CONTENTS目錄
2 Corporate Information
公司資料
5 Letter to Shareholders
致股東的一封信
9 Management Discussion and Analysis
管理層討論與分析
Biographical Details of Directors and Senior
62 Management
董事及高級管理人員簡歷
70 Report of the Directors
董事會報告
116 Corporate Governance Report
企業管治報告
145 Independent Auditor
’s Report獨立核數師報告
154 Consolidated Statement of Profit or Loss
綜合損益表
Consolidated Statement of Profit or Loss and
155 Other Comprehensive Income
綜合損益及其他全面收益表
156 Consolidated Statement of Financial Position
綜合財務狀況表
159 Consolidated Statement of Changes in Equity
綜合股權變動表
160 Consolidated Cash Flow Statement
綜合現金流量表
162 Notes to the Consolidated Financial Statements
綜合財務報表附註
287 Five-Year Financial Summary
五年財務數據摘要
289 Definitions
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 (Employee Representative Director) 文志州先生（職工代表董事）
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
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
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
02 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE INFORMATION
公司資料
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 香港
16 Harcourt Road 夏慤道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
PRINCIPAL PLACE OF BUSINESS IN 香港主要營業地點
HONG KONG
40/F Dah Sing Financial Centre 香港
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
佛山市海天調味食品股份有限公司 * 2025 年度報告 03CORPORATE INFORMATION公司資料
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
27/F Jardine House 香港
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
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眾利益實
Accounting and Financial Reporting Council Ordinance 體核數師
8th Floor Prince’s Building 香港
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.haday.com https://www.haday.com
STOCK CODE 股份代號
03288.HK 03288.HK
603288.SH 603288.SH
04 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025LETTER TO SHAREHOLDERS
致股東的一封信
Dear Shareholders 尊敬的各位股東：
Over the past few years like many enterprises we have been going 過去幾年，我們與許多企業一樣，前進在打破forward on a road of breaking the inertia of logic and reconstituting 慣性邏輯、再構新勢能的道路上。無論時代如new potentials. No matter how the times change people’s yearning 何變遷，人們對美好生活的嚮往，體現在餐桌for a better life is reflected at the dining table in their endless pursuit 上，就是對美味與健康永無止境的追求，讓用of delicious food and health. Ensuring user satisfaction remains the 戶滿意永遠是穿越周期的硬道理。錨定於此，absolute principle for navigating through economic cycles. Anchored 過去一年公司持續深化戰略轉型，從「用戶至by this conviction the Company has continued to deepen its strategic 上」向「用戶滿意至上」狠練內功。
transformation over the past year. We have strengthened our
capabilities from “Consumer First” to “Customer Satisfaction First”.It is precisely this dedication that allowed Haitian to demonstrate a 正是這份執着，使海天在2025年表現出了一certain level of resilience in 2025: revenue of RMB28873 million 定的韌性：營業收入人民幣288.73億元，主營principal business income of RMB27399 million net profit attributable 業務收入人民幣273.99億元，歸母淨利潤人民to shareholders of the parent company of RMB7038 million and 幣70.38億元，扣非歸母淨利潤人民幣68.45億net profit attributable to shareholders of the parent company after 元。每一個數字，都刷新了歷史記錄；每一個deducting non-recurring items of RMB6845 million. Each of these 數字背後，離不開用戶的投票，離不開每一位figures has set a historical record; behind every number is the votes 股東的相伴，離不開全體海天人和海天合作夥of confidence by our users the companionship of every Shareholder 伴的全力以赴。
and the diligent effort of all Haitian employees and partners.佛山市海天調味食品股份有限公司 * 2025 年度報告 05LETTER TO SHAREHOLDERS致股東的一封信
The continuous establishment of new advantages in product 品類陣營新優勢不斷建立、渠道網絡越來
categories and the increasingly accessible distribution network have 越觸手可達，給了我們應對變化的堅實底given us a solid foundation to cope with changes. The foundation of 氣。醬油、蠔油、調味醬三大核心基調穩our three core categories – soy sauce oyster sauce and flavored 定發展，築牢品類金字塔基，2 0 2 5年分別sauce – is developing in a steady manner consolidating the base 實現人民幣 1 4 9 . 3 4億元╱人民幣 4 8 . 6 8億
of category pyramid. The three core categories achieved revenue 元╱人民幣 2 9 . 1 7億元的收入，同比增速of RMB14.934 billion RMB4.868 billion and RMB2.917 billion 8.55%/5.48%/9.29%。在塔基發展相對保證respectively in 2025 representing year-on-year growth rates of 的基礎上，我們一方面加速在醋、料酒等其他
8.55% 5.48% and 9.29%. Building upon the relatively secured 基調賽道做到領先，奠定基調大賽道的絕對優
development of our foundational base we are on one hand 勢；一方面加快在健康化、便捷化、場景化、
accelerating our efforts to achieve a leading position in other basic 定制化等趨勢賽道上做到領先；同時以基調賽
seasoning categories such as vinegar and cooking wine thereby 道絕對優勢為依託，加快進入複調等周邊賽establishing an absolute advantage in the broader basic seasoning 道。為了更好地觸達用戶，我們用深入到鎮村market. On the other hand we are accelerating our pace to take the 的線下網絡築牢渠道金字塔基，並不斷拓展線lead in trend-driven categories characterized by health convenience 下網絡的深度和廣度；在塔基發展相對保證的
scenarios and customization. At the same time leveraging our 基礎上，我們一方面用數字化工具獲得更多的absolute advantage in basic seasoning categories we are expediting 終端和用戶，一方面在各類新興渠道捕捉增量our entry into the related categories such as compound condiments. 空間，觸達柴米油鹽的萬千場景，築建形形色To better reach our users we build a solid foundation for our channel 色的生態合作。
pyramid using an offline network that penetrates deeply into towns
and villages and continuously expand the depth and breadth of this
offline network. Building upon the relatively secured development of
our foundational base we are on the one hand utilizing digital tools
to acquire more retail terminals and users and on the other hand
capturing incremental growth opportunities across various emerging
channels so as to integrate into the myriad scenes of daily cooking
and construct diverse forms of ecosystem cooperation.
06 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025LETTER TO SHAREHOLDERS
致股東的一封信
The core engine driving our transformation is the strategy of 驅動轉型的核心引擎，是「科技立企」戰略。
“technology development”. Operating in a livelihood industry deeply 身處充滿煙火氣的民生行業，更需要我們對長rooted in everyday life we are all the more required to adhere to 期主義的堅守，更需要在看不見的地方務實守long-termism and pragmatically safeguard the flavors delivered 護看得見的滋味。在「科技立企」戰略指導下，to consumers through dedication behind the scenes. Guided by 公司守正創新，全面擁抱AI時代，推動「老師the strategy of “technology development” the Company upholds 傅」傳統釀造技藝與人工智能、大數據深度融
fundamental principles while pursuing innovation fully embraces 合。原料篩選、生產發酵、品控檢測、運輸排the AI era and promotes the deep integration of the traditional 程 ...在供應鏈每一處，我們都在跟品質和效率brewing craftsmanship of our “master craftsmen” with technologies 較真，朝着先進和創新對標。公司堅持每年投such as artificial intell igence and big data. From raw material 入營業收入約3%在科技創新，AI豆臉選豆、大screening production and fermentation to quality control testing and 數據智能發酵、24HNIR在線光譜檢測和AI電子
transportation scheduling...in every link of the supply chain we are 鼻等眾多接地氣的先進用例，確保了每一瓶產meticulous about quality and efficiency continuously benchmarking 品的優秀品質和高質價比。2025年1月，高明against advanced standards and innovation. Each year the Company 製造基地獲得全球醬油釀造行業首家「燈塔工
persistently invests approximately 3% of its revenue in technological 廠」的殊榮，標誌着公司已成為全球調味品釀innovation. Numerous practical and advanced use cases including 造行業數字化轉型標桿。
an AI-powered visual soybean sorting technology big data intelligent
fermentation 24-hour online Near-Infrared (NIR) spectral detection
and AI-powered testing sensor ensured the excellent quality and
high cost-effectiveness of every bottle of our products. In January
2025 the Gaoming manufacturing base was honored as the first
“Lighthouse Factory” in the global soy sauce brewing industry
marking that the Company has become a digital transformation
benchmark in the global condiment brewing industry.Technology enables us to advance more steadily while our vision 科技讓我們走得更穩，願景則讓我們走得更allows us to go further. As the Company continues to transform and 遠。公司持續轉型進化，從「調味產品」到「全evolve it is moving from supplying “condiment products” to supplying 場景烹飪解決方案」再向「味道研究」，我們一“full-scenario cooking solutions” and further to “flavor research”. 直積累蓄能、努力煥新，為「有人煙處有海天」We have always been accumulating and storing energy striving to 的願景持續奮鬥。2025年6月，公司正式踏上rejuvenate ourselves and continuously working towards the vision A+H雙平台的新起點，國際化戰略向前邁出一of “Flavoring Every Moment”. In June 2025 the Company officially 大步。我們將以好產品、好服務、好味道，務embarked on a new starting point with the A+H dual platform taking 實推進國際化布局，不斷打磨國際化核心能a significant step forward in our internationalization strategy. With 力，以更高質量融入世界舞台、融入全球萬千excellent products outstanding services and great flavors we will 燈火中的一日三餐。
pragmatically advance our international layout and continuously refine
our core international capabilities integrating ourselves into the global
stage and the daily meals of countless households worldwide with
higher quality.佛山市海天調味食品股份有限公司 * 2025 年度報告 07LETTER TO SHAREHOLDERS致股東的一封信
We serve global users with sincerity and reward global Shareholders 我們以真誠服務全球用戶，以價值回報全球股with value. In 2025 the Company implemented an interim dividend 東。2025年公司實施中期分紅，制定未來三年and formulated a three-year dividend plan committing to an annual 分紅規劃，承諾2025-2027年每年分紅率不低dividend payout ratio of no less than 80% of the net profit attributable 於當年歸母淨利潤的80%，提升投資回報的可to the parent company for the year from 2025 to 2027 thereby 預期性；基於2025年的穩健經營及一些里程碑
enhancing the predictability of investment returns. Based on the 成果，還實施了特別分紅，與股東共享成就的steady operations and some milestone achievements in 2025 we 喜悅。我們相信只要根基穩固、方向明確、隊also implemented a special dividend to share our joy of achievements 伍同心，公司必能實現更高質量的持續發展，with our Shareholders. We believe that as long as our foundation is 為股東創造更加長期穩定的回報。
solid our direction is clear and our team is united the Company
will certainly achieve higher-quality and sustained development and
create more long-term and stable returns for our Shareholders.In the future with a more open mindset we will work hand in hand 未來，我們將以更加開放的格局，與更多志同with more like-minded partners and share resources. We aim to 道合的夥伴們攜手共進、資源共享，讓企業能extend our corporate capabilities into nourishment for the broader 力外溢為生態的養分，也讓外部智慧內化為成ecosystem while internalizing external wisdom as a driver for our 長的動能。我們將持續推動生態共建與可持續own growth. We will continue to promote the deep integration of 發展治理深度融合，積極履行社會責任，不斷ecosystem co-construction and sustainable development governance 提升ESG治理能力與品牌美譽。我們深信，唯actively fulfill our social responsibilities and continuously enhance 有將邊界拓成沃野，方能以更大的合力回應用our ESG governance capabilities and brand reputation. We firmly 戶期許，讓海天被更多人所信任、所選擇、所believe that only by cultivating our boundaries into fertile fields can we 眷注。
respond to user expectations with greater synergy allowing Haitian to
be trusted chosen and favored by more people.In 2026 we will proceed with utmost sincerity keeping our original 2026年，我們赤誠相待，初心可見。
aspirations clearly in sight.The Board of Directors 佛山市海天調味食品股份有限公司
Foshan Haitian Flavouring and Food Company Ltd. 董事會
March 26 2026 2026年3月26日
08 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
MACRO AND INDUSTRY ENVIRONMENT 宏觀及行業環境
1. Consumer Market Trends and Policy Environment 1. 消費市場趨勢和政策情況The year 2025 marks the final year of the national “14th Five- 2025年是國家「十四五」規劃收官之年，也Year Plan” and the foundational year for the layout of the “15th 是「十五五」規劃的謀篇佈局之年，宏觀經Five-Year Plan”. The macroeconomic environment progressed 濟穩中有進、向新向優發展，為具有民生while maintaining stability and developed toward new and high- 剛需特點的調味品行業奠定了良好的發展
quality directions laying a solid foundation for the development of 基調。全年國內生產總值首次突破140萬the condiments industry which is characterized by rigid demand 億元大關，保持5.0%的穩健增長，國內社for everyday necessities. The annual gross domestic product 會消費品零售總額規模超過50萬億元，同(GDP) exceeded the RMB140 trillion threshold for the first time 比增長3.7%，增速比上年加快0.2個百分maintaining a steady growth of 5.0%. The total retail sales of 點。
consumer goods in China exceeded RMB50 trillion representing
a year-on-year increase of 3.7% with the growth rate accelerating
by 0.2 percentage points compared to the previous year.The consumer market remained generally stable and showed 消費市場運行總體平穩，逐步向好發展，gradual improvement with the consumption expenditure to 消費支出對經濟增長貢獻率達52%，展現economic growth reaching 52% demonstrating strong resilience 了國內市場的有力韌性。國內CPI全年同of the domestic market. Throughout the year the domestic 比持平，但10月起隨國家擴內需促消費政consumer price index (CPI) remained flat year-on-year. However 策的加力實施，消費需求持續恢復，年內as the PRC government stepped up its efforts to implement the CPI同比由負轉正並持續回升，12月份CPIpolicies to expand domestic demand and promote consumption 同比上漲0.8%，其中食品類CPI同比上漲from October onwards consumer demand continued to recover. 1.1%，為2026年良好開局。2025年，全During the year the year-on-year CPI turned positive and 國居民人均可支配收入43377元，比上年continued to rebound with the CPI rising by 0.8% year-on-year 實際增長5.0%；人均消費支出29476元，in December among which the food CPI rose by 1.1% year-on- 比上年實際增長4.4%；其中農村居民人均
year setting a positive tone for the start of 2026. In 2025 the per 可支配收入實際增長6.0%，人均消費支出capita disposable income of national residents was RMB43377 實際增長5.3%，反映出國內消費市場，尤representing a real increase of 5.0% over the previous year; 其是下沉市場，仍有較大發展空間。
and the per capita consumption expenditure was RMB29476
representing a real increase of 4.4% over the previous year.Among them the per capita disposable income of rural residents
saw a real increase of 6.0% and the per capita consumption
expenditure saw a real increase of 5.3% indicating that there
is still ample room for development in the domestic consumer
market especially the lower-tier markets.佛山市海天調味食品股份有限公司 * 2025年度報告 09MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
%
1.8
0.9
0
-0.9
-1.8
-2.7
-3.6
-4.5
-5.4
25-0125-0225-0325-0425-0525-0625-0725-0825-0925-1025-1125-12
China: CPI: Food: China: CPI: Food tobacco alcohol and China: CPI: Source of data:
Year-on-year comparison dining out: Year-on-year comparison Year-on-year comparison Wind
中國: CPI: 食品: 當月同比 中國: CPI: 食品菸酒及在外餐飲: 當月同比 中國: CPI: 當月同比 數據來源：Wind
The steady development of consumption and the condiments 消費和調味品行業的穩健發展，離不開國industry is underpinned by strong support of national policies. In 家政策的大力支持。2025年，國家密集
2025 the PRC government intensively issued policies to enhance 出台增強內需、促進消費與增強供給適配
domestic demand promote consumption and improve supply 性等政策，為居民消費營造積極的宏觀adaptability creating a positive macroeconomic atmosphere for 氛圍，推動市場供給結構升級。2025年residents’ consumption and promoting the structural upgrade of 3月，中共中央辦公廳和國務院辦公廳印market supply. In March 2025 the General Office of the Central 發《提振消費專項行動方案》，從城鄉居民Committee of the Communist Party of China and the General 增收和消費能力保障等方面持續提振消費
Office of the State Council issued the Special Action Plan for 需求、增進居民消費能力，同時從消費品Boosting Consumption which continued to boost consumer 質提升和消費環境改善等方面提高各類商
demand and enhance residents’ purchasing power from aspects 品和服務質量，多元化創新發展消費新產such as increasing the income of urban and rural residents and 品、新場景和新熱點，推動消費市場擴容safeguarding consumer purchasing power. At the same time it 提質。2025年4月，商務部、國家衛生健improved the quality of various goods and services from aspects 康委等12部門印發《促進健康消費專項行such as upgrading consumption quality and improving the 動方案》，提出要提升健康飲食消費水平，consumption environment diversified and innovatively developed 打擊食品非法添加，開展有機食品認證有new consumer products new scenarios and new hotspots and 效性抽查；實施促進營養健康專項行動；
promoted the expansion and qualitative upgrade of the consumer 強化餐飲營養健康工程建設。
market. In April 2025 12 departments including the Ministry
of Commerce and the National Health Commission issued
the Special Action Plan for Promoting Healthy Consumption
proposing to raise the standard of healthy eating crack down
on illegal food additives and carry out random checks on the
validity of organic food certifications; implement special actions
to promote nutritious and healthy eating; and strengthen the
development of nutritious and healthy eating in the catering
sector.
10 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Fol lowing repeated emphasis mid-year on the thorough 年中多次強調深入實施提振消費行動方案implementation of the action plan to boost consumption 後，2025年11月，六部門聯合印發《關於i n November 2025 s ix depar tments jo in t l y i ssued the 增強消費品供需適配性進一步促進消費的Imp lementat ion P lan on Enhanc ing the Adaptab i l i t y o f 實施方案》，對食品領域提出從創新產品供Consumer Goods Supply and Demand and Further Promoting 給、引導優質消費等維度發力，推動食品Consumption proposing efforts in the food sector from 產業與消費需求精準適配，助力構建供需dimensions such as innovating product supply and guiding high- 更高水平動態平衡。在食品領域，將重點quality consumption to promote precise matching between 圍繞「推動健康產品創新發展」與「特色產
the food industry and consumer demand and to help build a 業培育」兩大方向突破。一方面，支持企業higher-level dynamic balance between supply and demand. In 加強特殊膳食食品研發，聚焦不同人群營the food sector breakthroughs will be focused on two major 養需求，推動食品產品向功能化、精準化directions: “promoting the innovative development of health 升級，滿足消費者對健康飲食的高品質需products” and “cultivating characteristic industries”. On the 求；另一方面，着力培育認定一批優勢傳one hand it supports companies in strengthening the R&D 統食品產區和地方特色食品產業，挖掘地of special dietary foods focusing on the nutritional needs of 方飲食文化內涵，提升地方特色食品的市different groups and promoting the upgrading of food products 場影響力和競爭力。2026年1月的全國商toward functionalization and precision to meet consumers’ high- 務工作會議還提出，要發展健康消費，激quality demand for healthy diets. On the other hand it focuses 活下沉市場活力。
on cultivating and recognizing a batch of competitive traditional
food production areas and local characteristic food industries
tapping into the rich heritage of local food culture and enhancing
the market influence and competitiveness of local characteristic
foods. The National Commerce Work Conference in January 2026
also proposed to develop healthy consumption and stimulate the
vitality of the lower-tier markets.With coordinated support from the PRC government on both 在國家對供需兩側的協同支持下，政策對the supply and demand sides the policy aiming at stimulating 下沉市場的激活、產品創新和健康消費的
lower-tier markets driving product innovation and promoting 引導，或將拓寬頭部調味品企業的市場空healthy consumption is expected to expand the market potential 間。通過覆蓋全國的渠道網絡，頭部企業for leading condiment companies. Through a nat ionwide 能夠承接縣域及社區消費潛力，而長期積distr ibut ion network leading companies can absorb the 累的技術儲備、研發投入和消費洞察則能
consumption potential of counties and communities while long- 精準響應減鹽、有機、功能化等健康升級
term accumulated technological reserves R&D investments 需求，將政策倡導的「功能化、精準化」轉and consumer insights can precisely respond to health upgrade 化為真實可及的產品競爭力。其次，政策demands such as reduced salt organic and functional options 對地方特色食品產業的培育導向，能夠與t ransforming the pol icy-advocated “funct ional izat ion and 龍頭企業的品牌勢能和標準化能力形成共precision” into real and accessible product competitiveness. 振，使其能夠將區域風味從地域特色升級Secondly the policy’s guidance on cultivating local characteristic 為全域品類，進一步豐富產品矩陣。
food industries can resonate with the brand momentum and
standardization capabilities of leading companies enabling them
to upgrade regional flavors from local characteristics to universal
categories further enriching their product portfolio.佛山市海天調味食品股份有限公司 * 2025年度報告 11MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
2. Development of the Condiments Industry 2. 調味品行業發展情況
Benefiting from the long history of development and to a certain 得益於調味品悠久的發展歷史和一定程度
extent the characteristics of rigid demand the condiments 上的剛需特性，調味品行業在過往基本保industry has generally maintained relatively steady development 持相對穩健的發展。全球和中國調味品市in the past. The global and Chinese condiment markets 場容量大，仍有較大發展空間。根據弗若possess substantial scale and still hold immense untapped 斯特沙利文的資料，2025年全球調味品市growth potential. According to data from Frost & Sullivan the 場規模約為人民幣22336億元，隨着居民global condiments market size in 2025 was approximately 生活水平的逐步提高，調味品品類將更為RMB2233.6 billion. With the gradual improvement of residents’ 豐富多元，預計全球市場規模將於2029年living standards condiment offerings will become increasingly 增長至約人民幣28917億元，2025年至expansive and diverse. The global market size is expected 2029年複合增長率約為6.7%；其中2025
to grow to approximately RMB2891.7 billion by 2029 with 年全球複合調味品市場規模約為人民幣
a compound annual growth rate (CAGR) of approximately 4637億元，預計全球市場規模將於2029
6.7% from 2025 to 2029. Among them the global compound 年增長至約人民幣6345億元，2025年至
condiments market size in 2025 was approximately RMB463.7 2029年複合增長率約為8.2%。
billion and it is expected that the global market size will grow
to approximately RMB634.5 billion by 2029 with a CAGR of
approximately 8.2% from 2025 to 2029.
(1) Characterized by its “low-ticket highly capital-intensive” nature (1) 「小產品、重資本」屬性突出，行業內拓展
the industry presents high barriers to scale 成本高
Condiments are “low-ticket” as its unit price is relatively low but 調味品是單價相對較低的「小產品」，但行high capital investment sophisticated manufacturing processes 業本身資本投入高、產業技術複雜且投入
and long input-output cycles are fundamental challenges that 產出週期長是調味品企業需要面對的基本
condiment companies must face. Heavy capital investments 課題，土地資源、廠房建設、智能設備、in land resources plant construct ion smart equipment 技術研發、渠道網絡、品牌經營等方面的
technological R&D channel networks and brand operations have 重資本投入也構築起較高的行業進入壁
also built high barriers to entry into the industry. Consumers’ 壘。消費者對產品和服務的需求趨向多元demands for products and services are becoming increasingly 化，對調味品企業的技術革新能力和產品diversified posing higher requirements for the technological 創新能力都提出了更高的要求。
innovation capabilities and product innovation capabilities of
condiment companies.
12 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(2) Industry competit ion remains and transparent regulat ion (2) 行業競爭仍然存在，監管透明化加速企業
accelerates the survival of the fittest among companies 優勝劣汰
The condiments industry is a highly competitive industry. As the 調味品行業是一個充分競爭的行業。隨着number of companies entering the condiments industry increases 進入調味品行業的企業數量增多，需求端new trends on the demand side emerge and iterate and 新趨勢興起更迭，新興品類「百花齊放」。
emerging categories are “blooming”. Consumers are increasingly 消費者對食品安全、高質量、好品牌、質
paying more attention to food safety high quality good brands 價比的重視程度越來越高，這要求企業需and cost-effectiveness which requires companies to continuously 要持續在產品和品牌升級下功夫，調味品make efforts in product and brand upgrading. Competition 行業競爭將轉變為品牌、質量、營銷、規
in the condiments industry will transform into a competition 範經營等企業綜合實力再加耐力、定力的
of comprehensive corporate strength such as brand quality 競爭，強者恒強行業格局將繼續深化。
marketing and compliant operations coupled with endurance
and focus. The industry pattern where the strong get stronger will
continue to deepen.At the same time increasingly stringent regulatory standards 與此同時，監管規範的深化倒逼技術升are compelling technological upgrades industry standardization 級、行業規範化和市場競爭透明化，推and greater market competit ion transparency driving the 動調味品行業朝着高質量競爭的方向創condiments industry to innovate and develop toward high-quality 新發展，企業優勝劣汰速度加快。《食品competition and accelerating the speed of survival of the fittest 安全國家標準預包裝食品標籤通則》 (GB
among companies. The National Food Safety Standard – General 7718-2025)於2025年3月頒佈，推動食品Standard for the Labeling of Prepackaged Foods (GB 7718-2025) 標籤信息的透明化與規範化，強化了配料was promulgated in March 2025 to drive greater transparency 信息的真實性與可追溯性，引導調味品行and standardizat ion in food label ing. By re inforcing the 業回歸產品本質。同年10月，《醬油質量authenticity and traceability of the ingredient lists the standard is 通則》(GB/T 18186-2025)國家標準頒佈，steering the condiments industry to refocus on the core product 對醬油產品的定義、原料、工藝及標識進
quality. In October of the same year the General Rule of the 行了系統性升級，強化醬油作為發酵調味Quality of Soy Sauce (GB/T 18186-2025) a national standard 品的本質屬性，消除了配制醬油冒充的灰was promulgated systematically upgrading the definition raw 色空間，促使企業回歸核心釀造工藝的創materials processes and labeling of soy sauce products. By 新優化。下游餐飲行業食品安全的監管規reinforcing the authentic nature of soy sauce as a fermented 範同樣趨嚴，帶動上游提升產品品質。
condiment the guidelines eliminate the gray space of counterfeit 2025年內，國家市場監督管理總局陸續頒formulated soy sauce driving companies to refocus on innovating 佈食品生產經營企業、集中用餐單位和餐and optimizing their core brewing processes. The increasingly 飲服務連鎖企業《落實食品安全主體責任監strict regulatory standards for food safety in the downstream 督管理規定》，食品生產和經營環節每個主catering industry also drive the upstream to improve product 體的管理責任得到進一步落實。
quality. In 2025 the State Administration for Market Regulation
successively promulgated the Regulations on the Supervision
and Administration of the Implementation of Primary Food Safety
Responsibilities by food producers and operators institutional
dining facilities and catering service chain companies further
implementing the management responsibilities of each entity in
each of the processes of food production and operation.佛山市海天調味食品股份有限公司 * 2025年度報告 13MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
The strengthening of regulatory measures indicates that the 監管措施的加強，預示着調味品行業或從condiments industry may transition from rapid total volume 總量快速擴張進入結構性分化的高質量發
expansion to a new stage of h igh-qual i ty deve lopment 展新階段。上述新規的實施，預計將進一characterized by structural differentiation. The implementation of 步提高行業的准入門檻，無法達到國標質the above new regulations is expected to further raise the entry 量要求的產品和企業將面臨較大挑戰。對barriers of the industry and products and companies failing to 於研發投入深厚、品控標準嚴苛、用戶需
meet the quality requirements of national standards will face 求響應快速、渠道觸達能力廣泛的龍頭企
significant challenges. Leading companies with substantial R&D 業，不僅能更高效地適應新規、進入細分investment rigorous quality control standards prompt response 賽道，更能利用其綜合優勢整合資源，引to consumer needs and extensive channel reach capabilities can 領行業產品質量整體提升，將政策紅利轉not only efficiently adapt to new regulations and penetrate niche 化為持續的競爭壁壘和市場份額。
markets more efficiently but also leverage their comprehensive
advantages to integrate resources. By spearheading the overall
improvement of industry product quality they can translate policy
tailwinds into sustained competitive moats and market share.
(3) Diversified consumer demand brings new opportunities and (3) 多元消費需求給行業帶來新的機遇和挑
challenges to the industry and companies must possess 戰，企業必須具備與時俱進的綜合能力comprehensive capabilities to keep pace with the times
China’s vast territory has shaped differentiated consumer 我國幅員遼闊，形成了不同區域、不同人demands across different regions and populations bringing more 群差異化的消費需求，為企業帶來了更多opportunities to companies but also posing multi-dimensional 機遇，但也對企業能力提出了多維度的挑challenges to their capabilities. 戰。
Consumers have increasingly higher expectations regarding 消費者對調味品的真材實料、健康和便捷
the authentic ingredients health benefits and convenience of 等屬性的要求越來越高。一方面，健康化condiments. On the one hand the shift toward healthier products 已從企業單方面的功能性承諾，演化為消has evolved from companies making unilateral functional claims 費者主導的、精細化的產品篩選乃至共創
to a consumer-driven process of meticulous product selection 的過程。據尼爾森 IQ的報告，高達71%的and even co-creation. According to a Nielsen IQ report up to 大食飲消費者表示「在意產品的成份、產地
71% of mainstream food and beverage consumers state that they 和營養功效等，會深入研究後挑選最適合“care about the ingredients origins and nutritional efficacy of the 自己的產品」，這意味着，健康化產品必須products and will conduct in-depth research before selecting 提供真實、可驗證的價值，企業必須利用the products most suitable for them”. This indicates that healthy 自身技術儲備打造真材實料的健康營養產
products must deliver genuine verifiable value compelling 品。另一方面，快節奏的工作生活方式，companies to leverage their technological reserves to develop 催生了消費者對方便快捷產品、複合調味
healthy and nutritious products made with authentic ingredients. 料產品日益增長的需求，要求企業以更精On the other hand the fast-paced lifestyles have fueled growing 準的消費洞察、更高的創新效率和更敏捷
consumer demand for convenient products and compound 的生產響應能力推出新品。
condiment products. This requires companies to roll out new
products backed by sharper consumer insights accelerated
innovation and highly responsive manufacturing capabilities.
14 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
While the rebound of the catering industry and the growing 餐飲行業的回暖和連鎖化率的提升，既為penetration of chain networks provide partial support for the 調味品業務提供了部分支撐，也對調味品condiment business they also impose new demands for product 產品標準化、規模化和快速響應提出了新
standardization scalability and rapid turnaround times. In 的要求。2025年，餐飲業在波動中增速趨
2025 the growth rate of the catering industry stabilized amidst 穩，全國餐飲收入57982億元，同比增長
fluctuations. The national catering revenue was RMB5798.2 3.2%，增速高於社會消費品零售總額和商billion representing a year-on-year increase of 3.2%. The growth 品銷售增速，反映了居民消費正從商品消rate was higher than that of total retail sales of consumer goods 費為主逐步轉變為商品和服務消費並重，and commodity sales reflecting that residents’ consumption is 餐飲服務的消費潛力不斷釋放。根據中國gradually shifting from predominantly commodity consumption 烹飪協會發佈的數據，2025年下半年，to equal emphasis on commodity and service consumption 餐飲業增速逐步趨於平穩，12月餐飲業表continuously releasing the consumption potential of catering 現指數自6月份以來首次回升，結束此前5services. According to data released by the China Cuisine 個月回落走勢，同時季度預期保持相對穩Association the growth rate of the catering industry gradually 定，整體有回暖跡象，對調味品發展有所stabilized in the second half of 2025. The catering industry 利好。
performance index in December rebounded for the first time
since June ending the previous five-month downward trend.Meanwhile quarterly expectations remained relatively stable and
the overall signs of recovery were beneficial to the development
of condiments industry.中國餐飲業表現指數
56.00
54.00
52.00 Neutral line
50.00中性線
48.00
46.00
44.0043.41
42.00
40.00
2024年8月9月10月11月12月2025年2月3月4月5月6月7月8月9月10月11月12月
7月1月
2024 Aug Sep Oct Nov Dec 2025 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jul Jan
佛山市海天調味食品股份有限公司 * 2025年度報告 15MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
The current recovery of the catering market presents certain 當前餐飲市場復甦呈現出一定的結構性分
characteristics of structural differentiation with the consumption 化特徵，消費回暖效應優先在具有品牌和recovery effect preferentially reflected in companies with brand 規模優勢、經營管理能力較強的企業體
and scale advantages and robust operational execution driving 現，帶動餐飲行業連鎖化趨勢提高。根the growing trend of chain operations in the catering industry. 據中國連鎖經營協會和紅餐產業研究院的
According to data from the China Chain Store & Franchise 數據，全國餐飲連鎖化率已從2020年的Association (CCFA) and the Hongcan Industry Research Institute 15%提升至2025年的25%，限額以上餐the catering chain penetration rate in China has increased 飲收入（年營收額達人民幣200萬元及以from 15% in 2020 to 25% in 2025 and the catering revenue 上）佔餐飲收入比例從2021年的約22%
above designated size (annual revenue over RMB2 million) as 提升至2025年的約28%。根據中國連鎖a percentage of the total catering revenue has increased from 經營協會的數據，餐飲行業已經進入百店approximately 22% in 2021 to approximately 28% in 2025. 及以上連鎖快速發展的新階段，2024年According to data from the CCFA the catering industry has 500-1000家規模區間的品牌門店數增速高
entered a new phase of accelerated expansion for chains with 達93.6%，成為行業增長新引擎。連鎖餐
100 outlets and above. In 2024 unit growth for brands in the 飲對食品安全、風味穩定及標準化解決方
500-to-1000-outlet bracket surged by 93.6% becoming a new 案的要求，將利好於已有技術儲備和柔性
engine for industry growth. The requirements of chain catering for 響應能力的調味品龍頭企業，推動上游調food safety flavor stability and standardized solutions will benefit 味品行業的整合程度逐步提高。
leading condiment companies with existing technical reserves and
flexible response capabilities driving further consolidation within
the upstream condiments industry.
(4) Consumer touchpoints and delivery options are becoming (4) 消費者觸達渠道及交付形式愈發多元，對
increasingly diversified placing extreme demands on companies’ 企業運營能力提出極致要求
operational capabilities.With the rapid iteration of online and offline channels consumers’ 隨着線上及線下渠道的快速迭代，消費者touchpoint scenarios and consumption scenarios have become 的觸達場景、消費場景已高度碎片化。根highly fragmented. According to an iResearch report the per 據艾瑞傳媒的報告，在家庭消費場景中，capita purchasing channels for condiments in family consumption 調味品人均購買渠道達4.2個。消費的決scenarios reached 4.2. The consumer path-to-purchase and 策路徑以及全渠道交付模式變得立體多
omni-channel delivery models have become highly complex and 元，電商平台、即時零售、直播電商等新fragmented. The rapid proliferation of emerging retail formats 興渠道和零售業態快速湧現，這對行業供such as e-commerce platforms instant retail and livestream 應模式、分銷模式的轉型升級提出了新挑
e-commerce creates new challenges for the transformation 戰。市場的日新月異要求企業在分銷體系and upgrading of the industry’s supply and distribution models. 重構、供應交付體系重構、數字化能力建
The rapidly evolving market landscape compels companies to 設、創新能力等多方面持續作為，積極擁proactively embrace change by continuously restructuring their 抱變化。只有具備全渠道佈局能力、能夠distribution and delivery systems building digital capabilities 針對不同渠道特性實施差異化精耕細作策
and driving innovation. Only companies with a comprehensive 略的企業，才能抓住多元化渠道為調味品omni-channel presence and capable of executing highly-refined 市場帶來新的增長活力。
differentiated strategies tailored to specific channel dynamics can
capture the new growth vitality brought to the condiments market
by diversified channels.
16 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
DISCUSSION AND ANALYSIS ON 經營情況討論與分析
OPERATIONS
I n 2025 the Company cont inued to deepen i ts s t ra teg ic 2025年，公司持續深化戰略轉型，從「用戶至transformation. This required an iterative shift moving from a 上」向「用戶滿意至上」迭代升級。過去一年，“Consumer First” to a “Customer Satisfaction First” approach. In 我們欣喜地收穫較高質量的經營結果，2025the past year we were pleased to deliver high-quality operating 年公司營業收入人民幣288.73億元，同比增results. In 2025 the Company’s revenue amounted to RMB28873 長7.32%，其中調味品主營業務收入人民幣million representing a year-on-year increase of 7.32%; among which 273.99億元，同比增長9.04%；歸母淨利潤人revenue from the principal condiments business was RMB27399 民幣70.38億元，同比增長10.95%；扣非歸母million representing a year-on-year increase of 9.04%. The net profit 淨利潤人民幣68.45億元，同比增長12.81%。
attributable to shareholders of the parent company was RMB7038
million representing a year-on-year increase of 10.95%; the net profit
attributable to shareholders of the parent company after deducting
non-recurring profit or loss was RMB6845 million representing a
year-on-year increase of 12.81%.In 2025 the Company remained committed to consolidating its 2025年公司堅持固本強基，鞏固和強化核心優foundation and reinforcing its operational base while leveraging these 勢，同時以現有優勢帶動新的增長極。報告期strengths to unlock new growth drivers. During the Reporting Period 內，公司醬油、蠔油、調味醬等核心基調穩健the Company’s core single-component condiments such as soy 發展，食醋、料酒等基調賽道逐步破局起勢，sauce oyster sauce and flavored sauce grew steadily while single- 健康化、便捷化、場景化、定製化等創新產品
component condiments such as vinegar and cooking wine began 跑出加速度，複調等周邊賽道加快拓展，形to gain significant traction. Growth of innovative products featuring 成了穩固但有彈性的多元增長結構。有質量的health convenience scenarios and customization accelerated 增長根植於公司對科技立企戰略的長期主義堅
while compound condiments and other related tracks sped up 守，2025年公司高明製造基地成為醬油釀造行expansion forming a stable yet flexible diversified growth structure. 業首個世界「燈塔工廠」，前置的科技佈局、敏The quality growth is rooted in the Company’s long-term adherence 捷的極致供應、高質價比的交付承諾，三個飛to the strategy of technology development. In 2025 the Company’s 輪深度咬合，不斷鞏固公司難以輕易複製的護Gaoming manufacturing base became the first global “Lighthouse 城河，促使我們每一次的交付都成為用戶滿意Factory” in the soy sauce brewing industry. The forward-looking 的抵達。
technological layout optimized supply chain and commitment to
high-cost-effective delivery constitute three deeply interlocking
flywheels. Together they continuously consolidate the Company’s
irreplicable moat ensuring that every delivery culminates in total
consumer satisfaction.佛山市海天調味食品股份有限公司 * 2025年度報告 17MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Throughout 2025 the Company has remained committed to 2025年公司持續轉型進化，前瞻並開拓未來空evolution taking a forward-looking approach to pioneer new frontiers 間。從「調味產品」向「全場景烹飪解決方案」，for future growth. From “condiments” to “all-encompassing culinary 再向「味道研究」，我們力求為用戶做出更好solutions” and ultimate “flavor science” we strive to deliver superior 的產品、深入更多的萬千場景、定義更好的味
products for consumers increasingly penetrate thousands of lifestyle 道。2025年6月，公司站上A+H雙平台的新起scenarios and redefine the essence of flavors. June 2025 marked a 點，國際化戰略再往前邁出一大步。我們將用milestone as we launched our A+H dual listing taking another major 好產品、好服務、好味道，在務實推進國際化step forward in its internationalization strategy. We aim to use good 佈局的進程中，打磨國際化能力，更高質量地products good services and good flavors to pragmatically expand 融入世界舞台。
our global footprint and sharpen our international expertise ensuring
a high-impact presence on the world stage.The operating performance of core businesses in 2025 is as follows: 2025年核心業務的經營情況如下：
1. Products: Building a Pyramid-Shaped Multi- 1. 產品端：構築金字塔型的立體產品
Dimensional Product Portfolio 矩陣
The changes in products essentially reflect the consumers’ 產品的變，本質上體現的是用戶對健康、u l t imate pursu i t o f hea l th func t iona l i t y conven ience 功能、便利、美味以及質價比的極致追
deliciousness and cost-effectiveness. In 2025 the development 求。2025年，公司產品的發展錨定固本of the Company’s products anchored on two core directions: 強基與趨勢新增長兩大核心方向，一方面consolidating the foundation and driving new growth through 通過金字塔式產品矩陣築牢確定性的基本
trends. On the one hand it built a highly reliable core business 盤，另一方面通過深入洞察和創新研發培through a pyramid-shaped product portfolio. On the other hand it 育未來增長極。圍繞用戶各方面的極致追cultivated future growth engines driven by deep consumer insights 求，公司推動產品策略朝「基礎盤穩定」與and innovative R&D. Driven by our commitment to the ultimate 「趨勢盤引領」雙輪驅動的模式不斷演化，consumer experience the Company is continually evolving its 逐步實現業務的可持續發展與增長動能的
product strategy into a two-wheel driven model: ensuring core 有序轉換。
business stability while pioneering innovation pipeline. This
approach enables sustainable business development and an
orderly transition toward new growth drivers.
18 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Soy sauce oyster sauce and flavored sauce categories 醬油、蠔油、調味醬品類構成「金字塔基
form the “foundation of the pyramid”. The core categories 座」。核心品類擁有10億級乃至更大體量are anchored by flagship products generating revenues at the 的經典產品，憑藉相對確定的市場份額、RMB1 billion level and beyond. Leveraging on its solid market 深入人心的品牌認知及覆蓋全國的渠道網
share strong brand recognition and nationwide distribution 絡，在2025年實現了產品結構、需求動能network these categories achieved robust stabil ity across 與業績增長的全面穩定，醬油╱蠔油╱product mix consumer demand and performance growth 調味醬分別實現營業收入人民幣149.34億
in 2025. Specifically revenue from soy sauce oyster sauce 元╱48.68億元╱29.17億元，同比增速and flavored sauce products amounted to RMB14934 million 8.55%╱5.48%╱9.29%，穩住大盤的同RMB4868 million and RMB2917 million representing a year- 時，為新品類的滲透和增長創造了良好的on-year increase of 8.55% 5.48% and 9.29% respectively. By 基本盤。
stabilizing our core topline performance these categories have
laid a solid foundation for the market penetration and expansion
of our new product categories.Creating trend-setting new products to continuously build 打造趨勢類新品，不斷構築塔尖品類增長the growth structure of the top-tier categories. Relying on 結構。依託渠道深度與品牌勢能，公司得our extensive distribution network and strong brand power the 以高效孵化、推廣創新產品；同時，通過Company efficiently incubates and promotes these innovations. At 規模化與持續迭代，有能力將被驗證的新the same time through scaling and continuous iteration it is well- 產品培育為新的增長極，從而形成「夯實基positioned to scale market-validated products into new growth 本盤→孵化新增長→壯大新支柱」的良性engines. This creates a virtuous growth cycle of “consolidating 增長飛輪，勾勒出持續且高質量的增長路core business incubating new growth and scaling new pillars” 徑。憑藉在調味品行業多年深耕，公司緊charting a clear path for sustainable high-quality expansion. 跟市場趨勢，為未來發展提供新的增長動Drawing on its deep-rooted expertise in the condiments industry 能。報告期內，在領先行業的產品力支撐the Company remains agile in responding to market trends 下，以有機和薄鹽為代表的營養健康系列injecting new growth momentum for future development. During 產品同比增速達48.3%，食醋和料酒發展the Reporting Period underpinned by its industry-leading product 的規模優勢和體系化能力逐步顯現，公司strength our better-for-you product lines highlighted by organic 不斷取得新成績。
and reduced salt offerings recorded a year-on-year increase of
48.3% in operating revenue. At the same time our vinegar and
cooking wine categories gradually demonstrated clear economies
of scale and systematic operational strengths marking a period
of sustained achievement for the Company.佛山市海天調味食品股份有限公司 * 2025年度報告 19MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Actively extending product power to the industry value 積極將產品力向產業價值鏈延伸，從供chain transforming from supplying “condiments” to 應「調味產品」向「風味解決方案」轉型。
supplying “culinary solutions”. Relying on the core barriers 依託供應鏈規模效應+技術研發創新+柔
of supply chain scale effect R&D innovation and flexible 性生產能力的核心壁壘，公司已為眾多餐production capabilities the Company has provided one-stop 飲連鎖、食品工廠以及全球頭部零售品牌
commercial condiment solutions for numerous chain restaurants 提供商用調味品一站式解決方案。通過高food factories and global leading retail brands. By effectively 效支持用戶需求，公司能夠實現從前廳到addressing client demands the Company delivers comprehensive 後廚、從單一調味品邁向多品類的深度服
services that span from front-of-house to back-of-house kitchen 務，以穩定的品質、高效的響應和持續的operations successfully transitioning from a single-condiment 創新，成為商業客戶最值得信賴的「風味增provider to a mult i-category solutions partner. Driven by 長夥伴」，從而更好捕捉未來的市場機遇。
consistent product quality agile responsiveness and continuous
innovation the Company has established itself as the most
trusted “flavor growth partner” for commercial clients optimally
positioning it to capture future market opportunities.
20 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
2. Distribution Channels: Deepening Consumer- 2. 渠道端：以用戶為中心全域深化精
Centric Omni-Channel Engagement to Drive Both 耕，驅動效率與價值雙提升Efficiency and Value Creation
As the market evolves so too must our strategies. The focal 市場在變，我們就必須變。市場競爭的焦point of industry competition has shifted from product supply 點已經從產品供給轉向用戶需求滿足，渠to meeting consumer demands. Consequently our channel 道運營也逐步從以單純的分銷和產品供給
operations are transitioning from a traditional model centered 為核心的傳統模式，轉型為以用戶價值為sole ly on distr ibut ion and product supply to a modern 核心的現代競爭模式。
competitive framework centered entirely on delivering consumer
value.Traditional distribution channels: Consolidating our core business 傳統流通渠道：數字化與精細化下沉深
through digitalization and targeted penetration of lower-tier 耕，基本盤持續鞏固markets
By leveraging digita l market ing tools and service model 通過借助數字化營銷工具與服務模式創
innovations the Company continued to penetrate its traditional 新，公司將批發市場、農貿市場、零售店distribution networks including wholesale markets farmers’ 等傳統渠道運營網絡持續向下沉市場滲
markets and retail stores into lower-tier markets. This extension 透，並延伸到最終用家和消費者，顯著提reaches the ultimate users and consumers significantly improving 高了終端覆蓋質量與消費者觸達效率，而the end-of-point coverage quality and consumer touchpoint 精細化的終端管理又有效激活了存量網點
efficiency. Meanwhile refined terminal management effectively 潛力。在數字化營銷的促進下，2025年unlocked the potential of existing retail network. Driven by digital 線下渠道營業收入達人民幣257.60億元，marketing operating revenue from offline channels reached 同比增長7.85%，線下渠道基本盤穩定發RMB25760 million in 2025 representing a year-on-year increase 展，構成了營收的堅實根基。同時，數字of 7.85%. This steady expansion of offline channels serves as the 化營銷進一步實現產品溯源、費用精準投
solid bedrock of revenue. Furthermore digital marketing further 入，2025年銷售費用率約6.70%，保持穩optimized product traceability and ensured precise expense 健水平。
allocation. In 2025 the selling expense ratio was approximately
6.70% which remained at a stable level.
佛山市海天調味食品股份有限公司 * 2025年度報告 21MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Online and emerging channels: Standardizing operations and 線上及新興渠道：規範化運營與機會捕
capturing opportunities to drive incremental growth 捉，打造新增量Actively embracing emerging channels such as online and instant 公司積極擁抱綫上、即時零售等新興渠retail the Company has gradually progressed from “establishing 道，公司逐步從「從無到有」邁向「從有到a presence” to “driv ing operational excel lence”. Through 優」。通過不斷規範銷售秩序、強化專業化continuously regulating sales channel order and building highly 運營團隊建設，2025年線上渠道實現了收specialized operations teams revenue from online channels 入人民幣16.39億元，對應高達31.87%的amounted to RMB1639 million in 2025 achieving a robust 大幅增速。公司積極捕捉新興渠道的差異year-on-year growth of 31.87%. The Company actively captured 化需求，更具有針對性地推出海天甄釀、the differentiated needs of emerging channels by launching 濃香鮮蠔油等線上定制化產品，逐步構建targeted online-exclusive products such as Haitian Zhenniang 綫上與綫下協同互促的健康發展模式。
and Signature Tasty Oyster Sauce gradually building a healthy
development model that integrates online and offline channels.Catering and industrial channels: Shifting from trading to services 餐飲及工業渠道：從貿易到服務，構建深to building comprehensive solution capabilities 度解決方案能力
Adhering to a customer-centric service philosophy the Company 公司踐行用戶至上的服務理念，深度洞察deeply analyzes and addresses customers’ pain points regarding 並解決客戶在成本、風味標準化及供應鏈
cost control flavor standardization and supply chain efficiency. 效率等方面的痛點。在極致供應鏈和柔性Supported by the optimized supply chain flexible production 產線的支撐下，憑藉「銷研產一體化」的lines and an integrated “sales-R&D-production” rapid response 快速響應機制，我們能夠為客戶提供從通mechanism we provide customers with comprehensive solutions 用產品到定制化、一站式調味品的綜合解
ranging from standardized condiments to fully customized 決方案，提升了服務黏性與業務抗週期能one-stop product suites. This significantly enhances customer 力，平滑行業波動影響。
stickiness and bolsters its counter-cyclical resilience effectively
mitigating the impact of industry fluctuations.
22 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Brand empowerment: Deepening consumer connections and 品牌活動賦能：深化用戶聯結，賦能行業empowering industry development 發展
Beyond serving its channel customers the Company continuously 在服務渠道客戶的同時，公司持續通過有injects vitality into the industry ecosystem through influential 影響力的品牌活動，為產業生態注入活brand initiatives. During the Reporting Period the Company 力。報告期內，公司深度參與並冠名國內deeply participated in and became the title sponsor of China’s 首檔美食競技綜藝《一飯封神》，通過線上first gourmet competition variety show Chef of China 《( 一飯 節目與線下同款餐廳、大廚和食譜全域聯封神》). By driving seamless O2O (online-to-offline) synergies 動，極大地提升了公司品牌在消費者心中between the broadcast and its featured offline restaurants 的情感溫度與文化認同。與節目聯動，公chefs and signature recipes we significantly elevated our brand 司主導發起海天*中國味合「火」人計劃，affinity and cultural resonance among consumers. In synergy with 投身於餐飲行業的生態建設與人才培養。
the program the Company initiated the launch of the Haitian · 通過推動經典菜式的標準化傳承與創新菜
Chinese Flavor “Partner” Program actively contributing to talent 品的開發，該計劃助力傳遞「正宗中國味cultivation and ecosystem development within the catering sector. 道」，推動中國味道走向世界，同時直接By promoting the standardized preservation of classic recipes 賦能於餐飲從業者，促進餐飲產業鏈在品alongside culinary innovation this initiative helps share “authentic 質、風味與效率上的升級，推動產業共榮Chinese flavors” with the world. Furthermore it directly empowers 發展。
culinary professionals and drives the qualitative flavor-centric
and efficiency upgrade of the catering value chain fostering
shared prosperity across the industry.
3. Digital Transformation: Driving Full Value Chain 3. 數字化轉型：以「燈塔工廠」驅動全
Upgrades via the “Lighthouse Factory” 價值鏈升級
Guided by the s t ra tegy o f “ techno logy deve lopment ” 在「科技立企」戰略指引下，公司守正創the Company ba lances her i tage wi th innovat ion and is 新，全面擁抱AI時代，推動傳統釀造技藝comprehensively embracing the AI era by deeply integrating 與人工智能、大數據等技術深度融合。公traditional brewing techniques with artificial intelligence and 司的數字化轉型，始終圍繞消費者核心關big data. Centered on addressing core consumer needs its 切展開，其目標是將傳統靠經驗的製造與digital transformation aims to comprehensively upgrade legacy 供應鏈體系，全面升級為靠AI和數據可預experience-driven manufacturing and supply chain systems into 測管理的智能系統。2025年1月，海天高intelligent highly predictable operations governed by AI and 明製造基地獲得全球醬油釀造行業首家「燈
data. In January 2025 the Haitian Gaoming manufacturing base 塔工廠」的殊榮，標誌着公司已成為全球調was honored as the first “Lighthouse Factory” in the world’s soy 味品釀造行業的數字化轉型標桿。
sauce brewing industry signifying that the Company has become
a digital transformation benchmark for the global condiment
brewing industry.佛山市海天調味食品股份有限公司 * 2025年度報告 23MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
This digital transformation is best exemplified by the operational 數字化轉型在「燈塔工廠」的卓越運營中
excellence of the “Lighthouse Factory”. By deploying end-to-end 得到集中體現。我們通過部署端到端的供supply chain digital solutions we have deeply embedded AI and 應鏈創新用例，將AI與大數據深度應用於big data across the entire value chain spanning R&D production 研、產、供、銷全鏈條。
supply and sales.In the raw material screening process the Company has 在原料篩選環節，公司應用AI豆臉選豆，implemented an AI-powered visual soybean sorting technology 對每顆黃豆進行360度無死角視覺檢測，that conducts 360-degree comprehensive visual inspection of 每秒可檢測約13000顆黃豆，從源頭保every soybean. Processing approximately 13000 soybeans per 障產品質量；在生產發酵環節，利用AI大second this ensures raw material quality at the source. In the 數據智能發酵模型，精準調控發酵過程，production and fermentation process the Company leverages 實時檢測天氣、原料、設備狀態，通過AIon AI-driven big data intelligent fermentation models to precisely 算法自動計算最優方案，實現黃豆蛋白利regulate the fermentation process. By monitoring weather 用率進一步提升，穩定並優化產品風味與conditions raw materials and equipment status in real time AI 出品率；在品控檢測環節，在封閉生產的algorithms automatically calculate optimal production parameters. 316L食品級管道中植入24HNIR在線光譜
This further improves soybean protein utilization stabilizing and 檢測，對每一滴醬油實時監測，24小時捕optimizing both product flavor and yield. In the quality control and 捉分子級異常，杜絕人工抽檢盲區；通過inspection process the Company has integrated 24-hour Near- AI電子鼻，構建含超百種香氣的「風味基因Infrared (NIR) online spectral detection into its enclosed 316L 庫」，讓老師傅的嗅覺經驗轉化為可量化的food-grade pipelines to monitor every drop of soy sauce in real 數據模型，確保每批醬油的酸香、焦糖香time. This system captures molecular-level anomalies 24 hours 等複雜風味毫釐不差，鎖住記憶中的中國a day effectively eliminating the blind spots inherent in manual 味。
sampling. Furthermore utilizing AI-powered testing sensor the
Company has constructed a “flavor gene bank” containing over
a hundred distinct aromas. This translates the olfactory expertise
of master craftsmen into quantifiable data models ensuring that
the complex flavor profiles (such as acidity and caramel notes) of
each batch remain flawlessly consistent preserving the heritage
of Chinese flavors.
24 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Through the optimization of its factory-to-warehouse logistics 通過廠倉網絡和排程優化，公司實現生產network and production scheduling the Company achieves 與物流資源的最優配置，有效應對物流成the optimal allocation of manufacturing and logistics resources. 本壓力，並滿足了多元化分銷網絡的精準This effectively mitigates logistics cost pressures while fulfilling 服務需求。2025年，供應鏈敏捷性顯著提the precise service requirements of its diversified distribution 升，訂單準時足額交付率(OTIF)不斷提高；
network. In 2025 supply chain agility improved significantly 通過收率提升、損耗下降等多場景持續改
driving a continuous increase in its On-Time In-Full (OTIF) delivery 善，綜合成本不斷下降，業績表現得到直rate. Through sustained operational improvements such as yield 接強化。在數字化驅動的極致供應鏈驅動enhancement and loss reduction across multiple scenarios its 下，2025年製造費用及直接人工成本佔營comprehensive costs continued to decline directly bolstering 業成本的比例分別為7.62%和3.32%，其bottom-line performance. Driven by this digitally empowered 中製造費用相較於去年下降9.98%。
optimized supply chain manufacturing expenses and direct labor
costs accounted for 7.62% and 3.32% of total operating costs in
2025 respectively. Specifically manufacturing expenses dropped
by 9.98% year-on-year.The Company’s digital vision extends beyond its factory walls. 公司的數字化視野超越了工廠圍牆，致力We are committed to building a highly efficient collaborative 於構建貫穿「農場－工廠－餐桌」的高效
value chain from “farm factory to table”. Upstream we deploy 協同產業鏈。向上游延伸，公司部署供應digital supply chain solutions to effectively hedge against raw 鏈數字化用例，有效應對部分原料價格波material price volatility and logistics cost pressures. Downstream 動、物流成本壓力；向下游貫通，數字化our digital marketing initiatives continuously build data assets 營銷持續積累數據資產，使我們能更精準enabling us to accurately identify consumer trends and empower 地挖掘用戶共性需求，賦能產品研發與精targeted R&D and service precision. Concurrently our digital 準服務。同時，數字化系統打通了銷售端systems bridge the gap between sales and end-users facilitating 與用戶端，讓經銷商到貨更精準，終端服more accurate distributor inventory replenishment and highly 務更高效。
efficient point-of-sale services.In 2025 Haitian received numerous accolades for its digitalization 2025年，海天在供應鏈協同、質量安全、initiatives across supply chain collaboration quality and safety 工藝創新、E S G管理等領域的數字化落
process innovation and ESG management. These included but 地創新案例斬獲多項殊榮，包括但不限於not limited to the 2025 CGF China Supply Chain Digitalization and 「2025年CGF中國供應鏈數字化與可持續
Sustainable Resilience Development Case and the 2025 National 韌性發展案例」「2025年度全國製造業數字
Typical Case of Digital Transformation in the Manufacturing 化轉型典型案例」等。同時，由公司主導起Industry. Additionally the General Technical Requirements 草的國家標準《食品數字化工廠通用技術要for Digitalized Food Factories (GB/T 46511-2025) a national 求》(GB/T 46511-2025)正式發佈，填補了standard developed with our Company as the lead drafter 領域空白，為食品行業的數智化升級提供was officially published. This standard fills the industry gap and 範式。
provides a blueprint for the digital and intelligent upgrading of the
food industry.佛山市海天調味食品股份有限公司 * 2025年度報告 25MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
4. Sustainable Development: Elevating Green 4. 可持續發展：綠色責任轉變為企業
Responsibi l i ty into a Corporate Strategic 戰略優勢
Advantage
I n 2025 the Company fu r the r embedded sus ta inab le 2025年，公司將可持續發展進一步融入公development into its core corporate strategy and operations 司戰略與運營，視其為驅動高質量增長的viewing sustainable development as one of the primary engines 核心引擎之一。我們堅信，真正的綠色轉for high-quality growth. We firmly believe that a genuine green 型是經濟邏輯與生態邏輯的統一，通過引transition requires aligning economic growth with environmental 領行業的環保技術創新、構建綠色供應鏈
stewardship. By pioneering environmental technology innovations 生態、並積極踐行社會責任，2025年公司constructing a green supply chain ecosystem and actively 不僅實現了環境效益與經濟效益的雙贏，fulfilling our social responsibilities the Company not only achieved 更將ESG實踐轉化為提升品牌價值、強化
dual environmental and economic benefits in 2025 but also 風險管理和開拓未來市場的戰略性優勢。
successfully leveraged ESG practices as a strategic advantage to
elevate brand equity fortify risk management and unlock future
market opportunities.Our approach to sustainable development has shifted from 可持續發展從被動治理轉向主動創造價
passive compliance to proactive value creation. For example 值。以園區可再生能源利用系統為例，我through our industrial park’s renewable energy utilization system 們將生產過程中的廢氣通過自主技術進行
we apply proprietary technologies to efficiently recover exhaust 高效回收與能源轉化，並高效回收利用餘gases from the production process for energy conversion 熱。在減少二氧化碳排放的同時，實現能alongside comprehensive waste heat recovery. This significantly 源效益的提升，樹立了行業資源循環利用reduces our carbon footprint while boosting energy efficiency 的標桿。
establ ishing an industry benchmark for circular resource
utilization.Recognizing that the emissions reduction impact of a single 單個企業的減排是有限的，價值鏈的協同enterprise is l imited we view value chain synergy as the 才是根本。基於這一理念，2025年7月，fundamental solution. Guided by this principle the Company 公司牽頭聯合25家上下游夥伴成立「碳路spearheaded the formation of the “Carbon Pioneer Green Supply 者綠鏈聯盟」，成為首個覆蓋調味品全產業Chain Alliance” in July 2025 joining forces with 25 upstream and 鏈的綠色聯盟組織。聯盟已取得實質性進downstream partners. As the first green alliance encompassing 展，目前已完成公司大部分主要供應商的the entire condiments industry value chain it has already made 碳排放數據收集，核算了多種原料的碳足substantial progress. To date we have completed carbon 跡；同時建立嚴格的成員准入機制，並通emission data collection for the majority of our tier-one suppliers 過培訓、節能診斷等方式賦能夥伴。
and conducted carbon footprint accounting for various raw
materials. At the same time the alliance has instituted strict
membership criteria and empowers partners through capacity-
building initiatives and energy efficiency audits.
26 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
These dedicated efforts have garnered high recognition from 這些努力獲得了國內外權威機構的高度認
authoritative institutions locally and abroad. In 2025 Haitian’s 可。2025年，海天的MSCI ESG評級升至MSCI ESG rating was upgraded to “A” marking a three-year A級，實現連續三年從BB級到A級的評級consecutive leap from “BB”. We secured an “AA” Wind ESG rating 躍升；Wind ESG評級為AA級，位居食品(ranking first in the food industry) and an “AA” CSI ESG rating. 行業第一；中證指數ESG評級為AA級。
Furthermore the Company was featured on several prestigious 同時，公司入選福布斯中國ESG 50強、lists including the Forbes China ESG 50 the inaugural cohort of ISSB可持續發展創新實踐先學夥伴50人論the ISSB Sustainability Innovative Practices Pioneer Partnership 壇首批成員、CGF黃金設計原則案例集（傑
50 Forum and the CGF Golden Design Principles Case Collection 出貢獻獎）等多項重要榜單，並連續三年獲
(Outstanding Contribution Award). We also maintained an “A” 評滬市上市公司信息披露評價A級。這些榮rating for information disclosure as a listed company on the 譽是公司可持續發展實力的體現，為拓展Shanghai Stock Exchange for the third consecutive year. These 國際市場提供了信任基石。
honors reflect the Company’s sustainability credentials and
provide a strong foundation of trust for our international market
expansion.Regarding social responsibility we continued to advance the 在社會責任領域，我們持續推行「小粉蓋“Little Pink Cap Program” donating RMB1 to charity for every 計劃」，每銷售一瓶產品，就從收入中捐贈bottle sold under this initiative. As of 2025 the program has 一元用於公益事業。截至2025年，該計劃cumulatively benefited 28 counties across 16 provinces – the 已累計惠及全國16省28縣，其中多數為原majority of which were formerly national-level impoverished 國家級貧困縣，切實將企業發展成果回饋counties – ensuring the fruits of our corporate growth are shared 社會。公司積極響應國家號召，支持鞏固with society. Responding actively to national mandates the 拓展脫貧攻堅成果和鄉村振興事業。2025Company supports initiatives that consolidate poverty alleviation 年，公司向廣東省鄉村振興基金會捐贈人outcomes and advance rural revitalization. In 2025 the Company 民幣500萬元，針對廣東省以及廣東省對donated RMB5 million to the Guangdong Foundation for Rural 口幫扶地區，在健康促進、產業協作、基Revital izat ion providing sustained support for healthcare 礎設施提升、教育助學、困難群體扶持等
promotion industrial collaboration infrastructure enhancement 方面為當地提供持續助力。
educational assistance and vulnerable group relief in Guangdong
Province and its designated assistance regions.佛山市海天調味食品股份有限公司 * 2025年度報告 27MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
5. Internationalization: Transitioning from Product 5. 國際化：從產品出口到企業出海
Exports to Global Enterprise Expansion
In 2025 the Company’s internationalization strategy entered 2025年公司的國際化戰略進入加速實施
a phase of accelerated execution and systematic deepening. 與系統深化階段。在全球化實踐中，公司In terms of our global expansion efforts guided by a “global 憑藉「全球標準+區域適配」的雙軌發展路standards local adaptation” dual-track development path 徑，產品已銷往全球超80個國家和地區，our products are now sold in over 80 countries and regions 連續兩年入選「外國人喜愛的中國品牌」，worldwide. Having been recognized as a “Chinese Brand Loved 公司品牌的國際影響力持續增強。為了適by Foreigners” for two consecutive years the global influence of 應全球標準，我們的綜合生產基地佛山市the Haitian brand continues to compound. To ensure compliance 海天（高明）調味食品有限公司近期在重要with global benchmarks our comprehensive production facility 國際性貿易協會英國零售商協會（BRC，Foshan Haitian (Gaoming) Flavouring and Food Co. Ltd. recently British Retail Consortium）「BRCGS食品
obtained an “A” rating (upgraded from “B”) under the British Retail 安全全球標準」的評級順利從B級提升至A
Consortium’s (BRC) BRCGS Global Standard for Food Safety 級，國際品牌力不斷提升。
further bolstering our international brand credibility.The Company’s successful listing on the Hong Kong Stock 2025年6月，公司在香港聯交所成功上Exchange in June 2025 served as a crucial gateway seamlessly 市，為公司打開了鏈接全球舞台的大門。
connecting us to global capital markets. Concurrently the official 同年，海外生產基地同步落地，為公司走establishment of our overseas production base provided a carrier 向全球市場、搭建全球供應鏈和嫁接國內
for the Company to penetrate international markets construct 競爭優勢提供了載體。
a global supply chain and effectively leverage our domestic
competitive advantages abroad.
28 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
BUSINESS REVIEW 業務回顧
1. Principal Business 1. 公司主營業務
The Company is principally engaged in the manufacturing and 公司主要從事調味品的生產與銷售，是擁sales of condiments. As a leading condiment company with a 有400年歷史傳承的調味品龍頭企業，致
400-year heritage we are committed to serving global consumers 力於用優質產品服務全球用戶，滿足從廚
with premium products fulfilling flavoring needs from kitchen to 房到餐桌的調味需求。長期積累的口碑造dining table. Decades of strong word-of-mouth have forged the 就了家喻戶曉的「海天」品牌，讓公司成為household “Haitian” brand making the Company one of the first 首批榮獲中國商務部「中華老字號」認定的
companies to be recognized as a “China Time-Honored Brand” 企業之一。公司產品家庭滲透率超80%，by the Ministry of Commerce. With a household penetration 位居中國消費者首選調味品品牌第一。公rate exceeding 80% the Company ranks as the first-choice 司產品涵蓋醬油、蠔油、調味醬、食醋、
condiment brand among Chinese consumers. Our comprehensive 料酒、複合調味料等各大品類。
product mix covers major categories including soy sauce oyster
sauce flavored sauce vinegar cooking wine and compound
seasonings.佛山市海天調味食品股份有限公司 * 2025年度報告 29MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
The following table sets out the revenue by product category and 下表載列本集團於所示期間各產品類別的
as a percentage of total revenue for the periods indicated: 收益和佔總收益的比例：
For the year ended For the year ended
31 December 2024 31 December 2025 Change
截至2024年截至2025年
12月31日止年度12月31日止年度變動
Revenue
RMB Revenue Amount
million % of Total RMB % of Total RMB
(Restated) Revenue million Revenue million Percentage收益人民幣收益金額百萬元佔總收益人民幣佔總收益人民幣（經重列）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13757.951.1%14933.751.7%1175.88.6%
Oyster sauce products
蠔油產品4615.217.2%4868.216.9%253.05.5%
Flavored sauce products
調味醬產品2668.99.9%2917.010.1%248.19.3%
Specialty condiment
products and others
特色調味品及其他4085.815.2%4680.416.2%594.614.6%
Sub-total
小計25127.893.4%27399.394.9%2271.59.0%
Others (Note)其他（註）1776.76.6%1474.15.1%-302.6-17.0%
Total
總計26904.5100.0%28873.4100.0%1968.97.3%
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，( i i )物流和運輸服務以及 ( i i i )services and (iii) rental income. 租金收入。
30 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(1) Soy sauce products (1) 醬油產品
Soy sauce represents the largest single category in China’s 醬油是中國調味品市場規模最大的單一品
condiment market characterized by massive underlying demand 類，具有使用需求大、使用頻次高、適用high consumption frequency and extensive application scenarios. 場景廣等特點，在家庭、餐飲和食飲加工It holds a pivotal position across household kitchens the catering 等領域具有重要地位。
industry and food processing sectors.As one of the Company’s core product categories Haitian 作為公司的核心品類之一，海天醬油產銷soy sauce has ranked first nationwide in both manufacturing/ 量和市場佔有率已連續數十年位居全國第
sales volume and market share for consecutive decades. We 一。公司堅持用真材實料釀造好產品，從are dedicated to brewing superior products using authentic 源頭上鎖定營養與風味。在生產過程中，premium ingredients locking in nutrition and flavor at the source. 我們堅持天然陽光曬制、堅持傳統釀造工
During the manufacturing process we adhere to natural sun- 藝，依託獨特的菌種選育和發酵技術沉fermentation and traditional brewing techniques. Leveraging our 澱，將「三大堅持」融入數字化生產工序。
proprietary strain breeding and profound fermentation expertise 正是這份對原料的嚴苛、對匠心的敬畏和
we have seamlessly integrated these “Three Persistences” into 對質量的堅守，成就了一代又一代消費者our digitalized manufacturing processes. This rigorous standard 熟悉和信賴的味道。
for raw materials reverence for craftsmanship and unwavering
commitment to quality have created a taste familiar and trusted
by generations of consumers.Driven by a consumer-centric approach and evolving demands 以用戶為中心，圍繞消費者多元化需求，the Company continuously innovates across flavor profiles 公司在風味、功能和規格等方面不斷創
functional benefits and packaging specifications. We have 新，構建了從大眾基礎到各類細分需求的constructed a comprehensive product portfolio ranging from 完整產品線，包括滿足日常需求的經典系mass-market staples to niche segments. This includes the Classic 列、味極鮮系列等，滿足消費升級需求的and Weijixian series for daily culinary needs; the Time-Honored 老字號系列等，滿足健康需求的薄鹽、有series catering to consumption upgrading; health-oriented 機等營養健康系列，滿足特定膳食需求的options such as Reduced-Salt and Organic series; specific 鐵強化、富硒、無麩質特調系列等，以及dietary solutions including Iron-Fortified Selenium-Enriched and 緊扣市場新趨勢推出的松茸特級醬油等產
Gluten-Free series; as well as trend-setting innovations like our 品。
Matsutake Premium Soy Sauce.佛山市海天調味食品股份有限公司 * 2025年度報告 31MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
32 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(2) Oyster sauce products (2) 蠔油產品
With a long-standing h istory oyster sauce is a c lass ic 蠔油生產歷史悠久，是以生蠔為原料，經umami condiment crafted from fresh oysters through boiling 蒸煮、濃縮等工藝製成的經典鮮味調味
concentration and other refined processes. Haitian’s oyster 品。海天蠔油的市場佔有率連續10年位居sauce has maintained the No.1 market share nationwide for 10 全國第一，是名副其實的國民產品，深受consecutive years establishing itself as a true national staple 消費者喜愛。
beloved by consumers.The Company initiated the establishment of the “China Oyster 海天發起設立「中國蠔產業領鮮生態聯Industry Fresh-Leading Ecological Alliance”. Joining forces with 盟」，聯合產業鏈上下游合作夥伴，在優選upstream and downstream value chain partners we focus on 海洋牧場→生蠔品種開採→原蠔熬汁的產
a closed-loop industry model from premium marine ranches 業閉環下功夫，對蠔油品類做全鏈研究。
selection → oyster variety picking → whole-oyster juice extraction 公司的蠔油產品均用生蠔鮮熬製成，我們by boiling conducting full-chain research on the oyster sauce 從高標準的海洋牧場中優選原隻生蠔、熬
category. All our oyster sauce products are boiled from fresh 化成汁，保留了生蠔的天然鮮美和營養。
oysters. We select premium whole oysters from high-standard 真材實料和嚴選工藝確保了海天蠔油顏色
marine ranches and extract their juice perfectly preserving their 紅亮、鮮香濃郁、質地幼滑，形成了「濃而natural umami and nutritional value. Authentic ingredients and 不腥，一招定鮮」的優勢壁壘，具有廣泛的rigorous processing ensure that Haitian oyster sauce boasts a 使用場景。
bright reddish-brown color a rich aroma and a silky textureestablishing a competitive moat of “rich in flavor free from anyfishy taste; one simple step to seal in freshness” (濃而不腥，一招定鮮) making it suitable for a wide array of culinary applications.佛山市海天調味食品股份有限公司 * 2025年度報告 33MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Our portfolio features diverse offerings tailored to different 公司擁有海天上等蠔油、金標蠔油等不同
flavor profiles packaging and price points including Haitian 風味、包裝及價位的多種產品，並圍繞用Premium Oyster Sauce and Golden Label Oyster Sauce. We 戶需求進行場景化創新，推出「辣的」蠔also drive scenario-based innovations tailored to consumer 油、松茸鮮蠔油等新品。隨着全國飲食文needs introducing new products such as Spicy Oyster Sauce 化的加速融合，蠔油在不同地域和菜系持and Matsutake Fresh Oyster Sauce. As regional culinary cultures 續滲透，仍有較大的發展空間。
across China continue to integrate oyster sauce is accelerating
i ts penetrat ion into var ious regional cuisines presenting
substantial headroom for future growth.
