佛山市海天調味食品股份有限公司 INTERIM REPORT 2026 中期報告CONTENTS目錄
02 Corporate Information
公司資料
06 Management Discussion and Analysis
管理層討論與分析
52 Corporate Governance and Other Information企業管治及其他資料
63 Consolidated Statement of Profit or Loss
綜合損益表
Consolidated Statement of Profit or Loss and
64 Other Comprehensive Income
綜合損益及其他全面收益表
65 Consolidated Statement of Financial Position
綜合財務狀況表
68 Consolidated Statement of Changes in Equity
綜合權益變動表
69 Condensed Consolidated Cash Flow Statement
簡明綜合現金流量表
71 Notes to the Unaudited Interim Financial Report
未經審計中期財務報告附註
104 Independent Review Report
獨立審閱報告
106 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
02 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE INFORMATION
公司資料
REMUNERATION AND EVALUATION 薪酬與考核委員會
COMMITTEE
Mr. Qu Wenzhou (Chairperson) 屈文洲先生（主席）
Mr. Zhang Kechun 張科春先生
Mr. Ding Bangqing 丁邦清先生
Ms. Cheng Xue 程雪女士
Mr. Guan Jianghua 管江華先生
NOMINATION COMMITTEE 提名委員會
Mr. Zhang Kechun (Chairperson) 張科春先生（主席）
Mr. Qu Wenzhou 屈文洲先生
Mr. Ding Bangqing 丁邦清先生
Ms. Cheng Xue 程雪女士
Mr. Dai Wen 代文先生
STRATEGY AND SUSTAINABILITY 戰略與可持續發展委員會
COMMITTEE
Ms. Cheng Xue (Chairperson) 程雪女士（主席）
Mr. Guan Jianghua 管江華先生
Mr. Huang Wenbiao 黃文彪先生
Mr. Wen Zhizhou 文志州先生
Mr. Liao Changhui 廖長輝先生
H SHARE REGISTRAR H股證券登記處
Tricor Investor Services Limited 卓佳證券登記有限公司
17/F Far East Finance Centre 香港
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
佛山市海天調味食品股份有限公司 * 2026 中期報告 03CORPORATE INFORMATION公司資料
PRINCIPAL PLACE OF BUSINESS IN 香港主要營業地點
HONG KONG
Room 1901 19/F Lee Garden One 香港
33 Hysan Avenue 銅鑼灣
Causeway Bay 希慎道33號
Hong Kong 利園一期19樓1901室
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
04 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE INFORMATION
公司資料
AUDITOR 核數師
KPMG 畢馬威會計師事務所
Certified Public Accountants 執業會計師
Public Interest Entity Auditor registered in accordance with the 根據會計及財務匯報局條例註冊的公眾利益實
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
佛山市海天調味食品股份有限公司 * 2026 中期報告 05MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
MACRO AND INDUSTRY ENVIRONMENT 宏觀及行業環境
Benef i t ing f rom the long h is to ry o f deve lopment and the 得益於調味品悠久的發展歷史和剛需特性，調characteristics of rigid demand the condiments industry has 味品行業在過往總體保持穩健發展。全球和中maintained overall steady development in the past. Both the 國調味品市場容量大，仍有較大發展空間。
global and Chinese condiment markets are sizeable and still hold 根據弗若斯特沙利文的資料，中國調味品市considerable room for development. According to data from Frost & 場規模將從2025年的約人民幣5113億元，提Sullivan the Chinese condiments market size is projected to increase 升至2030年的約人民幣6897億元，複合增速from approximately RMB511.3 bill ion in 2025 to approximately 約為6.2%。2026年7月，國務院批覆《擴大消RMB689.7 billion in 2030 representing a compound annual growth 費「十五五」規劃》，明確提出「到2030年??rate (CAGR) of approximately 6.2%. In July 2026 the State Council 社會消費品零售總額達到人民幣60萬億元左
approved the 15th Five-Year Plan for Expanding Consumption which 右」，較2025年社會消費品零售總額人民幣50explicitly proposed that “by 2030...the total retail sales of consumer 萬億元提升約20%，消費市場總體規模穩步擴goods will reach approximately RMB60 trillion”. This represents 大，中長期總需求得到政策支撐。
an increase of approximately 20% compared to the RMB50 trillion
total retail sales of consumer goods in 2025. The overall size of the
consumer market is expanding steadily providing policy support for
mid-to-long-term aggregate demand.——Actual data --Estimated data實際數據預測數據
6897
7000
6543
6500
6152
60005767
5391
5500
5113
4981
500047704793
4604
4510
4500
2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
Year年份
Source: Frost & Sullivan
數據來源：弗若斯特沙利文
06 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026
Market size (RMB100 million)
市場規模（人民幣億元）MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
1. High industry expansion costs with entry 1. 行業內拓展成本大，進入壁壘不斷
barriers continuously rising 提高
Condiments are “small products” with relatively low unit prices; 調味品是單價相對較低的「小產品」，但行however the industry involves high capital investment complex 業本身資本投入高、產業技術複雜且投入
industrial technology and long input-output cycles and heavy 產出週期長，土地資源、廠房建設、智能capital investment in land resources plant construction smart 設備、渠道網絡、品牌經營等方面的重資
