange:
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company
直接及間接 在本公司有關股本類別中 在本公司股本總額中
姓名 權益性質 股份類別 好倉╱淡倉 持有股份的數目 所佔股權的概約百分比 所佔股權的概約百分比
Ms. Cheng Interest in controlled corporation(2) A Shares Long positions 3,256,290,675
程女士 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 176,365,478
實益擁有人 A股 好倉
Mr. Guan Interest in controlled corporation (2)
A Shares Long positions 3,256,290,675
管先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 15,409,690
實益擁有人 A股 好倉
Interest of spouse(3) A Shares Long positions 18,312,589
配偶權益 (3) A股 好倉
Mr. Wen Interest in controlled corporation (2)
A Shares Long positions 3,256,290,675
文先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 8,885,967
實益擁有人 A股 好倉
佛山市海天調味食品股份有限公司 • 2025 中期報告 35
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company
直接及間接 在本公司有關股本類別中 在本公司股本總額中
姓名 權益性質 股份類別 好倉╱淡倉 持有股份的數目 所佔股權的概約百分比 所佔股權的概約百分比
Mr. Liao Interest in controlled corporation(2) A Shares Long positions 3,256,290,675
廖先生 受控法團權益 (2)
A股 好倉
Beneficial owner A Shares Long positions 1,538,323
實益擁有人 A股 好倉
Mr. Huang Wenbiao Beneficial owner A Shares Long positions 28,984,921 0.52% 0.50%
黃文彪先生 實益擁有人 A股 好倉
Mr. Ding Bangqing Interest of spouse(4) A Shares Long positions 180,000 0.003% 0.003%
丁邦清先生 配偶權益 (4) A股 好倉
Notes: 附註：
(1) As of the end of the Reporting Period, the total number of shares of the (1) 截 至 報 告 期 末 ， 本 公 司 股 份 總 數 為
Company amounted to 5,839,632,244 shares, comprising 5,560,600,544 5,839,632,244股，其中包括A股5,560,600,544
A Shares and 279,031,700 H Shares. 股及H股279,031,700股。
(2) As of the end of the Reporting Period, Guangdong Haitian directly held (2) 截 至 報 告 期 末 ， 廣 東 海 天 直 接 持 有
owned subsidiary, Foshan Haipeng Trade Development Co., Ltd. (佛山 山市海鵬貿易發展有限公司持有6,492,001 股A
市海鵬貿易發展有限公司). Pursuant to a concert party agreement dated 股。根據日期為2023年12月27日的一致行動協
December 27, 2023, Guangdong Haitian was controlled by Mr. Pang, Ms. 議，廣東海天由龐先生、程女士、管先生、陳先
Cheng, Mr. Guan, Mr. Chen, Mr. Wen and Mr. Liao (the “Concert Party 生、文先生及廖先生（「一致行動人士集團」）合
Group”) as to 73.59% interest in total (with Mr. Pang, Ms. Cheng, Mr. 共擁有 73.59%的權益（其中龐先生、程女士、
Guan, Mr. Chen, Mr. Wen and Mr. Liao having approximately 50.63%, 管先生、陳先生、文先生及廖先生分別擁有廣
spouse), 1.17%, 1.11% and 0.62% interests in Guangdong Haitian, 生的配偶持有的1.79%股權）、1.17%、1.11%
respectively). Please refer to the section headed “Relationship with our 及 0.62% 的權益）。請參閱招股章程「與控股股
Controlling Shareholders” in the Prospectus. Guangdong Haitian will be 東的關係」一節。廣東海天將被視為於佛山市海
deemed to be interested in the A Shares held by Foshan Haipeng Trade 鵬貿易發展有限公司持有的A股中擁有權益。龐
Development Co., Ltd. Mr. Pang, Ms. Cheng, Mr. Guan, Mr. Chen, Mr. 先生、程女士、管先生、陳先生、文先生及廖先
Wen and Mr. Liao were deemed to be interested in the A Shares held by 生被視為於廣東海天及佛山市海鵬貿易發展有限
Guangdong Haitian and Foshan Haipeng Trade Development Co., Ltd. 公司持有的A股中擁有權益。本公司回購專用證
There were 10,289,491 A Shares repurchased and held in the Company’s 券賬戶回購並持有10,289,491股A股。於本公司
designated security account for repurchase. The Controlling Shareholders 股東大會上控制三分之一以上投票權的控股股東
who control more than one-third of the voting power at the general 將被視為於本公司持有的該等購回A股中擁有權
meetings of the Company would be taken to have an interest in such 益。
repurchased A Shares held by the Company.
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
(3) As of the end of the Reporting Period, the spouse of Mr. Guan held (3) 截至報告期末，管先生的配偶持有18,312,589
Shares held by his spouse. 有權益。
(4) As of the end of the Reporting Period, the spouse of Mr. Ding Bangqing (4) 截至報告期末，丁邦清先生的配偶持有180,000
held 180,000 A Shares and Mr. Ding Bangqing was deemed to be 股A股，丁邦清先生被視為於其配偶持有的A股
interested in the A Shares held by his spouse. 中擁有權益。
Interests in the Associated Corporation 於相聯法團的權益
Approximate
Name of the Long/short Number of percentage of
Name associated corporation Nature of interest positions shares held interest
姓名 相聯法團名稱 權益性質 好倉╱淡倉 所持股份數目 概約權益百分比
Ms. Cheng Guangdong Haitian Group Co., Ltd. Beneficial owner Long positions 141,261,848
程女士 廣東海天集團股份有限公司 實益擁有人 好倉
Interests held jointly with another person(1) Long positions 478,203,440
(1)
與另一人共同持有權益 好倉
Mr. Guan Guangdong Haitian Group Co., Ltd. Beneficial owner Long positions 12,480,000
管先生 廣東海天集團股份有限公司 實益擁有人 好倉
Interests held jointly with another person(1) Long positions 591,905,288
(1)
與另一人共同持有權益 好倉
Interest of spouse Long positions 15,080,000
配偶權益 好倉
Mr. Wen Guangdong Haitian Group Co., Ltd. Beneficial owner Long positions 9,360,000
文先生 廣東海天集團股份有限公司 實益擁有人 好倉
Interests held jointly with another person(1) Long positions 610,105,288
與另一人共同持有權益 (1) 好倉
Mr. Liao Guangdong Haitian Group Co., Ltd. Beneficial owner Long positions 5,200,000
廖先生 廣東海天集團股份有限公司 實益擁有人 好倉
Interests held jointly with another person(1) Long positions 614,265,288
與另一人共同持有權益 (1) 好倉
Mr. Huang Wenbiao Guangdong Haitian Group Co., Ltd. Beneficial owner Long positions 23,823,696 2.83%
黃文彪先生 廣東海天集團股份有限公司 實益擁有人 好倉
佛山市海天調味食品股份有限公司 • 2025 中期報告 37
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Note: 附註：
(1) As of the end of the Reporting Period, pursuant to a concert party (1) 截至報告期末，根據日期為2023年12月27日的
agreement dated December 27, 2023, Guangdong Haitian was controlled 一致行動協議，廣東海天由一致行動人士集團合
by the Concert Party Group as to 73.59% interest in total (with Mr. 共擁有 73.59%的權益（其中龐先生、程女士、
Pang, Ms. Cheng, Mr. Guan, Mr. Chen, Mr. Wen and Mr. Liao having 管先生、陳先生、文先生及廖先生分別擁有廣東
approximately 50.63%, 16.78%, 3.27% (including 1.79% equity interest 海天約50.63%、16.78%、3.27%（包括管先生
held by Mr. Guan’s spouse), 1.17%, 1.11% and 0.62% interests in 的配偶持有的1.79%股權）、1.17%、1.11%及
Guangdong Haitian, respectively). Please refer to the section headed 0.62% 的權益）。請參閱招股章程「與控股股東
“Relationship with our Controlling Shareholders” in the Prospectus. 的關係」一節。
Save as disclosed above, as of the end of the Reporting Period, 除上文所披露者外，截至報告期末，概無本公
none of the directors, supervisors or chief executive of the Company 司董事、監事或最高行政人員於本公司或其相
had, or were deemed to have, any interests and short positions in 聯法團（定義見《證券及期貨條例》第XV部）的
the shares, underlying shares and debentures of the Company or 股份、相關股份及債權證中擁有或被視為擁有
its associated corporations (within the meaning of Part XV of the 根據《證券及期貨條例》第XV部第7 及第8 分部
SFO) which were required to be notified to the Company and the 須知會本公司及聯交所的權益及淡倉（包括根
Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the 據《證券及期貨條例》有關條文被當作或視為擁
SFO (including interests and short positions which they were taken 有的權益及淡倉），或根據《證券及期貨條例》
or deemed to have under such provisions of the SFO) or interests 第352條須記入該條所述登記冊或根據《聯交所
or short positions which were required, pursuant to Section 352 of 上市規則》標準守則須知會本公司及聯交所的
the SFO, to be recorded in the register referred to therein, or which 權益或淡倉。
were required to be notified to the Company and the Stock Exchange
pursuant to Model Code of the Listing Rules of the Stock Exchange.
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
SUBSTANTIAL SHAREHOLDERS’ 主要股東於股份及相關股份中
INTERESTS AND SHORT POSITIONS 的權益及淡倉
IN THE SHARES AND UNDERLYING
SHARES
As of the end of the Reporting Period, to the best of the Company’s 截至報告期末，就本公司合理査詢後所知，以
knowledge after reasonable inquiry, the following persons had 下人士於本公司股份或相關股份中，擁有根據
interests or short positions in the Company’s shares or underlying 《證券及期貨條例》第XV部第2 及3 分部須向本
shares that were required to be disclosed to the Company and the 公司及聯交所披露並根據《證券及期貨條例》第
Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the 336 條記錄於本公司須備存的登記冊內的權益
SFO, and recorded in the register that the Company was required to 或淡倉：
maintain under Section 336 of the SFO:
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company
直接及間接 在本公司有關股本類別中 在本公司股本總額中
姓名╱名稱 權益性質 股份類別 好倉╱淡倉 持有股份的數目 所佔股權的概約百分比 所佔股權的概約百分比
Guangdong Haitian Beneficial owner A Shares Long positions 3,239,509,183
廣東海天 實益擁有人 A股 好倉
Interest in controlled corporation(2) A Shares Long positions 16,781,492
受控法團權益 (2)
A股 好倉
Mr. Pang Interest in controlled corporation(2) A Shares Long positions 3,256,290,675
龐先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 532,115,177
實益擁有人 A股 好倉
Ms. Cheng Interest in controlled corporation(2) A Shares Long positions 3,256,290,675
程女士 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 176,365,478
實益擁有人 A股 好倉
Mr. Guan Interest in controlled corporation(2) A Shares Long positions 3,256,290,675
管先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 15,409,690
實益擁有人 A股 好倉
Interest of spouse(3) A Shares Long positions 18,312,589
配偶權益 (3)
A股 好倉
佛山市海天調味食品股份有限公司 • 2025 中期報告 39
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company
直接及間接 在本公司有關股本類別中 在本公司股本總額中
姓名╱名稱 權益性質 股份類別 好倉╱淡倉 持有股份的數目 所佔股權的概約百分比 所佔股權的概約百分比
Mr. Chen Interest in controlled corporation(2) A Shares Long positions 3,256,290,675
陳先生 受控法團權益 (2)
A股 好倉
Beneficial owner A Shares Long positions 11,762,384
實益擁有人 A股 好倉
Mr. Wen Interest in controlled corporation (2)
A Shares Long positions 3,256,290,675
文先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 8,885,967
實益擁有人 A股 好倉
Mr. Liao Interest in controlled corporation (2)
A Shares Long positions 3,256,290,675
廖先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 1,538,323
實益擁有人 A股 好倉
HHLR Advisors, Ltd. Investment manager H Shares Long positions 99,385,600 35.62% 1.70%
投資經理 H股 好倉
HHLR Fund, L.P. Beneficial owner H Shares Long positions 60,349,100 21.63% 1.03%
實益擁有人 H股 好倉
China International Interest in controlled corporation(4) H Shares Long positions 51,662,878 18.52% 0.88%
Capital Corporation 受控法團權益 (4) H股 好倉
(International) H Shares Short positions 42,120,700 15.10% 0.72%
Limited H股 淡倉
China International Interest in controlled corporation(4) H Shares Long positions 51,662,878 18.52% 0.88%
Capital Corporation 受控法團權益 (4) H股 好倉
Limited Interest in controlled corporation(4) H Shares Short positions 41,854,700
受控法團權益 (4) H股 淡倉
Beneficial owner H Shares Short positions 266,000
實益擁有人 H股 淡倉
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company
直接及間接 在本公司有關股本類別中 在本公司股本總額中
姓名╱名稱 權益性質 股份類別 好倉╱淡倉 持有股份的數目 所佔股權的概約百分比 所佔股權的概約百分比
China International Underwriter H Shares Long positions 30,482,778
Capital Corporation 承銷商 H股 好倉
Hong Kong Beneficial owner H Shares Long positions 20,914,100
Securities Limited 實益擁有人 H股 好倉
Underwriter H Shares Short positions 41,854,700 15.00% 0.72%
承銷商 H股 淡倉
GIC Private Limited Investment manager H Shares Long positions 27,995,000 10.03% 0.48%
投資經理 H股 好倉
TF-B, L.P. Beneficial owner H Shares Long positions 14,325,800 5.13% 0.25%
實益擁有人 H股 好倉
Notes: 附註：
(1) As of the end of the Reporting Period, the total number of shares of the (1) 截 至 報 告 期 末 ， 本 公 司 股 份 總 數 為
Company amounted to 5,839,632,244 shares, comprising 279,031,700 H 5,839,632,244 股，其中包括H股279,031,700
Shares and 5,560,600,544 A Shares. 股及A股5,560,600,544股。
(2) As of the end of the Reporting Period, Guangdong Haitian directly held (2) 截 至 報 告 期 末 ， 廣 東 海 天 直 接 持 有
owned subsidiary, Foshan Haipeng Trade Development Co., Ltd. Pursuant 山市海鵬貿易發展有限公司持有 6,492,001 股
to a concert party agreement dated December 27, 2023, Guangdong A股。根據日期為2023 年12 月27 日的一致行
Haitian was controlled by the Concert Party Group as to 73.59% interest 動協議，廣東海天由一致行動人士集團合共擁
in total (with Mr. Pang, Ms. Cheng, Mr. Guan, Mr. Chen, Mr. Wen and 有73.59% 的權益（其中龐先生、程女士、管先
Mr. Liao having approximately 50.63%, 16.78%, 3.27% (including 生、陳先生、文先生及廖先生分別擁有廣東海
section headed “Relationship with our Controlling Shareholders” in the 0.62% 的權益）。請參閱招股章程「與控股股東
Prospectus. Guangdong Haitian will be deemed to be interested in the A 的關係」一節。廣東海天將被視為於佛山市海鵬
Shares held by Foshan Haipeng Trade Development Co., Ltd. Mr. Pang, 貿易發展有限公司持有的A股中擁有權益。龐先
Ms. Cheng, Mr. Guan, Mr. Chen, Mr. Wen and Mr. Liao were deemed 生、程女士、管先生、陳先生、文先生及廖先生
to be interested in the A Shares held by Guangdong Haitian and Foshan 被視為於廣東海天及佛山市海鵬貿易發展有限公
Haipeng Trade Development Co., Ltd. There were 10,289,491 A Shares 司持有的A股中擁有權益。本公司回購專用證券
repurchased and held in the Company’s designated security account for 賬戶回購並持有10,289,491股A股。於本公司股
repurchase. The Controlling Shareholders who control more than one- 東大會上控制三分之一以上投票權的控股股東
third of the voting power at the general meetings of the Company would 將被視為於本公司持有的該等購回A股中擁有權
be taken to have an interest in such repurchased A Shares held by the 益。
Company.