34 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(3) Flavored sauce products (3) 調味醬產品
Flavored sauces are widely utilized in both Chinese and Western 調味醬被廣泛應用於中西餐烹飪及即食場
culinary applications as well as ready-to-eat scenarios. The 景。公司調味醬包括基礎和複合調味醬兩Company’s flavored sauce portfolio encompasses basic and 種主要類別，已形成產品豐富、風味立compound flavored sauces forming a multi-dimensional product 體、場景多元的調味醬產品體系。公司擁system characterized by diverse offerings rich flavor profiles and 有黃豆醬、香辣醬等具備廣泛消費基礎的
versatile application scenarios. We possess mega-scale flagship 大單品，並依託積累多年的先進生產能力products with a massive consumer base such as Soybean 和核心發酵技術，推出柱侯醬、海鮮醬、Sauce and Spicy Mushroom Sauce. Capitalizing on our advanced 拌飯醬、香菇醬等適用不同烹飪方式的特
manufacturing capabilities and core fermentation technologies 色醬料，紫蘇醬、桂林風味辣椒醬等滿足accumulated over the years we have launched specialty cooking 地域口味偏好的風味醬料，以及蔥油拌面sauces including Chu Hou Paste Hoisin Sauce Sauce for 醬、重慶小面調料等便捷化調味醬，有效Rice and Mushroom Sauce. We also cater to regional taste 滿足用戶需求。
preferences with offerings like Perilla Fermented Bean Sauce and
Guilin-style Chili Sauce alongside highly convenient solutions
such as Scallion Oil Noodle Sauce and Chongqing Spicy Noodle
Seasoning effectively satisfying the consumer demands.佛山市海天調味食品股份有限公司 * 2025年度報告 35MANAGEMENT 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
The Company continues to expand its category boundaries 公司拓展品類邊界，推廣食醋、料酒和複promoting vinegar cooking wine and compound condiments 調等產品，旨在提供全場景「一站式」的廚to provide “one-stop” comprehensive culinary solutions for all 房調味解決方案。
scenarios.As a traditional Chinese condiment vinegar exhibits highly 食醋作為我國傳統特色調味品，其消費習regional consumption habits and flavor preferences. To satisfy 慣與風味偏好具有顯著的地域性。為滿足the diverse demands of consumers across different regions 不同地域、不同場景消費者對醋類產品的and application scenarios we adhere to a “traditional vinegar + 需求，我們堅持「傳統醋+特色醋」的產品specialty vinegar” product strategy. While continuously upgrading 佈局，持續迭代升級傳統醋，同時不斷推our traditional vinegar lines we proactively innovate to launch 陳出新，開發出香甜醋、甄選清香米醋、regional specialty rice vinegars such as Sweet Vinegar Premium 康樂醋等地域特色米醋產品，以及零糖蘋Fresh Rice Vinegar and Kangle Vinegar alongside specialty fruit 果醋、原漿橘子醋等特色果醋產品，形成vinegars like Zero-Sugar Apple Cider Vinegar and Pure Tangerine 豐富多元的醋類產品體系。
Vinegar creating a rich and diversified vinegar portfolio.
36 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Cooking wine is an essential seasoning for removing fishiness 料酒是去腥增香、提鮮解膩的常用調料。
enhancing aroma and elevating freshness. Armed with flagship 公司擁有海天古道料酒、海天古道姜蔥料
products such as Haday Old Technique Cooking Wine and 酒等共振單品，並結合市場需求開發出豐Haday Old Technique Cooking Wine with Ginger and Scallion 富的料酒產品，涵蓋基礎、有機、老字號the Company has developed a comprehensive product portfolio 和年份系列等多個產品線，是料酒細分市aligned with market trends spanning the Basic Organic 場有力的競爭者。
Time-Honored and Vintage series positioning us as a strong
competitor in the cooking wine sub-segment.Transitioning from a basic condiment supplier to a comprehensive 從基礎調味品供應商轉型升級為菜品解決
culinary solutions provider the Company actively develops 方案綜合服務商，公司積極開發多元化的diversified specialty condiment products including the Quick 調味產品，包括快捷醬汁系列、番茄沙司Sauce series tomato ketchup and chicken bouillon. Furthermore 和雞精等，並根據連鎖餐飲、食品企業等we co-create customized product solutions tailored to the specific 用戶的需求和應用場景，提供共創客制產application scenarios of chain restaurants and food processing 品。
companies.佛山市海天調味食品股份有限公司 * 2025年度報告 37MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
2. Business Model 2. 公司經營模式
The Company’s business model is fundamentally consumer- 公司經營模式以用戶為導向，貫通採購、oriented seamlessly integrat ing core funct ions including 生產、銷售和研發等各個核心環節，構建procurement manufactur ing sa les and R&D thereby 了支撐高質量發展的核心運營能力。報告constructing robust operational capabilities that underpin our 期內，公司的主要經營模式未發生重大變high-quality development. During the Reporting Period there 化。
were no material changes to the Company’s principal business
model.
(1) Procurement model (1) 採購模式
The Company has established an “optimized supply chain” 公司建立了從源頭原料採購到調味品生產
system stretching from source raw material procurement to final 的極致供應鏈體系，不斷打造行業領先的condiment manufacturing continuously solidifying our industry- 質量和效率優勢。我們關注供應鏈的整體leading advantages in quality and efficiency. We prioritize overall 效益與風險，重視原材料的優選，堅持做supply chain efficiency and risk management emphasizing the 好食品安全、穩定供應、可持續發展等重
selection of premium raw materials. We enforce rigorous controls 點領域的嚴格管控。我們以高標準甄選供over critical areas including food safety supply stability and 應商，與其建立穩定的合作關係，從產業sustainable development. We select suppliers against stringent 佈局、種植管理、採收加工到運輸，協同standards and foster stable long-term partnerships. Through 規範工序流程並完善追溯體系，確保原料collaborative efforts we standardize operational workflows and 質量；同時利用數字化系統賦能供應鏈管
enhance traceability systems across industrial layout planting 理，通過數字化採購平台拉通庫存、靈活management harvesting processing and transportation to 定價、公平競爭，提高產供效率。
guarantee raw material excellence. Concurrently we empower
supply chain management via digital systems. Our digital
procurement platform consolidates inventory enables flexible
pricing and ensures fair competition substantially elevating
production and supply efficiency.The Company highly values transparent healthy partnerships 公司重視與供應商建立陽光健康的合作關
with suppliers to build a stable and reliable supply network. To 係，打造穩定可靠的供應商網絡。為此，this end we empower our high-quality supply system through 公司通過開展新供應商准入培訓、戰略供
comprehensive chain synergy conducting onboarding training 應商交流會以及廉潔合作專項培訓等方
for new suppliers hosting strategic supplier summits and 式，為打造全鏈協同的高質量供應體系提providing specialized training on anti-corruption. We actively 供賦能。我們採取原材料定向定點採購、respond to China’s rural revitalization strategy through targeted 助力農戶增收等措施，積極響應國家鄉村raw material procurement designed to boost farmers’ incomes. 振興戰略；通過將節能減排成果納入供應
Furthermore we embed ESG principles into our procurement 商綜合素質評估範圍，在採購工作中踐行operations by incorporating suppliers’ energy conservation and 可持續發展的理念。
emission reduction achievements into our comprehensive supplier
evaluation framework.
38 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(2) Production model (2) 生產模式
The Company has strategically deployed modern production 公司在廣東、江蘇、浙江、廣西、湖北和
bases across Guangdong Jiangsu Zhejiang Guangxi Hubei 海外佈局現代化生產基地，以海天高明「燈and overseas. Taking the Hai t ian Gaoming “L ighthouse 塔工廠」為標桿，逐步提高各個基地的數智Factory” as our benchmark we are systematically elevating the 化製造水平，並根據市場需求有序擴張和digitalization and intelligent manufacturing capabilities across all 釋放產能，滿足全球用戶的調味需求。公facilities. We orchestrate the orderly expansion and release of 司所生產的醬油、黃豆醬等發酵類產品以
production capacity in response to market dynamics effectively 傳統釀造工藝為基礎，同時利用數字化技meeting the global demand for our condiment products. While 術管控生產全流程，確保產品健康營養、our fermented products such as soy sauce and soybean 風味品質穩定、生產效率較高且庫存運轉
paste are grounded in traditional brewing techniques they are 良好。公司貫徹綠色低碳環保理念，在生managed via digital technologies throughout the entire production 產過程中通過運用現代技術手段，兼顧環lifecycle. This guarantees product health and nutrition flavor and 境效益和經濟效益。
quality consistency high manufacturing efficiency and optimal
inventory turnover. Guided by green low-carbon and eco-
friendly principles we deploy modern technological applications
during manufacturing to balance environmental stewardship with
economic efficiency.The production workflows for some product categories are 公司部分產品的生產流程如下：
outlined below:
Soy Sauce Production Process: raw material inspection → high- 醬油生產工藝流程：原料檢測－高溫蒸
temperature steaming → disc koji propagation → sun brewing 煮－圓盤制曲－陽光釀曬－天然發酵－
→ natural fermentation → physical pressing → sterilization 物理壓榨－滅菌澄清－成品生產－成品
& precipitation → finished product manufacturing → finished 檢驗－產品包裝－產品檢驗－包裝入庫
product inspection → packaging → product inspection →
warehousing
Oyster Sauce Production Process: raw material inspection → 蠔油生產工藝流程：原料檢測－原料處
raw material processing → ingredient boiling → finished product 理－配料煮制－成品檢驗－產品包裝－
inspection → packaging → product inspection → warehousing 產品檢驗－包裝入庫
Soybean Paste Production Process: raw material inspection → 黃豆醬生產工藝流程：原料檢測－原料
raw material steaming → koji propagation → natural fermentation 蒸煮－制曲－天然發酵－配料煮制－成
→ ingredient boiling → finished product manufacturing → finished 品生產－成品檢驗－產品包裝－產品檢
product inspection → packaging → product inspection → 驗－包裝入庫
warehousing
佛山市海天調味食品股份有限公司 * 2025年度報告 39MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Guided by market trends the Company has engineered highly 以市場趨勢為導向，公司打造並完善多品flexible manufacturing capabilities capable of multi-category 類生產的柔性生產能力，實現無縫轉產換production and seamless product changeovers. A single 型，最高可在一條生產線生產超20種規格advanced production line can accommodate over 20 packaging 或130個SKU的不同產品。以醬油為例，specifications or 130 distinct SKUs. Taking soy sauce as an 公司自主研發並引入了各類先進的柔性
example the Company has independently developed and 化自動生產線，包括全自動超高溫滅菌產integrated various state-of-the-art flexible automated lines 線、全自動封閉式圓盤制曲產線、全自動
including fully automated UHT (ultra-high temperature) sterilization 連續壓榨產線等，實現產品全流程柔性化lines fully automated enclosed disc koji propagation lines and 生產，滿足市場的定制化需求。
fully automated continuous pressing lines. This achieves end-to-
end flexible manufacturing to satisfy customized market demands.
(3) Sales model (3) 銷售模式
The Company operates an omni-channel multi-dimensional 公司採用以經銷為主、以直銷為補充的銷
sales network utilizing a model that is predominantly distributor- 售模式，在線上線下全渠道佈局立體渠道based supplemented by direct sales. After years of strategic 體系。經過多年發展，現已建設並維持一deve lopment we have es tab l i shed and ma in ta i ned a 支能力突出、長期合作的優質經銷商隊
premium highly capable distributor network built on long-term 伍，並配備銷售人員與其緊密溝通、提供cooperation. We deploy dedicated sales personnel to maintain 支持，確保為終端用戶高效提供優質產close communication and provide support to our distributors 品。近年來，通過為銷售和經銷商隊伍進ensuring the highly efficient delivery of premium products to 行數字化賦能轉型，渠道運營的整體效率end-users. In recent years by driving the digital transformation 不斷提升。
and empowerment of our sales teams and distributor networks
the overall efficiency of our channel operations has improved
continuously.
(4) Brand strategy (4) 品牌策略
Haitian’s brand influence is deeply intertwined with our premium 海天的品牌影響力與產品高品質、市場領
product quality and dominant market position allowing us 先地位相互映襯，在行業中持續保持領to maintain sustained industry leadership. The Company 先。公司持續深化品牌與產業生態的融continuously deepens the integration between our brand and 合，夯實健康、安全、專業、親和、值the industry ecosystem consolidating a brand image that is 得信賴的品牌形象，提升品牌美譽度。一healthy safe professional approachable and highly trusted 方面，通過權威媒體平台宣傳、構建宣傳thereby elevating brand reputation. On one hand we bridge 矩陣、邀請消費者及合作夥伴實地參觀海
the gap with consumers through prestigious media platforms 天陽光工廠等路徑，我們不斷拉近與消費promotional matrices and by inviting consumers and partners for 者的距離；另一方面，公司持續將品牌勢on-site visits to the Haitian Sunshine Factory. On the other hand 能轉化為對餐飲行業及中國味道的助推賦
we consistently channel our brand equity into empowering the 能，以更具互動性的方式傳遞品牌價值，catering industry and championing “Authentic Chinese Flavors.” 通過品牌與用戶的雙向聯動，鞏固了在消By communicating our brand value through highly interactive 費者心中的信賴感和認同感。
initiatives we foster two-way engagement with our consumers
firmly cementing consumer trust and cultural identification.
40 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(5) R&D model (5) 研發模式
The Company has established a market-oriented R&D framework 公司建立以市場需求為導向的研發體系，divided into two primary pillars: Manufacturing R&D and Product 主要分為生產研發和產品研發兩個板塊，R&D. This encompasses product development manufacturing 涵蓋了產品開發、生產技術開發、市場研
technology development market research emerging technology 究、新興技術應用和智能裝備設計與食品
application intelligent equipment design and food safety testing. 安全檢驗等內容。
In terms of manufacturing R&D we focus relentlessly on three 生產研發方面，公司專注於風味、安全、critical aspects: flavor safety and quality/efficiency. Through 質量及效率三個關鍵環節的研發，通過對long-term accumulation and continuous breakthroughs in core 核心技術的長期積累和不斷突破，把老師technologies we have successfully translated the ancient brewing 傅古法釀造和工藝轉化為自動化、智能化
wisdom and techniques of master craftsmen into automated 及數字化生產流程。產品研發方面，公司intelligent and fully digitalized production workflows. In terms 以用戶為中心，專注於消費者需求及體of product R&D we are deeply consumer-centric focusing on 驗，建立市場導向的端到端產品研發流consumer needs and experiences to build a market-driven end- 程，通過市場洞察與需求評估→項目評估to-end product R&D pipeline. Through a comprehensive process →試點及中試→上市評估→生命週期管理
spanning market insight and demand assessment → project 的全流程，升級迭代現有產品並開發新evaluation → pilot & scale-up → go-to-market assessment → 品，形成從市場到市場的整體閉環。
product lifecycle management we continuously upgrade and
iterate upon existing products while developing new offerings
forming a complete closed loop from market insight to market
delivery.佛山市海天調味食品股份有限公司 * 2025年度報告 41MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
ANALYSIS OF CORE COMPETITIVENESS 報告期內核心競爭力分析
DURING THE REPORTING PERIOD
1. A continuously expanding national product 1. 有味蕾記憶且持續豐富的國民產品
portfol io anchored in consumers’ culinary 矩陣
memories
The Company boasts a national product portfolio that is deeply 公司擁有深入消費者味蕾記憶且持續豐富
ingrained in consumers’ culinary preferences and is continuously 的國民產品矩陣。截至2025年，公司已構expanding. As of 2025 the Company has constructed a 建起以醬油、蠔油、調味醬品類為基礎、
pyramid-shaped multi-dimensional product portfolio anchored 培育趨勢新品類為增長飛輪的金字塔型立
by soy sauce oyster sauce and flavored sauce products while 體化產品矩陣。2025年，公司最具有代表aggressively incubating trend-setting new categories to serve 性的經典系列核心單品中，金標生抽、草as future growth engines. In 2025 among the Company’s most 菇老抽兩大產品系列已暢銷60餘年，味極representative flagship products within the Classic series the two 鮮醬油、海天上等蠔油兩大產品系列連續
major series of Golden Label Light Soy Sauce and Mushroom 10餘年銷售額超過人民幣10億元。截至Dark Soy Sauce have been a bestseller for over 60 years while 2025年，公司已有7個十億級以上產品系the two major series of Weijixian Soy Sauce and Haitian Premium 列、超30個億級以上產品系列。
Oyster Sauce have consistently generated revenues exceeding
RMB1 billion for over 10 years consecutively. As of 2025 the
Company possesses 7 product series that each surpassed the
RMB1 billion revenue threshold and over 30 product series that
each surpassed the RMB100 million revenue threshold.
42 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
The Company continuously drives category innovation and 公司品類持續創新，產品矩陣多元，能夠diversifies its product portfolio empowering us to provide 為用戶提供一站式全場景烹調服務。公司consumers with one-stop all-encompassing culinary solutions. In 近年來加快產品推陳出新，除基本品類recent years we have accelerated the pace of product iteration. 外，在食醋、料酒和複合調味料等延展品Beyond our basic categories we have established highly 類也具有相對領先的競爭力。結合公司強competitive market-leading positions in extension categories 大的產品力和渠道力，公司不斷推動用戶such as vinegar cooking wine and compound condiments. By 複購，提高品類心智，形成增長良性循環。
combining exceptional product strength with extensive distribution
capabil i t ies the Company consistently drives consumers’
repeated purchases solidifies category mindshare and sustains
a virtuous cycle of growth.
2. Dual growth engines: A mult i-dimensional 2. 立體化的渠道與國民品牌雙輪驅動
distribution network and national brand
The Company is systematical ly bui lding a comprehensive 公司逐步構建全渠道佈局，已擁有超過omni-channel footprint. We manage a network of over 6000 6000家經銷商，覆蓋約300萬個終端網distributors covering approximately 3 million retail terminal outlets. 點，線下網絡深入縣鎮，地級城市覆蓋率Our offline network deeply penetrates counties and towns 約達100%，縣級城市覆蓋率超過90%。
achieving a coverage rate of approximately 100% in prefecture- 通過配備專業團隊運營線上渠道，公司已level cities and over 90% in county-level cities. By deploying 形成線上線下融合、深度覆蓋的「毛細血
highly specialized teams to manage our online channels the 管」系統。公司持續通過貫通「公司－經銷Company has forged a highly penetrative “capil lary-level” 商－終端－消費者」的全鏈路碼體系等數
distribution network that seamlessly integrates offline and online 字化工具賦能渠道運營，沉澱用戶資產，operations. We continuously empower channel management 為快速洞察市場動態提供支撐。
through digital tools such as our end-to-end QR code traceabilitysystem connecting the “Company – Distributor – Terminal –Consumer” which enables us to accumulate valuable consumer
data assets and rapidly respond to market dynamics.The support of millions of consumers constitutes the Company’s 萬千用戶的支持構成了公司的國民品牌資
national brand asset. This brand power strengthens the 產，也增強了渠道合作夥伴的信心和黏confidence and stickiness of our distribution partners collectively 性，共同組成應對市場波動的壓艙石。在serving as a powerful anchor of stability against market volatility. 權威品牌評級中，中國品牌力指數C-BPIIn reputable brand evaluations Haitian was ranked as the No.1 「2025年第一品牌榜」顯示，海天獲評醬油brand in the industry across four categories: soy sauce (15 （連續15年）、醬料（連續6年）、蠔油（連consecutive years) flavored sauces (6 consecutive years) oyster 續6年）、食醋（連續2年）四項行業第一
sauce (6 consecutive years) and vinegar (2 consecutive years) 品牌。同時，根據Worldpanel消費者指數on the 2025 Top Brand List of the China Brand Power Index 《2025品牌足跡報告》，海天品牌於2024年
(C-BPI). Furthermore according to the Kantar Worldpanel 2025 繼續位列中國消費者首選前十品牌，消費
Brand Footprint Report the Haitian brand remained among the 者觸及數7.54億，滲透率繼續保持在80%top 10 most chosen brands by Chinese consumers in 2024. 以上，連續第11年入選中國消費者首選前With consumer touchpoints reaching 754 million and a sustained 十品牌。
penetration rate above 80% Haitian has been recognized as a
top 10 preferred brand in China for the 11th consecutive year.佛山市海天調味食品股份有限公司 * 2025年度報告 43MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
3. T e c h n o l o g y d e v e l o p m e n t a n d l e a d i n g 3. 科技立企與領先的技術儲備
technological reserves
The Company has consistently invested in R&D for decades. 公司數十年如一日進行研發投入，堅持每Each year it persistently invests approximately 3% of its 年將約3%的營收投入研發，近十年研發投operating revenue in R&D accumulating over RMB6500 million 入累計超人民幣65億元，驅動從「調味品in R&D investments over a period of nearly ten years to drive 製造」到「味道研究」的蛻變。公司沿着「數the metamorphosis from “condiment manufacturing” to “flavor 字精益工廠－智能柔性工廠－高度智能黑science”. The Company continues to iterate along the path of 燈工廠」路徑持續迭代，在技術創新、工藝“digital lean factory – intelligent flexible factory – highly intelligent 效率、柔性升級、智能應用等領域持續投dark factory” making sustained investments in areas such as 入，打造極致競爭力。集規模、研發、製technological innovation process efficiency flexible upgrading 造、品控於一體的系統能力，為公司調味and intelligent applications to build its ultimate competitiveness. 品版圖的多品類延伸奠定了基礎，也長期The integrated capabilities spanning scale R&D manufacturing 深耕多元渠道、為不同用戶提供專業服務
and quality control have laid the foundation for the multi-category 的基礎保障。
expansion of the Company’s condiment portfolio. Furthermore
they serve as the fundamental bedrock for our sustained
penetration of diverse distribution channels and our ability to
deliver professional services to various consumers.Regarding food safety and quality control the Company has 在食品安全與品質控制方面，公司建立了established a finished-product testing system that surpasses 嚴於國標的成品檢測體系，設置了494道national standards comprising 494 quality inspection nodes 質量檢測點和2000項檢測，並將AI技術深and 2000 test items. We have deeply integrated AI technology 度融入原料篩選、發酵調控、實時監測、
throughout the entire lifecycle from raw material screening and 風味品控等全流程。這些技術儲備與傳統fermentation regulation to real-time monitoring and flavor profiling. 釀造工藝相結合，形成了公司獨有的「傳統These technological reserves combined with traditional brewing 工藝+現代科技」融合優勢，確保每一批次processes have formed the Company’s unique competitive moat 產品風味的穩定與品質的卓越。
of “traditional craftsmanship + modern technology” ensuring
absolute flavor consistency and exceptional quality in every single
batch.In R&D and innovation our forward-looking capabilities drive 在研發創新方面，超前的研發佈局驅動產product development and steer the Company’s high-quality 品創新，引領企業高質量發展。公司累計growth. Our Company has been accumulatively granted over 獲授權超過1000項專利，涵蓋產品研發、
1000 patents spanning product R&D strain breeding and 菌種培育、大數據發酵等領域。通過在菌
big data-driven fermentation. Through relentless year-round 種儲備及選育、發酵釀造、食品風味等方
investment in strain reserves and breeding fermentation science 面的常年持續投入，結合用戶導向的端到and flavor profiling coupled with a consumer-centric end-to-end 端產品研發流程，公司能夠快速推出多元product R&D pipeline the Company rapidly launches diversified 化產品，持續滿足用戶需求。
products to satisfy evolving consumer demands.
44 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
4. Optimized supply chain and scale advantages 4. 極致供應鏈與規模優勢
The Company continues to secure its leading position in the 公司繼續保持在調味品行業的龍頭領先
condiments industry. Production and sales volume exceeded 地位，產銷量超過480萬噸，名列行業第
4.8 million tons ranking first in the industry. This generates 一，從而帶來規模化採購優勢，做到「產業
economies of scale in procurement realizing our goal of full value 協同、全鏈最優」。絕對領先的規模優勢以chain collaboration to allow synergy optimization. Our absolute 及技術驅動的極致效率，共同確保了產品leading scale advantage combined with technology-enabled 的高品質與質價比優勢。
production excellence guarantees superior product quality and a
highly competitive quality-to-price ratio.At the same time the Company possesses industry-leading 與此同時，公司擁有領先的數智化柔性生capabi l i t ies in digital ly integrated f lexible production and 產和定制化服務能力，最高可在同一產線customized services. A single production line can transition 生產超20種規格、超130個SKU的不同產
to manufacture over 20 specifications and 130 distinct SKUs. 品，而定制化服務反饋和投產速度更是領Our turnaround time for customized service feedback and 先行業。在數字化轉型的助力下，公司的production deployment are industry-leading. Empowered by 極致供應鏈構建了製造業「定制－規模－
digital transformation the Company’s optimized supply chain 質價比」協同發展的新範式，既能保障穩定has established a new manufacturing paradigm: the synergistic 與安全的產品品質以滿足連鎖餐飲的嚴苛
development of “customization scale and quality-to-price ratio”. 要求，又能滿足不同用戶對調味品多樣化This capability not only guarantees the consistent product quality 的需求。
and safety to meet the strict requirements of catering chains but
also satisfies the diversified condiment demands of individual
consumers.The Company’s digital transformation extends far beyond the 公司數字化轉型的腳步不會止於高明燈塔
“Lighthouse Factory” in Gaoming Foshan. Our Haitian Jiangsu 工廠。海天江蘇生產基地相繼獲評江蘇省production base was recently recognized as an Advanced 工業和信息化廳「2025年江蘇省先進級智
Intelligent Factory in Jiangsu for 2025 by the Jiangsu Provincial 能工廠」和國家工信部「2025年5G工廠名
Department of Industry and Information Technology and was 錄」，公司生產端的數字化轉型、極致供應listed in the 2025 5G Factory Directory by the Ministry of Industry 鏈所帶來的提質增效還有很大空間。
and Information Technology (MIIT). There remains substantial
potential to unlock further quality improvements and efficiency
gains through the digital transformation in production and
optimized supply chain.佛山市海天調味食品股份有限公司 * 2025年度報告 45MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
5. Strategic blueprint of sustainable development 5. 可持續發展的佈局
As sustainability evolves from a social advocacy concept into a 從社會倡議演變為全球經貿規則與商業核
core driver of global commerce and trade regulations the depth 心動力，企業對可持續發展的佈局深度，of a company’s sustainable development strategy determines 決定了其參與未來產業定義與全球資源配
its ability to shape future industry standards and access global 置的高度。公司堅持可持續發展佈局，將resources. The Company remains steadfast in its sustainable 其內化為穿越週期的經營韌性與價值增長
development strategy internal iz ing the pr inciples as the 的底層方法論。
foundational methodology for cross-cyclical business resilience
and value creation.We closely align our operations with the long-term visions of a 我們將自身置於「美麗中國」與「雙碳」目標
Beautiful China and the Dual Carbon goals embedding green 的遠景之中，讓綠色低碳成為高質量發展and low-carbon principles as the cornerstone of our high- 的底色。作為鏈主企業，我們不僅以綠色quality development. As a chain leader we do more than simply 轉型重塑運營優勢，更引領產業鏈和價值reshape our own business advantages through a green transition; 鏈共同探索可持續增長的新型產業範式，we actively lead our industrial chain and value chain partners 實現從單點突破到系統共振的可持續發展
in exploring new industrial paradigms for sustainable growth. 生態。
This shifts our sustainability impact from isolated initiatives to
systemic industry-wide synergies.From leveraging technological innovation to safeguard consumer 從科技創新守護消費者舌尖安全，到保障food safety to protecting employee rights advancing rural 員工權益和鞏固鄉村振興事業，再到以穩revitalization delivering solid returns to our investors and 健價值回報投資者的信任、以協同創新賦
empowering our business partners through col laborat ive 能合作夥伴，利益相關方的福祉深度嵌入innovation – the wel l-being of al l stakeholders is deeply 公司的價值內核，為海天的未來搭建起相embedded in the Company’s core values. Together these efforts 互信任、共興共榮、可持續發展的生態圈。
build an ecosystem of mutual trust shared prosperity and
sustainable development for Haitian’s future.
46 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT 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，並應與之一並閱讀。
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28873.4百RMB28873.4 million representing an increase of 7.3% as compared 萬元，較上年同期的人民幣26904.5百萬元to RMB26904.5 million (restated) in the same period of last year with （經重列），增加7.3%，各品類收入均有所提improved revenue for all categories. 升。
The following table sets out a breakdown of the Group’s revenue by 下表載列本集團報告期內及去年同期按產品類
product category during the Reporting Period and in the same period 別劃分的收入明細。
of last year.For the year ended For the year ended
December 31 2024 December 31 2025 Change截至2024年截至2025年
12月31日止年度12月31日止年度變動
Revenue
RMB Percentage Revenue Percentage Amount
million of total RMB of total RMB
(Restated) revenue million revenue million Percentage收益人民幣收益金額百萬元佔總收益人民幣佔總收益人民幣（經重列）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13757.951.1%14933.751.7%1175.88.6%
Oyster sauce products
蠔油產品4615.217.2%4868.216.9%253.05.5%
Flavored sauce products
調味醬產品2668.99.9%2917.010.1%248.19.3%
Specialty condiment
products and others
特色調味品及其他4085.815.2%4680.416.2%594.614.6%
Subtotal
小計25127.893.4%27399.394.9%2271.59.0%
Others (Note)其他（註）1776.76.6%1474.15.1%-302.6-17.0%
Total
總計26904.5100.0%28873.4100.0%1968.97.3%
佛山市海天調味食品股份有限公司 * 2025年度報告 47MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
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.* 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14933.7百萬元，較去RMB14933.7 mill ion representing an increase of 8.6% as 年同期的人民幣13757.9百萬元，增加compared to RMB13757.9 million in the same period of last 8.6%，主要由於 ( i )醬油產品結構升級，加year primarily due to (i) structure upgrade of the soy sauce 大有機、薄鹽等健康系列產品推出力度；
products strengthening the launch of the better-for-you product ( i i )調整產品組合策略，滿足餐飲、工業等line including organic and reduced-salt; (ii) adjustment of product 不同渠道需求；及 ( i i i )增加終端數字化推
portfolio strategy to meet the needs of different channels such 廣，提升銷售觸達率和轉化率。
as catering and industry; and (iii) an increase in sales reach
and conversion rates 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4868.2百萬元，較去年同to RMB4868.2 million representing an increase of 5.5% as 期的人民幣4615.2百萬元，增加5.5%，compared to RMB4615.2 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 ( i i )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2917.0百萬元，較to RMB2917.0 million representing an increase of 9.3% as 去年同期的人民幣2668.9百萬元，增加compared to RMB2668.9 million in the same period of last year 9 .3%，主要由於 ( i )滿足區域市場需求，primarily due to (i) the launch of specialty flavored products to 推出特色風味產品；及 ( i i )加大新品推出力
meet regional market demand; and (ii) increased effort to launch 度，滿足健康升級和不同場景需求。
new products to meet the needs of health upgrades and different
scenarios.* 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4680.4百萬
products amounted to RMB4680.4 million representing an 元，較去年同期的人民幣4085.8百萬元，increase of 14.6% as compared to RMB4085.8 million in the 增加14.6%，主要由於(i)結合用戶需求推出same period of last year primarily due to (i) the launch of new 新產品，如調味汁；( i i )提升產品在部分渠products based on customer demand such as liquid condiments; 道的滲透率。
and (ii) improvement in product penetration rate in certain
channels.
48 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Cost of Sales 銷售成本
During the Reporting Period the Group’s cost of sales amounted 報告期內，本集團的銷售成本為人民幣to RMB17259.7 million representing an increase of 1.79% as 1 7 2 5 9 . 7百萬元，較上年同期的人民幣compared to RMB16956.8 million (restated) in the same period of 16956.8百萬元（經重列），增加1.79%，主要last year primarily due to the increase in product sales which was 由於產品銷售額增加，部分被原材料價格下降partially offset by a decrease in the prices of raw materials and the 以及生產效率增加所抵銷。
improvement in production efficiency.Gross Profit and Gross Profit Margin 毛利及毛利率
During the Reporting Period the Group’s gross profit amounted 報告期內，本集團的毛利為人民幣11365.8百to RMB11365.8 million representing an increase of 16.9% as 萬元，較上年同期的人民幣9720.1百萬元（經compared to RMB9720.1 million (restated) in the same period of 重列），增加16.9%；本期毛利率為39.4%，較last year; the gross profit margin for the current period was 39.4% 上年同期的36.1%（經重列），提升3.3個百分representing an increase of 3.3 percentage points as compared to 點，主要由於本期部分原材料市場價格下降，
36.1% (restated) in the same period of last year primarily due to a 以及生產環節效率提升。
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847.1RMB847.1 million representing an increase of 18.6% as compared to 百萬元，較上年同期的人民幣714.2百萬元（經RMB714.2 million (restated) in the same period of last year primarily 重列），增加18.6%，主要由於利息收入增加，due to an increase in interest income partially offset by the decrease 部分被政府補助減少所抵消。
in government subsidies.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虧損人民幣to loss of RMB37.7 million representing a decrease of 114.3% as 37.7百萬元，較上年同期的收益人民幣263.2compared to income of RMB263.2 million in the same period of last 百萬元，減少114.3%，主要由於報告期內外匯year primarily due to an increase in foreign exchange losses during 匯兌損失增加。
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 RMB1933.2 million representing an increase 1933.2百萬元，較上年同期的人民幣1628.6of 18.7% as compared to RMB1628.6 million in the same period 百萬元，增加18.7%，主要由於 ( i )僱員福利開of last year primarily due to (i) the increase in employee benefit 支增加；(ii)廣告費增加；及(iii)公司員工持股計
expenses; (ii) an increase in advertising expenses; and (iii) recognition 劃確認股份支付費用。
of share-based payment expenses for the employee stock ownership
scheme of the Company.佛山市海天調味食品股份有限公司 * 2025年度報告 49MANAGEMENT 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702.1amounted to RMB702.1 million representing an increase of 20.0% 百萬元，較上年同期的人民幣585.0百萬元（經as compared to RMB585.0 million (restated) in the same period 重列），增加20.0%，主要由於(i)僱員福利開支of last year primarily due to (i) an increase in employee benefits 增加；及 ( i i)公司員工持股計劃確認股份支付費
expenses; and (ii) recognition of share-based payment expenses for 用。
the employee stock ownership scheme of the Company.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915.0costs amounted to RMB915.0 million representing an increase of 百萬元，較上年同期的人民幣846.8百萬元（經
8.1% as compared to RMB846.8 million (restated) in the same period 重列），增加8.1%，主要由於：( i )研發過程中
of last year primarily due to (i) an increase in raw materials and 所用原材料及耗材增加；及 ( i i)公司員工持股計
consumables used in the R&D process; and (ii) recognition of share- 劃確認股份支付費用。
based payment expenses for the employee stock ownership scheme
of the Company.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 RMB0.8 貸虧損撥備為人民幣0.8百萬元，較上年同期的million representing a decrease of 25% as compared to RMB1.0 人民幣1.0百萬元，減少25%，主要由於本期million in the same period of last year primarily due to recovery of 收回貿易應收款項。
trade receivables for the current period.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3.2百losses amounted to RMB3.2 million representing a decrease of 萬元，較去年同期的人民幣99.6百萬元，減少
96.7% as compared to RMB99.6 million in the same period of last 96.7%，主要由於去年確認商譽減值虧損。
year primarily due to recognition of impairment loss of goodwill last
year.Finance Costs 財務成本
During the Reporting Period the Group’s finance costs amounted to 報告期內，本集團財務成本為人民幣25.5百萬RMB25.5 million representing an increase of 6.5% as compared to 元，較去年同期的人民幣23.9百萬元，增加RMB23.9 million in the same period of last year primarily due to an 6.5%，主要由於銀行貸款及其他借款利息增increase in interest on bank loans and other borrowings. 加。
50 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT 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1550.0百RMB1550.0 million representing an increase of 33.9% as compared 萬元，較去年同期的人民幣1157.2百萬元，增to RMB1157.2 million in the same period of last year primarily due 加33.9%，主要由於除稅前利潤增加。
to the 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 RMB7045.5 million representing an increase of 10.9% 7045.5百萬元，較上年同期的人民幣6355.4as compared to RMB6355.4 million (restated) in the same period 百萬元（經重列），增加10.9%。報告期內本集of last year. The net profit margin of the Group during the Reporting 團淨利率為24.4%，較上年同期的23.6%，增Period was 24.4% representing an increase of 0.8 percentage points 加0.8個百分點。
as compared to 23.6% in the same period of last year.Property Plant and Equipment 物業、廠房及設備
As of December 31 2025 the Group had property plant and 截至2025年12月31日，本集團的物業、廠房equipment of RMB6877.5 million representing an increase of 5.2% 及設備為人民幣6877.5百萬元，較2024年12as compared to RMB6539.0 million (restated) as of December 31 月31日的人民幣6539.0百萬元（經重列），增
2024 primarily due to the addition of production facilities in some 加5.2%，主要由於部分生產基地增加生產設
production bases. 施。
Right-of-use Assets 使用權資產
As of December 31 2025 the Group’s right-of-use assets amounted 截至2025年12月31日，本集團的使用權資產to RMB947.4 million representing an increase of 7.6% as compared 為人民幣947.4百萬元，較2024年12月31日的to RMB880.6 million as of December 31 2024 primarily due to the 人民幣880.6百萬元，增加7.6%，主要由於本addition of property leasing in Nanhai Foshan. 期新增佛山南海物業租賃。
Inventories 存貨
As of December 31 2025 the Group’s inventories amounted to 截至2025年12月31日，本集團的存貨為人民RMB2407.7 million representing a decrease of 4.7% as compared 幣2407.7百萬元，較2024年12月31日的人民to RMB2525.3 million (restated) as of December 31 2024 primarily 幣2525.3百萬元（經重列），減少4.7%，主要due to a corresponding decrease in work in process and finished 由於經銷商備貨時間調整，本年末公司在製品goods inventories of the Company at the end of the year as a result 和產成品庫存相應減少，部分被子公司原材料of adjustment in stocking time by distributors which was partially 備貨增加抵消。
offset by increased raw material stocking by subsidiaries.佛山市海天調味食品股份有限公司 * 2025年度報告 51MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Trade Receivables 貿易應收款項
As of December 31 2025 the Group’s trade receivables amounted 截至2025年12月31日，本集團的貿易應收款to RMB295.6 million representing an increase of 21.8% as compared 項為人民幣295.6百萬元，較2024年12月31日to RMB242.6 million as of December 31 2024 primarily due to the 的人民幣242.6百萬元，增加21.8%，主要由increase in product sales to customers of specific businesses to 於我們向特定業務的客戶提供信貸期，向此類whom we offer credit terms. 客戶的產品銷售增加。
Trade and Bills Payable 貿易應付款項及應付票據
As of December 31 2025 the Group’s trade and bills payable 截至2025年12月31日，本集團的貿易應付amounted to RMB2772.8 million representing an increase of 42.4% 款項及應付票據為人民幣2772.8百萬元，較as compared to RMB1946.7 million (restated) as of December 31 2024年12月31日的人民幣1946.7百萬元（經
2024 primarily due to (i) an increase in purchase quantities; and (ii) 重列），增加42.4%，主要由於(i)採購量上升；
an increase in bills payable. 及(ii)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 RMB7746.0 million compared to RMB6840.2 7746.0百萬元，去年同期為人民幣6840.2百million (restated) in the same period of last year. 萬元（經重列）。
As of December 31 2025 the Group had cash and bank deposits of 截至2025年12月31日，本集團的現金及銀行RMB24603.7 million which included time deposits and certificates 存款為人民幣24603.7百萬元，包括定期存款of RMB15046.6 million restricted cash of RMB11.6 million and cash 及存單人民幣15046.6百萬元、受限制現金人
and cash equivalents of RMB9545.5 million representing an increase 民幣11.6百萬元以及現金及現金等價物人民幣
of 11.3% as compared to RMB22114.7 million (restated) as of 9545.5百萬元，較2024年12月31日的人民幣December 31 2024. 22114.7百萬元（經重列），增加11.3%。
As of December 31 2025 the Group had interest-bearing bank loans 截至2025年12月31日，本集團的有息銀行貸and other borrowings of RMB180.3 million which included long- 款及其他借款為人民幣180.3百萬元，包括長term borrowings of RMB5.4 million and short-term borrowings of 期借款人民幣5.4百萬元以及短期借款人民幣
RMB174.9 million representing a decrease of 50.2% as compared 174.9百萬元，較2024年12月31日的人民幣to RMB361.7 million as of December 31 2024 primarily due to the 361.7百萬元，減少50.2%，主要由於本報告期repayment of bank loans during the Reporting Period. All borrowings 內償還銀行貸款。所有借款均以人民幣計值，were denominated in Renminbi of which borrowings with fixed 其中固定利率借款為人民幣174.9百萬元。本interest rates amounted to RMB174.9 million. The Group did not 集團並無實施任何利率對沖政策。
implement any interest rate hedging policy.
52 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT 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 December 31 2025 the bank loans and lease liabilities in 截至2025年12月31日，本集團即期債務中的the current indebtedness of the Group were RMB174.9 million and 銀行貸款及租賃負債分別為人民幣174.9百萬
RMB43.7 million respectively. As of December 31 2024 the bank 元和人民幣43.7百萬元，截至2024年12月31loans and lease liabilities in the current indebtedness of the Group 日，本集團即期債務中的銀行貸款及租賃負債were 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 December 31 2025 the bank loans and other borrowing and 截至2025年12月31日，本集團非即期債務中lease liabilities in the non-current indebtedness of the Group were 的銀行貸款及其他借款以及租賃負債分別為
RMB5.4 million and RMB60.6 million respectively. As of December 人民幣5.4百萬元和人民幣60.6百萬元，截至
31 2024 the bank loans and other borrowing and lease liabilities in 2024年12月31日，本集團非即期債務中的銀
the non-current indebtedness of the Group were RMB52.2 million and 行貸款及其他借款以及租賃負債分別為人民幣
RMB28.6 million respectively. 52.2百萬元和人民幣28.6百萬元。
Contingent Liabilities 或然負債
The Group did not have any material contingent liabilities as of 截至2025年12月31日，本集團並無重大或有December 31 2025. 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1283.6百amounted to RMB1283.6 million. The capital expenditure of the 萬元。本集團的資本開支包括購買物業、廠房Group consisted of payment for purchase of property plant and 及設備、使用權資產以及無形資產的付款。
equipment right-of-use assets and intangible assets.Capital Commitments 資本承擔
As of December 31 2025 the capital commitments of the Group 截至2025年12月31日，本集團資本承擔為人amounted to RMB576.9 million which were mainly contracted for 民幣576.9百萬元，主要用於物業、廠房及設property plant and equipment. 備。
佛山市海天調味食品股份有限公司 * 2025年度報告 53MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Gearing Ratio 資本負債比率
As of December 31 2025 the gearing ratio (defined as the ratio of 截至2025年12月31日，本集團資本負債比率dividing total liabilities by total assets as of the same date) of the （定義為負債總額除以截至同日資產總值的比Group was 19.8% representing a decrease of 3.4 percentage points 例）為19.8%，較2024年12月31日的23.2%as compared to 23.2% (restated) as of December 31 2024 which （經重列）減少3.4個百分點，這主要是由於本was primarily due to the increase in monetary assets resulting from 集團在報告期內發行H股融資及經營活動現金
the Group’s fundraising by issuance of H Shares and cash flow 流帶來的貨幣性資產增加所致。
generated from operating activities during the Reporting Period.Distributable Reserves 可供分派的儲備
As of December 31 2025 the Group had retained profits of 截至2025年12月31日，本集團的保留利潤為RMB23223.1 million which are available for distribution to its 人民幣23223.1百萬元，可供分派予股東。
Shareholders.For information regarding changes in the Group’s reserves and 有關截至報告期末本集團儲備變動及本公司財
the Company’s statement of financial position as of the end of 務狀況表的資料，請參閱第160頁本公司綜合the Reporting Period please refer to the Company’s consolidated 股權變動表及第157到159頁本公司綜合財務狀
statement of changes in equity on page 160 and the Company’s 況表。
consolidated statement of financial position on page 157 to 159.Asset Mortgages 資產抵押
As of December 31 2025 the Group did not have any mortgage over 截至2025年12月31日，本集團並無抵押任何its assets. 資產。
SIGNIFICANT INVESTMENTS 重大投資、收購和出售
ACQUISITIONS AND DISPOSALSAs 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 重大投資及資本資產投資的未
INVESTMENTS AND CAPITAL ASSET 來計劃
INVESTMENTS
As of the end of the Reporting Period save as disclosed in the 截至報告期末，除本報告「募集資金使用情況」“USE OF PROCEEDS” of this report and the “Future Plans and Use 及招股章程「未來計劃及所得款項用途」所披露of Proceeds” of the Prospectus the Group had no future plans for 者外，本集團並無重大投資及資本資產投資的material investments and capital asset investments. 未來計劃。
54 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
RISK FACTORS 風險因素
1. Food Safety Risks 1. 食品安全風險
Food quality must be a top priority for any food processing 隨着國內監管部門和消費者對食品安全和
company considering the increased concern for food safety and 營養健康的關注度提升，同時國際業務所nutritional health from the regulatory departments of the PRC 帶來更為多樣的市場監管環境，產品質量government and domestic consumers and the more diverse 是食品加工企業的重中之重。公司在各個regulatory environment brought about by international business. 經營環節嚴格執行品質控制，尤其關注技The Company has always strictly implemented quality control 術突破和應用帶來的質量水平躍升，將食in all aspects of operation especially focusing on the quality 品質量安全控制作為公司的核心工作。
advancements driven by technological breakthroughs and
applications and regards food quality and safety control as the
core work of the Company.
2. Risk of Raw Material Price Fluctuation 2. 原材料價格波動風險
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。公司採購團隊每年根據銷The Company’s procurement team formulates procurement plans 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 公司產品毛利率水平帶來一定影響。
material prices could potentially impact our products’ gross profit
margins.
3. Risk of Macroeconomic Fluctuation and Decline 3. 宏觀經濟波動和行業景氣度下降風
in Industry Prosperity 險
Although the condiments industry has a certain anti-cyclical 雖調味品產業具有一定的抗周期能力，但ability it is susceptible to factors such as economic recovery 易受經濟復甦情況、通脹周期和餐飲行業
inflation cycle and the prosperity of the catering industry and 景氣度等因素影響，大眾消費品增速不排the growth rate of mass consumer goods may be subject to 除面臨下行風險。但另一方面，此項風險downside risk. But on the other hand this risk also presents 同時也有利於推動行業上下游的整合。
an opportunity to promote upstream and downstream industry
consolidation.佛山市海天調味食品股份有限公司 * 2025年度報告 55MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
4. Risk of Intensified Market Competition 4. 市場競爭加劇風險
With the increasing number of companies in the condiments 隨着調味品市場企業日益增多，銷售渠道market sales channels and models are gradually diversified 和模式逐漸多元化、碎片化，行業競爭不and f ragmented and industry compet i t ion cont inues to 斷加劇。在此過程中，可能存在同質化競intensify. In this process there may be potential risks brought 爭、無序競爭帶來的潛在風險。為此，公by homogeneous and disorderly competition. In response the 司堅持追求為用戶提供高質價比產品，不Company is committed to providing users with value-for-money 斷提升運營能力和效率，滿足不同用戶群products continuously improving its operational capabilities and 體需求。
efficiency and meeting the needs of different user groups.
5. Risk of Insufficient or Lost Technical Personnel 5. 公司技術人員不足或流失風險
Through long-term development and business accumulation 公司經過長期發展和業務積累，已經形成the Company has built a stable R&D team and accumulated a 穩定的研發團隊並儲備多項核心技術。隨number of core technologies. As its domestic and international 着公司在國內外業務不斷擴張，公司對技businesses continue to expand the Company’s demand for 術研發人才的需求必然加大，不能排除面technical R&D talents will inevitably increase and it may therefore 臨技術人才不足的風險。
face the risk of insufficient technical talent.
6. Foreign Currency Risk 6. 外匯風險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。公司產生此風險的貨the operations to which the transactions relate. In terms of the 幣主要為美元、歐元、港元及人民幣。公Company the currencies giving rise to this risk are primarily 司持續跟蹤匯率波動，並在必要時運用適USD Euros HKD and RMB. The Company keeps track of the 當的金融工具進行對沖，以降低外匯風險。
fluctuations in foreign exchange rates and utilizes appropriate
financial instruments for hedging purposes when necessary to
mitigate foreign currency risk.
56 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT 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
Save as disclosed in this report there are no significant events 除本報告披露事項外，概無任何報告期後的重after the Reporting Period that require adjustment or disclosure in 大事項須根據香港財務報告準則作出調整或披
accordance with the Hong Kong Financial Reporting Standards. 露。
OUTLOOK 未來展望
The Company’s core development direction will remain focused on 公司的核心發展方向仍將聚焦於調味品行業的
the in-depth development of the condiment industry. 精深發展。
1. Ful ly user-centr ic adher ing to consumer 1. 全面以用戶為中心，堅持用戶滿意
satisfaction first 至上
Allowing more people to enjoy high-quality Haitian products and 讓更多人用上高品質的海天產品，打造受building a respected food group is our original aspiration. The 人尊敬的食品集團，是我們的初心。公司Company will take consumer satisfaction first as its core value 將以用戶滿意至上為核心價值觀，不斷迭continuously iterate its products and services persistently drive 代公司的產品和服務，持續牽引組織變革organizational transformation and evolution and regard user 及進化，以用戶是否滿意作為檢驗一切工satisfaction as the ultimate standard for evaluating all our work. 作的標準。
2. Always daring to self-innovate 2. 時刻敢於自我革新
The high-quality development of an enterprise is the foundation 企業高質量發展是持續為用戶提供極致服
for continuously providing ultimate services to users. In an 務的基礎。在商業模式巨變、技術革新加environment of drast ic changes in business models and 速的環境中，公司需要具備敢於顛覆自accelerated technological innovation the Company must 我、自我革新的魄力和能力。以全面數字possess the courage and capability to disrupt and reinvent itself. 化能力推進企業深層變革，將成為公司不Advancing deep corporate transformation through comprehensive 斷提高經營能力、構建長期競爭力的重要
digital capabilities will become an important measure for the 舉措。
Company to continuously improve its operational capabilities and
build long-term competitiveness.佛山市海天調味食品股份有限公司 * 2025年度報告 57MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
3. A sustainable cooperative ecosystem 3. 可持續發展的合作生態
Corporate development and sustainable development of the 企業發展與社會可持續發展相輔相成。「綠society complement each other. “Green brewing” is the bedrock 色釀造」是企業高質量發展的底色，員工與of the Company’s high-quality development. Synchronized 公司的同頻發展為企業帶來良好活力，踐development of employees and the Company brings excellent 行社會責任將營造緊密互助的合作生態。
vitality to the enterprise while fulfilling social responsibilities 和諧共生的良性循環才使企業基業長青。
creates a closely-knit and mutually beneficial cooperative
ecosystem. Only a virtuous cycle of harmonious coexistence can
ensure the enterprise is built to last.
4. D u a l - t r a c k d o m e s t i c a n d i n t e r n a t i o n a l 4. 國內國際雙軌發展
development
Maintaining strategic focus and expanding overseas in an orderly 保持定力，有序出海，是公司構建國內國manner is a strategic measure for the Company to build a 際雙循環的戰略舉措，更是提升全球能力domestic and international dual circulation. It is also an essential 配置、增強長期競爭力的必經之路。公司path to enhance global resource allocation and strengthen 將以國內基本盤為根基、鍛造核心能力，long-term competitiveness. The Company will use its domestic 以全球化市場為延伸、創造新發展並反哺
fundamentals as the foundation to forge core capabilities and 賦能。我們將致力於用優質產品和服務，use the global market as an extension to create new growth that 讓中國味道香飄世界。
feeds back into and empowers the business. We are committed
to sharing our high-quality products and services bringing the
aroma of Chinese flavors to the world.
5. Business plan 5. 經營計劃
In 2026 external uncertainties persist yet the Company’s 2026年，外部的不確定性依然存在，但development initiatives remain resolute. Anchored in consumer 公司的發展舉措已非常堅定：以用戶滿意
satisfaction first we will continuously reinvent our mindset and 至上為錨點，不斷自我革新思維方式及工operational pathways unlock new growth through breakthroughs 作路徑，以核心業務的突破再次打開新增in our core businesses and unleash greater new momentum 長，以核心能力的迭代爆破更多新勢能。
through iteration of our core capabilities.
58 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
We have always believed that user needs are the starting point 我們一直認為：用戶的需求是企業發展的
of corporate development. Enterprises that respect users and 原點，尊重用戶且有實力服務好用戶的企possess the capability to serve them well will undoubtedly find 業，定能找到廣闊的發展空間。2026年，broad room for growth. In 2026 we will further deepen our 我們會進一步強化對用戶、對場景的理
understanding of users and scenarios to create greater value 解，為用戶創造更多價值。一次次需求的for our users. Every need satisfied and every scenario reached 滿足、一個個場景的觸達，就是一個個新represents a new space for growth. Haitian already possesses 的增長空間。海天已有較多具備市場領先numerous core categories with market-leading advantages. 優勢的核心品類，我們將結合用戶需求進Aligning with user needs we will further enhance the quality- 一步強化產品的質價比、心價比，並圍繞to-price ratio and emotional value of our products. We will 消費場景深挖產品應用價值，不斷煥新市deeply excavate the application value of our products around 場活力，促進基本盤穩中有進發展；我們consumption scenarios continuously revitalize the market 也將強化消費趨勢洞察，用更前瞻的技術and promote the steady and progressive development of 創新和產品創新，讓海天的產品和服務以our fundamental business. We will also sharpen our insights 用戶需要的方式呈現。不論用戶是誰、不into consumption trends leveraging more forward-looking 論用戶在哪，我們都將用更多、更好、更technological and product innovations to deliver Haitian’s 快的突破，服務好用戶的需求，在用戶價products and services in ways that meet user needs. No matter 值與公司發展的互促中，構築海天新的、who our users are or where they are located we will deliver more 不停歇的發展勢頭。
better and faster breakthroughs to serve their needs. Through the
mutual reinforcement of user value and corporate development
we will forge a new and unceasing growth momentum for Haitian.Continuously iterating on advantages serves to fort i fy an 持續迭代優勢，是企業護城河的加固劑。
enterprise’s moat. From deeply cultivating traditional channels 從深耕傳統渠道到前瞻構建立體化渠道，to the forward-looking construction of a multi-dimensional 公司已具備領先的渠道滲透能力。我們將channel network the Company has already established leading 強化這一優勢的迭代升級，充分利用產品channel penetration capabilities. We will strengthen the iterative 資源和現有網絡承載力，繼續推動市場網upgrade of this advantage fully utilizing our product resources 絡向深、向前、向專布局。我們也將通過and the carrying capacity of our existing network and continue 精耕細作渠道、創新數字化營銷、提效客
to drive our market network layout to be deeper more forward- 制化及強化賦能體系等多方面工作，着力leaning and more specialized. We will also focus on enhancing 提升用戶的鏈接能力、觸達能力及服務能
our capabilities in connecting with reaching and serving users 力，繼續加固優勢。同時，我們也將有定through multi-faceted efforts including the intensive cultivation 力且有序地推進海外渠道建設，務實走好of channels innovative digital marketing improved efficiency 海外發展的每一步，為未來發展打好基礎。
in customization and a strengthened empowerment system
thereby continuing to consolidate our advantages. Meanwhile
we will maintain our strategic focus and systematically advance
the development of overseas channels taking every step of our
overseas expansion pragmatically to lay a solid foundation for
future growth.佛山市海天調味食品股份有限公司 * 2025年度報告 59MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
“Technology development” remains the core pathway for the 「科技立企」依然是公司提高本質經營能力
Company to enhance its intrinsic operational capabilities driving 的的核心路徑，驅動着產品品質的精進、the refinement of product quality the improvement of production 生產效率的提高與利潤貢獻的強化。2026efficiency and the strengthening of profit contributions. In 2026 年，我們將在以往工作基礎上，體系化布building upon our previous work we will systematically lay out 局科技底層能力。一方面繼續保持研發投our underlying technological capabilities. On the one hand 入，依託既有技術儲備和合作生態圈，圍we will maintain our investment in research and development. 繞品質提升、風味優化和功能創新等方向
Relying on our existing technological reserves and collaborative 持續突破，確保產品的市場競爭力。另一ecosystem we wil l continuously achieve breakthroughs in 方面，以海天高明「燈塔工廠」為數字化轉areas such as quality enhancement flavor optimization and 型標桿，公司加速智能化生產基地的打造functional innovation to ensure the market competitiveness of 與升級，加快構建體系化的AI新質能力，our products. On the other hand using the Haitian Gaoming 推動A I等先進技術在研發、生產、供應
“Lighthouse Factory” as a benchmark for digital transformation 鏈、營銷、管理等全鏈條的深度融合，提the Company will accelerate the development and upgrade of 高全鏈運營效率。
intelligent production bases. We will expedite the construction
of systematized new quality capabilities powered by AI and
promote the deep integration of advanced technologies like AI
across the entire value chain – including R&D production supply
chain marketing and management – so as to improve full-chain
operational efficiency.Strong organizational vitality and a sound talent structure serve 良好的組織活力和人才結構，是公司經營as the foundational capabilities for the successful execution 落地的底盤能力。我們將一如既往，牽引of the Company’s operations. As always we will guide all 海內外全體員工追求卓越，構建讓用戶超our employees at home and abroad to pursue excellence 預期的組織能力。公司將繼續深化自主經and build organizational capabil it ies capable of exceeding 營管理模式，設置包括員工持股計劃在內user expectations. The Company will continue to deepen its 的多元激勵機制，讓員工自主參與到企業autonomous operation and management model and establish 發展的過程中並分享成果，持續激發員工diversified incentive mechanisms including the employee stock 活力及創造力，實現企業和員工的雙贏發ownership scheme. By empowering employees to autonomously 展。
participate in the enterprise’s development process and share in
its achievements we will continuously stimulate their vitality and
creativity achieving win-win development for both the enterprise
and its employees.
60 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Looking ahead we will strengthen ecosystem cooperation co- 未來，我們將強化生態合作，與更多志同creating hand in hand with more like-minded partners to expand 道合的夥伴一起攜手共創，才能將邊界拓our boundaries into fertile fields. In 2026 the Company will create 成沃野。2026年，公司將創造更多生態機more ecosystem opportunities enabling technology information 會，讓科技、信息、資源等在生態圈內流and resources to circulate and empower within the ecosystem. 動賦能，讓公司優勢外溢服務用戶，也用This will allow the Company’s advantages to be leveraged to 外部智慧提升內部效率，以生態的合力實better serve users while leveraging external wisdom to enhance 現共贏。同時，公司也將繼續攜手各方夥internal eff ic iency achieving a win-win outcome through 伴，一同踐行可持續發展理念，積極履行the synergy of ecosystem. At the same time the Company 社會責任，不斷提升ESG治理能力和美譽will continue to join hands with all partners to practice the 度，向全球市場遞交一張「金名片」。
philosophy of sustainable development actively fulfill our social
responsibilities and continuously elevate our ESG governancecapabilities and brand reputation presenting a “golden businesscard” to the global market.Let us unlock new growth with consumer satisfaction first in 2026年，我們以用戶滿意至上，打開新增
2026!長！
佛山市海天調味食品股份有限公司 * 2025年度報告 61BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理人員簡歷
DIRECTORS 董事
Executive Directors 執行董事
Ms. Cheng Xue (程雪) aged 55 is our executive director and 程雪女士，55歲，本公司執行董事兼董事長。
chairwoman of our Board.Ms. Cheng joined our Group in 1992 and has been responsible 程女士於1992年加入本集團，負責本集團整體for overall development strategies major decisions and overall 發展戰略、重大決策及整體管理，曾於本集團management of the Group. She successively held several positions in 先後擔任多個職位，包括企業策劃總監、副總our Group including corporate planning director vice president and 裁及常務副總裁。程女士同時在本集團附屬公executive vice president. Ms. Cheng also serves as a director of our 司擔任董事職位。
Group’s subsidiary(ies).She obtained a bachelor’s degree in economic geography and 彼於1992年7月取得中國廣東省中山大學經濟
urban and rural planning from Sun Yat-sen University (中山大學) in 地理學與城鄉區域規劃專業學士學位。
Guangdong Province the PRC in July 1992.Mr. Guan Jianghua (管江華) aged 51 is our executive director and 管江華先生，51歲，本公司執行董事兼總裁。
president.Mr. Guan joined our Group in 1998 and successively held several 管先生於1998年加入本集團，曾於本集團先後positions in our Group including sales department manager 擔任多個職位，包括營業部經理、營運總監、operations director deputy general manager of marketing general 營銷副總經理、營運總經理、助理總裁及副總
manager of operations assistant general manager and vice president 裁，負責整體運營。管先生同時在本集團附屬responsible for overall operation. Mr. Guan also serves as a director 公司擔任董事職位。
of our Group’s subsidiary(ies).He obtained a bachelor’s degree in taxation from Dongbei University 彼於1998年6月取得中國遼寧省東北財經大學
of Finance and Economics (東北財經大學) in Liaoning Province the 稅務專業學士學位。
PRC in June 1998.
62 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡歷
Mr. Huang Wenbiao (黃文彪) aged 58 is an executive director of 黃文彪先生，58歲，本公司執行董事。
our Company.Mr. Huang joined our Group in 1989 and successively held several 黃先生於1989年加入本集團，曾於本集團先後positions in our Group including deputy head of the quality inspection 擔任多個職位，包括質檢科副科長、質檢部主section director of the quality inspection department director of the 任、產品研究中心主任、科技部經理、技術副
product research center manager of the science and technology 總監以及技術中心總監、副總裁，負責技術研department deputy director of technology and director of the 發與產品研究。黃先生同時在本集團附屬公司technology center and vice president responsible for technology R&D 擔任董事╱經理職位。
and product research. Mr. Huang also serves as a director/manager
of our Group’s subsidiary(ies).He obtained a bachelor’s degree in industr ia l analysis from 彼於1989年7月取得中國廣東省廣東工學院
Guangdong Institute of Technology (廣東工學院) (currently known as （現稱廣東工業大學）工業分析專業學士學位，Guangdong University of Technology (廣東工業大學)) in Guangdong 1992年7月取得廣東工學院精細化工專業碩士
Province the PRC in July 1989 and a master’s degree in fine 學位。
chemical industry from Guangdong Institute of Technology in July
1992.
Mr. Wen Zhizhou (文志州) aged 47 is an executive director and 文志州先生，47歲，本公司執行董事兼職工代employee representative director of our Company. 表董事。
Mr. Wen joined our Group in 1998 and successively held several 文先生於1998年加入本集團，曾於本集團先positions in our Group including soy sauce factory director 後擔任多個職位，包括醬油廠廠長、生產部經production department manager deputy director of the engineering 理、工程設備中心副總監、高明海天工會主
equipment center chairman of the Gaoming Haitian Trade Union (高 席、監事會主席等職務。文先生同時在本集團明海天工會) and chairman of the supervisory board. Mr. Wen also 附屬公司擔任董事（長）╱經理╱財務負責人職
serves as a director (chairman)/manager/finance manager of our 位。
Group’s subsidiary(ies).He obtained a master’s degree in business administration from 彼於2023年9月取得英國北安普頓大學工商管
University of Northampton in the United Kingdom in September 2023. 理專業碩士學位。
佛山市海天調味食品股份有限公司 * 2025 年度報告 63BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理人員簡歷
Mr. Liao Changhui (廖長輝) aged 49 is an executive director of our 廖長輝先生，49歲，本公司執行董事。
Company.Mr. Liao joined our Group in 1999 and successively held several 廖先生於1999年加入本集團，曾於本集團先後positions in our Group including warehouse department manager 擔任多個職位，包括倉儲部經理、投資部總經general manager of the investment department director of the audit 理、審計部總監及公共關係中心總監。廖先生department and director of the public relations center. Mr. Liao also 同時在本集團附屬公司擔任董事╱經理職位。
serves as a director/manager of our Group’s subsidiary(ies).He obtained a bachelor’s degree in technology and information from 彼於1999年7月取得中國河南省鄭州航空工業
Zhengzhou Institute of Aeronautics (鄭州航空工業管理學院) in Henan 管理學院科技信息專業學士學位。
Province the PRC in July 1999.Mr. Dai Wen (代文) aged 43 is an executive director of our 代文先生，43歲，本公司執行董事。
Company.Mr. Dai joined our Group in 2005 and successively held several 代先生於2005年加入本集團，曾於本集團先positions in relation to sales management in our Group including 後擔任多個銷售管理相關職位，包括營銷部經marketing department manager regional marketing director and 理、營銷大區總監及片區營銷中心總經理。
general manager of the regional marketing center.He obtained a bachelor’s degree in accounting from Zhengzhou 彼於2005年6月取得中國河南省鄭州大學會計
University (鄭州大學) in Henan Province the PRC in June 2005. 學專業學士學位。
Independent Non-executive Directors 獨立非執行董事
Mr. Zhang Kechun (張科春 ) aged 47 is an independent 張科春先生，47歲，本公司獨立非執行董事。
non-executive director of our Company.He has previously served as an assistant professor and a tenured 彼自2010年至2019年擔任明尼蘇達大學助理
professor at the University of Minnesota from 2010 to 2019. He has 教授及終身教授。彼自2019年起擔任西湖大學been a professor at Westlake University (西湖大學) since 2019. 教授。
He obtained a bachelor’s degree in chemistry in polymer science and 彼於2001年6月取得中國科學技術大學高分子
engineering from the University of Science and Technology of China 科學與工程系化學專業學士學位，並於2007年(中國科學技術大學) in the PRC in June 2001 and a doctorate degree 6月取得美國加州理工學院化學博士學位。
in chemistry from the California Institute of Technology in the United
States in June 2007.