equipment channel networks and brand operations has also 本投入也構築起較高的行業進入壁壘。近built high barriers to entry into the industry. In recent years 幾年，消費者對產品和服務的需求趨向多consumers’ demands for products and services are becoming 元化，對調味品企業的技術革新能力和產increasingly diversified again posing higher requirements for 品創新能力再次提出更高的要求。
the technological innovation capabilities and product innovation
capabilities of condiment companies.Dig i ta l and inte l l igent technologies spearheaded by AI 以AI應用為代表的數智化技術正全面滲透
appl icat ions are comprehensively penetrat ing the ent i re 調味品全產業鏈，從消費洞察、研發生產condiment industry chain. From consumer insights research 到品控供應鏈，經驗被轉化為量化且可複and development (R&D) and production to quality control and 用的模型，柔性製造兼顧規模與定制，科the supply chain empirical experience is being transformed into 技正重塑企業間的競爭邏輯。唯有率先實quantifiable and reusable models while flexible manufacturing 現全價值鏈數智化轉型的企業，方能建立successfully balances both scale and customization. Technology 並持續擴大效率、品質與成本的代際優勢。
is reshaping the competitive logic among enterprises. Only those
enterprises that take the lead in achieving a digital and intelligent
transformation across the entire value chain can establish and
continuously expand their generational advantages in efficiency
quality and cost.佛山市海天調味食品股份有限公司 * 2026 中期報告 07MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
2. Industry competition is becoming increasingly 2. 行業競爭日趨激烈，供給格局不斷
fierce the supply landscape is continuously 優化，頭部企業綜合優勢持續凸顯optimizing and the comprehensive advantages
of leading enterprises continue to stand out
The condiments industry is a highly competitive industry. Market 調味品行業是一個充分競爭的行業。市場demand is shifting from aggregate expansion to structural 需求從總量擴張轉向結構分化，用戶需求differentiation. Customer demand is exhibiting trends toward 呈現多元化、健康化與便捷化趨勢，這對diversification healthfulness and convenience which poses 企業的需求洞察能力、研發創新實力、柔
comprehensive challenges to enterprises’ demand insight 性製造能力及供應鏈協同效率提出了全方
capabilities R&D and innovation strength flexible manufacturing 位挑戰。企業不僅需要精準把握用戶需求capabilities and supply chain synergy efficiency. Enterprises 的動態變化，更需依託強大的研發儲備、must not only accurately grasp the dynamic changes in 極致化的工業生產能力和高效的供應鏈整
customer demand but also rely on robust R&D reserves highly 合能力，將用戶洞察轉化為優質產品，並optimized industrial production capabilities and efficient supply 通過立體化渠道高效觸達消費者。只有構chain integration capabilities to translate customer insights 建系統化優勢的企業，方能引領行業下一into high-quality products and efficiently reach end consumers 階段。
through multi-dimensional channels. Only enterprises that build
systematic advantages will be able to lead the industry in its next
phase.Policy regulations are elevating industry entry barriers leading 政策規範提升行業准入門檻，落後產能逐to the gradual phase-out of backward production capacity. New 步退出。醬油、食醋、雞精等系列食品質national food quality standards for product series such as soy 量新國標陸續落地，環保、質檢、發酵工sauce vinegar and chicken essence are successively taking 藝門檻抬高，合規產能向頭部集中。而《擴effect. With higher thresholds for environmental protection quality 大消費「十五五」規劃》強調要「提升餐飲服
inspection and fermentation processes compliant production 務品質，壓實經營者食品安全主體責任，capacity is increasingly concentrating among top-tier enterprises. 實施地域餐飲品牌培育工程，鼓勵地方打Meanwhile the 15th Five-Year Plan for Expanding Consumption 造美食集聚區和特色小吃產業集群」，餐飲emphasizes the need to “enhance catering service quality 行業品質化、連鎖化、特色化發展提速，strictly enforce operators’ primary responsibilities for food safety 對上游調味品企業在風味標準化能力、食
implement regional catering brand cultivation projects and 品安全品控能力以及區域特色產品的柔性
encourage local authorities to develop culinary agglomeration 研發與供應能力等方面提出更高要求，行zones and specialty snack industry clusters”. The accelerated 業競爭門檻進一步抬升。
development of the catering industry toward higher quality chain
operations and distinctive local characteristics imposes stricter
requirements on upstream condiment enterprises including
demands for flavour standardization capabilities food safety and
quality control as well as flexible R&D and supply of regional
specialty products thereby further elevating the competitive
barriers of the industry.