佛山市海天調味食品股份有限公司 • 2025 中期報告 41
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
(3) As of the end of the Reporting Period, the spouse of Mr. Guan held (3) 截至報告期末，管先生的配偶持有18,312,589
Shares held by his spouse. 有權益。
(4) China International Capital Corporation Hong Kong Securities Limited (4) China International Capital Corporation Hong
directly held interests in long positions of 51,396,878 H Shares and Kong Securities Limited直接持有51,396,878
short positions of 41,854,700 H Shares. CICC Financial Tradings 股H股好倉權益及41,854,700 股H股淡倉權
Limited directly held interests in long positions of 266,000 H Shares 益。CICC Financial Tradings Limited直接持
and short positions of 266,000 H Shares. CICC Financial Tradings 有266,000 股H股好倉權益及266,000 股H股淡
Limited was wholly owned by CICC Financial Holdings Limited, while 倉權益。CICC Financial Tradings Limited由
China International Capital Corporation Hong Kong Securities Limited CICC Financial Holdings Limited全資持有，而
and CICC Financial Holdings Limited were wholly owned by China China International Capital Corporation Hong
International Capital Corporation (International) Limited. China International Kong Securities Limited 及 CICC Financial
Capital Corporation (International) Limited was wholly owned by China Holdings Limited由China International Capital
International Capital Corporation Limited. Therefore, China International Corporation (International) Limited 全資持
Capital Corporation (International) Limited and China International Capital 有。China International Capital Corporation
Corporation Limited were deemed to have interests in the interests (International) Limited由China International
held by the aforementioned companies. Among them, long positions C a p i t a l C o r p o r a t i o n L i m i t e d 全資持有。因
of 30,482,778 H Shares and short positions of 41,854,700 H Shares 此，China International Capital Corporation
involved derivative interests, which were classified as non-listed derivative (International) Limited及China International
instruments physically settled; short positions of 266,000 H Shares Capital Corporation Limited被視為於前述公司
involved derivative interests, which were classified as non-listed derivative 持有的權益中擁有權益。其中，30,482,778股H
instruments settled in cash. 股好倉及41,854,700股H股淡倉涉及衍生權益，
類別為以實物交收的非上市衍生工具；266,000
股H股淡倉涉及衍生權益，類別為以現金交收的
非上市衍生工具。
(5) The information above is based on the information from the Disclosure (5) 以上信息乃基於聯交所線上權益披露系統信息。
of Interests Online System of the Stock Exchange. Pursuant to Part XV 根據《證券及期貨條例》第XV部，公司股東須在
of the SFO, a company’s shareholders are required to file a disclosure 若干條件達成的情況下，向聯交所呈交權益披露
of interests form with the Stock Exchange when certain conditions are 表格。如股東於本公司的持股量變更但有關條件
met. If a Shareholder’s shareholding in the Company changes but the 並未達成，則股東無須知會本公司及聯交所，因
relevant conditions are not met, the Shareholder is not required to inform 此，股東向聯交所呈交的持股量可能與其對本公
the Company and the Stock Exchange. As a result, the shareholding filed 司的實際持股量不同。
by a Shareholder with the Stock Exchange may differ from his/her actual
shareholding in the Company.
Save as disclosed above, as of the end of the Reporting Period, 除上文披露者外，截至報告期末，本公司並不
the Company was not aware of any other person who had interests 知悉任何其他人士於本公司股份或相關股份
or short positions in the Company’s shares or underlying shares 中，擁有根據《證券及期貨條例》第XV部第2及
that were required to be disclosed to the Company and the Stock 3分部須向本公司及聯交所披露並根據《證券及
Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO, and 期貨條例》第336條記錄於本公司須備存的登記
recorded in the register that the Company was required to maintain 冊內的權益或淡倉。
under Section 336 of the SFO.
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
PURCHASE, SALE OR REDEMPTION OF 購買、出售或贖回本公司上市
THE COMPANY’S LISTED SECURITIES 證券
Save as otherwise disclosed in this report, from the Listing Date 除本報告另有披露外，自上市日期起至報告期
and up to the end of the Reporting Period, neither the Company 末本公司及其任何子公司概無購買、出售或贖
nor any of its subsidiaries purchased, sold or redeemed any of the 回本公司之任何上市證券（包括出售庫存股份
Company’s listed securities (including the sale of treasury shares (as （具有《聯交所上市規則》下的涵義））。截至報
defined under the Listing Rules of the Stock Exchange)). As of the 告期末，本公司持有10,289,491股庫存股份，
end of the Reporting Period, the Company held 10,289,491 treasury 將用作員工持股計劃。該等庫存股份均為A股。
shares, which would be used for employee stock ownership scheme.
All of these treasury shares were A Shares.
COMPLIANCE WITH THE MODEL 遵守有關證券交易的標準守則
CODE REGARDING SECURITIES
TRANSACTIONS
The Company has adopted the Model Code for Securities 本公司已採納《聯交所上市規則》附錄 C3 所載
Transactions by Directors of Listed Issuers as set out in Appendix 的《上市發行人董事進行證券交易的標準守則》
C3 to the Listing Rules of the Stock Exchange (the “Model Code”). （「標準守則」）。經本公司作出特定查詢後，所
After specific inquiries by the Company, all directors and supervisors 有董事及監事確認彼等自上市日期起至報告期
confirmed that they had complied with the requirements of the Model 末已遵守標準守則規定的有關董事及監事證券
Code regarding securities transactions by directors and supervisors 交易的要求。
from the Listing Date and up to the end of the Reporting Period.
SHARE SCHEME 股份計劃
The Company adopted the 2024-2028 employee stock ownership 本公司於2024 年9 月19 日採納2024 年 －2028
scheme (the “A Share Employee Stock Ownership Scheme”) on 年員工持股計劃（「A股員工持股計劃」），截至
September 19, 2024. As of the Latest Practicable Date, no awards 最後實際可行日期尚未根據 A 股員工持股計劃
have been granted under the A Share Employee Stock Ownership 授出任何獎勵。A 股員工持股計劃不涉及本公
Scheme. The A Share Employee Stock Ownership Scheme does 司發行新股。有關 A 股員工持股計劃的進一步
not involve issue of new shares by the Company. For further details 詳情，請參閱招股章程「法定及一般資料 －D.
on the A Share Employee Stock Ownership Scheme, please refer to A股員工持股計劃」一節。
the section headed “Statutory and General Information – D. A Share
Employee Stock Ownership Scheme” in the Prospectus.
佛山市海天調味食品股份有限公司 • 2025 中期報告 43
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
COMPLIANCE WITH THE CORPORATE 遵守《企業管治守則》
GOVERNANCE CODE
The Company is committed to achieving high standards of corporate 公司致力達致高水平的企業管治，以保障股東
governance with a view to safeguarding the interests of the 利益。公司已自上市日期起採納《聯交所上市
Shareholders. The Company has adopted the code provisions of the 規則》附錄C1第二部分所載的《企業管治守則》
Corporate Governance Code set out in Part 2 of Appendix C1 of the （「《企業管治守則》」）的守則條文作為本公司企
Listing Rules of the Stock Exchange (the “Corporate Governance 業管治常規的基準。本公司自上市日期起至報
Code”) as the basis for its corporate governance practices since its 告期末已遵守《企業管治守則》載列的適用守則
Listing Date. The Company has complied with the applicable code 條文。
provisions set out in the Corporate Governance Code from the Listing
Date and up to the end of the Reporting Period.
INTERIM DIVIDEND 中期股息
As of the end of the Reporting Period, undistributed profit of the 截至報告期末，母公司未分配利潤為人民幣
parent company amounted to RMB7,061,467,368.50. The Company 7,061,467,368.50 元。公司擬採用現金分紅
proposed to distribute 2025 interim dividend to Shareholders in cash 的方式向股東派發2025 年中期股利（「2025 年
dividends totaling RMB1,518,799,217.78 (tax inclusive) (the “2025 中 期 股 利 」）， 擬 派 發 現 金 股 利 總 額 為 人 民 幣
Interim Dividend”). Based on 5,841,535,453 shares entitled to 1,518,799,217.78 元（含稅）。以公司截至董
cash dividends (calculated by deducting 10,289,491 shares held in 事會審議通過中期利潤分配方案時的股份總數
the designated security account for repurchase from the Company’s 5,851,824,944 股，扣除回購專用證券賬戶中
total shares of 5,851,824,944 shares as of the date on which the 股份數量10,289,491股，計算擬派發現金紅利
interim profit distribution proposal was considered and approved 的股本基數為5,841,535,453 股，每10 股派發
by the Board), the Company proposed to distribute cash dividends 現金股利人民幣2.60元（含稅）。若公司總股本
of RMB2.60 (tax inclusive) for every 10 shares. In the event of any 在實施權益分派的記錄日前發生變化，公司擬
change in the Company’s total share capital before the record 維持分配總額不變，相應調整每股分配比例。
date for the implementation of the equity distribution, the Company 現金股利以人民幣計值和宣佈，以人民幣向 A
intends to maintain the total amount of distribution unchanged and 股股東支付，以港幣向 H 股股東支付。港幣實
adjust the distribution ratio per share accordingly. Cash dividends 際派發金額以公司董事會審議通過中期利潤分
will be denominated and declared in RMB, and will be paid to A 配方案前一週中國人民銀行每日公佈港幣兌人
Shareholders in RMB and to H Shareholders in HKD. The actual 民幣中間價的平均價（即人民幣0.912136 元兌
distribution amount in HKD shall be calculated with reference to 1.00 港元）計算，即每10 股派發現金股利港幣
the average of the central parity rate of HKD against RMB (i.e. 2.850452元（含稅）。
RMB0.912136=HKD1.00) published by the People’s Bank of China
every day during the one week prior to the Company’s Board of
Directors considering and approving the interim profit distribution
proposal, namely a cash dividend of HKD2.850452 (tax inclusive) for
every 10 shares.
The Company will pay the 2025 Interim Dividend on Thursday, 公司將於2025年10月23日（星期四）向於2025
October 23, 2025 to Shareholders whose names appear on the H 年9 月23 日（星期二）名列本公司H股股東名冊
Share register of the Company on Tuesday, September 23, 2025. 的股東派發2025年中期股利。
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
CLOSURE OF REGISTER OF MEMBERS 暫停辦理股份過戶登記手續
The Company proposes to hold its 2025 first extraordinary general 公司擬於2025 年9 月25 日（星期四）舉行2025
meeting on Thursday, September 25, 2025 to discuss, among other 年第一次臨時股東大會，以審議（其中包括）
things, amendments to the Articles of Association, amendments to 修 訂《 公 司 章 程 》、 修 訂 部 分 公 司 治 理 政 策 及
certain corporate governance policies as well as the 2025 A Share 2025 年A股員工持股計劃及相關事宜。為釐定
employee stock ownership scheme and related matters. In order H股持有人獲取2025年中期股利及出席2025年
to determine the entitlement of H Shareholders to the 2025 Interim 第一次臨時股東大會的資格，公司將於2025年
Dividend and the eligibility for attending the 2025 first extraordinary 9月18日（星期四）至2025年9月25日（星期四）
general meeting, the register of members of H Shares of the Company （包括首尾兩天）暫停辦理H股股份過戶登記手
will be closed from Thursday, September 18, 2025 to Thursday, 續。凡於2025年9月23日（星期二）名列公司H
September 25, 2025 (both days inclusive), during which period no 股股東名冊的股東將均有權收取2025年中期股
registration of H Shares will be effected. All Shareholders whose 利及出席2025年第一次臨時股東大會。為符合
names appear on the H Share register of the Company on Tuesday, 資格，公司H股持有人須不遲於2025 年9 月17
September 23, 2025 shall be entitled to the 2025 Interim Dividend 日（星期三）下午4時30分或之前將所有過戶文
and to attend the 2025 first extraordinary general meeting. To be 件連同相關股票送達本公司 H股股份過戶登記
eligible, holders of H Shares of the Company must lodge all transfer 處卓佳證券登記有限公司，地址為香港夏愨道
documents, accompanied by the relevant share certificates, with the 16號遠東金融中心17樓。
Company’s H Share registrar, Tricor Investor Services Limited, at 17/
F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, no later
than 4:30 p.m. on Wednesday, September 17, 2025.