64 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡歷
Mr. Qu Wenzhou (屈文洲 ) aged 53 i s an i ndependen t 屈文洲先生，53歲，本公司獨立非執行董事。
non-executive director of our Company.Mr. Qu conducted postdoctoral research at Tsinghua University (清華 屈先生於2004年至2005年在清華大學從事博
大學) from 2004 to 2005. He served as an associate professor from 士後研究。彼於2005年至2007年曾任廈門大
2005 to 2007 and has been a professor since 2007 at the School 學管理學院副教授；2007年起擔任廈門大學管
of Management at Xiamen University (廈門大學管理學院). Mr. Qu 理學院教授；2008年起擔任廈門大學中國資本
has been the director of the China Capital Market Research Centre 市場研究中心主任並於管理學院擔任博士生導
(廈門大學中國資本市場研究中心) and a doctoral supervisor at the 師；彼自2010年至2016年擔任廈門大學財務
School of Management since 2008. He served as the deputy director 管理與會計研究院副院長；自2016年起擔任廈
of the Institute of Financial Management and Accounting at Xiamen 門大學金圓研究院院長；自2018年起擔任MBA
University (廈門大學財務管理與會計研究院) from 2010 to 2016. He 中心主任。
has been the director of the Jinyuan Institute (廈門大學金圓研究院)
since 2016 and the director of the MBA Centre since 2018.Mr. Qu served as an independent non-executive director of Ronshine 屈先生於2016年至2022年擔任融信中國控股China Holdings Limited (融信中國控股有限公司) (a company listed on 有限公司（一家於聯交所上市的公司，股份代the Stock Exchange stock code: 3301) from 2016 to 2022 Datang 號：3301）獨立非執行董事，於2020年至2022Group Holdings Limited (大唐集團控股有限公司) (a company formerly 年擔任大唐集團控股有限公司（一家先前於聯listed on the Stock Exchange stock code: 2117) from 2020 to 2022 交所上市的公司，股份代號：2117）獨立非執Fuyao Glass Industry Group Co. Ltd. (福耀玻璃工業集團股份有限公 行董事，於2019年至2024年擔任福耀玻璃工司) (a company listed on the Stock Exchange (stock code: 3606) and 業集團股份有限公司（一家於聯交所上市（股份Shanghai Stock Exchange (stock code: 600660)) from 2019 to 2024 代號：3606）及於上海證券交易所上市（證券Suwen Electric Energy Technology Co. Ltd. (蘇文電能科技股份有 代碼：600660）的公司）獨立非執行董事，於限公司) (a company listed on the Shenzhen Stock Exchange stock 2023年至2024年擔任蘇文電能科技股份有限code: 300982) from 2023 to 2024 and China Merchants Shekou 公司（一家於深圳證券交易所上市的公司，證Industrial Zone Holdings Co. Ltd. (招商局蛇口工業區控股股份有限公 券代碼：300982）獨立非執行董事及於2018年司) (a company listed on the Shenzhen Stock Exchange stock code: 至2024年擔任招商局蛇口工業區控股股份有001979) from 2018 to 2024. He currently serves as an independent 限公司（一家於深圳證券交易所上市的公司，non-executive director of Anhui Conch Cement Company Limited (安 證券代碼：001979）獨立非執行董事。目前，徽海螺水泥股份有限公司) (a company listed on the Stock Exchange 彼自2022年5月及2023年起分別擔任安徽海(stock code: 914) and Shanghai Stock Exchange (stock code: 螺水泥股份有限公司（一家於聯交所上市（股份600585)) since May 2022 and Zhongji Innolight Co. Ltd. (中際旭創 代號：914）及於上海證券交易所上市（證券代股份有限公司) (a company listed on the Shenzhen Stock Exchange 碼：600585）的公司）及中際旭創股份有限公stock code: 300308) since 2023 and their audit committee members 司（一家於深圳證券交易所上市的公司，證券responsible for among others the supervision over financial reporting 代碼：300308）的獨立非執行董事及其審計委
and internal control system. 員會成員，負責（其中包括）監督財務報告及內部控制制度。
佛山市海天調味食品股份有限公司 * 2025 年度報告 65BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理人員簡歷
He obtained a bachelor’s degree in applied mathematics in July 彼於1995年7月獲得中國廈門大學應用數學專
1995 a master’s degree in finance in June 1999 a master’s degree 業學士學位；1999年6月獲得廈門大學金融學
in business administration in October 2001 and a doctorate degree 專業碩士學位；2001年10月獲得廈門大學工商
in finance in December 2003 from Xiamen University (廈門大學) in 管理碩士學位；2003年12月獲得廈門大學金融
the PRC. He has been a certified public accountant in China since 學專業博士學位。彼自2003年11月起成為中November 2003 and obtained a certificate of Chartered Financial 國註冊會計師及於2004年11月獲得特許金融
Analyst in November 2004. Mr. Qu holds the appropriate professional 分析師證書。屈先生持有《聯交所上市規則》第qualifications expertise and experience as required under Rules 3.10(2)條及3.21條所規定的適當專業資格、專
3.10(2) and 3.21 of the Listing Rules of the Stock Exchange. 業知識及經驗。
Mr. Ding Bangqing (丁邦清 ) aged 60 is an independent 丁邦清先生，60歲，本公司獨立非執行董事。
non-executive director of our Company.Mr. Ding served as a lecturer of Guangdong Business College (廣 丁先生於1993年至1995年曾任廣東商學院（現東商學院) (currently known as Guangdong University of Finance & 稱廣東財經大學）講師。彼於1995年加入廣東Economics (廣東財經大學)) from 1993 to 1995. He joined Guangdong 省廣告集團股份有限公司，歷任總策劃主任、Advertising Group Co. Ltd. (廣東省廣告集團股份有限公司) in 1995 策劃總監、執行創意總監及董事副總經理，and consecutively served as chief planning director planning director 並於2014年至2017年擔任廣東省廣告集團股
executive creative director and vice managing director and he served 份有限公司副董事長兼總裁。彼於2016年至as the vice chairman and president of Guangdong Advertising Group 2022年曾任中國廣告協會學術委員會副主任。
Co. Ltd. from 2014 to 2017. He was the deputy director of the 彼自2017年起擔任廣州市七溪地芳香集團有限
Academic Committee of the China Advertising Association (中國廣 公司董事長及自2023年起任中國廣告協會學術
告協會學術委員會) from 2016 to 2022. He has been the chairman 與教育工作委員會副主任。
of Guangzhou Qixidi Aroma Group Co. Ltd. (廣州市七溪地芳香集團
有限公司) since 2017 and the deputy director of the Academic and
Education Working Committee of the China Advertising Association
(中國廣告協會學術與教育工作委員會) since 2023.He obtained a master’s degree in history of philosophy from Wuhan 彼於1990年8月取得中國湖北省武漢大學哲學
University (武漢大學) in Hubei Province the PRC in August 1990. 史專業碩士學位。
66 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡歷
Senior Management 高級管理層
Mr. Guan Jianghua (管江華) is an executive director and president 管江華先生，本公司執行董事兼總裁。有關其of our Company. See “Directors – Executive directors” in this section 履歷詳情，請參閱本節「董事－執行董事」。
for his biographical details.Mr. Gui Junqiang (桂軍強) aged 41 is a vice president of our 桂軍強先生，41歲，本公司副總裁。
Company.Mr. Gui joined our Group in 2007 and has successively held several 桂先生於2007年加入本集團，曾於本集團先positions in relation to production management in our Group 後擔任多個生產管理相關職位，包括蠔油廠經including manager of the oyster sauce factory manager of the 理、工藝部經理、質檢部經理、釀造事業部總
process department manager of the quality inspection department 經理、醋業集團總經理及高明海天總經理。桂general manager of the brewing department general manager of 先生同時在本集團附屬公司擔任董事╱經理職
Vinegar Group and general manager of the Gaoming Haitian. Mr. Gui 位。
also serves as a director/manager of our Group’s subsidiary(ies).He obtained a bachelor’s degree in biotech from Harbin Institute of 彼於2007年7月取得中國黑龍江省哈爾濱工業
Technology (哈爾濱工業大學) in Heilongjiang Province the PRC in 大學生物技術學士學位。
July 2007.Mr. Liu Zhiqing (柳志青) aged 39 is a vice president of our 柳志青先生，39歲，本公司副總裁。
Company.Mr. Liu joined our Group in 2008 and has successively held several 柳先生於2008年加入本集團，曾於本集團先後positions in relation to procurement and supply chain management 擔任多個採購供應鏈管理相關職位，包括倉儲in our Group including manager of the warehousing department 部經理、物流中心副總經理、採購中心總監、
deputy general manager of the logistics center director of the 敏捷中心總監、客制化事業部總經理及總裁處
procurement center director of the agile center general manager of 輪值主任。柳先生同時在本集團附屬公司擔任the customization division and rotating director of the president’s 董事職位。
office. Mr. Liu also serves as a director of our Group’s subsidiary(ies).He obtained a master’s degree in industrial engineering from Jinan 彼於2021年6月取得中國廣東省暨南大學工業
University (暨南大學) in Guangdong Province the PRC in June 2021. 工程專業碩士學位。
佛山市海天調味食品股份有限公司 * 2025 年度報告 67BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理人員簡歷
Mr. Xia Zhendong (夏振東) aged 42 is a vice president of our 夏振東先生，42歲，本公司副總裁。
Company.Mr. Xia joined our Group in 2006 and has successively held several 夏先生於2006年加入本集團，曾於本集團先後positions in relation to sales management in our Group including 擔任多個銷售管理相關職位，包括營銷區域經regional marketing manager regional marketing director general 理、營銷大區總監、片區營銷公司總經理及營
manager of the regional marketing company and rotating director of 銷事業委員會輪值主任。彼於2006年6月取得the marketing business committee. He obtained a bachelor’s degree 中國湖北省湖北工業大學生物工程專業學士學
in bioengineering from Hubei University of Technology (湖北工業大學) 位。
in Hubei Province the PRC in June 2006.Ms. Ke Ying (柯瑩) aged 40 is the secretary of our Board and one 柯瑩女士，40歲，董事會秘書及本公司聯席公of our joint company secretaries. 司秘書之一。
Ms. Ke has successively held several positions in relation to 柯女士自2008年起在本集團先後擔任多個企業
corporate governance and compliance matters in our Group since 管治及合規事宜相關職位，包括本集團辦公室
2008 including director of the office deputy director of the talent 主任、人才發展中心副總監、公共關係中心副
development center deputy director of the public relations center 總監、營銷人力中心總監及法律中心總監。
director of the marketing human resources center and director of the
legal center of our Group.She obtained a master’s degree in business administration from Sun 彼於2022年6月取得中國廣東省中山大學工商
Yat-sen University (中山大學) in Guangdong Province the PRC in 管理專業碩士學位。
June 2022.Mr. Li Jun (李軍) aged 42 is the chief financial officer of our 李軍先生，42歲，本公司首席財務官。
Company.Mr. Li has successively held several positions in relation to financial 李先生曾於本集團先後擔任多個財務管理相關
management in our Group including director of the f inance 職位，包括財務部主任、財務信息化經理、財department financial information manager deputy director of the 務中心副總監及監事。
finance center and supervisor.He obtained a bachelor’s degree in accounting from Chongqing 彼於2008年6月取得中國重慶工學院（現稱重Institute of Technology (重慶工學院) (currently known as Chongqing 慶理工大學）會計學專業學士學位。李先生自University of Technology (重慶理工大學)) in the PRC in June 2008. 2014年1月起成為中級會計師。
Mr. Li has been an intermediate accountant since January 2014.
68 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡歷
Joint Company Secretaries 聯席公司秘書
Ms. Ke Ying (柯瑩) aged 40 is the secretary of our Board and our 柯瑩女士，40歲，董事會秘書兼本公司聯席公joint company secretary. See “- Senior management” in this section 司秘書。有關其履歷詳情，請參閱本節「－高for her biographical details. 級管理層」。
Ms. Zhang Xiao (張瀟) is an assistant vice president of SWCS 張瀟女士，為方圓企業服務集團（香港）有限公Corporate Services Group (Hong Kong) Limited a professional 司（一家專注於企業服務的專業服務提供商）的
services provider specializing in corporate services and has over 副總監，於公司秘書領域擁有逾十年的經驗。
ten years of experience in the corporate secretarial field. Ms. Zhang 張女士於2019年獲認可為香港公司治理公會及
has been admitted as an associate member of both The Hong Kong 英國特許公司治理公會會員。
Chartered Governance Institute and The Chartered Governance
Institute in the United Kingdom in 2019.Ms. Zhang obtained a bachelor’s degree in computer science from 張女士於2010年獲得香港中文大學計算器科學The Chinese University of Hong Kong in 2010 a master’s degree 學士學位、於2018年獲得香港公開大學（現稱in corporate governance from The Open University of Hong Kong 為香港都會大學）企業管治碩士學位及於2024
(currently known as Hong Kong Metropolitan University) in 2018 and 年獲得香港浸會大學會計學碩士學位。
a master’s degree in Accountancy from Hong Kong Baptist University
in 2024.佛山市海天調味食品股份有限公司 * 2025 年度報告 69REPORT OF THE DIRECTORS董事會報告
The Board is pleased to present the Annual Report for the year ended 董事會謹此提呈截至2025年12月31日止年度
December 31 2025 together with the audited consolidated financial 之年度報告，連同本集團截至2025年12月31statements of the Group for the year ended December 31 2025. 日止年度經審核綜合財務報表。
PRINCIPAL ACTIVITIES 主要業務
As a leading enterprise in the industry the Group has long been 本集團作為行業龍頭企業，長期以來深耕於調deeply engaged in the production and marketing of condiments 味品的生產與營銷，努力服務全球用戶從廚房striving to serve the seasoning needs of global users from kitchen 到餐桌的調味需求。目前，本集團已構建了醬to dining table. At present the Group has built a comprehensive 油、蠔油、調味醬、醋、料酒、複合調味料等
product matrix of soy sauce oyster sauce flavored sauce vinegar 全面產品矩陣，可以為客戶提供一站式產品服cooking wine and compound condiments etc. providing customers 務選擇。本集團業務經營情況及前景，以及公with a one-stop product service choice. The business operations 司經營活動可能面臨的風險分別載列於本報告
and prospects of the Group as well as the risks that the Company’s 「管理層討論與分析－經營情況討論與分析、
operating activities may face are set out in the sections headed 業務回顧、報告期內核心競爭力分析、財務回“Management Discussion and Analysis – Discussion and Analysis 顧、未來展望」及「管理層討論與分析－風險因of Operations Business Review Analysis of Core Competitiveness 素」。本公司主要附屬公司之業務詳情載於財務During the Reporting Period Financial Review Outlook” and 報表附註16。
“Management Discussion and Analysis – Risk Factors” in this report
respectively. Business details of the Company’s principal subsidiaries
are set out in Note 16 to the financial statements.LIST OF DIRECTORS 董事名單
The list of directors of the Company for the year ended December 31 本公司截至2025年12月31日止年度及截至最
2025 and up to the Latest Practicable Date is set out in the section 後可行日期的董事名單，載列於本報告「企業headed “Corporate Governance Report – The Board of Directors – 管治報告－董事會－董事會的組成」一節。Composition of the Board” in this report.
70 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
RESULTS 業績
The results of the Group for the year ended December 31 2025 and 本集團截至2025年12月31日止年度的業績與
the financial information of the Group as of December 31 2025 are 本集團於2025年12月31日的財務信息載於本
set out in the audited consolidated financial statements in this report. 報告內的經審核綜合財務報表。
BUSINESS REVIEW 業務審視
A review of the business of the Group during the Reporting Period 有關本集團報告期內業務的審視及對未來業務
and a discussion on the Group’s future business development are 發展的論述載於本報告「管理層討論及分析－provided in the sections headed “Management Discussion and 經營情況討論和分析、業務回顧」及「管理層討Analysis – Discussion and Analysis of Operations Business Review” 論及分析－未來展望」中，而有關本集團可能and “Management Discussion and Analysis – Outlook” in this report 面對的主要風險及不明朗因素的描述以及本集
respectively while a description of the principal risks and uncertainties 團的應對政策及潛在機遇載於本報告「管理層
that the Group may face as well as the Group’s response policies 討論與分析－風險因素」中。有關本集團的重and potential opportunities are provided in the section headed 大報告期後事項及以財務關鍵表現指標對本集
“Management Discussion and Analysis – Risk Factors” in this report. 團年內表現的分析載於本報告「管理層討論與
Significant events after the Reporting Period of the Group and an 分析－財務回顧」等節中。
analysis of the Group’s performance during the year using financial
key performance indicators are provided in the section headed
“Management Discussion and Analysis – Financial Review” in this
report.Information regarding the Group’s investor relations is set out in 有關本集團投資者關係載於本報告「企業管治
the “Corporate Governance Report” in this report. Further details 報告」中。有關本集團的環境政策及表現，以of the Group’s environmental policies and performance as well 及本集團與其僱員、顧客、供貨商及對公司有
as an explanation of the Group’s relationships with its employees 重大影響人士的關係說明的進一步詳情，載於customers suppliers and persons having a significant impact on 本公司2025年環境、社會及管治報告中。
the Company are set out in the 2025 Environmental Social and
Governance Report of the Company.SHARE CAPITAL 股本
For details of the changes in the total number of issued shares of the 有關截至報告期末本公司已發行股份總數變動
Company as of the end of the Reporting Period please refer to Note 詳情，請參閱財務報表附註30。
30 to the financial statements.
佛山市海天調味食品股份有限公司 * 2025 年度報告 71REPORT OF THE DIRECTORS董事會報告
DIVIDEND POLICY AND DIVIDENDS 股息政策及股息
The Company has formulated a div idend pol icy as wel l as 本公司已根據相關規定制定了股息政策、利潤decision-making and adjustment procedures and mechanisms for 分配事項的決策及調整程序和機制，並在《公profit distribution matters in accordance with relevant regulations and 司章程》中作出了明確的規定，具體如下：
has made clear provisions in the Articles of Association as follows:
(I) principles for profit distribution of the Company: The Company （一） 利潤分配原則：公司實行連續、穩定的利
implements a continuous and stable profit distribution policy. 潤分配政策，公司的利潤分配應重視對投The profit distribution of the Company attaches importance to 資者的合理投資回報並兼顧公司的可持續
reasonable investment return to investors and takes into account 發展，公司利潤分配不得超過累計可分配the sustainable development of the Company. The Company’s 利潤的範圍，不得損害公司持續經營能profit distribution shall not exceed the range of accumulated 力；
distributable profits and shall not jeopardize the Company’s ability
to continue as a going concern;
(II) form of profit distribution: The Company shall distribute dividends （二） 利潤分配形式：公司可以採取現金、股
in the form of cash stocks or a combination of cash and stocks 票、現金股票相結合及其他合法的方式分
and shall prioritize the use of cash dividends for profit distribution; 配股利，優先採取現金分紅的利潤分配形式；
(III) specific conditions for cash dividends: The Company made （三） 現金分紅的具體條件：公司上一會計年度
profits in the last fiscal year and the accumulated distributable 盈利，累計可分配利潤為正，在滿足公司profit is positive. On the premise that the normal production and 正常生產經營、重大投資計劃及其他重大
operation major investment plans and other significant cash 現金支出事項的前提下，公司可採取現金expenditures of the Company are satisfied the Company may 方式分配股利；
distribute dividends in cash;
(IV) minimum ratio for cash dividends: Subject to the conditions for （四） 現金分紅的最低比例：在符合章程規定的
cash dividends as stipulated in the Articles of Association the 現金分紅條件下，公司每年以現金方式分profits distributed by the Company in cash each year shall not 配的利潤不低於當年實現的可分配利潤的
be less than 20% of the distributable profits realized for the 20%。確因特殊原因不能達到上述比例year. If it is indeed impossible to achieve the above ratio due to 的，公司董事會應當向股東會以及全體股special reasons the Board of Directors of the Company shall 東作出特別說明。在有條件的情況下，公make a special explanation to the shareholders’ meeting and all 司可以進行中期現金分紅；
Shareholders. If possible the Company may make interim cash
dividend distribution;
72 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
(V) conditions for the distribution of stock dividends: Where the （五） 發放股票股利的條件：公司有擴大股本規
Company has a need to expand the size of its share capital the 模需要，且公司股票價格與公司股本規模price of the Company’s shares does not match the size of the 不匹配、發放股票股利有利於公司全體股
Company’s share capital and the distribution of stock dividends 東整體利益時，可以在滿足本章程規定的is in the interests of all the Shareholders of the Company as a 前提下進行股票股利分配。
whole stock dividends may be distributed provided that the
provisions of the Articles of Association are met.The Company proposes to distribute the 2025 final dividend to 公司擬採用現金分紅的方式向股東派發2025
Shareholders in cash dividends totaling RMB4677228362.40 (tax 年末期股利（「2025年末期股利」），擬派發現inclusive) (the “2025 Final Dividend”). Based on 5846535453 金股利總額為人民幣4677228362.40元（含shares entitled to cash dividends (calculated by deducting 5289491 稅）。以公司截至董事會審議通過2025年度利shares held in the designated security account for repurchase from 潤分配方案時的股份總數5851824944股，the Company’s total shares of 5851824944 shares as of the date 扣除回購專用證券賬戶中股份數量5289491
on which the 2025 profit distribution proposal was considered and 股，計算擬派發現金紅利的股本基數為approved by the Board) the Company proposed to distribute cash 5846535453股，每10股派發現金股利人民dividends of RMB8.00 (tax inclusive) for every 10 shares. In the event 幣8.00元（含稅）。若公司總股本在實施權益分of any change in the Company’s total share capital before the record 派的記錄日前發生變化，公司擬維持分配總額date for the implementation of the equity distribution the Company 不變，相應調整每股分配比例。2025年末期股intends to maintain the total amount of distribution unchanged and 利以人民幣計值和宣佈，以人民幣向A股股東adjust the distribution ratio per share accordingly. The 2025 Final 支付，以港幣向H股股東支付。港幣實際派發Dividend will be denominated and declared in RMB and will be paid 金額以公司股東會審議通過2025年度利潤分配
to A Shareholders in RMB and to H Shareholders in HKD. The actual 方案前一週中國人民銀行每日公佈港幣兌人民
distribution amount in HKD shall be calculated with reference to the 幣中間價的平均價計算。
average of the central parity rate of HKD against RMB published by
the People’s Bank of China every day during the one week prior to
the shareholders’ meeting of the Company considering and approving
the 2025 profit distribution proposal.During the Reporting Period there were no arrangements under 報告期內，概無股東放棄或同意放棄任何股息which any Shareholder waived or agreed to waive any dividends. 之安排。
The 2025 Final Dividend is subject to consideration and approval by 2025年末期股利尚需提交本公司股東會審議。
the shareholders’ meeting of the Company.佛山市海天調味食品股份有限公司 * 2025 年度報告 73REPORT OF THE DIRECTORS董事會報告
The 2025 annual shareholders’ meeting will be held on Monday 本公司將於2026年5月11日（星期一）舉行
May 11 2026. In order to determine the Shareholders who are 2025年年度股東會。為釐定有權出席2025年entitled to attend the 2025 annual shareholders’ meeting the 年度股東會的股東，本公司將於2026年5月6registers of H Share Shareholders of the Company shall be closed 日（星期三）至2026年5月11日（星期一）（包括from Wednesday May 6 2026 to Monday May 11 2026 (both 首尾兩天）期間暫停辦理H股股份過戶登記。凡days inclusive) during which period no transfer of H Shares will 於2026年5月11日（星期一）名列公司H股股東
be registered. Shareholders whose names appear on the register 名冊的股東，均有權出席2025年年度股東會並of H Share Shareholders on Monday May 11 2026 are entitled 於會上就將予提呈的所有決議案投票。H股股to attend the 2025 annual shareholders’ meeting and to vote 東如欲出席2025年年度股東會，應於2026年5on all resolutions to be proposed thereat. H Share Shareholders 月5日（星期二）下午4時30分前，將全部股份who wish to attend the 2025 annual shareholders’ meeting are 過戶文件連同相關股票一併送交本公司H股股
required to lodge their respective transfer documents with the 份過戶登記處卓佳證券登記有限公司，地址為relevant share certificates at the H Share registrar of the Company 香港夏愨道16號遠東金融中心17樓。
Tr icor Investor Serv ices L imited at 17/F Far East F inance
Centre 16 Harcourt Road Hong Kong no later than 4:30 p.m.on Tuesday May 5 2026.The Company will pay the 2025 Final Dividend on Monday June 15 公司將於2026年6月15日（星期一）向於2026
2026 to Shareholders whose names appear on the H Share register 年5月18日（星期一）名列本公司H股股東名冊
of the Company on Monday May 18 2026. 的股東派發2025年末期股利。
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]045on 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 通知》（國稅函 [2011]348號）的規定，境外(Guo Shui Han [2011] No. 348) 《( 國家稅務總局關於國稅發 居民個人股東從境內非外商投資企業在中[1993]045號文件廢止後有關個人所得稅徵管問題的通知》(國稅函國香港發行股票取得的股息紅利所得，按[2011]348 號)) dividend and bonus income received by overseas 照「利息、股息、紅利所得」項目，由扣繳resident individual shareholders from holding shares issued in 義務人依法代扣代繳個人所得稅。境內非Hong Kong SAR by domestic non-foreign invested enterprises 外商投資企業在中國香港發行股票，其境shall be subject to the payment of individual income tax 外居民個人股東根據其居民身份所屬國家
according to the item of “interest dividend and bonus income” 與中國簽署的稅收協定及內地和中國香港
which shall be withheld by the withholding agents according to （中國澳門）間稅收安排的規定，享受相關the law. The overseas resident individual shareholders who hold 稅收優惠。根據相關稅收協定及稅收安排the shares issued by domestic non-foreign invested enterprises 規定的相關股息稅率一般為10%，為簡化in Hong Kong SAR are entitled to the relevant preferential tax 稅收徵管，在中國香港發行股票的境內非treatment pursuant to the provisions in the tax treaties signed 外商投資企業派發股息紅利時，一般可按between the countries where they reside and the PRC and the 10%稅率扣繳個人所得稅，無需辦理申請tax arrangements between the Mainland China and Hong Kong 事宜。對股息稅率不屬10%的情況，按以
74 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
SAR (Macau SAR). The relevant dividend tax rate under the 下規定辦理：(1)低於10%稅率的協定國家relevant tax treaties and tax arrangements is generally 10%. For 居民，根據《非居民納稅人享受協定待遇the purpose of simplifying tax administration domestic non- 管理辦法》（國家稅務總局公告2019年第foreign invested enterprises issuing shares in Hong Kong SAR 35號），如H股個人股東為與中國簽訂低於may when distributing dividends and bonuses generally withhold 10%股息稅率的稅收協定的國家的居民，individual income tax at the rate of 10% and are not obligated 該等H股個人股東應主動向本公司提交報
to file an application. If the tax rate for dividends is not equal to 告表要求享受協定待遇，並將相關數據留
10% the following provisions shall apply: (1) for residents from 存備查。若填報信息完整，由本公司根據
countries with a tax treaty stipulating a dividend tax rate lower 中國稅收法律規定和協定規定扣繳；(2)高
than 10% in accordance with the Administrative Measures for 於10%低於20%稅率的協定國家居民，Non-resident Taxpayers to Enjoy Treatments under Tax Treaties 扣繳義務人派發股息紅利時應按協定實際
(Announcement of the State Administration of Taxation [2019] 稅率扣繳個人所得稅，無需辦理申請審批
No. 35) 《( 非居民納稅人享受協定待遇管理辦法》(國家稅務總局 事宜；(3)沒有稅收協定國家居民及其他情
公告 2019 年第 35 號)) if the individual H shareholders are 況，扣繳義務人派發股息紅利時應按20%residents from countries which have entered into a tax treaty with 扣繳個人所得稅。根據《內地和香港特別行the PRC stipulating a dividend tax rate lower than 10% such 政區關於對所得避免雙重徵稅和防止偷漏individual H shareholders shall voluntarily submit statements to 稅的安排》（國稅函 [2006]884號），中國政the Company in order to enjoy the agreed treatment and keep 府可就中國公司應付予中國香港居民的股
relevant materials for inspection. If the information provided is 利徵稅，但稅額不得超過應付股利總額的complete the Company shall withhold the tax in accordance with 10%，如中國香港居民持有中國公司至少the provisions of the PRC tax laws and treaties; (2) for residents 25%的股份，則有關稅額不得超過中國公from countries with a tax treaty stipulating a dividend tax rate 司應付股利總額的5%。
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 the Hong
Kong Special Administrative Region for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect toTaxes on Income (Guo Shui Han [2006] No. 884) 《( 內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排》(國
稅函[2006]884 號)) the PRC government may impose tax on
dividends payable by a PRC company to a Hong Kong SAR
resident but such tax shall not exceed 10% of the gross amount
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.佛山市海天調味食品股份有限公司 * 2025 年度報告 75REPORT OF THE DIRECTORS董事會報告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
81)《(財政部國家稅務總局證監會關於滬港股票市場交易互聯互通機稅收政策的通知》（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，HHong 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) 《( 關於中國居民企業向 外H股非居民企業股東派發2008年及以後境外 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%.
76 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
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 of 行有效的《中華人民共和國企業所得稅法》
the People’s Republic of China 《( 中華人民共和國企業所得稅法》) 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 Tax Law 條例》等相關法律法規的規定，自2008年1of the People’s Republic of China 《( 中華人民共和國企業所得稅法 月1日起，凡中國境內企業向非居民企業股實施條例》) which are currently effective and other relevant laws 東（即法人股東）派發2008年1月1日起的
and regulations from January 1 2008 where a PRC domestic 會計期間之股息時，需代扣代繳企業所得enterprise distributes dividends to non-resident enterprise 稅，並以支付人為扣繳義務人。因此，本shareholders (i.e. legal person shareholders) for accounting 公司向於記錄日登記在冊的H股非居民企
periods beginning on January 1 2008 the enterprise income tax 業股東派發2025年末期股利時，有義務代shall be withheld and paid by the payer as the withholding agent. 扣代繳10%的企業所得稅。對於截至記錄Therefore the Company is required to withhold and pay 10% 日的H股股東名冊上的所有以非個人名義enterprise income tax when it distributes the 2025 Final Dividend 登記的H股股東（包括香港中央結算（代理to non-resident enterprise holders of H Shares whose names 人）有限公司，其他企業代理人或受託人，appear on the register of members of the Company on the record 或其他團體及組織皆被視為非居民企業股date. In respect of all H Shareholders whose names appear on 東），本公司將扣除10%的所得稅後派發the H Share register of members as at the record date who are 2025年末期股利。
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 Final
Dividend after deducting 10% income tax.佛山市海天調味食品股份有限公司 * 2025 年度報告 77REPORT OF THE DIRECTORS董事會報告
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。
PUBLIC FLOAT 公眾持股量
From the Listing Date to the Latest Practicable Date based on the 自上市日期起至最後實際可行日期，根據本公information available to the Company and to the knowledge of the 司獲得的資料以及董事所知，本公司的公眾持directors the public float of the Company complied with the relevant 股量符合《聯交所上市規則》的有關規定。
requirements under the Listing Rules of the Stock Exchange.DISCLOSURE OF INTERESTS 權益披露
Directors’ and Chief Executive’s Interests and 董事及最高行政人員於本公司及其相
Short Positions in the Shares Underlying Shares 聯法團的股份及相關股份及債權證中
and Debentures of the Company and its Associated 擁有的權益及淡倉
Corporations
As of the end of the Reporting Period the following directors 截至報告期末，下列董事或最高行政人員於本or chief executive had interests or short positions in the shares 公司及其相聯法團（定義見《證券及期貨條例》underlying shares and debentures of the Company and its associated 第XV部）的股份、相關股份及債權證中擁有根
corporations (within the meaning of Part XV of the SFO) which were 據《證券及期貨條例》第XV部第7及第8分部須required to be notified to the Company and the Stock Exchange 知會本公司及聯交所的任何權益或淡倉（包括pursuant to Divisions 7 and 8 of Part XV of the SFO (including 根據《證券及期貨條例》的有關條文被當作或視interests and short positions which they were taken or deemed to 為擁有的權益及淡倉），或根據《證券及期貨條have under such provisions of the SFO) or which were required 例》第352條須記入該條所述登記冊或根據《聯pursuant to Section 352 of the SFO to be recorded in the register 交所上市規則》標準守則須知會本公司及聯交
referred to therein or which were required to be notified to the 所的權益或淡倉：
Company and the Stock Exchange pursuant to the Model Code of
the Listing Rules of the Stock Exchange:
78 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Approximate percentage of Approximate percentage of
Number of shares shareholding in the shareholding in the
Class of Long/short 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 Xue Interest in controlled corporation(2) A Shares Long positions 3251290675
程雪女士 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 176365478
實益擁有人 A股 好倉
342765615361.64%58.57%
Mr. Guan Jianghua Interest in controlled corporation(2) A Shares Long positions 3251290675
管江華先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 15409690
實益擁有人 A股 好倉
Interest of spouse(3) A Shares Long positions 18312589
配偶權益 (3) A股 好倉
328501295459.08%56.14%
Mr. Wen Zhizhou Interest in controlled corporation(2) A Shares Long positions 3251290675
文志州先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 8885967
實益擁有人 A股 好倉
326017664258.63%55.71%
Mr. Liao Changhui Interest in controlled corporation(2) A Shares Long positions 3251290675
廖長輝先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 1538323
實益擁有人 A股 好倉
325282899858.50%55.59%
Mr. Huang Wenbiao Beneficial owner A Shares Long positions 28984921 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 180000 0.003% 0.003%
丁邦清先生 配偶權益 (4) A股 好倉
Mr. Dai Wen Beneficial owner A Shares Long positions 40000 0.001% 0.001%
代文先生 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 年度報告 79REPORT OF THE DIRECTORS董事會報告
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 5851824944 shares comprising 5560600544 5851824944股，其中包括A股5560600544A Shares and 291224400 H Shares. 股及H股291224400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
3239509183 A Shares and held 6492001 A Shares through its 3239509183股A股，及通過其全資子公司佛
wholly-owned subsidiary Foshan Haipeng Trade Development Co. Ltd. 山市海鵬貿易發展有限公司持有6492001股A
(佛山市海鵬貿易發展有限公司). Pursuant to a concert party agreement 股。根據日期為2023年12月27日的一致行動dated December 27 2023 Guangdong Haitian was controlled by Mr. 協議，廣東海天由龐康先生、程雪女士、管江Pang Kang Ms. Cheng Xue Mr. Guan Jianghua Mr. Chen Junyang 華先生、陳軍陽先生、文志州先生及廖長輝先
Mr. Wen Zhizhou and Mr. Liao Changhui (the “Concert Party Group”) 生（「一致行動人士集團」）合共擁有73.59%的權as to 73.59% interest in total (with Mr. Pang Kang Ms. Cheng Xue 益（其中龐康先生、程雪女士、管江華先生、陳Mr. Guan Jianghua Mr. Chen Junyang Mr. Wen Zhizhou and Mr. Liao 軍陽先生、文志州先生及廖長輝先生分別擁有Changhui having approximately 50.63% 16.78% 3.27% (including 1.79% 廣東海天約50.63%、16.78%、3.27%（包括管equity interest held by Mr. Guan Jianghua’s spouse) 1.17% 1.11% 江華先生的配偶持有的1.79%股權）、1.17%、and 0.62% interests in Guangdong Haitian respectively). Please refer 1.11%及0.62%的權益）。請參閱招股章程「與to the section headed “Relationship with our Controlling Shareholders” 控股股東的關係」一節。廣東海天將被視為於佛in the Prospectus. Guangdong Haitian will be deemed to be interested 山市海鵬貿易發展有限公司持有的A股中擁有權
in the A Shares held by Foshan Haipeng Trade Development Co. Ltd. 益。龐康先生、程雪女士、管江華先生、陳軍陽Mr. Pang Kang Ms. Cheng Xue Mr. Guan Jianghua Mr. Chen Junyang 先生、文志州先生及廖長輝先生被視為於廣東海
Mr. Wen Zhizhou and Mr. Liao Changhui were deemed to be interested 天及佛山市海鵬貿易發展有限公司持有的A股中
in the A Shares held by Guangdong Haitian and Foshan Haipeng Trade 擁有權益。本公司回購專用證券賬戶回購並持有Development Co. Ltd. There were 5289491 A Shares repurchased and 5289491股A股。於本公司股東會上控制三分held in the Company’s designated security account for repurchase. The 之一以上投票權的控股股東將被視為於本公司持
Controlling Shareholders who control more than one-third of the voting 有的該等購回A股中擁有權益。
power at the shareholders’ meetings of the Company would be taken to
have an interest in such repurchased A Shares held by the Company.
(3) As of the end of the Reporting Period the spouse of Mr. Guan Jianghua (3) 截至報告期末，管江華先生的配偶持有
held 18312589 A Shares and Mr. Guan Jianghua was deemed to be 18312589股A股，管江華先生被視為於其配偶interested in the A Shares held by his spouse. 持有的A股中擁有權益。
(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180000
held 180000 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。
80 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Interests in the Associated Corporation 於相聯法團的權益
Approximate
Long/short Number of percentage of
Name Name of the 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 Xue Guangdong Haitian Group Co. Ltd. Beneficial owner Long positions 141261848程雪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 478203440
與另一人共同持有權益(1)好倉
61946528873.59%
Mr. Guan Jianghua Guangdong Haitian Group Co. Ltd. Beneficial owner Long positions 12480000管江華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 591905288
與另一人共同持有權益(1)好倉
Interest of spouse Long positions 15080000配偶權益好倉
61946528873.59%
Mr. Wen Zhizhou Guangdong Haitian Group Co. Ltd. Beneficial owner Long positions 9360000文志州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 610105288
與另一人共同持有權益(1)好倉
61946528873.59%
Mr. Liao Changhui Guangdong Haitian Group Co. Ltd. Beneficial owner Long positions 5200000廖長輝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 614265288
與另一人共同持有權益(1)好倉
61946528873.59%
Mr. Huang Wenbiao Guangdong Haitian Group Co. Ltd. Beneficial owner Long positions 23823696 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 年度報告 81REPORT OF THE DIRECTORS董事會報告
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
agreement dated December 27 2023 Guangdong Haitian was controlled 的一致行動協議，廣東海天由一致行動人士集by the Concert Party Group as to 73.59% interest in total (with Mr. Pang 團合共擁有73.59%的權益（其中龐康先生、程Kang Ms. Cheng Xue Mr. Guan Jianghua Mr. Chen Junyang Mr. Wen 雪女士、管江華先生、陳軍陽先生、文志州先
Zhizhou and Mr. Liao Changhui having approximately 50.63% 16.78% 生及廖長輝先生分別擁有廣東海天約50.63%、3.27% (including 1.79% equity interest held by Mr. Guan Jianghua’s 16.78%、3.27%（包括管江華先生的配偶持有spouse) 1.17% 1.11% and 0.62% interests in Guangdong Haitian 的1.79%股權）、1.17%、1.11%及0.62%的權respectively). Please refer to the section headed “Relationship with our 益）。請參閱招股章程「與控股股東的關係」一Controlling Shareholders” in the Prospectus. 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 or chief executive of the Company had or were 司董事或最高行政人員於本公司或其相聯法團
deemed to have any interests and short positions in the shares （定義見《證券及期貨條例》第XV部）的股份、
underlying shares and debentures of the Company or its associated 相關股份及債權證中擁有或被視為擁有根據
corporations (within the meaning of Part XV of the SFO) which were 《證券及期貨條例》第XV部第7及第8分部須知required to be notified to the Company and the Stock Exchange 會本公司及聯交所的權益及淡倉（包括根據《證pursuant to Divisions 7 and 8 of Part XV of the SFO (including 券及期貨條例》有關條文被當作或視為擁有的interests and short positions which they were taken or deemed to 權益及淡倉），或根據《證券及期貨條例》第352have under such provisions of the SFO) or interests or short positions 條須記入該條所述登記冊或根據《聯交所上市which were required pursuant to Section 352 of the SFO to be 規則》標準守則須知會本公司及聯交所的權益
recorded in the register referred to therein or which were required 或淡倉。
to be notified to the Company and the Stock Exchange pursuant to
Model Code of the Listing Rules of the Stock Exchange.DIRECTORS’ RIGHTS TO ACQUIRE 董事認購股份或債權證之權利
SHARES OR DEBENTURES
Save as disclosed in this report at no time during the year or at the 除本報告所披露者外，本公司或其任何子公司end of the year was the Company or any of its subsidiaries a party to 概無訂立任何安排，使董事可於年內任何時間any arrangement to enable the directors to acquire benefits by means 或年末通過收購本公司或任何其他法人團體的
of the acquisition of shares in or debentures of the Company or any 股份或債權證之方式獲取利益。
other legal entity.
82 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Substantial Shareholders’ Interests and Short 主要股東於股份及相關股份中的權益
Positions in the Shares and Underlying Shares 及淡倉
As of the end of the Reporting Period to the best of the Company’s 截至報告期末，就本公司合理查詢後所知，以knowledge after reasonable inquiry the following persons (not being 下人士（並非上述披露的本公司董事或最高行directors or chief executives of the Company as disclosed above) had 政人員）於本公司股份或相關股份中，擁有根interests or short positions in the Company’s shares or underlying 據《證券及期貨條例》第XV部第2及3分部須向
shares that were required to be disclosed to the Company and the 本公司及聯交所披露並根據《證券及期貨條例》
Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the 第336條記錄於本公司須備存的登記冊內的權
SFO and recorded in the register that the Company was required to 益或淡倉：
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 relevant class of share capital total share capital
Name Nature of interest shares positions and 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 3239509183
廣東海天 實益擁有人 A股 好倉
Interest in controlled corporation(2) A Shares Long positions 11781492
受控法團權益 (2) A股 好倉
325129067558.47%55.56%
Mr. Pang Kang Interest in controlled corporation(2) A Shares Long positions 3251290675
龐康先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 532115177
實益擁有人 A股 好倉
378340585268.04%64.65%
Ms. Cheng Xue Interest in controlled corporation(2) A Shares Long positions 3251290675
程雪女士 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 176365478
實益擁有人 A股 好倉
342765615361.64%58.57%
Mr. Guan Jianghua Interest in controlled corporation(2) A Shares Long positions 3251290675
管江華先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 15409690
實益擁有人 A股 好倉
Interest of spouse(3) A Shares Long positions 18312589
配偶權益 (3) A股 好倉
328501295459.08%56.14%
佛山市海天調味食品股份有限公司 * 2025 年度報告 83REPORT OF THE DIRECTORS董事會報告
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly relevant class of share capital total share capital
Name Nature of interest shares positions and 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 Junyang Interest in controlled corporation(2) A Shares Long positions 3251290675
陳軍陽先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 11762384
實益擁有人 A股 好倉
326305305958.68%55.76%
Mr. Wen Zhizhou Interest in controlled corporation(2) A Shares Long positions 3251290675
文志州先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 8885967
實益擁有人 A股 好倉
326017664258.63%55.71%
Mr. Liao Changhui Interest in controlled corporation(2) A Shares Long positions 3251290675
廖長輝先生 受控法團權益 (2) A股 好倉
Beneficial owner A Shares Long positions 1538323
實益擁有人 A股 好倉
325282899858.50%55.59%
HHLR Advisors Ltd. Investment manager H Shares Long positions 98499400 33.82% 1.68%
投資經理 H股 好倉
HACF L.P. Beneficial owner H Shares Long positions 60349100
實益擁有人 H股 好倉
Interest in controlled corporation H Shares Long positions 29612300
受控法團權益 H股 好倉
8996140030.89%1.54%
GIC Private Limited Investment manager H Shares Long positions 38107800 13.09% 0.65%
投資經理 H股 好倉
84 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
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 5851824944 shares comprising 5560600544 5851824944股，其中包括A股5560600544A Shares and 291224400 H Shares. 股及H股291224400股。
(2) As of the end of the Reporting Period Guangdong Haitian directly (2) 截 至 報 告 期 末 ， 廣 東 海 天 直 接 持 有
held 3239509183 A Shares and held 6492001 A Shares through 3239509183股A股，及通過其全資子公司佛its wholly-owned subsidiary Foshan Haipeng Trade Development Co. 山市海鵬貿易發展有限公司持有6492001股A
Ltd. Pursuant to a concert party agreement dated December 27 2023 股。根據日期為2023年12月27日的一致行動Guangdong Haitian was controlled by the Concert Party Group as to 協議，廣東海天由一致行動人士集團合共擁有73.59% interest in total (with Mr. Pang Kang Ms. Cheng Xue Mr. Guan 73.59%的權益（其中龐康先生、程雪女士、管Jianghua Mr. Chen Junyang Mr. Wen Zhizhou and Mr. Liao Changhui 江華先生、陳軍陽先生、文志州先生及廖長輝
having approximately 50.63% 16.78% 3.27% (including 1.79% equity 先生分別擁有廣東海天約50.63%、16.78%、interest held by Mr. Guan Jianghua’s spouse) 1.17% 1.11% and 3.27%（包括管江華先生的配偶持有的1.79%股
0.62% interests in Guangdong Haitian respectively). Please refer to the 權）、1.17%、1.11%及0.62%的權益）。請參閱
section headed “Relationship with our Controlling Shareholders” in the 招股章程「與控股股東的關係」一節。廣東海天Prospectus. Guangdong Haitian will be deemed to be interested in the 將被視為於佛山市海鵬貿易發展有限公司持有的
A Shares held by Foshan Haipeng Trade Development Co. Ltd. Mr. A股中擁有權益。龐康先生、程雪女士、管江華Pang Kang Ms. Cheng Xue Mr. Guan Jianghua Mr. Chen Junyang 先生、陳軍陽先生、文志州先生及廖長輝先生被
Mr. Wen Zhizhou and Mr. Liao Changhui were deemed to be interested 視為於廣東海天及佛山市海鵬貿易發展有限公司
in the A Shares held by Guangdong Haitian and Foshan Haipeng Trade 持有的A股中擁有權益。本公司回購專用證券賬Development Co. Ltd. There were 5289491 A Shares repurchased and 戶回購並持有5289491股A股。於本公司股東held in the Company’s designated security account for repurchase. The 會上控制三分之一以上投票權的控股股東將被視
Controlling Shareholders who control more than one-third of the voting 為於本公司持有的該等購回A股中擁有權益。
power at the shareholders’ meetings of the Company would be taken to
have an interest in such repurchased A Shares held by the Company.
(3) As of the end of the Reporting Period the spouse of Mr. Guan Jianghua (3) 截至報告期末，管江華先生的配偶持有
held 18312589 A Shares and Mr. Guan Jianghua was deemed to be 18312589股A股，管江華先生被視為於其配偶interested in the A Shares held by his spouse. 持有的A股中擁有權益。
(4) The information above is based on the information from the Disclosure (4) 以上信息乃基於聯交所在線權益披露系統信息。
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.佛山市海天調味食品股份有限公司 * 2025 年度報告 85REPORT OF THE DIRECTORS董事會報告
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.MAJOR CUSTOMERS AND SUPPLIERS 主要客戶及供貨商
During the Reporting Period the aggregate sales to the top five 報告期內，本集團向前五大客戶之銷售額合共customers of the Group accounted for less than 30% of the Group’s 佔本集團本年度總銷售額的比例低於30%，本total sales for the year and the aggregate purchases from the top five 集團從前五大供貨商之購貨額合共佔本集團本
suppliers of the Group accounted for less than 30% of the Group’s 年度總購貨額的比例低於30%。
total purchases for the year.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 279031700 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 279031700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 12192700 H Shares with 每股面值人民幣1.00元的H股12192700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Hshare. The gross proceeds raised by the Company from the issuance 股募集資金總額10571.4百萬港元（約人民幣of H Shares in this offering amounted to HK$10571.4 mill ion 9658.9百萬元），扣除因發行直接產生的發行(approximately RMB9658.9 million) with the net proceeds after 費用後淨額約為人民幣9542.6百萬元（每股Hdeducting issuance expenses directly incurred from the issuance of 股可得淨額約為35.86港元）。
approximately RMB9542.6 million (with net proceeds per H Share of
approximately HK$35.86).
86 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
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:
Proceeds unutilized Expected timeline
Proceeds utilized as of the end for the full use
Approximate % Net proceeds during the of the Reporting of the unutilized
of the total available for use Reporting Period Period 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 technologies Before
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%1908.5207.41701.12028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%2862.8370.02492.82028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 Before
enhancing overseas supply chain capabilities December 31 2028
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鏈能力，以提升本集團的全球影響力20.0%1908.584.91823.62028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%1908.5307.51601.02028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%954.3150.0804.32028年12月31日前
Total Not applicable
總計100%9542.61119.78422.9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 年度報告 87REPORT OF THE DIRECTORS董事會報告
PURCHASE SALE OR REDEMPTION OF 購買、出售或贖回本公司證券
THE COMPANY’S LISTED SECURITIES
Save as otherwise disclosed in this report from the Listing Date to 除本報告另有披露外，自上市日期起至報告期the end of the Reporting Period neither the Company nor any of 末本公司及其任何附屬公司概無購買、出售its subsidiaries purchased sold or redeemed any of the Company’s 或贖回本公司之任何上市證券（包括出售庫存listed securities (including the sale of treasury shares (as defined 股份（具有《聯交所上市規則》下的涵義））。截under the Listing Rules of the Stock Exchange)). As of the end of 至報告期末，本公司持有5289491股庫存股the Reporting Period the Company held 5289491 treasury shares 份，將用作員工持股計劃。該等庫存股份均為which would be used for employee stock ownership scheme. All of A股。
these treasury shares were A Shares.Save as disclosed in the section headed “Use of Proceeds” in this 除本報告「募集資金使用情況」所披露者外，截report the Company did not issue any new shares or debentures 至2025年12月31日止年度，本公司概無新發during the year ended December 31 2025. 行的股份及債權證。
PROPERTY PLANT AND EQUIPMENT 物業、廠房及設備
Details of changes in the property plant and equipment of the Group 截至2025年12月31日止年度，本集團的物for the year ended December 31 2025 are set out in Note 12 to the 業、廠房及設備的變動詳情載於綜合財務報表
consolidated financial statements. 附註12。
EMPLOYEES AND REMUNERATION 僱員及薪酬
Based on our corporate talent assessment needs we attract and 我們依據企業人才評估需求，通過各類方式和select high-caliber talent through various channels and initiatives. 活動吸引和選拔高素質人才，堅持唯才是舉的We adhere to a merit-based employment philosophy continuously 用人理念，持續完善人才引進網絡，不斷優化enhance our talent acquisition network and constantly optimize our 招聘管理制度、體系以及流程。截至2025年12recruitment management systems and processes. As at December 月31日，本集團正式員工總人數為9160名，
31 2025 the Group had a total of 9160 full-time employees. During 報告期內本集團員工酬金共計人民幣2104.34the Reporting Period the total employee remuneration of the Group 百萬元（包括工資、獎金、津貼、補貼、福利amounted to RMB2104.34 million (comprising wages bonuses 費、董事酬金等）。
allowances subsidies welfare expenses and directors’ remuneration
etc.).
88 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告The Company adheres to a remuneration philosophy of “high 公司遵循「高薪、高效、高責」的薪酬理念，向compensation high efficiency and high responsibility” along with 貢獻者傾斜的價值分配原則。公司為員工提供a value distribution principle that prioritizes rewarding contributors. 具有競爭力的工資、績效獎金、長期激勵、福
We provide our employees with competitive salaries performance 利保障以及職業發展支持。員工薪酬綜合地域bonuses long-term incentives comprehensive benefits and career 差異、人才供給、行業環境等維度適時進行動
development support. Employee remuneration is dynamical ly 態調整，確保人才收入具有市場競爭力。
adjusted in a timely manner taking into comprehensive consideration
factors such as regional differences talent supply and the industry
environment to ensure that our compensation packages remain
competitive in the market.At the same time the Company continues to build an incentive 同時，公司持續構建能激發組織和員工活力及system designed to stimulate the vitality and creativity of both the 創造力的激勵體系。2024年員工持股計劃的organization and its employees. Following the achievement of the 業績考核指標達成，於2025年內完成了股票performance assessment targets under the 2024 Employee Stock 權益歸屬，涉及持有人613名，歸屬股份合計Ownership Scheme the vesting of equity interests was completed 4220100股，進一步深化核心骨幹與公司的during 2025 involving 613 participants and a total of 4220100 長期共同發展。此外，作為2024-2028年多期vested shares further solidifying the long-term aligned development 持股計劃的一部分，公司於2025年內正式啟動between our core personnel and the Company. Furthermore as 了「2025年A股員工持股計劃」，該計劃涉及股part of the multi-phase stock ownership scheme spanning from 份5000000股，該期計劃考核期為2025年度
2024 to 2028 the Company officially launched the “2025 A Share 及2026年度，旨在建立更長期的業績導向，持Employee Stock Ownership Scheme” during 2025 which involves 續推動企業和員工的雙贏發展。
5000000 shares. The assessment period for this phase covers the
years of 2025 and 2026. This initiative aims to establish a longer-
term performance-oriented culture and continue driving the win-win
development of both the enterprise and its employees.The Company ensures the full and timely payment of employee 公司依法按時足額發放員工薪酬，為員工提供remuneration in accordance with the laws. We provide our employees 多元化的福利政策及員工關懷計劃，執行帶薪with diversified welfare policies and employee care programs 休假、婚產假、育兒假等法定休假制度，按規and implement statutory leave systems including paid annual 定參加養老、醫療、失業、工傷、生育等社會
leave marriage and maternity/paternity leave and parental leave. 保險，為員工繳納住房公積金。
In addition we participate in social insurance schemes covering
pension medical unemployment work-related injury and maternity
insurance and make contributions to the housing provident fund for
our employees as required by regulations.佛山市海天調味食品股份有限公司 * 2025 年度報告 89REPORT OF THE DIRECTORS董事會報告
The Company provides executive directors and senior management 本公司向執行董事及高級管理人員提供基本薪
with var ious forms of remunerat ion such as bas ic sa lary 酬、績效薪酬、中長期激勵等各類形式的薪
performance-based salary and medium – and long-term incentives 酬，並向獨立非執行董事提供固定津貼。有關and provides independent non-executive directors with f ixed 董事的薪酬事項由股東會決定，高級管理人員allowances. Matters concerning the remuneration of directors are 的薪酬事項則由董事會決定。本公司董事會下determined by the shareholders’ meeting while matters concerning 設薪酬與考核委員會，負責制定董事和高級管the remuneration of senior management are determined by the Board 理人員的考核標準，制定並審查董事和高級管of Directors. The Board of Directors of the Company has established 理人員的薪酬方案，並將結合行業發展情況、a Remuneration and Evaluation Committee which is responsible for 類似公司薪酬水平、公司業績和個人考核目標
formulating appraisal standards for directors and senior management 完成情況等因素，提出相關建議。
formulating and reviewing remuneration plans for directors and senior
management and making relevant recommendations by taking into
account factors such as industry development remuneration levels
of comparable companies the Company’s performance and the
fulfillment of individual appraisal targets.In order to further strengthen and improve the remuneration 為進一步加強和完善本公司董事和高級管理人
management system for the directors and senior management of 員的薪酬管理體系，形成有效的激勵與約束機the Company form an effective incentive and restraint mechanism 制，確保董事和高級管理人員勤勉盡責，促進ensure that the directors and senior management fulfill their duties 公司長遠發展並保障全體股東的利益，報告期diligently promote the long-term development of the Company and 內本公司制定《董事和高級管理人員薪酬管理safeguard the interests of all Shareholders the Company formulated 制度》，進一步明確相關人員薪酬發放的基本原the Remuneration Management System for Directors and Senior 則、構成與發放、調整機制和止付追索與扣回
Management during the Reporting Period to further clarify the basic 機制。
principles composition and payment adjustment mechanism
and the stop-payment recovery and clawback mechanism for the
remuneration of relevant personnel.TRAINING PROGRAMS 培訓計劃In 2025 focusing on the three major aspects of “mechanism 2025年，公司圍繞「機制、組織、內容」三大organization and content” the Company systematically upgraded 維度，系統升級員工培養體系，持續強化企業its employee cultivation system to continuously strengthen the talent 可持續發展的人才支撐。
foundation for our sustainable development.
1. Mechanism aspect: Building a closed loop of “AI + Training and 1. 機制層面：構建「AI+訓戰」閉環，推動人Practice” to drive mutual empowerment between talent and the 才與組織雙向賦能。
organization.
90 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Based on the “three pil lars of employee support” model we 以「員工支持三支柱」模型為基礎，體系化規劃systematically mapped out development paths for employees. By 員工發展路徑。通過AI技術賦能培訓全流程，empowering the entire training process with AI technology we 實現培訓的智能化管理與精準賦能；堅持「訓
achieved intelligent management and precise delivery of training. 戰結合、實戰促學」，開展行動學習項目，驅動Adhering to the principle of “combining training with practice and 員工能力向組織業績的有效轉化。promoting learning through practical application” we launched
action learning initiatives to drive the effective translation of employee
capabilities into organizational performance.
2. Organization aspect: Establishing a three-tier linkage mechanism 2. 組織層面：建立「戰略－運營－業務」三
of “Strategy – Operations – Business” to ensure effective 級聯動機制，保障培養落地。
implementation of training.
(1) Strategic coordination: Ensuring the direction of talent (1) 戰略統籌：確保人才培養方向與公司
cultivation is fully aligned with the Company’s overall strategy 整體戰略及ESG目標保持一致；
and ESG targets;
(2) System operations: Leveraging our online learning platform (2) 體系運營：依托線上學習平台，系統
to systematically develop courses integrate resources and 開發課程、資源整合與培訓項目運營；
manage training programs;
(3) Business implementation: Conducting targeted cultivation (3) 業務落地：基於一線需求開展針對性
based on frontline needs to support both user services and 培養，支持用戶服務與個人發展。
personal development.
3. Content aspect: Building a tiered and categorized curriculum 3. 內容層面：搭建分層分類課程體系，支持
system to support the end-to-end empowerment of employees. 員工全程賦能。
We established a curriculum system covering “general norms core 建立覆蓋「通識規範、能力素養、專業技能、competencies professional skills and strategic foresight” that spans 戰略前瞻」的課程系統，貫穿員工全職業生命the entire career lifecycle of our employees. By integrating internal 週期。融合內外部知識資源，通過線上平台持and external knowledge resources and continuously updating them 續更新，提供從新員工融入至領導力發展的全via our online platform we provide comprehensive personalized 方位、個性化學習支持。
learning support ranging from new employee onboarding to leadership
development.Through the synergist ic development f rom the above three 通過以上三個維度的協同建設，公司不僅為員aspects the Company has not only provided systematic support 工的職業發展提供了系統性保障，更強化了組for our employees’ career development but also strengthened the 織應對未來挑戰的核心能力，推動了企業與人organization’s core capabilities to meet future challenges thereby 才的共同可持續發展。
driving the sustainable development of both the enterprise and its
talent.佛山市海天調味食品股份有限公司 * 2025 年度報告 91REPORT OF THE DIRECTORS董事會報告
SHARE SCHEMES 股份計劃
On September 19 2024 the Company adopted the 2024-2028 本公司於2024年9月19日採納2024年－2028employee stock ownership scheme (the “A Share Employee Stock 年員工持股計劃（「A股員工持股計劃」），並Ownership Scheme”) and agreed to implement the 2024 employee 同意實施2024年員工持股計劃（「2024年計stock ownership scheme (the “2024 Scheme”). In addition on 劃」）。另外，本公司於2025年9月25日同意實September 25 2025 the Company agreed to implement the 2025 施2025年員工持股計劃（「2025年計劃」）。由employee stock ownership scheme (the “2025 Scheme”). Since the 於2024年計劃及2025年計劃不涉及本公司發
2024 Scheme and the 2025 Scheme do not involve the issuance of 行新股，故除《聯交所上市規則》第17.12條的new shares by the Company the terms of such schemes are not 披露規定外，該等計劃的條款無需遵守《聯交required to comply with the provisions of Chapter 17 of the Listing 所上市規則》第十七章的規定，該等計劃的條Rules of the Stock Exchange except for the disclosure requirements 款概述如下。
under Rule 17.12 of the Listing Rules of the Stock Exchange. A
summary of the terms of such schemes is set out below.
92 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
1. Summary of the A Share Employee Stock 1. A股員工持股計劃摘要
Ownership Scheme
2024 Scheme 2025 Scheme
2024年計劃2025年計劃
Objective 1. To further improve the Company’s corporate governance structure establish a
目的 long-term and effective incentive and restraint mechanism optimize the Company’s
remuneration and appraisal system; to further unleash the initiative and creativity of
the core management and key employees attract motivate and retain key employees
who have a significant impact on the Company’s future development and promote the
sustained steady and rapid development of the Company.
1、進一步完善公司治理結構，健全公司長期、有效的激勵約束機制，完善公司薪酬考核體系，進一步釋放核心管理層及骨幹員工的自驅力和創造力，吸引、激勵、留用對公司未來發展有重要影響的骨幹員工，促進公司持續、穩健、快速的發展。
2. To establish a profit-sharing mechanism among the Company its Shareholders and
employees and encourage all parties to jointly focus on the Company’s long-term
development thereby bringing more efficient and sustainable returns to Shareholders.
2、建立公司、股東、員工的利益共享機制，促進各方共同關注公司的長遠發展，從而為
股東帶來更高效、更持久的回報。
Participant The core management team and key employees of the Company參與者本公司的核心管理團隊及骨幹員工
Total number of shares The total number of shares held under The total number of shares held under
股份總數 the 2024 Scheme is 5000000 shares the 2025 Scheme is 5000000 shares
representing 0.09% of the issued shares of representing 0.09% of the issued shares of
the Company (excluding treasury shares) the Company (excluding treasury shares)
as of the Latest Practicable Date. as of the Latest Practicable Date.
2024年計劃所持有的股票總數為50000002025年計劃所持有的股票總數為5000000股，佔本公司於最後實際可行日期已發行股股，佔本公司於最後實際可行日期已發行股份（不包括庫存股份）的0.09%。份（不包括庫存股份）的0.09%。
佛山市海天調味食品股份有限公司 * 2025 年度報告 93REPORT OF THE DIRECTORS董事會報告
2024 Scheme 2025 Scheme
2024年計劃2025年計劃
Purchase price and The source of funding for the schemes is the special incentive fund for stock
basis of determination ownership schemes set aside by the Company and holders are not required to pay
購買價及其釐定基準 any consideration to apply for or accept the scheme shares. The incentive shares are
repurchased from stocks to be transferred from the Company’s designated security
account for repurchase. The transfer price of such shares is RMB36.87 per share the
pricing basis of which is:
本計劃的資金來源為公司計提的持股計劃專項激勵基金，持有人無須就申請或接納計劃股份支付任何款項。激勵股份來源於擬受讓公司回購專用證券賬戶回購的股票，該等股票的受讓價格為人民幣36.87元╱股，該價格的定價依據為：
1. Combined with the Company’s business operations and its purpose of strengthening
the construction of core management personnel and key employees and referring
to relevant policies and cases of listed companies an effective and feasible plan that
matches the Company’s actual situation has been formed.
1、結合了公司經營情況與加強核心管理人員及骨幹員工建設的宗旨，並參考了相關政策
和上市公司案例，進而形成了與公司實際情況相匹配的有效可行方案。
2. While determining the price the 2024 Scheme/2025 Scheme fully considers the
restraint mechanism on employees based on the principle of matching incentives with
restraints and has established strict company performance appraisals and individual
performance appraisals which is conducive to encouraging core management
personnel and key employees to serve long-term and promoting the sustainable
development of the Company.
2、2024年計劃╱2025年計劃在確定價格的同時，根據激勵與約束對等的原則，充分考
慮對員工的約束機制，建立了嚴格的公司業績考核與個人績效考核，有利於鼓勵核心管理人員及骨幹員工長期服務，促進公司可持續發展。
3. The 2024 Scheme/2025 Scheme is designed to improve the corporate governance
mechanism enhance the overall value of the Company and ensure the deep binding of
core management personnel and key employees with the long-term growth value of the
Company.
3、2024年計劃╱2025年計劃系為了健全公司治理機制，提升公司整體價值，確保公司
核心管理人員及骨幹員工與公司長期成長價值的深度綁定。
94 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
2024 Scheme 2025 Scheme
2024年計劃2025年計劃
Maximum number of The total number of underlying shares The total number of underlying shares
incentive shares corresponding to the share in the 2024 corresponding to the share in the 2025
available for grant Scheme held by any single participant shall Scheme held by any single participant shall
可獲授激勵股份上限 not cumulatively exceed 1% of the total not cumulatively exceed 1% of the total
share capital of the Company. share capital of the Company.任一持有人持有的2024年計劃份額所對應任一持有人持有的2025年計劃份額所對應的標的股票總數累計不超過公司股本總額的的標的股票總數累計不超過公司股本總額的
1%。1%。
Lock-up period The Company’s shares held in the The Company’s shares held in the
unlocking date and designated security account for repurchase designated security account for repurchase
exercise validity period were transferred to the designated security were transferred to the designated security鎖定期及解鎖日期、 account for “Foshan Haitian Flavouring account for “Foshan Haitian Flavouring行權有效期 and Food Company Ltd. - 2024 Employee and Food Company Ltd. - 2025 A ShareStock Ownership Scheme” via non-trade Employee Stock Ownership Scheme” via
transfer on October 11 2024. non-trade transfer on November 14 2025.公司回購專用證券賬戶所持公司股票已於公司回購專用證券賬戶所持公司股票已於
2024年10月11日非交易過戶至「佛山市海2025年11月14日非交易過戶至「佛山市海
天調味食品股份有限公司－2024年員工持 天調味食品股份有限公司－2025年A股員工
股計劃」專用證券賬戶。持股計劃」專用證券賬戶。
佛山市海天調味食品股份有限公司 * 2025 年度報告 95REPORT OF THE DIRECTORS董事會報告
2024 Scheme 2025 Scheme
2024年計劃2025年計劃
The 2024 Scheme had a lock-up period The 2025 Scheme has a lock-up period
of 12 months from the date the Company of 12 months from the date the Company
announced the completion of the transfer announced the completion of the
of the repurchased underlying shares transfer of the repurchased underlying
from the Company’s designated security shares from the Company’s designated
account for repurchase (i.e. from October security account for repurchase (i.e.
15 2024 to October 14 2025). During from November 18 2025 to November
the lock-up period no transactions were 17 2026). During the lock-up period no
allowed including but not limited to transactions are allowed including but
no transfer no mortgage/pledge and not limited to no transfer no mortgage/
not being used for providing loans or pledge and not being used for providing
guarantees. Upon expiration of the lock- loans or guarantees. Upon expiration of
up period the underlying shares should the lock-up period the underlying shares
be unlocked. After the expiration of the shall be unlocked. After the expiration of
vesting appraisal period corresponding to the vesting appraisal period corresponding
the 2024 Scheme the rights and interests to the 2025 Scheme the rights and
of the corresponding underlying shares interests of the corresponding underlying
should be vested to the accounts of the shares shall be vested to the accounts of
holders i.e. transferred to the names of the holders i.e. transferred to the names
the holders based on the Company’s of the holders based on the Company’s
performance (if applicable) during the performance (if applicable) during the
vesting appraisal period the results of the vesting appraisal period the results of the
holders’ performance appraisals and their holders’ performance appraisals and their
contributions. contributions.
2024年計劃自公司披露完成從公司回購專用2025年計劃自公司披露完成從公司回購專用
證券賬戶受讓回購的標的股票的公告之日起證券賬戶受讓回購的標的股票的公告之日起設立12個月的鎖定期（即由2024年10月15設立12個月的鎖定期（即由2025年11月18日至2025年10月14日），鎖定期內不得進行日至2026年11月17日），鎖定期內不得進行交易，包括但不限於不得轉讓、不得抵押╱交易，包括但不限於不得轉讓、不得抵押╱質押、不得用於提供貸款、提供擔保等。鎖質押、不得用於提供貸款、提供擔保等。鎖定期滿後，標的股票將解鎖。2024年計劃對定期滿後，標的股票將解鎖。2025年計劃對應歸屬考核期屆滿後，根據歸屬考核期內公應歸屬考核期屆滿後，根據歸屬考核期內公司業績（如涉及）、持有人績效考核結果和貢司業績（如涉及）、持有人績效考核結果和貢獻大小，將對應的標的股票權益歸屬至持有獻大小，將對應的標的股票權益歸屬至持有人賬戶，即過戶至持有人名下。人賬戶，即過戶至持有人名下。
96 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
2024 Scheme 2025 Scheme
2024年計劃2025年計劃
The Company determined the vesting of
the equity interests of the holders of the
2024 Scheme on September 25 2025
and transferred them to the names of the
relevant holders via non-trade transfer on
November 3 2025.公司已於2025年9月25日確定了2024年計
劃持有人股票權益的歸屬情況，並於2025年11月3日通過非交易過戶的方式過戶至相關持有人名下。
Remaining validity The basic duration of the 2024 Scheme The basic duration of the 2025 Scheme
period is 24 months starting from the date is 24 months starting from the date
尚餘的有效期 the Company announced that the last the Company announced that the last
tranche of underlying shares of the 2024 tranche of underlying shares of the 2025
Scheme has been transferred to the A Scheme has been transferred to the A
Share Employee Stock Ownership Scheme Share Employee Stock Ownership Scheme
(i.e. October 15 2024). Therefore the (i.e. November 18 2025). Therefore the
validity period will expire on October 14 validity period will expire on November 17
2026. The 2024 Scheme will automatically 2027. The 2025 Scheme will automatically
terminate if not extended upon expiration terminate if not extended upon expiration
of the duration or it may be extended of the duration or it may be extended
upon the proposal by the management upon the proposal by the management
committee of the 2024 Scheme and the committee of the 2025 Scheme and the
consideration and approval by the Board consideration and approval by the Board
of Directors. of Directors.
