[中报]海天味业(603288):H股公告-2025中期报告
原标题:海天味业:H股公告-2025中期报告 目錄 Corporate Information 2 公司資料 Management Discussion and Analysis 6 管理層討論與分析 Corporate Governance and Other Information 35 企業管治及其他資料 Consolidated Statement of Profit or Loss 52 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 53 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 54 綜合財務狀況表 Consolidated Statement of Changes in Equity 57 綜合權益變動表 Condensed Consolidated Cash Flow Statement 58 簡明綜合現金流量表 Notes to the Unaudited Interim Financial Report 60 未經審計中期財務報告附註 Independent Review Report 92 獨立審閱報告 Definitions 94 釋義 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 17/F, Far East Finance Centre 香 16 Harcourt Road 夏道16號 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 CORPORATE INFORMATION 公司資料 PRINCIPAL PLACE OF BUSINESS IN 香主要?業地點 HONG KONG 40/F, Dah Sing Financial Centre 香 ’ 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 香法律顧問 LAW Clifford Chance 高偉紳律師行 27/F, Jardine House 香 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 34/F, Tower 3 中國 China Central Place 北京市建國路77號 77 Jianguo Road, Beijing 華貿中心 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利益實 Accounting and Financial Reporting Council Ordinance 體核數師’ 8th Floor, Prince s Building 香 10 Chater Road 中環 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 03288.HK 03288.HK 603288.SH 603288.SH 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: 1. Despite of the relatively inelastic demands 1. 行業具有一定的剛需特性和投入門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 2. Industry competition is intense, primarily 2. 行業競爭激烈，主要呈現為企業綜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、?銷和規範經?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. 3. The trend of upgrading consumer demand and 3. 消費需求升級與觸達渠道多元化 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?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, 業擴大品牌影力、拓展銷售地域、密切 and comprehensively enhance their innovation capabilities. 與消費互動提供了機遇。 Nevertheless, the development of new channels also provides enterprises with opportunities to expand their brand influence, MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 BUSINESS REVIEW 業務回顧 1. Discussion and Analysis on Operations 1. 經?情況的討論與分析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?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 2. Analysis of Core Competitiveness during the 2. 報告期內核心競爭力分析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) Technology development continues to drive leading (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、?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，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. 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.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(WEF)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?銷工具的推廣及升級，構建our Group has built a full-link digital ecosystem connecting 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. 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?，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’ Groups 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. 3. Core Products of the Group 3. 本集團核心產品 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。 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 6月30日止6個月 6月30日止6個月 變動 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： 其他主要括(i)原材料、裝材料、副產品 及其他的銷售，(ii)物流和運輸服務以及(iii) materials, by-products and others, (ii) logistics and transportation 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、裝等方面不斷創新，為消費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. 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 《一飯封神》( ), vividly conveying the innovative integration 創新，以場景化的方式生動傳遞給消 of Haitian condiments and gourmet cuisine to consumers 費，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 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、裝及價位，滿足不同消費 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?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.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，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- 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. 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。 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 Groups 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 Groups 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 6月30日止6個月 年6月30日止6個月 變動 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： 其他主要括(i)原材料、裝材料、副產品及其 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，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，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?銷開支 During the Reporting Period, the Group’s selling and marketing 報告期內，本集團的銷售及?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. 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， 8.2% as compared to RMB380.1 million in the same period of last 增加8.2%，主要由於研發過程中所用原材料及 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. 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?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，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，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 2024, the bank loans and other borrowing and lease liabilities in the 年12月31日，本集團非即期債務中的銀行貸款 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 30, 2025. 然負債。 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. 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 15.2%, representing a decrease of 7.9% as compared to 23.1% as 例）為15.2%，較2024年12月31日的23.1%減 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?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?公司及合?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」所披露外，本集團並無重大投資及資本（未完）  |