TAX IMPLICATIONS 稅務影響
H Shareholders H股股東
(1) Individual Investors (1) 個人投資者
Pursuant to the Notice of the State Administration of Taxation 根據《國家稅務總局關於國稅發[1993]045
on Issues Concerning Individual Income Tax Collection and 號文件廢止後有關個人所得稅徵管問題的
Management after the Repeal of Guo Shui Fa [1993] No. 045 （國稅函 [2011]348 號）的規定，境
通知》
(Guo Shui Han [2011] No. 348) 《國家稅務總局關於國稅發
( 外居民個人股東從境內非外商投資企業在
[1993]045號文件廢止後有關個人所得稅徵管問題的通知》 (國稅函 中國香港發行股票取得的股息紅利所得，
[2011]348號)), dividend and bonus income received by overseas 按照「利息、股息、紅利所得」項目，由扣
resident individual shareholders from holding shares issued in 繳義務人依法代扣代繳個人所得稅。境內
Hong Kong SAR by domestic non-foreign invested enterprises 非外商投資企業在中國香港發行股票，其
shall be subject to the payment of individual income tax 境外居民個人股東根據其居民身份所屬國
according to the item of “interest, dividend and bonus income”, 家與中國簽署的稅收協定及內地和中國香
which shall be withheld by the withholding agents according to 港（中國澳門）間稅收安排的規定，享受相
the law. The overseas resident individual shareholders who hold 關稅收優惠。根據相關稅收協定及稅收安
the shares issued by domestic non-foreign invested enterprises 排規定的相關股息稅率一般為10%，為簡
in Hong Kong SAR are entitled to the relevant preferential tax
treatment pursuant to the provisions in the tax treaties signed
between the countries where they reside and the PRC and the
佛山市海天調味食品股份有限公司 • 2025 中期報告 45
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
tax arrangements between the Mainland China and Hong Kong 化稅收徵管，在中國香港發行股票的境內
SAR (Macau SAR). The relevant dividend tax rate under the 非外商投資企業派發股息紅利時，一般可
relevant tax treaties and tax arrangements is generally 10%. For 按10%稅率扣繳個人所得稅，無需辦理申
the purpose of simplifying tax administration, domestic non- 請事宜。對股息稅率不屬10%的情況，按
foreign invested enterprises issuing shares in Hong Kong SAR 以下規定辦理：(1)低於10%稅率的協定國
may, when distributing dividends and bonuses, generally withhold 家居民，根據《非居民納稅人享受協定待
individual income tax at the rate of 10%, and are not obligated （國家稅務總局公告 2019 年
遇管理辦法》
to file an application. If the tax rate for dividends is not equal to 第 35 號），如 H 股個人股東為與中國簽訂
countries with a tax treaty stipulating a dividend tax rate lower 民，該等 H 股個人股東應主動向本公司提
than 10%, in accordance with the Administrative Measures for 交報表要求享受協定待遇，並將相關數據
Non-resident Taxpayers to Enjoy Treatments under Tax Treaties 留存備查。若填報信息完整，由本公司根
(Announcement of the State Administration of Taxation [2019] 據中國稅收法律規定和協定規定扣繳；(2)
N o . 35) 《非居民納稅人享受協定待遇管理辦法》
( ( 國家稅務總 高於10%低於20%稅率的協定國家居民，
局公告2019 年第35 號)), if the individual H shareholders are 扣繳義務人派發股息紅利時應按協定實際
residents from countries which have entered into a tax treaty with 稅率扣繳個人所得稅，無需辦理申請審批
the PRC stipulating a dividend tax rate lower than 10%, such 事宜；(3)沒有稅收協定國家居民及其他情
individual H shareholders shall voluntarily submit statements to 況，扣繳義務人派發股息紅利時應按20%
the Company in order to enjoy the agreed treatment, and keep 扣繳個人所得稅。
relevant materials for inspection. If the information provided is
complete, the Company shall withhold the tax in accordance with
the provisions of the PRC tax laws and treaties; (2) for residents
from countries with a tax treaty stipulating a dividend tax rate of
more than 10% but less than 20%, the withholding agents shall
withhold the individual income tax at the agreed effective tax rate
when distributing dividends and bonuses, and are not obligated
to file an application for approval; (3) for residents of countries
without tax treaties or under other circumstances, the withholding
agents shall withhold the individual income tax at a rate of 20%
when distributing dividends and bonuses.
Pursuant to the Arrangement between the Mainland China and 根據《內地和香港特別行政區關於對所得避
the Hong Kong Special Administrative Region for the Avoidance 免雙重徵稅和防止偷漏稅的安排》
（國稅函
of Double Taxation and the Prevention of Fiscal Evasion with [2006]884 號），中國政府可就中國公司應
respect to Taxes on Income (Guo Shui Han [2006] No. 884) 《內
( 付予中國香港居民的股利徵稅，但稅額不
地和香港特別行政區關於對所得避免雙重徵稅和防止偷漏稅的安 得超過應付股利總額的10%，如中國香港
排》(國稅函[2006]884 號)), the PRC government may impose tax 居民持有中國公司至少25%的股份，則有
on dividends payable by a PRC company to a Hong Kong SAR 關稅額不得超過中國公司應付股利總額的
resident, but such tax shall not exceed 10% of the gross amount 5%。
of dividends payable, and in the case where a Hong Kong SAR
resident holds at least 25% of the shares of the PRC company,
such tax shall not exceed 5% of the gross amount of dividends
payable by the PRC company.
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Pursuant to the Notice of the Ministry of Finance, the State 根據《財政部國家稅務總局證監會關於滬
Administration of Taxation and the China Securities Regulatory 港股票市場交易互聯互通機制試點有關稅
Commission on the Tax Policies Related to the Pilot Programme 收政策的通知》（財稅[2014]81號）及《關於
of the Shanghai-Hong Kong Stock Connect (Cai Shui [2014] No. 深港股票市場交易互聯互通機制試點有關
( 稅收政策的通知》（財稅[2016]127號）的規
制試點有關稅收政策的通知》 (財稅[2014]81號)) and the Notice on 定，對內地個人投資者通過滬港通或深港
the Tax Policies Related to the Pilot Programme of the Shenzhen- 通投資聯交所上市H股取得的股息紅利，H
Hong Kong Stock Connect (Cai Shui [2016] No. 127) 《關於深 ( 股公司按照20%的稅率代扣個人所得稅。
港 股 票 市 場 交 易 互 聯 互 通 機 制 試 點 有 關 稅 收 政 策 的 通 知 》( 財 稅
[2016]127號)), for dividends and bonuses received by domestic
individual investors from investing in H shares listed on the Stock
Exchange through Shanghai-Hong Kong Stock Connect or
Shenzhen-Hong Kong Stock Connect, the H-share companies
shall withhold individual income tax at the rate of 20%.
(2) Enterprises (2) 企業
Pursuant to the Notice of the State Administration of Taxation 根據國家稅務總局《關於中國居民企業向
on the Issues Concerning Withholding and Paying the Enterprise 境外 H 股非居民企業股東派發股息代扣代
Income Tax on the Dividends Paid by Chinese Resident 繳企業所得稅有關問題的通知》 （國稅函
Enterprises to H Shareholders Which Are Overseas Non-resident [2008]897 號）的規定，中國居民企業向境
Enterprises (Guo Shui Han [2008] No. 897) 《關於中國居民企業
( 外H股非居民企業股東派發2008 年及以後
向境外H股非居民企業股東派發股息代扣代繳企業所得稅有關問題 年度股息時，統一按10%的稅率代扣代繳
的通知》 (國稅函[2008]897號)), a PRC resident enterprise, when 企業所得稅。
distributing dividends for 2008 and for the years thereafter to H
shareholders who are overseas non-resident enterprises, shall
withhold and pay enterprise income tax at a uniform rate of 10%.
佛山市海天調味食品股份有限公司 • 2025 中期報告 47
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
For dividends and bonuses received by domestic securities 對內地證券投資基金通過滬港通或深港通
investment funds from investing in shares listed on the Stock 投資聯交所上市股票取得的股息紅利所
Exchange through Shanghai-Hong Kong Stock Connect or 得，根據《財政部國家稅務總局證監會關於
Shenzhen-Hong Kong Stock Connect, individual income tax shall 滬港股票市場交易互聯互通機制試點有關
be levied in accordance with the Notice of the Ministry of Finance, 稅收政策的通知》
（財稅[2014]81號）及《關
the State Administration of Taxation and the China Securities 於深港股票市場交易互聯互通機制試點有
Regulatory Commission on the Tax Policies Related to the Pilot 關稅收政策的通知》
（財稅[2016]127號）的
Programme of the Shanghai-Hong Kong Stock Connect (Cai Shui 規定計徵個人所得稅。對內地企業投資者
[2014] No. 81) 《財政部國家稅務總局證監會關於滬港股票市場交易
( 通過滬港通或深港通投資聯交所上市股票
互聯互通機制試點有關稅收政策的通知》(財稅[2014]81號)) and the 取得的股息紅利所得，H 股公司不代扣股
Notice on the Tax Policies Related to the Pilot Programme of the 息紅利所得稅款，由企業自行申繳。
Shenzhen-Hong Kong Stock Connect (Cai Shui [2016] No. 127)
(
《關於深港股票市場交易互聯互通機制試點有關稅收政策的通知》
(財稅[2016]127號)). For dividend and bonus income received by
domestic enterprise investors from investing in shares listed on
the Stock Exchange through Shanghai-Hong Kong Stock Connect
or Shenzhen-Hong Kong Stock Connect, the H-share companies
shall not withhold income tax on dividends and bonuses, and the
enterprises shall report and pay the income tax themselves.
For the non-resident enterprise Shareholders of the Company, 就本公司的非居民企業股東而言，根據現
pursuant to the provisions of the Enterprise Income Tax Law 行有效的《中華人民共和國企業所得稅法》
of the People’s Republic of China 《中華人民共和國企業所得
( 以及《中華人民共和國企業所得稅法實施
) and the Implementation Rules of the Enterprise Income
稅法》 條例》
（以下統稱《企業所得稅法》）等相關
Tax Law of the People’s Republic of China 《中華人民共和國企
( 法律法規的規定，自 2008 年 1 月 1 日起，
) which are currently effective (collectively
業所得稅法實施條例》 凡中國境內企業向非居民企業股東（即法
the “Enterprise Income Tax Law” 《企業所得稅法》
( )) and other 人股東）派發2008年1 月1 日起的會計期間
relevant laws and regulations, from January 1, 2008, where a 之股息時，需代扣代繳企業所得稅，並以
PRC domestic enterprise distributes dividends to non-resident 支付人為扣繳義務人。因此，本公司向於
enterprise shareholders (i.e. legal person shareholders) for 記錄日登記在冊的 H 股非居民企業股東派
accounting periods beginning on January 1, 2008, the enterprise 發2025年度中期股息時，有義務代扣代繳
income tax shall be withheld and paid by the payer as the 10% 的企業所得稅。對於截至記錄日的 H
withholding agent. Therefore, the Company is required to withhold 股股東名冊上的所有以非個人名義登記的
and pay 10% enterprise income tax when it distributes the interim H股股東（包括香港中央結算（代理人）有限
dividends for year 2025 to non-resident enterprise holders of H 公司，其他企業代理人或受託人，或其他
Shares whose names appear on the register of members of the 團體及組織皆被視為非居民企業股東），本
Company on the record date. In respect of all H Shareholders 公司將扣除10%的所得稅後派發2025年中
whose names appear on the H Share register of members as at 期股息。
the record date who are not registered as individuals (including
HKSCC Nominees Limited, other corporate nominees or trustees,
and other entities or organizations, which are all considered
as non-resident enterprise shareholders), the Company shall
distribute the 2025 Interim Dividend after deducting 10% income
tax.
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Shareholders shall pay relevant taxes and/or enjoy tax relief in 股東依據上述規定繳納相關稅項及 ╱ 或享
accordance with the above provisions. 受稅項減免。
AUDIT COMMITTEE AND REVIEW OF 審計委員會及審閱財務資料
FINANCIAL INFORMATION
As of the date of this interim report, the Audit Committee consists of 截至本中期報告日期，審計委員會由三名獨立
three independent non-executive directors, namely Mr. Qu Wenzhou, 非執行董事組成，即屈文洲先生、張科春先生
Mr. Zhang Kechun and Mr. Ding Bangqing. Mr. Qu Wenzhou, being 及丁邦清先生。屈文洲先生為審計委員會主
the chairperson of the Audit Committee, holds the appropriate 席，持有《聯交所上市規則》第 3.10(2) 條及第
professional qualifications as required under Rules 3.10(2) and 3.21 3.21 條所規定的適當專業資格。本公司審計委
of the Listing Rules of the Stock Exchange. The Audit Committee 員會已審閱本集團截至2025年6月30日止六個
of the Company has reviewed the unaudited interim results of the 月的未經審核中期業績。審計委員會已審閱本
Group for the six months ended June 30, 2025. The Audit Committee 公司採用的會計原則及慣例並就本公司的風險
has reviewed the accounting principles and practices adopted by 管理及內部控制進行討論，其認為業績符合有
the Company and discussed matters in respect of risk management 關會計準則、規則及規例且已充分作出適當披
and internal control of the Company and is of the opinion that the 露。就本公司採用的會計處理而言，董事會與
results comply with the relevant accounting standards, rules and 審計委員會之間不存在意見分歧。
regulations and that adequate and appropriate disclosures have
been made. There is no disagreement between the Board and the
Audit Committee regarding the accounting treatment adopted by the
Company.
The interim financial report for the six months ended June 30, 2025 截至2025年6月30日止六個月的中期財務報告
is unaudited, but has been reviewed by KPMG in accordance with 未經審計，惟已由畢馬威會計師事務所根據香
Hong Kong Standard on Review Engagements 2410 Review of 港會計師公會頒佈的香港審閱工作準則第2410
interim financial information performed by the independent auditor 號實體獨立核數師對中期財務資料的審閱 審閱。
of the entity as issued by the Hong Kong Institute of Certified Public
Accountants.
CHANGES IN INFORMATION OF 董事、監事及最高行政人員資
DIRECTORS, SUPERVISORS AND CHIEF 料變動
EXECUTIVE
During the Reporting Period and up to the Latest Practicable Date, 報告期內及截至最後實際可行日期，概無任何
there was no information about directors, supervisors and chief 須根據《聯交所上市規則》第13.51B(1)條須披
executive that was required to be disclosed under Rule 13.51B(1) of 露的董事、監事及最高行政人員資料。
the Listing Rules of the Stock Exchange.