2024年計劃的基本存續期為24個月，自本2025年計劃的基本存續期為24個月，自本
公司公告2024年計劃最後一筆標的股票過公司公告2025年計劃最後一筆標的股票過戶至A股員工持股計劃名下之日（即2024年 戶至A股員工持股計劃名下之日（即2025年
10月15日）起算，故有效期將於2026年1011月18日）起算，故有效期將於2027年11月14日屆滿。2024年計劃在存續期屆滿時月17日屆滿。2025年計劃在存續期屆滿時如未展期則自行終止，或可由2024年計劃如未展期則自行終止，或可由2025年計劃管理委員會提請董事會審議通過後延長。管理委員會提請董事會審議通過後延長。
佛山市海天調味食品股份有限公司 * 2025 年度報告 97REPORT OF THE DIRECTORS董事會報告
2. Grant and Unlocking of Incentive Shares during 2. 報告期內激勵股份的授出及解鎖情
the Reporting Period 況
2024 Employee Stock Ownership Scheme 2024年員工持股計劃
The vesting appraisal period of the scheme was the year 2024. 本計劃歸屬考核期為2024年度，歸屬考核During the vesting appraisal period the underlying shares were 期內，標的股票由2024年計劃持有。本計held by the 2024 Scheme. After the expiration of the vesting 劃對應歸屬考核期屆滿後，員工持股計劃appraisal period corresponding to the scheme the management 的管理委員會依據考核期內公司業績（如涉committee of the employee stock ownership scheme would vest 及）、持有人績效考核和貢獻大小，將對應the rights of the corresponding underlying shares to the accounts 的標的股票權益歸屬至持有人賬戶，即過of the holders i.e. transfer them to the names of the holders 戶至持有人名下。
based on the Company’s performance (if applicable) the results
of the holders’ performance appraisals and their contributions
during the appraisal period.According to the aforementioned appraisal requirements the 根據前述考核要求，公司已於2025年9月Company determined the vesting of the stock rights of the 25日確定了2024年持股計劃持有人股票
holders of the 2024 Scheme on September 25 2025. This vesting 權益的歸屬情況，該次歸屬涉及持有人合involved a total of 613 holders and a total of 4220100 shares 計613名，合計歸屬的股票為4220100股were vested (for further details of these shares please refer to （有關該等股份的進一步詳情，請參見下the table below). For the aforementioned shares for which the 表）。對於前述已確定歸屬情況的股票，公vesting situation has been determined the Company transferred 司已於2025年11月3日通過非交易過戶的
them to the names of the relevant holders via non-trade transfer 方式過戶至相關持有人名下。2024年計劃on November 3 2025. The unvested shares of the 2024 Scheme 未歸屬的股票，由2024年計劃管委會結合shall be handled by the management committee of the 2024 公司實際情況按照相關法律法規要求進行
Scheme in accordance with relevant laws and regulations in light 處理。除前述外，2024年計劃剩餘的其他of the Company’s actual circumstances. Save as aforementioned 權益將歸屬於公司。
the remaining other rights of the 2024 Scheme shall belong to the
Company.
98 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Weighted
average closing
price of the
Closing price relevant Shares
of A Shares immediately
Granted and immediately before the
vested during before the Fair value on vesting date
Type of holder Name Position Dates of grant and vesting the year grant date the grant date of award有關股份緊接獎勵緊接授出歸屬日期年內已授出日期前的授出日期的之前的加權
持有人類型 姓名 職務 授出及歸屬日期 及歸屬 A股收市價 公平價值 平均收市價
(RMB) (RMB) (RMB)（人民幣元）（人民幣元）（人民幣元）
1. Director Dai Wen Director The Company determined the vesting of the 40000 38.80 38.60 38.80
董 事 代文 董事 stock rights of the holders of the 2024 Scheme
on September 25 2025 and transferred them
to the names of the relevant holders via non-
trade transfer on November 3 2025.公司已於2025年9月25日確定了2024年持股計
劃持有人股票權益的歸屬情況，並於2025年11月3日通過非交易過戶的方式過戶至相關持有人名下。
2. The remaining 2 highest ╱ ╱ 60000
paid employees during
2025 excluding 3 directors
(in aggregate)
除3名董事外，其餘2名
2025年度內薪酬最高僱員（合計）
3. T he remaining 610 ╱ ╱ 4120100
incentive targets其餘610名激勵對象
Total ╱ ╱ ╱ 4220100 ╱ ╱ ╱總計
佛山市海天調味食品股份有限公司 * 2025 年度報告 99REPORT OF THE DIRECTORS董事會報告
Notes: 附註：
1. The shares in the 2024 Scheme and 2025 Scheme of the Company 1. 本公司2024年計劃和2025年計劃中的股
are vested to employees upon grant and “vesting” herein has the 份一經授予即歸屬給員工，此處「歸屬」與same meaning as in the original text of the 2024 Scheme. Therefore 2024年計劃原文有同樣含義。因此，在at the beginning and end of 2025 there were no unvested rights 2025年開始及終結時，不涉及未歸屬的權involved. If there were unvested shares they would be handled in 益，如有未歸屬股份，則將按照境內法規accordance with the relevant requirements of domestic regulations. 相關要求予以處理。於報告期內，概無任During the Reporting Period no shares lapsed or were cancelled 何股份根據2024年計劃失效或註銷。
under the 2024 Scheme.
2. Details of the fair value at the grant date and the accounting 2. 授出日期的公平價值以及所採納的會計準
standards and policies adopted are set out in Note 28 to the financial 則及政策詳情載於財務報表附註28。
statements.
2025 Employee Stock Ownership Scheme 2025年員工持股計劃
The vesting appraisal period of the scheme is the years 2025 and 本計劃歸屬考核期為2025年及2026年度，
2026. During the appraisal period the underlying shares are held 考核期內，標的股票由本計劃持有。本計
by the scheme. After the expiration of the vesting appraisal period 劃對應歸屬考核期屆滿後，員工持股計劃corresponding to the scheme the management committee of the 的管理委員會依據考核期內公司業績（如employee stock ownership scheme shall vest the rights of the 涉及）、持有人績效考核和貢獻大小，將對corresponding underlying shares to the accounts of the holders 應的標的股票權益歸屬至持有人賬戶，即i.e. transfer them to the names of the holders based on the 過戶至持有人名下。截至最後實際可行日Company’s performance (if applicable) the results of the holders’ 期，本公司尚未就2025年計劃的持有人股performance appraisals and their contributions during the 票權益進行授予及歸屬。截至股東於股東appraisal period. As of the Latest Practicable Date the Company 會上採納2025年計劃之日（即2025年9月has not yet granted and vested the stock rights of the holders of 25日）及2025年12月31日，可根據2025the 2025 Scheme. As of the date the Shareholders adopted the 年計劃授權授出的股份數目為5000000股
2025 Scheme at the general meeting (i.e. September 25 2025) A股。
and December 31 2025 the number of shares available for grant
under the mandate of the 2025 Scheme was 5000000 A Shares.During the Reporting Period no shares lapsed or were cancelled 於報告期內，概無任何股份根據2025年計under the 2025 Scheme. 劃失效或註銷。
For further details on the A Share Employee Stock Ownership 有關A股員工持股計劃的進一步詳情，請參Scheme please refer to the section headed “Statutory and 閱招股章程「法定及一般資料－D. A股員工General Information – D. A Share Employee Stock Ownership 持股計劃」一節。
Scheme” in the Prospectus.
100 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
DIRECTORS’ SERVICE CONTRACTS 董事的服務合約
The Company has entered into service contracts with the directors. 公司已與董事訂立服務合約。董事任期屆滿，Upon expiration of the term of office directors may be re-elected and 經股東會批准後可獲連選連任。此外，董事概re-appointed subject to the approval of the shareholders’ meeting. In 無與本公司或其附屬公司訂立任何在一年內不
addition none of the directors has entered into any service contract 可在不予賠償（法定補償除外）的情況下終止的
with the Company or any of its subsidiaries which is not determinable 服務合約。
within one year without payment of compensation (other than
statutory compensation).DIRECTORS’ INTERESTS IN MATERIAL 董事在重要交易、安排或合約
TRANSACTIONS ARRANGEMENTS OR 中的權益
CONTRACTS
During the Reporting Period neither the Company nor any of its 報告期內，本公司或其附屬公司均未訂立任何subsidiaries entered into any material transactions arrangements or 令本公司董事或與其有關連的實體直接或間接
contracts in which a director of the Company or an entity connected 享有重大權益的重要交易、安排或合約。
with him/her had a material interest directly or indirectly.DIRECTORS’ INTERESTS IN COMPETING 董事在與本公司構成競爭的業
BUSINESSES 務中所佔的權益
As of the Latest Practicable Date none of the directors had any 截至最後實際可行日期，各董事於與本公司業interest in a business which competes or is likely to compete directly 務直接或間接競爭或可能競爭的業務中並無任
or indirectly with the business of the Company which is required 何權益，而該等業務須根據《聯交所上市規則》to be disclosed under Rule 8.10 of the Listing Rules of the Stock 第8.10條進行披露。
Exchange.MANAGEMENT CONTRACTS 管理合約
During the Reporting Period other than employment contracts with 報告期內，除員工聘任合約外，公司未就本公employees the Company did not enter into or have any contract for 司業務管理及行政之全部或任何重大部分訂立
the management and administration of the whole or any substantial 或存在任何合約。
part of the Company’s business.佛山市海天調味食品股份有限公司 * 2025 年度報告 101REPORT OF THE DIRECTORS董事會報告
NON-COMPETITION UNDERTAKING 不競爭承諾
To avoid any potential competition between Guangdong Haitian 為避免本公司控股股東廣東海天與本公司之
a Controlling Shareholder of the Company and the Company 間出現任何潛在競爭，廣東海天已於2011年Guangdong Hait ian gave a non-competit ion undertaking (the 3月15日向本公司作出不競爭承諾（「不競爭承“Non-Competition Undertaking”) to the Company on March 15 諾」）。有關廣東海天出具的不競爭承諾之詳
2011. For details of the Non-Competition Undertaking given by 情，可參見招股章程「與控股股東的關係」一Guangdong Haitian please refer to the section headed “Relationship 節。報告期內，廣東海天已遵守不競爭承諾。with our Control l ing Shareholders” in the Prospectus. During 獨立非執行董事已進行有關審閱，並信納不競the Reporting Period Guangdong Haitian has complied with the 爭承諾已獲全面遵守。
Non-Competition Undertaking. The independent non-executive
directors have conducted relevant review and are satisfied that the
Non-Competition Undertaking has been fully complied with.MATERIAL CONTRACTS AND 與控股股東的重大合同及關係
RELATIONSHIPS WITH OUR
CONTROLLING SHAREHOLDERS
Save for the service contracts entered into with Ms. Cheng Xue Mr. 除程雪女士、管江華先生、文志州先生及廖長
Guan Jianghua Mr. Wen Zhizhou and Mr. Liao Changhui in their 輝先生以執行董事身份訂立的服務合同及本
capacity as executive directors and as disclosed in the subsection 報告下文「關連交易」小節所披露者外，截至headed “Connected Transactions” in this report below no material 2025年12月31日止年度，本公司或其任何附contracts were entered into between the Company or any of its 屬公司與控股股東之間並無訂立任何重大合同。
subsidiaries and the Controlling Shareholders during the year ended
December 31 2025.PERMITTED INDEMNITY PROVISIONS 獲准許的彌償條文
The Company has made appropriate insurance arrangements in 本公司已就董事和高級管理人員可能的法律行
respect of possible legal actions and liabilities of directors and senior 動及責任作出適當的投保安排，所投保險在截management. Such insurance was in force during the financial year 至2025年止財政年度期間有效，並於本報告日ended 2025 and remains in force as of the date of this report. 期亦維持有效。
DONATIONS 捐款
During the Reporting Period the Group’s charitable donations 報告期內，本集團慈善捐款支出約為人民幣expenditures amounted to approximately RMB24.6 million. 24.6百萬元。
102 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
CONNECTED TRANSACTIONS 關連交易
1. Non-Exempt Connected Transactions 1. 不獲豁免關連交易
As of the Latest Practicable Date Guangdong Haitian directly 截至最後實際可行日期，廣東海天直接及and indirectly (through its subsidiary Foshan Haipeng Trade （透過其附屬公司佛山市海鵬貿易發展有限Development Co. Ltd.) held an aggregate of 3246001184 公司）間接合共持有本公司3246001184shares of the Company (representing approximately 55.52% of 股股份（佔本公司已發行股份相關投票權the voting rights attached to the issued shares of the Company （不包括庫存股份）約55.52%），為本公司(excluding treasury shares)) and is a Controlling Shareholder of 的控股股東。因此，根據《聯交所上市規the Company. Therefore according to the Listing Rules of the 則》，廣東海天構成本公司的關連人士。佛Stock Exchange Guangdong Haitian constitutes a connected 山天德為廣東海天的全資附屬公司及聯繫
person of the Company. Foshan Tiande is a wholly-owned 人，亦構成本公司於《聯交所上市規則》第subsidiary and associate of Guangdong Haitian and also 十四A章項下的關連人士。
constitutes a connected person of the Company under Chapter
14A of the Listing Rules of the Stock Exchange.
On October 28 2025 the Company entered into a property 於2025年10月28日，本公司與佛山天德lease agreement with Foshan Tiande pursuant to which Foshan 簽訂了物業租賃合同。根據物業租賃合Tiande (as the lessor) shall lease to the Company (as the 同，佛山天德（作為出租人）將位於佛山市lessee) partial areas located at No. 29 Jinming Road Guicheng 南海區桂城街道金明路29號的部分區域出
Subdistrict Nanhai District Foshan City with the lease term 租予本公司（作為承租人），本公司向佛山commencing from December 1 2025 and ending on November 天德支付租金。租賃期限自2025年12月
30 2028. The Company shall pay rental to Foshan Tiande as 1日起至2028年11月30日止，租金為：
follows: (i) commencing from December 1 2025 and ending (i) 2025年12月1日起至2026年11月30日on November 30 2026: RMB1890848 per month (excluding 止期間：人民幣1890848元╱月（不含tax); (ii) commencing from December 1 2026 and ending on 稅）; ( i i )2026年12月1日起至2027年11月November 30 2027: RMB1973936 per month (excluding 30日止期間：人民幣1973936元╱月
tax); (iii) commencing from December 1 2027 and ending on （不含稅）;(i i i)2027年12月1日起至2028年November 30 2028: RMB1969957 per month (excluding tax). 11月30日止期間：人民幣1969957元╱
Rental shall be settled by the parties every six months. The rental 月（不含稅）。雙方每半年結算一次租金。
was determined by reference to the unit price rental payable by 租金參考該物業其他租戶所應付之租金單
other tenants of the property as well as the prevailing market 價，以及附近地區可資比較的類似物業在rental of similar comparable properties in the vicinity. The newly 市場上的現行租金而定。新租賃物業用作leased properties were to be utilized as office premises. Having 辦公場所，經考慮該等物業的位置、建築considered factors including the location gross floor area 面積、內部及周邊設施等因素後，本公司internal and surrounding facilities of these premises the Company 認為訂立物業租賃合同可為本集團提供更
was of the view that entering into the property lease agreement 便捷高效的辦公設施，提升日常業務運營would provide the Group with more convenient and efficient office 效率。詳情可參閱本公司日期為2025年10facilities enhancing the efficiency of daily business operations. 月28日公告。
For details please refer to the announcement of the Company
dated October 28 2025.佛山市海天調味食品股份有限公司 * 2025 年度報告 103REPORT OF THE DIRECTORS董事會報告
Ms. Cheng Xue Mr. Guan Jianghua Mr. Huang Wenbiao Mr. Wen 董事程雪女士、管江華先生、黃文彪先
Zhizhou and Mr. Liao Changhui (being directors) are interested in the 生、文志州先生和廖長輝先生於廣東海天
shares of Guangdong Haitian and they have abstained from voting on 的股份中擁有權益，彼等已就批准本次交the Board resolutions approving the transaction. Save for the above 易的董事會決議案放棄表決權。除上述none of the other directors has a material interest in the transaction 外，概無其他董事在物業租賃合同項下擬contemplated under the property lease agreement. 進行的交易中佔有重大利益。
During the preceding twelve months the Company and i ts 於過去12個月內，本公司及其附屬公司subsidiaries have entered into the following lease transactions with 與廣東海天及其聯繫人已訂立如下租賃交
Guangdong Haitian and its associates: 易：
Date of Value of the
agreement Terms of the Monthly rental right-of-use assets
Lessee Lessor Subject of lease entered into agreement (RMB excluding tax) recognized (RMB)月租金確認使用權資產價值
承租人出租人租賃目標合同簽署日期合同期限（人民幣元，不含稅）（人民幣元）The Company Foshan Tianyuan Real Estate Co. Plant property June 30 2025 18 months 737937.80 12757168.55
本公司 Ltd. (a wholly-owned subsidiary of located at Wensha 2025年 18個月
Guangdong Haitian) Road Chancheng 6月30日佛山市天原房地產有限公司（為廣東海 District Foshan City天的全資附屬公司）位於佛山市禪城區文沙路的廠房物業
The Company Foshan Tianyuan Real Estate Co. The land situated June 30 2025 18 months 503396.06 8702506.32
本公司 Ltd. (a wholly-owned subsidiary of on Wensha Road 2025年 18個月
Guangdong Haitian) Chancheng District 6月30日佛山市天原房地產有限公司（為廣東海 Foshan City天的全資附屬公司）位於佛山市禪城區文沙路的土地
Haitian Yuncang Guangdong Haitian Machinery and March 24 2025 12 months 50650.00 821566.26
(Foshan) Technology 廣東海天 equipment of 2025年 12個月
Co. Ltd. (a wholly- Guangdong Haitian 3月24日
owned subsidiary of 廣東海天的機器設備
the Company)
海天雲倉（佛山）科技有限公司（為本公司的全資附屬公司）
104 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Pursuant to International Financial Reporting Standards 16 the 根據國際財務報告準則第16號，本公司將Company shall recognize the value of the right-of-use assets of 確認物業租賃合同相關使用權資產價值人
RMB67476123.43 in connection with the property lease agreement. 民幣67476123.43元，而根據上巿規則，Under the Listing Rules the transaction under the property lease 物業租賃合同項下交易將被視為本公司收agreement shall be regarded as an acquisition of assets by the 購資產，本次交易構成本公司於《聯交所Company and the transaction constitutes a one-off connected 上市規則》第十四A章項下的一次性關連交
transaction for the Company under Chapter 14A of the Listing Rules 易。
of the Stock Exchange.Pursuant to Rule 14A.81 of the Listing Rules of the Stock Exchange 根據《聯交所上市規則》第14A.81條，如有a series of connected transactions will be aggregated and treated as 連串關連交易全部在同一個12個月期內進
if they were one transaction if they were all entered into or completed 行或完成，又或相關交易彼此有關連，該within a 12-month period or are otherwise related. As one or more 等交易需合併計算並視作一項事務處理。
of the applicable percentage ratios (within the meaning of the Listing 由於經考慮合併計算下本次交易及過往交Rules of the Stock Exchange) for the transaction and the historical 易的一項或多項適用百分比率（具有《聯交transactions under the aggregation calculation exceed 0.1% but are 所上市規則》項下涵義）超過0.1%但低於
less than 5% the transaction is subject to the announcement and 5%，本次交易須遵守第十四A章項下公告reporting requirements under Chapter 14A but is exempt from the 及申報的規定，但可獲豁免遵守通函（包括requirements for a circular (including independent financial advice) 獨立財務意見）及獨立股東批准的規定。
and independent Shareholders’ approval.
2. Non-Exempt Continuing Connected Transactions 2. 不獲豁免持續關連交易
Guangdong Haitian is an investment company that invests in 廣東海天是一家投資公司，其投資於從事companies engaged in multiple industries including but not 包括但不限於投資管理、製造等多個行業
limited to investment management and manufacturing. Prior to the 的公司。本公司H股於聯交所上市前，本Listing of the Company’s H Shares on the Stock Exchange the 公司於一般日常業務過程中已與廣東海
Company had entered into certain transactions with Guangdong 天╱或其聯繫人訂立若干交易，該等交易Haitian and/or its associates in the ordinary and usual course of 構成本公司的持續關連交易，詳情如下：
business which constitute continuing connected transactions of
the Company. Details are as follows:
佛山市海天調味食品股份有限公司 * 2025 年度報告 105REPORT OF THE DIRECTORS董事會報告
Name of connected person Connected relationship關連人士名稱關連關係
Guangdong Haitian As of the Latest Practicable Date Guangdong Haitian directly
廣東海天 and indirectly (through its subsidiary Foshan Haipeng Trade
Development Co. Ltd.) held an aggregate of 3246001184
shares of the Company (representing approximately 55.52% of
the voting rights attached to the issued shares of the Company
(excluding treasury shares)) and is a Controlling Shareholder
of the Company. Therefore according to the Listing Rules of
the Stock Exchange Guangdong Haitian Group constitutes a
connected person of the Company.截至最後實際可行日期，廣東海天直接及（透過其附屬公司佛山市海鵬貿易發展有限公司）間接合共持有本公司3246001184
股股份（佔本公司已發行股份相關投票權（不包括庫存股份）約55.52%），為本公司的控股股東。因此，根據《聯交所上市規則》，廣東海天集團構成本公司的關連人士。
Jiaxing Haitian Small Loan Co. Ltd. (“Jiaxing Jiaxing Haitian Small Loan is a subsidiary in which GuangdongHaitian Small Loan”) Haitian holds an 80% interest.嘉興海天小額貸款有限公司（「嘉興海天小額貸款」）嘉興海天小額貸款為廣東海天持有80%權益的子公司。
Haitian Commercial Factoring Company Limited Haitian Commercial Factoring is a wholly-owned subsidiary of
(“Haitian Commercial Factoring”) Guangdong Haitian.廣東海天商業保理有限公司（「海天商業保理」）海天商業保理為廣東海天的全資子公司。
Cooperation with Jiaxing Haitian Small Loan on its Provision of 就嘉興海天小額貸款向本集團經銷商提供
Loans to the Group’s Distributors 貸款與嘉興海天小額貸款合作
To broaden financing channels for our distributors and relieve their 為幫助經銷商拓寬融資渠道，緩解其流動liquidity pressure which is beneficial to the business development 性壓力，進而有利於本集團的業務發展，of the Group on May 12 2025 our Group has entered into 於2025年5月12日，本集團已與嘉興海天a cooperation agreement with Jiaxing Haitian Small Loan (the 小額貸款訂立合作協議（「嘉興海天合作框“Jiaxing Haitian Cooperation Framework Agreement”) 架協議」），據此，我們將於獲得經銷商同pursuant to which we will with the consent from our distributors 意後，向嘉興海天小額貸款提供彼等的相provide relevant information of our distributors to Jiaxing Haitian 關數據供其參考，而嘉興海天小額貸款將Small Loan for its reference and Jiaxing Haitian Small Loan will 使用其自有資金向提出申請的經銷商提供
provide the distributors with loans and financing at their request 貸款及融資（「貸款服務」）。嘉興海天合作using its own funds (the “Loan Services”). The initial term of the 框架協議的初始期限預計為2025年5月12Jiaxing Haitian Cooperation Framework Agreement is expected to 日至2027年6月30日，可於到期後訂約雙be May 12 2025 to June 30 2027 subject to renewal upon the 方同意下重續。
mutual agreement of both parties thereto upon expiration.
106 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
For the year ended December 31 2025 the annual cap for the 於截至2025年12月31日止年度，就嘉興payments for designated goods made to the Company under 海天小額貸款向我們經銷商提供貸款而與
the cooperation framework agreement entered into with Jiaxing 嘉興海天小額貸款簽訂的合作框架協議，Haitian Small Loan regarding the provision of loans to our 支付予本公司的指定貨品付款的年度上限
distributors by Jiaxing Haitian Small Loan was RMB860 million 為人民幣860百萬元，支付予本公司的指and the actual amount of payments for designated goods made 定貨品付款的實際發生金額為人民幣855.9
to the Company was RMB855.9 million. 百萬元。
Provision of Supporting Services to Guangdong Haitian Group 向廣東海天集團提供配套服務
Our Group has operating locations in Foshan Guangdong 本集團於廣東省佛山市及中國其他地區設
province and other parts of China which are proximate to 有若干經營場所，毗鄰廣東海天集團經營where Guangdong Haitian Group operates and our Group has 所在地，而本集團具備在該等區域提供配the experience and resources for provision of the Supporting 套服務的經驗及資源，故於2025年6月3Services in such areas. On June 3 2025 our Group entered 日，本集團與廣東海天集團訂立框架協議into a framework agreement with Guangdong Haitian Group (the （「提供配套服務框架協議」），據此，本集“Provision of Supporting Services Framework Agreement”) 團將向廣東海天集團提供配套服務，包括pursuant to which our Group would provide to Guangdong 其生產及運營可能不時所需的物流、工程
Haitian Group supporting services which include logistics 及物業管理等服務（「配套服務」）。
engineering and property management services (the “SupportingServices”) as their production and operation may require from
time to time.The in i t ia l term of the Provis ion of Support ing Services 提供配套服務框架協議的初始期限於2025
Framework Agreement commenced on June 19 2025 and will 年6月19日起至2027年12月31日結束，可end on December 31 2027 subject to renewal upon the mutual 於訂約雙方同意下重續。根據提供配套服agreement of both parties thereto. Both parties or their respective 務框架協議所規定的原則，訂約雙方或彼subsidiaries will enter into separate underlying agreements which 等各自的子公司將分別訂立相關協議，當will set out the specific terms and conditions for the provision of 中將載列提供配套服務的具體條款及條件。
Supporting Services according to the principles provided in the
Provision of Supporting Services Framework Agreement.For the year ended December 31 2025 the annual cap for the 於截至2025年12月31日止年度，廣東海transaction amounts payable by Guangdong Haitian Group to us 天集團根據提供配套服務框架協議向我們
under the Provision of Supporting Services Framework Agreement 支付的交易金額的年度上限為人民幣32百
was RMB32 million and the actual total transaction amounts 萬元，廣東海天集團根據提供配套服務框paid by Guangdong Haitian Group to us under the Provision 架協議向我們實際支付的交易金額合共為
of Supporting Services Framework Agreement were RMB31.2 人民幣31.2百萬元。
million.佛山市海天調味食品股份有限公司 * 2025 年度報告 107REPORT OF THE DIRECTORS董事會報告
Procurement of Assets from Guangdong Haitian Group 向廣東海天集團採購資產
Guangdong Haitian Group manufactures and sells brewing 廣東海天集團生產及銷售釀造設備與包裝
equipment and packaging equipment. We procured brewing 設備。考慮到廣東海天集團熟悉我們的業and packaging equipment from Guangdong Haitian Group 務需求、質量標準及經營要求，我們自廣to manufacture our products taking into consideration that 東海天集團採購釀造設備與包裝設備，以Guangdong Haitian Group is familiar with our business needs 生產我們的產品。於2025年6月3日，本quality standards and operational requirements. On June 3 2025 集團與廣東海天集團訂立框架協議（「資產our Group entered into a framework agreement with Guangdong 採購框架協議」），據此，廣東海天集團將Hai t ian Group ( the “Assets Procurement Framework 向本集團供應我們可能不時需要的若干資Agreement”) pursuant to which Guangdong Haitian Group 產，主要為釀造設備與包裝設備。
would supply to our Group certain assets which are primarily
brewing equipment and packaging equipment as we may require
from time to time.The initial term of the Assets Procurement Framework Agreement 資產採購框架協議的初始期限將於2025年commenced on June 19 2025 and will end on December 31 6月19日開始並於2027年12月31日結束，
2027 subject to renewal upon the mutual agreement of both 可於訂約雙方同意下重續。根據資產採購
parties thereto. Both parties or their respective subsidiaries will 框架協議所規定的原則，訂約雙方或彼等enter into separate underlying agreements which will set out 各自的子公司將分別訂立相關協議，當中the specific terms and conditions for the procurement of assets 將載列資產採購的具體條款及條件。
according to the principles provided in the Assets Procurement
Framework Agreement.For the year ended December 31 2025 the annual cap for 於截至2025年12月31日止年度，我們根the transaction amounts payable by us to Guangdong Haitian 據資產採購框架協議向廣東海天集團支付
Group under the Assets Procurement Framework Agreement was 的交易金額的年度上限為人民幣150百萬
RMB150 million and the actual total transaction amounts paid by 元，我們根據資產採購框架協議向廣東海us to Guangdong Haitian Group under the Assets Procurement 天集團實際支付的交易金額合共為人民幣
Framework Agreement were RMB45.3 million. 45.3百萬元。
108 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Cooperation with Haitian Commercial Factoring on its Financing 就海天商業保理向供應商提供融資與其合
to our Suppliers 作
Hait ian Commerc ia l Factor ing is pr inc ipa l ly engaged in 海天商業保理主要從事保理業務。於2023factoring business. On May 18 2023 our Group entered into 年5月18日，本集團與海天商業保理訂立a cooperation framework agreement with Haitian Commercial 合作框架協議（「海天商業保理合作框架協Factoring with a term of two years which will be renewed after 議」），該協議為期兩年，並將於期限屆滿arm’s length negotiation on May 18 2025 upon expiration (the 後於2025年5月18日經公平磋商後重續，“Haitian Commercial Factoring Cooperation Framework 據此，我們就海天商業保理向我們的供貨Agreement”) pursuant to which we cooperate with Haitian 商提供融資與其合作。我們的供應商可基Commercial Factoring on its financing to our suppliers. Based 於供貨商合同項下對我們的應收賬款於海
on accounts receivable from us under suppliers’ contracts our 天商業保理運營的融資平台上提出申請，suppliers could make an application on the financing platform 我們將向有關供貨商出具包含我們應付該
operated by Haitian Commercial Factoring and we would 供貨商金額的電子憑證。於該電子憑證發issue an electronic certificate to such supplier with an amount 出後，我們僅承擔根據該電子憑證項下的of our payables to such supplier. Upon the issuance of such 實際金額向海天商業保理付款的責任。該electronic certificate we are only obligated to make payments 等供貨商可選擇根據其與本集團的賬期收
to Haitian Commercial Factoring based on the actual amount 取海天商業保理的付款，或選擇於賬期屆under such electronic certificate. Such supplier could choose 滿前將該電子憑證轉讓予海天商業保理進
to receive payments from Haitian Commercial Factoring based 行融資。海天商業保理對釐定授予該等供on credit terms between the supplier and our Group or transfer 貨商融資的利率擁有決定權，並將按電子such electronic certificate to Haitian Commercial Factoring 憑證項下的金額於扣除所提供融資的利息
for financing before the expiry of the credit terms. Haitian 後向該等供貨商提供貸款。上述與海天商Commercial Factoring has sole discretion over the interest rate 業保理就其向我們的供貨商提供融資安排
for financing granted to these suppliers and would provide loans 而進行的合作可為我們的供貨商拓寬融資
to such suppliers with the amount under the electronic certificate 渠道，緩解其流動性壓力，進而有利於我after deduction of interests for providing the financing. The 們供應鏈的發展。
abovementioned cooperation with Haitian Commercial Factoring
on its provision of financing to our suppliers broadens financing
channels for our suppliers and relieves their liquidity pressure
which in turn is beneficial to our supply chain development.The term of the Haitian Commercial Factoring Cooperation 於本集團與海天商業保理重續協議後，海Framework Agreement upon renewal by our Group and Haitian 天商業保理合作框架協議的期限預計為自
Commercial Factoring is expected to be from May 18 2025 to 2025年5月18日起至2027年6月30日止，June 30 2027 which is expected to be renewed after arm’s 預計到期後經公平磋商予以重續。
length negotiation upon expiration.佛山市海天調味食品股份有限公司 * 2025 年度報告 109REPORT OF THE DIRECTORS董事會報告
For the year ended December 31 2025 the annual cap for the 於截至2025年12月31日止年度，海天商transaction amounts in terms of the maximum point-in-time 業保理合作協議項下我們應支付予海天商
balance payable by us to Haitian Commercial Factoring under the 業保理的最高時點餘額的交易金額的年度
Haitian Commercial Factoring Cooperation Framework Agreement 上限為人民幣600百萬元，我們實際支付was RMB600 million and the actual maximum point-in-time 予海天商業保理的最高時點餘額為人民幣
balance payable by us to Haitian Commercial Factoring was 255.3百萬元。
RMB255.3 million.Procurement of Raw Materials from Guangdong Haitian Group 向廣東海天集團採購原材料
Guangdong Haitian Group manufactures and sells the Raw 廣東海天集團製造並銷售我們生產調味品
Materials which we may require for the production of our 可能所需的原材料，廣東海天集團生產的seasoning products. The Raw Materials produced by Guangdong 原材料在價格及質量上具有競爭力。本集Haitian Group are competitive in terms of price and quality. 團與廣東海天集團擁有長期穩定的業務合
Our Group has a long-term and stable business cooperation 作關係，而廣東海天集團熟悉我們的業務with Guangdong Haitian Group and Guangdong Haitian Group 需要、質量標準及經營要求。董事相信，is familiar with our business needs quality standards and 與廣東海天集團保持穩定及優質的業務關
operational requirements. Our directors believe that maintaining a 係將有助於我們的業務增長。因此，於stable and quality business relationship with Guangdong Haitian 2025年6月3日，本集團與廣東海天集團訂Group will facilitate our business growth. Therefore on June 立框架協議（「原材料採購框架協議」），據
3 2025 our Group entered into a framework agreement with 此，廣東海天集團將向本集團供應我們生Guangdong Haitian Group (the “Raw Material Procurement 產調味品而可能不時需要的原材料，包括Framework Agreement”) pursuant to which Guangdong 但不限於蠔汁、澱粉和其他食品原材料（統Haitian Group would supply to our Group raw materials including 稱「原材料」）。
but not limited to oyster extracts starch and other food raw
materials (collectively the “Raw Materials”) as we may require
for the production of our seasoning products from time to time.The initial term of the Raw Material Procurement Framework 原材料採購框架協議的初始期限將於2025
Agreement commenced on June 19 2025 and will end on 年6月19日開始並於2027年12月31日結
December 31 2027 subject to renewal upon the mutual 束，可於訂約雙方同意下重續。根據原材agreement of both parties thereto. Both parties or their respective 料採購框架協議所規定的原則，訂約雙方subsidiaries will enter into separate underlying agreements which 或彼等各自的子公司將分別訂立相關協
will set out the specific terms and conditions for the procurement 議，當中將載列原材料採購的具體條款及of Raw Materials according to the principles provided in the Raw 條件。
Material Procurement Framework Agreement.For the year ended December 31 2025 the annual cap for the 於截至2025年12月31日止年度，我們根transaction amounts payable by us to Guangdong Haitian Group 據原材料採購框架協議向廣東海天集團支
under the Raw Material Procurement Framework Agreement was 付的交易金額的年度上限為人民幣648百
RMB648 million and the actual total transaction amounts paid by 萬元，我們實際支付的交易金額合共為人us were RMB570.9 million. 民幣570.9百萬元。
110 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
Procurement of Packaging Materials from Guangdong Haitian 向廣東海天集團及其聯繫人採購包裝材料
Group and its Associates
Guangdong Haitian Group and its associates manufacture 廣東海天集團及其聯繫人製造並銷售我們
and sell glass bottles and other packaging materials which we 生產調味品可能所需的玻璃瓶和其他包裝
may require for the production of our seasoning products. We 材料。我們向廣東海天集團及其聯繫人採procured Packaging Materials from Guangdong Haitian Group 購包裝材料，主要由於廣東海天集團及其and its associates mainly due to the competitiveness of the prices 聯繫人生產的包裝材料在價格及質量上具
and quality of the Packaging Materials produced by Guangdong 有競爭力。本集團與廣東海天集團及其聯Haitian Group and its associates. Our Group has a long-term and 繫人擁有長期穩定的業務合作關係，而廣stable business cooperation with Guangdong Haitian Group and 東海天集團及其聯繫人熟悉我們的業務需
its associates and Guangdong Haitian Group and its associates 求、質量標準及經營要求。董事相信，與are familiar with our business needs quality standards and 廣東海天集團及其聯繫人保持穩定及優質
operational requirements. Our directors believe that maintaining 的業務關係將有助於我們的業務增長。於a stable and quality business relationship with Guangdong 2025年6月3日，本集團與廣東海天集團Haitian Group and its associates will facilitate our business （代表其本身及其聯繫人）訂立框架協議
growth. On June 3 2025 our Group entered into a framework （「包裝材料採購框架協議」），據此，廣東agreement with Guangdong Haitian Group (on behalf of itself 海天集團及其聯繫人將向本集團供應我們and its associates) (the “Packaging Material Procurement 可能不時需要的包裝材料，主要包括玻璃Framework Agreement”) pursuant to which Guangdong 瓶（統稱「包裝材料」）。
Haitian Group and its associates would supply to our Group
packaging materials mainly including glass bottles (collectively
the “Packaging Materials”) as we may require from time to
time.The in i t ia l term of the Packaging Mater ia l Procurement 包裝材料採購框架協議的初始期限將於
Framework Agreement commenced on June 19 2025 and will 2025年6月19日開始並於2027年12月31end on December 31 2027 subject to renewal upon the mutual 日結束，可於訂約雙方同意下重續。根據agreement of both parties thereto. Both parties or their respective 包裝材料採購框架協議所規定的原則，訂subsidiaries will enter into separate underlying agreements which 約雙方或彼等各自的子公司將分別訂立相
will set out the specific terms and conditions for the procurement 關協議，當中將載列採購包裝材料的具體of the Packaging Materials according to the principles provided in 條款及條件。
the Packaging Material Procurement Framework Agreement.For the year ended December 31 2025 the proposed annual 於截至2025年12月31日止年度，我們根cap for the transaction amounts payable by us to Guangdong 據包裝材料採購框架協議向廣東海天集團
Haitian Group and its associates under the Packaging Material 及其聯繫人支付的交易金額的建議年度上
Procurement Framework Agreement was RMB668 million and 限為人民幣668百萬元，我們實際支付的the actual total transaction amounts paid by us were RMB571.3 交易金額合共為人民幣571.3百萬元。
million.佛山市海天調味食品股份有限公司 * 2025 年度報告 111REPORT OF THE DIRECTORS董事會報告
The Company confirms that the specific implementation of the 本公司確認上述報告期內的持續關連交易
above continuing connected transactions during the Reporting 的具體執行已遵循該等持續關連交易的定
Period has complied with the pricing principles for such 價原則。
continuing connected transactions.CONFIRMATIONS FROM INDEPENDENT 獨立非執行董事及本公司核數
NON-EXECUTIVE DIRECTORS AND THE 師的確認
COMPANY’S AUDITOR
The independent non-executive directors have reviewed the above 獨立非執行董事已對上述持續關連交易進行了
continuing connected transactions and have confirmed that: 審核並已確認：
(i) the transactions were entered into on normal commercial terms (i) 該等交易乃按照一般商務條款或更佳條款
or better; 進行；
(ii) the transactions were entered into in the ordinary and usual (ii) 該等交易在本集團的日常業務中訂立；及
course of business of the Group; and
(iii) the transactions were conducted in accordance with the (iii) 該等交易乃根據有關交易的協議進行，其agreements governing such transactions on terms and conditions 條款及條件屬公平合理，符合本集團的整that are fair and reasonable in line with the overall development 體發展戰略並符合本公司及其股東的整體
strategy of the Group and in the interests of the Company and 利益。
its Shareholders as a whole.The Company’s auditor has performed relevant agreed-upon 本公司核數師已就上述持續關連交易執行相關
procedures regarding the above continuing connected transactions 商定程序，並向董事會發出函件，報告如下：
and has issued a letter to the Board reporting that:
(i) nothing has come to their attention that causes them to believe (i) 並未注意到任何事情可使其認為有關持續
that the disclosed continuing connected transactions have not 關連交易未獲董事會批准；
been approved by the Board;
(ii) for transactions involving the provision of goods and services by (ii) 涉及由本集團提供貨物和服務的交易而
the Group nothing has come to their attention that causes them 言，並未注意到任何事情可使其認為該交to believe that the disclosed continuing connected transactions 易在各重大方面沒有按照本集團的定價政
were not in all material respects in accordance with the pricing 策進行；
policies of the Group;
(iii) nothing has come to their attention that causes them to believe (iii) 並未注意到任何事情可使其認為有關持續
that the disclosed continuing connected transactions were not 關連交易在各重大方面沒有根據規管該等
entered into in all material respects in accordance with the 交易的相關協議進行；及
relevant agreements governing such transactions; and
112 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
(iv) nothing has come to their attention that causes them to believe (iv) 並未注意到任何事情可使其認為有關持續
that the amounts of the disclosed continuing connected 關連交易的金額超出於本公司訂立的各交
transactions have exceeded the annual caps set by the Company 易截至2025年12月31日止年度的年度上
for each transaction for the year ended December 31 2025. 限。
Accordingly the Board confirms that the auditor has provided the 據此，董事會確認核數師已按《聯交所上市規confirmation in respect of the matters set out in Rule 14A.56 of the 則》第14A.56條所述之事宜作出確認。
Listing Rules of the Stock Exchange.Details of the related party transactions entered into by the Group 本集團於報告期內按其編製財務報表時所採用
during the Reporting Period as described under the accounting 的會計準則所述的關聯方交易詳情列載於財務
standards adopted for preparing its financial statements are set out 報表附註34內。除上述披露外，沒有任何載列in Note 34 to the financial statements. Save as disclosed above 於財務報表附註34的關聯方交易屬於《聯交所none of the related party transactions set out in Note 34 to the 上市規則》第十四A章項下不獲豁免的關連交易
financial statements constitute non-exempt connected transactions or 或持續關連交易。本公司就其關連交易和持續continuing connected transactions under Chapter 14A of the Listing 關連交易已符合《聯交所上市規則》第十四A章
Rules of the Stock Exchange. The Company has complied with the 的規定。
requirements under Chapter 14A of the Listing Rules of the Stock
Exchange in respect of its connected transactions and continuing
connected transactions.PRE-EMPTIVE RIGHTS 優先認股權
During the Reporting Period there were no arrangements for 報告期內，根據中國法律及《公司章程》的規pre-emptive rights in accordance with the provisions of PRC laws and 定，本公司無優先認股權安排。
the Articles of Association.MATERIAL LEGAL MATTERS 重大法律事務
As of the end of the Reporting Period the Company was not involved 截至報告期末，本公司不涉及任何重大法律訴in any material legal litigation or claims. To the knowledge of the 訟或索賠。就本公司所知，也不存在任何尚未Company there is no pending or threatened material legal litigation or 解決或可能面臨的重大法律訴訟或仲裁。
arbitration.COMPLIANCE WITH LAWS AND 遵守法律及規例
REGULATIONS
The business operations of the Company are mainly subject to the 本公司所營運的業務主要受中國法律監管。於laws of the PRC. During the Reporting Period to the best knowledge 報告期內，據董事會所知，本集團已在所有重of the Board the Group has complied in all material respects with the 大方面遵守對本集團有重大影響的相關中國法
relevant PRC laws and regulations that have a significant impact on 律法規。
the Group.佛山市海天調味食品股份有限公司 * 2025 年度報告 113REPORT OF THE DIRECTORS董事會報告
ENVIRONMENTAL POLICIES AND 環境政策及表現
PERFORMANCE
The Group is committed to practicing environmental protection 本集團通過有效利用資源及積極採取減少對環
policies by effectively utilizing resources and actively taking measures 境造成影響的措施致力實踐環境保護政策。本to reduce environmental impact. The Group has established an 集團已建立環境、健康、安全管理體系，以評environment health and safety management system to assess 估主要附屬公司新建生產設施的環境影響。在the environmental impact of new production faci l i t ies of i ts 生產過程中，本集團持續實施節約能源、減major subsidiaries. During the production process the Group 排、處理廢水及廢物的環保措施。在遵守適用continuously implements environmental protection measures for 的環境法律和法規的基礎上，本集團不斷提升energy conservation emission reduction and wastewater and waste 環保表現，以實現可持續發展。
treatment. Based on compliance with applicable environmental laws
and regulations the Group constantly improves its environmental
performance to achieve sustainable development.For further details on the Group’s environmental policies and 關於本集團環境政策及表現的進一步詳情，請performance please refer to the Company’s 2025 Environmental 參閱本公司《2025年環境、社會及管治報告》。
Social and Governance Report.AUDIT COMMITTEE 審計委員會
The Audit Committee has reviewed the audited consolidated financial 審計委員會已審閱本集團截至2025年12月31statements of the Group for the year ended December 31 2025. The 日止年度的經審計綜合財務報表。審計委員會Audit Committee has also reviewed the accounting standards and 亦已審閱本集團所採納的會計準則及慣例，並practices adopted by the Group and discussed matters relating to 討論有關審計、風險管理、內部監控及財務報
auditing risk management internal controls and financial reporting. 告事項。
114 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025REPORT OF THE DIRECTORS
董事會報告
AUDITOR 核數師
The Company has not changed its overseas auditor since it issued H 公司自2025年6月19日發行H股股票並在聯交
Shares and listed on the Main Board of the Stock Exchange on June 所主板掛牌上市至今未更換境外核數師。
192025.The Company has appointed KPMG Huazhen LLP and KPMG as the 本公司委任畢馬威華振會計師事務所（特殊普Company’s domestic and overseas auditors for the year 2025. KPMG 通合夥）及畢馬威會計師事務所為公司2025年has audited the accompanying financial statements which were 度境內及境外核數師。畢馬威會計師事務所已prepared in accordance with the International Financial Reporting 審計隨附的財務報表，該等報表按國際財務報Standards. KPMG is the reporting accountant during the period of 告準則編製。畢馬威會計師事務所為本公司上listing of the Company and the Company has not changed its auditor 市期間的申報會計師，本公司自上市日起沒有since the Listing Date. 更換核數師。
The Board of Directors 佛山市海天調味食品股份有限公司
Foshan Haitian Flavouring and Food Company Ltd. 董事會
March 26 2026 2026年3月26日
佛山市海天調味食品股份有限公司 * 2025 年度報告 115CORPORATE GOVERNANCE REPORT企業管治報告
COMPLIANCE WITH THE CORPORATE 遵守《企業管治守則》
GOVERNANCE CODE
The Company has consistently maintained a commitment to high 本公司始終致力於實現高水平的企業管治，以standards of corporate governance to safeguard the interests 切實保障股東權益。自H股上市以來，本公司of Shareholders. Since the listing of its H Shares the Corporate 一直以《企業管治守則》的條文作為管治實踐的
Governance Code has served as the basis for the Company’s 基礎。自上市日期起至報告期末本公司均已遵corporate governance practices. From the Listing Date to the end of 守《企業管治守則》中適用的所有守則條文。
the Reporting Period the Company has complied with all applicable
code provisions of the Corporate Governance Code throughout the
Reporting Period.COMPLIANCE WITH THE MODEL CODE 遵守有關證券交易的標準守則
FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Secur i t ies 本公司已採納《聯交所上市規則》附錄C3所載
Transactions by Directors of Listed Issuers (the “Model Code”) as 的《上市發行人董事進行證券交易的標準守則》
set out in Appendix C3 to the Listing Rules of the Stock Exchange. （「標準守則」）。經本公司作出合理查詢後，所Having made reasonable enquiries by the Company all directors 有董事確認彼等自上市日期起至報告期末已遵
confirmed that they had complied with the required standards for 守標準守則規定的有關董事證券交易的要求。
securities transactions by directors set out in the Model Code from
the Listing Date to the end of the Reporting Period.CORPORATE CULTURE 企業文化
“Consumer Satisfaction First” is the core value of the Group. We 「用戶滿意至上」是本集團的核心價值觀。我們deeply understand that the user is always the fundamental starting 深知，企業發展的原點永遠是用戶。這不僅要point of our corporate development. This not only requires us to 求我們敏銳洞察需求、持續迭代產品，更驅動maintain keen insights into users’ needs and continuously iterate our 我們在研發創新、渠道建設等各個領域，始終products but also drives us to consistently regard user satisfaction 以用戶是否滿意作為一切工作的檢驗標準。
as the ultimate benchmark for all our endeavors across various fields
including R&D innovation and channel development.To this end we continue to deepen our transformation. In the 為此，我們持續深化轉型。面對市場變化，我face of market changes we are committed to breaking away from 們致力於打破慣性邏輯，以自我革新推動組織conventional mindsets and driving organizational evolution through 進化，讓敏捷響應與高質價比交付成為日常，self-innovation. We strive to make agile responses and high-quality 讓每一次交付都成為用戶滿意的抵達，向著cost-effective deliveries our daily norm ensuring that every delivery 「有人煙處有海天」這一願景不斷奮鬥。
culminates in user satisfaction and continuously working towards the
vision of “Flavoring Every Moment”.
116 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
We believe that the breadth of our ecosystem determines the depth 我們認為，生態的廣度決定企業向用戶交付價of value we deliver to our users. With an open mind the Group 值的深度。本集團持續以開放之心攜手夥伴共continues to move forward hand in hand with our partners to achieve 同前行，實現企業效益與社會價值的共生共mutual growth of corporate performance and social value thereby 長，構築我們穿越週期、基業長青的厚土。
building a solid foundation that enables us to navigate economic
cycles and build a lasting enterprise.THE BOARD OF DIRECTORS 董事會
Composition of the Board 董事會的組成
The following sets out the composition of the Board and relevant 以下列載截至報告期末的董事會組成及相關資
information as of the end of the Reporting Period: 料：
Director Age Position Term of Office董事年齡職務任期
Ms. Cheng Xue 55 Executive Director and Chairwoman September 19 2024 to September 18 2027
程雪女士55歲執行董事兼董事長2024年9月19日－2027年9月18日
Executive Director and Vice Chairwoman November 25 2010 to September 19 2024
執行董事兼副董事長2010年11月25日－2024年9月19日
Mr. Guan Jianghua 51 Executive Director December 9 2022 to September 18 2027
管江華先生51歲執行董事2022年12月9日－2027年9月18日
President September 19 2024 to September 18 2027
總裁2024年9月19日－2027年9月18日
Mr. Huang Wenbiao 58 Executive Director September 19 2024 to September 18 2027
黃文彪先生58歲執行董事2024年9月19日－2027年9月18日
Mr. Wen Zhizhou 47 Executive Director November 25 2019 to September 25 2025
文志州先生47歲執行董事2019年11月25日－2025年9月25日
Executive Director and Employee Representative Director September 25 2025 to September 18 2027
執行董事兼職工代表董事2025年9月25日－2027年9月18日
Mr. Liao Changhui 49 Executive Director December 9 2022 to September 18 2027
廖長輝先生49歲執行董事2022年12月9日－2027年9月18日
Mr. Dai Wen 43 Executive Director September 19 2024 to September 18 2027
代文先生43歲執行董事2024年9月19日－2027年9月18日
Mr. Zhang Kechun 47 Independent Non-executive Director September 19 2024 to September 18 2027
張科春先生47歲獨立非執行董事2024年9月19日－2027年9月18日
Mr. Qu Wenzhou 53 Independent Non-executive Director September 19 2024 to September 18 2027
屈文洲先生53歲獨立非執行董事2024年9月19日－2027年9月18日
Mr. Ding Bangqing 60 Independent Non-executive Director September 19 2024 to September 18 2027
丁邦清先生60歲獨立非執行董事2024年9月19日－2027年9月18日
佛山市海天調味食品股份有限公司 * 2025 年度報告 117CORPORATE GOVERNANCE REPORT企業管治報告
Note: 附註：
1. Due to the adjustment of the Company’s internal governance structure 1. 文志州先生因本公司內部治理結構調整，於
Mr. Wen Zhizhou resigned from his position as a director of the sixth 2025年9月25日辭去本公司第六屆董事會董事
session of the Board of the Company on September 25 2025. On the 職務。於同日，本公司召開第三屆第二次職工代same day the second meeting of the third session of the employee 表大會，選舉文志州先生為本公司第六屆董事會representatives’ meeting of the Company was held electing Mr. Wen 職工代表董事。截至最後實際可行日期，文志州Zhizhou as the employee representative director of the sixth session of 先生為本公司執行董事兼職工代表董事，其任期the Board of the Company. As of the Latest Practicable Date Mr. Wen 請見上表。
Zhizhou is an executive director and employee representative director of
the Company and his term of office is shown in the table above.The biographical details of the directors are set out in the section 董事履歷載於本報告「董事及高級管理人員簡
headed “Biographical Details of Directors and Senior Management” in 歷」章節。
this report.Each of our directors confirms that he or she (i) has obtained the legal 各董事確認，彼 ( i )已於2024年12月30日取得advice referred to under Rule 3.09D of the Listing Rules on December 上市規則第3.09D條所提述的法律意見；及 ( i i )
30 2024 and (ii) understands the requirements under the Listing 明白在上市規則下適用於其作為上市發行人董
Rules that are applicable to him or her as a director of a listed issuer 事的規定，以及向聯交所作出虛假聲明或提供under the Listing Rules and the possible consequences of making a 虛假資料可能產生的後果。
false declaration or giving false information to the Stock Exchange.During the Reporting Period the Board at all times complied with 於報告期間，董事會在任何時間均遵守《聯交the requirements under Rules 3.10(1) and 3.10(2) of the Listing Rules 所上市規則》第3.10(1)條及第3.10(2)條有關委of the Stock Exchange relating to the appointment of at least three 任至少三名獨立非執行董事（其中至少一名獨independent non-executive directors (with at least one independent 立非執行董事須擁有適當的專業資格或會計或non-execut ive d i rector possess ing appropr iate profess ional 相關財務管理專業知識）的規定。
qual i f ications or accounting or related f inancial management
expertise).The Company has also complied with Rule 3.10A of the Listing Rules 本公司亦已遵守《聯交所上市規則》第3.10A條
of the Stock Exchange relating to the appointment of independent 有關委任相當於董事會成員三分之一的獨立非
non-executive directors representing at least one-third of the Board. 執行董事的規定。各獨立非執行董事均已根據Each of the independent non-executive directors has confirmed his/ 《聯交所上市規則》第3.13條確認其獨立性，故her independence pursuant to Rule 3.13 of the Listing Rules of the 本公司認為彼等均為獨立人士。
Stock Exchange and the Company therefore considers them to be
independent.
118 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
Board Diversity 董事會成員多元化
As of the end of the Reporting Period the diversity analysis of the 截至報告期末，公司董事會的多元化分析如Company’s Board is as follows: 下：
Number of As a Percentage of
Item Category Directors the Board Members佔董事會項目類別人數成員比例
Director category Executive Directors 6 66.7%董事類別執行董事6名
Independent Non-executive Directors 3 33.3%獨立非執行董事3名
Gender Male 8 88.9%性別男性董事8名
Female 1 11.1%女性董事1名
Age group 50 and below 4 44.4%年齡組別50歲及以下4名
51-59444.4%
51-59歲4名
59 and above 1 11.1%
59歲及以上1名
To ensure the operational efficiency of the Board and maintain 為確保董事會運營效率並維持高質量的企業管
high-quality corporate governance in addition to satisfying the 治，除滿足公司股票上市地相關法律法規和compliance requirements for holding office under the relevant laws 《公司章程》的任職合規要求外，以人崗匹配and regulations in the places where the Company’s shares are listed 為基礎，本公司還將從多個維度評估董事會候and the Articles of Association the Company also evaluates the 選人的適配性，包括但不限於性別、技能、年suitability of Board candidates based on matching talent to jobs from 齡、教育背景和專業經驗等，以維持董事會構multiple dimensions including but not limited to gender skills age 成的多元化。提名委員會將基於候選人的優點educational background and professional experience to maintain 及其將為董事會帶來的貢獻，向董事會提出委the diversity of the Board’s composition. The Nomination Committee 任建議。
will make appointment recommendations to the Board based on the
candidates’ merits and the contributions they will bring to the Board.佛山市海天調味食品股份有限公司 * 2025 年度報告 119CORPORATE GOVERNANCE REPORT企業管治報告
The Company aims to build and maintain a diverse Board composition 本公司的目標是建立並維持多元化的董事會組
and a diverse employee base and is committed to maintaining 成和多元化的員工基礎，在性別、年齡、文化gender diversity at both the Board and employee levels (including 和教育背景、專業經驗等方面，本公司致力於senior management) in terms of gender age cultural and educational 在董事會和僱員層面（包括高級管理層）維持性
background and professional experience. Specifically the Company 別多元化。具體而言，本公司將努力維持在董will strive to maintain at least one member of a different gender from 事會及董事會提名委員會中維持至少一名與其
the other members on the Board and the Nomination Committee 他成員性別不相同的成員。本公司董事會目前of the Board. The Board of the Company currently consists of 由一名女性董事及八名男性董事組成，各名董one female director and eight male directors with each director 事所擁有的專業背景和技能組合多元，包括整possessing a diverse mix of professional backgrounds and skills 體管理及戰略發展、科研、工程、營銷、財務
including overall management and strategic development scientific 及會計以及企業管治等。六名執行董事擁有平research engineering marketing finance and accounting and 均28年在本集團各部門運營管理的相關經驗，corporate governance. The six executive directors have an average 對行業以及本集團的發展擁有深刻洞察；三名
of 28 years of relevant operational and management experience 獨立非執行董事亦來自於不同行業背景，佔董across var ious departments of the Group possessing deep 事會成員的三分之一。這些因素使董事會能夠insights into the industry and the Group’s development. The three 從多個角度應對挑戰及機遇，制定創新的解決independent non-executive directors also come from different industry 方案及全面的戰略。另如上表所示，本公司董backgrounds and account for one-third of the Board members. These 事會擁有多元化年齡及性別代表。考慮到本公factors enable the Board to address challenges and opportunities 司現有的業務模式，當前董事會的組成符合本from multiple perspectives and formulate innovative solutions and 公司的董事會多元化政策。
comprehensive strategies. Furthermore as shown in the table
above the Board of the Company features diverse age and gender
representation. Considering the Company’s existing business model
the current composition of the Board aligns with the Company’s
Board diversity policy.The Nomination Committee is responsible for reviewing the structure 提名委員會負責每年檢討董事會的架構及多元
and diversity of the Board annually and selecting individuals 化性，並挑選獲提名為董事的人士。提名委員nominated for directorship. The Nomination Committee monitors and 會不時監察及評估董事會成員多元化政策的實
evaluates the implementation of the Board diversity policy from time to 施情況，以確保其持續有效，並在需要時向董time to ensure its continued effectiveness and proposes amendments 事會提出修訂建議。提名委員會亦將在每年年to the Board when necessary. The Nomination Committee will also 報中載列董事會多元化政策的摘要。
set out a summary of the Board diversity policy in the annual report
each year.
120 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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Employee Diversity 員工多元化情況
The Company is committed to creating an inclusive and supportive 本公司致力於為所有員工創造一個具有包容
work environment for all employees and respecting individual 性、支持性的工作環境，並尊重員工個體的多employee diversity. The Company strives to promote equality 樣性。本公司致力於促進員工之間的平等，among employees and provides equal opportunities in recruitment 並在招募、培訓與發展、報酬、就業與晉升機
training and development remuneration and employment and 會方面提供平等機會。所有員工的任命以人為promotional opportunities. The appointment of all employees is 本、以人崗匹配為基礎，並將性別、文化和教people-oriented based on matching talent to jobs and takes 育背景等多樣性的優勢納入考慮。截至2025into account the advantages of diversity such as gender culture 年12月31日，本集團員工總數為9160人，其and educational background. As of December 31 2025 the total 中男性員工7021人，佔比76.65%，女性員工number of employees in the Group was 9160 of which 7021 were 2139人，佔比23.35%；高級管理人員中，男male employees accounting for 76.65% and 2139 were female 性5人，佔比83.3%，女性1人，佔比16.7%。
employees accounting for 23.35%. Among the senior management 詳情可參閱本公司發佈的《2025年環境、社會
5 were male accounting for 83.3% and 1 was female accounting for 和公司治理報告》。
16.7%. For details please refer to the “2025 Environmental Socialand Governance Report” published by the Company.Appointment and Re-election of Directors 董事的委任及重選連任
According to the Articles of Association directors are elected by the 根據公司章程的規定，董事由股東會選舉產shareholders’ meeting with a term of three years. Upon expiration of 生，任期為三年。於任期屆滿後，各董事可重the term each director is eligible for re-election. 選連任。
Training of Directors 董事的培訓情況
The Company and its professional advisors continuously arrange 本公司及其專業顧問持續為董事安排有關法律
training and/or provide relevant materials on various aspects such 及監管制度、業務及市場環境最新發展等各方
as the latest developments in legal and regulatory regimes business 面的培訓和╱或提供相關材料，以協助董事履and market environments to assist the directors in discharging their 行職責。截至2025年12月31日止年度，本公duties. For the year ended December 31 2025 all directors of the 司全體董事均已參加與上市公司董事職責及其
Company participated in training related to the duties of directors of 持續專業發展相關的培訓，主要培訓方式包括listed companies and their continuous professional development. The 閱讀培訓資料和╱或參加培訓課程，具體如下primary training methods included reading training materials and/or 表所示。
attending training courses as detailed in the table below.佛山市海天調味食品股份有限公司 * 2025 年度報告 121CORPORATE GOVERNANCE REPORT企業管治報告
Name of Director Type of Training董事姓名培訓類型
Cheng Xue 程雪 A/B
Guan Jianghua 管江華 A/B
Huang Wenbiao 黃文彪 A/B
Wen Zhizhou 文志州 A/B
Liao Changhui 廖長輝 A/B
Dai Wen 代文 A/B
Zhang Kechun 張科春 A/B
Qu Wenzhou 屈文洲 A/B
Ding Bangqing 丁邦清 A/B
Note: 附註：
Training types are divided into: 培訓類型分為
A: Attending training courses including but not limited to online or offline A： 參加培訓課程，包括但不限於線上或線下的專題thematic training etc. 培訓等；
B: Reading training materials including but not limited to professional B： 閱讀培訓資料，包括但不限於業務發展、公司治training materials on business development corporate governance legal 理、法律合規和可持續發展等方面的專業培訓資
compliance and sustainable development. 料。
Functions and Powers Exercised by the Board and 董事會和管理層行使的職權
Management
The shareholders’ meeting is the highest governing body of the 股東會是本公司的最高權力機構。董事會是公Company. The Board is the decision-making body for the Company’s 司經營管理與重大事項的決策機構，向股東會operational management and major matters responsible to the 負責，把握公司的戰略方向與重大決策，並對shareholders’ meeting steering the Company’s strategic direction and 高級管理人員的履職情況進行監督。本公司全major decisions and supervising the performance of duties by senior 體董事（包括獨立非執行董事）為董事會提供多
management. All directors of the Company (including independent 領域的業務經驗、知識及專長，使其高效及有non-executive directors) bring a multi-disciplinary range of business 效地運作。
experience knowledge and expertise to the Board enabling it to
operate efficiently and effectively.All directors of the Company have full and timely access to all 本公司全體董事均可全面並及時獲得本集團所
information of the Group and may where appropriate seek 有資料，並可在適當情況下尋求獨立專業意independent professional advice to properly discharge their duties 見，以適當履行其職責，有關費用由本公司承with the relevant expenses borne by the Company. 擔。
122 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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The senior management is responsible for translating the Board’s 高級管理人員則負責將董事會的決策轉化為具
decisions into specific operational actions taking charge of the 體的經營行動，負責本集團業務的日常管理並daily management of the Group’s business and supervising overall 監管整體運營，帶領和牽引團隊實現本集團的operations as well as leading and guiding the team to achieve the 戰略目標。
Group’s strategic goals.Chairwoman and President 董事長及總裁
According to Code Provision C.2.1 of the Corporate Governance 根據企業管治守則之守則條文C.2.1條，董事長Code the roles of chairperson and chief executive should be 及總裁角色應予區分及由不同人士擔任。報告separate and should not be performed by the same individual. 期內，本公司董事長與總裁由不同人士擔任，During the Reporting Period the roles of chairwoman and president 以確保董事會決策和管理層日常營運的獨立
of the Company were held by different individuals to ensure the 性。本公司董事長為程雪女士，本公司總裁為independence of Board decision-making and daily management 管江華先生。董事長和總裁為兩個明確劃分的operations. The chairwoman of the Company is Ms. Cheng Xue 不同職位。董事長負責管理董事會的運作，而and the president of the Company is Mr. Guan Jianghua. The 總裁則負責公司的業務營運。《公司章程》中詳chairwoman and the president are two distinct and clearly defined 盡地說明了董事長與總裁各自的職責。於報告positions. The chairwoman is responsible for managing the operations 期內，本公司已遵守企業管治守則第C.2.1條的of the Board while the president is responsible for the Company’s 規定。
business operations. The Articles of Association detail the respective
responsibilities of the chairwoman and the president. During the
Reporting Period the Company complied with the provisions of Code
Provision C.2.1 of the Corporate Governance Code.CORPORATE GOVERNANCE FUNCTIONS 企業管治職能
The Board is responsible for performing the functions set out in Code 董事會負責履行《企業管治守則》的守則條文
Provision A.2.1 of the Corporate Governance Code. During the year A.2.1所載的職能。董事會於年內已檢討本公司the Board reviewed the Company’s corporate governance policies 的企業管治政策及規則，董事及高級管理人員and practices the training and continuous professional development 的培訓及持續專業發展，本公司遵守法律法規of directors and senior management. The Company complies with 規定、《標準守則》及信息披露法規、企業管治
legal and regulatory requirements the Model Code and information 守則以及企業管治報告披露規定的相關情況。
disclosure regulations the Corporate Governance Code and the
disclosure requirements in the Corporate Governance Report.The Board places a strong emphasis on corporate governance and 董事會高度重視企業管治及合規性，致力於在compliance and is committed to maintaining integrity transparency 本集團的日常業務營運及管治中維持誠信、透
and accountability in the Group’s daily business operation and 明度及問責制，確保其業務實踐符合甚至超過governance ensuring that its business practices not only meet 行業標準，從而增強利益相關者的信任及信心。
but exceed industry standards thereby reinforcing the trust and
confidence of its stakeholders.佛山市海天調味食品股份有限公司 * 2025 年度報告 123CORPORATE GOVERNANCE REPORT企業管治報告
SPECIAL COMMITTEES OF THE BOARD 董事會專門委員會
The Company has established four special committees under the 本公司已成立四個董事會專門委員會，即審計Board namely the Audit Committee the Remuneration and Evaluation 委員會、薪酬與考核委員會、提名委員會及戰
Committee the Nomination Committee and the Strategy and 略與可持續發展委員會，並以書面方式訂立職Sustainability Committee with written terms of reference. 權範圍。
Audit Committee 審計委員會
The Audit Committee consists of Mr. Qu Wenzhou Mr. Zhang 審計委員會由屈文洲先生、張科春先生、丁邦
Kechun and Mr. Ding Bangqing. Mr. Qu Wenzhou is the chairman 清先生組成。屈文洲先生為審計委員會主席，of the Audit Committee and holds the appropriate professional 持有《聯交所上市規則》第3.10(2)條及3.21條
qualifications as required under Rules 3.10(2) and 3.21 of the Listing 所規定的適當專業資格。審計委員會主要履行Rules of the Stock Exchange. The Audit Committee primarily performs 以下職責：監督及評估外部審計工作；審閱本
the following duties: supervising and evaluating external audit work; 公司的財務報告；監督及評估內部控制的有效
reviewing the Company’s financial reports; supervising and evaluating 性，審查並監督本公司財務報告、內控制度the effectiveness of internal controls reviewing and supervising the 和風險管理體系的有效運行；行使《中華人民effective operation of the Company’s financial reporting internal 共和國公司法》規定的監事會的職權；其他法
control system and risk management system; exercising the 律、法規、公司股票上市地上市規則規定及本
functions and powers of the supervisory committee as stipulated in 公司董事會授予的其他職權。
the Company Law of the People’s Republic of China; and exercising
other functions and powers stipulated by other laws regulations
listing rules of the places where the Company’s shares are listed and
those delegated by the Board of the Company.