佛山市海天調味食品股份有限公司 • 2025 中期報告 49
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
USE OF PROCEEDS 募集資金使用情況
The Company issued H Shares on June 19, 2025, which were listed 本公司於2025 年6 月19 日發行H股股票並在
on the Main Board of the Stock Exchange. A total of 279,031,700 聯交所主板掛牌上市，香港公開發售及國際
H Shares with a par value of RMB1.00 each were issued through 配售合計發行每股面值人民幣1.00 元的H股
the Hong Kong public offering and international placement, with an 279,031,700 股，每股發行價格 36.30 港元。
offer price of HK$36.30 per share. Subsequently, on July 21, 2025, 其後，本公司於2025年7月21日超額配售發行
the Company over-allotted and issued 12,192,700 H Shares with 每股面值人民幣1.00元的H股12,192,700股，
a par value of RMB1.00 each, with an offer price of HK$36.30 per 每股發行價格 36.30 港元。本公司本次發行 H
share. The gross proceeds raised by the Company from the issuance 股募集資金總額10,571.4 百萬港元（約人民幣
of H Shares in this offering amounted to HK$10,571.4 million 9,658.9 百萬元），扣除因發行直接產生的發行
(approximately RMB9,658.9 million), with the net proceeds, after 費用後淨額約為人民幣9,542.6 百萬元（每股H
deducting issuance expenses directly incurred from the issuance, of 股可得淨額約為35.86港元）。
approximately RMB9,542.6 million (with net proceeds per H Share of
approximately HK$35.86).
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
There has been no change in the use of proceeds disclosed in the 於招股章程中披露的募集資金用途並無變化。
Prospectus. The use of proceeds from the Company’s H Share 本公司H股募集資金使用情況如下：
offering is as follows:
Approximate Proceeds utilized Proceeds unutilized Expected timeline for
% of the Net proceeds during the as of the end of the the full use of the
total available for use Reporting Period Reporting Period unutilized proceeds
截至報告期末 悉數動用尚未
佔總額的概約百分比 募集資金可使用淨額 報告期內已動用款項 尚未動用款項 動用款項的預期時間表
RMB million RMB million RMB million
人民幣百萬元 人民幣百萬元 人民幣百萬元
Product development, as well as R&D of cutting-edge Before
technologies and process upgrades December 31, 2028
產品開發以及前沿技術的研發和工藝升級 20.0% 1,908.5 – 1,908.5 2028年12月31日前
Expansion of production capacity, adoption of new technologies Before
and digitization upgrades of our supply chain December 31, 2028
產能擴張、採納新技術及供應鏈的數字化升級 30.0% 2,862.8 – 2,862.8 2028年12月31日前
Enhancing the global presence of the Group by establishing the
global brand image of the Group, expanding sales channels
and enhancing overseas supply chain capabilities Before
通過建立本集團的全球品牌形象、拓展銷售渠道以及提升海外供應 December 31, 2028
鏈能力，以提升本集團的全球影響力 20.0% 1,908.5 – 1,908.5 2028年12月31日前
Strengthening the sales network of the Group and enhancing its Before
penetration capabilities December 31, 2028
增強本集團的銷售網絡及提升其滲透能力 20.0% 1,908.5 – 1,908.5 2028年12月31日前
Before
Working capital and general corporate purposes December 31, 2028
營運資金及一般企業用途 10.0% 954.3 – 954.3 2028年12月31日前
Total Not applicable
總計 100% 9,542.6 – 9,542.6 不適用
The remaining proceeds from the initial public offering will continue to 首次公開發售所得款項結餘將繼續根據招股章
be utilized in accordance with the purposes and proportions disclosed 程披露之用途及比例使用。
in the Prospectus.
佛山市海天調味食品股份有限公司 • 2025 中期報告 51
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
綜合損益表
FOR THE SIX MONTHS ENDED JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
截至2025年6月30日止六個月 － 未經審計（以人民幣列示）
Six months ended June 30,
截至6月30日止六個月
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Revenue 收入 3 15,229,923 14,155,910
Cost of sales 銷售成本 (9,250,415) (9,051,102)
Gross profit 毛利 5,979,508 5,104,808
Other revenue 其他收入 4 333,298 365,626
Other net income 其他淨收入 5 55,680 115,362
Selling and marketing expenses 銷售及營銷開支 (971,992) (849,466)
Administrative expenses 行政開支 (317,743) (265,556)
Research and development costs 研發成本 6(b) (411,400) (380,128)
(Provision for)/reversal of expected credit losses on
trade and other receivables
貿易及其他應收款項預期信貸虧損（撥備）╱ 撥回 (1,142) 1,249
Provision for impairment losses 減值虧損撥備 (217) (7)
Profit from operations 經營利潤 4,665,992 4,091,888
Finance costs 財務成本 6(a) (14,652) (15,750)
Profit before taxation 除稅前利潤 6 4,651,340 4,076,138
Income tax 所得稅 7 (729,569) (610,950)
Profit for the period 期內利潤 3,921,771 3,465,188
Attributable to: 以下各方應佔：
Equity Shareholders of the Company 本公司權益股東 3,914,004 3,453,049
Non-controlling interests 非控股權益 7,767 12,139
Profit for the period 期內利潤 3,921,771 3,465,188
Earnings per share 每股盈利 8
Basic and diluted (RMB) 基本及攤薄（人民幣元） 0.70 0.62
The notes on pages 60 to 91 form part of this interim financial report. 第 60 至 91 頁附註構成本中期財務報告的一部
Details of dividends payable to equity Shareholders of the Company 分。應支付予本公司權益股東的股息詳情載於
are set out in note 19. 附註19。
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
綜合損益及其他全面收益表
FOR THE SIX MONTHS ENDED JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
截至2025年6月30日止六個月 － 未經審計（以人民幣列示）
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit for the period 期內利潤 3,921,771 3,465,188
Other comprehensive income for the period
(after tax and reclassification adjustments)
期內其他全面收益（扣除稅項及重分類調整後）
Item that may be reclassified subsequently to profit or loss:
其後可能重分類至損益的項目：
Exchange differences on translation of financial statements of
subsidiaries outside of the mainland China
中國內地以外子公司財務報表換算的匯兌差額 (1,599) (1,887)
Other comprehensive income for the period 期內其他全面收益 (1,599) (1,887)
Total comprehensive income for the period 期內全面收益總額 3,920,172 3,463,301
Attributable to: 以下各方應佔：
Equity Shareholders of the Company 本公司權益股東 3,912,405 3,451,162
Non-controlling interests 非控股權益 7,767 12,139
Total comprehensive income for the period 期內全面收益總額 3,920,172 3,463,301
The notes on pages 60 to 91 form part of this interim financial report. 第 60 至 91 頁附註構成本中期財務報告的一部
分。
佛山市海天調味食品股份有限公司 • 2025 中期報告 53
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
AT JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
於2025年6月30日 － 未經審計（以人民幣列示）
As at As at
June 30, December 31,
於2025年 於2024年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 9 6,647,722 6,533,073
Right-of-use assets 使用權資產 10 868,134 880,608
Investment property 投資性房地產 3,299 3,437
Intangible assets 無形資產 28,194 35,536
Goodwill 商譽 112,937 112,937
Other financial assets at fair value through profit or loss (“FVPL”)
按公允價值計入損益（「按公允價值計入損益」）的其他金融資產 11 100 100
Other receivables 其他應收款項 14 32,487 61,219
Deferred tax assets 遞延稅項資產 318,855 389,416
Current assets 流動資產
Inventories 存貨 12 1,733,897 2,525,274
Trade receivables 貿易應收款項 13 277,270 242,632
Other receivables 其他應收款項 14 287,232 341,891
Other financial assets at FVPL 按公允價值計入損益的其他金融資產 11 6,499,881 7,617,576
Term deposits and certificates of deposits 定期存款及存單 15 12,353,716 10,199,512
Restricted cash 受限制現金 15 20,567 8,393
Cash and cash equivalents 現金及現金等價物 15 17,624,412 11,906,831
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
AT JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
於2025年6月30日 － 未經審計（以人民幣列示）
As at As at
June 30, December 31,
於2025年 於2024年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Current liabilities 流動負債
Trade and bills payable 貿易應付款項及應付票據 16 3,242,097 1,946,575
Other payables 其他應付款項 17 1,625,586 1,603,007
Contract liabilities 合約負債 18 1,184,045 4,335,313
Bank loans 銀行貸款 153,250 309,465
Lease liabilities 租賃負債 10,392 14,770
Current taxation 即期稅項 370,853 337,785
Other current liabilities 其他流動負債 70,853 438,876
Net current assets 流動資產淨值 32,139,899 23,856,318
Total assets less current liabilities 總資產減流動負債 40,151,627 31,872,644
Non-current liabilities 非流動負債
Bank loans and other borrowing 銀行貸款及其他借款 27,000 52,200
Lease liabilities 租賃負債 27,263 28,591
Deferred income 遞延收入 369,992 358,519
Deferred tax liabilities 遞延稅項負債 25,859 31,390
佛山市海天調味食品股份有限公司 • 2025 中期報告 55
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
AT JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
於2025年6月30日 － 未經審計（以人民幣列示）
As at As at
June 30, December 31,
於2025年 於2024年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
NET ASSETS 資產淨值 39,701,513 31,401,944
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 5,839,632 5,560,601
Treasury shares 庫存股 19(c) (563,842) (563,842)
Reserves 儲備 33,911,421 25,898,650
Total equity attributable to equity Shareholders of the Company
本公司權益股東應佔權益總額 39,187,211 30,895,409
Non-controlling interests 非控股權益 514,302 506,535
TOTAL EQUITY 權益總額 39,701,513 31,401,944
Approved and authorised for issue by the Board of Directors on
August 28, 2025.
經董事會於2025年8月28日批准及授權刊發。
Cheng Xue Guan Jianghua
程雪 管江華
Executive Director and Chairwoman of the Board Executive Director
執行董事兼董事會主席 執行董事
The notes on pages 60 to 91 form part of this interim financial report.
第 60 至 91 頁附註構成本中期財務報告的一部
分。
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
FOR THE SIX MONTHS ENDED JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
截至2025年6月30日止六個月 － 未經審計（以人民幣列示）
Attributable to equity Shareholders of the Company
本公司權益股東應佔
Non-
Share Treasury Capital Statutory Other Exchange Retained controlling Total
capital shares reserve reserve reserve reserve profits Sub-total interests equity
股本 庫存股 資本儲備 法定儲備 其他儲備 外匯儲備 保留利潤 小計 非控股權益 權益總額
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note 19(c))
（附註19(c)）
Balance at January 1, 2024
於2024年1月1日的結餘 5,560,601 (249,998) 95,860 3,006,300 46,639 (9) 20,071,219 28,530,612 502,364 29,032,976
Changes in equity for the six months
ended June 30, 2024:
截至2024年6月30日止六個月權益變動：
Profit for the period 期內利潤 – – – – – – 3,453,049 3,453,049 12,139 3,465,188
Other comprehensive income
其他全面收益 – – – – – (1,887) – (1,887) – (1,887)
Total comprehensive income
全面收益總額 – – – – – (1,887) 3,453,049 3,451,162 12,139 3,463,301
Repurchase of own shares (note 19(c))
回購自身股份（附註19(c)） – (297,544) – – – – – (297,544) – (297,544)
Dividends approved and paid in respect
of the previous year (note 19(a)(ii))
上一年度批准及派付的股息（附註19(a)(ii)） – – – – – – (3,660,412) (3,660,412) (7,564) (3,667,976)
Balance at June 30, 2024
於2024年6月30日的結餘 5,560,601 (547,542) 95,860 3,006,300 46,639 (1,896) 19,863,856 28,023,818 506,939 28,530,757
Balance at January 1, 2025
於2025年1月1日的結餘 5,560,601 (563,842) 95,860 3,075,896 46,639 (5,082) 22,685,337 30,895,409 506,535 31,401,944
Changes in equity for the six months
ended June 30, 2025:
截至2025年6月30日止六個月權益變動：
Profit for the period 期內利潤 – – – – – – 3,914,004 3,914,004 7,767 3,921,771
Other comprehensive income 其他全面收益 – – – – – (1,599) – (1,599) – (1,599)
Total comprehensive income
全面收益總額 – – – – – (1,599) 3,914,004 3,912,405 7,767 3,920,172
Issuance of ordinary H Shares (note 19(b))
發行H股普通股（附註19(b)） 279,031 – 8,869,333 – – – – 9,148,364 – 9,148,364
Dividends approved and paid in respect
of the previous year (note 19(a)(ii))
上一年度批准及派付的股息（附註19(a)(ii)） – – – – – – (4,768,967) (4,768,967) – (4,768,967)
Balance at June 30, 2025
於2025年6月30日的結餘 5,839,632 (563,842) 8,965,193 3,075,896 46,639 (6,681) 21,830,374 39,187,211 514,302 39,701,513
The notes on pages 60 to 91 form part of this interim financial report. 第 60 至 91 頁附註構成本中期財務報告的一部
分。
佛山市海天調味食品股份有限公司 • 2025 中期報告 57
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
簡明綜合現金流量表
FOR THE SIX MONTHS ENDED JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
截至2025年6月30日止六個月 － 未經審計（以人民幣列示）
Six months ended June 30,
截至6月30日止六個月
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Operating activities 經營活動
Cash generated from operations 經營所得現金 2,136,411 1,644,640
Income tax paid 已付所得稅 (631,472) (517,867)
Net cash generated from operating activities 經營活動所得現金淨額 1,504,939 1,126,773
Investing activities 投資活動
Payment for purchase of property, plant and equipment,
right-of-use assets and intangible assets
購買物業、廠房及設備、使用權資產及無形資產的付款 (549,917) (799,121)
Proceeds from disposal of property, plant and equipment
and intangible assets 出售物業、廠房及設備以及無形資產所得款項 234 3,527
Proceeds from maturity of term deposits and certificates of deposits
定期存款及存單到期所得款項 1,287,048 3,082,050
Placement of term deposits and certificates of deposits
存放定期存款及存單 (3,441,252) (6,330,000)
Purchase of other financial assets at FVPL
購買按公允價值計入損益的其他金融資產 (6,183,000) (2,708,979)
Proceeds from disposal of other financial assets at FVPL
出售按公允價值計入損益的其他金融資產所得款項 7,391,404 4,132,636
Withdrawal of deposits for a derivative financial instrument
提取衍生金融工具按金 – 100,000
Interest received 已收利息 223,909 337,183
Net cash used in investing activities 投資活動所用現金淨額 (1,271,574) (2,182,704)
Financing activities 融資活動
Proceeds from issuance of ordinary H Shares relating
to initial public offering, net of issuing costs 有關首次公開發售發行
普通H股的所得款項（扣除發行成本） 15(d) 9,179,673 –
Payment for repurchase of own shares 回購自身股份的付款 – (297,544)
Proceeds from bank loans 銀行貸款所得款項 97,000 283,492
Proceeds from discount of bills receivable due from the Company by
a subsidiary 子公司應收本公司的應收票據貼現所得款項 1,869,533 900,000
Payment for expired bills payable due to a subsidiary from the Company
支付本公司應付子公司的到期應付票據 (586,477) (450,000)
Repayments of bank loans 償還銀行貸款 (278,415) (89,236)
Lease payments 租賃付款 (13,303) (10,264)
Payment for listing expenses 支付上市開支 (33,625) –
Dividends paid to equity Shareholders of the Company
已付本公司權益股東股息 (4,768,968) (3,667,976)
Interest paid 已付利息 (13,722) (14,800)
Net cash generated from/(used in) financing activities
融資活動所得 ╱（所用）現金淨額 5,451,696 (3,346,328)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
簡明綜合現金流量表
FOR THE SIX MONTHS ENDED JUNE 30, 2025 – UNAUDITED (EXPRESSED IN RMB)
截至2025年6月30日止六個月 － 未經審計（以人民幣列示）
Six months ended June 30,
截至6月30日止六個月
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Net increase/(decrease) in cash and cash equivalents
現金及現金等價物增加 ╱（減少）淨額 5,685,061 (4,402,259)
Effect of foreign exchange rate changes 匯率變動的影響 32,520 351
Cash and cash equivalents at the beginning of the period
期初現金及現金等價物 11,906,831 12,841,080
Cash and cash equivalents at the end of the period
期末現金及現金等價物 15(a) 17,624,412 8,439,172
The notes on pages 60 to 91 form part of this interim financial report. 第 60 至 91 頁附註構成本中期財務報告的一部
分。
佛山市海天調味食品股份有限公司 • 2025 中期報告 59
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
OF PREPARATION
Foshan Haitian Flavouring and Food Company Ltd. (the 佛山市海天調味食品股份有限公司（「本公司」）
“Company”) was established in Foshan City, Guangdong 於 2000 年 4 月 8 日根據《中華人民共和國公司
Province, the People’s Republic of China on April 8, 2000 as 法》在中華人民共和國廣東省佛山市成立為一
a limited liability company under the PRC Company Law. In 家有限責任公司。於2010年11月，本公司改制
November 2010, the Company was converted into a joint stock 為股份有限公司。於2014年2月11日，本公司
limited liability company. The Company’s A Shares have been A股在上海證券交易所上市，於2025 年6 月19
listed on Shanghai Stock Exchange since February 11, 2014, and 日，本公司 H股在香港聯合交易所有限公司主
the Company’s H Shares have been listed on the Main Board of 板上市。
The Stock Exchange of Hong Kong Limited since June 19, 2025.