124 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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During the Reporting Period the Audit Committee held 5 meetings 於報告期內，審計委員會舉行了5次會議，具the details of which are as follows: 體情況如下：
Date of Meeting Name of Meeting Meeting Contents Meeting Attendance召開日期會議名稱會議內容會議出席情況
January 20 2025 The Fourth Meeting of Considered and approved the Proposal on the All members of the
2025年1月20日 the Audit Committee Audit Plan of KPMG Huazhen LLP (Special Audit Committee
of the Sixth Session of General Partnership). attendedthe Board 審議並通過了《關於畢馬威華振會計師事務所 審計委員會全體委員出
第六屆董事會審計委員（特殊普通合夥）審計計劃的議案》。席
會第四次會議
March 21 2025 The Fifth Meeting of Considered and approved all the following All members of the
2025年3月21日 the Audit Committee proposals: Audit Committee
of the Sixth Session of 審議並通過了以下全部議案： attended
the Board 審計委員會全體委員出
第六屆董事會審計委員 1. Report on the Performance of Duties by 席
會第五次會議 the Audit Committee of the Board of the
Company for 2024《公司董事會審計委員會2024年度履職情況報告》
2. Full Text and Summary of the Annual
Report of the Company for 2024
《公司2024年年度報告全文及摘要》
3. Financial Statements of the Company for
2024
《公司2024年度財務報表》
4. Proposal on the Re-appointment of the
Auditors of the Company for 2025
《關於續聘公司2025年度審計機構的議案》
5. Internal Control Evaluation Report of the
Company for 2024
《公司2024年度內部控制評價報告》
6. Summary of Non-operating Fund
Appropriation and Other Related Party
Fund Transfers of the Company for 2024《公司2024年度非經營性資金佔用及其他關聯資金往來情況匯總表》
佛山市海天調味食品股份有限公司 * 2025 年度報告 125CORPORATE GOVERNANCE REPORT企業管治報告
Date of Meeting Name of Meeting Meeting Contents Meeting Attendance召開日期會議名稱會議內容會議出席情況
7. Proposal on the Ordinary Related Party
Transaction Plan of the Company for 2025《關於公司2025年度日常關聯交易計劃的議案》
8. Report of the Audit Committee of
the Board of the Company on the
Performance of Supervisory Duties over
the Accounting Firm《公司董事會審計委員會對會計師事務所履行監督職責情況報告》
9. Assessment Report of the Company
on the Performance of Duties by the
Accounting Firm
《公司對會計師事務所履職情況評估報告》
10. Report on Assessment of Goodwill
Impairment of the Company for 2024
《公司2024年商譽減值測試報告》
11. Proposal of the Company on Conducting
Foreign Exchange Derivative Business
《公司關於開展外匯衍生品業務的議案》
12. Proposal on the Related Party Transaction
between the Company and Guangdong
Haitian Commercial Factoring Company
Limited《公司與廣東海天商業保理有限公司進行關聯交易的議案》
April 23 2025 The Sixth Meeting of Considered and approved all the following All members of the
2025年4月23日 the Audit Committee proposals: Audit Committee
of the Sixth Session of 審議並通過了以下全部議案： attended
the Board 審計委員會全體委員出
第六屆董事會審計委員 1. First Quarterly Report of the Company for 席
會第六次會議2025
《公司2025年第一季度報告》
2. First Quarterly Financial Statements of the
Company for 2025
《公司2025年第一季度財務報表》
126 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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Date of Meeting Name of Meeting Meeting Contents Meeting Attendance召開日期會議名稱會議內容會議出席情況
August 14 2025 The Seventh Considered and approved all the following All members of the
2025年8月14日 Meeting of the Audit proposals: Audit Committee
Committee of the 審議並通過了以下全部議案： attended
Sixth Session of the 審計委員會全體委員出
Board 1. Full Text and Summary of the Half-Year 席
第六屆董事會審計委員 Report of Foshan Haitian Flavouring and
會第七次會議 Food Company Ltd. for 2025《佛山市海天調味食品股份有限公司2025年半年度報告全文及摘要》
2. Proposal on Amendments to Certain Rules
of Foshan Haitian Flavouring and Food
Company Ltd.《關於修訂佛山市海天調味食品股份有限公司部分制度的議案》
October 14 2025 The Eighth Meeting of Considered and approved all the following All members of the
2025年10月14日 the Audit Committee proposals: Audit Committee
of the Sixth Session of attended
the Board 審議並通過了以下全部議案： 審計委員會全體委員出
第六屆董事會審計委員 1. Third Quarterly Report of Foshan Haitian 席
會第八次會議 Flavouring and Food Company Ltd. for
2025《佛山市海天調味食品股份有限公司2025年
第三季度報告》
2. Proposal on Entering into the Property
Lease Agreement and Related Party
(Connected) Transactions by Foshan
Haitian Flavouring and Food Company
Ltd.《關於佛山市海天調味食品股份有限公司簽訂物業租賃合同暨關聯（連）交易的議案》
佛山市海天調味食品股份有限公司 * 2025 年度報告 127CORPORATE GOVERNANCE REPORT企業管治報告
The Audit Committee continuously supervises and monitors the 審計委員會持續監督和監察本公司的風險管理
risk management and internal control systems of the Company. In 及內部監控系統，與管理層定期地檢討，每年conjunction with management it regularly reviews at least annually 至少一次對本公司的企業會計與財務控制、風
the scope adequacy and effectiveness of the Company’s corporate 險管理及內部監控系統的範圍、充足性及有效
accounting and financial controls as well as its risk management 性，以及與風險或披露有關的任何相關重大發and internal control systems along with any material findings relating 現進行檢討，並考慮提出對此類監控改進的建to risks or disclosures and considers recommending improvements 議。檢討已涵蓋所有重要的監控方面，包括財to such controls. The reviews have covered all material controls 務監控、運作監控及合規監控。有關審計委員including financial operational and compliance controls. Further 會作出的年度審核之進一步詳情，載於「風險details of the annual review conducted by the Audit Committee 管理及內部監控」章節。
are set out in the section headed “Risk Management and InternalControl”.Remuneration and Evaluation Committee 薪酬與考核委員會
The Remuneration and Evaluation Committee consists of Mr. Qu 薪酬與考核委員會由屈文洲先生、張科春先
Wenzhou Mr. Zhang Kechun Mr. Ding Bangqing Ms. Cheng Xue 生、丁邦清先生、程雪女士、管江華先生組
and Mr. Guan Jianghua. Mr. Qu Wenzhou is the chairman of the 成。屈文洲先生為薪酬與考核委員會主席。本Remuneration and Evaluation Committee. The primary duties of 公司薪酬與考核委員會的主要職責為研究和制
the Company’s Remuneration and Evaluation Committee are to 定董事、高級管理人員的考核標準，基於該標study and formulate assessment standards for directors and senior 準對董事和高級管理人員的表現進行評估考
management evaluate and assess the performance of directors and 核，制定、審查董事、高級管理人員的薪酬政senior management based on such standards formulate and review 策與方案，並就董事和高級管理人員薪酬相關the remuneration policies and schemes for directors and senior 事項向董事會提出建議。
management and make recommendations to the Board on matters
relating to the remuneration of directors and senior management.With respect to the remuneration of executive directors and senior 就執行董事及高級管理人員薪酬而言，薪酬與management the Remuneration and Evaluation Committee makes 考核委員會向董事會就每位執行董事及高級管recommendations to the Board on the remuneration packages of 理人員的薪酬組合提出建議（採納守則條文第individual executive directors and senior management (adopting the E.1.2(c)(ii)條所述模式）。
model described in Code Provision E.1.2(c)(ii)).
128 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
During the Reporting Period the Remuneration and Evaluation 於報告期內，薪酬與考核委員會舉行了3次會Committee held 3 meetings the details of which are as follows: 議，具體情況如下：
Date of Meeting Name of Meeting Meeting Contents Meeting Attendance召開日期會議名稱會議內容會議出席情況
March 21 2025 The Second Meeting Considered and approved the Proposal on the All members of the
2025年3月21日 of the Remuneration Remuneration of Directors Supervisors and Remuneration and
and Evaluation Senior Management of the Company for 2025 Evaluation CommitteeCommittee of the 審議並通過了《公司2025年度董事、監事及高 attendedSixth Session of the 級管理人員薪酬的議案》 薪酬與考核委員會全體
Board 委員出席
第六屆董事會薪酬與考核委員會第二次會議
August 14 2025 The Third Meeting of Considered and approved all the following All members of the
2025年8月14日 the Remuneration and proposals: Remuneration and
Evaluation Committee 審議並通過了以下全部議案： Evaluation Committee
of the Sixth Session of attendedthe Board 1. Proposal on the “2025 A-Share Employee 薪酬與考核委員會全體
第六屆董事會薪酬與考 Stock Ownership Plan of Foshan Haitian 委員出席核委員會第三次會議 Flavouring and Food Company Ltd. (Draft)”
and its Summary《關於〈佛山市海天調味食品股份有限公司
2025年A股員工持股計劃（草案）〉及其摘要的議案》
2. Proposal on the “Administrative Measuresfor the 2025 A-Share Employee Stock
Ownership Plan of Foshan HaitianFlavouring and Food Company Ltd.”《關於〈佛山市海天調味食品股份有限公司
2025年A股員工持股計劃管理辦法〉的議案》
December 12 2025 The Fourth Meeting of Considered and approved the Proposal on All members of the
2025年12月12日 the Remuneration and Formulating the “Remuneration Management Remuneration andEvaluation Committee Policy for Directors and Senior Management of Evaluation Committee
of the Sixth Session of Foshan Haitian Flavouring and Food Company attendedthe Board Ltd.” 薪酬與考核委員會全體第六屆董事會薪酬與考審議並通過了《關於制定〈佛山市海天調味食品委員出席核委員會第四次會議股份有限公司董事和高級管理人員薪酬管理制度〉的議案》
佛山市海天調味食品股份有限公司 * 2025 年度報告 129CORPORATE GOVERNANCE REPORT企業管治報告
Nomination Committee 提名委員會
The Nomination Committee consists of Mr. Zhang Kechun Mr. Qu 提名委員會由張科春先生、屈文洲先生、丁邦
Wenzhou Mr. Ding Bangqing Ms. Cheng Xue and Mr. Dai Wen. Mr. 清先生、程雪女士、代文先生組成。張科春先Zhang Kechun is the chairman of the Nomination Committee. The 生為提名委員會主席。提名委員會的主要職責primary duties of the Nomination Committee include but are not 包括但不限於以下各項：檢討董事會及高級管
limited to: reviewing the composition and number of members of the 理層的組成及人數，並向董事會提出建議；物Board and senior management and making recommendations to 色具備合適資格可成為董事會成員及高級管理
the Board; identifying individuals suitably qualified to become Board 人員的人士，並就董事及高級管理人員的提名members and senior management and making recommendations to 人選向董事會提出建議；檢討董事會的架構及
the Board on the selection of individuals nominated for directorships 多元化。
and senior management positions; and reviewing the structure and
diversity of the Board.The Art ic les of Associat ion set out the procedures for the 《公司章程》載列委任、重選及罷免董事的程
appointment re-election and removal of directors. The nomination 序。董事的提名程序為：結合本集團的管理需procedure for directors is as follows: taking into account the 求，提名委員會物色具備合適資格可成為董事management needs of the Group the Nomination Committee 的人員，從候選人的技能、知識、經驗以及本identifies individuals suitably qualified to become directors and 集團多元化政策等方面進行綜合考察評估。提conducts a comprehensive evaluation of the candidates based 名委員會將審議並提出其推薦的董事候選人名
on their skills knowledge experience and the Group’s diversity 單，再由委員會提交董事會審議，並由董事會policy. The Nomination Committee will consider and propose its 提交股東會審議批准。
recommended list of director candidates which will then be submitted
by the Committee to the Board for consideration and subsequently
submitted by the Board to the shareholders’ meeting for consideration
and approval.During the Reporting Period no meeting was held by the Nomination 於報告期內，提名委員會未召開會議。
Committee.Strategy and Sustainability Committee 戰略與可持續發展委員會
The Strategy and Sustainability Committee consists of Ms. Cheng 戰略與可持續發展委員會由程雪女士、管江華
Xue Mr. Guan Jianghua Mr. Huang Wenbiao Mr. Wen Zhizhou and 先生、黃文彪先生、文志州先生、廖長輝先生
Mr. Liao Changhui. Ms. Cheng Xue is the chairwoman of the Strategy 組成。程雪女士為戰略與可持續發展委員會主and Sustainability Committee. The primary duties of the Strategy and 席。戰略與可持續發展委員會的主要職責為對Sustainability Committee are to research and make recommendations 本集團發展戰略和中長期發展規劃方案進行研
on the Group’s development strategies and medium- to long-term 究、提出建議，並對其實施進行評估監控。
development plans and to evaluate and monitor their implementation.
130 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
During the Reporting Period the Strategy and Sustainabi l i ty 於報告期內，戰略與可持續發展委員會舉行了Committee held 2 meetings the details of which are as follows: 2次會議，具體情況如下：
Date of Meeting Name of Meeting Meeting Contents Meeting Attendance召開日期會議名稱會議內容會議出席情況
March 21 2025 The Second Meeting of the Considered and approved All members of the Strategy
2025年3月21日 Strategy and Sustainability the Environmental Social and and Sustainability Committee
Committee of the Sixth Governance Report of the attended
Session of the Board Company for 2024 戰略與可持續發展委員會全體第六屆董事會戰略與可持續發審議並通過了《公司2024年環委員出席展委員會第二次會議境、社會和公司治理報告》
August 14 2025 The Third Meeting of the Considered and All members of the Strategy
2025年8月14日 Strategy and Sustainability approved the Proposal and Sustainability Committee
Committee of the Sixth on Amendments to the attendedSession of the Board “Sustainable Development 戰略與可持續發展委員會全體
第六屆董事會戰略與可持續發 (ESG) Management Policy 委員出席
展委員會第三次會議 of Foshan Haitian Flavouringand Food Company Ltd.”審議並通過了《關於修訂〈佛山市海天調味食品股份有限公
司可持續發展(ESG)管理制度〉的議案》
佛山市海天調味食品股份有限公司 * 2025 年度報告 131CORPORATE GOVERNANCE REPORT企業管治報告
REMUNERATION OF DIRECTORS AND 董事及高級管理人員薪酬
SENIOR MANAGEMENT
Details of the remuneration of the directors and the chief executive 本公司董事及最高行政人員酬金詳情載於財務
of the Company are set out in Note 9 to the financial statements 報表附註9，其他於報告期內擔任過本公司高
and the remuneration of other individuals who served as senior 級管理人員的人士之薪酬介乎下列範圍：
management of the Company during the Reporting Period falls within
the following bands:
Remuneration range Number of Persons薪酬區間人數
RMB2 million to RMB3 million 人民幣200 - 300萬元 1
RMB3 million to RMB4 million 人民幣300 - 400萬元 1
RMB4 million to RMB5 million 人民幣400 - 500萬元 2
RMB5 million to RMB6 million 人民幣500 - 600萬元 1
Total 合計 5
For the year ended December 31 2025 no director waived or agreed 截至2025年12月31日止年度，概無董事放棄to waive any remuneration. 或同意放棄任何酬金。
Save that Mr. Liu Zhiqing the Vice President of the Company and 除本公司副總裁柳志青先生和聯席公司秘書柯
Ms. Ke Ying the Joint Company Secretary are spouses there are no 瑩女士為配偶外，本公司董事及高級管理人員financial business family or other material relationships among the 之間在財務、業務、家屬、其他重大方面無任
directors and senior management of the Company. 何關係。
BOARD INDEPENDENCE MECHANISM 董事會獨立性機制
The Board has established relevant mechanisms to ensure that the 董事會已建立相關機制以確保董事會獲得獨立
Board obtains independent views and opinions thereby enhancing 觀點和意見，從而提升決策的客觀性和有效the objectivity and effectiveness of decision-making: 性：
* The Company has formulated systems such as the Rules of * 本公司制定有《董事會議事規則》《獨立董Procedure for the Board of Directors the Working Rules for 事工作制度》和各委員會議事規則等制度，Independent Directors and the rules of procedure for each 為全體董事履職提供指引，確保董事會的committee to provide guidelines for all directors to perform their 規範運作及科學決策。
duties and to ensure the standardized operation and scientific
decision-making of the Board.
132 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
* The Board of the Company comprises six executive directors * 本公司董事會由六位執行董事、三位獨立
and three independent non-executive directors. The number of 非執行董事組成，其中獨立董事的人數為independent non-executive directors is three reaching one-third 三人且達到董事會人數的三分之一，符合of the Board which is in compliance with Rules 3.10 and 3.10A 《聯交所上市規則》第3.10條和第3.10A條
of the Listing Rules of the Stock Exchange. 的規定。
* The independent non-executive directors of the Company are * 本公司獨立非執行董事根據《聯交所上市規appointed as members of the Audit Committee the Remuneration 則》的規定，獲委任為董事會審計委員會、and Evaluation Committee and the Nomination Committee of 薪酬與考核委員會和提名委員會成員，以the Board in accordance with the provisions of the Listing Rules 確保可提供獨立觀點及意見。
of the Stock Exchange to ensure that independent views and
opinions can be provided.* When nominating and appointing independent non-executive * 提名委員會在提名及委任獨立非執行董事
directors the Nomination Committee strictly complies with 時，嚴格遵守《聯交所上市規則》所載的獨the independence assessment standards set out in the Listing 立性評估標準，並在每年對獨立非執行董Rules of the Stock Exchange and evaluates the independence 事的獨立性進行評估，以確保其能夠持續of independent non-executive directors annually to ensure their 作出獨立判斷。
ability to continually make independent judgments.* The Chairwoman holds a separate meeting with the independent * 董事長每年在無其他董事出席的前提下，non-executive directors annually without the presence of other 與獨立非執行董事召開單獨會議。
directors.* In performing its duties the Board may seek independent * 董事會在履行職責時，可視情況尋求獨立professional advice as appropriate and may engage intermediary 專業意見，並可以聘請中介機構或者專業institutions or professionals to provide advice with the relevant 人員提出意見，有關費用由公司承擔。
expenses borne by the Company.During the Reporting Period the Group fully complied with the above 報告期內，本集團已全面遵守上述相關規定，relevant requirements. Having reviewed the implementation of the 董事會通過審視上述機制的實施，認為上述機above mechanisms the Board considers these mechanisms effective 制能夠有效地確保董事會獲得獨立的觀點和意
in ensuring the availability of independent views and input to the 見。
Board.佛山市海天調味食品股份有限公司 * 2025 年度報告 133CORPORATE GOVERNANCE REPORT企業管治報告
ATTENDANCE RECORDS OF BOARD 董事會議出席記錄
MEETINGS
During the Reporting Period the attendance records of each director 於報告期內，各董事出席股東會、董事會會議at the shareholders’ meetings meetings of the Board and meetings 及各董事會專門委員會會議之記錄如下。全部of the special committees of the Board are as follows. The attendance 會議的董事出席率均達到100%。
rate of directors for all meetings reached 100%.Remuneration Strategy and
and Evaluation Nomination Sustainability
Meetings of Audit Committee Committee Committee Committee Shareholders’
the Board Meetings Meetings Meetings Meetings Meetings
Attended/Required Attended/Required Attended/Required Attended/Required Attended/Required Attended/Required
Name of Director to Attend to Attend to Attend to Attend to Attend to Attend已出席已出席已出席已出席薪酬與考核委員會已出席戰略與可持續發展
董事會會議╱審計委員會會議╱會議╱應出席會議提名委員會會議╱委員會會議╱已出席股東會╱董事姓名應出席會議次數應出席會議次數次數應出席會議次數應出席會議次數應出席會議次數
Cheng Xue
程雪8/8╱3/30/02/22/2
Guan Jianghua
管江華8/8╱3/3╱2/22/2
Huang Wenbiao
黃文彪8/8╱╱╱2/22/2
Wen Zhizhou
文志州8/8╱╱╱2/22/2
Liao Changhui
廖長輝8/8╱╱╱2/22/2
Dai Wen
代文8/8╱╱0/0╱2/2
Zhang Kechun
張科春8/85/53/30/0╱2/2
Qu Wenzhou
屈文洲8/85/53/30/0╱2/2
Ding Bangqing
丁邦清8/85/53/30/0╱2/2
Note: 附註：
During the Reporting Period the Board of Directors held a total of 8 於報告期內，董事會共舉行董事會會議8次，審計委meetings of the Board 5 meetings of the Audit Committee 3 meetings of the 員會會議5次，薪酬與考核委員會會議3次，戰略與Remuneration and Evaluation Committee and 2 meetings of the Strategy and 可持續發展委員會會議2次。
Sustainability Committee.
134 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
DIRECTORS’ FINANCIAL REPORTING 董事有關財務報表的財務申報
RESPONSIBILITIES FOR THE FINANCIAL 責任
STATEMENTS
The Board is responsible for preparing financial statements for 董事會負責於各會計年度編製可真實公允地反
each financial year that give a true and fair view of the Company’s 映公司財務狀況以及有關期間的業績和現金流
financial position as well as the performance and cash flows for 量的財務報表。在編製截至2025年12月31日the relevant period. In preparing the financial statements for the 止年度的財務報表時，董事會選擇並應用適當year ended December 31 2025 the Board selected and applied 的會計政策，做出審慎、公允和合理的判斷及appropriate accounting policies made prudent fair and reasonable 估計，以及按持續營運的基準編製財務報表。
judgments and estimates and prepared the financial statements on 董事會負責妥善保存並於任何時候均合理準確
a going concern basis. The Board is responsible for properly keeping 地披露公司財務信息的會計記錄。
accounting records that disclose with reasonable accuracy the
financial information of the Company at any time.RISK MANAGEMENT AND INTERNAL 風險管理及內部監控
CONTROL
The Board is responsib le for establ ish ing the Group’s r isk 董事會負責建立本集團的風險管理及內部控制
management and in terna l contro l systems rev iewing the i r 系統、審閱其成效並持續完善。董事會及審計effectiveness and continually improving them. Based on the Group’s 委員會在本集團戰略的基礎上，確保本集團設strategy the Board and the Audit Committee ensure that the Group 立及維持適當且有效的風險管理及內部控制系
establishes and maintains appropriate and effective risk management 統，以及對該系統的實施進行監督。風險管理and internal control systems and supervise the implementation of 及內部控制系統旨在確保本集團遵守相關法律
such systems. The risk management and internal control systems aim 法規，有效識別及管理業務發展中存在的重大to ensure the Group’s compliance with relevant laws and regulations 風險，並維持適當合規的會計記錄和財務報effectively identify and manage material risks associated with business 告，從而保障本集團整體運營的合規性。
development and maintain appropriate and compliant accounting
records and financial reporting thereby safeguarding the compliance
of the Group’s overall operations.佛山市海天調味食品股份有限公司 * 2025 年度報告 135CORPORATE GOVERNANCE REPORT企業管治報告
The Group has systematically established a risk management 本集團系統構建涵蓋一線管理人員、各職能部
system encompassing three lines of defense (frontline management 門╱風控部門、董事會審計委員會╱審計與監
personnel functional departments/risk control departments Audit 察中心三道防線的風險管控體系，推動風險管Committee under the Board/audit and inspection center) promoting 理職責分層落實、管控措施全流程覆蓋。於董tiered implementation of risk management responsibilities and full- 事會下設審計委員會，負責對公司內控制度及process coverage of control measures. The Audit Committee is set 職能的執行進行審查和監督，並在審計委員會up under the Board to be responsible for reviewing and supervising 下設審計與監察中心，對企業經營活動、內部the implementation of the Company’s internal control systems and 控制執行情等進行稽核監督，確保內控措施的functions. Under the Audit Committee an audit and inspection center 有效落實和經營活動有序開展。公司構建涵蓋is established to conduct audit and inspection on corporate operating 風險識別、風險應對、風控評價、問題整改、
activities and implementation of internal controls ensuring the 矩陣迭代、風控報告六大步驟的閉環管控機制
effective implementation of internal control measures and the orderly 與流程，持續完善內控管理體系建設，提高企conduct of operating activities. The Company has established a 業運營效能。本集團持續強化內部審計體系建closed-loop management mechanism and process encompassing six 設，不斷完善審計監督機制，並將包括財務、steps: risk identification risk response risk control evaluation issue 內部控制、法律合規等方面所有重大風險（如rectification matrix iteration and risk control reporting. It continuously 有）向董事會匯報。
improves the construction of the internal control management system
and enhances corporate operational efficiency. The Group continually
strengthens the construction of its internal audit system constantly
improves the audit inspection mechanism and reports all material
risks (if any) including financial internal control and legal compliance
aspects to the Board.Currently strictly in accordance with management requirements 當前，本集團嚴格遵照《企業內部控制基本規such as the Basic Standard for Enterprise Internal Control and the 範》《企業內部控制審計指引》等管理要求，結Guidelines for Enterprise Internal Control Audit and in combination 合實際情況，制定《內部控制制度》《內部審計with actual circumstances the Group has formulated internal control 制度》《內部控制評價工作手冊》《反舞弊管理systems such as the Internal Control System Internal Audit System 制度》《內幕信息及知情人管理制度》《年度報Work Manual on Internal Control Evaluation Management Rules on 告重大差錯責任追究制度》等內部控制制度，Anti-Fraud Management Rules for Insider Information and Insiders 全面規範企業運作流程與管理行為，確保本集and the Accountability System for Material Errors in Annual Reports. 團經營效率性、可靠性與安全性。
These comprehensively standardize corporate operational processes
and management behaviors ensuring the efficiency reliability and
security of the Group’s operations.
136 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告* St r ic t l y adher ing to laws and regu la t ions such as the * 本集團在嚴格遵循《中華人民共和國反壟斷Anti-Monopoly Law of the People’s Republic of China the 法》《中華人民共和國反洗錢法》《中華人民Anti-Money Laundering Law of the People’s Republic of China 共和國反不正當競爭法》等法律法規的基礎
and the Anti-Unfair Competition Law of the People’s Republic of 上，制定《員工行為準則》《員工自律準則》China the Group has formulated internal institutional standards 等內部制度準則，明確本集團全體員工開including the Employee Code of Conduct and the Employee 展業務必須遵守的行為規範與道德標準，Self-Discipline Code. These clarify the behavioral norms and 並確保定期對《反舞弊管理制度》進行審視
ethical standards that all employees of the Group must observe 和更新，為公司的誠信經營築牢堅實的制when conducting business and ensure regular review and 度保障。本集團向全體董事、高級管理人update of the Management Rules on Anti-Fraud to build a 員及相關僱員提供合規培訓，提高其合規solid institutional guarantee for the Company’s ethical business 意識及責任。
practices. The Group provides compliance training to all directors
senior management and relevant employees to enhance their
compliance awareness and responsibility.* Based on the securities regulatory rules of the places where its * 在股票上市地證券監管規則的基礎上，shares are listed the Group has formulated the Management 本集團制定了《內幕信息及知情人管理制Rules for Insider Information and Insiders and regularly reminds 度》，並定期提醒董事和相關僱員遵守所有directors and relevant employees to comply with all provisions 內幕消息相關規定，禁止從事內幕交易。
relating to insider information and to refrain from insider trading.* The Group has constructed an open transparent and efficient * 本集團構建公開、透明且高效的舉報機
whistleblowing mechanism providing internal and external 制，為內外部人員提供微信公眾號、舉報personnel with diversified complaint and whistleblowing channels 熱線、郵箱、平台、信箱等多元化投訴舉
such as an official WeChat account a whistleblowing hotline 報渠道，舉報範圍包括但不限於財務、運email platform and mailbox. The scope of whistleblowing 營及合規控制等多方面。舉報人可選擇實includes but is not l imited to f inancial operational and 名或匿名舉報方式，充分保障投訴舉報的compliance controls. Whistleblowers can choose to report using 便捷性與安全性。對於重大內部控制缺陷their real names or anonymously fully ensuring the convenience 的舉報告發，本集團流程將安排向審計委and security of complaints and whistleblowing. For reports and 員會乃至董事會匯報。
disclosures of material internal control deficiencies the Group’s
process arranges for reporting to the Audit Committee and even
the Board.In 2025 the Group has further optimized its risk management 2025年，本集團進一步優化風險管理流程，通process. The Group has enhanced the scientific rigor efficiency and 過持續優化風控平台、調整風險預警模型，增accuracy of risk management by continuously optimizing the risk 強風險管控的科學性、效率與精準度。董事會control platform and adjusting the risk early-warning model. Having 對截至2025年度的風險管理及內部控制系統予
reviewed the risk management and internal control systems for 2025 以檢討，認為本集團包括財務、運營及合規控the Board considers that the Group’s systems and mechanisms 制等方面的制度和機制有效。
including financial operational and compliance controls are effective.佛山市海天調味食品股份有限公司 * 2025 年度報告 137CORPORATE GOVERNANCE REPORT企業管治報告
The risk management and internal control measures are designed to 風險管理及內部控制措施旨在管理而非消除未
manage rather than eliminate the risk of failure to achieve business 能實現業務目標的風險，且僅可合理而非絕對objectives and can only provide reasonable and not absolute 保證不會出現重大失實陳述或損失。有關本集assurance against material misstatement or loss. For details of the 團所面臨的主要風險詳情，請參閱本年報中major risks faced by the Group please refer to the section headed 「管理層討論與分析－風險因素」一節。
“Management Discussion and Analysis – Risk Factors” in this annual
report.SHAREHOLDERS’ RIGHTS 股東權利
As the owners of the Company the Shareholders of the Company 公司股東作為公司的所有者，享有法律、行政enjoy various rights stipulated by laws administrative regulations 法規和《公司章程》規定的各項權利。股東會是and the Articles of Association. The shareholders’ meeting is the 公司的最高權力機構，股東通過股東會行使權highest governing body of the Company through which Shareholders 力。
exercise their power.Convening of Shareholders’ Meetings 股東會的召集
Shareholders individually or jointly holding 10% or more of the 單獨或者合計持有公司百分之十以上股份的股
Company’s shares requesting the Board to convene an extraordinary 東向董事會請求召開臨時股東會，應當以書面shareholders’ meeting shall submit the request to the Board in 形式向董事會提出。董事會應當根據法律、行writing. The Board shall in accordance with the provisions of laws 政法規、公司股票上市地證券監管規則和《公administrative regulations the securities regulatory rules of the 司章程》的規定，在收到請求後十日內提出同places where the Company’s shares are listed and the Articles of 意或不同意召開臨時股東會的書面反饋意見。
Association provide written feedback agreeing or disagreeing to
convene an extraordinary shareholders’ meeting within 10 days upon
receiving the request.If the Board agrees to convene an extraordinary shareholders’ 董事會同意召開臨時股東會的，應當在作出董meeting it shall issue a notice convening the shareholders’ meeting 事會決議後的五日內發出召開股東會的通知，within 5 days after the Board resolution is made. Any changes to the 通知中對原請求的變更，應當徵得相關股東的original request in the notice shall be subject to the consent of the 同意。
relevant Shareholders.If the Board disagrees with convening the extraordinary shareholders’ 董事會不同意召開臨時股東會，或者在收到請meeting or fails to provide written feedback within 10 days upon 求後十日內未作出書面反饋的，單獨或者合計receiving the request Shareholders individually or jointly holding 持有公司百分之十以上股份的股東向審計委員
10% or more of the Company’s shares may propose to the Audit 會提議召開臨時股東會，並應當以書面形式向
Committee to convene an extraordinary shareholders’ meeting and 審計委員會提出請求。
shall submit the request to the Audit Committee in writing.
138 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
I f the Audit Committee agrees to convene an extraordinary 審計委員會同意召開臨時股東會的，應當在收shareholders’ meeting it shal l issue a notice convening the 到請求後五日內發出召開股東會的通知，通知shareholders’ meeting within 5 days upon receiving the request. Any 中對原請求的變更，應當徵得相關股東的同意。
changes to the original request in the notice shall be subject to the
consent of the relevant Shareholders.If the Audit Committee fails to issue a notice of the shareholders’ 審計委員會未在規定期限內發出股東會通知
meeting within the prescribed period it shall be deemed that the 的，視為審計委員會不召集和主持股東會，連Audit Committee will not convene and preside over the shareholders’ 續九十日以上單獨或者合計持有公司百分之十
meeting and Shareholders individually or jointly holding 10% or 以上股份的股東可以自行召集和主持。
more of the Company’s shares for 90 consecutive days or more may
convene and preside over the meeting on their own.Where the Shareholders decide to convene a shareholders’ meeting 股東決定自行召集股東會的，須書面通知董事on their own they must notify the Board in writing and make filing 會，同時向上海證券交易所備案。
with the Shanghai Stock Exchange.Before the announcement of the resolution of the shareholders’ 在股東會決議公告前，召集股東持股比例不得meeting the shareholding proportion of the convening Shareholders 低於百分之十。審計委員會或召集股東應在發shall not be less than 10%. The Audit Committee or the convening 出股東會通知及股東會決議公告時，向上海證Shareholders shall submit relevant evidence materials to the Shanghai 券交易所提交有關證明材料。
Stock Exchange when issuing the notice of the shareholders’ meeting
and the announcement of the resolution of the shareholders’ meeting.For shareholders’ meetings convened by the Audit Committee or 對於審計委員會或股東自行召集的股東會，董Shareholders on their own the Board and the secretary to the Board 事會和董事會秘書將予配合。董事會將提供股shall cooperate. The Board shall provide the register of shareholders 權登記日的股東名冊。董事會未提供股東名as of the record date. If the Board fails to provide the register of 冊的，召集人可以持召集股東會通知的相關公shareholders the convener may apply to the securities depository 告，向證券登記結算機構申請獲取。召集人所and clearing institution to obtain the same by presenting the relevant 獲取的股東名冊不得用於除召開股東會以外的
announcement of the notice convening the shareholders’ meeting. 其他用途。
The register of shareholders obtained by the convener shall not be
used for purposes other than convening the shareholders’ meeting.The expenses necessary for shareholders’ meetings convened by the 股東自行召集的股東會，會議所必需的費用由Shareholders on their own shall be borne by the Company. 本公司承擔。
佛山市海天調味食品股份有限公司 * 2025 年度報告 139CORPORATE GOVERNANCE REPORT企業管治報告
Proposals at Shareholders’ Meetings 股東會的提案
When the Company convenes a shareholders’ meeting Shareholders 本公司召開股東會，單獨或者合計持有公司百individually or jointly holding 1% or more of the Company’s shares 分之一以上股份的股東，有權向公司提出提案。
have the right to submit proposals to the Company.Shareholders individually or jointly holding 1% or more of the 單獨或者合計持有公司百分之一以上股份的股
Company’s shares may make provisional proposals and submit the 東，可以在股東會召開十日前提出臨時提案並same in writing to the convener 10 days before the convening of the 書面提交召集人。召集人應當在收到提案後兩shareholders’ meeting. The convener shall issue a supplementary 日內發出股東會補充通知，公告臨時提案的內notice of the shareholders’ meeting within 2 days upon receiving the 容，並將該臨時提案提交股東會審議，但臨時proposal announce the contents of the provisional proposal and 提案違反法律、行政法規或者公司章程的規
submit the provisional proposal to the shareholders’ meeting for 定，或者不屬於股東會職權範圍的除外。
consideration unless such provisional proposal violates the provisions
of laws administrative regulations or the Articles of Association or
falls outside the scope of authority of the shareholders’ meeting.The shareholders’ meeting shall not vote on and make resolutions 股東會通知中未列明或不符合《公司章程》規定
on proposals that are not stated in the notice of the shareholders’ 的提案，股東會不得進行表決並作出決議。
meeting or do not comply with the provisions of the Articles of
Association.Making Enquiries to the Board 向董事會作出查詢
If the Shareholders need to make enquiries to the Board they can 如股東需要向董事會提出查詢，可向本公司發send written enquiries in paper form or via email to the Company. 送紙質或電子郵件進行書面查詢。
Contact Details 聯絡詳情
Shareholders may raise the above enquiries through the following 股東可通過以下方式提出上述查詢。為免疑methods. For the avoidance of doubt Shareholders must deliver and 義，股東須將經正式簽署的書面查詢的正本遞send the original of the duly signed written enquiry to the following 交及發送至以下地址，並提供股東全名、聯絡address providing the Shareholder’s full name contact details and 詳情及身份，以便本公司回覆。
identity to enable the Company to respond.Address: Central Security Foshan Haitian Flavouring and Food 地址：中國廣東省佛山市禪城區文沙路 1 6
Company Ltd. No. 16 Wensha Road Chancheng District Foshan 號佛山市海天調味食品股份有限公司中區門City Guangdong Province PRC (Please specify that the recipient is 衛（須註明收件人為董事會辦公室，電話為the Office of the Board of Directors Tel: 0757-82836083). 0757-82836083）。
Email: OBD@haday.cn 電子郵件：OBD@ haday.cn
Shareholders may also contact the Company’s Office of the Board of 股東亦可致電86-757-82836083與本公司董事
Directors by calling 86-757-82836083. 會辦公室取得聯繫。
140 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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INVESTOR RELATIONS 投資者關係
Effective Communication with Shareholders and 與股東和投資者有效溝通
Investors
The Company has formulated internal management policies such 本公司已制定《股東通訊政策》等內部管理規
as the Shareholders’ Communication Policy to ensure that the 範，以確保本公司股東及投資者能夠及時、平Shareholders and investors of the Company can access the 等地獲取本公司信息，並在知情基礎上行使股Company’s information in a timely and equal manner exercise their 東權利、促進雙向有效溝通。該政策詳情可於shareholder rights on an informed basis and promote effective 聯交所網站和本公司網站查閱。
two-way communication. Details of such policies are available on the
website of the Stock Exchange and the Company’s website.The main channels for information transmission and communication 本公司與股東進行信息傳遞與溝通的主要渠between the Company and its Shareholders include but not limited 道包括但不限於：公司定期業績公告（年度、to: the Company’s regular results announcements (annual interim 中期和季度）及對應報告、所有本公司呈交予
and quarterly) and corresponding reports all disclosure materials 聯交所的披露資料、本公司網站全部內容、年
submitted by the Company to the Stock Exchange all contents on 度╱臨時股東會（如有）以及各類投資者會議和
the Company’s website annual/extraordinary shareholders’ meetings 活動等。
(if any) as well as various investor meetings and activities.In accordance with the requirements of the Listing Rules of the Stock 根據《聯交所上市規則》的規定，本公司於聯Exchange the Company publishes information on various aspects 交所網站和本公司網站不時刊發本集團有關業
such as the latest updates on the Group’s business operations and 務營運及發展的最新情況、財務數據和企業管
development financial information and corporate governance on 治等各方面的信息，以供公眾查閱。同時，the website of the Stock Exchange and the Company’s website 本公司設置董事會辦公室負責接收股東及投資
from time to time for public inspection. At the same time the 者的查詢、在合規範圍內處理相關的數據索取
Company has set up an Office of the Board of Directors responsible 要求，確保與股東及投資者維持及時有效的通for answering enquiries from Shareholders and investors handling 訊。2025年，本集團在發佈中期和三季度業績relevant information requests within compliance limits and ensuring 公告後均召開業績說明會等投資者調研活動，timely and effective communication with Shareholders and investors is 並在多場股東會上進行公司經營情況等方面的
maintained. In 2025 upon publication of its interim and third-quarterly 交流探討，與投資者充分交流市場關心的問results announcements the Group conducted investor research 題、傾聽並收集股東意見，保持與股東和投資activities such as results briefing sessions and engaged in exchanges 者的持續鏈接與溝通。
and discussions on the Company’s operating conditions at multiple
shareholders’ meetings fully exchanging views with investors on
issues of market concern listening to and gathering Shareholders’
opinions and maintaining continuous connection and communication
with Shareholders and investors.佛山市海天調味食品股份有限公司 * 2025 年度報告 141CORPORATE GOVERNANCE REPORT企業管治報告
The Company reviewed the implementation of the Shareholders’ 本公司已於報告期內檢討股東通訊政策的實施
Communication Policy during the Reporting Period. Taking into 情況。結合上述投資者的溝通渠道、本公司已account the above investor communication channels the measures 採取的措施及舉辦的活動，本公司認為股東通taken and the activities held by the Company the Company 訊政策已得到有效實施。
considers that the Shareholders’ Communication Policy has been
effectively implemented.Amendments to the Articles of Association 修訂《公司章程》
Given that the Company has completed the issuance of H shares 鑒於本公司已完成H股股票發行並在香港聯交
and its listing on the Hong Kong Stock Exchange the Company has 所上市，根據本公司H股發行情況，本公司對altered its registered capital in accordance with the issuance of H 註冊資本進行變更。此外，根據《公司法》《上shares. In addition pursuant to relevant provisions of domestic and 市公司章程指引》《香港聯合交易所有限公司overseas laws regulations and normative documents including the 證券上市規則》《上海證券交易所股票上市規Company Law the Guidelines on Articles of Association of Listed 則》《上海證券交易所上市公司自律監管指引Companies the Rules Governing the Listing of Securities on The 第1號－規範運作》等境內外法律、法規和規
Stock Exchange of Hong Kong Limited the Rules Governing the 範性文件的相關規定，為進一步完善公司治理Listing of Stocks on the Shanghai Stock Exchange and the Guideline 結構，更好地促進公司規範運作，結合本公司No.1 for Self-Regulation of Listed Companies on the Shanghai Stock 實際情況，本公司對《公司章程》進行修訂。本Exchange – Standardized Operation to further improve the corporate 次修訂《公司章程》後，本公司將不再設置監事governance structure and better promote the standardized operation 會，由董事會審計委員會行使《公司法》規定的of the Company and taking into account the actual circumstances 監事會職權。該等修訂已經股東於2025年9月of the Company the Company amended the Articles of Association. 25日舉行的2025年第一次臨時股東大會審議及
Upon these amendments to the Articles of Association the Company 批准，有關該等修訂的詳情載於本公司日期為wil l no longer have a Supervisory Committee and the Audit 2025年9月8日的通函。
Committee of the Board will exercise the functions and powers of
the Supervisory Committee as stipulated in the Company Law. These
amendments were considered and approved by the Shareholders
at the 2025 first extraordinary general meeting held on September
25 2025. Details regarding these amendments are set out in the
Company’s circular dated September 8 2025.
142 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
企業管治報告
AUDITOR’S REMUNERATION 核數師酬金
For the audit services and non-audit services for the year ended 就截至2025年12月31日止年度的審計服務及
December 31 2025 the remuneration of the Company’s external 非審計服務，本公司外聘核數師畢馬威會計師auditor KPMG is as follows: 事務所的酬金如下：
Remuneration
Services Provided Paid/Payable
所提供服務已付╱應付酬金
(RMB’000)（人民幣千元）
Audit Services 審計服務 1920
Non-audit Services 非審計服務 800
Non-audit services referred to interim review for the period ended 非審計服務為截至2025年6月30日止期間的中
June 30 2025. 期審閱。
JOINT COMPANY SECRETARIES 聯席公司秘書
Ms. Ke Ying and Ms. Zhang Xiao have been appointed as the 柯瑩女士及張瀟女士獲委任為本公司聯席公司
Joint Company Secretaries of the Company. Biographical details 秘書。柯瑩女士及張瀟女士的履歷詳情載於本of Ms. Ke Ying and Ms. Zhang Xiao are set out in the section 報告「董事、監事及高級管理人員履歷」一節。
headed “Biographical Details of Directors Supervisors and SeniorManagement” in this report.Ms. Ke Ying serves as the primary contact person within the 柯瑩女士為張瀟女士與本公司內部的主要聯絡
Company for Ms. Zhang Xiao. During the Reporting Period both 人。報告期內，柯瑩女士及張瀟女士已接受不Ms. Ke Ying and Ms. Zhang Xiao received no less than 15 hours of 少於15個小時的相關專業培訓。
relevant professional training.佛山市海天調味食品股份有限公司 * 2025 年度報告 143CORPORATE GOVERNANCE REPORT企業管治報告
CHANGES IN DIRECTORS SUPERVISORS 董事、監事及高級管理人員變
AND SENIOR MANAGEMENT 動
Upon approval at the 2025 first extraordinary general meeting held 經2025年9月25日召開的2025年第一次臨時股
on September 25 2025 the Company amended its Articles of 東大會批准，本公司對《公司章程》進行修訂，Association and will no longer have a Supervisory Committee. On 並不再設置監事會。於同日，陳敏女士、黃樹the same day Ms. Chen Min Mr. Huang Shuliang and Mr. He Tao 亮先生及何濤先生退任本公司監事職務。
retired from their positions as supervisors of the Company.Due to the adjustment of the Company’s internal governance 文志州先生因本公司內部治理結構調整，於structure Mr. Wen Zhizhou resigned from his position as a director 2025年9月25日辭去本公司第六屆董事會董事
of the sixth session of the Board of the Company on September 25 職務。於同日，本公司召開第三屆第二次職工
2025. On the same day the Company held the second meeting of 代表大會，選舉文志州先生為本公司第六屆董
the third session of the employee representatives’ meeting electing 事會職工代表董事。
Mr. Wen Zhizhou as the employee representative director of the sixth
session of the Board of the Company.Save as disclosed in this report from the Listing Date to the Latest 除本報告所披露者外，自上市日期起至最後實Practicable Date there was no change of information relating to 際可行日期，概無任何須根據《聯交所上市規any director supervisor or senior management required to be 則》第13.51B(1)條須披露的董事、監事及高級
disclosed pursuant to Rule 13.51B(1) of the Listing Rules of the Stock 管理人員資料變更。
Exchange.
144 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025INDEPENDENT AUDITOR'S REPORT
獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
Independent auditor’s report to the shareholders of Foshan 致佛山市海天調味食品股份有限公司列位股東
Haitian Flavouring and Food Company Ltd. 獨立核數師報告
(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）
OPINION 意見
We have audited the consolidated financial statements of Foshan 我們已審計載列於第154至286頁的佛山市海天
Haitian Flavouring and Food Company Ltd. (“the Company”) and 調味食品股份有限公司（「貴公司」）及其子公司
its subsidiaries (“the Group”) set out on pages 154 to 286 which （「貴集團」）的綜合財務報表，其包括於2025年comprise the consolidated statement of financial position as at 31 12月31日的綜合財務狀況表，以及截至該日止December 2025 the consolidated statement of profit or loss the 年度的綜合損益表、綜合損益及其他全面收益
consolidated statement of profit or loss and other comprehensive 表、綜合股權變動表及綜合現金流量表，以及income the consolidated statement of changes in equity and the 附註，包括重要會計政策資料及其他解釋資料。
consolidated cash flow statement for the year then ended and
notes comprising material accounting policy information and other
explanatory information.In our opinion the consolidated financial statements give a true and 我們認為，該等綜合財務報表已根據國際會計fair view of the consolidated financial position of the Group as at 31 準則理事會（「國際會計準則理事會」）頒佈的
December 2025 and of its consolidated financial performance and its 國際財務報告準則會計準則真實而中肯地反映
consolidated cash flows for the year then ended in accordance with 了 貴集團於2025年12月31日的綜合財務狀
IFRS Accounting Standards as issued by the International Accounting 況及截至該日止年度的綜合財務表現及綜合現
Standards Board (“IASB”) and have been properly prepared in 金流量，並已遵照香港《公司條例》的披露規定compliance with the disclosure requirements of the Hong Kong 妥為編製。
Companies Ordinance.BASIS FOR OPINION 意見基礎We conducted our audit in accordance with Hong Kong Standards on 我們已根據香港會計師公會（「香港會計師公Auditing (“HKSAs”) as issued by the Hong Kong Institute of Certified 會」）頒佈的香港審計準則（「香港審計準則」）
Public Accountants (“HKICPA”). Our responsibilities under those 進行審計。我們在該等準則下的責任已在本報standards are further described in the Auditor’s responsibilities for the 告核數師就審計綜合財務報表承擔的責任一節
audit of the consolidated financial statements section of our report. 中作進一步闡述。根據香港會計師公會頒佈的We are independent of the Group in accordance with the HKICPA’s 專業會計師道德守則（「該守則」）中對公眾利益
Code of Ethics for Professional Accountants (“the Code”) as 實體財務報表審計適用的相關規定，我們獨立applicable to audits of financial statements of public interest entities. 於 貴集團。我們亦已履行該守則中的其他道We have also fulfilled our other ethical responsibilities in accordance 德責任。我們相信，我們所獲得的審計憑證能with the Code. We believe that the audit evidence we have obtained 充足及適當地為我們的意見提供基礎。
is sufficient and appropriate to provide a basis for our opinion.佛山市海天調味食品股份有限公司 * 2025 年度報告 145INDEPENDENT AUDITOR'S REPORT獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
KEY AUDIT MATTERS 關鍵審計事項
Key audit matters are those matters that in our professional 關鍵審計事項是根據我們的專業判斷，認為對judgement were of most significance in our audit of the consolidated 本期綜合財務報表的審計最為重要的事項。這financial statements of the current period. These matters were 些事項是在我們審計整體綜合財務報表及出具
addressed in the context of our audit of the consolidated financial 審計意見時進行處理的。我們不會對這些事項statements as a whole and in forming our opinion thereon and we 提供單獨的意見。
do not provide a separate opinion on these matters.Revenue recognition from sales to distributors向經銷商銷售的收入確認
Refer to note 3 to the consolidated financial statements and the accounting policies (note 1(v)).參閱綜合財務報表附註3及會計政策（附註1(v)）。
The Key Audit Matter How the matter was addressed in our audit關鍵審計事項該事項在審計中是如何應對的
The Group’s revenue is principally generated from sales of Our audit procedures to assess the recognition of revenue
flavouring products to distributors. from sales to distributors included the following:貴集團的收入主要來自向經銷商銷售調味產品。我們為評估向經銷商銷售的收入確認而執行的審計程序包括：
There are a large number of sales transactions every year
and standardised trade terms established by the Group * obta in ing an understanding and evaluat ing the
are applied in general for all sales to distributors. design implementation and operating effectiveness
每年均進行大量銷售交易，而 貴集團制定的標準貿易條款 of management’s key internal controls over the一般適用於所有向經銷商作出的銷售。 recognition of revenue from sales to distributors;*了解並評估管理層就確認向經銷商銷售的收入的關鍵內
部控制的設計、執行及運作效能；
* inspecting selected sales contracts signed between the
Group and distributors to evaluate whether the Group
applies standardised trade terms across its distributor
network and to assess the appropriateness of the
Group’s revenue recognition policies with reference
to the requirements of the prevail ing accounting
standards;
*檢查貴集團與經銷商簽訂的選定銷售合約，以評估貴集團是否於其經銷商網絡內應用標準貿易條款，並參考現行會計準則的規定，評估貴集團收入確認政策的適當性；
146 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025INDEPENDENT AUDITOR'S REPORT
獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
KEY AUDIT MATTERS (Continued) 關鍵審計事項（續）
Revenue recognition from sales to distributors向經銷商銷售的收入確認
Refer to note 3 to the consolidated financial statements and the accounting policies (note 1(v)).參閱綜合財務報表附註3及會計政策（附註1(v)）。
The Key Audit Matter How the matter was addressed in our audit關鍵審計事項該事項在審計中是如何應對的
Revenue from sales to distributors is recognised when * selecting distributors in the main sales regions of
control over the goods is transferred to the distributors. the Group for on-site interviews understanding and
In accordance with the contract terms and business inspecting their identity inquiring with the distributors
arrangements control over the goods is transferred to the regarding the transaction processes payment terms
distributors upon the delivery of the flavouring products by frequency of transactions and relevant transaction data
the Group to the distributors or upon the despatch of the with the Group and comparing against the financial
flavouring products by the Group when the distributors information obtained from the Group to identify any
designate the Group as the carrier. anomaly;
向經銷商銷售的收入乃於貨物控制權轉移予經銷商時確認。*在貴集團的主要銷售地區中挑選經銷商進行實地訪根據合約條款及業務安排，當貴集團將調味產品交付予經談，了解及檢查其身份，向經銷商查詢與貴集團的交銷商時，或當經銷商指定貴集團為承運人而貴集團發出易流程、付款條款、交易頻率及相關交易數據，並與調味產品時，貨物的控制權即轉移予經銷商。從貴集團取得的財務資料進行比較，以識別任何異常情況；
* comparing selected sales transactions recorded
during the year with underlying documents including
sales orders goods delivery notes and customer
acknowledgement of receipts and assessing whether
the related revenue had been recognised in accordance
with the Group’s revenue recognition policies;*將年內記錄的選定銷售交易與相關文件（包括銷售訂單、交貨單及客戶收貨確認書）進行比較，並評估相關收入是否已根據貴集團的收入確認政策予以確認；
* obtaining external confirmations on sales transactions
for the year and outstanding balances as at the
financial year end directly from selected distributors;
*直接向選定經銷商取得有關年內銷售交易及於財政年度末未結清結餘的外部函證；
佛山市海天調味食品股份有限公司 * 2025 年度報告 147INDEPENDENT AUDITOR'S REPORT獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
KEY AUDIT MATTERS (Continued) 關鍵審計事項（續）
Revenue recognition from sales to distributors向經銷商銷售的收入確認
Refer to note 3 to the consolidated financial statements and the accounting policies (note 1(v)).參閱綜合財務報表附註3及會計政策（附註1(v)）。
The Key Audit Matter How the matter was addressed in our audit關鍵審計事項該事項在審計中是如何應對的
We ident i f i ed revenue recogn i t ion f rom sa les to * assessing whether revenue had been recognised in
distributors as a key audit matter because there is an the appropriate accounting period by comparing on
inherent risk of inaccurate revenue recognition due to the a sample basis sales transactions recorded before or
Group’s large number of distributors and high volume of after the year end with underlying documents including
sales transactions with distributors and because revenue sales orders goods delivery notes and customer
is one of the key performance indicators of the Group acknowledgement of receipts;which increases the risk of accelerating or deferring the * 透過抽樣將年末前後記錄的銷售交易與相關文件（包括銷point in time of revenue recognition by management to 售訂單、交貨單及客戶收貨確認書）進行比較，以評估收achieve specific performance targets or expectations. 入是否已於適當的會計期間確認；
我們將向經銷商銷售的收入確認識別為關鍵審計事項，原因在於 貴集團的經銷商數目龐大且與經銷商的銷售交易量 * inspecting the sales ledger subsequent to the financial極高，導致存在收入確認不準確的固有風險；此外，收入 reporting period to identify significant credit notes為 貴集團的關鍵績效指標之一，從而增加管理層為達成特 issued and sales returns and inspecting underlying定績效目標或預期而提前或推遲收入確認時間點的風險。 documents where applicable to assess if the relatedrevenue had been accounted for in the appropriate
financial period; and
*檢查財務報告期後的銷售分類賬，以識別已發出的重大貸記單及銷售退回，並檢查相關文件（如適用），以評估相關收入是否已於適當的財務期間入賬；及
* i nspec t ing under l y i ng documents fo r revenue
transactions that met certain specif ic r isk-based
criteria.*檢查符合若干特定風險標準的收入交易的相關支持性文件。
148 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025INDEPENDENT AUDITOR'S REPORT
獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
INFORMATION OTHER THAN 綜合財務報表及其核數師報告
THE CONSOLIDATED FINANCIAL 以外的資料
STATEMENTS AND AUDITOR’S REPORT
THEREON
The directors are responsible for the other information. The other 董事須對其他資料負責。其他資料包括年度報information comprises all the information included in the annual 告內的所有資料，但不包括綜合財務報表及我report other than the consolidated financial statements and our 們的核數師報告。
auditor’s report thereon.Our opinion on the consolidated financial statements does not 我們對綜合財務報表的意見並不涵蓋其他資
cover the other information and we do not express any form of 料，我們亦不會就此發表任何形式的鑒證結論assurance conclusion thereon as part of our engagement to audit the 作為我們審計綜合財務報表業務的一部分。我consolidated financial statements. We have performed an assurance 們已對構成其他資料一部分的已披露持續關連
engagement on the disclosed continuing connected transactions that 交易執行鑒證業務，並就此提供獨立的鑒證執form part of the other information and provided a separate assurance 業人員結論（該結論包含於其他資料內）。
practitioner’s conclusion thereon that is included within the other
information.In connection with our audit of the consolidated financial statements 結合我們對綜合財務報表的審計，我們的責任our responsibility is to read the other information and in doing so 是閱讀其他資料，在此過程中，考慮其他資料consider whether the other information is materially inconsistent with 是否與綜合財務報表或我們在審計過程中所了
the consolidated financial statements or our knowledge obtained in 解的情況存在重大抵觸或者似乎存在重大錯誤
the audit or otherwise appears to be materially misstated. 陳述。
If based on the work we have performed we conclude that there is 基於我們已執行的工作，如果我們認為其他資a material misstatement of this other information we are required to 料存在重大錯誤陳述，我們需要報告該事實。
report that fact. We have nothing to report in this regard. 在這方面，我們沒有任何需要報告的事項。
佛山市海天調味食品股份有限公司 * 2025 年度報告 149INDEPENDENT AUDITOR'S REPORT獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
RESPONSIBILITIES OF THE DIRECTORS 董事就綜合財務報表須承擔的
FOR THE CONSOLIDATED FINANCIAL 責任
STATEMENTS
The directors are responsible for the preparation of the consolidated 董事須負責根據國際會計準則理事會頒佈的國
financial statements that give a true and fair view in accordance with 際財務報告準則會計準則及香港《公司條例》的
IFRS Accounting Standards as issued by the IASB and the disclosure 披露規定編製真實而中肯的綜合財務報表，並requirements of the Hong Kong Companies Ordinance and for such 對其認為為使綜合財務報表的編製不存在由於
internal control as the directors determine is necessary to enable the 欺詐或錯誤而導致的重大錯誤陳述所需的內部
preparation of consolidated financial statements that are free from 控制負責。
material misstatement whether due to fraud or error.In preparing the consolidated financial statements the directors are 在編製綜合財務報表時，董事負責評估 貴集responsible for assessing the Group’s ability to continue as a going 團繼續持續經營的能力，並在適用情況下披露concern disclosing as applicable matters related to going concern 與持續經營有關的事項，以及使用持續經營為and using the going concern basis of accounting unless the directors 會計基礎，除非董事有意將 貴集團清盤或停either intend to liquidate the Group or to cease operations or have 止營運，或別無其他實際的替代方案。
no realistic alternative but to do so.The directors are assisted by the Audit Committee in discharging their 審計委員會協助董事履行監督 貴集團財務報
responsibilities for overseeing the Group’s financial reporting process. 告過程的責任。
AUDITOR’S RESPONSIBILITIES FOR 核數師就審計綜合財務報表承
THE AUDIT OF THE CONSOLIDATED 擔的責任
FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the 我們的目標，是對綜合財務報表整體是否不存consolidated financial statements as a whole are free from material 在由於欺詐或錯誤而導致的重大錯誤陳述取得
misstatement whether due to fraud or error and to issue an auditor’s 合理保證，並出具包括我們意見的核數師報report that includes our opinion. This report is made solely to you as 告。本報告僅向 閣下（作為一個整體）報告，a body and for no other purpose. We do not assume responsibility 除此之外本報告別無其他目的。我們不會就本towards or accept liability to any other person for the contents of this 報告的內容向任何其他人士負上或承擔任何責
report. 任。
Reasonable assurance is a high level of assurance but is not a 合理保證是高水平的保證，但不能保證按照香guarantee that an audit conducted in accordance with HKSAs will 港審計準則進行的審計，在某一重大錯誤陳述always detect a material misstatement when it exists. Misstatements 存在時總能發現。錯誤陳述可以由欺詐或錯誤can arise from fraud or error and are considered material if 引起，如果合理預期它們單獨或匯總起來可能individually or in the aggregate they could reasonably be expected to 影響綜合財務報表使用者依賴綜合財務報表所
influence the economic decisions of users taken on the basis of these 作出的經濟決定，則有關的錯誤陳述可被視作consolidated financial statements. 重大。
150 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025INDEPENDENT AUDITOR'S REPORT
獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
AUDITOR’S RESPONSIBILITIES FOR 核數師就審計綜合財務報表承
THE AUDIT OF THE CONSOLIDATED 擔的責任（續）
FINANCIAL STATEMENTS (Continued)
As part of an audit in accordance with HKSAs we exercise 在根據香港審計準則進行審計的過程中，我們professional judgement and maintain professional scepticism 運用了專業判斷，保持了專業懷疑態度。我們throughout the audit. We also: 亦：
* Identify and assess the risks of material misstatement of the * 識別及評估由於欺詐或錯誤而導致綜合財
consolidated financial statements whether due to fraud or error 務報表存在重大錯誤陳述的風險，設計及design and perform audit procedures responsive to those risks 執行審計程序以應對這些風險，以及獲取and obtain audit evidence that is sufficient and appropriate 充足及適當的審計憑證，作為我們意見的to provide a basis for our opinion. The risk of not detecting a 基礎。由於欺詐可能涉及串謀、偽造、蓄material misstatement resulting from fraud is higher than for 意遺漏、虛假陳述，或凌駕於內部控制之one resulting from error as fraud may involve collusion forgery 上，因此未能發現因欺詐而導致的重大錯intentional omissions misrepresentations or the override of 誤陳述的風險高於未能發現因錯誤而導致
internal control. 的重大錯誤陳述的風險。
* Obtain an understanding of internal control relevant to the audit * 了解與審計相關的內部控制，以設計適當in order to design audit procedures that are appropriate in the 的審計程序，但目的並非對 貴集團內部circumstances but not for the purpose of expressing an opinion 控制的有效性發表意見。
on the effectiveness of the Group’s internal control.* Evaluate the appropriateness of accounting policies used and the * 評價董事所採用會計政策的恰當性以及作
reasonableness of accounting estimates and related disclosures 出會計估計及相關披露的合理性。
made by the directors.* Conclude on the appropriateness of the directors’ use of the * 對董事採用持續經營會計基礎的恰當性作
going concern basis of accounting and based on the audit 出結論。根據所獲取的審計憑證，確定是evidence obtained whether a material uncertainty exists related 否存在與事項或情況有關的重大不確定
to events or conditions that may cast significant doubt on the 性，從而可能導致對 貴集團的持續經營Group’s ability to continue as a going concern. If we conclude 能力產生重大疑慮。如果我們認為存在重that a material uncertainty exists we are required to draw 大不確定性，則有責任在核數師報告中attention in our auditor’s report to the related disclosures in the 提請使用者注意綜合財務報表中的相關披
consolidated financial statements or if such disclosures are 露。假若有關的披露不足，則我們應當發inadequate to modify our opinion. Our conclusions are based on 表非無保留意見。我們的結論是基於核數the audit evidence obtained up to the date of our auditor’s report. 師報告日止所取得的審計憑證。然而，未However future events or conditions may cause the Group to 來事項或情況可能導致 貴集團不能繼續
cease to continue as a going concern. 持續經營。
佛山市海天調味食品股份有限公司 * 2025 年度報告 151INDEPENDENT AUDITOR'S REPORT獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
AUDITOR’S RESPONSIBILITIES FOR 核數師就審計綜合財務報表承
THE AUDIT OF THE CONSOLIDATED 擔的責任（續）
FINANCIAL STATEMENTS (Continued)
* Evaluate the overall presentation structure and content of the * 評價綜合財務報表的整體列報方式、結構
consolidated financial statements including the disclosures 及內容，包括披露，以及綜合財務報表是and whether the consolidated financial statements represent the 否中肯反映相關交易及事項。
underlying transactions and events in a manner that achieves fair
presentation.* Plan and perform the group audit to obtain sufficient appropriate * 計劃及執行集團審計，以就 貴集團內實audit evidence regarding the financial information of the entities or 體或業務單位的財務資料獲取充足、適當
business units within the Group as a basis for forming an opinion 的審計憑證，以便對綜合財務報表發表意on the consolidated financial statements. We are responsible for 見。我們負責集團審計的指導、監督及覆the direction supervision and review of the audit work performed 核。我們為審計意見承擔全部責任。
for purposes of the group audit. We remain solely responsible for
our audit opinion.We communicate with the Audit Committee regarding among other 我們與審計委員會就（其中包括）審計的計劃
matters the planned scope and timing of the audit and significant 範圍、時間安排及重大審計發現等事項進行溝
audit findings including any significant deficiencies in internal control 通，包括我們在審計期間識別出內部控制的任that we identify during our audit. 何重大缺陷。
We also provide the Audit Committee with a statement that we have 我們亦向審計委員會提交聲明，說明我們已符complied with relevant ethical requirements regarding independence 合有關獨立性的相關道德要求，並與他們溝通and communicate with them all relationships and other matters that 有可能合理地被認為會影響我們獨立性的所有
may reasonably be thought to bear on our independence and where 關係及其他事項，以及在適用情況下，為消除applicable actions taken to eliminate threats or safeguards applied. 威脅而採取的行動或應用的防範措施。
From the matters communicated with the Audit Committee we 從與審計委員會溝通的事項中，我們確定哪些determine those matters that were of most significance in the audit 事項對本期綜合財務報表的審計最為重要，因of the consolidated financial statements of the current period and are 而構成關鍵審計事項。我們在核數師報告中描therefore the key audit matters. We describe these matters in our 述這些事項，除非法律或法規不允許公開披露auditor’s report unless law or regulation precludes public disclosure 這些事項，或在極端罕見的情況下，如果合理about the matter or when in extremely rare circumstances we 預期在我們報告中溝通某事項造成的負面後果
determine that a matter should not be communicated in our report 會超過其產生的公眾利益，我們將不會在報告because the adverse consequences of doing so would reasonably 中溝通該事項。
be expected to outweigh the public interest benefits of such
communication.
152 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025INDEPENDENT AUDITOR'S REPORT
獨立核數師報告
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
AUDITOR’S RESPONSIBILITIES FOR 核數師就審計綜合財務報表承
THE AUDIT OF THE CONSOLIDATED 擔的責任（續）
FINANCIAL STATEMENTS (Continued)
The engagement partner on the audit resulting in this independent 出具本獨立核數師報告的審計項目合夥人為林
auditor’s report is Lam Kai Wa (practising certif icate number: 啟華（執業證書編號：P04696）。
P04696).KPMG 畢馬威會計師事務所
Certified Public Accountants 執業會計師
8th Floor Prince’s Building 香港中環
10 Chater Road 遮打道10號
Central Hong Kong 太子大廈8樓
26 March 2026 2026年3月26日
佛山市海天調味食品股份有限公司 * 2025 年度報告 153CONSOLIDATED STATEMENT OF PROFIT OR LOSS綜合損益表
FOR THE YEAR ENDED DECEMBER 31 2025 (EXPRESSED IN RMB)
截至2025年12月31日止年度（以人民幣列示）
Year ended December 31截至12月31日止年度
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Revenue 收入 3 28873380 26904509
Cost of sales 銷售成本 (17507592) (17184406)
Gross profit 毛利 11365788 9720103
Other revenue 其他收入 4 847149 714214
Other net (losses)/income 其他淨（虧損）╱收入 5 (37721) 263233
Selling and marketing expenses 銷售及營銷開支 (1933186) (1628602)
Administrative expenses 行政開支 (702080) (584995)
Research and development costs 研發成本 7(c) (914986) (846816)
Provision for 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(781)(1041)
Provision for impairment losses 減值虧損撥備 6 (3241) (99553)
Profit from operations 經營利潤 8620942 7536543
Finance costs 財務成本 7(a) (25520) (23961)
Profit before taxation 除稅前利潤 7 8595422 7512582
Income tax 所得稅 8 (1549970) (1157221)
Profit for the year 年內利潤 7045452 6355361
Attributable to: 以下各方應佔：
Equity shareholders of the Company 本公司權益股東 7038465 6343626
Non-controlling interests 非控股權益 6987 11735
Profit for the year 年內利潤 7045452 6355361
Earnings per share 每股盈利 11
Basic and diluted (RMB) 基本及攤薄（人民幣元） 1.23 1.14
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. Details of dividends payable to equity shareholders of 分。年內利潤應付本公司權益股東股息的詳情the Company attributable to the profit for the year are set out in note 載列於附註30(b)。
30(b).
154 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
綜合損益及其他全面收益表
FOR THE YEAR ENDED DECEMBER 31 2025 (EXPRESSED IN RMB)（以人民幣列示）（以人民幣列示）
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Profit for the year 年內利潤 7045452 6355361
Other comprehensive income for the year
(after tax and reclassification adjustments)
年內其他全面收益（扣除稅項及重分類調整後）
Items 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(4569)(5073)
Other comprehensive income for the year 年內其他全面收益 (4569) (5073)
Total comprehensive income for the year 年內全面收益總額 7040883 6350288
Attributable to: 以下各方應佔：
Equity shareholders of the Company 本公司權益股東 7033896 6338553
Non-controlling interests 非控股權益 6987 11735
Total comprehensive income for the year 年內全面收益總額 7040883 6350288
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
佛山市海天調味食品股份有限公司 * 2025 年度報告 155CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表
(EXPRESSED IN RMB)（以人民幣列示）
As at December 31於12月31日
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Non-current assets 非流動資產
Property plant and equipment 物業、廠房及設備 12 6877470 6539039
Right-of-use assets 使用權資產 13 947422 880608
Investment property 投資性房地產 3116 3437
Intangible assets 無形資產 14 29468 35536
Goodwill 商譽 15 112937 112937
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17100100
Term deposits and certificates of deposits 定期存款及存單 21(b) 5878812 –
Other receivables 其他應收款項 20 33216 61219
Deferred tax assets 遞延稅項資產 29(b) 317669 389416
142002108022292
Current assets 流動資產
Inventories 存貨 18 2407715 2525279
Trade receivables 貿易應收款項 19 295624 242632
Other receivables 其他應收款項 20 571254 343625
Other financial assets at FVPL 按公允價值計入損益的其他金融資產 17 10105463 7617576
Term deposits and certificates of deposits 定期存款及存單 21(b) 15046567 10199512
Restricted cash 受限制現金 21(c) 11611 8393
Cash and cash equivalents 現金及現金等價物 21(a) 9545500 11915753
3798373432852770
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
156 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
(EXPRESSED IN RMB)（以人民幣列示）
As at December 31於12月31日
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Current liabilities 流動負債
Trade and bills payable 貿易應付款項及應付票據 22 2772796 1946706
Derivative financial instruments 衍生金融工具 360 –
Other payables 其他應付款項 23 1720330 1622881
Contract liabilities 合約負債 24 4128489 4335313
Bank loans and other borrowing 銀行貸款及其他借款 25 174850 309465
Lease liabilities 租賃負債 26 43675 14770
Current taxation 即期稅項 29(a) 570218 337785
Other current liabilities 其他流動負債 24 442690 438876
98534089005796
Net current assets 流動資產淨值 28130326 23846974
Total assets less current liabilities 總資產減流動負債 42330536 31869266
Non-current liabilities 非流動負債
Bank loans and other borrowing 銀行貸款及其他借款 25 5400 52200
Lease liabilities 租賃負債 26 60633 28591
Deferred income 遞延收入 27 398107 361077
Deferred tax liabilities 遞延稅項負債 29(b) 26719 31390
490859473258
NET ASSETS 資產淨值 41839677 31396008
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
佛山市海天調味食品股份有限公司 * 2025 年度報告 157CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表
(EXPRESSED IN RMB)（以人民幣列示）
As at December 31於12月31日
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 30(c) 5851825 5560601
Treasury shares 庫存股 30(d) (408247) (563842)
Reserves 儲備 30(e) 35885986 25892714
Total equity attributable to equity shareholders of the Company本公司權益股東應佔權益總額4132956430889473
Non-controlling interests 非控股權益 510113 506535
TOTAL EQUITY 權益總額 41839677 31396008
Approved and authorised for issue by the board of directors on March 經董事會於2026年3月26日批准及授權刊發。
262026.