This interim financial report of the Company and its subsidiaries 本公司及其子公司（「本集團」）的中期財務報告
(the “Group”) has been prepared in accordance with the 乃根據香港聯合交易所有限公司證券上市規則
applicable disclosure provisions of the Rules Governing the Listing 之適用披露條文而編製，包括遵照國際會計準
of Securities on The Stock Exchange of Hong Kong Limited, 則理事會（「國際會計準則理事會」）頒佈之國際
including compliance with International Accounting Standard 會計準則（「國際會計準則」）第34號中期財務報
(“IAS”) 34, Interim financial reporting , issued by the International 告 。本中期財務報告已於2025年8月28日獲授
Accounting Standards Board (“IASB”). It was authorised for issue 權刊發。
on August 28, 2025.
The interim financial report has been prepared in accordance with 本中期財務報告乃根據日期為2025年6月11日
the same accounting policies adopted in the Accountants’ Report 的本公司招股章程（「招股章程」）附錄一所披露
disclosed in Appendix I to the prospectus of the Company dated 會計師報告所採用之相同會計政策而編製，惟
June 11, 2025 (the “Prospectus”), except for the accounting 預期於2025年年度財務報表反映的會計政策變
policy changes that are expected to be reflected in the 2025 動則除外。有關該等會計政策的任何變動詳情
annual financial statements. Details of any changes in accounting 載於附註2。
policies are set out in note 2.
The preparation of an interim financial report in conformity with 編製符合國際會計準則第34號之中期財務報告
IAS 34 requires management to make judgements, estimates and 要求管理層作出判斷、估計及假設，而有關判
assumptions that affect the application of policies and reported 斷、估計及假設會影響政策之應用及本年迄今
amounts of assets and liabilities, income and expenses on a year 為止所呈報資產及負債、收益及開支之金額。
to date basis. Actual results may differ from these estimates. 實際結果可能與該等估計有所差異。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
OF PREPARATION (Continued)
This interim financial report contains condensed consolidated 本中期財務報告載有簡明綜合財務報表及選定
financial statements and selected explanatory notes. The 說明附註。該等附註包括對了解本集團自招股
notes include an explanation of events and transactions that 章程附錄一所披露會計師報告刊發以來之財務
are significant to an understanding of the changes in financial 狀況及表現所出現之變動而言屬重要之事件及
position and performance of the Group since the Accountants’ 交易的說明。簡明綜合中期財務報表及其附註
Report disclosed in Appendix I to the Prospectus. The condensed 並不包括根據國際財務報告準則（「國際財務報
consolidated interim financial statements and notes thereon do 告會計準則」）編製的全套財務報表所需的所有
not include all of the information required for a full set of financial 資料。
statements prepared in accordance with International Financial
Reporting Standards (“IFRS Accounting Standards”).
The interim financial report is unaudited, but has been reviewed 中期財務報告乃未經審計，但已由畢馬威會計
by KPMG in accordance with Hong Kong Standard on Review 師事務所根據香港會計師公會（「香港會計師公
Engagements 2410 Review of interim financial information 會」）頒佈的香港審閱委聘準則第2410號實體獨
performed by the independent auditor of the entity as issued 立核數師對中期財務資料的審閱 作出審閱。畢
by the Hong Kong Institute of Certified Public Accountants 馬威會計師事務所向董事會出具的獨立審閱報
(“HKICPA”). KPMG’s independent review report to the Board of 告載於第92至93頁。
Directors is included on pages 92 to 93.
The financial information relating to the financial year ended 中期財務報告內作為比較資料而呈列的有關截
December 31, 2024 that is included in the interim financial report 至2024 年12 月31 日止財政年度的財務資料，
as comparative information does not constitute the Company’s 並不構成本公司於該財政年度的法定年度綜合
statutory annual consolidated financial statements for that 財務報表，但乃摘錄自招股章程附錄一所披露
financial year but is derived from the Accountants’ Report as 的會計師報告。
disclosed in Appendix I to the Prospectus.
The Group has applied the amendments to HKAS 21, The effects 本集團已將香港會計師公會頒佈的香港會計準
of changes in foreign exchange rates – Lack of exchangeability 則第21號匯率變動的影響 － 缺乏可兌換性 之修
issued by the HKICPA to this interim financial report for the 訂應用於本會計期間的中期財務報告。由於本
current accounting period. The amendments do not have a 集團並無訂立任何無法轉換至其他貨幣的外幣
material impact on this interim report as the Group has not 交易，該等修訂對本中期報告並無重大影響。
entered into any foreign currency transactions in which the foreign
currency is not exchangeable into another currency.
The Group has not applied any new standard or interpretation 本集團並無應用於本會計期間尚未生效的任何
that is not yet effective for the current accounting period. 新訂準則或詮釋。
佛山市海天調味食品股份有限公司 • 2025 中期報告 61
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(a) Revenue (a) 收益
The principal activities of the Group are manufacturing and 本集團之主要業務為製造及銷售醬
sales of soy sauce, oyster sauce, flavored sauce, specialty 油、蠔油、調味醬、特色調味品及其
condiment products and others. 他。
(i) Disaggregation of revenue (i) 收益分類
Disaggregation of revenue from contracts with customers 來自合約客戶的收益按主要產品和
by major products and services is as follows: 服務類別分類如下：
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Revenue from contracts with customers within
the scope of IFRS 15
國際財務報告準則第15號範圍內的合約客戶收入
Disaggregated by major products and services
按主要產品和服務分類
Sales of soy sauce products 醬油產品的銷售 7,927,943 7,263,877
Sales of oyster sauce products 蠔油產品的銷售 2,502,330 2,322,480
Sales of flavored sauce products 調味醬產品的銷售 1,625,951 1,451,593
Sales of specialty condiment products and others
特色調味品及其他的銷售 2,505,507 2,146,329
Others 其他 663,761 962,336
Revenue from other sources 其他來源收益
Rental income 租金收入 4,431 9,295
Note: Others primarily consist of sales of raw materials, 附註：「其他」主要包括原材料、包裝材料、副
packaging materials, by-products and others, and 產品和其他的銷售，以及物流及運輸服
logistics and transportation services income. 務收入。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued)
(a) Revenue (Continued) (a) 收益（續）
(i) Disaggregation of revenue (Continued) (i) 收益分類（續）
Disaggregation of revenue from contracts with customers 按收益確認時間點類別分類的合約
by the timing of revenue recognition is as follows: 客戶收入如下：
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Revenue from contracts with customers 客戶合約收入
Point in time 於時間點 14,756,768 13,775,361
Over time 於時間段內 468,724 371,254
The Group’s customer base is diversified, and the Group 本集團的客戶群多元化，於截至
did not have any customer with whom transactions have 2025 年 6 月 30 日止六個月，本集
exceeded 10% of the Group’s aggregate revenue for the 團概無任何客戶的交易額佔本集團
six months ended June 30, 2025 (six months ended June 收益總額的 10% 以上（截至 2024
The Group applies the practical expedient in paragraph 本集團應用國際財務報告準則第
allocated to the remaining performance obligation as 披露分配至餘下履約責任的交易價
the original expected duration of substantially all the 格，乃由於本集團絕大部分合約的
contracts of the Group are within one year or less. 原預期期限均在一年或以下。
(b) Segment reporting (b) 分部報告
Operating segments are identified on the basis of internal 經營分部乃根據本集團最高行政管理
reports that the Group’s most senior executive management 層在向分部分配資源及評估其表現時
reviews regularly in allocating resources to segments and in 定期審閱的內部報告識別。
assessing their performances.
佛山市海天調味食品股份有限公司 • 2025 中期報告 63
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued)
(b) Segment reporting (Continued) (b) 分部報告（續）
The Group’s most senior executive management makes 本集團的最高行政管理層按內部管理
resources allocation decisions based on internal management 職能作出資源分配決定，並作為一項
functions and assess the Group’s business performance as 綜合業務而非按獨立業務線或地理區
one integrated business instead of by separate business lines 域評估本集團的業務表現。因此，本
or geographical regions. Accordingly, the Group has only one 集團僅有一個經營分部，故並無呈列
operating segment and therefore, no segment information is 分部資料。
presented.
(i) Geographic information (i) 地理資料
Substantially all of the Group’s revenue and non-current 本集團絕大部分收益及非流動資產
assets are generated and located in the PRC. 均在中國產生並位於中國境內。因
Accordingly, no segment analysis based on geographical 此，並無提供基於地理位置的分部
locations is provided. 分析。
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Interest income 利息收入 254,608 269,517
Government grants (note (a)) 政府補助（附註(a)） 43,069 48,348
Additional deduction for VAT (note (b)) 增值稅加計扣除（附註(b)） 35,621 47,761
Notes: 附註：
(a) Government grants (a) 政府補助
Government grants represent various forms of incentives and 政府補助指中國地方政府機關授予本集團
subsidies granted to the Group by the local government authorities in 的各種形式的獎勵及補貼。
the PRC.
(b) Additional deduction for VAT (b) 增值稅加計扣除
Pursuant to the Notice on the Additional Value-added Tax (“VAT”) 根據財政部與國家稅務總局頒佈的《關於先
Credit Policy for Advanced Manufacturing Enterprises (Announcement 進製造業企業增值稅加計抵減政策的公告》
[2023] No. 43) issued by the Ministry of Finance and the State （公告[2023]第43 號）的規定，先進製造企
Taxation Administration, advanced manufacturing enterprises are 業自2023 年1 月1 日至2027 年12 月31 日期
eligible for a 5% additional VAT deduction based on deductible input 間符合資格可享受增值稅可額外扣減5%的
VAT in the period from January 1, 2023 to December 31, 2027. 應納增值稅稅額。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Net fair value changes on other financial assets at FVPL
按公允價值計入損益的其他金融資產公允價值變動淨額 90,709 114,004
Net losses on disposal of property, plant and equipment
出售物業、廠房及設備的虧損淨額 (344) (735)
Net foreign exchange (losses)/gains 外匯匯兌（虧損）╱ 收益淨額 (27,145) 775
Others 其他 (7,540) 1,318
Profit before taxation is arrived at after charging: 除稅前利潤乃經扣除以下費用後得出：
(a) Finance costs (a) 財務成本
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Interest on bank loans and other borrowing 銀行貸款及其他借款利息 13,722 14,800
Interest on lease liabilities 租賃負債利息 930 950
佛山市海天調味食品股份有限公司 • 2025 中期報告 65
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued)
(b) Other items (b) 其他項目
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Amortization cost of intangible assets 無形資產攤銷成本 7,739 8,019
Depreciation charge 折舊費用
– Property, plant and equipment
物業、廠房及設備 380,436 450,178
– Right-of-use asset
使用權資產 23,663 17,894
– Investment properties
投資物業 138 169
Listing expenses 上市開支 2,316 –
Cost of inventories 存貨成本 7,728,113 7,488,465
Logistics costs 物流成本 790,681 737,438
Research and development expenses 研發開支 411,400 380,128
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
STATEMENTS OF PROFIT OR LOSS
(a) Taxation in the consolidated statements of (a) 綜合損益表中的稅項為：
profit or loss represents:
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Current tax – PRC corporate income tax (“CIT”)
即期稅項 － 中國企業所得稅（「企業所得稅」）
Provision for the period 期內撥備 656,959 550,065
Under/(over)-provision in respect of prior years
過往年度撥備不足 ╱（超額撥備） 7,580 (6,548)
Deferred tax 遞延稅項
Origination and reversal of temporary differences 暫時差額產生及撥回 65,030 67,433
佛山市海天調味食品股份有限公司 • 2025 中期報告 67
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
STATEMENTS OF PROFIT OR LOSS （續）
(Continued)
(b) Pillar Two income taxes (b) 支柱二所得稅
In 2021, the Organisation for Economic Co-operation and 2021 年，經濟合作與發展組織就適用
Development published the Global Anti-Base Erosion Model 於大型跨國企業的新全球最低稅制改
Rules (“Pillar Two model rules”) for a new global minimum tax 革發佈了《全球反稅基侵蝕規則立法模
reform applicable to large multinational enterprises. Certain 板》
（「支柱二立法模板」）。本集團經營
jurisdictions in which the Group operates have implemented 所在的若干司法權區已根據該框架實
Pillar Two income tax legislation based on this framework, 施支柱二所得稅法，該等支柱二所得
and those Pillar Two income tax laws became effective on 稅法於2024年1月1日生效。
January 1, 2024.