Cheng Xue Guan Jianghua程雪管江華
Executive director and Executive director
Chairwoman of the Board執行董事兼董事會主席執行董事
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
158 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合股權變動表
FOR THE YEAR ENDED DECEMBER 31 2025 (EXPRESSED IN RMB)（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 30(c)) (note 30(d)) (note 30(e)(i)) (note 30(e)(ii)) (note 30(e)(iii)) (note 30(e)(iv))（附註30(c)） （附註30(d)） （附註30(e)(i)） （附註30(e)(ii)） （附註30(e)(iii)） （附註30(e)(iv)）
Balance at December 31 2024
於2024年12月31日的結餘5560601(563842)95860307589646639(5082)226853373089540950653531401944
Add: Effect of business combination under
common control (note 31)
加：共同控制下的企業合併的影響（附註31）––––10000–(15936)(5936)–(5936)
Balance at January 1 2025 (Restated)
於2025年1月1日的結餘（經重列）5560601(563842)95860307589656639(5082)226694013088947350653531396008
Changes in equity for 2025: 2025年權益變動：
Profit for the year 年內溢利 – – – – – – 7038465 7038465 6987 7045452
Other comprehensive income 其他全面收益 – – – – – (4569) – (4569) – (4569)
Total comprehensive income 全面收益總額 – – – – – (4569) 7038465 7033896 6987 7040883
Issuance of ordinary H shares (note 30(c))
發行普通股H股（附註30(c)） 291224 – 9254059 – – – – 9545283 – 9545283
Effect of business combination under common
control 共同控制下的企業合併的影響 – – – – (30518) – – (30518) – (30518)
Equity settled share-based transactions
以股權結算的股份交易–1555957301––––162896–162896
Appropriation to statutory reserve
法定儲備撥款–––198285––(198285)–––
Dividends approved and paid in respect of the
previous year (note 30(b))
上一年度已獲通過及支付的股息（附註30(b)） – – – – – – (4768967) (4768967) (3409) (4772376)
Dividends declared and paid in respect of the
current year (note 30(b))
就本年度宣派及支付的股息（附註30(b)） – – – – – – (1517499) (1517499) – (1517499)
Others 其他 – – 15000 – – – – 15000 – 15000
Balance at December 31 2025
於2025年12月31日的結餘5851825(408247)9372220327418126121(9651)232231154132956451011341839677
Balance at December 31 2023
於2023年12月31日的結餘5560601(249998)95860300630046639(9)200712192853061250236429032976
Add: Effect of business combination under
common control (note 31)
加：共同控制下的企業合併的影響（附註31）––––10000–(15436)(5436)–(5436)
Balance at January 1 2024 (Restated)
於2024年1月1日的結餘（經重列）5560601(249998)95860300630056639(9)200557832852517650236429027540
Changes in equity for 2024: 2024年權益變動：
Profit for the year 年內溢利 – – – – – – 6343626 6343626 11735 6355361
Other comprehensive income 其他全面收益 – – – – – (5073) – (5073) – (5073)
Total comprehensive income 全面收益總額 – – – – – (5073) 6343626 6338553 11735 6350288
Repurchase of own shares (note 30(d))
回購自身股份（附註30(d)） – (313844) – – – – – (313844) – (313844)
Appropriation to statutory reserve 法定儲備撥款 – – – 69596 – – (69596) – – –
Dividends approved and paid in respect of the
previous year (note 30(b))
上一年度已獲通過及支付的股息（附註30(b)） – – – – – – (3660412) (3660412) (7564) (3667976)
Balance at December 31 2024 (Restated)
於2024年12月31日的結餘（經重列）5560601(563842)95860307589656639(5082)226694013088947350653531396008
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
佛山市海天調味食品股份有限公司 * 2025 年度報告 159CONSOLIDATED CASH FLOW STATEMENT綜合現金流量表
FOR THE YEAR ENDED DECEMBER 31 2025 (EXPRESSED IN RMB)（以人民幣列示）
Year ended December 31截至12月31日止年度
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Operating activities 經營活動
Cash generated from operations 經營所得現金 21(d) 9147784 7818291
Income tax paid 已付所得稅 (1401833) (978089)
Net cash generated from operating activities 經營活動所得現金淨額 7745951 6840202
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(1283600)(1576231)
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 7745 20983
Proceeds from maturity of term deposits and certificates of deposits定期存款及存單到期所得款項43177475212050
Placement of term deposits and certificates of deposits
存放定期存款及存單(15046849)(6527747)
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(11989459)(10457000)
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97372998917784
Interest received 已收利息 557879 487840
Withdrawal of deposits for a derivative financial instrument
提取衍生金融工具按金–150000
Payments for acquisition of subsidiaries net of cash acquired
收購子公司付款，扣除所收現金(30518)–Net cash used in investing activities 投資活動所用現金淨額 (13729756) (3772321)
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
160 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025CONSOLIDATED CASH FLOW STATEMENT
綜合現金流量表
FOR THE YEAR ENDED DECEMBER 31 2025 (EXPRESSED IN RMB)（以人民幣列示）
Year ended December 31截至12月31日止年度
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Financing activities 融資活動
Proceeds from issuance of ordinary H shares relating to
initial public offering net of issuing costs
首次公開發售下發行普通股H股所得款項，扣除發行成本 9577759 –Payment for repurchase of own shares 回購自身股份的付款 – (313844)
Proceeds from bank loans 銀行貸款所得款項 21(e) 182250 356506
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 21(e) 3457206 1486477
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 21(e) (2802812) (1350000)
Repayments of bank loans 償還銀行貸款 21(e) (363665) (465361)
Lease payments 租賃付款 21(e) (39572) (26379)
Dividends paid to equity shareholders of the Company
已付本公司權益股東股息(6286466)(3660412)
Dividends paid to non-controlling shareholders 已付非控股股東股息 (3409) (7564)
Payment for listing expenses 支付上市開支 (34792) –
Interest paid 已付利息 21(e) (23060) (21818)
Net cash generated/(used) in financing activities
融資活動所得╱（所用）現金淨額3663439(4002395)
Net decrease in cash and cash equivalents
現金及現金等價物減少淨額(2320366)(934514)
Effect of foreign exchange rate changes 匯率變動的影響 (49887) 580
Cash and cash equivalents at the beginning of the year年初現金及現金等價物1191575312849687
Cash and cash equivalents at the end of the year
年末現金及現金等價物 21(a) 9545500 11915753
The notes on pages 163 to 287 form part of these financial 第163至287頁附註構成該等財務報表的一部
statements. 分。
佛山市海天調味食品股份有限公司 * 2025 年度報告 161NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策
(a) Statement of compliance (a) 合規聲明
These financial statements have been prepared in accordance 該等財務報表乃根據國際財務報告準with IFRS Accounting Standards which collective term 則會計準則（該統稱包括國際會計準includes all applicable individual International Financial 則理事會（「國際會計準則理事會」）頒
Reporting Standards International Accounting Standards 佈的所有適用的個別國際財務報告準
(“IASs”) and Interpretations issued by the International 則、國際會計準則（「國際會計準則」）Accounting Standards Board (“IASB”) and the disclosure 及詮釋）以及香港《公司條例》的披露
requirements of the Hong Kong Companies Ordinance. 規定編製。該等財務報表亦符合香港These financial statements also comply with the applicable 聯合交易所有限公司證券上市規則的
disclosure provisions of the Rules Governing the Listing of 適用披露規定。本集團所採納的重大Securities on The Stock Exchange of Hong Kong Limited. 會計政策披露如下。
Material accounting policies adopted by the group are
disclosed below.The IASB has issued certa in new or amended IFRS 國際會計準則理事會已頒佈若干新訂
Accounting Standards that are first effective or available 或經修訂國際財務報告準則會計準
for early adoption for the current accounting period of the 則，該等準則於本集團本會計期間首group. Note 1(c) provides information on any changes in 次生效或可供提前採納。附註1(c)提供accounting policies resulting from initial application of these 了有關首次應用該等新訂或經修訂準developments to the extent that they are relevant to the 則（就其與本集團於該等財務報表所反group for the current accounting period reflected in these 映的本會計期間相關者而言）而導致會
financial statements. 計政策出現任何變動的資料。
162 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(b) Bas is o f p repara t ion o f the f i nanc ia l (b) 編製財務報表的基準
statements
The consolidated financial statements for the year ended 截至2025年12月31日止年度的綜合財December 31 2025 compr ise the Company and i ts 務報表包括本公司及其子公司（統稱為subsidiaries (together referred to as the “Group”). 「本集團」）。
On November 30 2025 the Company acquired 100% equity 於2025年11月30日，本公司收購廣東interests of Guangdong Haitian Innovation Technology Co. 海天創新技術有限公司（「海天創新」）
Ltd. (廣東海天創新技術有限公司 “Haitian Innovation”). As 的100%股權。由於海天創新與本公Haitian Innovation and the Company are under common 司在收購前後均受廣東海天集團股份control of Guangdong Haitian Group Co. Ltd. (“Guangdong 有限公司（「廣東海天」）共同控制，故Hait ian”) before and after the acquisit ion the above 上述交易被視為共同控制下的企業合
transaction is considered as a business combination under 併。因此，根據共同控制下實體企業common control. As a result the consolidated financial 合併的會計政策（見附註1(e)），本集statements of the Group have been prepared as if the entity 團綜合財務報表的編製，乃假設該實was the subsidiary of the Company ever since it became 體自受廣東海天共同控制之日起已為
under common control of Guangdong Haitian in according 本公司的子公司。據此，於2024年12to the accounting policy of business combination for entities 月31日的綜合財務狀況表，以及截至under common control (see note 1(e)). Accordingly the 2024年止年度的綜合損益表、綜合損
comparative amounts of the consolidated statement of 益及其他全面收益表、綜合股權變動
financial position as at December 31 2024 the consolidated 表及綜合現金流量表的比較金額已予
statement of profit or loss the consolidated statement 重列。上述交易的詳情於附註31披露。
of profit or loss and other comprehensive income the
consolidated statement of changes in equity and consolidated
cash flow statement for the year ended 2024 have been
restated. Details of the above transaction are disclosed in
note 31.The measurement basis used in the preparation of the 編製財務報表所用的計量基準為歷史
financial statements is the historical cost basis except for 成本基準，惟按公允價值計量的若干certain financial assets and liabilities measured at their fair 金融資產及負債除外（見附註1(g)）。
value (see note 1(g)).佛山市海天調味食品股份有限公司 * 2025 年度報告 163NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(b) Bas is o f p repara t ion o f the f i nanc ia l (b) 編製財務報表的基準（續）
statements (Continued)
The preparation of f inancial statements in conformity 編製符合國際財務報告會計準則的財
with IFRS Accounting Standards requires management 務報表要求管理層作出判斷、估計及
to make judgements estimates and assumptions that 假設，而該等判斷、估計及假設會影affect the application of policies and reported amounts of 響政策的應用及資產、負債、收入及
assets liabilities income and expenses. The estimates and 開支的呈報金額。該等估計及相關假associated assumptions are based on historical experience 設乃基於過往經驗及在有關情況下被
and various other factors that are believed to be reasonable 認為屬合理的若干其他因素，其結果under the circumstances the results of which form the 構成對無法輕易從其他來源確定的資
basis of making the judgements about carrying values of 產及負債賬面值作出判斷的基礎。實assets and liabilities that are not readily apparent from other 際結果可能與該等估計存在差異。
sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on 有關估計及相關假設會持續審閱。倘an ongoing basis. Revisions to accounting estimates are 會計估計的修訂只影響修訂估計的期
recognized in the period in which the estimate is revised if 間，則會計估計修訂於該期間確認，the revision affects only that period or in the period of the 或倘該修訂同時影響當前及未來期
revision and future periods if the revision affects both current 間，則於修訂期間及未來期間確認。
and future periods.Judgements made by management in the application of 管理層在應用對財務報表有重大影響
IFRS Accounting Standards that have significant effect on 的國際財務報告會計準則時所作出的
the financial statements and major sources of estimation 判斷，以及估計不確定性的主要來uncertainty are discussed in note 2. 源，將在附註2中討論。
164 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(c) Changes in accounting policies (c) 會計政策變動
The Group has applied amendments to IAS 21 The effects of 本集團已將國際會計準則理事會頒佈
changes in foreign exchange rates – Lack of exchangeability 的國際會計準則第21號（修訂本），外issued by the IASB to these financial statements for the 匯匯率變動的影響－缺乏兌換性應用
current accounting period. The amendments do not have a 於本會計期間的財務報表。由於本集material impact on these financial statements as the Group 團未訂立任何外幣不可兌換成其他貨
has not entered into any foreign currency transactions in 幣的外幣交易，因此該等修訂對該等which the foreign currency is not exchangeable into another 財務報表並無重大影響。
currency.The Group has not applied any new standard or interpretation 本集團並無應用任何尚未在本會計期
that is not yet effective for the current accounting period. 間生效的新訂準則或詮釋。
(d) Subsidiaries and non-controlling interests (d) 子公司及非控股權益
Subsidiaries are entities controlled by the Group. The Group 子公司為本集團控制之實體。當本集controls an entity when it is exposed or has rights to 團因參與某一實體而承受或有權獲得
variable returns from its involvement with the entity and has 可變回報且有能力透過其對實體的權
the ability to affect those returns through its power over the 力影響該等回報時，本集團即控制該entity. The financial statements of subsidiaries are included in 實體。子公司的財務報表由控制權開the consolidated financial statements from the date on which 始之日起計入綜合財務報表，直至控control commences until the date on which control ceases. 制權終止之日為止。
Intra-group balances and transactions and any unrealized 集團內結餘及交易，以及集團內交易income and expenses (except for foreign currency transaction 產生的任何未變現收入及支出（外幣交gains or losses) arising from intra-group transactions are 易收益或虧損除外）均予以對銷。集團eliminated. Unrealized losses resulting from intra-group 內交易產生的未變現虧損以與未變現
transactions are eliminated in the same way as unrealized 收益相同的方式對銷，惟僅在並無減gains but only to the extent that there is no evidence of 值跡象的情況下進行。
impairment.For each business combination the Group elects to measure 就每次業務合併而言，本集團選擇按the non-controlling interests (“NCI”) at the NCI’s proportionate 非控股權益（「非控股權益」）於子公司
share of the subsidiary’s net identifiable assets. NCI are 可識別資產淨值中所佔比例計量非控
presented in the consolidated statement of financial position 股權益。非控股權益於綜合財務狀況within equity separately from equity attributable to the equity 表權益中呈列，與本公司股東應佔權shareholders of the Company. NCI in the results of the Group 益分開呈列。本集團業績中的非控股are presented on the face of the consolidated statement of 權益作為年內損益總額及全面收益總
profit or loss and the consolidated statement of profit or loss 額在本公司非控股權益與權益股東之
and other comprehensive income as an allocation of the total 間進行的分配於綜合損益表及綜合損
profit or loss and total comprehensive income for the year 益及其他全面收益表呈列。
between NCI and the equity shareholders of the Company.佛山市海天調味食品股份有限公司 * 2025 年度報告 165NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(d) Subsidiaries and non-controlling interests (d) 子公司及非控股權益（續）
(Continued)
Changes in the Group’s interests in a subsidiary that do 本集團於子公司之權益發生變動但並
not result in a loss of control are accounted for as equity 無導致失去控制權，則視為權益交易。
transactions.When the Group loses control of a subsidiary it derecognizes 當本集團失去對子公司的控制權時，the assets and liabilities of the subsidiary and any related 會終止確認該子公司的資產及負債，NCI and other components of equity. Any resulting gain or 以及任何相關的非控股權益及其他權
loss is recognized in profit or loss. Any interest retained in 益組成部分。產生的任何收益或虧損that former subsidiary is measured at fair value when control 於損益內確認。任何保留於該前子公is lost. 司之權益乃於失去控制權時按公允價值計量。
In the Company’s statements of f inancial position an 在本公司的財務狀況表中，於子公司investment in a subsidiary is stated at cost less impairment 的投資乃按成本減減值虧損列賬（見附losses (see note I(l)(ii)). 註1(l)(ii)）。
(e) Business combinations for entities under (e) 共同控制下的實體的企業合併
common control
The consolidated f inancial statements incorporate the 綜合財務報表納入發生共同控制合併
financial statements item of the combining businesses in 的參與合併業務的財務報表項目，猶which the common control combination occurs as if they 如該等業務自首次受控股方控制之日
had been combined from the date when the combining 起已經合併。
businesses first came under the control of the controlling
party.The net assets of the combining businesses are consolidated 參與合併業務的資產淨值按控股方角
using the existing book values from the controlling party’s 度的現有賬面值綜合入賬。被收購業perspective. The assets and l iabil it ies of the acquired 務的資產及負債應按控股方綜合財務
business should be recorded at the book values as stated in 報表所述的賬面值記錄。於共同控制the consolidated financial statements of the controlling party. 合併時，概不確認任何商譽或議價收No amount is recognised in respect of goodwill or gain on 購收益的金額。為抵銷參與合併業務bargain purchase at the time of common control combination. 的股份╱註冊資本與相關投資成本而
The adjustments to eliminate share/registered capital of 作出的調整，已於綜合股權變動表的the combining businesses against the related investment 其他儲備中作出。
costs have been made to other reserve in the consolidated
statement of changes in equity.
166 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(e) Business combinations for entities under (e) 共同控制下的實體的企業合併
common control (Continued) （續）
The consol idated statement of profit or loss and the 綜合損益表以及綜合損益及其他全面
conso l idated s ta tement o f pro f i t o r loss and other 收益表包括各參與合併業務自呈列的
comprehensive income include the results of each of the 最早日期起或自參與合併業務首次受
combining businesses from the earliest date presented or 共同控制之日起（以較短期間為準）的
since the date when the combining businesses first came 業績。
under the common control where this is a shorter period.The comparative amounts in the consolidated statement of 綜合財務狀況表中的比較金額乃假設
financial position are presented as if the businesses had been 該等業務於上一個報告期末或首次受
combined at the end of the previous reporting period or when 共同控制之時（以較短者為準）已經合
they first came under common control whichever is shorter. 併而呈列。
(f) Goodwill (f) 商譽
Goodwill represents the excess of 商譽指
(i) the aggregate of the fair value of the consideration (i) 所轉讓代價的公允價值、於被收購
transferred the amount of any non-controlling interest in 方的任何非控股權益金額及本集團
the acquiree and the fair value of the Group’s previously 先前持有被收購方股權的公允價值
held equity interest in the acquiree; over 之總和；超出
(ii) the net fair value of the acquiree’s identifiable assets and (ii) 於收購日計量的被收購方可識別資
liabilities measured as at the acquisition date. 產及負債的公允價值淨額的部分。
When (ii) is greater than (i) then this excess is recognized 倘(ii)大於(i)，則該超額部分即時於損益immediately in profit or loss as a gain on a bargain purchase. 確認為議價購買收益。
Goodwill is stated at cost less accumulated impairment 商譽按成本減累計減值虧損列賬。商losses. Goodwil l is not amortized but it is tested for 譽不予攤銷，惟每年進行減值測試，impairment annually or more frequently if events or changes 或當有事件或情況變化顯示有可能減
in circumstances indicate that it might be impaired and is 值時進行更頻密的減值測試，並按carried at cost less accumulated impairment losses (see note 成本減累計減值虧損列賬（見附註1( l )
1(l)(ii)). (ii)）。
佛山市海天調味食品股份有限公司 * 2025 年度報告 167NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(g) Other investments in securities (g) 其他證券投資The Group’s policies for investments in securities other than 本集團有關證券投資（投資子公司除investments in subsidiaries are set out below. 外）的政策載列如下。
Investments in securities are recognized/derecognized on 證券投資於本集團承諾購買╱出售該
the date the Group commits to purchase/sell the investment. 投資之日確認╱終止確認。投資初The investments are initially stated at fair value plus directly 步按公允價值加直接應佔交易成本列
attributable transaction costs except for those investments 賬，惟交易成本直接於損益確認的按measured at FVPL for which transaction costs are recognized 公允價值計入損益計量之投資除外。
directly in profit or loss. For an explanation of how the Group 有關本集團如何釐定金融工具公允價
determines fair value of financial instruments see note 值的解釋，請參閱附註32(e)。該等投
32(e). These investments are subsequently accounted for as 資其後根據其分類入賬如下。
follows depending on their classification.(i) Non-equity investments (i) 非股權投資
Non-equity investments are classified as FVPL if the 倘非股權投資不符合按攤銷成本計
investment does not meet the criteria for being measured 量或按公允價值計入其他綜合收益
at amortised cost or FVOCI (recycling). Changes in the fair （可轉回）的標準，則分類為按公value of the investment (including interest) are recognized 允價值計入損益。投資的公允價值in profit or loss. 變動（包括利息）於損益中確認。
– amortised cost if the investment is held for the － 攤銷成本，倘持有該投資的目collection of contractual cash flows which represent 的為收取合約現金流量，而該solely payments of principal and interest. Expected 等現金流量僅為支付本金及利
credit losses interest income calculated using the 息。預期信貸虧損、採用實際effective interest method (see note 1(v)(ii)(b)) foreign 利率法計算的利息收入（見附exchange gains and losses are recognised in profit or 註1(v)( i i ) (b)）以及匯兌收益及
loss. Any gain or loss on derecognition is recognised 虧損均於損益中確認。終止確in profit or loss. 認時產生的任何收益或虧損於損益中確認。
168 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(g) Other investments in securities (Continued) (g) 其他證券投資（續）
(i) Non-equity investments (Continued) (i) 非股權投資（續）
– FVOCI – recycling if the contractual cash flows of － 按公允價值計入其他全面收
the investment comprise solely payments of principal 益－可轉回，倘該投資的合and interest and the investment is held within a 約現金流量僅為支付本金及利
business model whose objective is achieved by both 息，且該投資是在以收取合約the collection of contractual cash flows and sale. 現金流量及出售為目標的業務
Expected credit losses interest income (calculated 模式下持有。預期信貸虧損、using the effective interest method) and foreign 利息收入（採用實際利率法計exchange gains and losses are recognised in profit 算）以及匯兌收益及虧損於損
or loss and computed in the same manner as if the 益中確認，其計算方式與按攤financial asset was measured at amortised cost. The 銷成本計量的金融資產相同。
difference between the fair value and the amortised 公允價值與攤銷成本之間的差
cost is recognised in OCI. When the investment is 額於其他全面收益中確認。於derecognised the amount accumulated in OCI is 終止確認該投資時，於其他全recycled from equity to profit or loss. 面收益的累計金額會由權益轉回至損益中。
– FVPL if the investment does not meet the criteria － 按公允價值計入損益，倘該投for being measured at amortised cost or FVOCI 資不符合按攤銷成本或按公允(recycling). Changes in the fair value of the investment 價值計入其他全面收益（可轉(including interest) are recognised in profit or loss. 回）計量的標準。該投資的公允價值變動（包括利息）於損益中確認。
(ii) Equity investments (ii) 股權投資
An investment in equity securities is classified as FVPL 股本證券投資分類為按公允價值計
unless the investment is not held for trading purposes 入損益，除非該投資並非持作買and on initial recognition the Group makes an irrevocable 賣，且於初始確認時，本集團不可election to designate the investment at FVOCI (non- 撤銷地選擇指定按公允價值計入其
recycling) such that subsequent changes in fair value 他全面收益（不可轉回）的投資，are recognized in OCI. Such elections are made on an 以便公允價值隨後的變動於其他全
instrument-by-instrument basis but may only be made 面收益內確認。該等選擇乃根據具if the investment meets the definition of equity from 體工具進行，但只有當投資符合發the issuer’s perspective. If such election is made for a 行人對股權的定義時才可以進行。
particular investment at the time of disposal the amount 倘就特定投資作出該等選擇，則accumulated in the fair value reserve (non-recycling) is 於出售時，於公允價值儲備（不可transferred to retained earnings and not recycled through 轉回）中累計的金額轉撥至保留盈
profit or loss. Dividends from an investment in equity 利，且不會透過損益轉回。股本證securities irrespective of whether classified as at FVPL or 券投資產生的股息，不論分類為按FVOCI are recognized in profit or loss as other income 公允價值計入損益或按公允價值計
(see note 1(v)(ii)(d)). 入其他全面收益，均於損益中確認為其他收入（見附註1(v)(ii)(d)）。
佛山市海天調味食品股份有限公司 * 2025 年度報告 169NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策（續）
(Continued)
(h) Investment property (h) 投資性房地產
Investment property is initially measured at cost. After initial 投資性房地產初始按成本計量。初步recognition the Group chooses the cost model to measure 確認後，本集團選擇成本模式計量其all of its investment properties. 所有投資性房地產。
Depreciation is calculated on the straight-line basis to write 折舊以直線法計算，在估計可使用年off the cost to its residual value over its estimated useful life. 期內將成本撇銷至其剩餘價值。估計The estimated useful lives are as follows: 可使用年期如下：
– Buildings 20 years －樓宇 20年The carrying amounts of investment properties measured 當有事件或情況變動顯示賬面值可能
using the cost method are reviewed for impairment when 無法收回時，以成本法計量的投資性events or changes in circumstances indicate that the carrying 房地產的賬面值會被檢討是否有減值。
amounts may not be recoverable.Any gain or loss on disposal of investment property is 出售投資性房地產的任何收益或虧損
recognized in profit or loss. Rental income from investment 於損益確認。投資性房地產的租金收properties is recognized in accordance with note 1(v)(ii)(a). 入根據附註1(v)(ii)(a)確認。
(i) Property plant and equipment (i) 物業、廠房及設備
Property plant and equipment are stated at cost which 物業、廠房及設備按成本列賬，成本includes capitalized borrowing costs less accumulated 包括資本化的借貸成本減累計折舊及
depreciation and any impairment losses (see note 1(l)(ii)). 任何減值虧損（見附註1(l)(ii)）。
If significant parts of an item of property plant and equipment 倘物業、廠房及設備項目之主要部分
have different useful lives then they are accounted for as 具有不同的可使用年期，則彼等作為separate items (major components). 獨立項目（主要組成部分）入賬。
Any gains or losses on disposal of an item of property plant 出售物業、廠房及設備項目的任何收
and equipment is recognized in profit or loss. 益或虧損於損益確認。
170 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(i) Property plant and equipment (Continued) (i) 物業、廠房及設備（續）
Depreciation is calculated to write off the cost of items of 折舊乃按物業、廠房及設備項目的估
property plant and equipment less their estimated residual 計可使用年期以直線法撇銷物業、廠values if any using the straight-line method over their 房及設備的成本減其估計剩餘價值（如estimated useful lives and is generally recognized in profit or 有）計算，並一般在損益中確認如下：
loss as follows:
– L and-use rights other leased properties machinery and － 土地使用權、其他租賃物業、機器
equipment are depreciated over the unexpired term of lease 及設備於未屆滿的租期內折舊
– Buildings 5 – 30 years －樓宇 5-30年– Machinery and equipment 2 – 17 years －機器及設備 2-17年– Vehicles 3 – 10 years －車輛 3-10年– Office equipment and others 2 – 10 years －辦公設備及其他 2-10年– Leasehold improvements 2 – 5 years: －租賃改善 2-5年Depreciation methods useful lives and residual values are 折舊方法、可使用年期及剩餘價值於
reviewed at each reporting date and adjusted if appropriate. 各報告日期進行檢討，並在適當情況下作出調整。
Construction in progress is stated at cost less impairment 在建工程按成本減減值虧損列賬（見附losses (see note 1(l)(ii)). Cost comprises direct costs of 註1( l ) ( i i )）。成本包括直接建造成本以construction as well as interest expense capitalized during the 及於建造及安裝期間資本化的利息開
periods of construction and installation. Capitalization of these 支。當資產用於其擬定用途所需之絕costs ceases and the construction in progress is transferred 大部分活動完成時，該等成本停止資to property plant and equipment when substantially all the 本化且在建工程轉移至物業、廠房及
activities necessary to prepare the assets for their intended 設備。在建工程竣工並達到預定可使use are completed. No depreciation is provided for in respect 用狀態後，方不對其作折舊。
of construction in progress until it is completed and ready for
its intended use.佛山市海天調味食品股份有限公司 * 2025 年度報告 171NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(j) Intangible assets (other than goodwill) (j) 無形資產（商譽除外）
Expenditure on research and development activit ies is 研發活動的開支於產生時於損益確認。
recognized in profit or loss as incurred.Intangible assets acquired by the Group with finite useful 本集團所收購的可使用年期有限的無
lives are measured at cost less accumulated amortization and 形資產按成本減累計攤銷及減值虧損
impairment losses (see note 1(l)(ii)). 計量（見附註1(l)(ii)）。
Amortization is calculated to write off the cost of intangible 攤銷乃按無形資產之估計可使用年期
assets less their estimated residual values using the straight- （如有）內以直線法撇銷無形資產之成
line basis over their estimated useful lives if any and is 本減其估計剩餘價值計算，並一般於generally recognized in profit or loss. 損益確認。
The following intangible assets with finite useful lives are 下列可使用年期有限的無形資產自可
amortized from the date they are available for use and their 供使用之日起進行攤銷，其估計可使estimated useful lives are as follows: 用年期如下：
– E nterprise resource planning system and 2 – 10 years －企業資源計劃系統等軟件 2-10年other software
– Trademark and others 3 – 10 years －商標及其他 3-10年Amortization methods useful lives and residual values are 攤銷方法、可使用年期及剩餘價值於
reviewed at each reporting date and adjusted if appropriate. 各報告日期進行檢討，並在適當情況下作出調整。
(k) Leased assets (k) 租賃資產
At inception of a contract the Group assesses whether 本集團於合約初始生效時評估合約是
the contract is or contains a lease. This is the case if the 否屬租賃或包含租賃。倘合約就換取contract conveys the right to control the use of an identified 代價將在一段期間內轉讓控制可識別
asset for a period of time in exchange for consideration. 資產用途的權利，即屬此情況。倘客Control is conveyed where the customer has both the 戶同時有權主導可識別資產之用途及
right to direct the use of the identified asset and to obtain 自該用途取得絕大部分經濟利益，則substantially all of the economic benefits from that use. 控制權已轉讓。
172 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(k) Leased assets (Continued) (k) 租賃資產（續）
(i) As a lessee (i) 作為承租人
Where the contract contains lease component(s) and 倘合約包含租賃組成部分及非租賃
non-lease component(s) the Group has elected not 組成部分，本集團選擇不區分非租to separate non-lease components and accounts for 賃部分及將所有租賃的各租賃部分
each lease component and any associated non-lease 及任何關聯非租賃部分入賬列為單
components as a single lease component for all leases. 一租賃部分。
At the lease commencement date the Group recognizes 於租賃開始日期，本集團確認使用a right-of-use asset and a lease liability except for leases 權資產及租賃負債，惟租賃期為that have a short lease term of 12 months or less and 12個月或以下的短期租賃以及低
leases of low-value items. When the Group enters into a 價值項目租賃除外。當本集團就低lease in respect of a low-value item the Group decides 價值項目訂立租賃時，本集團就每whether to capitalize the lease on a lease-by-lease basis. 份租賃決定是否進行資本化。倘未If not capitalized the associated lease payments are 資本化，相關的租賃付款會在租賃recognized in profit or loss on a systematic basis over 期內系統地於損益內確認。
the lease term.Where the lease is capitalized the lease liability is initially 若租賃被資本化，則租賃負債以租recognized at the present value of the lease payments 賃期內應付租賃付款的現值進行初
payable over the lease term discounted using the interest 始確認，並使用該項租賃的內含利rate implicit in the lease or if that rate cannot be readily 率貼現；或倘內含利率無法輕易釐
determined using a relevant incremental borrowing rate. 定，則使用相關的增量借款利率貼After initial recognition the lease liability is measured at 現。於初始確認後，租賃負債以攤amortized cost and interest expense is recognized using 銷成本計量，且利息開支採用實際the effective interest method. Variable lease payments 利率法確認。不取決於指數或利率that do not depend on an index or rate are not included 的可變租賃付款並不計入租賃負債
in the measurement of the lease liability and are charged 計量，並於其產生時計入損益。
to profit or loss as incurred.佛山市海天調味食品股份有限公司 * 2025 年度報告 173NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(k) Leased assets (Continued) (k) 租賃資產（續）
(i) As a lessee (Continued) (i) 作為承租人（續）
The right-of-use asset recognized when a lease is 租賃資本化時已確認的使用權資產
capitalized is initially measured at cost which comprises 按成本進行初始計量，其中包括租the initial amount of the lease liability adjusted for any 賃負債的初始金額（已就於開始日lease payments made at or before the commencement 期或之前作出的任何租賃付款進行date plus any initial direct costs incurred and an estimate 調整），加上產生的任何初始直接of costs to dismantle and remove the underlying asset 費用以及為拆卸、搬移相關資產或
or to restore the underlying asset or the site on which 復原相關資產或資產所在地點的估
it is located less any lease incentives received. The 計成本，減去已收到的任何租賃優right-of-use asset is subsequently stated at cost less 惠。使用權資產隨後按成本減去累accumulated depreciation and impairment losses (see 計折舊和減值虧損列賬（參閱附註notes 1(i) and 1(l)(ii)). 1(i)及1(l)(ii)）。
Refundable rental deposits are accounted for separately 根據適用於按攤銷成本入賬的非股
from the right-of-use assets in accordance with the 本證券投資的會計政策，可退還租accounting policy applicable to investments in non-equity 金按金與使用權資產分開入賬（參securities carried at amortized cost (see notes 1(g)(i) 1(v) 閱附註1(g)(i)、1(v)(ii)(b)及1(l)(i)）。
(ii)(b) and 1(l)(i)). Any excess of the nominal value over 該等按金的名義價值超出初始公
the initial fair value of the deposits is accounted for as 允價值的部分作為額外租賃付款入
additional lease payments made and is included in the 賬，並計入使用權資產成本。
cost of right-of-use assets.The lease liability is remeasured when there is a change 當指數或利率變化引致未來租賃付
in future lease payments arising from a change in an 款變動，倘本集團根據剩餘價值擔index or rate if there is a change in the Group’s estimate 保預計應付的估計金額變化；或倘
of the amount expected to be payable under a residual 本集團變更是否行使購買、續租或
value guarantee or if the Group changes its assessment 終止選擇權的評估，則租賃負債將of whether it will exercise a purchase extension or 重新計量。按該方式重新計量租賃termination option. When the lease liability is remeasured 負債時，應當相應地對使用權資產in this way a corresponding adjustment is made to the 的賬面值進行調整，倘使用權資產carrying amount of the right-of-use asset or is recorded 的賬面值已調減至零，則調減的金in profit or loss if the carrying amount of the right-of-use 額應計入損益。
asset has been reduced to zero.
174 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(k) Leased assets (Continued) (k) 租賃資產（續）
(i) As a lessee (Continued) (i) 作為承租人（續）The lease liability is also remeasured when there is a 當租賃修改時（即租賃範疇發生變lease modification which means change in the scope of a 化或租賃合約原先並無規定的租lease or the consideration for a lease that is not originally 賃對價發生變化），倘該修改未作provided for in the lease contract if such modification is 為單獨的租賃入賬時，則亦需要對not accounted for as a separate lease. In this case the 租賃負債進行重新計量。在該情況lease liability is remeasured based on the revised lease 下，租賃負債根據經修訂的租賃付payments and lease term using a revised discount rate at 款和租賃期限，使用經修訂的貼現the effective date of the modification. 率在修改生效日重新計量。
In the financial statements the current portion of long- 在財務報表中，長期租賃負債的即term lease liabilities is determined as the present value 期部分釐定為於報告期後十二個月
of contractual payments that are due to be settled within 內到期清償之合約付款現值。
twelve months after the reporting period.(ii) As a lessor (ii) 作為出租人
The Group determines at lease inception whether each 本集團在租賃開始時即確定每項租
lease is a finance lease or an operating lease. A lease is 賃為融資租賃或為經營租賃。若租classified as a finance lease if it transfers substantially all 賃能將相關資產所有權所附帶的絕
the risks and rewards incidental to the ownership of an 大部分風險及回報轉移予承租人，underlying assets to the lessee. Otherwise the lease is 則屬於融資租賃。否則，租賃分類classified as an operating lease. 為經營租賃。
When a cont ract conta ins lease and non- lease 當合約包含租賃及非租賃組成部
components the Group allocates the consideration in the 分，本集團會按相對獨立售價基準contract to each component on a relative stand-alone 將合約對價分配至各組成部分。經selling price basis. The rental income from operating 營租賃的租金收入根據附註1(v)(i i)
leases is recognized in accordance with note 1(v)(ii)(a). (a)予以確認。
佛山市海天調味食品股份有限公司 * 2025 年度報告 175NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值
(i) Credit losses from financial instruments (i) 金融工具的信貸虧損
The Group recognizes a loss allowance for expected 本集團就按攤銷成本計量的金融資
credit losses (“ECLs”) on financial assets measured at 產、按公允價值計入其他綜合收益
amortized cost non-equity securities measured at fair 的非股本證券及租賃應收款項的預
value through other comprehensive income and lease 期信貸虧損（「預期信貸虧損」）確
receivables. 認虧損撥備。
Measurement of ECLs 計量預期信貸虧損
ECLs are a probabil ity-weighted estimate of credit 預期信貸虧損，是指以發生違約的losses. Generally credit losses are measured as the 風險為權重的金融工具信用損失的
present value of all expected cash shortfalls between the 加權平均值。信貸虧損通常是指根contractual and expected amounts. 據合同應收與預期收取的所有現金流量之間的差額現值計量。
The expected cash shortfalls are discounted using the 倘影響重大，則預期現金差額使用following rates if the effect is material: 以下利率貼現：
– f i xed- ra te f i nanc ia l asse ts t rade and o the r － 固定利率金融資產、貿易及其
receivables: effective interest rate determined at initial 他應收款項：初始確認時釐定
recognition or an approximation thereof; 的實際利率或其近似值；
– variable-rate financial assets: current effective interest － 浮動利率金融資產：即期實際
rate. 利率。
The maximum period considered when estimating ECLs 在估計預期信貸虧損時考慮的最長
is the maximum contractual period over which the Group 期間為本集團承受信貸風險的最長
is exposed to credit risk. 合約期間。
176 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值（續）
(Continued)
(i) Credit losses from financial instruments (Continued) (i) 金融工具的信貸虧損（續）
Measurement of ECLs (Continued) 計量預期信貸虧損（續）
ECLs are measured on either of the following bases: 預期信貸虧損基於下列其中一個基
準計量：
– 12-month ECLs: these are portion of ECLs that result － 12個月預期信貸虧損：在報告from default events that are possible within the 12 日期後12個月內（若金融工具months after the reporting date (or a shorter period 的預計存續期少於12個月，if the expected live of the instrument is less than 12 則為預計存續期）可能發生的
months); and 違約事件而導致的預期信貸虧損部分；及
– lifetime ECLs: these are ECLs that result from all － 全期預期信貸虧損：該等採用
possible default events over the expected lives of the 預期信貸虧損模式的項目在預
items to which the ECL model applies. 期年期內所有可能發生的違約事件而導致的預期信貸虧損。
The Group measures loss allowances at an amount equal 本集團以相當於全期預期信貸虧損
to lifetime ECLs except for the following which are 的金額計量虧損撥備，惟下列以measured at 12-months ECLs: 12個月預期信貸虧損計量者除外：
– financial instruments that are determined to have low － 該等金融工具於報告日期被釐
credit risk at the reporting date; and 定為具有較低的信貸風險；及
– other financial instruments for which credit risk － 其他金融工具，其信貸風險(i.e. the risk of default occurring over the expected （即在金融工具預期存續期間life of the financial instrument) has not increased 發生違約的風險）自初始確認
significantly since initial recognition. 以來並未顯著增加。
Loss allowances for trade and bills receivables are always 貿易應收款項及應收票據的虧損撥
measured at an amount equal to lifetime ECLs. 備始終以相等於全期預期信貸虧損的金額計量。
佛山市海天調味食品股份有限公司 * 2025 年度報告 177NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值（續）
(Continued)
(i) Credit losses from financial instruments (Continued) (i) 金融工具的信貸虧損（續）
Significant increases in credit risk 信貸風險顯著增加
When determining whether the credit risk of a financial 在釐定金融工具的信貸風險自初始
instrument has increased signif icantly since init ia l 確認後是否顯著增加及在計量預期
recognition and when measuring ECLs the Group 信貸虧損時，本集團會考慮合理可considers reasonable and supportable information that 靠且無需付出過多成本或努力即可
is relevant and available without undue cost or effort. 獲得的相關資料，其包括基於本集This includes both quantitative and qualitative information 團過往經驗及已知信貸評估（包括and analysis based on the Group’s historical experience 前瞻性資料）的定量和定性資料以
and informed credit assessment that includes forward- 及分析。
looking information.The Group assumes that the credit risk on a financial 倘金融資產逾期超過30天，本集asset has increased significantly if it is more than 30 days 團假設該金融資產的信貸風險已顯
past due. 著增加。
The Group considers a financial asset to be in default 在下列情況下，本集團認為該金融when: 資產屬違約：
– the debtor is unlikely to pay its credit obligations to － 在本集團對變現抵押（如持the Group in full without recourse by the Group to 有）等行為無追索權的情況
actions such as realizing security (if any is held); or 下，債務人不可能全額支付其對本集團的信貸義務；或
– the financial asset is 90 days past due － 該金融資產逾期90日
178 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值（續）
(Continued)
(i) Credit losses from financial instruments (Continued) (i) 金融工具的信貸虧損（續）
Significant increases in credit risk (Continued) 信貸風險顯著增加（續）
ECLs are remeasured at each reporting date to reflect 為反映金融工具的信用風險自初始
changes in the financial instrument’s credit risk since 確認後的變化，本集團在各報告日initial recognition. Any change in the ECL amount is 期重新計量預期信貸虧損，由此形recognized as an impairment gain or loss in profit or loss. 成的損失準備的增加或轉回金額，The Group recognizes an impairment gain or loss for all 應當作為減值損失或利得計入當期
financial instruments with a corresponding adjustment to 損益。本集團確認所有金融工具的their carrying amount through a loss allowance account 減值收益或虧損時，會透過虧損撥except for investments in non-equity securities that 備賬對其賬面值進行相應調整，惟are measured at FVOCI (recycling) for which the loss 按公允價值計入其他綜合收益的非
allowance is recognized in OCI and accumulated in the 股本證券投資（可轉回）除外，該fair value reserve (recycling) does not reduce the carrying 等業務的虧損撥備於其他全面收益
amount of the financial assets in the consolidated 確認並在公允價值儲備（可轉回）
statement of financial position. 中累計並不會減少綜合財務狀況表內的金融資產的賬面價值。
Credit-impaired financial assets 信貸減值的金融資產
At each reporting date the Group assesses whether 於各報告日，本集團評估金融資產a financial asset is credit-impaired. A financial asset is 是否存在信貸減值。當發生會對金credit-impaired when one or more events that have a 融資產估計未來現金流量造成不利
detrimental impact on the estimated future cash flows of 影響的一項或多項事件，金融資產the financial asset have occurred. 存在信貸減值風險。
佛山市海天調味食品股份有限公司 * 2025 年度報告 179NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值（續）
(Continued)
(i) Credit losses from financial instruments (Continued) (i) 金融工具的信貸虧損（續）
Credit-impaired financial assets (Continued) 信貸減值的金融資產（續）
Evidence that a financial asset is credit-impaired includes 金融資產存在信貸減值的證據包括
the following observable events: 以下可觀察事件：
– significant financial difficulties of the debtor; － 債務人出現重大財務困難；
– a breach of contract such as a default; － 違約事項，如未付款；
– for economic or contractual reasons relating to － 由於債務人財務困難相關經濟
the debtor’s financial difficulties the Group having 或合約原因，本集團在向債務granted to the debtor a concession that it would not 人授予其他情況下不會考慮的
otherwise consider; 寬減；
– it is probable that the debtor will enter bankruptcy or － 債務人可能破產或進行其他財
other financial reorganisation; or 務重組；或
– the disappearance of an active market for a security － 因為發行人或債務人的財政困
because of financial difficulties of the issuer or the 難而導致某擔保失去活躍市場
debtor.Write-off policy 核銷政策
The gross carrying amount of a financial asset is written 倘屬日後實際上不可收回的金融資
off to the extent that there is no realistic prospect of 產，本集團會減記其賬面總值。
recovery. This is generally the case when the Group 該情況通常出現於本集團確定債務
determines that the debtor does not have assets or 人並無可產生足夠現金流量的資產
sources of income that could generate sufficient cash 或收入來源以償還將被減記的金額
flows to repay the amounts subject to the write-off. 時。
Subsequent recoveries of an asset that was previously 已減記的金融資產以後又收回的，written off are recognized as a reversal of impairment in 作為減值損失的轉回計入收回當期
profit or loss in the period in which the recovery occurs. 的損益。
180 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值（續）
(Continued)
(ii) Impairment of other non-current assets (ii) 其他非流動資產減值
At each reporting date the Group reviews the carrying 於各報告日期，本集團審閱其非amounts of its non-financial assets (other than inventories 金融資產（存貨及遞延稅項資產除and deferred tax assets) to determine whether there is 外）的賬面值，以釐定是否有任何any indication of impairment. If any such indication exists 減值跡象。如存在減值跡象，則對then the asset’s recoverable amount is estimated. 資產的可收回金額作出估計。
For impairment testing assets are grouped together into 就減值測試而言，資產被組合成為the smallest group of assets that generates cash inflows 能夠在持續使用中產生現金流入，from continuing use that are largely independent of the 且其產生的現金流入能大致區別於cash inflows of other assets or cash-generating units 其他資產或現金產生單位（「現金(“CGUs”). Goodwill arising from a business combination is 產生單位」）的現金流入之最小資
allocated to CGUs or groups of CGUs that are expected 產組別。業務合併產生的商譽分配to benefit from the synergies of the combination. 至預期可自該合併的協同效益中受惠的現金產生單位或現金產生單位組別。
The recoverable amount of an asset or CGU is the 資產或現金產生單位的可收回金額
greater of its value in use and its fair value less costs of 為其使用價值與其公允價值減出售
disposal. Value in use based on the estimated future cash 成本之間的較高者。使用價值根據flows discounted to their present value using a pre-tax 估計未來現金流量，並使用能夠反discount rate that reflects current market assessments 映當前市場對時間金錢值以及資產
of the time value of money and the risks specific to the 或現金產生單位特有風險的評估的
asset or CGU. 除稅前貼現率貼現至其現值計算。
An impairment loss is recognized if the carrying amount 減值虧損於資產或現金產生單位的
of an asset or CGU exceeds its recoverable amount. 賬面值超逾可收回金額時確認。
佛山市海天調味食品股份有限公司 * 2025 年度報告 181NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(l) Credit losses and impairment of assets (l) 信貸虧損及資產減值（續）
(Continued)
(ii) Impairment of other non-current assets (Continued) (ii) 其他非流動資產減值（續）
Impairment losses are recognized in profit or loss. They 減值虧損於損益確認。其首先進行are allocated first to reduce the carrying amount of any 分配以減少分配至現金產生單位的
goodwill allocated to the CGU and then to reduce the 任何商譽的賬面值，其後按比例減carrying amounts of the other assets in the CGU on a pro 少現金產生單位中其他資產的賬面
rata basis. 值。
An impairment loss in respect of goodwill is not reversed. 商譽的減值虧損不予撥回。其他資For other assets an impairment loss is reversed only 產的減值虧損撥回以產生的賬面值
to the extent that the resulting carrying amount does 不超過並無確認減值虧損時釐定的
not exceed the carrying amount that would have been 賬面值（扣除折舊或攤銷）為限。
determined net of depreciation or amortization if no
impairment loss had been recognized.(m) Inventories (m) 存貨
Inventories are measured at the lower of cost and net 存貨按成本與可變現淨值兩者中的較
realizable value. 低者計量。
Cost is calculated using weighted average cost formula and 成本使用加權平均成本法計算，並包comprises all costs of purchase cost of conversion and other 括所有購買成本、轉換成本及使存貨
costs incurred in bringing the inventories to their present 達至現今地點及狀況所產生的其他成
location and condition. 本。
Net realizable value is the estimated selling price in the 可變現淨值為日常業務過程中估計售
ordinary course of business less the estimated costs of 價減去完成的估計成本及進行銷售所
completion and the estimated costs necessary to make the 需的估計成本。
sale.
182 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(n) Trade and other receivables (n) 貿易及其他應收款項
A receivable is recognized when the Group has an 本集團有無條件權利收取對價時且該
uncondit ional r ight to receive considerat ion and only 對價到期支付前僅需時間推移時，確the passage of time is required before payment of that 認應收款項。
consideration is due.Trade receivables that do not contain a significant financing 不包含重大融資組成部分的貿易應收
component are init ia l ly measured at their transaction 款項初始按其交易價格計量。包含重price. Trade receivables that contain a significant financing 大融資組成部分的貿易應收款項及其
component and other receivables are initially measured at fair 他應收款項初始按其公允價值加交易
value plus transaction costs. All receivables are subsequently 成本計量。所有應收款項其後均按攤stated at amortized cost (see note 1(l)(i)). 銷成本列賬（見附註1(l)(i)）。
(o) Cash and cash equivalents and restricted (o) 現金及現金等價物以及受限制
cash 現金
Cash and cash equivalents comprise cash at bank and 現金及現金等價物包括銀行及庫存現
in hand demand deposits with banks term deposits and 金、存放於銀行的活期存款、定期存
certificates of deposits held for the purpose of meeting 款以及可隨時兌換為已知數額之現金short-term cash commitments that are readily convertible 且價值變動風險小的存單（為滿足短期into known amount of cash and which are subject to an 現金承擔而持有）。
insignificant risk of changes in value.Guarantee deposits which are restricted to use are presented 受限制使用的擔保存款於綜合財務狀
separately in consolidated statements of financial position as 況表內單獨呈列為「受限制現金」。受“Restricted cash”. Restricted cash is excluded from cash and 限制現金不計入綜合現金流量表內的
cash equivalents in the consolidated cash flow statements. 現金及現金等價物。
Cash and cash equivalents term deposits certif icates 現金及現金等價物、定期存款、存單
of deposits and restricted cash are assessed for ECLs in 及受限制現金根據附註1(l) ( i )所載政策
accordance with the policy set out in note 1(l)(i). 評估預期信貸虧損。
(p) Trade and other payables (p) 貿易及其他應付款項
Trade and other payables are initially recognized at fair value. 貿易及其他應付款項初始按公允價值
Subsequent to initial recognition trade and other payables 確認。初始確認之後，貿易及其他應are stated at amortized cost unless the effect of discounting 付款項按攤銷成本列賬，惟貼現影響would be immaterial in which case they are stated at invoice 不大時則按發票金額列賬。
amounts.佛山市海天調味食品股份有限公司 * 2025 年度報告 183NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(q) Interest-bearing borrowings (q) 計息借貸
Interest-bearing borrowings are measured initially at fair value 計息借貸初步按公允價值減交易成本
less transaction costs. Subsequently these borrowings are 計量。該等借貸其後採用實際利率法stated at amortized cost using the effective interest method. 按攤銷成本列賬。利息開支乃根據附Interest expense is recognized in accordance with note 1(x). 註1(x)確認。
(r) Contract liabilities (r) 合約負債
A contract liability is recognized when the customer pays 當客戶在本集團確認相關收入之前支non-refundable consideration before the Group recognizes 付不可退回對價時，確認合約負債（見the related revenue (see note 1(v)(i)). A contract liability is also 附註1(v)(i)）。如果本集團在確認相關收recognized if the Group has an unconditional right to receive 入之前具有無條件收取不可退回對價
non-refundable consideration before the Group recognizes 的權利，則也將確認合約負債。在此the related revenue. In such cases a corresponding 情況下，相應的應收款項也將予以確receivable is also recognized (see note 1(n)). 認（見附註1(n)）。
When the contract includes a significant financing component 當合約包含重大融資組成部分時，合the contract balance includes interest accrued under the 約結餘包括按實際利率法計算的應計
effective interest method (see note 1(v)(ii)(b)). 利息（見附註1(v)(ii)(b)）。
(s) Employee benefits (s) 僱員福利
(i) Short-term employee benefits and contributions to (i) 短期僱員福利及界定供款退休計劃
defined contribution retirement plans 供款
Short-term employee benefits are expensed as the 短期僱員福利於提供有關服務時列
related service is provided. A liability is recognized for the 為開支。倘本集團因員工過往提供amount expected to be paid if the Group has a present 服務而須承擔支付該筆款項的現有
legal or constructive obligation to pay this amount as a 法律責任或推定責任，並在責任金result of past service provided by the employee and the 額能可靠估計之情況下，本集團需obligation can be estimated reliably. 將預計支付的金額確認為負債。
Obligations for contributions to defined contribution 界定供款退休計劃之供款責任於提
retirement plans are expensed as the related service is 供有關服務時列為開支。
provided.(ii) Termination benefits (ii) 離職福利
Termination benefits are expensed at the earlier of when 離職福利於本集團不能撤回提供該
the Group can no longer withdraw the offer of those 等福利時或確認重組成本並涉及支
benefits and when the Group recognizes costs for a 付離職福利時（以較早者為準）確
restructuring. 認。
184 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(s) Employee benefits (Continued) (s) 僱員福利（續）
(iii) Share-based payments (iii) 股份付款
Share-based payment transactions in the Group are 本集團的股份付款交易為以權益結
equity-settled share-based payments. 算的股份付款。
Where the Group uses shares or other equity instruments 倘本集團以股份或其他權益工具作
as consideration for services received from employees 為換取僱員提供服務的代價，該付the payment is measured at the fair value of the equity 款乃按授予僱員的權益工具於授出
instruments granted to employees at the grant date. 日期的公允價值計量。倘授予僱員If the equity instruments granted to employees vest 的權益工具即時歸屬，授出權益工immediately the fair value of the equity instruments 具的公允價值會於授出日期全數確
granted is fully recognised as costs or expenses on 認為成本或開支，並相應增加資本the grant date with a corresponding increase in capital 儲備。倘授出權益工具須待完成某reserve. If the equity instruments granted do not vest 一期間的服務或達到特定的績效條
until the completion of services for a period or until the 件後方會歸屬，本集團會於歸屬期achievement of a specified performance condition the 內各報告期末，根據就預期將歸屬Group recognises an amount at the end of each reporting 權益工具的僱員人數的變動而新取
period during the vesting period based on the best 得的後續資料，按預期將予歸屬的estimate of the number of equity instruments expected to 權益工具數量的最佳估計確認一筆
vest according to newly obtained subsequent information 金額。本集團按權益工具於授出日regarding changes in the number of employees expected 期的公允價值計量所收取的服務，to vest the equity instruments. The Group measures the 並於收取服務時確認成本或開支，services received at the grant-date fair value of the equity 同時相應增加資本儲備。
instruments and recognises the costs or expenses as the
services are received with a corresponding increase in
capital reserve.(t) Income tax (t) 所得稅
Income tax expense comprises current tax and deferred tax. 所得稅開支包括即期稅項及遞延稅
It is recognized in profit or loss except to the extent that it 項，於損益中確認，除非其與直接在relates to items recognized directly in equity or in OCI. 權益或其他全面收益中確認的項目有關，則另作別論。
佛山市海天調味食品股份有限公司 * 2025 年度報告 185NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(t) Income tax (Continued) (t) 所得稅（續）
Current tax comprises the est imated tax payable or 即期稅項包括根據年內應課稅收入或
receivable on the taxable income or loss for the year and 虧損估計的應付或應收稅項，及就以any adjustments to the tax payable or receivable in respect 往年度的應付或應收稅項作出的任何
of previous years. The amount of current tax payable or 調整。應付或應收的即期稅項是預期receivable is the best estimate of the tax amount expected 支付或收取的稅額的最佳估計，反映to be paid or received that reflects any uncertainty related 了與所得稅相關的任何不確定性。其to income taxes. It is measured using tax rates enacted or 採用於報告日期頒佈或實質頒佈的稅
substantively enacted at the reporting date. Current tax also 率計量。即期稅項亦包括股息產生的includes any tax arising from dividends. 任何稅項。
Current tax assets and liabilities are offset only if certain 即期稅項資產及負債僅在符合若干條
criteria are met. 件時予以抵銷。
Deferred tax is recognized in respect of temporary differences 遞延稅項根據用作財務申報目的之資
between the carrying amounts of assets and liabilities for 產及負債的賬面值與用於稅務目的之
financial reporting purposes and the amounts used for 金額之間的暫時差異而確認。以下情taxation purposes. Deferred tax is not recognized for: 況不確認遞延稅項：
– temporary differences on the initial recognition of assets － 非企業合併交易中資產或負債初始
or liabilities in a transaction that is not a business 確認的暫時性差異，既不影響會combination and that affects neither accounting nor 計利潤或虧損也不影響應課稅所得
taxable profit or loss and does not give rise to equal 額，且不產生同等應課稅及可扣減taxable and deductible temporary differences; 暫時性差異；
– tempora ry d i f f e rences re la ted to i nves tment i n － 與於子公司投資相關的暫時差額，subsidiaries to the extent that the Group is able to 惟以本集團能夠控制暫時差額的撥
control the timing of the reversal of the temporary 回時間且該暫時差額在可預見的未
differences and it is probable that they will not reverse in 來很可能不會撥回為限；
the foreseeable future;
– taxable temporary differences arising on the init ial － 初步確認商譽產生的應課稅暫時差
recognition of goodwill; and 額；及
– those related to the income taxes arising from tax laws － 與為執行經濟合作與發展組織頒佈
enacted or substantively enacted to implement the 的第二支柱示範規則而頒佈或實質
Pillar Two model rules published by the Organisation for 上頒佈的稅法所產生的所得稅相關
Economic Co-operation and Development. 差額。
The Group recognized deferred tax assets and deferred tax 本集團就其租賃負債及使用權資產分
liabilities separately in relation to its lease liabilities and right- 別確認遞延稅項資產及遞延稅項負債。
of-use assets.
186 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(t) Income tax (Continued) (t) 所得稅（續）
Deferred tax assets are recognized for unused tax losses 遞延稅項資產就未使用稅項虧損及可
and deductible temporary differences to the extent that it is 扣減暫時差額予以確認，惟以可能有probable that future taxable profits will be available against 能利用該等遞延稅項資產來抵扣的未
which they can be used. Future taxable profits are determined 來應課稅利潤為限。未來應課稅利潤based on the reversal of re levant taxable temporary 乃根據相關應課稅暫時差額的撥回釐
differences. If the amount of taxable temporary differences 定。倘應課稅暫時差額金額不足以悉is insufficient to recognize a deferred tax asset in full then 數確認遞延稅項資產，則根據本集團future taxable profits adjusted for reversals of existing 個別子公司的業務計劃，考慮未來應temporary differences are considered based on the business 課稅利潤（就現有暫時差額的撥回作出plans for individual subsidiaries in the Group. Deferred tax 調整）。遞延稅項資產於各報告日期檢assets are reviewed at each reporting date and are reduced 討，在不再可能實現相關稅務利益的to the extent that it is no longer probable that the related tax 情況下，予以扣減；倘產生未來應課benefit will be realized; such reductions are reversed when 稅利潤的可能性改善，有關減免予以the probability of future taxable profits improves. 撥回。
The measurement o f de fe r red tax re f l ec ts the tax 遞延稅項的計量反映本集團預期於報
consequences that would follow from the manner in which 告日期收回或結算其資產及負債賬面
the Group expects at the reporting date to recover or settle 值的方式所產生的稅務後果。
the carrying amount of its assets and liabilities.Deferred tax assets and liabilities are offset only if certain 遞延稅項資產及負債僅在符合若干條
criteria are met. 件時予以抵銷。
佛山市海天調味食品股份有限公司 * 2025 年度報告 187NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(u) Provisions and contingent liabilities (u) 撥備及或然負債
Generally provisions are determined by discounting the 撥備通常按反映當時市場對貨幣時間
expected future cash flows at a pre-tax rate that reflects 價值及該負債特定風險的評估的除稅
current market assessment of the time value of money and 前比率貼現預計未來現金流量釐定。
the risks specific to the liability.Where it is not probable that an outflow of economic benefits 倘經濟利益外流的可能性較低，或無will be required or the amount cannot be estimated reliably 法可靠估計有關金額，則會將該責任the obligation is disclosed as a contingent liability unless 披露為或然負債，惟經濟利益外流的the probability of outflow of economic benefits is remote. 可能性極低者除外。倘僅須視乎一項Possible obligations whose existence will only be confirmed 或多項未來事件是否發生方確定是否
by the occurrence or non-occurrence of one or more future 存在有關責任，則該責任亦會披露為events are also disclosed as contingent liabilities unless the 或然負債，惟經濟利益外流的可能性probability of outflow of economic benefits is remote. 極低者除外。
Where some or all of the expenditure required to settle a 如果結算撥備所需的部分或全部支出
provision is expected to be reimbursed by another party a 預計將由另一方償付，則就基本確定separate asset is recognized for any expected reimbursement 的任何預計償付確認為單獨資產。就that would be virtually certain. The amount recognized for 該項償付所確認的金額僅限於該項撥
the reimbursement is limited to the carrying amount of the 備的賬面金額。
provision.(v) Revenue and other income (v) 收入及其他收益
Income is classified by the Group as revenue when it arises 本集團將其日常業務過程中源自銷售
from the sale of goods or the provision of services or the use 貨品或提供服務或其他人使用本集團
by others of the Group’s assets under leases in the ordinary 的租賃資產的收益分類為收入。
course of the Group’s business.Further details of the Group’s revenue and other income 有關本集團收入及其他收益確認政策
recognition policies are as follows: 的進一步詳情如下：
188 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(v) Revenue and other income (Continued) (v) 收入及其他收益（續）
(i) Revenue from contracts with customers (i) 客戶合約收入
The Group is the principal for its revenue transactions 本集團是其收入交易的主要責任
and recognizes revenue on a gross basis. In determining 人，並按總額法確認收入。在確定whether the Group acts as a principal or as an agent 本集團是作為主要責任人還是作為
it considers whether it obtains control of the products 代理人時，本集團考慮在產品轉讓before they are transferred to the customers. Control 予客戶前是否已獲得產品的控制
refers to the Group’s ability to direct the use of and 權。控制權指本集團有能力指導產obtain substantially all of the remaining benefits from the 品的使用並從產品中獲得絕大部分
products. 的剩餘利益。
Revenue is recognized when control over a product or 當產品或服務的控制權按本集團預service is transferred to the customer at the amount of 期有權獲取的承諾對價數額（不包promised consideration to which the Group is expected 括代表第三方收取的金額，如增to be entitled excluding those amounts collected on 值稅）轉移至客戶時，收益予以確behalf of third parties such as value added tax. 認。
(a) Sales of flavoring products (a) 調味品的銷售
Revenue is recognized when the products are 收益於產品在銷售訂單或銷售
delivered to customers at the locations specified 合約所指定的地點交付予客戶
in the sales orders or sales contracts or when the 時確認，或倘客戶指定本集團products are despatched if the customers designate 為承運人，則於產品運出時確the Group as the carrier. Revenue is recognized 認。本集團按合同約定的價格based on the price agreed in the contract net of the 扣除預期需提供給客戶的返利
expected sales rebates and customer incentives to 及需向客戶支付的客戶激勵金
be paid to customers. 額後的淨額確認收入。
佛山市海天調味食品股份有限公司 * 2025 年度報告 189NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(v) Revenue and other income (Continued) (v) 收入及其他收益（續）
(i) Revenue from contracts with customers (Continued) (i) 客戶合約收入（續）
(b) Revenue from transportation services (b) 運輸服務收益
Revenue from transportation services is recognized 運輸服務收益於一段時間內確
over time. 認。
(c) Other practical expedients applied (c) 應用其他實務權宜方法
For sales contracts that had an original expected 就原預期為期一年或以下的銷
duration of one year or less the Group has not 售合約而言，本集團並未根據disclosed the information related to the aggregated 國際財務報告準則第15號第
amount of the transaction price allocated to the 121(a)段披露與分配至餘下履
remaining performance obligations in accordance 約責任的交易價格總額相關的
with paragraph 121(a) of IFRS 15. 資料。
(ii) Revenue from other sources and other income (ii) 其他來源的收益及其他收入
(a) Rental income from operating leases (a) 經營租賃的租金收入
Rental income from operating leases is recognized in 經營租賃的租金收入額在租賃
profit or loss on a straight-line basis over the term of 期內按直線法於損益中確認。
the lease. Lease incentives granted are recognized 授予的租賃優惠措施在租賃期
as an integral part of the total rental income over the 間作為總租金收入的組成部分
term of the lease. 予以確認。
190 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(v) Revenue and other income (Continued) (v) 收入及其他收益（續）
(ii) Revenue f rom other sources and o ther income (ii) 其他來源的收益及其他收入（續）
(Continued)
(b) Interest income (b) 利息收入
Interest income is recognized using the effective 利息收入按實際利率法確認。
interest method. The “effective interest rate” is the 「實際利率」指將金融資產在預
rate that exactly discounts estimated future cash 期存續期內的預計未來現金收
receipts through the expected life of the financial 款額折現為該金融資產賬面總
asset to the gross carrying amount of the financial 額的利率。計算利息收入時，asset. In calculating interest income the effective 將實際利率應用到資產的賬面interest rate is applied to the gross carrying amount 總值（當資產並無出現信貸減of the asset (when the asset is not credit-impaired). 值時）。然而，對於初始確認However for financial assets that have become 後出現信貸減值的金融資產而
credit-impaired subsequent to initial recognition 言，利息收入是通過將實際利interest income is calculated by applying the effective 率應用於該金融資產的攤銷成
interest rate to the amortized cost of the financial 本進行計算。若資產不再發生asset. If the asset is no longer credit-impaired then 信用減值，則利息收入的計算the calculation of interest income reverts to the gross 將恢復為按賬面總額為基礎進
basis. 行計算。
(c) Government grants (c) 政府補助
Government grants are recognized in the statements 倘有合理保證本集團將獲得政
of financial position initially when there is reasonable 府補助，而本集團亦將會遵守assurance that they will be received and that the 政府補助附帶條件，則政府補Group will comply with the conditions attaching to 助將於財務狀況表初步確認。
them.Grants that compensate the Group for expenses 用於補償本集團所產生開支的
incurred are recognized as income in profit or loss on 補助在開支產生的同一期間以
a systematic basis in the same periods in which the 系統合理的方法於損益確認為
expenses are incurred. 收益。
Grants that compensate the Group for the cost of 用於補償本集團資產成本的補
an asset are recognized by setting up the grant as 助透過將補助設定為遞延收入
deferred income that is recognized in profit or loss on 隨後於資產的可使用年期於損
a systematic basis over the useful life of the asset. 益中以系統合理的方法進行確認。
佛山市海天調味食品股份有限公司 * 2025 年度報告 191NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(v) Revenue and other income (Continued) (v) 收入及其他收益（續）
(ii) Revenue f rom other sources and o ther income (ii) 其他來源的收益及其他收入（續）
(Continued)
(d) Dividends (d) 股息
Dividend income is recognized in profit or loss on 股息收入於本公司確立收款權
the date on which the Company’s right to receive 力的日期於損益中確認。
payment is established.(w) Translation of foreign currencies (w) 外幣換算
Transactions in foreign currencies are translated into the 外幣交易乃按於交易日期適用的匯率
respective functional currencies of Group companies at the 換算為本集團有關實體的功能貨幣。
exchange rates at the dates of the transactions.Monetary assets and l iabil it ies denominated in foreign 以外幣計價的貨幣性資產及負債按報
currencies are translated into the functional currency at the 告日的匯率折算為功能貨幣。以外幣exchange rate at the reporting date. Non-monetary assets 列示的按公允價值計量的非貨幣性資
and liabilities that are measured at fair value in a foreign 產和負債按確認公允價值時的匯率折
currency are translated into the functional currency at the 算為功能貨幣。以外幣列值按歷史成exchange rate when the fair value was determined. Non- 本計量的非貨幣性資產及負債按交易
monetary assets and liabilities that are measured based on 當日的匯率換算。外匯差額一般於損historical cost in a foreign currency are translated at the 益確認。
exchange rate at the date of the transaction. Foreign currency
differences are generally recognized in profit or loss.The assets and liabilities of foreign operations are translated 境外業務的資產及負債乃按報告日期
into RMB at the exchange rates at the reporting date. The 的匯率換算為人民幣。境外業務的收income and expenses of foreign operations are translated into 入及開支均按交易日期的匯率換算為
RMB at the exchange rates at the dates of the transactions. 人民幣。
Foreign currency differences are recognized in OCI and 外匯差額於其他全面收益確認並累計
accumulated in the exchange reserve except to the extent 計入匯兌儲備中，惟匯兌差額分配至that the translation difference is allocated to NCI. 非控股權益的部分除外。
192 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(w) Translation of foreign currencies (Continued) (w) 外幣換算（續）
When a foreign operation is disposed of in its entirety or 當境外業務被全部或部分處置以致喪
partially such that control significant influence or joint control 失控制權、重大影響或共同控制權
is lost the cumulative amount in the exchange reserve 時，與該境外業務相關的匯兌儲備中related to that foreign operation is reclassified to profit or 累計的金額將重分類至損益，作為處loss as part of the gain or loss on disposal. On disposal of a 置損益的一部分。於出售包含境外業subsidiary that includes a foreign operation the cumulative 務的子公司時，已歸屬於非控股權益amount of the exchange differences relating to that foreign 的與該境外業務相關的匯兌差額累計
operation that have been attributed to the NCI shall be 金額應終止確認，但不應重分類至derecognized but shall not be reclassified to profit or loss. If 損益。倘本集團出售子公司的部分權the Group disposes of part of its interest in a subsidiary but 益但保留控制權，則累計金額的相關retains control then the relevant proportion of the cumulative 比例將重新歸屬於非控股權益。倘本amount is reattributed to NCI. When the Group disposes 集團僅出售聯營公司或合營公司的部
of only part of an associate or joint venture while retaining 分權益但保留重大影響力或共同控制
significant influence or joint control the relevant proportion of 權，累計金額的相關比例將重分類至the cumulative amount is reclassified to profit or loss. 損益。
(x) Borrowing costs (x) 借款成本
Borrowing costs are expensed in the period in which they are 借款成本於其產生的期間支銷。
incurred.(y) Related parties (y) 關聯方
(a) A person or a close member of that person’s family is (a) 某人士或其近親家庭成員滿足下列
related to the Group if that person: 條件，則其與本集團有關聯：
(i) has control or joint control over the Group; (i) 擁有本集團的控制權或共同控制權；
(ii) has significant influence over the Group; or (ii) 對本集團有重大影響；或
(iii) is a member of the key management personnel of the (iii) 為本集團或本集團母公司的主
Group or the Group’s parent. 要管理層成員。
佛山市海天調味食品股份有限公司 * 2025 年度報告 193NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(y) Related parties (Continued) (y) 關聯方（續）
(b) An entity is related to the Group if any of the following (b) 倘符合下列任何條件，該實體即視conditions applies: 為與本集團有關聯：
(i) the entity and the Group are members of the same (i) 該實體與本集團屬同一集團的group (which means that each parent subsidiary and 成員公司（即各自的母公司、fellow subsidiary is related to the others). 子公司及同系子公司彼此關聯）。
(ii) one entity is an associate or joint venture of the other (ii) 一間實體為另一實體的聯營公entity (or an associate or joint venture of a member 司或合營公司（或另一實體為of a group of which the other entity is a member). 成員公司的集團之成員公司的聯營公司或合營公司）。
(iii) both entities are joint ventures of the same third (iii) 兩間實體均為同一第三方的合
party. 營公司。
(iv) one entity is a joint venture of a third entity and the (iv) 一間實體為第三方實體的合營
other entity is an associate of the third entity. 公司，而另一實體為該第三方實體的聯營公司。
(v) the entity is a post-employment benefit plan for the (v) 該實體為提供福利予本集團僱
benefit of employees of either the Group or an entity 員或本集團關聯實體的僱員的
related to the Group. 離職後福利計劃。
(vi) the entity is controlled or jointly controlled by a (vi) 該實體受(a)所識別人士控制或
person identified in (a). 受共同控制。
(vii) a person identified in (a)(i) has significant influence (vii) 於 (a)(i)所識別人士對該實體有ove r the en t i t y o r i s a member o f the key 重大影響力或屬該實體（或該management personnel of the entity (or of a parent of 實體的母公司）的主要管理層
the entity). 成員。
(viii) the entity or any member of a group of which it is a (viii) 該實體或其所屬的任何集團成
part provides key management personnel services to 員公司，向本集團或其母公司the Group or to the Group’s parent. 提供主要管理人員服務。
Close members of the family of a person are those family 某人士的近親家庭成員為預期在與
members who may be expected to influence or be 有關實體進行交易時可能會影響
influenced by that person in their dealings with the entity. 該人士或受到該人士影響的家庭成員。
194 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 MATERIAL ACCOUNTING POLICIES 1 重大會計政策資料（續）
(Continued)
(z) Segment reporting (z) 分部報告
Operating segments and the amounts of each segment item 經營分部及財務報表所呈報各分部項
reported in the financial statements are identified from the 目的金額，乃為向本集團各項業務及financial information provided regularly to the Group’s most 地理位置分配資源及評估表現而定期
senior executive management for the purposes of allocating 向本集團最高級別管理層提供的財務
resources to and assessing the performance of the Group’s 資料當中識別出來。
various lines of business and geographical locations.Individually material operating segments are not aggregated 就財務呈報而言，除非分部具備相似for financial reporting purposes unless the segments have 的經濟特徵及產品性質及服務、生產
similar economic characteristics and are similar in respect of 工序性質、客戶類型或類別、用作經
the nature of products and services the nature of production 銷產品或提供服務的方法及監管環境
processes the type or class of customers the methods used 的性質方面相似；否則各個重大經營
to distribute the products or provide the services and the 分部不會進行合算。個別非重大的經nature of the regulatory environment. Operating segments 營分部，如符合上述大部分標準，則which are not individually material may be aggregated if they 可進行合算。
share a majority of these criteria.According to the Group’s internal organisational structure 根據本集團內部組織架構、管理要求
management requirements and internal reporting system the 及內部報告制度，本集團產品的性nature production process sales methods and customer 質、生產工藝、銷售方式及客戶類型
types of the Group’s products are similar. The Group’s 均相似。本集團作為一個整體營運及operations and strategies operate as a whole. The financial 執行戰略。主要營運決策者提供的財information provided by the chief operating decision maker 務資料並不包含每項經營活動的損益
does not contain profit or loss information for each operating 資料。因此，管理層認為本集團只有activity. Therefore the management believes that the Group 一個呈報分部，並且本集團毋須編製has only one reportable segment and the Group is not 分部報告。
required to prepare a segment report.佛山市海天調味食品股份有限公司 * 2025 年度報告 195NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
2 CRITICAL ACCOUNTING 2 關鍵會計判斷、估計及假設
JUDGEMENTS ESTIMATES AND
ASSUMPTIONS
In the process of applying the Group’s accounting policies 在應用本集團會計政策的過程中，管理層management has made the following judgments estimates 已作出以下判斷、估計及假設，此等判and assumptions which have the most significant effect on the 斷、估計及假設對財務報表內確認的金額
amounts recognized in the financial statements: 具有重大影響：
(a) Impairment of goodwill (a) 商譽減值
Determining whether goodwil l is impaired requires an 於釐定商譽是否出現減值時須預計獲
estimation of the value in use of the cash-generating units 分配商譽的現金產生單位的使用價
to which goodwill has been allocated. The value in use 值。本集團於計算使用價值時須就現calculation requires the Group to estimate the future cash 金產生單位預期產生的未來現金流量
flows expected to arise from the cash-generating unit and a 及適當貼現率作出預計，以計算現值。
suitable discount rate in order to calculate the present value.Value in use is determined using the discounted cash flow 使用價值按貼現現金流量計算法釐
method. Due to inherent risk associated with estimations 定。由於未來現金流量中涉及估計時in the timing and magnitude of the future cash flows the 間及幅度相關風險，資產預計可收回estimated recoverable amount of the assets may be different 金額可能與實際可收回金額不同，並from its actual recoverable amount and the Group’s profit or 影響計算本集團損益的準確性。
loss could be affected by the accuracy of the estimations.