Vietnam, where Haday Vietnam Company Limited and Haday Haday Vietnam Company Limited
Vietnam Food Company Limited operate, introduced Pillar 及Haday Vietnam Food Company
Two global minimum tax rules which include an income Limited營運所在的越南引入支柱二全
inclusion rule (IIR) and qualified domestic minimum top-up 球最低稅規則，包括收入納入規則(IIR)
tax effective from January 1, 2024. Hong Kong, where the 及合資格國內最低補足稅，自2024 年
certain subsidiaries of the Company operate, introduced 1 月 1 日起生效。香港（本公司若干子
Pillar Two global minimum tax rules under the Hong Kong 公司營運所在地）根據香港《2025年稅
Inland Revenue (Amendment) (Minimum Tax for Multinational 務（修訂）
（跨國企業集團的最低稅）條
Enterprise Groups) Ordinance 2025, which include an Income 例 》引 入 支 柱 二 全 球 最 低 稅 規 則 ， 當
Inclusion Rule (IIR) and Hong Kong Minimum Top-up Tax 中包括收入納入規則 ( I I R ) 及香港最低
(HKMTT) effective from January 1, 2025. However, the 補足稅(HKMTT)，自2025年1月1日起
Group’s assessment indicates that there is no material related 生效。然而，本集團的評估顯示，於
current tax exposure in Vietnam and Hong Kong for the six 截至2025年及2024年6月30日止六個
months ended June 30, 2025 and 2024. 月，越南及香港並無重大相關即期稅
項風險。
The Group has applied the temporary mandatory exception 確認及披露與支柱二所得稅相關的遞
to recognizing and disclosing information about deferred tax 延所得稅資產及負債的資料時，本集
assets and liabilities related to Pillar Two income taxes and 團已應用暫時性強制例外情況，並在
accounted for the tax as current tax when incurred. 稅項產生時將其入賬列作即期稅項。
Other jurisdictions in which the Group operates are in 本集團經營所在的其他司法權區正在
the process of implementing their Pillar Two income tax 實施支柱二所得稅法。因此，本集團
legislation. Therefore, it is possible that the Group may 日後可能須在該等司法權區額外繳納
be subject to additional Pillar Two income taxes in those 支柱二所得稅。
jurisdictions in the future.
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(a) Basic earnings per share (a) 每股基本盈利
The calculation of basic earnings per share is based on the 每股基本盈利乃根據中期期間本公
profit attributable to ordinary equity Shareholders of the 司普通權益股東應佔溢利人民幣
Company of RMB3,914,004,000 (six months ended June 3,914,004,000元（截至2024年6月30
of 5,562,363,000 ordinary shares (six months ended June 元）及已發行5,562,363,000 股普通股
period. 個月：5,547,938,000股）計算。
(i) Weighted-average number of ordinary shares (i) 普通股加權平均數
Six months ended June 30,
截至6月30日止六個月
’000 ’000
千股 千股
Issued ordinary shares at the beginning of the period
於期初的已發行普通股 5,560,601 5,560,601
Effect of the issuance of ordinary H shares (Note 19(b))
發行H股普通股的影響（附註19(b)） 17,051 –
Effect of shares repurchased in previous years (Note 19(c))
過往年度購回股份的影響（附註19(c)） (15,289) (6,758)
Effect of shares repurchased during the period (Note 19(c))
期內購回股份的影響（附註19(c)） – (5,905)
Weighted average number of ordinary shares at the end of the period
於期末的普通股加權平均數 5,562,363 5,547,938
佛山市海天調味食品股份有限公司 • 2025 中期報告 69
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(b) Diluted earnings per share (b) 每股攤薄盈利
The Company grants the international underwriters an 本公司授予國際承銷商超額配股權
over-allotment option (“Over-Allotment Option”), exercisable （「 超 額 配 股 權 」）， 整 體 協 調 人 可 行
by the overall coordinators in whole or in part. The 使全部或部分超額配股權。超額配股
Over-Allotment Option is exercisable from the date of the 權可於本公司 H 股上市當日（「上市日
Company’s H Share listing (“Listing Date”) until 30 days after 期」）起行使，直至遞交香港公開發售
the last day for the lodging of applications under the Hong 申請截止日期後30 日為止。超額配股
Kong public offering. The Over-Allotment Option requires 權規定本公司最多可發行39,485,600
the Company to issue up to 39,485,600 additional H Shares 股 額 外 H 股（ 不 超 過 初 步 發 售 股 份 的
(no more than 15% of the initial offer shares) or 41,854,700 15%）或41,854,700 股額外H股（不超
additional H Shares (no more than 15% of the offer shares if 過 發 售 股 份 的 1 5 %（ 倘 發 售 量 調 整 權
the offer size adjustment option is fully exercised), at an offer 獲悉數行使）），發售價為每股36.30港
price of HKD36.30 per share, being the same offer price per 元，與全球發售項下每股H股的發售價
H Share under the global offering. 相同。
The effect of the Over-Allotment Option was anti-dilutive for 截至2025 年6 月30 日止六個月，超額
the six months ended June 30, 2025, as the exercise prices 配股權具有反攤薄影響，原因為該等
of those options were higher than the average market price 配股權的行使價高於本公司H股自上市
for the Company’s H Shares from the Listing Date to June 日期至2025 年6 月30 日的平均市價。
as basic earnings per share. 相同。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
During the six months ended June 30, 2025, the Group 截至2025 年6 月30 日止六個月，本集團按
purchased items of property, plant and equipment with a 成本人民幣496,958,000元（截至2024年6
cost of RMB496,958,000 (six months ended June 30, 2024: 月30日止六個月：人民幣683,518,000元）
RMB683,518,000). Items of property, plant and equipment with 購買物業、廠房及設備項目。截至2025
a net book value of RMB481,000 (six months ended June 30, 年 6 月 30 日止六個月，賬面淨值為人民幣
ended June 30, 2025, resulting in net losses on disposal of 月：人民幣 801,000 元）的物業、廠房及
RMB344,000 (six months ended June 30, 2024: RMB735,000). 設備項目被出售，導致出售淨虧損人民幣
月：人民幣735,000元）。
During the six months ended June 30, 2025, the depreciation of 截至2025 年6 月30 日止六個月，本集團使
the Group’s right-of-use assets leads to reduce the net value of 用權資產的折舊導致使用權資產淨值減至
right-of-use assets of RMB23,663,000 (six months ended June 人民幣23,663,000 元（截至2024 年6 月30
During the six months ended June 30, 2025, the Group entered 截至2025 年6 月30 日止六個月，本集團就
into new lease agreement for use of land-use right and other 土地使用權及其他物業的佔用訂立新租賃
properties and therefore recognised the addition to original value 協議，因此在使用權資產原值的基礎上確
of right-of-use assets of RMB12,049,000 (six months ended June 認增加人民幣12,049,000元（截至2024 年
佛山市海天調味食品股份有限公司 • 2025 中期報告 71
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
VALUE THROUGH PROFIT OR LOSS 金融資產
As at As at
June 30, December 31,
於2025年 於2024年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Non-current: 非流動：
Equity securities 股本證券 100 100
Current: 流動：
Wealth management products 理財產品 (i) 6,493,370 7,518,580
Listed securities 上市證券 6,511 98,996
(i) Wealth management products (i) 理財產品
The wealth management products were issued by banks with 該等理財產品由銀行發行，具有可變
variable investment income and can be redeemed on demand 投資收益，可即時贖回或於短期內贖
or in a short-term. 回。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(a) Inventories in the consolidated statement of financial position (a) 綜合財務狀況表中的存貨包括：
comprises:
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Raw materials 原材料 200,646 210,128
Work in progress 在製品 1,112,105 1,318,745
Finished goods 製成品 311,149 884,592
Packaging materials 包裝材料 67,963 73,989
Low value consumables 低值易耗品 36,698 32,744
Others 其他 5,336 5,076
(b) The analysis of the amount of inventories recognized as an (b) 確認為開支並計入損益的存貨金額分
expense and included in profit or loss is as follows: 析如下：
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Carrying amount of inventories sold 已售存貨賬面值 7,441,924 7,224,270
Carrying amount of inventories recognized as research and
development expenses 確認為研發開支的存貨賬面值 285,972 264,188
Write-down of inventories 存貨減記 217 7
佛山市海天調味食品股份有限公司 • 2025 中期報告 73
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Current 流動
Trade receivables 貿易應收款項 289,559 254,507
Bills receivable 應收票據 1,100 371
Less: Loss allowance 減：虧損撥備 (13,389) (12,246)
Total 總計 277,270 242,632
All of the trade and bills receivables in current portion are 流動部分的所有貿易應收款項及應收票據
expected to be recovered or recognized as expense within one 預期將於一年內收回或確認為開支。
year.
Aging analysis 賬齡分析
The aging analysis of trade and bills receivable, based on the 基於發票日期的貿易應收款項及應收票據
invoice date, is as follows: 的賬齡分析如下：
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Within 1 year 1年內 287,317 251,728
Over 3 years 3年以上 1,075 360
Trade receivables are due within 90 days from the date of billing. 貿易應收款項於賬單日期起計90 日內到
Debtors with balances that are more than 6 months past due are 期。結餘逾期超過6個月的債務人須於獲授
requested to settle all outstanding balances before any further 任何進一步信貸前清償所有未償還結餘。
credit is granted.
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Current 流動
Amounts due from related parties 應收關聯方款項 7,025 3,325
Other receivables 其他應收款項 17,284 15,281
Prepayments for materials 材料預付款項 43,512 34,294
Deductible input VAT and others 可抵扣進項增值稅及其他 219,411 288,991
Non-current 非流動
Prepayments for purchase of property, plant and equipment
購買物業、廠房及設備的預付款項 32,487 61,219
Total 總計 319,719 403,110
All of the other receivables in current portion are expected to be 流動部分的所有其他應收款項預期將於一
recovered or recognized as expense within one year. 年內收回或確認為開支。
佛山市海天調味食品股份有限公司 • 2025 中期報告 75
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
TERM DEPOSITS, CERTIFICATES OF 款、存單、受限制現金及現
DEPOSITS, RESTRICTED CASH AND 金流量資料
CASH FLOW INFORMATION
(a) Cash and cash equivalents comprise: (a) 現金及現金等價物包括：
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cash at bank and in hand, and cash equivalents
銀行及手頭現金，以及現金等價物 17,624,412 11,906,831
Classification as cash equivalents 現金等價物分類
For the purpose of presentation in the condensed 就呈列於簡明綜合現金流量表而言，
consolidated cash flow statement, cash equivalents include 現金等價物包括為滿足短期現金承擔
term deposits and certificates of deposits held for the 而持有的定期存款及存單。
purpose of meeting short-term cash commitments.
(b) Term deposits and certificates of deposits comprise: (b) 定期存款、存單包括：
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Term deposits 定期存款 4,849,928 5,327,793
Certificates of deposits 存單 7,503,788 4,871,719
The balance of term deposits and certificates of deposits 定期存款、存單的結餘主要包括期限
mainly comprise term deposits and certificates of deposits 超過三個月的定期存款及存單以及相
with terms over three months and related accrued interest. 關應計利息。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
TERM DEPOSITS, CERTIFICATES 款、存單、受限制現金及現
OF DEPOSITS, RESTRICTED CASH 金流量資料（續）
AND CASH FLOW INFORMATION
(Continued)
(c) Restricted cash (c) 受限制現金
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Guarantee deposits 保證金 20,567 8,393
The balance of guarantee deposits mainly comprise letter 保證金結餘主要包括信用證保證金、
of credit guarantee deposits, third-party payment platforms 第 三 方 付 款 平 台 保 證 金 等（ 均 受 到 限
guarantee deposits, etc, all of which are restricted. 制）。
(d) Proceeds from issuance of ordinary H Shares (d) 有關首次公開發售發行普通H股
relating to initial public offering, net of 的所得款項（扣除發行成本）
issuing costs
During the six months ended June 30, 2025, the amount 截至2025 年6 月30 日止六個月，列示
presented in “Proceeds from issuance of ordinary H Shares 於「有關首次公開發售發行普通H股的
relating to initial public offering, net of issuing costs” was 所得款項（扣除發行成本）」的金額，為
presented as a net amount after deducting the underwriting 本公司H股上市所募集的所得款項總額
fees and expenses of RMB75,868,000 from the gross 人民幣9,255,541,000元，扣除承銷費
proceeds of RMB9,255,541,000 raised from the Company’s 用及開支人民幣75,868,000 元後的淨
H Share Listing. 額。
佛山市海天調味食品股份有限公司 • 2025 中期報告 77
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade payables 貿易應付款項 1,372,564 1,360,098
– third parties (notes (ii)) 第三方（附註(ii)） 1,243,695 1,224,340
– related parties 關聯方 128,869 135,758
Bills payable 應付票據 1,869,533 586,477
Notes: 附註：
(i) All trade and bills payable (including amounts due to related parties) (i) 所有貿易應付款項及應付票據（包括應付關
are expected to be settled within one year or are repayable on 聯方款項）預期將於一年內結算或按要求償
demand. 還。
(ii) Since 2023, the Group’s certain suppliers has entered into factoring (ii) 自2023 年起，本集團的若干供應商與本集
arrangements with Guangdong Haitian Commercial Factoring 團的直接股東控制的實體廣東海天商業保
Company Limited (“Haitian Factoring”), an entity controlled by the 理有限公司（「海天保理」）訂立保理安排。
immediate Shareholder of the Group. Under these arrangements, 根據該等安排，本集團的供應商在原到期
the Group’s suppliers transfer the receivables due from the Group 日之前將應收本集團款項轉讓予海天保
to Haitian Factoring before the original due dates, and the Group 理，而本集團會在到期日與海天保理結算
settles these trade payables with Haitian Factoring upon the due 該等貿易應付款項。於2025 年6 月30 日，
date. The receivables due from the Group that certain suppliers 若干供應商轉讓予海天保理的應收本集團
transferred to Haitian Factoring as at June 30, 2025 amounted to 款項為人民幣147,765,000元（2024年12月
RMB147,765,000 (December 31, 2024: RMB203,245,000). Trade 31日：人民幣203,245,000元）。截至2025
payables that the Group settled with Haitian Factoring under above 年6月30日止六個月，本集團根據上述安排
arrangement amounted to RMB1,406,445,000 in aggregate during 與海天保理結算的貿易應付款項合共為人
the six months ended June 30, 2025 (six months ended June 30, 民幣1,406,445,000 元（截至2024年6月30
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued) （續）
As of the end of the reporting period, the aging analysis of trade 截至報告期末，基於發票日期的貿易應付
payables based on the invoice date, is as follows: 款項的賬齡分析如下：
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Within 1 year 1年內 1,372,564 1,360,098
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Other taxes payable 其他應付稅項 236,956 76,320
Payroll payables 應付工資 510,068 664,673
Amounts due to related parties 應付關聯方款項 2,872 3,858
Deposits due to suppliers 應付供應商按金 165,786 154,877
Accrual for marketing expenses 應計營銷開支 273,444 227,760
Accrual for transportation expenses 應計運輸開支 293,573 261,592
Payables for equipment and construction 設備及工程應付款項 96,084 157,538
Others 其他 46,803 56,389
All other payables (including amounts due to related parties) 所有其他應付款項（包括應付關聯方款項）
are expected to be settled within one year or are repayable on 預期將於一年內結算或按要求償還。
demand.