196 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
2 CRITICAL ACCOUNTING 2 關鍵會計判斷、估計及假設
JUDGEMENTS ESTIMATES AND （續）
ASSUMPTIONS (Continued)
(b) Net realizable value of inventories (b) 存貨的可變現淨值
Net realizable value of inventories is the estimated selling 存貨的可變現淨值乃其於日常業務過
price in the ordinary course of business less estimated costs 程中的估計售價，減估計完成的成本of completion and the estimated cost necessary to make 及作出銷售所需的估計成本。上述估the sale. These estimates are based on the current market 計乃基於目前市況及銷售同類產品的
conditions and the historical experience of selling products 過往經驗。該等假設的任何變動會增with similar nature. Any change in the assumptions would 加或減少存貨撇銷或過往年度相關撇
increase or decrease the amount of inventories write-down or 銷之相關撥回之金額，並影響本集團the related reversals of write-down made in prior years and 損益及資產淨值。本集團每年重新評affect the Group’s profit or loss and net assets value. The 估該等估計。
Group reassesses these estimates annually.(c) Useful lives of property plant and equipment (c) 物業、廠房及設備的可使用年期
Property plant and equipment is depreciated on a straight- 在計及估計剩餘價值後，物業、廠房line basis over the estimated useful lives after taking into 及設備按預計可使用年限以直線法折
account the estimated residual value. The Group reviews 舊。本集團定期審閱該等資產的預計the estimated useful lives of the assets regularly in order 可使用年限以釐定於任何報告期內折
to determine the amount of depreciation expense to be 舊支出的數額。可使用年限乃根據本recorded during any reporting period. The useful lives are 集團對相類似的資產之過往經驗並考
based on the Group’s historical experience with similar assets 慮預期技術變動而釐定。如過往估計and taking into account anticipated technological changes. 有重大改變，則會按預期調整將來期The depreciation expenses for future periods are adjusted 間的折舊支出。
prospectively if there are significant changes from previous
estimates.佛山市海天調味食品股份有限公司 * 2025 年度報告 197NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
3 REVENUE AND SEGMENT REPORTING 3 收益及分部報告
(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. Further details regarding the 他。本集團主要業務的更多詳情於附group’s principal activities are disclosed in note 3(b). 註3(b)披露。
(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：
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
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 14933723 13757879
Sales of oyster sauce products 蠔油產品的銷售 4868204 4615205
Sales of flavored sauce products 調味醬產品的銷售 2917011 2668946
Sales of specialty condiment products and others特色調味品及其他的銷售46803774085756
Others (note) 其他（附註） 1456590 1753867
2885590526881653
Revenue from other sources 其他來源收益
Rental income 租金收入 17475 22856
2887338026904509
Note: Others primarily consist of sales of raw materials 附註： 「其他」主要包括原材料、包裝
packaging materials by-products and others and 材料、副產品和其他的銷售，logistics and transportation services income. 以及物流及運輸服務收入。
198 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
3 REVENUE AND SEGMENT REPORTING 3 收益及分部報告（續）
(Continued)
(a) Revenue (Continued) (a) 收益（續）
(i) Disaggregation of revenue (Continued) (i) 收益分類（續）
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12月31日止年度，本集團exceeded 10% of the Group’s aggregate revenue for the 概無任何客戶的交易額佔本集團year ended December 31 2025 (2024: Nil). 收益總額的10%以上（2024年：無）。
The Group applies the practical expedient in paragraph 本集團應用國際財務報告準則第
121 of IFRS 15 of not disclosing the transaction price 15號第121段的實際權宜方法，不
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。
佛山市海天調味食品股份有限公司 * 2025 年度報告 199NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
3 REVENUE AND SEGMENT REPORTING 3 收益及分部報告（續）
(Continued)
(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.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
Substantial ly al l of the Group’s revenue and non- 本集團絕大部分收益及非流動資產
current 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。
200 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
4 OTHER REVENUE 4 其他收益
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Interest income 利息收入 687913 527786
Government grants (note (a)) 政府補助（附註(a)） 87303 92690
Additional deduction for VAT (note (b)) 增值稅加計扣除（附註(b)） 71933 93738
847149714214
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。
佛山市海天調味食品股份有限公司 * 2025 年度報告 201NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
5 OTHER NET (LOSSES)/INCOME 5 其他淨（虧損）╱收入
Year ended December 31截至12月31日止年度
20252024
2025年2024年
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235727237355
Net (losses)/gains on disposal of property plant and equipment
出售物業、廠房及設備的（虧損）╱收益淨額(846)8091
Net foreign exchange (losses)/gains 外匯（虧損）╱收益淨額 (204291) 10511
Others (note(i)) 其他（附註(i)） (68311) 7276
(37721)263233
Note: (i) Included in others of other net losses the donation expenditure 附註： ( i )截至2025年12月31日止年度，本集團of the Group to its related party Foshan Kangze Charity Foundation 向其關聯方佛山市康澤慈善基金會的捐款was RMB11678000 during the year ended December 31 2025 開支人民幣11678000元（2024年：人民
(2024: RMB13814000). 幣13814000元）已計入其他虧損淨額內
的「其他」項目。
6 PROVISION FOR IMPAIRMENT 6 減值虧損的撥備
LOSSES
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Provision for impairment losses on goodwill 商譽減值虧損的撥備 – 97491
Others 其他 3241 2062
324199553
202 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
7 PROFIT BEFORE TAXATION 7 除稅前利潤
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
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Interest on bank loans and other borrowings 銀行貸款及其他借款利息 23060 21819
Interest on lease liabilities 租賃負債利息 2460 2142
2552023961
(b) S t a f f c o s t s ( i n c l u d i n g d i r e c t o r s ’ a n d (b) 員工成本（包括董事及監事酬金）
supervisors’ emoluments)
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Salaries wages and other benefits 薪金、工資及其他福利 2014428 1817135
Equity-settled share-based payment expenses (note 28)
以權益結算的股份付款開支（附註28）162896–
Contributions to defined contribution retirement plans離職後福利設定提存計劃8991683489
22672401900624
The Group’s PRC entities participate in defined contribution 本集團的中國實體參與由中國市級及
retirement benefit schemes (the “Schemes”) organised by 省級政府機構組織的離職後福利設定
the PRC municipal and provincial government authorities 提存計劃（「計劃」），據此，中國實體whereby the PRC entities are required to make contribution 須按不同地方政府機構規定的比率作
at the rates required by different local government authorities. 出供款。地方政府機構負責向參與計The local government authorities are responsible for the 劃的退休員工支付退休金。
pension obligations payable to the retired employees covered
under the Schemes.The Group has no other material obligations for payments of 除上述供款外，本集團並無其他重大pension benefits beyond the contributions above. 的退休金福利支付義務。
佛山市海天調味食品股份有限公司 * 2025 年度報告 203NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
7 PROFIT BEFORE TAXATION 7 除稅前利潤（續）
(Continued)
(c) Other items (c) 其他項目
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Amortization cost of intangible assets (note 14) 無形資產攤銷成本（附註14） 8488 12756
Depreciation charge 折舊費用
– Property plant and equipment (note 12) 物業、廠房及設備（附註12） 780275 857475
– Right-of-use assets (note 13) 使用權資產（附註13） 47765 39643
– Investment properties 投資物業 121 338
828161897456
Auditors’ remuneration 核數師薪酬 7481 4553
Cost of inventories 存貨成本 14818424 14522830
Logistics costs 物流成本 1626595 1449240
Research and development expenses (note(i)) 研發開支（附註(i)） 914986 846816
Note: (i) During the year ended December 31 2025 research and 附註： ( i )截至2025年12月31日止年度，development expenses include RMB828006000 (2024: 研發開支包括人民幣828006000RMB772820000) relating to cost of inventories staff costs 元（2024年：人民幣772820000and depreciation expenses which are also included in the 元），與存貨成本、員工成本及折舊respective total amounts disclosed separately above or in 開支有關，該等開支亦就各項有關note 7(b) for each of these types of expenses. 開支計入上文或附註7(b)中分別披露的有關總額中。
204 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
8 INCOME TAX IN THE CONSOLIDATED 8 綜合損益表中的所得稅
STATEMENT OF PROFIT OR LOSS
(a) Taxation in the consolidated statement of (a) 綜合損益表中的稅項為：
profit or loss represents:
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Current tax即期稅項
Provision for the year 年內撥備 1472282 1099497
– PRC income tax 中國所得稅 1472058 1099497
– Other jurisdictions 其他司法權區 224 –
Under/(over) – provision in respect of prior years
過往年度撥備不足╱（超額撥備）10612(6548)
14828941092949
Deferred tax 遞延稅項
Origination of temporary differences (note 29(b))
暫時差額產生（附註29(b)） 67076 64272
15499701157221
佛山市海天調味食品股份有限公司 * 2025 年度報告 205NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
8 INCOME TAX IN THE CONSOLIDATED 8 綜合損益表中的所得稅
STATEMENT OF PROFIT OR LOSS （續）
(Continued)
(b) Reconciliation between tax expense and (b) 按適用稅率計算的稅項開支與
accounting profit at applicable tax rates: 會計利潤的對賬：
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Profit before taxation 除稅前利潤 8595422 7512582
Tax at the tax rate of 25% 按25%稅率計算的稅項 2148856 1878146
Effect of different tax rates applicable to subsidiaries (notes (i)(ii)(iii))
子公司適用的不同稅率的影響（附註(i)(ii)(iii)） (758365) (657455)
Tax effect of adjustment for additional deduction for research and
development expenses (notes (i)) 研發開支加計扣除調整的
稅務影響（附註(i)） 130705 (107905)
Tax effect of non-deductible expenses 不可扣除開支的稅務影響 25073 37624
Under/(over) – provision in prior periods 過往期間撥備不足╱（超額撥備） 10612 (6548)
Effect of expired unused tax losses recognized in prior years過往年度已確認的已屆滿未動用稅項虧損的影響1200914018
Others 其他 (18920) (659)
Actual tax expense 實際稅項開支 1549970 1157221
206 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
8 INCOME TAX IN THE CONSOLIDATED 8 綜合損益表中的所得稅
STATEMENT OF PROFIT OR LOSS （續）
(Continued)
(b) Reconciliation between tax expense and (b) 按適用稅率計算的稅項開支與
accounting profit at applicable tax rates: 會計利潤的對賬：（續）
(Continued)
Notes: 附註：
(i) PRC corporate income tax (“CIT”) (i) 中國企業所得稅（「企業所得稅」）
The income tax provision of the Group in respect of its 除下述子公司外，本集團有關其中國內地operations in mainland China was calculated at tax rate of 25% 業務的所得稅撥備乃依據有關現行法例、
on the assessable profits for the periods presented based on 詮釋及慣例，根據所示期間的應課稅利潤the existing legislation interpretation and practices in respect 按25%的稅率計算。
thereof except for the subsidiaries below.Certain subsidiaries of the Company in the mainland China 截至2025年及2024年12月31日止年度，were subject to the following preferential corporate income tax 本公司位於中國內地的若干子公司適用下
policies for years ended December 31 2025 and 2024: 列優惠企業所得稅政策：
– Certain subsidiaries of the Company in the mainland China － 本公司位於中國內地的若干子公司已
were approved as “High and New Technology Enterprises” 獲批為「高新技術企業」，該等子公司and they were subject to a preferential corporate income 可享受15%的優惠企業所得稅稅率；
tax rate of 15%;
– Certain subsidiaries of the Company were entitled to other － 本公司若干子公司享有其他稅務優
tax concessions mainly including the preferential tax rate of 惠，主要包括部分子公司可適用15%
15% applicable to some subsidiaries and the preferential tax 的優惠稅率及一家子公司可適用9%的
rate of 9% applicable to one subsidiary. These subsidiaries 優惠稅率。該等子公司位於中國內地located in certain areas of the mainland China can enjoy the 特定地區，在滿足各自地方政府相關preferential tax rate upon fulfilment of certain requirements 優惠政策適用條件的一定要求後，可of the respective local governments application conditions 享受優惠稅率；及
of relevant preferential policies; and
– Certain subsidiaries of the Company in the mainland China － 本公司位於中國內地的若干子公司符
fulfil the micro and small enterprises qualification under 合中國企業所得稅制度下的小微企業
the PRC corporate income tax system. Therefore partial 資格。因此，該等子公司的部分應課assessable profits of these subsidiaries were subject to the 稅利潤可享受20%的優惠所得稅稅率。
preferential income tax rate of 20%.佛山市海天調味食品股份有限公司 * 2025 年度報告 207NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
8 INCOME TAX IN THE CONSOLIDATED 8 綜合損益表中的所得稅
STATEMENT OF PROFIT OR LOSS （續）
(Continued)
(b) Reconciliation between tax expense and (b) 按適用稅率計算的稅項開支與
accounting profit at applicable tax rates: 會計利潤的對賬：（續）
(Continued)
Notes: (Continued) 附註：（續）
(i) PRC corporate income tax (“CIT”) (Continued) (i) 中國企業所得稅（「企業所得稅」）（續）
Hensil Worldwide Investments Limited (興兆環球投資有限公 興兆環球投資有限公司（「興兆環球」）
司 “Hensil Worldwide”) which was incorporated in the British 於英屬維爾京群島註冊成立，自2014Virgin Islands was deemed as domestic registered resident 年起被視為境內註冊居民企業，須就enterprise since 2014 and subject to CIT tax rate of 25% on 其應課稅利潤按25%的稅率繳納企業
the assessable profits. In addition equity investment income 所得稅。此外，興兆環球自其他居民(including dividends) received from other resident enterprise by 企業收到的股權投資收入（包括股息）
Hensil Worldwide was qualified for income tax exemption since 自2014年起符合所得稅豁免條件。
2014.
The additional deduction for qualified research and development 符合資格研發開支的加計扣除主要指
expenses mainly represents an additional 100% tax deduction 若干子公司於截至2025年及2024年12on eligible research and development expenses incurred by 月31日止年度產生的符合資格研發開
certain subsidiaries during the years ended December 31 2025 支按100%加計扣除。
and 2024.(ii) Hong Kong profits tax (ii) 香港利得稅
The provision for Hong Kong Profits Tax for the year ended 截至2025年12月31日止年度的香港利
December 31 2025 is calculated at 16.5% (2024: 16.5%) of 得稅撥備按該年度估計應課稅利潤的
the estimated assessable profits for the year except for one 16.5%（2024年：16.5%）計算，惟本subsidiary of the Company which is a qualifying corporation 公司一間根據利得稅兩級制屬合資格
under the two-tiered Profits Tax rate regime. 公司的子公司除外。
For this subsidiary the first Hong Kong dollars (“HKD”) 2 million 就該子公司而言，截至2025年12月31of assessable profits are taxed at 8.25% and the remaining 日止年度，應課稅利潤的首2百萬港assessable profits are taxed at 16.5% for the year ended 元（「港元」）按8.25%的稅率課稅，其December 31 2025 (2024: 16.5%). 餘應課稅利潤則按16.5%（2024年：16.5%）的稅率課稅。
(iii) Corporate income tax in other jurisdictions (iii) 其他司法權區的企業所得稅
The income tax rates of the subsidiaries in Vietnam Indonesia 越南、印尼、美國、墨西哥及荷蘭
United States Mexico and Netherlands are 20% 22% 297% 子公司的所得稅稅率分別為 2 0 %、
30% 19% and 25.8% respectively. 22%、29.7%、30%、19%及25.8%。
208 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
8 INCOME TAX IN THE CONSOLIDATED 8 綜合損益表中的所得稅
STATEMENT OF PROFIT OR LOSS （續）
(Continued)
(c) Pillar Two income taxes (c) 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 稅法分別於2024年1月1日及2025年1January 1 2024 and January 1 2025 respectively. 月1日生效。
Pillar Two legislation applies to multinational groups within 支柱二法例適用於支柱二立法模板範
the scope of the Pillar Two model rules and the Group 圍內的跨國集團，而本集團屬於該範falls within that scope. In 2025 Pillar Two legislation is 圍之內。於2025年，支柱二法例在本effective in certain jurisdictions where the Group operates 集團營運的若干司法權區（包括香港特including Hong Kong Special Administrative Region Vietnam 別行政區、越南、印尼及荷蘭）生效。
Indonesia and Netherlands. For these jurisdictions the 就該等司法權區而言，本集團已根據Group has evaluated the potential impact based on the 本集團相關年度財務表現的可得資料
available information on the Group’s financial performance for 評估潛在影響，並得出結論，本集團the relevant year and concluded that the Group does not face 於該等司法權區並未面臨重大的稅務
significant tax exposure in these jurisdictions and no current 風險，因此並無就支柱二所得稅確認tax expense for Pillar Two income tax was recognized. 即期稅項開支。
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.佛山市海天調味食品股份有限公司 * 2025 年度報告 209NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
9 DIRECTORS’ AND SUPERVISORS’ 9 董事及監事酬金
EMOLUMENTS
Directors’ emoluments disclosed pursuant to section 383(1) of the 根據香港《公司條例》第383(1)條及《公司Hong Kong Companies Ordinance and Part 2 of the Companies （披露董事利益資料）規例》第2部披露的董
(Disclosure of Information about Benefits of Directors) Regulation 事酬金如下：
are as follows:
For the year ended December 31 2025 截至2025年12月31日止年度
Salaries
allowances Retirement
Directors’ and other Discretionary scheme Share-based
fees benefits bonuses contributions payments Total
薪金、津貼董事袍金及其他福利酌情花紅退休計劃供款股份付款總計
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
Executive directors 執行董事
Ms. Cheng Xue 程雪女士 – 3356 6581 25 – 9962
Mr. Guan Jianghua 管江華先生 – 2520 3963 69 – 6552
Mr. Huang Wenbiao 黃文彪先生 (i) – 1229 1000 53 – 2282
Mr.Wen Zhizhou 文志州先生 – 1223 700 53 – 1976
Mr. Liao Changhui 廖長輝先生 – 1324 1462 40 – 2826
Mr. Dai Wen 代文先生 (i) – 1334 2320 40 1544 5238
Independent non-executive directors 獨立非執行董事
Mr. Zhang Kechun 張科春先生 (ii) 300 – – – – 300
Mr. Qu Wenzhou 屈文洲先生 (ii) 300 – – – – 300
Mr. Ding Bangqing 丁邦清先生 (ii) 300 – – – – 300
Supervisors 監事
Ms. Chen Min 陳敏女士 (iii) – 470 248 16 579 1313
Mr. Huang Shuliang 黃樹亮先生 (iii) – 580 810 40 579 2009
Mr. He Tao 何濤先生 (iii) – 462 319 14 579 1374
9001249817403350328134432
210 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
9 DIRECTORS’ AND SUPERVISORS’ 9 董事及監事酬金（續）
EMOLUMENTS (Continued)
For the year ended December 31 2024 截至2024年12月31日止年度
Salaries
allowances Retirement
Directors’ and other Discretionary scheme
fees benefits bonuses contributions Total
薪金、津貼董事袍金及其他福利酌情花紅退休計劃供款總計
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
Executive directors 執行董事
Mr. Pang Kang 龐康先生 (iv) – 2594 2886 – 5480
Ms. Cheng Xue 程雪女士 – 6448 2637 49 9134
Mr. Guan Jianghua 管江華先生 – 4452 1532 49 6033
Mr. Chen Junyang 陳軍陽先生 (iv) – 723 1054 35 1812
Mr. Wen Zhizhou 文志州先生 – 1182 1449 49 2680
Mr. Liao Changhui 廖長輝先生 – 1247 1438 20 2705
Mr. Huang Wenbiao 黃文彪先生 (i) – 306 981 14 1301
Mr. Dai Wen 代文先生 (i) – 311 502 5 818
Independent non-executive directors 獨立非執行董事
Ms. Shen Hongtao 沈洪濤女士 (v) 150 – – – 150
Mr. Sun Yuanming 孫遠明先生 (v) 150 – – – 150
Mr. Xu Jiali 徐家力先生 (v) 150 – – – 150
Mr. Zhang Kechun 張科春先生 (ii) 86 – – – 86
Mr. Qu Wenzhou 屈文洲先生 (ii) 86 – – – 86
Mr. Ding Bangqing 丁邦清先生 (ii) 86 – – – 86
Supervisors 監事
Ms. Chen Min 陳敏女士 (iii) – 623 323 20 966
Mr. Tong Xing 童星先生 (vi) – 737 649 15 1401
Mr. Huang Shuliang 黃樹亮先生 (iii) – 747 1248 49 2044
Mr. He Tao 何濤先生 (iii) – 155 93 5 253
708195251479231035335
佛山市海天調味食品股份有限公司 * 2025 年度報告 211NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
9 DIRECTORS’ EMOLUMENTS (Continued) 9 董事及監事酬金（續）
(i) Mr. Huang Wenbiao and Mr. Dai Wen were appointed as executive (i) 黃文彪先生及代文先生於2024年9月獲委
directors of the Company in September 2024. 任為本公司執行董事。
(ii) Mr. Zhang Kechun Mr. Qu Wenzhou and Mr. Ding Bangqing were (ii) 張科春先生、屈文洲先生及丁邦清先生於
appointed as independent non-executive directors of the Company in 2024年9月獲委任為本公司獨立非執行董
September 2024. 事。
(iii) Mr. He Tao was appointed as supervisor of the Company in (iii) 何濤先生於2024年9月獲委任為本公司監
September 2024. The Company approved the cancellation of the 事。本公司於2025年9月25日通過取消監supervisory board on September 25 2025. Ms. Chen Min Mr. Huang 事會。陳敏女士、黃樹亮先生及何濤先生Shuliang and Mr. He Tao have been no longer served as supervisors 自2025年9月25日起不再擔任監事。
since September 25 2025.(iv) Mr. Pang Kang and Mr. Chen Junyang resigned as the executive (iv) 龐康先生及陳軍陽先生於2024年9月辭任
directors of the Company in September 2024. 本公司執行董事職務。
(v) Ms. Shen Hongtao was appointed as independent non-executive (v) 沈洪濤女士於2022年7月獲委任為本公司
director of the Company in July 2022 Mr. Sun Yuanming and Mr. 獨立非執行董事，孫遠明先生及徐家力先Xu Jiali were appointed as independent non-executive directors 生於2022年12月獲委任為獨立非執行董
in December 2022 and all of the above non-executive directors 事，上述所有非執行董事均於2024年9月resigned in September 2024. 辭任。
(vi) Mr. Tong Xing resigned as the supervisor of the Company in (vi) 童星先生2024年9月辭任本公司監事職務。
September 2024.
212 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
9 DIRECTORS’ EMOLUMENTS (Continued) 9 董事及監事酬金（續）
During the year ended December 31 2025 the executive 截至2025年12月31日止年度，執行董事directors and the supervisors have provided management 及監事均已就本公司或其子公司的事務管
services in connection with the management of the affairs of the 理提供管理服務。由於董事、監事或管理Company or its subsidiaries undertaking. Since the emoluments 層的酬金無法相互區分，故將上述職務的as directors supervisors or management cannot be distinguished 酬金合併披露。
from each other emoluments as the mentioned roles are
disclosed on a combined basis.The share-based payments granted to the directors and 授予董事及監事的股份付款，乃根據本集supervisors were measured at their fair value on the grant date in 團關於股份付款交易的會計政策，於授出accordance with the Group’s accounting policy for share-based 日期按其公允價值計量。
payment transactions.During the year ended December 31 2025 there were no 截至2025年12月31日止年度，本集團概amounts paid or payable by the Group to the directors 無向董事、監事或下文附註10所載的任
supervisors or any of the highest paid individuals set out in note 何最高薪酬人士支付或應付任何款項，作
10 below as an inducement to join or upon joining the Group 為加入或於加入本集團時的誘金，或作為
or as a compensation for loss of office (2024: Nil). There was 離職補償（2024年：無）。截至2025年12no arrangement under which a director or supervisor waived 月31日止年度，概無任何安排致使董事或or agreed to waive any remuneration during the year ended 監事放棄或同意放棄任何薪酬（2024年：December 31 2025 (2024: Nil). 無）。
佛山市海天調味食品股份有限公司 * 2025 年度報告 213NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
10 INDIVIDUALS WITH HIGHEST 10 最高薪酬人士
REMUNERATION
For the year ended December 31 2025 of the five individuals 截至2025年12月31日止年度，五名最高with the highest remuneration 3 (2024: 3) are directors whose 薪酬人士中的三名（2024年：三名）為董
remunerations are disclosed in note 9. 事，其酬金已於附註9披露。
The aggregate remunerat ion in respect of the remaining 餘下人士的薪酬總額如下：
individuals are as follows:
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Salaries allowances and other emoluments 薪金、津貼及其他酬金 2957 2955
Discretionary bonuses 酌情花紅 4942 5001
Retirement scheme contributions 退休計劃供款 92 99
Share-based payments 股份付款 2316 –
103078055
The remuneration of the above individuals with the highest 上述最高薪酬人士的薪酬介乎以下範圍
remuneration are within the following bands: 內：
Year ended December 31截至12月31日止年度
20252024
2025年2024年
Number of Number of
individuals individuals人數人數
HKD3500001 – HKD4000000
3500001港元至4000000港元–1
HKD5000001 – HKD5500000
5000001港元至5500000港元11
HKD5500001 – HKD6000000
5500001港元至6000000港元1–
214 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
11 EARNINGS PER SHARE 11 每股盈利
(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年內本公司權益股東
profit attributable to equity shareholders of the Company 應佔溢利及已發行普通股的加權平均數計
and the weighted average number of ordinary shares in issue 算，計算如下：
during the year calculated as follows:
(i) Profit attributable to equity shareholders of the Company (i) 用於計算每股基本盈利的本公司權
used in basic earnings per share calculation 益股東應佔溢利
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Profit attributable to equity shareholders of the Company本公司權益股東應佔利潤70384656343626
(ii) Weighted-average number of ordinary shares (ii) 普通股加權平均數
Year ended December 31截至12月31日止年度
20252024
2025年2024年
’000’000千股千股
Issued ordinary shares at the beginning of the year於年初的已發行普通股55606015560601
Effect of the issuance of ordinary H shares (note 30(c)(ii))
普通股H股發行的影響（附註30(c)(ii)） 155315 –
Effect of equity settled share-based transactions (note 28)
以權益結算的股份交易的影響（附註28）682–
Effect of shares repurchased in previous years (note 30(d))
過往年度購回股份的影響（附註30(d)） (15289) (6758)
Effect of shares repurchased during the year (note 30(d))
年內購回股份的影響（附註30(d)） – (7193)
Weighted average number of ordinary shares at the end of the year於年末的普通股加權平均數57013095546650
佛山市海天調味食品股份有限公司 * 2025 年度報告 215NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
11 EARNINGS PER SHARE (Continued) 11 每股盈利（續）
(b) Diluted earnings per share (b) 每股攤薄盈利
The calculation of diluted earnings per share is based on the 每股攤薄盈利的計算乃基於本公司權
profit attributable to equity shareholders of the Company and 益股東應佔利潤及普通股加權平均
the weighted average number of ordinary shares calculated 數，計算如下：
as follows:
(i) Profit attributable to equity shareholders of the Company (i) 計算每股攤薄盈利所用的本公司權
used in diluted earnings per share calculation 益股東應佔利潤
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Profit attributable to equity shareholders of the Company本公司權益股東應佔利潤70384656343626
(ii) Weighted-average number of ordinary shares (diluted) (ii) 普通股加權平均數（經攤薄）
Year ended December 31截至12月31日止年度
20252024
2025年2024年
’000’000千股千股
Weighted average number of ordinary shares at December 31於12月31日的普通股加權平均數57013095546650
Effect of deemed issue of shares under the Over-allotment Option
granted by the Company to the Overall Coordinators of the
Company’s H share initial public offering 根據本公司就H股首次公開
發售向整體協調人授予的超額配股權而視作發行股份的影響673–
Weighted average number of ordinary shares (diluted) at December 31
於12月31日的普通股加權平均數（經攤薄）57019825546650
216 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
12 PROPERTY PLANT AND EQUIPMENT 12 物業、廠房及設備
(a) Reconciliation of carrying amount (a) 賬面值對賬
Machinery Office
and equipment Construction Leasehold
Buildings equipment Vehicles and others in progress improvements Total樓宇機器及設備車輛辦公設備及其他在建工程租賃物業改善總計
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
Cost: 成本：
At January 1 2024 (Restated) 於2024年1月1日（經重列） 3381539 6574506 9066 45593 1460115 22487 11493306
Additions 添置 2064 47023 440 943 1274361 2095 1326926
Transfer from construction in progress
轉自在建工程5796096696351061457(1250807)––
Transfer to intangible assets
轉至無形資產––––(8033)–(8033)
Disposals 處置 – (30030) (614) (571) – (1054) (32269)
At December 31 2024 and January 1 2025 (Restated)
於2024年12月31日及2025年1月1日（經重列）3963212726113489984742214756362352812779930
Additions 添置 24671 77591 400 1332 1020131 2972 1127097
Transfer from construction in progress 轉自在建工程 138980 699480 1933 5882 (846275) – –
Disposals 處置 (1798) (22743) (1558) (557) – – (26656)
At December 31 2025 於2025年12月31日 4125065 8015462 9773 54079 1649492 26500 13880371
Accumulated depreciation: 累計折舊：
At January 1 2024 (Restated) 於2024年1月1日（經重列） (1089327) (4266746) (5104) (30293) – (14255) (5405725)
Charge for the year 年內支出 (186181) (654893) (1224) (9586) – (5591) (857475)
Written back on disposals 出售時撥回 – 21359 559 391 – – 22309
At December 31 2024 and January 1 2025 (Restated)
於2024年12月31日及2025年1月1日（經重列）(1275508)(4900280)(5769)(39488)–(19846)(6240891)
Charge for the year 年內支出 (187583) (583269) (1742) (5536) – (2145) (780275)
Written back on disposals 出售時撥回 940 15502 1504 319 – – 18265
At December 31 2025 於2025年12月31日 (1462151) (5468047) (6007) (44705) – (21991) (7002901)
Net book value: 賬面淨值：
At December 31 2024 (Restated)
於2024年12月31日（經重列）2687704236085432297934147563636826539039
At December 31 2025 於2025年12月31日 2662914 2547415 3766 9374 1649492 4509 6877470
佛山市海天調味食品股份有限公司 * 2025 年度報告 217NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
12 PROPERTY PLANT AND EQUIPMENT 12 物業、廠房及設備（續）
(Continued)
(b) Buildings leased out under operating leases (b) 根據經營租賃出租的樓宇
Buildings樓宇
RMB’000人民幣千元
Cost: 成本：
At January 1 2024 於2024年1月1日 85204
Additions 添置 80348
Decrease 減少 (70079)
At December 31 2024 and January 1 2025 於2024年12月31日及2025年1月1日 95473
Additions 添置 122579
Decrease 減少 (73906)
At December 31 2025 於2025年12月31日 144146
Accumulated depreciation: 累計折舊：
At January 1 2024 於2024年1月1日 (41816)
Charge for the year 年內支出 (4393)
Additions 添置 (45310)
Decrease 減少 29641
At December 31 2024 and January 1 2025 於2024年12月31日及2025年1月1日 (61878)
Charge for the year 年內支出 (6539)
Additions 添置 (59542)
Decrease 減少 32673
At December 31 2025 於2025年12月31日 (95286)
Net book value: 賬面淨值：
At December 31 2024 於2024年12月31日 33595
At December 31 2025 於2025年12月31日 48860
218 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
13 RIGHT-OF-USE ASSETS 13 使用權資產
Reconciliation of carrying amount 賬面值對賬
Other
properties
machinery
Land-use and
rights equipment Total
土地其他物業、使用權機器及設備總計
RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元
Cost: 成本：
At January 1 2024 於2024年1月1日 907221 83338 990559
Additions 添置 40866 24649 65515
Decrease due to early termination 因提前終止而減少 – (2553) (2553)
Decrease due to expiration of leases 因租賃到期而減少 – (54671) (54671)
Exchange adjustment 匯兌調整 – 22 22
At December 31 2024 and January 1 2025於2024年12月31日及2025年1月1日94808750785998872
Additions 添置 25651 91427 117078
Decrease due to early termination 因提前終止而減少 – (3518) (3518)
Decrease due to expiration of leases 因租賃到期而減少 – (14472) (14472)
Exchange adjustment 匯兌調整 – (27) (27)
At December 31 2025 於2025年12月31日 973738 124195 1097933
Accumulated depreciation: 累計折舊：
At January 1 2024 於2024年1月1日 (81218) (52161) (133379)
Charge for the year 年內支出 (19131) (20512) (39643)
Decrease due to early termination 因提前終止而減少 – 84 84
Decrease due to expiration of leases 因租賃到期而減少 – 54671 54671
Exchange adjustment 匯兌調整 – 3 3
At December 31 2024 and January 1 2025
於2024年12月31日及2025年1月1日(100349)(17915)(118264)
Charge for the year 年內支出 (22886) (24879) (47765)
Decrease due to early termination 因提前終止而減少 – 1034 1034
Decrease due to expiration of leases 因租賃到期而減少 – 14472 14472
Exchange adjustment 匯兌調整 – 12 12
At December 31 2025 於2025年12月31日 (123235) (27276) (150511)
Net book value: 賬面淨值：
At December 31 2024 於2024年12月31日 847738 32870 880608
At December 31 2025 於2025年12月31日 850503 96919 947422
佛山市海天調味食品股份有限公司 * 2025 年度報告 219NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
13 RIGHT-OF-USE ASSETS (Continued) 13 使用權資產（續）
Reconciliation of carrying amount (Continued) 賬面值對賬（續）
The Group’s land-use rights on leasehold land are located in the 本集團租賃土地的土地使用權位於中國。
PRC. Depreciation is recognized in profit or loss on a straight-line 折舊在土地使用權的各自使用期限內按
basis over the respective periods of the land-use rights which are 直線法於損益中確認，於2025年12月31
1.5 to 70 years (2024: 22 to 70 years) as at December 31 2025. 日，土地使用權的使用期限為1.5至70年
（2024年：22至70年）。
The Group leases other offices machinery equipment dormitories 於2025年12月31日，本集團其他辦公and warehouses expiring from 1.5 to 16 years (2024: 1 to 16 室、機械設備、宿舍及倉庫的租期為1.5至
years) as at December 31 2025. Some leases include an option 16年（2024年：1至16年）。部分租約可選to renew the lease when all terms are renegotiated. None of the 擇重續，屆時將重新協商所有條款。所有leases includes variable lease payments. 租賃均不包括可變租賃付款。
The analysis of expense items in relation to leases recognized in 於本集團損益中確認的租賃相關開支項目
the Group’s profit or loss is as follows: 分析如下：
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Interest on lease liabilities 租賃負債利息 2460 2142
Depreciation charge of right-of-use assets 使用權資產折舊費用 47765 39643
Expense relating to short-term leases 短期租賃相關開支 1014 4823
5123946608
Details of total cash outflow for leases and the maturity analysis 租賃現金流出總額及租賃負債到期分析的詳情
of lease liabilities are set out in note 21(f) and note 26. 載於附註21(f)及附註26。
220 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
14 INTANGIBLE ASSETS 14 無形資產
Enterprise
resource Trademark
planning Other and
system software others Total企業資源計劃系統其他軟件商標及其他總計
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
Cost: 成本：
At January 1 2024 於2024年1月1日 16901 22053 54690 93644
Additions 添置 – 131 – 131
Transfer from construction in progress 轉自在建工程 – 7641 392 8033
At December 31 2024 and January 1 2025於2024年12月31日及2025年1月1日169012982555082101808
Additions 添置 – 863 1557 2420
At December 31 2025 於2025年12月31日 16901 30688 56639 104228
Accumulated amortization: 累計攤銷：
At January 1 2024 於2024年1月1日 (15983) (9405) (28128) (53516)
Charge for the year 年內支出 (279) (4616) (7861) (12756)
At December 31 2024 and January 1 2025
於2024年12月31日及2025年1月1日(16262)(14021)(35989)(66272)
Charge for the year 年內支出 (265) (5057) (3166) (8488)
At December 31 2025 於2025年12月31日 (16527) (19078) (39155) (74760)
Net book value: 賬面淨值：
At December 31 2024 於2024年12月31日 639 15804 19093 35536
At December 31 2025 於2025年12月31日 374 11610 17484 29468
佛山市海天調味食品股份有限公司 * 2025 年度報告 221NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
15 GOODWILL 15 商譽
RMB’000人民幣千元
Cost: 成本：
At January 1 2024 December 31 2024 January 1 2025 and December 31 2025
於2024年1月1日、2024年12月31日、2025年1月1日及2025年12月31日243094
Accumulated impairment losses: 累計減值虧損： (32666)
At January 1 2024 於2024年1月1日 (97491)
Addition 添置
At December 31 2024 January 1 2025 and December 31 2025
於2024年12月31日、2025年1月1日及2025年12月31日(130157)
Carrying amount: 賬面價值：
At December 31 2024 於2024年12月31日 112937
At December 31 2025 於2025年12月31日 112937
Impairment tests for cash-generating units 包含商譽的現金產生單位的減值測
containing goodwill 試
Goodwill is allocated to the Group’s cash-generating units (CGU) 商譽分配至本集團根據以下業務類型識別
identified according to business types as follows: 的現金產生單位：
As at As at
December 31 December 31
20252024
於2025年於2024年
12月31日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Cost: 成本：
Zhejiang Jiu Sheng Camellia Oil Technology Co. Ltd. (“Zhejiang Jiusheng”)
浙江久晟油茶科技有限公司（「浙江久晟」）9784797847
Honghe Hongbin Food Co. Ltd (“Honghe Hongbin”)
紅河宏斌食品有限公司（「紅河宏斌」）9749197491
Others 其他 47756 47756
Accumulated impairment losses: 累計減值虧損：
Zhejiang Jiusheng 浙江久晟 – –
Honghe Hongbin 紅河宏斌 (97491) (97491)
Others 其他 (32666) (32666)
112937112937
222 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
15 GOODWILL (Continued) 15 商譽（續）
Impairment tests for cash-generating units 包含商譽的現金產生單位的減值測
containing goodwill (Continued) 試（續）
(a) Zhejiang Jiusheng CGU (a) 浙江久晟現金產生單位
The recoverable amount of the Zhejiang Jiusheng CGU 浙江久晟現金產生單位的可收回金額
is determined based on value-in-use calculations. These 乃根據使用價值計算釐定。該等計算calculations use cash flow projections based on financial 採用基於管理層所批准五年期財務預
budgets approved by management covering a five-year 算的現金流量預測。所採用的折現率period. The discount rates used are pre-tax and reflect 為稅前折現率，並反映與相關業務相specific risks relating to the relevant businesses. 關的特定風險。
As at December 31於12月31日
20252024
2025年2024年
Annual growth rate of revenue during five-year forecast period
五年預測期內收入年增長率6%-27%12%-25%
Gross profit margin 毛利率 20% - 25% 30% - 34%
Pre-tax discount rate 稅前貼現率 12.50% 14.75%
The headroom calculated based on the recoverable amounts 於2025年12月31日，根據浙江久晟deducting the carrying amount of the Zhejiang Jiusheng CGU 現金產生單位可收回金額扣除賬面
as at December 31 2025 is RMB70381000 (December 31 值計算的淨空為人民幣703810002024: RMB327448000). 元（ 2 0 2 4 年 1 2 月 3 1 日：人民幣
327448000元）。
佛山市海天調味食品股份有限公司 * 2025 年度報告 223NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
15 GOODWILL (Continued) 15 商譽（續）
Impairment tests for cash-generating units 包含商譽的現金產生單位的減值測
containing goodwill (Continued) 試（續）
(b) Sensitivity analysis (b) 敏感度分析
Management have undertaken sensitivity analysis on the 管理層已對浙江久晟現金產生單位的
impairment test of Zhejiang Jiusheng CGU. The following 減值測試進行敏感度分析。下表載列table sets forth the hypothetical changes to the percentage 五年預測期內收入年增長率百分點、points of annual growth rate of revenue during five-year 毛利率及稅前貼現率的假設變動（單獨forecast period gross profit margin and pre-tax discount 而言，於2025年12月31日，應分別抵rate that would in isolation have removed the remaining 銷餘下差額）：
headroom respectively as at December 31 2025:
As at As at
December 31 December 31
20252024
於2025年於2024年
12月31日12月31日
Zhejiang Zhejiang
Jiusheng Jiusheng
CGU CGU浙江久晟浙江久晟現金產生單位現金產生單位
Annual growth rate of revenue during five-year forecast period
五年預測期內收入年增長率0.23%5.13%
Gross profit margin 毛利率 0.83% 5.51%
Pre-tax discount rate 稅前貼現率 9.10% 7.55%
The directors of the Company are of the view that a 本公司董事認為，關鍵參數的合理可reasonably possible change in a key parameter will not cause 能變動將不會導致相關現金產生單位
the carrying amount of the relevant CGUs to exceed the 的賬面值超過於2025年12月31日各自
respective recoverable amounts as at December 31 2025. 的可收回金額。
224 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
16 INVESTMENTS IN SUBSIDIARIES 16 對子公司的投資
The carrying amounts of investments in subsidiaries of the 下列為於本公司子公司的投資的賬面值：
Company is listed below:
As at December 31於12月31日
20252024
2025年2024年
Cost 成本 1715231 1597900
Less: impairment 減：減值 (107491) (107491)
16077401490409
佛山市海天調味食品股份有限公司 * 2025 年度報告 225NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
16 INVESTMENTS IN SUBSIDIARIES 16 對子公司的投資（續）
(Continued)
The following list contains only the particulars of subsidiaries 下表僅載列對本集團業績、資產或負債產
which principally affected the results assets or liabilities of the 生主要影響的子公司詳情。除另有指明Group. The class of shares held is ordinary unless otherwise 外，所持股份類別均為普通股。
stated.Proportion of ownership interest所有權比例
Particulars of
Place of incorporation issued and Group’s effective Held by Held by Principal
Company name and business paid up capital interest the Company a subsidiary activity公司名稱註冊成立及業務地點已發行及繳足股本詳情本集團有效權益由本公司持有由子公司持有主要業務
202520242025202420252024
2025年2024年2025年2024年2025年2024年
Foshan Haitian (Gaoming) PRC RMB50000000 100% 100% 70% 70% 30% 30% Manufacturing of
Flavoring Food Co. Ltd. (i) 中國 人民幣50000000元 condiments
佛山市海天(高明)調味食品有限調味料製造
公司 (i)
FOSHAN HAI TIAN (JIANGSU) PRC RMB20000000 100% 100% 100% 100% – – Manufacturing of
FLAVOURING & FOOD 中國 人民幣20000000元 condiments
COMPANY LIMITED 調味料製造
海天(江蘇)調味食品有限公司
(Former name: Haitian Vinegar
Industry Group Limited 原名：
海天醋業集團有限公司) (i)
Zhejiang Haitian Vinegar Wine PRC RMB10000000 100% 100% 100% 100% – – Sales of condiments
Marketing Co. Ltd. (i) 中國 人民幣10000000元 調味料銷售
浙江海天醋酒營銷有限公司 (i)
Guangdong Xiaokang Technology PRC RMB10000000 100% 100% 100% 100% – – Sales of condiments
Co. Ltd. (i) 中國 人民幣10000000元 food and beverages;
廣東小康科技有限公司 (i) 調味料、食品及飲料銷售
226 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
16 INVESTMENTS IN SUBSIDIARIES 16 對子公司的投資（續）
(Continued)
Proportion of ownership interest所有權比例
Particulars of
Place of incorporation issued and Group’s effective Held by Held by Principal
Company name and business paid up capital interest the Company a subsidiary activity公司名稱註冊成立及業務地點已發行及繳足股本詳情本集團有效權益由本公司持有由子公司持有主要業務
202520242025202420252024
2025年2024年2025年2024年2025年2024年
Foshan Haitian (Nanning) PRC RMB50000000 100% 100% 100% 100% – – Manufacturing of
Seasoning Food Co. Ltd. (i) 中國 人民幣50000000元 condiments
佛山市海天(南寧)調味食品有限調味料製造
公司 (i)
Haitian Oyster Sauce (Tianjin) PRC RMB1000000 100% 100% 100% 100% – – Sales of condiments
Group Co. Ltd. (i) 中國 人民幣1000000元 調味料銷售
海天蠔油(天津)集團有限公司 (i)
Hensil Worldwide British Virgin Island (“BVI”) USD1 100% 100% 100% 100% – – Equity investment興兆環球英屬維爾京群島1美元權益投資（「英屬維爾京群島」）
Haitian International Investment Hong Kong USD1500000 100% 100% 100% 100% – – Equity investment
Co. Ltd. 香港 1500000美元 權益投資海天國際投資有限公司
(i) These entities are PRC limited liability companies. The official names (i) 該等實體為中國有限責任公司，其中文名of these entities are in Chinese. The English translation of the names 稱為正式名稱，英文翻譯僅供參考。
is for reference only.The subsidiaries of the Group do not have material non-controlling 本集團子公司概無重大非控股權益。
interest.佛山市海天調味食品股份有限公司 * 2025 年度報告 227NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
17 OTHER FINANCIAL ASSETS AT FAIR 17 按公允價值計入損益的其他
VALUE THROUGH PROFIT OR LOSS 金融資產
As at December 31於12月31日
20252024
2025年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) 10105463 7518580
Listed securities 上市證券 – 98996
101054637617576
101055637617676
(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。
228 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
18 INVENTORIES 18 存貨
(a) Inventories in the statements of financial position comprises: (a) 財務狀況表中的存貨包括：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Raw materials 原材料 300163 210128
Work in progress 在製品 1273198 1318746
Finished goods 製成品 707384 884592
Packaging materials 包裝材料 84059 73988
Low value consumables 低值易耗品 40440 32749
Others 其他 2471 5076
Total 總計 2407715 2525279
(b) The analysis of the amount of inventories recognized as an (b) 確認為開支並計入當期損益的存貨金
expense and included in profit or loss is as follows: 額分析如下：
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Carrying amount of inventories sold 已售存貨賬面值 14223440 13951813
Carrying amount of inventories recognized as research and development
expenses 確認為研發開支的存貨賬面值 591743 568955
Write-down of inventories 存貨減記 3241 2062
1481842414522830
佛山市海天調味食品股份有限公司 * 2025 年度報告 229NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
19 TRADE RECEIVABLES 19 貿易應收款項
As at December 31於12月31日
20252024
2025年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 308595 254507
Bills receivable 應收票據 – 371
Less: loss allowance 減：虧損撥備 (12971) (12246)
Total 總計 295624 242632
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
As of the end of each reporting period the aging analysis of trade 截至各報告期末，基於發票日期的貿易應and bills receivable based on the invoice date is as follows: 收款項及應收票據的賬齡分析如下：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Within 1 year 1年內 303735 251728
1 to 2 years 1至2年 3580 2053
2 to 3 years 2至3年 182 737
Over 3 years 3年以上 1098 360
308595254878
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.
230 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
20 OTHER RECEIVABLES 20 其他應收款項
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Current 流動
Amounts due from related parties 應收關聯方款項 8281 3496
Other receivables 其他應收款項 36737 16801
4501820297
Prepayments for materials and services 材料及服務預付款項 127742 34336
Deductible input VAT and others 可抵扣進項增值稅及其他 247122 288992
Prepaid income tax 預付所得稅 151372 –
571254343625
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3321661219
3321661219
Total 總計 604470 404844
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 年度報告 231NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息
CASH AND OTHER CASH FLOW
INFORMATION
(a) Cash and cash equivalents comprise: (a) 現金及現金等價物包括：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Cash at bank and in hand and cash equivalents
銀行及手頭現金，以及現金等價物954550011915753(i) Classification as cash equivalents (i) 現金等價物分類
For the purpose of presentation in the consolidated cash 就呈列於綜合現金流量表而言，現flows statement cash equivalents include term deposits 金等價物包括為滿足短期現金承擔
and certificates of deposits held for the purpose of 而持有的定期存款及存單。
meeting short-term cash commitments.
232 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息（續）
CASH AND OTHER CASH FLOW
INFORMATION (Continued)
(b) Term deposits and certificates of deposits comprise: (b) 定期存款、存單包括：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Current 即期
Term deposits (note (i)) 定期存款（附註(i)） 12794142 5327793
Certificates of deposits (note (i)) 存單（附註(i)） 2252425 4871719
1504656710199512
Non-current 非即期
Term deposits (note (i)) 定期存款（附註(i)） 2666769 –
Certificates of deposits (note (i)) 存單（附註(i)） 3212043 –
5878812–
Total 總計 20925379 10199512
(i) The balance of term deposits and cert i f icates of (i) 定期存款、存單的結餘主要包括期
deposits mainly comprise term deposits and certificates 限超過三個月的定期存款及存單以
of deposits with terms over three months and related 及相關應計利息。期限超過十二個accrued interest. Term deposits and certif icates of 月的定期存款及存單重新分類為非
deposits with terms over twelve months are reclassified 流動資產。
as non-current assets.佛山市海天調味食品股份有限公司 * 2025 年度報告 233NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息（續）
CASH AND OTHER CASH FLOW
INFORMATION (Continued)
(c) Restricted cash (c) 受限制現金
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Guarantee deposits (note (i)) 保證金（附註(i)） 11611 8393
(i) The balance of guarantee deposits mainly comprise letter (i) 保證金結餘主要包括信用證保證金of credit guarantee deposits and third-party payment 及第三方付款平台保證金（二者均platforms guarantee deposits which are both restricted. 受到限制）。
234 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息（續）
CASH AND OTHER CASH FLOW
INFORMATION (Continued)
(d) Reconciliation of profit before taxation to cash generated (d) 除稅前利潤與經營所得現金的對賬：
from operations:
Year ended December 31截至12月31日止年度
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Profit before taxation 除稅前利潤 8595422 7512582
Adjustments for: 就以下各項的調整：
Depreciation 折舊 7(c) 828161 897456
Amortization 攤銷 7(c) 8488 12756
Provision for 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 781 1041
Provision for impairment losses 減值虧損撥備 6 3241 99553
Interest income 利息收入 4 (687913) (527786)
Finance costs 財務成本 7(a) 25520 23961
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5(235727)(237355)
Losses/(gains) arising from disposal of property plant and
equipment 出售物業、廠房及設備產生的虧損╱（收益） 5 846 (8091)
Equity settled share-based payments 以權益結算的股份付款 28 162896 –
Foreign exchange loss 外匯虧損 183168 –
Changes in working capital: 營運資金變動：
Decrease in inventories 存貨減少 114322 91439
Increase in trade receivables 貿易應收款項增加 (53717) (20524)
Increase in other receivables 其他應收款項增加 (116694) (101352)
Increase/(decrease) in trade and bills payable
貿易應付款項及應付票據增加╱（減少）171695(51391)
Increase in other payables 其他應付款項增加 317089 262421
Increase in deferred income 遞延收入增加 37030 55295
Decrease in contract liabilities 合約負債減少 (206824) (191714)
Cash generated from operations 經營所得現金 9147784 7818291
佛山市海天調味食品股份有限公司 * 2025 年度報告 235NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息（續）
CASH AND OTHER CASH FLOW
INFORMATION (Continued)
(e) Reconciliation of liabilities arising from financing activities: (e) 融資活動產生的負債對賬：
The table below details changes in the Group’s liabilities 下表詳述本集團融資活動產生的負債
from financing activities including both cash and non-cash 變動，包括現金及非現金變動。融資changes. Liabilit ies arising from financing activities are 活動產生的負債是指現金流量已經或
liabilities for which cash flows were or future cash flows 未來的現金流量將在本集團的綜合現
will be classified in the Group’s consolidated cash flow 金流量表中分類為融資活動所得現金
statements as cash flows from financing activities. 流量的負債。
Bank loans
and other Lease
borrowing liabilities Bills payable Total銀行貸款及其他借款租賃負債應付票據總計
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
(note 25) (note 26) (note 22)（附註25）（附註26）（附註22）
Balance at January 1 2025 於2025年1月1日的結餘 361665 43361 586477 991503
Changes from financing cash flows: 融資現金流量變動：
Proceeds from bank loans and other borrowing 銀行貸款及其他借款所得款項 182250 – – 182250
Repayment of bank loans 償還銀行貸款 (363665) – – (363665)
Lease payments 租賃付款 – (39572) – (39572)
Interest paid 已付利息 (23060) – – (23060)
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 – – 3457206 3457206
Payment for expired bills payable due to a subsidiary from the Company
本公司應付子公司的到期應付票據付款––(2802812)(2802812)
Total changes from financing cash flows 融資現金流量變動總額 (204475) (39572) 654394 410347
Other changes: 其他變動：
Interests incurred during the year (note 7(a)) 年內產生的利息（附註7(a)） 23060 2460 – 25520
Increase in lease liabilities 租賃負債增加 – 98059 – 98059
Bills payable increase from operating activities 經營活動產生的應付票據增加 – – 26001 26001
Total other changes 其他變動總額 23060 100519 26001 149580
Balance at December 31 2025 於2025年12月31日的結餘 180250 104308 1266872 1551430
Balance at January 1 2024 於2024年1月1日的結餘 470519 42927 450000 963446
236 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息（續）
CASH AND OTHER CASH FLOW
INFORMATION (Continued)
(e) Reconciliation of liabilities arising from financing activities: (e) 融資活動產生的負債對賬：（續）
(Continued)
Bank loans
and other Lease
borrowing liabilities Bills payable Total銀行貸款及其他借款租賃負債應付票據總計
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
(note 25) (note 26) (note 22)（附註25）（附註26）（附註22）
Changes from financing cash flows: 融資現金流量變動：
Proceeds from bank loans 銀行貸款所得款項 356506 – – 356506
Repayment of bank loans 償還銀行貸款 (465361) – – (465361)
Lease payments 租賃付款 – (26379) – (26379)
Interest paid 已付利息 (21818) – – (21818)
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 – – 1486477 1486477
Payment for expired bills payable due to a subsidiary from the Company
本公司應付子公司的到期應付票據付款––(1350000)(1350000)
Total changes from financing cash flows 融資現金流量變動總額 (130673) (26379) 136477 (20575)
Other changes: 其他變動：
Interests incurred during the year (note 7(a)) 年內產生的利息（附註7(a)） 21819 2142 – 23961
Increase in lease liabilities 租賃負債增加 – 24649 – 24649
Exchange adjustment 匯兌調整 – 22 – 22
Total other changes 其他變動總額 21819 26813 – 48632
Balance at December 31 2024 於2024年12月31日的結餘 361665 43361 586477 991503
佛山市海天調味食品股份有限公司 * 2025 年度報告 237NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
21 CASH AND CASH EQUIVALENTS 21 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES 款、存單及受限制現金以及
OF DEPOSITS AND RESTRICTED 其他現金流量信息（續）
CASH AND OTHER CASH FLOW
INFORMATION (Continued)
(f) Total cash outflow for leases (f) 租賃現金流出總額
Amounts included in the consolidated cash flow statement 就租賃計入綜合現金流量表的金額包
for leases comprises the following which are related to lease 括以下與已付租金相關的各項：
rentals paid:
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Within operating cash flows 經營現金流量範圍內 1014 4823
Within financing cash flows 融資現金流量範圍內 39572 26379
4058631202
22 TRADE AND BILLS PAYABLE 22 貿易應付款項及應付票據
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Trade payables 貿易應付款項 1505924 1360229
– third parties (notes (ii)) 第三方（附註(ii)） 1376736 1224471
– related parties 關聯方 129188 135758
Bills payable 應付票據 1266872 586477
27727961946706
238 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
22 TRADE AND BILLS PAYABLE 22 貿易應付款項及應付票據
(Continued) （續）
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and subsidiaries) are expected to be settled within one year or are 聯方及子公司款項）預期將於一年內結算或
repayable on demand. 按要求償還。
(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arrangements with Guangdong Hait ian Commercial Factoring 集團的直接股東控制的實體廣東海天商業
Company Limited (“Haitian Factoring”) an entity controlled by the 保理有限公司（「海天保理」）訂立保理安
immediate shareholder of the Group. Under these arrangements 排。根據該等安排，本集團的供應商在原the Group’s suppliers transfer the receivables due from the Group 到期日之前將應收本集團款項轉讓予海天
to Haitian Factoring before the original due dates and the Group 保理，而本集團會在到期日與海天保理結settle these trade payables with Haitian Factoring upon the due 算該等貿易應付款項。於2025年12月31date. The receivables due from the Group that certain suppliers 日，若干供應商轉讓予海天保理或授權海transferred to Haitian Factoring or authorized Haitian Factoring to 天保理自本集團收取付款的應收本集團款collect payment from the Group as at December 31 2025 amounted 項為人民幣261081000元（2024年12月to RMB261081000 (December 31 2024: RMB203245000). Trade 31日：人民幣203245000元）。截至2025payables that the Group settled with Haitian Factoring under above 年12月31日止年度，本集團根據上述安排arrangement amounted to RMB3013741000 in aggregate during 與海天保理結算的貿易應付款項合共為人the year ended December 31 2025 (2024: RMB2863186000). 民幣3013741000元（2024年：人民幣
2863186000元）。
As of the end of each reporting period the ageing analysis of 截至各報告期末，基於發票日期的貿易應trade and bills payables based on the invoice date is as follows: 付款項及應付票據的賬齡分析如下：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Within 1 year 一年內 2772796 1946706
27727961946706
佛山市海天調味食品股份有限公司 * 2025 年度報告 239NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
23 OTHER PAYABLES 23 其他應付款項
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Other taxes payable 其他應付稅項 125508 76630
Payroll payables 應付工資 712231 666495
Amounts due to related parties 應付關聯方款項 1894 21458
Deposits from suppliers 應收供應商按金 159609 154877
Accrual for marketing expenses 應計營銷開支 231083 227760
Accrual for transportation expenses 應計運輸開支 303392 261592
Payables for equipment and construction 設備及工程應付款項 101210 157538
Others 其他 85403 56531
17203301622881All other payables (including amounts due to related parties and 所有其他應付款項（包括應付關聯方及子公subsidiaries) are expected to be settled within one year or are 司款項）預期將於一年內結算或按要求償
repayable on demand. 還。
240 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
24 CONTRACT LIABILITIES 24 合約負債
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 December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Receipts in advance 預收款項 4128489 4335313
Movement of contract liabilities are as follows: 合約負債的變動如下：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Balance at 1 January 於1月1日的結餘 4335313 4527027
Decrease in contract liabilities as a result of recognizing revenue during the
year that was included in the contract liabilities at the beginning of the year
年內因確認收入（年初計入合約負債）產生的合約負債減少(4335313)(4527027)
Increase in contract liabilities as a result of billing in advance of sales activities銷售活動預收賬款產生的合約負債增加41284894335313
Balance at 31 December 於12月31日的結餘 4128489 4335313
All of the contract liabilities are expected to be recognised as 所有合約負債預期於一年內確認為收入。
income within one year.佛山市海天調味食品股份有限公司 * 2025 年度報告 241NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
25 BANK LOANS AND OTHER 25 銀行貸款及其他借款
BORROWING
(a) The Group’s bank loans and other borrowing comprised: (a) 本集團的銀行貸款及其他借款包括：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Current 即期
Short-term bank loans 短期銀行貸款 140850 293465
Current portion of long-term bank loans 長期銀行貸款的即期部分 15000 16000
Other borrowing 其他借款 19000 –
174850309465
Non-current 非即期
Long-term bank loans 長期銀行貸款 – 33200
Other borrowing 其他借款 5400 19000
540052200
180250361665
(b) The analysis of the repayment schedule of bank loans and (b) 銀行貸款及其他借款的還款時間表分
other borrowing is as follows: 析如下：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Within 1 year or on demand 一年內或按要求 174850 309465
After 1 year but within 2 years 一年以上但兩年以內 – 52200
After 2 years but within 5 years 兩年以上但五年以內 5400 –
540052200
180250361665
(i) As at December 31 2025 all bank loans and other (i) 於2025年12月31日，本集團所有borrowing of the Group are unsecured and unguaranteed. 銀行貸款及其他借款均為無抵押及無擔保。
242 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
26 LEASE LIABILITIES 26 租賃負債
As at the end of each reporting period the lease liabilities were 於各報告期末，應償還的租賃負債如下：
repayable as follows:
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Within 1 year 一年內 43675 14770
After 1 year but within 2 years 一年以上但兩年以內 27123 5024
After 2 years but within 5 years 兩年以上但五年以內 15345 4906
After 5 years 五年以上 18165 18661
6063328591
10430843361
27 DEFERRED INCOME 27 遞延收入
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
At the beginning of the year 於年初 361077 305567
Additions 添置 102922 124995
Credited to profit or loss 計入損益 (65892) (69485)
At the end of the year 於年末 398107 361077
As at December 31 2025 deferred income of the Group mainly 於2025年12月31日，本集團的遞延收入represented various grants received from governments for 主要指從政府收取的各項補助，用於建設construction of property plant and equipment and development 物業、廠房及設備，以及數字化發展及智of digital and intelligent transformation. Government grants 能化轉型。與資產補償有關的政府補助在relating to compensation of assets are recognized as other 相關資產的預計可使用年期內按直線法確
income on a straight-line basis over the expected useful life of the 認為其他收入。
relevant assets.佛山市海天調味食品股份有限公司 * 2025 年度報告 243NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
28 EQUITY SETTLED SHARE-BASED 28 以股權結算的股份交易
TRANSACTIONS
The Company has adopted the 2024-2028 employee stock 本公司已於2024年9月19日採納2024-ownership scheme (the “A Share Employee Stock Ownership 2028年員工持股計劃（「A股員工持股計Scheme”) on September 19 2024. Under the A Share Employee 劃」）。根據A股員工持股計劃，2024年至Stock Ownership Scheme a separate employee stock ownership 2028年每年均應設立一項獨立的員工持股
plan shall be established for each year from 2024 to 2028. 計劃。A股員工持股計劃的參與者包括本The participants of the A Share Employee Stock Ownership 集團的董事、監事、高級管理層及核心人
Scheme include directors supervisors senior management 員。此外，本公司於2023年及2024年合共and key personnel of the Group. In addition the Company had 購回15289491股A股，並作為庫存股份repurchased 15289491 A Shares in aggregate in 2023 and 2024 持有，以供日後根據A股員工持股計劃作股and held as treasury shares for future share award under the A 份獎勵之用。
Share Employee Stock Ownership Scheme.Under each annually established employee stock ownership plan 根據每年設立的各項員工持股計劃，本公the board of directors of the Company is authorised to determine 司董事會獲授權根據員工團隊結構、績效
the participants and their respective portion of shares for each 評估及貢獻，釐定各項員工持股計劃的參employee stock ownership plan based on the structure of the 與者及其各自的股份份額。歸屬於各參與employee team performance evaluations and contributions. The 者的最終A股份額，將根據歸屬期內本公司final portion of A shares attributable to each participant shall 業績目標的達成情況及各參與者的個人考
be determined based on attainment of corporate performance 核結果釐定。
targets and personal evaluation for each participant during the
vesting period.With respect to the 2024 employee stock ownership plan (the 就 2 0 2 4年員工持股計劃（「 2 0 2 4年計“2024 Plan”) on September 25 2025 the board of directors 劃」），於2025年9月25日，本公司董事會of the Company granted at nil consideration a total number of 就獲授信人的過往服務向其以零代價授予
4220100 shares to the grantees for their past services. The 合共4220100股股份。授出股份不受任何
granted shares were not subject to any vesting condition and 歸屬條件限制，並即時歸屬。於2025年11vested immediately. On November 3 2025 the registration of the 月3日，獲授信人的授出股份的登記手續已granted share to the grantees was completed on November 3 告完成。
2025.
The Group recognized equity settled share-based payment 截至2025年12月31日止年度，本集團根expenses related to the shares granted under 2024 Plan of 據本公司A股於授出日期的收市價，確認與RMB162896000 based on the closing price of the Company’s 根據2024年計劃授出的股份相關的以權益
A shares on the grant date during the year ended December 31 結算的股份付款開支人民幣162896000
2025. The excess of the share-based payment expenses over the 元。股份付款開支超過用於授予的庫存股
corresponding aggregate costs of the treasure shares used for 份相應總成本的差額，已於資本儲備中確the grants was recognized in capital reserve. 認。
244 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
28 EQUITY SETTLED SHARE-BASED 28 以股權結算的股份交易
TRANSACTIONS (Continued) （續）
(a) The terms and conditions of the grants are as (a) 該等授予的條款及條件如下：
follows:
Number of Vesting Exercise
shares conditions price股份數目歸屬條件行使價
Shares granted to grantees during the year ended
December 31 2025 截至2025年12月31日止年度授予獲授信人的股份
– On September 25 2025 於2025年9月25日 4220100 Nil Nil無無
Shares vested during the year ended December 31 2025截至2025年12月31日止年度歸屬的股份
– On September 25 2025 於2025年9月25日 (4220100) Nil Nil無無
Shares granted but not vested as at December 31 2025 –於2025年12月31日已授出惟未歸屬的股份
(b) Fair value of shares granted (b) 授出股份的公允價值
20252024
2025年2024年
Total number of shares granted 授出股份總數 4220100 –
Fair value at grant date for each A share RMB38.60
每股A股股份於授出日期的公允價值 人民幣38.60元 –
Fair value of total shares granted at grant date RMB162896000
所有授出股份於授出日期的公允價值人民幣162896000元–
佛山市海天調味食品股份有限公司 * 2025 年度報告 245NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
29 INCOME TAX IN THE CONSOLIDATED 29 計入綜合財務狀況表的所得
STATEMENT OF FINANCIAL POSITION 稅
(a) C u r r e n t t a x a t i o n i n t h e c o n s o l i d a t e d (a) 計入綜合財務狀況表的即期稅
statement of financial position represents: 項指：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Net tax payable at the beginning of the year 於年初的應付稅項淨額 337785 222925
Provision for current year (note 8(a)) 本年度撥備（附註8(a)） 1472282 1099497
Under/(over)-provision in respect of prior years (note 8(a))
過往年度撥備不足╱（超額撥備）（附註8(a)） 10612 (6548)
Income tax paid 已付所得稅 (1401833) (978089)
Net tax payable at the end of the year 於年末的應付稅項淨額 418846 337785
Representing: 代表：
Tax payable 應付稅項 570218 337785
Prepaid income tax (note 20) 預付所得稅（附註20） (151372) –
418846337785
246 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
29 INCOME TAX IN THE CONSOLIDATED 29 計入綜合財務狀況表的所得
STATEMENT OF FINANCIAL POSITION 稅（續）
(Continued)
(b) Deferred tax assets and liabilities recognized: (b) 已確認的遞延稅項資產及負債：
(i) Movement of each component of deferred tax assets and (i) 遞延稅項資產及負債各組成部分之
liabilities 變動
The components of deferred tax (assets)/ l iabi l i t ies 綜合財務狀況表內已確認遞延稅項
recognized in the consolidated statement of financial （資產）╱負債的組成部分及於年
position and the movements during the year are as 內的變動如下：
follows:
Depreciation
Employee allowances Government Unused tax Lease Right-of-use Changes in Business
benefits difference grants Sales rebate losses liabilities assets fair value combinations Others Total僱員福利折舊撥備差額政府補助銷售折扣未動用稅項虧損租賃負債使用權資產公允價值變動業務合併其他總計
RMB’000 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人民幣千元
Balance at January 1 2024 於2024年1月1日的結餘 (45205) (50095) (48331) (305141) (19951) (8658) 8143 20210 27048 (318) (422298)
Charged/(credited) to profit or loss 於損益扣除╱（計入損益） 11578 1916 (10524) 64949 (5918) (1448) 1424 4988 (2600) (93) 64272
Balance at December 31 2024 and January 1 2025
於2024年12月31日及2025年1月1日的結餘(33627)(48179)(58855)(240192)(25869)(10106)95672519824448(411)(358026)
Charged/(credited) to profit or loss 於損益扣除╱（計入損益） 747 25076 (4840) 50923 (21624) (15164) 17483 13913 (1795) 2357 67076
Balance at December 31 2025 於2025年12月31日的結餘 (32880) (23103) (63695) (189269) (47493) (25270) 27050 39111 22653 1946 (290950)
佛山市海天調味食品股份有限公司 * 2025 年度報告 247NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
29 INCOME TAX IN THE CONSOLIDATED 29 計入綜合財務狀況表的所得
STATEMENT OF FINANCIAL POSITION 稅（續）
(Continued)
(b) Deferred tax assets and liabilities recognized: (b) 已確認的遞延稅項資產及負
(Continued) 債：（續）
(ii) Reconciliation to the consolidated statement of financial (ii) 綜合財務狀況表對賬
position
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Net deferred tax assets recognized in the consolidated statement
of financial position 於綜合財務狀況表確認的遞延稅項資產淨額 (317669) (389416)
Net deferred tax liabilities recognized in the consolidated statement
of financial position 於綜合財務狀況表確認的遞延稅項負債淨額 26719 31390
(290950)(358026)
As at December 31 2025 the Group have no significant 於2025年12月31日，本集團並無unrecognized deferred tax assets or deferred tax 重大未確認遞延稅項資產或遞延稅
liabilities. 項負債。
248 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息
(a) Movements in components of equity (a) 權益部分的變動
The reconciliation between the opening and closing balances 本集團綜合權益各組成部分於年初
of each component of the Group’s consolidated equity 及年末結餘的對賬載於綜合股權變動
is set out in the consolidated statement of changes in 表。有關本公司個別權益組成部分的equity. Details of the changes in the Company’s individual 變動詳情載列如下：
components of equity are set out below:
Share Treasury Capital Statutory Other Retained
capital shares reserve reserve reserve profits Total股本庫存股份資本儲備法定儲備其他儲備保留利潤總計
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
At January 1 2024 於2024年1月1日 5560601 (249998) 141864 2780300 36957 11690503 19960227
Changes in equity for 2024: 2024年權益變動：
Profit and total comprehensive income for the year
年內利潤及全面收益總額–––––34828863482886
Repurchase of own shares 回購自身股份 – (313844) – – – – (313844)
Dividends approved and paid in respect of the
previous year 上一年度已獲通過及支付的股息 – – – – – (3660412) (3660412)
At December 31 2024 and January 1 2025
於2024年12月31日及2025年1月1日5560601(563842)1418642780300369571151297719468857
Changes in equity for 2025: 2025年權益變動：
Profit and total comprehensive income for the year
年內利潤及全面收益總額–––––61495376149537
Issuance of ordinary H shares (note 30(c)(ii))
發行普通股H股（附註30(c)(ii)） 291224 – 9254059 – – – 9545283
Effect of business combination under common control
共同控制下的企業合併的影響––––(25864)–(25864)
Equity settled share-based transactions (note 28)
以股權結算的股份交易（附註28）–1555957301–––162896
Appropriation to statutory reserve
法定儲備撥款–––145612–(145612)–
Dividends approved and paid in respect of the
previous year 上一年度已獲通過及支付的股息 – – – – – (4768967) (4768967)
Dividends declared and paid in respect of the
current year 就本年度宣派及支付的股息 – – – – – (1517499) (1517499)
At December 31 2025 於2025年12月31日 5851825 (408247) 9403224 2925912 11093 11230436 29014243
佛山市海天調味食品股份有限公司 * 2025 年度報告 249NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息（續）
(Continued)
(b) Dividends (b) 股息
(i) Dividends payable to equity shareholders of the Company (i) 本年度應付本公司權益股東股息
attributable to the year
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Interim dividend declared and paid during the year of RMB0.26 per
ordinary share (tax inclusive) (2024: Nil) 本年度已宣派及派付的中期股
息每股普通股人民幣0.26元（含稅）（2024年：無）1517499–
Special dividend approved and paid after the end of the reporting
period of RMB0.30 per ordinary share (tax inclusive) (2024: Nil) 報告
期末後批准及派付的特別股息每股普通股人民幣0.30元（含稅）（2024年：無）1752227–
Final dividend proposed after the end of the reporting period of RMB
0.80 per ordinary share (tax inclusive) (2024: RMB0.86 per ordinaryshare) 報告期末後建議派發的末期股息每股普通股人民幣0.80元（含稅）（2024年：每股普通股人民幣0.86元）46726044768967
79423304768967
The special dividend approved and paid after the end of 報告期末後批准並派付的特別股息，the reporting period and the final dividend proposed after 以及報告期末後建議派發的末期股
the end of the reporting period have not been recognised 息，於報告期末均未被確認為負債。
as a liability at the end of the reporting period.The above dividends payable to equity shareholders of 上述截至2025年及2024年12月31日
the Company attributable to the years ended December 止年度應付本公司權益股東的股息，
31 2025 and 2024 do not include the portion attributable 並不包括根據員工持股計劃持有的股
to the shares held under the employee stock ownership 份所應佔的部分。
plan.
250 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息（續）
(Continued)
(b) Dividends (Continued) (b) 股息（續）
(ii) Dividends payable to equity shareholders of the Company (ii) 於年內批准及派付的歸屬於上一個
attributable to the previous financial year approved and 財政年度的應付本公司權益股東股
paid during the year 息
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Final dividend in respect of the previous financial year approved and
paid during the year of RMB0.86 per ordinary share (tax inclusive)
(2024: RMB0.66 per ordinary share) 於年內批准及派付的歸屬於上一
個財政年度的末期股息每股普通股人民幣0.86元（含稅）（2024年：每股普通股人民幣0.66元）47689673660412
47689673660412
(c) Share capital (c) 股本
(i) Issued share capital of the Company (i) 本公司已發行股本
Number of Share
shares (’000) capital
股份數量（千股）股本
Ordinary shares issued and fully paid: 普通股，已發行及繳足：
At January 1 2024 December 31 2024 and January 1 2025
於2024年1月1日、2024年12月31日及2025年1月1日55606015560601
Issuance of ordinary H shares (i) 發行普通股H股(i) 291224 291224
At December 31 2025 於2025年12月31日 5851825 5851825
The par value of ordinary shares of the Company is 本公司普通股的每股面值為人民幣
RMB1 each. 1元。
佛山市海天調味食品股份有限公司 * 2025 年度報告 251NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息（續）
(Continued)
(c) Share capital (Continued) (c) 股本（續）
(ii) Issuance of ordinary H shares (ii) 發行普通股H股
On June 19 2025 the Company’s ordinary H shares 於2025年6月19日，本公司普通were listed on the Main Board of The Stock Exchange 股H股於香港聯合交易所有限公
of Hong Kong Limited where 279031700 ordinary 司主板上市。本公司透過首次公H shares were issued and subscribed at an offer 開發售向香港及海外投資者發行
price of HKD36.30 per H share by way of initial public 及認購279031700股普通股H
offering to Hong Kong and overseas investors (the 股，發售價為每股H股 36 .30港Offering). The gross proceeds raised from the Offering 元（「發售」）。來自發售的所得款was HKD10128851000 (equivalent to approximately 項總額為10 128 851 000港元RMB9255541000). Net proceeds from the Offering （相當於約人民幣9255541000were RMB9147197000 (after offsetting costs directly 元）。發售的所得款項淨額為人attributable to the issue of shares of RMB108344000). 民幣9147197000元（經抵銷直接歸屬於發行股份的成本人民幣
108344000元後）。
On July 16 2025 the Overall Coordinators partially 於2025年7月16日，整體協調人exercised the Over-allotment Option in respect of an 部分行使超額配股權，涉及合共aggregate of 12192700 ordinary H shares (the “Over- 12192700股普通股H股（「超額allotment Shares”). The Over-allotment Shares was 配發股份」）。該等超額配發股份issued and allotted by the Company pursuant to the 由本公司根據部分行使超額配股權
partial exercise of the Over-allotment Option at HK$36.30 按每股H股36.30港元的價格發行
per H share. The gross proceeds raised from the Over- 及配發。來自超額配發股份的所得allotment Shares was HKD442595000 (equivalent to 款項總額為442595000港元（相approximately RMB403315000). Net proceeds from 當於約人民幣403315000元）。
the Over-allotment Shares were RMB398086000 (after 超額配發股份的所得款項淨額為offsetting costs directly attributable to the issue of shares 人民幣398086000元（經抵銷直of RMB5229000). 接歸屬於發行股份的成本人民幣
5229000元後）。
Overall the net proceeds from the Offering and the Over- 整體而言，發售及超額配發股allotment Shares were RMB9545283000 of which 份 的 所 得 款 項 淨 額 為 人 民 幣
RMB291224000 was recorded in share capital and the 9545283000元，其中人民幣remaining RMB9254059000 was recorded in capital 291224000元計入股本，其餘人reserve. 民幣9254059000元計入資本儲備。
252 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息（續）
(Continued)
(d) Treasury shares (d) 庫存股份
During the years ended December 31 2025 and 2024 details 截至2025年及2024年12月31日止年
of the changes in the treasury shares are set out below: 度，庫存股份的變動詳情載列如下：
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
At the beginning of the year 於年初 563842 249998
Equity settled share-based transactions (note 28) 以股權結算的股份交易（附註28）(155595)–
Repurchase of own shares 回購自身股份 – 313844
At the end of the year 於年末 408247 563842
In 2025 after the registration of 4220100 granted A Shares 於2025年，於2025年9月25日完成under the grantees on September 25 2025 (see note 28) the 所授出的4220100股A股於獲授信人
number of shares held as treasury shares as at December 名下的登記後（見附註28），於2025
31 2025 was reduced to 11069391 including 5000000 年12月31日作為庫存股份持有的股
shares held under the 2025 employee stock ownership plan 份數目減少至11069391股，當中包and 779900 shares held under the 2024 plan which are 括根據2025年員工持股計劃持有的
mainly used for future share award scheme. 5000000股股份及根據2024年計劃
持有的779900股股份，主要用於未來的股份獎勵計劃。
佛山市海天調味食品股份有限公司 * 2025 年度報告 253NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息（續）
(Continued)
(e) Nature and purpose of reserves (e) 儲備性質及用途
(i) Capital reserve (i) 資本儲備
The capital reserve comprises the following: 資本儲備包括以下：
– the difference between the consideration and the － 對價與本公司已發行及繳足股
par value of the issued and paid-up shares of the 份面值之間的差額；及
Company; and
– the difference between the grant-date fair value of － 授予本公司員工股份於授出日
the shares granted to employees of the Company 期的公允價值與用於股份獎勵
and the corresponding cost of treasury shares used 計劃的庫存股份的相應成本之
for share award scheme. 間的差額。
(ii) Statutory reserve (ii) 法定儲備
According to the PRC laws the PRC subsidiaries of 根據中國法律，本集團及本公司的the Group and the Company are required to set up 中國子公司須設立兩項法定儲備基
two statutory reserve funds general reserve fund and 金，分別為儲備基金以及職工獎勵staff general fund. General reserve fund was set up by 及福利基金。設立之儲備基金至少appropriating at least 10% of the entity’s annual profit 須將該實體年度除稅後利潤（按中after taxation as determined under PRC regulations until 國法規計算）之10%轉撥至儲備基
the balance of the fund equals to 50% of the entity’s 金內，直至該基金之結餘相等於該registered capital. This fund can be used to make up 實體註冊資本之50%為止。此項previous years’ losses or to convert into paid-in capital. 基金可用作彌補上一年度的虧損或
Transfer from retained profits to staff general fund is 轉增實收資本。該等實體之董事會made at the discretion of the board of directors of the 可酌情決定自保留利潤轉撥至職工
entities. 獎勵及福利基金。
254 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
30 CAPITAL RESERVES AND DIVIDENDS 30 資本、儲備及股息（續）
(Continued)
(e) Nature and purpose of reserves (Continued) (e) 儲備性質及用途（續）
(iii) Other reserve (iii) 其他儲備
Other reserve of the Group mainly represented merger 本集團的其他儲備主要指分別於本
reserves resulted from business combination in current 年度及過往年度涉及共同控制下實
year and prior years respectively involving entities under 體的業務合併所產生的合併儲備。
common control.(iv) Exchange reserve (iv) 匯兌儲備
The exchange reserve comprises all foreign exchange 匯兌儲備包括換算本集團於中國內
differences arising from the translation of the financial 地以外子公司的財務報表所產生
statements of the Group’s subsidiaries outside the 的所有匯兌差額，該等差額按附註mainland China which are dealt with in accordance with 1(w)所述會計政策進行處理。
the accounting policies set out in note 1(w).(f) Capital management (f) 資本管理
The Group’s primary objectives when managing capital are to 本集團管理資本的主要目的是維護本
safeguard the Group’s ability to continue as a going concern 集團持續經營的能力，以便透過對與so that it can continue to provide returns for shareholders 風險水平相稱的產品與服務定價及以
and benefits for other stakeholders by pricing products 合理的成本取得融資，繼續為股東提and services commensurately with the level of risk and by 供回報及為其他持份者帶來利益。
securing access to finance at a reasonable cost.The Group actively and regularly reviews and manages its 本集團積極及定期檢討並管理其資本
capital structure to maintain a balance between the higher 架構，以於較高借貸水平可能帶來之shareholder returns that might be possible with higher levels 較高股東回報與穩健資金狀況所帶來
of borrowings and the advantages and security afforded by a 之優勢及保障之間保持平衡，並就經sound capital position and makes adjustments to the capital 濟狀況之變化對資本架構進行調整。
structure in light of changes in economic conditions.佛山市海天調味食品股份有限公司 * 2025 年度報告 255NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
31 BUSINESS COMBINATION UNDER 31 共同控制下的企業合併
COMMON CONTROL
On November 30 2025 the Company entered into an equity 於2025年11月30日，本公司與廣東海天transfer agreement with Guangdong Haitian Group Co. Ltd. 集團股份有限公司（「廣東海天」）訂立股權
(“Guangdong Haitian”) to acquire 100% equity interests of 轉讓協議，以代價人民幣30518000元收Guangdong Haitian Innovation Technology Co. Ltd. (廣東海天創 購由廣東海天持有的廣東海天創新技術有
新技術有限公司) held by Guangdong Haitian at a consideration of 限公司的100%股權。
RMB30518000.The above transaction (the “Transaction”) was completed in 2025 上述交易（「該交易」）已於2025年完成，而and the acquired entity is engaged in research and experimental 被收購實體從事研究和試驗發展以及技術
development and technical services. As the entity involved in 服務。由於參與該交易的實體在收購前後the Transaction is under common control of Guangdong Haitian 均受廣東海天的共同控制，該交易被視為before and after the acquisition. The Transaction is considered as 共同控制下的企業合併。因此，已應用涉a business combination under common control. The principle of 及共同控制下企業實體合併的合併會計原
merger accounting for business combination involving business 則。據此，本集團的綜合財務報表乃猶如under common control has there-fore been applied. As a result 該實體自受廣東海天共同控制以來一直為
the consolidated financial statements of the Group have been 本公司附屬公司而編製。
prepared as if the entity was the subsidiary of the Company ever
since it became under common control of Guangdong Haitian.Accordingly the consolidated statement of financial position as 因此，於2024年12月31日的綜合財務狀at December 31 2024 has been restated to include the assets 況表已予重列，以按本集團賬面上的賬面and liabilities of the entity at carrying amounts in the books of 值計入該實體的資產及負債。截至2024年the Group. The consolidated statement of profit or loss the 止年度的綜合損益表、綜合損益及其他全
consolidated statement of profit or loss and other comprehensive 面收益表、綜合股權變動表及綜合現金流
income the consolidated statement of changes in equity and 量表已予重列，以計入該實體的業績及現consolidated cash flow statement for the year ended 2024 have 金流量，猶如其於整個2024年度內一直為been restated to include the results and cash flows of the entity 本公司的子公司。綜合財務報表的相關附as if it was the subsidiary of the Company throughout the year 註亦已予重列。所有重大的集團內公司間ended 2024. Respective notes to the consolidated financial 交易、結餘、收入及費用已於合併時對銷。
statements have also been restated. All significant intra-group
transactions balances income and expenses are eliminated on
combination.
256 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
31 BUSINESS COMBINATION UNDER 31 共同控制下的企業合併
COMMON CONTROL (Continued) （續）
As a result of the Transaction the relevant line items in the 由於該交易，於2024年12月31日的綜合consolidated statement of financial position as at December 財務狀況表以及截至2024年該日止年度的
31 2024 the consolidated statement of profit or loss the 綜合損益表、綜合損益及其他全面收益表
consolidated statement of profit or loss and other comprehensive 中的相關項目已予重列。詳情如下：
income for the year ended 2024 have been restated. Details are
as follows:
As at December 31 2024於2024年12月31日
The Group
(as previously Effect of the The Group
reported) Transaction (as restated)本集團本集團（如前所列）交易的影響（經重列）
RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元
Total non-current assets 非流動資產總值 8016326 5966 8022292
Total current assets 流動資產總值 32842109 10661 32852770
Total assets 資產總值 40858435 16627 40875062
Total non-current liabilities 非流動負債總額 470700 2558 473258
Total current liabilities 流動負債總額 8985791 20005 9005796
Total liabilities 負債總額 9456491 22563 9479054
Equity attributable to the equity
holders of the Company 本公司權益股東應佔權益 30895409 (5936) 30889473
Non-controlling interests 非控股權益 506535 – 506535
Total equity 權益總額 31401944 (5936) 31396008
Total equity and liabilities 權益及負債總額 40858435 16627 40875062
佛山市海天調味食品股份有限公司 * 2025 年度報告 257NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
31 BUSINESS COMBINATION UNDER 31 共同控制下的企業合併
COMMON CONTROL (Continued) （續）
Year ended December 31 2024於2024年12月31日
The Group
(as previously Effect of the The Group
reported) Transaction (as restated)本集團本集團（如前所列）交易的影響（經重列）
RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元
Revenue 收入 26900978 3531 26904509
Cost of sales 銷售成本 (17175902) (8504) (17184406)
Profit from operations 經營溢利 7537043 (500) 7536543
Profit before taxation 除稅前溢利 7513082 (500) 7512582
Profit for the year 年內溢利 6355861 (500) 6355361
Profit for the year attributable to:
下列人士應佔年內溢利：
Equity shareholders of the Company 本公司權益股東 6344126 (500) 6343626
Non-controlling interests 非控股權益 11735 – 11735
Total comprehensive income for the year attributable to:
下列人士應佔全面收益總額：
Equity shareholders of the Company 本公司權益股東 6339053 (500) 6338553
Non-controlling interests 非控股權益 11735 – 11735
Earnings per share 每股盈利
Basic and diluted (RMB) 基本及攤薄（人民幣元） 1.14 – 1.14
258 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES
Exposure to credit liquidity interest rate and foreign currency 本集團於一般業務進程中面臨信貸風險、
risks arises in the normal course of the Group’s business. 流動資金風險、利率風險及外匯風險。下The Group’s exposure to these risks and the financial risk 文載述本集團面臨的該等風險及本集團為
management policies and practices used by the Group to manage 管理該等風險而採用的財務風險管理政策
these risks are described below. 及慣例。
(a) Credit risk (a) 信貸風險
Credit risk refers to the risk that a counterparty will default 信貸風險指對手方未能履行其合約責
on its contractual obligations resulting in a financial loss to 任而導致本集團蒙受財務損失的風
the Group. The Group’s credit risk is primarily attributable to 險。本集團的信貸風險主要來自貿易trade receivables. The Group’s exposure to credit risk arising 應收款項。本集團因現金及現金等價from cash and cash equivalents term deposits certificates of 物、定期存款、存單及受限制現金以
deposits and restricted cash and financial assets measured 及按公允價值計入損益的金融資產產
at fair value through profit or loss are limited because the 生的信貸風險敞口有限，原因是對手counterparties are banks with sound credit ratings for which 方為有良好信譽評級的銀行，本集團the Group considers to have low credit risk. 認為該等銀行具有較低的信貸風險。
The Group does not provide any guarantees which would 本集團並無提供任何其他擔保，導致expose the Group to credit risk. 本集團面臨信貸風險。
佛山市海天調味食品股份有限公司 * 2025 年度報告 259NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(a) Credit risk (Continued) (a) 信貸風險（續）
Trade receivables 貿易應收款項
The Group has established a credit risk management policy 本集團已制定信貸風險管理政策，據under which individual credit evaluations are performed 此，本集團對需要超過一定金額的信on all customers requiring credit over a certain amount. 貸的所有客戶進行個別信貸評估。該These evaluations focus on the customer’s past history of 等評估側重於客戶過往到期作出付款
making payments when due and current ability to pay and 的記錄及目前的支付能力，並計及客take into account information specific to the customer as 戶的特定資料以及客戶經營所在經濟
well as pertaining to the economic environment in which 環境。貿易應收款項自發票日期起計the customer operates. Trade receivables are due within 90日內到期。結餘逾期超過六個月的
90 days from the date of billing. Debtors with balances 債務人，須於獲授任何進一步信貸前
that are more than six months past due are requested to 結清所有未付結餘。正常情況下，本settle all outstanding balances before any further credit is 集團不會收取客戶的抵押品。
granted. Normally the Group does not obtain collateral from
customers.As the Group’s customer base is diversified the Group 由於本集團的客戶基礎多元化，因此has no significant concentration of credit risk in individual 本集團並無重大信貸風險集中於個別
customers or industries or countries in which the customers 客戶或客戶經營所在的行業或國家。
operate.The Group measures loss allowances for trade receivables 本集團按相當於全期預期信貸虧損的
at an amount equal to lifetime ECLs which is calculated 金額計量貿易應收款項的虧損撥備，using a provision matrix. As the Group’s historical credit loss 有關金額乃採用撥備矩陣計算。由於experience indicates significantly different loss patterns for 本集團的歷史信貸虧損經驗表明不同
different customer segments the loss allowance based on 客戶群的虧損模式存在顯著差異，本past due status is further distinguished between the Group’s 集團在不同客戶群之間進一步區分基
different customer bases. 於逾期狀況的虧損撥備。
260 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(a) Credit risk (Continued) (a) 信貸風險（續）
Trade receivables (Continued) 貿易應收款項（續）
The expected credit loss as at December 31 2025 was 於2025年12月31日的預期信貸虧損分
determined as follows for each customers group of trade 別按應收銷售調味品及運輸服務的貿
receivables due from sales of f lavoring products and 易應收款項的各客戶組別釐定如下：
transportation services respectively:
As at December 31 2025於2025年12月31日
Gross
Expected carrying Loss
loss rates amount allowance預期虧損率賬面總值虧損撥備
% RMB’000 RMB’000
%人民幣千元人民幣千元
Trade receivables – sales of flavoring product
貿易應收款項－銷售調味品
Current (not past due) 即期（未逾期） 5% 183914 9196
Less than 1 year past due 逾期少於一年 10% 5096 510
More than 1 year past due 逾期超過一年 100% 2036 2036
19104611742
Trade receivables - transportation services
貿易應收款項－運輸服務
Current (not past due) 即期（未逾期） 1% 114844 1148
Less than 1 year past due 逾期少於一年 3% 2705 81
1175491229
30859512971
佛山市海天調味食品股份有限公司 * 2025 年度報告 261NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(a) Credit risk (Continued) (a) 信貸風險（續）
Trade receivables (Continued) 貿易應收款項（續）
As at December 31 2024於2024年12月31日
Gross
Expected carrying Loss
loss rates amount allowance預期虧損率賬面總值虧損撥備
% RMB’000 RMB’000
%人民幣千元人民幣千元
Trade receivables – sales of flavoring product
貿易應收款項－銷售調味品
Current (not past due) 即期（未逾期） 5% 159718 7986
Less than 1 year past due 逾期少於一年 10% 1940 194
More than 1 year past due 逾期超過一年 100% 3150 3150
16480811330
Trade receivables - transportation services
貿易應收款項－運輸服務
Current (not past due) 即期（未逾期） 1% 88743 887
Less than 1 year past due 逾期少於一年 3% 956 29
89699916
25450712246
Expected loss rates are based on actual loss experience 預期虧損率乃基於過去三年的實際虧
over the past three years. These rates are adjusted to reflect 損情況計算得出。該等比率乃為反映differences between economic conditions during the period 收集歷史數據期間的經濟狀況、目前
over which the historic data has been collected current 狀況與本集團對應收款項預期年期內
conditions and the Group’s view of economic conditions over 經濟狀況的看法之間的差異而加以調
the expected lives of the receivables. 整。
The loss rates remained constant for the years ended 截至2025年及2024年12月31日止年
December 31 2025 and 2024 because the Group considers 度的虧損率維持不變，乃由於本集團that there has been no significant change in the Group’s 認為截至2025年12月31日止年度本集
customer base the historical loss experience or the aging 團的客戶群、歷史虧損情況或該等金
pattern of those f inancial assets for the years ended 融資產的賬齡模式並無重大變動。
December 31 2025.
262 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(a) Credit risk (Continued) (a) 信貸風險（續）
Trade receivables (Continued) 貿易應收款項（續）
Movement in the loss allowance account in respect of trade 截至2025年12月31日止年度，貿易應receivables during the years ended December 31 2025 is as 收款項虧損撥備賬變動如下：
follows:
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
At beginning of the year 於年初 12246 11362
Loss allowance recognized 已確認的虧損撥備 10704 3382
Loss allowance reversed 虧損撥備撥回 (9923) (2341)
Amounts written off 撇銷金額 (56) (157)
At the end of the year 於年末 12971 12246
The directors of the Company consider the Group’s exposure 本公司董事認為，由於2025年12月31to credit risk arising from other receivables is not significant 日的其他應收款項結餘主要為按金或
as the balances of other receivables as at December 31 可扣減進項增值稅且本集團過往並無
2025 mainly are deposits or deductible input VAT and no 出現重大實際虧損，故本集團來自其
significant actual losses were experienced historically by the 他應收款項的信貸風險敞口並不重大。
Group.佛山市海天調味食品股份有限公司 * 2025 年度報告 263NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(b) Liquidity risk (b) 流動資金風險
The Group monitors and maintains a level of cash and cash 本集團監控及維持本集團管理層認為
equivalents deemed adequate by the management of the 充足的現金及現金等價物水平，以為Group to finance the operations and mitigate the effects of 營運提供資金及減輕現金流量波動的
fluctuations of cash flows. 影響。
The fol lowing table detai ls the remaining contractual 下表詳列於報告期末本集團金融負債
maturities as at the end of the reporting periods of the 的剩餘合約期限，該等期限乃基於合Group’s financial liabilities which are based on contractual 約未貼現現金流量（包括使用合約利率undiscounted cash f lows ( including interest payments （或如有浮動，則基於報告期末的現行computed using contractual rates or if floating based on 利率）計算的利息付款）及本集團須付
rates current at the end of the reporting periods) and the 款的最早日期確定：
earliest date the Group can be required to pay:
As at December 31 2025於2025年12月31日
More than More than Total
Within 1 year but 2 years but contractual
1 year or within within More than undiscounted Carrying
on demand 2 years 5 years 5 years cash flow amount一年內一年以上兩年以上總合約未貼現或按要求但兩年以內但五年以內超過五年現金流量賬面值
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
Trade and bills payable
貿易應付款項及應付票據2772796–––27727962772796
Other payables 其他應付款項 882591 – – – 882591 882591
Derivative financial instruments 衍生金融工具 360 – – – 360 360
Bank loans and other borrowing
銀行貸款及其他借款1756401625562–181364180250
Lease liabilities 租賃負債 47187 27981 17808 21342 114318 104308
387857428143233702134239514293940305
264 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(b) Liquidity risk (Continued) (b) 流動資金風險（續）
As at December 31 2024 (Restated)
於2024年12月31日（經重列）
More than More than Total
Within 1 year but 2 years but contractual
1 year or within within More than undiscounted Carrying
on demand 2 years 5 years 5 years cash flow amount一年內一年以上兩年以上總合約未貼現或按要求但兩年以內但五年以內超過五年現金流量賬面值
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
Trade and bills payable
貿易應付款項及應付票據1946706–––19467061946706
Other payables 其他應付款項 879756 – – – 879756 879756
Bank loans and other borrowing
銀行貸款及其他借款31273853461––366199361665
Lease liabilities 租賃負債 17529 6201 7847 23073 54650 43361
31567295966278472307332473113231488
(c) Interest rate risk (c) 利率風險
Interest rate risk is the risk that the fair value of future 利率風險是指金融工具未來現金流量
cash flows of a financial instrument will fluctuate because 的公允價值因市場利率變動而發生波
of changes in market interest rates. The Group’s interest 動的風險。本集團的利率風險主要來rate r isk ar ises pr imari ly from the Group’s cash and 自本集團的現金及現金等價物、定期
cash equivalents term deposits certificates of deposits 存款、存單、受限制現金、銀行貸款
restricted cash bank loans and borrowing. The Group does 及借款。本集團並無使用金融衍生工not use financial derivatives to hedge against the interest 具對沖利率風險。然而，倘利率出現rate risk. However if interest rate fluctuates significantly 大幅波動，本集團將採取適當措施管appropriate measures would be taken to manage interest risk 理利率風險敞口。管理層監控的本集exposure. The Group’s interest rate profile as monitored by 團利率概況載於下文(i)。
management is set out in (i) below.佛山市海天調味食品股份有限公司 * 2025 年度報告 265NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(c) Interest rate risk (Continued) (c) 利率風險（續）
(i) Interest rate profile (i) 利率概況
The following table as reported to the management of 如向本集團管理層所呈報，下表詳the Group details the interest rate profile of the Group’s 列本集團於報告期末金融工具的利
financial instruments at the end of the reporting periods. 率概況。
As at December 31 2025 As at December 31 2024於2025年12月31日於2024年12月31日
Effective Effective
interest rate Amount interest rate Amount實際利率金額實際利率金額
RMB’000 RMB’000人民幣千元人民幣千元
Fixed rate instruments: 定息借貸：
Financial assets 金融資產 1.79% ~ 6.10% 20243581 0.01% ~ 4.20% 9647747
Term deposits and certificates of deposits
定期存款及存單2.07%~5.30%41633791.97%~4.50%7190722
Cash and cash equivalents 現金及現金等價物 24406960 16838469
Financial liabilities 金融負債
Bank loans 銀行貸款 2.15% ~ 2.30% (140850) 2.30% ~ 2.90% (293465)
Other borrowing 其他借款 3.00% ~ 6.00% (24400) 6.00% (19000)
Lease liabilities 租賃負債 3.00% ~ 4.90% (104308) 3.95% ~ 4.90% (43361)
(269558)(355826)
2413740216482643
Variable rate instruments: 浮息借貸：
Financial assets 金融資產
Cash and cash equivalents 現金及現金等價物 0.01% ~ 0.05% 5351049 0.01% ~ 2.40% 4725031
Restricted cash 受限制現金 10082 0.01% ~ 2.40% 8393
53611314733424
Financial liabilities 金融負債
Bank loans 銀行貸款 2.50% ~ 2.60% (15000) 2.80% ~ 2.85% (49200)
(15000)(49200)
53461314684224
266 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(c) Interest rate risk (Continued) (c) 利率風險（續）
(ii) Sensitivity analysis (ii) 敏感度分析
At December 31 2025 it is estimated that a general 於2025年12月31日，估計利率整increase/decrease of 25 basis points in interest rates 體上調╱下調25個基點，而其他with al l other variables held constant would have 所有變數維持不變，本集團的除稅increased/decreased the Group’s profit after tax and 後利潤及保留利潤將增加╱減少retained profits by approximately RMB8581000 (2024: 約人民幣8581000元（2024年：RMB9310000). 人民幣9310000元）。
The sensitivity analysis above indicates the instantaneous 上述敏感度分析顯示了假設利率變
change in the Group’s profit after tax (and retained 動在報告期末發生時，本集團稅後profits) that would arise assuming that the change in 利潤（及保留利潤）將會出現的即
interest rates had occurred at the end of the reporting 時變化。就本集團於報告期末所持period. In respect of the exposure to cash flow interest 有的浮動利率非衍生工具所產生的
rate r isk ar is ing from f loat ing rate non-der ivat ive 現金流量利率風險而言，對本集團instruments held by the Group at the end of the reporting 的除稅後利潤（及保留利潤）的影
period the impact on the Group’s profit after tax (and 響乃按有關利率變動對利息支出或
retained profits) is estimated as an annualised impact on 收入的年度影響進行估計。該分析interest expense or income of such a change in interest 已按與截至2025年12月31日止年
rates. The analysis is performed on the same basis during 度相同的基準進行。
the year ended December 31 2025.佛山市海天調味食品股份有限公司 * 2025 年度報告 267NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(d) Foreign currency risk (d) 外匯風險
The Group is exposed to foreign currency risk primarily 本集團面臨的外匯風險主要源於銷售
through sales which give rise to cash balances and Term 所產生的現金結餘以及定期存款及存deposits and certificates of deposits that are denominated in 單，而該等款項乃以外幣（即交易相關a foreign currency i.e. a currency other than the functional 業務的功能貨幣以外的貨幣）計值。
currency of the operations to which the transactions relate. 產生此風險的貨幣主要為美元（「美The currencies giving rise to this risk are primarily United 元」）、港元及人民幣。本集團管理此States dollars (“USD”) HKD and RMB. The Group manages 風險的方法如下：
this risk as follows:
(i) Exposure to currency risk (i) 所面臨的貨幣風險
The following table details the Group’s exposure at the 下表詳列本集團於報告期末來自以
end of the reporting period to currency risk arising from 與相關實體的功能貨幣以外的貨幣
recognized assets denominated in a currency other than 計值的已確認資產的貨幣風險。為the functional currency of the entity to which they relate. 方便呈列，所面臨風險的金額以人For presentation purposes the amounts of the exposure 民幣列示，使用期末日期的即期匯are shown in RMB translated using the spot rate at the 率換算。
period end date.As at December 31於12月31日
20252025202520252024202420242024
2025年2025年2025年2025年2024年2024年2024年2024年
USD EUR HKD RMB USD EUR HKD RMB美元歐元港元人民幣美元歐元港元人民幣
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
Cash and cash equivalents 現金及現金等價物 106928 – – 15339 23537 2567 168 1413168
Term deposits and certificates of deposits
定期存款及存單2722315–6691440500000––––
Trade receivables 貿易應收款項 18837 – – – 4264 – – –
2848080–66914405153392780125671681413168
268 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(d) Foreign currency risk (Continued) (d) 外匯風險（續）
(ii) Sensitivity analysis (ii) 敏感度分析
The following table indicates the instantaneous change 下表顯示倘本集團於報告期末面臨
in the Group’s profit after tax (and retained profits) that 重大風險敞口的匯率於該日有所變
would arise if foreign exchange rates to which the Group 動，並假設所有其他風險變量維持has significant exposure at the end of the reporting 不變，本集團的除稅後利潤（及保period had changed at that date assuming all other risk 留利潤）可能產生的即時變動。
variables remained constant.As at December 31於12月31日
20252024
2025年2024年
Increase/ Increase/
(decrease) Effect on (decrease) Effect on
in foreign profit after tax in foreign profit after tax
exchange and retained exchange and retained
rates profits rates profits
匯率上升╱對除稅後利潤及匯率上升╱對除稅後利潤及（下降）保留利潤的影響（下降）保留利潤的影響
RMB’000 RMB’000人民幣千元人民幣千元
USD 美元 2.22% 47428 1.49% 325
(2.22%)(47428)(1.49%)(325)
EUR 歐元 2.22% – 1.49% 35
(2.22%)–(1.49%)(35)
HKD 港元 2.22% 111425 1.49% 2
(2.22%)(111425)(1.49%)(2)
RMB 人民幣 2.22% 8581 1.49% 17607
(2.22%)(8581)(1.49%)(17607)
佛山市海天調味食品股份有限公司 * 2025 年度報告 269NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(d) Foreign currency risk (Continued) (d) 外匯風險（續）
(ii) Sensitivity analysis (Continued) (ii) 敏感度分析（續）
Results of the analysis as presented in the above table 上表所列示分析的結果代表對各本
represent an aggregation of the instantaneous effects 集團實體按各自的功能貨幣計量並
on each of the Group entities’ profit after tax and 按報告期末通行的匯率換算為人民
equity measured in the respective functional currencies 幣以供呈列之用的除稅後利潤及權
translated into RMB at the exchange rate ruling at the 益的即時影響總額。
end of the reporting period for presentation purposes.The sensitivity analysis assumes that the change in 敏感度分析乃假設匯率變動已應用
foreign exchange rates had been applied to re-measure 於重新計量本集團於報告期末持有
those financial instruments held by the Group which 並使本集團面臨外匯風險的金融工
expose the Group to foreign currency risk at the end of 具。該分析已按與截至2025年12the reporting period. The analysis is performed on the 月31日止年度相同的基準進行。
same basis during the years ended December 31 2025.
270 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(e) Fair value measurement (e) 公允價值計量
(i) Financial assets measured at fair value (i) 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
f inancial instruments measured at the end of the 性基準計量的金融工具的公允價
reporting period on a recurring basis categorised into 值，並分類為國際財務報告準則第the three-level fair value hierarchy as defined in IFRS 13 13號公允價值計量所界定的三級
Fair value measurement. The level into which a fair value 公允價值層級。本集團參照以下估measurement is classified is determined with reference 值技術所採用的輸入數據的可觀察
to the observability and significance of the inputs used in 性及重要性，釐定公允價值計量所the valuation technique as follows: 應歸屬的層級：
* Level 1 valuations: Fair value measured using only * 第一級估值： 僅 使用第一級Level 1 inputs i.e. unadjusted 輸入數據（即quoted prices in active markets 於計量日活躍
for identical assets or liabilities at 市場上相同資
the measurement date 產或負債未經調整的報價）計量的公允價值
* Level 2 valuations: F a i r va l ue measu red us i ng * 第二級估值： 使 用第二級輸Level 2 inputs i.e. observable 入數據（即不i n p u t s w h i c h f a i l t o m e e t 符合第一級的
L e v e l 1 a n d n o t u s i n g 可觀察輸入數significant unobservable inputs. 據），且並無Unobservable inputs are inputs 使用重大不可
for which market data are not 觀察輸入數據
available 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: F a i r va l ue measu red us i ng * 第三級估值： 使 用重大不可
significant unobservable inputs 觀察輸入數據計量的公允價值
佛山市海天調味食品股份有限公司 * 2025 年度報告 271NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(e) Fair value measurement (Continued) (e) 公允價值計量（續）
(i) Financial assets measured at fair value (Continued) (i) 按公允價值計量的金融資產（續）
Fair value hierarchy (Continued) 公允價值層級（續）
Analys is on fa i r va lue measurement o f f inanc ia l 於2025年12月31日，金融工具公instruments as at December 31 2025 are as follows: 允價值計量的分析如下：
Fair value at
December 31 Fair value measurement at
2025 December 31 2025 categorised into
於2025年
12月31日的於2025年12月31日的
公允價值公允價值計量分類為
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 10105463 – 10105463 –
– Equity securities 股本證券 100 – 100 –
Derivative financial instruments 衍生金融工具 (360) – (360) –
10105203–10105203–
272 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(e) Fair value measurement (Continued) (e) 公允價值計量（續）
(i) Financial assets measured at fair value (Continued) (i) 按公允價值計量的金融資產（續）
Fair value hierarchy (Continued) 公允價值層級（續）
Fair value at
December 31 Fair value measurement at
2024 December 31 2024 categorised into
於2024年
12月31日的於2024年12月31日的
公允價值公允價值計量分類為
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 7518580 – 7518580 –
– Equity securities 股本證券 100 – 100 –
– Listed securities 上市證券 98996 98996 – –
7617676989967518680–
During the year ended December 31 2025 there were 截至2025年12月31日止年度，第no transfers between Level 1 and Level 2 or transfers 一級與第二級之間並無出現任何轉
into or out of Level 3. The Group’s policy is to recognize 移，亦無任何公允價值轉入第三級transfers between levels of fair value hierarchy as at the 或自第三級轉出。本集團的政策乃end of the reporting period in which they occur. 於報告期末公允價值層級之間出現轉移時確認有關轉移。
The listed securities are accounted for at fair value in 上市證券按第一級公允價值入賬，level 1 and measured by referencing to the stock price. 並參考股價計量。
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
measurements 技術及輸入數據
The fair value of wealth management products in Level 第二級理財產品的公允價值乃參考
2 is measured by referencing to the net asset value 銀行公佈的資產淨值計量。
published by the banks.佛山市海天調味食品股份有限公司 * 2025 年度報告 273NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
32 FINANCIAL RISK MANAGEMENT AND 32 財務風險管理及公允價值
FAIR VALUES (Continued) （續）
(e) Fair value measurement (Continued) (e) 公允價值計量（續）
(ii) Fair value of financial assets and liabilities carried at other (ii) 並非按公允價值列賬的金融資產及
than fair value 負債的公允價值
The carrying amounts of the Group’s financial instruments 於2025年12月31日，本集團按攤carried at amortized cost are not materially different from 銷成本列賬的金融工具的賬面值與
their fair values as at December 31 2025. 其公允價值並無重大差異。
33 COMMITMENTS 33 承擔
Capital commitments outstanding at December 31 2025 not 於2025年12月31日並未於財務報表中作
provided for in the financial statements were as follows: 出撥備的未履行資本承擔如下：
As at December 31於12月31日
20252024
2025年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576901704563
274 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易
TRANSACTIONS
(a) Key management personnel remuneration (a) 主要管理人員薪酬Remuneration for key management personnel of the Group 本集團主要管理人員的薪酬（包括附註including amounts paid to the Company’s directors and 9所披露支付予本公司董事及監事及附
supervisors as disclosed in note 9 and certain of the highest 註10所披露支付予若干最高薪酬僱員paid employees as disclosed in note 10 is as follows: 的金額）載列如下：
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
Short-term employee benefits 短期僱員福利 45026 43603
Post-employment benefits 離職後福利 507 432
Equity settled share-based payment expenses 以股權結算股份付款開支 9457 –
5499044035Total remuneration is included in “staff costs” (see note 7(b)). 薪酬總額計入「員工成本」（見附註
7(b)）。
佛山市海天調味食品股份有限公司 * 2025 年度報告 275NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易（續）
TRANSACTIONS (Continued)
(b) Names and relationships with related parties (b) 關聯方名稱及關係
In addition to the related party information disclosed in note 除本財務報表附註5及22所披露的關聯
5 and 22 of this financial statements the Group entered into 方資料外，本集團亦於截至2025年12
the following material related party transactions during the 月31日止年度訂立以下重大關聯方交
years ended December 31 2025. 易。
Name of related party Relationship with the Group關聯方名稱與本集團的關係
Guangdong Haitian The immediate parent company of the
廣東海天 Group 本集團的直接母公司
Foshan Tianbo Packaging Co. Ltd. Entity controlled by Guangdong Haitian佛山天玻包裝有限公司廣東海天控制的實體
Foshan Tianyuan Real Estate Co. Ltd. Entity controlled by Guangdong Haitian佛山市天原房地產有限公司廣東海天控制的實體
Foshan Tiande Technology Co. Ltd. Entity controlled by Guangdong Haitian佛山市天德科技有限公司廣東海天控制的實體
Foshan Haiye Investment Development Co. Ltd. Entity controlled by Guangdong Haitian佛山市海業投資發展有限公司廣東海天控制的實體
Foshan Yuebo Industrial Co. Ltd. Entity over which Guangdong Haitian has
佛山市粵玻實業有限公司 significant influence廣東海天對其有重大影響力的實體
Foshan Haipeng Trade Development Co. Ltd. Entity controlled by Guangdong Haitian佛山市海鵬貿易發展有限公司廣東海天控制的實體
Nanning Yuebo Glass Industrial Co. Ltd. Entity over which Guangdong Haitian has
南寧粵玻實業有限公司 significant influence廣東海天對其有重大影響力的實體
Jiaxing Haitian Small Loan Co. Ltd. Entity controlled by Guangdong Haitian嘉興海天小額貸款有限公司廣東海天控制的實體
Tiandian (Guangdong) Biotechnology Co. Ltd. Entity controlled by Guangdong Haitian天典（廣東）生物科技有限公司廣東海天控制的實體
Tianye (Nanning) Biotechnology Co. Ltd. Entity controlled by Guangdong Haitian天葉（南寧）生物科技有限公司廣東海天控制的實體
Tiankang Logistics (Foshan) Co. Ltd. Entity controlled by Guangdong Haitian
天康物流（佛山）有限公司廣東海天控制的實體
Tianbo Packaging Group Co. Ltd. Entity controlled by Guangdong Haitian天玻包裝集團有限公司廣東海天控制的實體
Tianyan (Tianjin) High tech Co. Ltd. Entity controlled by Guangdong Haitian天眼（天津）高新科技有限公司廣東海天控制的實體
276 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易（續）
TRANSACTIONS (Continued)
(b) Names and relationships with related parties (b) 關聯方名稱及關係（續）
(Continued)
Name of related party Relationship with the Group關聯方名稱與本集團的關係
Tiannuobo (Guangdong) Intelligent Equipment Co. Ltd. Entity controlled by Guangdong Haitian天諾博（廣東)智能裝備有限公司廣東海天控制的實體Taibao (Guangdong) Animal Nutrition Technology Co. Ltd. Entity controlled by Guangdong Haitian它寶（廣東）動物營養科技有限公司廣東海天控制的實體
Anhui Tianzhuang International Trade Co. Ltd. Entity controlled by Guangdong Haitian安徽天莊國際貿易有限公司廣東海天控制的實體
Guangdong Tianqi Biotechnology Co. Ltd. Entity controlled by Guangdong Haitian廣東天企生物科技有限公司廣東海天控制的實體
Guangdong Tiankang Logistics Co. Ltd. Entity controlled by Guangdong Haitian廣東天康物流有限公司廣東海天控制的實體
Guangdong Tianniao Intelligent Equipment Co. Ltd. Entity controlled by Guangdong Haitian廣東天釀智能裝備有限公司廣東海天控制的實體
Guangdong Yami Intelligent Information Technology Co. Ltd. Entity controlled by Guangdong Haitian廣東婭米智能信息科技有限公司廣東海天控制的實體
Guangdong Haitian Cloud Computing Co. Ltd. Entity controlled by Guangdong Haitian廣東海天雲計算有限公司廣東海天控制的實體
Guangdong Haitian Yami Education Technology Co. Ltd. Entity controlled by Guangdong Haitian廣東海天婭米教育科技有限公司廣東海天控制的實體
Guangdong Haifuda Investment Development Co. Ltd. Entity controlled by Guangdong Haitian廣東海富達投資發展有限公司廣東海天控制的實體
Guangdong Guanzheng Quality Inspection Co. Ltd. Entity controlled by Guangdong Haitian廣東規正質量檢測有限公司廣東海天控制的實體
It is a Health Technology Co. Ltd. Entity controlled by Guangdong Haitian是一健康科技有限公司廣東海天控制的實體
Jiangsu Tianjiang Biotechnology Co. Ltd. Entity controlled by Guangdong Haitian江蘇天將生物科技有限公司廣東海天控制的實體
Jiangsu Tianbo Packaging Limited Company. Entity controlled by Guangdong Haitian江蘇天玻包裝有限公司廣東海天控制的實體
Jiangsu Tianlong Renewable Resources Co. Ltd. Entity controlled by Guangdong Haitian江蘇天隆再生資源有限公司廣東海天控制的實體
Jiangmen Yuebo Industrial Co. Ltd. Entity over which Guangdong Haitian has
江門粵玻實業有限公司 significant influence廣東海天對其有重大影響力的實體
佛山市海天調味食品股份有限公司 * 2025 年度報告 277NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易（續）
TRANSACTIONS (Continued)
(b) Names and relationships with related parties (b) 關聯方名稱及關係（續）
(Continued)
Name of related party Relationship with the Group關聯方名稱與本集團的關係
Guangdong Haitian Commercial Factoring Co. Ltd. Entity controlled by Guangdong Haitian廣東海天商業保理有限公司廣東海天控制的實體
Haitian Group (Foshan) Investment Development Co. Ltd. Entity controlled by Guangdong Haitian
海天集團（佛山）投資發展有限公司廣東海天控制的實體
Haiju (Nanning) Energy and Environmental Protection Technology Co. Ltd. Entity controlled by Guangdong Haitian海炬（南寧）能源環保科技有限公司廣東海天控制的實體
Haiju (Jiangsu) Energy and Environmental Protection Technology Co. Ltd. Entity controlled by Guangdong Haitian海炬（江蘇）能源環保科技有限公司廣東海天控制的實體
Haiju Energy Environmental Protection Technology Co. Ltd. Entity controlled by Guangdong Haitian海炬能源環保科技有限公司廣東海天控制的實體
Xianzhiran (Tianjin) Biotechnology Co. Ltd. Entity controlled by Guangdong Haitian
鮮之然（天津）生物技術有限公司廣東海天控制的實體
Xianzhiran (Guangdong) Biotechnology Co. Ltd. Entity controlled by Guangdong Haitian
鮮之然（廣東）生物技術有限公司廣東海天控制的實體
Xianzhiran Biotechnology Group Co. Ltd. Entity controlled by Guangdong Haitian鮮之然生物科技集團有限公司廣東海天控制的實體
* The official names of the above entities are in Chinese. The * 上述實體的官方名稱為中文名稱。英English translation are for identification only. 文譯名僅供識別。
278 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易（續）
TRANSACTIONS (Continued)
(c) Transactions with related parties (c) 與關聯方的交易
Apart from disclosures made in note 5 and 22 of the financial 除財務報表附註5及22所披露者外，本statements the Group entered into the following material 集團亦於截至2025年12月31日止年度
related party transactions during the years ended December 訂立以下重大關聯方交易。
312025.
Year ended December 31截至12月31日止年度
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
（Restated)（經重列）
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833021904531
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體355616413203
11886371317734
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5355077231
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體72106
5362277337
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15751026
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25752535
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47220138289
Sales of property plant and equipment 出售物業、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–44
佛山市海天調味食品股份有限公司 * 2025 年度報告 279NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易（續）
TRANSACTIONS (Continued)
(c) Transactions with related parties (Continued) (c) 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廣東海天控
with lease periods of 1 to 3 years with Guangdong 制的實體訂立若干租賃協議，租期Haitian and entities controlled by Guangdong Haitian to 為1至3年，以租賃若干物業、機lease certain premises machinery and equipment. During 器及設備。截至2025年12月31日the year ended December 31 2025 the Group settled 止年度，本集團就上述租賃服務the lease payments with amounts of RMB34030000 結算租賃付款人民幣34030000(2024: RMB19740000) for the above rental services 元（2024年：人民幣19740000and interests generated from these leasing arrangements 元），該等租賃安排產生的利息為are RMB959000 (2024: RMB4310000). 人民幣959000元（2024年：人民幣4310000元）。
During the year ended December 31 2025 the Group 截至2025年12月31日止年度，本entered into new lease agreements with Guangdong 集團與廣東海天及廣東海天控制
Haitian and entities controlled by Guangdong Haitian for 的實體就使用物業、機器及設備訂
use of premises machinery and equipment and therefore 立新租賃協議，因此確認使用權資recognised right-of-use assets and lease liabilities of 產及租賃負債人民幣75316000RMB75316000 (2024: RMB14472000). 元（2024年：人民幣14472000元）。
(ii) Since 2025 certain distributors of the Group entered (ii) 自2025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 Co. Limited (“Jiaxing Haitian”) an 額貸款有限公司（「嘉興海天」）獨
entity controlled by Guangdong Haitian. Pursuant to 立訂立貸款協議。根據有關協議，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
as distributors’ prepayments for purchase of flavoring 付款項，而上述墊款被視為嘉興products and the above advance payments are regarded 海天向經銷商發放的貸款。於截as Jiaxing Haitian’s loans to distributors. During the 至2025年12月31日止年度，本集year ended December 31 2025 the total amount 團自嘉興海天收取的經銷商預付款
received by the Group from Jiaxing Haitian as the 項總額合共為人民幣855956000distributors’ prepayments are RMB855956000 (2024: 元（2024年：人民幣325939000RMB325939000) in aggregate. The Group does not 元）。本集團不就嘉興海天向經銷provide any guarantee over Jiaxing Haitian’s loans to 商發放的貸款提供任何擔保。
distributors.
280 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
34 MATERIAL RELATED PARTY 34 重大關聯方交易（續）
TRANSACTIONS (Continued)
(d) Balances with related parties (d) 與關聯方的結餘
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
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82683453
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體1343
82813496
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7620856938
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體5298078820
129188135758
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54420108
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體13501350
189421458
佛山市海天調味食品股份有限公司 * 2025 年度報告 281NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
35 COMPANY-LEVEL STATEMENT OF 35 本公司層面的財務狀況表
FINANCIAL POSITION
As at December 31於12月31日
20252024
2025年2024年
RMB’000 RMB’000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 87136 19312
Right-of-use assets 使用權資產 88576 15956
Investment property 投資性房地產 1381 1502
Intangible assets 無形資產 8817 13208
Investments in subsidiaries 於子公司的投資 1607740 1490409
Other financial assets at FVPL 按公允價值計入損益的其他金融資產 100 100
Term deposits and certificates of deposits 定期存款及存單 3673101 –
Deferred tax assets 遞延稅項資產 183529 236892
56503801777379
Current assets 流動資產
Inventories 存貨 8403 7859
Trade receivables 貿易應收款項 2291 –
Other receivables 其他應收款項 6922443 5476568
Other financial assets at FVPL 按公允價值計入損益的其他金融資產 5246569 4727412
Term deposits and certificates of deposits 定期存款及存單 12883407 8858412
Restricted cash 受限制現金 2673 –
Cash and cash equivalents 現金及現金等價物 6105005 5151010
3117079124221261
Current liabilities 流動負債
Trade and bills payable 貿易應付款項及應付票據 1874256 612489
Other payables 其他應付款項 1601191 1407867
Contract liabilities 合約負債 3740025 4002681
Lease liabilities 租賃負債 36587 7584
Current taxation 即期稅項 111070 82876
Other current liabilities 其他流動負債 396320 401947
77594496515444
Net current assets 流動資產淨值 23411342 17705817
Total assets less current liabilities 總資產減流動負債 29061722 19483196
282 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
35 COMPANY-LEVEL STATEMENT OF 35 本公司層面的財務狀況表
FINANCIAL POSITION (Continued) （續）
As at December 31於12月31日
20252024
2025年2024年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
Non-current liabilities 非流動負債
Lease liabilities 租賃負債 41976 9245
Deferred income 遞延收入 5503 5094
4747914339
NET ASSETS 資產淨值 29014243 19468857
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 30(c) 5851825 5560601
Treasury shares 庫存股 30(d) (408247) (563842)
Reserves 儲備 30(e) 23570665 14472098
TOTAL EQUITY 權益總額 29014243 19468857
Approved and authorised for issue by the board of directors on March 經董事會於2026年3月26日批准及授權刊發。
262026.
Cheng Xue Guan Jianghua程雪管江華
Executive director and Executive director
Chairwoman of the Board執行董事兼董事會主席執行董事
佛山市海天調味食品股份有限公司 * 2025 年度報告 283NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
36 NON-ADJUSTING EVENTS AFTER THE 36 報告期後的非調整事項
REPORTING PERIOD
Subsequent to the end of the reporting period a special dividend 於報告期末後，股東已於2026年1月9日批in respect of the year ended December 31 2025 of RMB3.0 per 准截至2025年12月31日止年度的特別股
10 shares (tax inclusive) in an aggregate amount of approximately 息每10股人民幣3.0元（含稅），總金額約
RMB1753961000 (including the portion attributable to the 人民幣1753961000元 (包括根據員工持
shares held under the employee stock ownership plan) has been 股計劃持有的股份所應佔的部分)。
approved by the shareholders on January 9 2026.Subsequent to the end of the reporting period a final dividend in 於報告期末後，董事於2026年3月26日建respect of the year ended December 31 2025 of RMB8.00 per 議派付截至2025年12月31日止年度的末
10 shares (tax inclusive) in an aggregate amount of approximately 期股息每10股人民幣8.00元（含稅），總金
RMB4677228000 (including the portion attributable to the 額約人民幣4677228000元 (包括根據員
shares held under the employee stock ownership plan) has been 工持股計劃持有的股份所應佔的部分)。
proposed by the directors on March 26 2026.
37 IMMEDIATE AND ULTIMATE 37 直接及最終控制方
CONTROLLING PARTY
The directors of the Company consider the immediate holding 本公司董事認為，於2025年12月31日，party of the Company as at December 31 2025 was Guangdong 本公司的直接控股方為廣東海天。
Haitian.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。
284 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
38 POSSIBLE IMPACT OF 38 截至2025年12月31日止年
AMENDMENTS NEW STANDARDS 度已頒佈但尚未生效的修
AND INTERPRETATIONS ISSUED BUT 訂、新訂準則及詮釋的潛在
NOT YET EFFECTIVE FOR THE YEAR 影響
ENDED DECEMBER 31 2025
Up to the date of issue of these financial statements the IASB 截至該等財務報表的刊發日期，國際會計has issued a number of new or amended standards which are 準則理事會已頒佈多項新訂或經修訂準
not yet effective for the year ended December 31 2025 and 則，該等準則於截至2025年12月31日止which have not been adopted in these financial statements. 年度尚未生效，亦未於該等財務報表中獲These developments include the following which may be relevant 採納。該等變動包括以下各項，並可能與to the Group. 本集團相關。
Effective for
accounting periods
beginning on
or after於下列日期或之後開始的會計期間生效
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity 1 January 2026
國際財務報告準則第9號及國際財務報告準則第7號（修訂本），涉及自然依賴型電力的合約2026年1月1日Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and 1 January 2026
Measurement of Financial Instruments 2026年1月1日
國際財務報告準則第9號及國際財務報告準則第7號（修訂本），修訂金融工具的分類及計量Annual Improvements to IFRS Accounting Standards – Volume 11 1 January 2026
國際財務報告準則會計準則的年度改進－第11卷2026年1月1日
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
國際財務報告準則第18號，財務報表的呈列及披露2027年1月1日IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
國際財務報告準則第19號，不具公共問責性的子公司：披露2027年1月1日Amendments to IFRS 10 and IAS 28 Sale or contribution of To be determined
assets between an investor and its associate or joint venture 待定
國際財務報告準則第10號及國際會計準則第28號（修訂本），投資者與其聯營公司或合營企業之間的資產出售或注入
The Group is in the process of making an assessment of what 本集團正在評估該等變動於首次應用期間
the impact of these developments is expected to be in the period 預期產生的影響。迄今為止所得結論為，of initial application. So far it has concluded that the adoption of 採納該等變動不大可能對綜合財務報表造
them is unlikely to have a significant impact on the consolidated 成重大影響，以下除外：
financial statements except for the following:
佛山市海天調味食品股份有限公司 * 2025 年度報告 285NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS綜合財務報表附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
38 POSSIBLE IMPACT OF 38 截至2025年12月31日止年
AMENDMENTS NEW STANDARDS 度已頒佈但尚未生效的修
AND INTERPRETATIONS ISSUED 訂、新訂準則及詮釋的潛在
BUT NOT YET EFFECTIVE FOR THE 影響（續）
YEAR ENDED 31 DECEMBER 2025
(Continued)
IFRS 18 Presentation and Disclosure in Financial Statements 國際財務報告準則第18號，財務報表的呈列及披露
IFRS 18 will replace IAS 1 Presentation of financial statements 國際財務報告準則第18號將取代國際會計
and aims to improve the transparency and comparability of 準則第1號財務報表的呈列，旨在提高實體information about an entity’s financial statements. IFRS 18 is 財務報表資料的透明度及可比較性。國際effective for annual reporting periods beginning on or after 1 財務報告準則第18號適用於2027年1月1January 2027 and is to be applied retrospectively. 日或之後開始的年度報告期間，並將予追溯應用。
Among other changes under IFRS 18 entities are required 除其他變更外，根據國際財務報告準則第to classify all income and expenses into five categories in the 18號，實體須在損益表中將所有收入及支statement of profit or loss namely the operating investing 出分為五類，即經營活動、投資活動、融financing discontinued operations and income tax categories. 資活動、已終止業務及所得稅。實體亦須Entities are also required to provide specific disclosures about 於財務報表單一附註中就管理層定義的績
management-defined performance measures in a single note in 效指標作出具體披露。
the financial statements.The Group does not plan to early adopt IFRS 18 and is still in the 本集團未有計劃提前採納國際財務報告準
process of assessing the impact of the adoption. 則第18號，目前仍在評估採納該準則的影響。
286 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025FIVE-YEAR FINANCIAL SUMMARY
五年財務數據摘要
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
For the year ended 31 December截至12月31日止年度
2022202320242025
2022年2023年2024年2025年
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
Restated經重列
Revenue 收入 25609652 24559312 26904509 28873380
Gross profit 毛利 8930633 8336768 9720103 11365788
Profit before taxation 除稅前利潤 7364205 6739038 7512582 8595422
Income tax 所得稅 1161039 1096851 1157221 1549970
Profit for the year 年內利潤 6203166 5642187 6355361 7045452
Profit attribute to owners of the parent 本公司權益股東應佔利潤 6197717 5626625 6343626 7038465
RMB RMB RMB RMB人民幣元人民幣元人民幣元人民幣元
Restated經重列
Earnings per share 每股盈利 1.11 1.01 1.14 1.23
Year ended 31 December截至12月31日止年度
2022202320242025
2022年2023年2024年2025年
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
Restated經重列
Total assets 總資產 34059175 38423517 40875062 52183944
Total liabilities 總負債 7174696 9390541 9479054 10344267
Total equity 權益總額 26884479 29032976 31396008 41839677
Cash and cash equivalents 現金及現金等價物 9152035 12841080 11915753 9545500
Net current assets 流動資產淨值 20254297 21838182 23846973 28130324
佛山市海天調味食品股份有限公司 * 2025 年度報告 287FIVE-YEAR FINANCIAL SUMMARY五年財務數據摘要
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
Note: 附註：
On November 30 2025 the Company acquired 100% equity interests of 於2025年11月30日，本公司收購廣東海天創新技術Guangdong Haitian Innovation Technology Co. Ltd. (廣東海天創新技術有限 有限公司（「海天創新」）的100%股權。由於海天創新公司 “Haitian Innovation”). As Haitian Innovation and the Company are under 與本公司在收購前後均受廣東海天集團股份有限公司
common control of Guangdong Haitian Group Co. Ltd. (“Guangdong Haitian”) （「廣東海天」）共同控制，上述交易被視為共同控制before and after the acquisition the above transaction is considered as a 下的企業合併。因此，根據共同控制下實體企業合併business combination under common control. As a result the consolidated 的會計政策（見綜合財務報表附註1(e)），本集團綜合financial statements of the Group have been prepared as if the entity was 財務報表的編製，乃假設該實體自受廣東海天共同控the subsidiary of the Company ever since it became under common control 制之日起已為本公司的子公司。據此，截至2024年of Guangdong Haitian in according to the accounting policy of business 止年度的比較數字已予重列。上述交易詳情於綜合財combination for entit ies under common control (see note 1(e) to the 務報表附註31披露。然而，為比較目的而重列較早consolidated financial statements). Accordingly the comparative figures for 年度的數字並不實際可行。
the year ended 2024 have been restated. Details of the above transaction are
disclosed in note 31 to the consolidated financial statements. However it is
not practicable to restate earlier years for comparison purposes.
288 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025DEFINITIONS
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“Annual Report” the annual report of the Company for the year ended December 31 2025
「年報」指本公司截至2025年12月31日止年度之年度報告
“Articles of Association” the articles of association of the Company (as amended supplemented or
otherwise modified from time to time)
「公司章程」指本公司的公司章程（經不時修訂、補充或以其他方式修改）
“Audit Committee” the audit committee under the Board
「審計委員會」指董事會審計委員會“Remuneration and Evaluation the remuneration and evaluation committee under the BoardCommittee”
「薪酬與考核委員會」指董事會薪酬與考核委員會
“Nomination Committee” the nomination committee under the Board
「提名委員會」指董事會提名委員會“Strategy and Sustainability the strategy and sustainability committee under the BoardCommittee”
「戰略與可持續發展委員會」指董事會戰略與可持續發展委員會
“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份Company” or “Haitian” 有限公司) a PRC company established on April 8 2000
「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日成立的中國公司佛山市海天調味食品股份有限公司 * 2025 年度報告 289DEFINITIONS釋義
“Controlling Shareholder(s)” has the meaning ascribed to it under the Listing Rules of the Stock
Exchange and unless the context requires otherwise refers to Guangdong
Haitian Foshan Haipeng Trade Development Co. Ltd. Mr. Pang Kang Ms.Cheng Xue Mr. Guan Jianghua Mr. Chen Junyang Mr. Wen Zhizhou and
Mr. Liao Changhui
「控股股東」指具有《聯交所上市規則》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、龐康先生、程雪女士、管江華先生、陳軍陽先
生、文志州先生及廖長輝先生
“Corporate Governance Code” the Corporate Governance Code as set out in Appendix C1 to the Listing
Rules of the Stock Exchange
「企業管治守則」 指 《聯交所上市規則》附錄C1所載企業管治守則
“CSRC” China Securities Regulatory Commission
「中國證監會」指中國證券監督管理委員會
“Foshan Tiande” Foshan Tiande Technology Co. Ltd.「佛山天德」指佛山市天德科技有限公司
“Group” “our Group” “the the Company and its subsidiariesGroup” “we” “us” or “our”
「本集團」或「我們」指本公司及其子公司
“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
2000 being one of our Controlling Shareholders
「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“Guangdong Haitian Group” Guangdong Haitian and its subsidiaries
「廣東海天集團」指廣東海天連同其子公司
“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
290 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025DEFINITIONS
釋義
“Latest Practicable Date” March 26 2026 being the latest practicable date for the purpose of
ascertaining certain information contained in this report prior to its
publication
「最後實際可行日期」指2026年3月26日，即本報告刊發前為確定其中所載若干資料的最後實際可行日期
“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 ofExchange” Hong Kong Limited as amended supplemented or otherwise modified from
time to time
「《聯交所上市規則》」指《香港聯合交易所有限公司證券上市規則》，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
“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 December 31 2025
「報告期」指2025年1月1日至2025年12月31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
佛山市海天調味食品股份有限公司 * 2025 年度報告 291DEFINITIONS釋義
“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：
1. Certain amounts and percentage figures included in this report have been 1. 本報告所載的若干金額及百分比數字已作約整。
subject to rounding.
2. In the event of any discrepancy between the Chinese and English names 2. 中國法律法規、政府部門、機構、自然人或其他
of the PRC laws and regulations governmental authorities institutions 實體（包括本公司的若干附屬公司）的中英文名
natural persons or other entities (including certain subsidiaries of the 稱如有任何不符，概以中文版本為準，英譯本僅Company) the Chinese versions shall prevail. The English translations are 供識別之用。
for identification purposes only.
292 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * ANNUAL REPORT 2025
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