佛山市海天調味食品股份有限公司 • 2025 中期報告 79
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
Contract liabilities mainly represents the advance payments 合約負債主要指尚未提供相關商品時來自
(exclude output VAT) from customers, for which the underlying 客戶的預付款（不包括銷項增值稅）。預付
goods are yet to be provided. The output VAT contained in 款中包含的銷項增值稅已分類至其他流動
the advance payments has been classified under other current 負債。
liabilities.
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Receipts in advance 預收款項 1,184,045 4,335,313
(a) Dividends (a) 股息
(i) Dividends payable to equity Shareholders attributable to (i) 中期期間應付權益股東股息
the interim period
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Interim dividend declared and paid after the interim period of
RMB0.26 per share (tax inclusive) (2024: Nil)
經宣派並將於中期期間後派付的中期股息每股人民幣0.26元（含稅）
（2024年：無） 1,518,799 –
The interim dividend has not been recognised as a liability 中期股息未於報告期末確認為負
at the end of the reporting period. 債。
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued)
(a) Dividends (Continued) (a) 股息（續）
(ii) Dividends payable to equity Shareholders attributable to (ii) 中期期間批准及派付的上一個財政
the previous financial year, approved and paid during the 年度應付權益股東的股息
interim period
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Dividend in respect of the previous financial year, approved and
paid during the following interim period, of RMB0.86 per share
(tax inclusive) (six months ended June 30, 2024: RMB0.66 per share)
後續中期期間批准及派付的上一個財政年度股息每股人民幣0.86元
（含稅）
（截至2024年6月30日止六個月：每股人民幣0.66元） 4,768,967 3,660,412
佛山市海天調味食品股份有限公司 • 2025 中期報告 81
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued)
(b) Share capital and capital reserve (b) 股本及資本儲備
Number of Share Capital
shares capital reserve
股份數目 股本 資本儲備
’000 RMB’000 RMB’000
千股 人民幣千元 人民幣千元
Ordinary shares, issued and fully paid:
普通股，已發行及繳足：
At January 1, 2025 於2025年1月1日 5,560,601 5,560,601 95,860
Issuance of ordinary H shares (i) 發行H股普通股(i) 279,031 279,031 8,869,333
At June 30, 2025 於2025年6月30日 5,839,632 5,839,632 8,965,193
(i) On June 19, 2025, the Company’s ordinary H Shares (i) 於2025年6月19日，本公司H股普
were listed on the Main Board of The Stock Exchange 通股於香港聯合交易所有限公司主
of Hong Kong Limited, where 279,031,700 ordinary H 板上市，其中279,031,700 股H股
shares were issued and subscribed at an offer price of 普通股通過向香港及海外投資者進
HKD36.30 per H Share by way of initial public offering to 行首次公開發售的方式以每股H股
Hong Kong and overseas investors (the “Offering”). 36.30 港元的發售價獲發行及認購
（「發售」）。
The gross proceeds raised from the Offering was 發 售 所 得 款 項 總 額 為
H K D10,128,851,000 ( e q u i v a l e n t t o a p p r o x i m a t e l y 1 0 , 1 2 8 , 8 5 1 , 0 0 0 港 元（ 相 當 於
RMB9,255,541,000). Net proceeds from the Offering 約 人 民 幣 9 , 2 5 5 , 5 4 1 , 0 0 0 元 ）。
were RMB9,148,364,000 (after offsetting costs directly 發售所得款項淨額為人民幣
attributable to the issue of shares of RMB107,177,000), 9,148,364,000 元（抵銷發行股份
of which RMB279,031,000 was recorded in share capital 直接應佔成本人民幣107,177,000
and the remaining RMB8,869,333,000 was recorded in 元 ）， 其 中 人 民 幣 2 7 9 , 0 3 1 , 0 0 0
capital reserve. 元 計 入 股 本 ， 餘 下 人 民 幣
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
(Continued)
(c) Treasury shares (c) 庫存股
During the six months ended June 30, 2025 and 2024, the 截至2025年及2024年6月30日止六個
Company repurchased its own ordinary A shares as follows: 月，本公司購回其自身普通股A股的情
況如下：
As at As at
June 30, June 30,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
At the beginning of the period 期初 563,842 249,998
Repurchase of own shares 回購自身股份 – 297,544
At the end of the period 期末 563,842 547,542
The Company did not repurchase any treasury shares 截至2025 年6 月30 日止六個月，本公
during the six months ended June 30, 2025 while the 司並無購回任何庫存股，而截至2024
Company repurchased 8,068,939 shares in total, on the 年6月30日止六個月期間，本公司於上
Shanghai Stock Exchange for an aggregate consideration 海證券交易所購回合共8,068,939股股
of RMB297,544,000 during the six months ended June 30, 份，總對價為人民幣297,544,000元。
Number of Highest Lowest
shares price paid price paid Aggregate
Period ended repurchased per share per share price paid
每股股份支付 每股股份支付
截止期間 購回股份數目 的最高價 的最低價 累計支付金額
RMB RMB RMB
人民幣 人民幣 人民幣
June 30, 2024 2024年6月30日 8,068,939 40.80 33.64 297,544,000
The ordinary shares held as at June 30, 2025 include 於2025 年6 月30 日持有的普通股包
shares held under the 2024 employee stock ownership plan, 及2024 年員工持股計劃項下持有的
which are mainly used for future share award scheme. 5,000,000股股份，主要用於未來股份
獎勵計劃。
佛山市海天調味食品股份有限公司 • 2025 中期報告 83
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
FINANCIAL INSTRUMENTS
(a) Financial assets measured at fair value (a) 按公允價值計量的金融資產
Fair value hierarchy 公允價值層級
The following table presents the fair value of the Group’s 下表呈列本集團於報告期末按經常性
financial instruments measured at the end of the reporting 基準計量的金融工具的公允價值，並
period on a recurring basis, categorised into the three-level 分 類 為 國 際 財 務 報 告 準 則 第 1 3 號公
fair value hierarchy as defined in IFRS 13, Fair value 允價值計量 所界定的三級公允價值層
measurement . The level into which a fair value measurement 級。本集團參照以下估值技術所採用
is classified is determined with reference to the observability 的輸入數據的可觀察性及重要性，釐
and significance of the inputs used in the valuation technique 定公允價值計量所應歸屬的層級：
as follows:
• Level 1 valuations: Fair value measured using only • 第一級估值： 僅使用第一級輸
Level 1 inputs i.e. unadjusted 入數據（即於計量
quoted prices in active markets for 日活躍市場上相
identical assets or liabilities at the 同資產或負債未
measurement date 經調整的報價）計
量的公允價值
• Level 2 valuations: Fair value measured using Level 2 • 第二級估值： 使用第二級輸入
inputs i.e. observable inputs which 數據（即不符合第
fail to meet Level 1, and not using 一級的可觀察輸
significant unobservable inputs. 入數據），且並無
Unobservable inputs are inputs for 使用重大不可觀
which market data are not available 察輸入數據計量
的公允價值。不
可觀察輸入數據
為無法獲得市場
數據的數據
• Level 3 valuations: Fair value measured using significant • 第三級估值： 使用重大不可觀
unobservable inputs 察輸入數據計量
的公允價值
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
OF FINANCIAL INSTRUMENTS （續）
(Continued)
(a) Financial assets measured at fair value (a) 按 公 允 價 值 計 量 的 金 融 資 產
(Continued) （續）
Analysis on fair value measurement of financial instruments as 於 2025 年 6 月 30 日及 2024 年 12 月 31
at June 30, 2025 and December 31, 2024 are as follows: 日，金融工具公允價值計量的分析如
下：
Fair value at Fair value measurement
June 30, 2025 at June 30, 2025, categorised into
於2025年
的公允價值 的公允價值分類為
RMB’000 Level 1 Level 2 Level 3
人民幣千元 第一級 第二級 第三級
Recurring fair value measurement
經常性公允價值計量
Other financial assets at FVPL
按公允價值計入損益的其他金融資產
– Wealth management products
理財產品 6,493,370 – 6,493,370 –
– Equity securities 股本證券 100 – 100 –
– Listed securities 上市證券 6,511 6,511 – –
佛山市海天調味食品股份有限公司 • 2025 中期報告 85
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
OF FINANCIAL INSTRUMENTS （續）
(Continued)
(a) Financial assets measured at fair value (a) 按 公 允 價 值 計 量 的 金 融 資 產
(Continued) （續）
Fair value at
December 31, Fair value measurement
於2024年
的公允價值 的公允價值分類為
RMB’000 Level 1 Level 2 Level 3
人民幣千元 第一級 第二級 第三級
Recurring fair value measurement
經常性公允價值計量
Other financial assets at FVPL
按公允價值計入損益的其他金融資產
– Wealth management products
理財產品 7,518,580 – 7,518,580 –
– Equity securities 股本證券 100 – 100 –
– Listed securities 上市證券 98,996 98,996 – –
During the six months ended June 30, 2025, there were no 截至2025 年6 月30 日止六個月，第一
transfers between Level 1 and Level 2, or transfers into or 級與第二級之間並無出現任何轉移，
out of Level 3 (six months ended June 30, 2024: nil). The 亦無任何公允價值轉入第三級或自第
Group’s policy is to recognize transfers between levels of fair 三級轉出（截至2024年6月30日止六個
value hierarchy as at the end of the reporting period in which 月：無）。本集團的政策乃於公允價值
they occur. 層級之間出現轉移的報告期末確認有
關轉移。
The listed securities are accounted for at fair value in level 1 上市證券按第一級公允價值入賬，並
and measured by referencing to the stock price. 參考股價計量。
Valuation techniques and inputs used in Level 2 fair value 第二級公允價值計量中使用的估值技
measurements 術及輸入數據
The fair value of wealth management products in Level 2 is 第二級理財產品的公允價值乃參考銀
measured by referencing to the net asset value published by 行公佈的資產淨值計量。
the banks.
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
OF FINANCIAL INSTRUMENTS （續）
(Continued)
(b) Fair value of financial assets and liabilities (b) 並非按公允價值列賬的金融資
carried at other than fair value 產及負債的公允價值
The carrying amounts of the Group’s financial instruments 於 2025 年 6 月 30 日及 2024 年 12 月 31
carried at amortized cost are not materially different from their 日，本集團按攤銷成本列賬的金融工
fair values as at June 30, 2025 and December 31, 2024. 具的賬面值與其公允價值並無重大差
異。
Capital commitments outstanding at June 30, 2025 not provided 於2025 年6 月30 日，並未於中期財務報告
for in the interim financial report were as follows: 中作出撥備的未履行資本承擔如下：
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Contracted for purchase for property, plant and equipment
已訂約購買物業、廠房及設備 558,055 704,563
佛山市海天調味食品股份有限公司 • 2025 中期報告 87
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
TRANSACTIONS
(a) Transactions with related parties (a) 與關聯方的交易
Apart from disclosures made in note 16 of the interim 除中期財務報告附註16 所披露者外，
financial report, the Group entered into the following material 本集團訂立以下重大關聯方交易：
related party transactions:
Six months ended June 30,
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
Purchases of goods and services 購買商品及服務
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 400,980 436,964
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體 196,573 216,227
Sales of goods and rendering of services 銷售貨品及提供勞務
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 27,126 30,264
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體 44 19
Expense relating to short-term leases 短期租賃相關開支
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 1,102 1,099
Provision of rental services 提供租賃服務
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 651 876
Purchases of property, plant and equipment 購買物業、廠房及設備
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 28,371 70,225
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
TRANSACTIONS (Continued)
(a) Transactions with related parties (Continued) (a) 與關聯方的交易（續）
(i) Leasing arrangements (i) 租賃安排
Our Group has entered into several lease agreements 本集團已與廣東海天及受廣東海
with lease periods of 1 to 3 years with Guangdong 天控制的實體訂立若干租賃協
Haitian and entities controlled by Guangdong Haitian to 議，租期為 1 至 3 年，以租賃若干
lease certain premises, machinery and equipment. During 物業、機器及設備。截至 2025 年
the six months ended June 30, 2025, the Group settled 6 月30 日止六個月，本集團就上
the lease payments with amounts of RMB10,397,000 (six 述租賃服務結算租賃付款人民幣
months ended June 30, 2024: RMB9,870,000) for the 10,397,000 元（截至 2024 年 6 月
above rental services, and interests generated from these 30日止六個月：人民幣9,870,000
leasing arrangements were RMB302,000 (six months 元），該等租賃安排產生的利息為
ended June 30, 2024: RMB380,000). 人民幣302,000 元（截至2024 年6
月30日止六個月：人民幣380,000
元）。
During the six months ended June 30, 2025, the Group 截至 2025 年 6 月 30 日止六個月，
entered into new lease agreements with Guangdong 本集團與廣東海天就使用機器及設
Haitian for use of machinery and equipment and therefore 備訂立新租賃協議，因此確認使用
recognised right-of-use assets and lease liabilities 權資產及租賃負債人民幣822,000
of RMB822,000 while no new lease arrangements 元，而於截至 2024 年 6 月 30 日止
conducted during the six months ended June 30, 2024. 六個月並無訂立新租賃安排。
(ii) Since 2024, certain distributors of the Group entered (ii) 自 2024 年起，本集團若干經銷商
into the loan agreements independently with Jiaxing 與廣東海天控制的實體嘉興海天小
Haitian Small Loan Company Limited (“Jiaxing Haitian”), 額貸款有限公司（「嘉興海天」）獨
an entity controlled by Guangdong Haitian. Pursuant 立訂立貸款協議。根據有關協議，
to the agreements, Jiaxing Haitian agreed to make the 嘉興海天同意代表經銷商直接向本
direct payment to the Group on behalf of distributors 集團支付經銷商採購調味品的預付
as distributors’ prepayments for purchase of flavoring 款項，而上述墊款被視為嘉興海
products, and the above advance payments are regarded 天向經銷商發放的貸款。於截至
as Jiaxing Haitian’s loans to distributors. During the six 2025 年 6 月 30 日止六個月，本集
months ended June 30, 2025, the total amount received 團自嘉興海天收取的經銷商預付款
by the Group from Jiaxing Haitian, as the distributors’ 項總額合共為人民幣328,499,000
prepayments, were RMB328,499,000 (six months ended 元（ 截 至 2 0 2 4 年 6 月 3 0 日 止 六 個
June 30, 2024: RMB35,050,000) in aggregate. The 月：人民幣35,050,000元）。本集
Group does not provide any guarantee over Jiaxing 團不就嘉興海天向經銷商發放的貸
Haitian’s loans to distributors. 款提供任何擔保。
佛山市海天調味食品股份有限公司 • 2025 中期報告 89
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
TRANSACTIONS (Continued)
(b) Balances with related parties (b) 與關聯方的結餘
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade related: 與貿易有關：
Other receivables 其他應收款項
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 7,025 3,282
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體 – 43
Trade payables 貿易應付款項
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 56,269 56,938
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體 66,500 78,820
As at As at
June 30, December 31,
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
Other payables 其他應付款項
Guangdong Haitian and entities controlled by Guangdong Haitian
廣東海天及廣東海天控制的實體 1,522 2,508
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體 1,350 1,350
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
CONTROLLING PARTY
The directors of the Company consider the immediate holding 本公司董事認為，於2025 年6 月30 日及
party of the Company as at June 30, 2025 and December 31, 2024 年 12 月 31 日，本公司的直接控股方
The ultimate controlling party of the Company was Mr. Pang 本公司最終控制方為龐康先生、程雪女
Kang, Ms. Cheng Xue, Mr. Guan Jianghua, Mr. Chen Junyang, 士、管江華先生、陳軍陽先生、文志州先
Mr. Wen Zhizhou and Mr. Liao Changhui, which signed 生及廖長輝先生，彼等已簽署一致行動協
acting-in-concert agreement. 議。
EVENTS
Over allotment of shares 超額配售股份
On July 21, 2025, the Company successfully issued and 於2025 年7 月21 日，本公司根據超額配股
allotted additional 12,192,700 ordinary H Shares pursuant to 權按每股H股36.30港元的發售價成功增發
the Over-Allotment Option at the offer price of HKD36.30 per H 及配發12,192,700 股H股普通股。行使超
Share. The net additional proceeds received from the exercise of 額配股權所收取的額外所得款項淨額約為
the Over-allotment Option was approximately RMB398 million. 人民幣398百萬元。
佛山市海天調味食品股份有限公司 • 2025 中期報告 91
INDEPENDENT REVIEW REPORT
獨立審閱報告
Review report to the board of directors of Foshan Haitian 致佛山市海天調味食品股份有限公司董事會之
Flavouring and Food Company Ltd. 審閱報告
(Incorporated in the People’s Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司）
INTRODUCTION 緒言
We have reviewed the interim financial report set out on pages 52 我們已審閱載於第52至91頁的中期財務報告，
to 91, which comprises the consolidated statement of financial 當中包括佛山市海天調味食品股份有限公司
position of Foshan Haitian Flavouring and Food Company Ltd. （「貴公司」）截至2025年6月30日的綜合財務狀
(the “Company”) as of June 30, 2025 and the related consolidated 況表與截至該日止六個月的相關綜合損益表、
statement of profit or loss, consolidated statement of profit or loss 綜合損益及其他全面收益表、綜合權益變動表
and other comprehensive income and consolidated statement of 及簡明綜合現金流量表以及解釋附註。香港聯
changes in equity and condensed consolidated cash flow statement 合交易所有限公司證券上市規則規定，編製中
for the six months then ended, and explanatory notes. The Rules 期財務報告必須符合以上規則的有關條文以及
Governing the Listing of Securities on The Stock Exchange of Hong 國際會計準則理事會頒佈之國際會計準則第34
Kong Limited require the preparation of an interim financial report to 號中期財務報告 。董事負責根據國際會計準則
be in compliance with the relevant provisions thereof and International 第34號編製及呈列中期財務報告。
Accounting Standard 34 Interim financial reporting as issued by
the International Accounting Standards Board. The directors are
responsible for the preparation and presentation of the interim
financial report in accordance with International Accounting Standard
Our responsibility is to express a conclusion, based on our review, on 我們的責任乃根據我們協定的委聘條款，按照
this interim financial report and to report our conclusion solely to you, 我們的審閱形成有關該中期財務報告的結論，
as a body, in accordance with our agreed terms of engagement, and 並僅向全體董事會報告我們的結論，且不作其
for no other purpose. We do not assume responsibility towards or 他用途。我們概不就本報告內容向其他任何人
accept liability to any other person for the contents of this report. 士負上或承擔責任。
SCOPE OF REVIEW 審閱範圍
We conducted our review in accordance with Hong Kong Standard 我們已根據香港會計師公會頒佈的香港審閱聘
on Review Engagements 2410 Review of interim financial information 用準則第 2410 號由實體的獨立審計師執行中
performed by the independent auditor of the entity as issued by 期財務資料審閱 進行審閱。中期財務報告審
the Hong Kong Institute of Certified Public Accountants. A review 閱工作主要包括向負責財務及會計事宜的人員
of interim financial report consists of making inquiries, primarily 詢問，並實施分析和其他審閱程序。由於審閱
of persons responsible for financial and accounting matters, 的範圍遠較根據香港審計準則進行審計的範圍
and applying analytical and other review procedures. A review is 小，故不能保證我們會注意到在審計中可能會
substantially less in scope than an audit conducted in accordance 被發現的所有重大事宜。因此，我們不發表審
with Hong Kong Standards on Auditing and consequently does not 計意見。
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
INDEPENDENT REVIEW REPORT
獨立審閱報告
CONCLUSION 結論
Based on our review, nothing has come to our attention that causes 基於我們的審閱，我們並未注意到任何事項令
us to believe that the interim financial report as at June 30, 2025 is 致我們認為於2025年6月30日的中期財務報告
not prepared, in all material respects, in accordance with International 在所有重大方面未根據國際會計準則第34號中
Accounting Standard 34, Interim financial reporting . 期財務報告 進行編製。
KPMG 畢馬威會計師事務所
Certified Public Accountants 執業會計師
Central, Hong Kong 太子大廈8樓
August 28, 2025 2025年8月28日
佛山市海天調味食品股份有限公司 • 2025 中期報告 93
DEFINITIONS
釋義
In this report, unless the context otherwise requires, the following 本報告內，除非文義另有所指，否則下列詞彙
expressions shall have the following meanings: 具有以下涵義：
“A Share(s)” ordinary shares issued by our Company, with a nominal value of RMB1.00
each, which are listed on the SSE and traded in Renminbi
「A股」 指 本公司發行每股面值人民幣1.00元的普通股，於上交所上市並以人民幣買賣
“Audit Committee” the audit committee of our Company
「審計委員會」 指 本公司審計委員會
“Board” or “Board of Directors” the board of directors of our Company
「董事會」 指 本公司董事會
“China” or the “PRC” the People’s Republic of China, excluding the Hong Kong Special
Administrative Region, the Macau Special Administrative Region and Taiwan
「中國」 指 中華人民共和國，不包括香港特別行政區、澳門特別行政區及台灣地區
“Company”, “our Company”, “the Foshan Haitian Flavouring and Food Company Ltd. (佛山市海天調味食品股
Company” or “Haitian” 份有限公司), a PRC company established on April 8, 2000, the A Shares of
which have been listed on the SSE (stock code: 603288) and the H Shares
of which have been listed on the Stock Exchange (stock code: 3288)
「本公司」、「公司」或「海天」 指 佛山市海天調味食品股份有限公司，一家於2000年4月8日成立的中國公司，
其A股在上交所上市（股票代碼：603288），其H股在聯交所上市（股份代號：
“Controlling Shareholder(s)” has the meaning ascribed to it under the Listing Rules and unless the
context requires otherwise, refers to Guangdong Haitian, Foshan Haipeng
Development Co., Ltd., Mr. Pang, Ms. Cheng, Mr. Guan, Mr. Chen, Mr. Wen
and Mr. Liao
「控股股東」 指 具有上市規則賦予該詞的涵義，除文義另有所指外，指廣東海天、佛山市海鵬
貿易發展有限公司、龐先生、程女士、管先生、陳先生、文先生及廖先生
“Group”, “our Group”, “the Group”, the Company and its subsidiaries
“we”, “us” or “our”
「本集團」或「我們」 指 本公司及其子公司
DEFINITIONS
釋義
“Guangdong Haitian” Guangdong Haitian Group Co., Ltd. (廣東海天集團股份有限公司), a joint
stock limited company established under the laws of the PRC on March 6,
「廣東海天」 指 廣東海天集團股份有限公司，一家於2000年3月6日根據中國法律成立的股份
有限公司，為我們的控股股東之一
“H Share(s)” shares in the share capital of our Company with a nominal value of RMB1.00
each, which are listed and traded on the Stock Exchange
「H股」 指 本公司股本中每股面值人民幣1.00元的股份，於聯交所上市及買賣
“HK$” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong
「港元」 指 香港法定貨幣港元
“Latest Practicable Date” August 28, 2025
「最後實際可行日期」 指 2025年8月28日
“Listing Date” June 19, 2025
「上市日期」 指 2025年6月19日
“Listing Rules of the Stock the Rules Governing the Listing of Securities on the Stock Exchange, as
Exchange” amended, supplemented or otherwise modified from time to time
「《聯交所上市規則》」 指 聯交所證券上市規則，經不時修訂、補充或以其他方式修改
“Listing” the listing of the H Shares on the Main Board
「上市」 指 H股於主板上市
“Main Board” the stock market (excluding the option market) operated by the Stock
Exchange which is independent from and operated in parallel with the GEM
of the Stock Exchange
「主板」 指 聯交所營運的股票市場（不包括期權市場），獨立於聯交所GEM並與之並行運
作
“Mr. Chen” Mr. Chen Junyang (陳軍陽), one of our Controlling Shareholders
「陳先生」 指 陳軍陽先生，我們的控股股東之一
“Mr. Guan” Mr. Guan Jianghua (管江華), our executive director, president and one of our
Controlling Shareholders
「管先生」 指 管江華先生，我們的執行董事、總裁及控股股東之一
“Mr. Liao” Mr. Liao Changhui (廖長輝), our executive director and one of our Controlling
Shareholders
「廖先生」 指 廖長輝先生，我們的執行董事及控股股東之一
佛山市海天調味食品股份有限公司 • 2025 中期報告 95
DEFINITIONS
釋義
“Mr. Pang” Mr. Pang Kang (龐康), one of our Controlling Shareholders
「龐先生」 指 龐康先生，我們的控股股東之一
“Mr. Wen” Mr. Wen Zhizhou (文志州), our executive director and one of our Controlling
Shareholders
「文先生」 指 文志州先生，我們的執行董事及控股股東之一
“Ms. Cheng” Ms. Cheng Xue (程雪), our executive director, chairwoman of our Board and
one of our Controlling Shareholders
「程女士」 指 程雪女士，我們的執行董事、董事長及控股股東之一
“Prospectus” the prospectus issued by the Company on June 11, 2025
「招股章程」 指 本公司於2025年6月11日刊發的招股章程
“Reporting Period” from January 1, 2025 to June 30, 2025
「報告期」 指 2025年1月1日至2025年6月30日
“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC
「人民幣」 指 中國法定貨幣人民幣
“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), as amended, supplemented or otherwise modified from time to time
「《證券及期貨條例》」 指 香港法例第571章《證券及期貨條例》，經不時修訂、補充或以其他方式修改
“Shareholder(s)” holder(s) of the shares in the Company
「股東」 指 公司股份持有人
“SSE” the Shanghai Stock Exchange
「上交所」 指 上海證券交易所
“Stock Exchange” The Stock Exchange of Hong Kong Limited
「聯交所」 指 香港聯合交易所有限公司
Notes: 註：
subject to rounding.
of the PRC laws and regulations, governmental authorities, institutions, 實體（包括本公司的若干子公司）的中英文名稱
natural persons or other entities (including certain subsidiaries of the 如有任何不符，概以中文版本為準。注有「*」號
Company), the Chinese versions shall prevail. The English translations 的中文公司名稱及其他詞語的英譯本僅供識別之
of Chinese company names and other terms marked with “*” are for 用。
identification purposes only.
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