08 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Amidst rapid and drastic changes in the external environment 外部環境飛速巨變，行業龍頭憑藉系統化industry leaders are leveraging their systematic risk-resistance 的抗風險能力，成為不確定性中的確定capabi l i t ies to provide certainty amidst uncertainty. With 性。全球地緣政治衝突反覆延宕，大宗商prolonged and recurr ing global geopol it ical confl icts and 品市場波動加劇，調味品行業亦面臨一定intensified volatility in commodity markets the condiment industry 成本傳導壓力。在此背景下，龍頭企業依is also facing certain pressure on cost pass-through. Against 託長協訂單、規模化集中採購、技術驅動
this backdrop leading enterprises rely on multiple advantages 降本及生態圈資源整合等多重優勢，在波such as orders under long-term agreements large-scale 動中有效對沖風險、維持盈利韌性，抗風centralized procurement technology-driven cost reductions 險優勢在壓力測試中持續凸顯。
and the integration of ecosystem resources to effectively hedge
risks amidst fluctuations and maintain earnings resilience. Their
risk-resistance advantages continue to stand out under stress
tests.
3. Diversi f ied consumer demand brings new 3. 多元消費需求給行業帶來新的機遇
opportunities and challenges to the industry 和挑戰，企業必須具備與時俱進的and companies must possess comprehensive 綜合能力
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。據尼爾森 IQ的報condiments. According to a Nielsen IQ report up to 71% of 告，高達71%的大食飲消費者表示「在意產consumers in the broader food and beverage industry state 品的成份、產地和營養功效等，會深入研that they “care about the ingredients origins and nutritional 究後挑選最適合自己的產品」，健康化正演efficacy of the products and will conduct in-depth research 化為消費者主導的、精細化的產品篩選乃before selecting the products most suitable for them”. The trend 至共創的過程。同時，快節奏的工作生活towards healthfulness is evolving into a consumer-driven process 方式，催生了消費者對方便快捷產品、複of refined product screening and even co-creation. At the same 合調味料產品的需求，要求企業以更精準time fast-paced work and lifestyles have fuelled consumer 的消費洞察、更高的創新效率和更敏捷的
demand for convenient products and compound condiment 生產響應能力推出新品。
products. This requires companies to roll out new products
backed by sharper consumer insights accelerated innovation
and highly responsive manufacturing capabilities.佛山市海天調味食品股份有限公司 * 2026 中期報告 09MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
In-depth research on ingredients
origin and nutritional benefits 71%
深入研究成分、產地與營養功效Recognizing that “all-natural rawmaterials” represent high quality 35%
認同「純天然原材料」代表高品質
Considering functional benefits
as a purchasing motivation 26%將功能功效需要視為購買動因
Proactively paying attention to
ingredient composition 19%主動關注原料成分
Considering nutritional
health when purchasing 19%購買時考慮營養健康
Focusing on health
improvement needs 18%聚焦健康改善訴求
0%20%40%60%80%
Source: 2025 White Paper on Consumer Mindset and Decision-Making Path in the Food and Beverage Industry
數據來源：《2025大食飲行業消費者心智及決策鏈路研究白皮書》
In recent years the trend of chain operations in the catering 近幾年來，餐飲行業連鎖化趨勢加速。根industry has accelerated. According to data from the China 據中國連鎖經營協會的數據，全國餐飲連Chain Store & Franchise Association (CCFA) the catering chain 鎖化率已從2020年的15%提升至2025年penetration rate in China has increased from 15% in 2020 to 的25%。根據國家統計局的數據，限額以25% in 2025. According to data from the National Bureau of 上餐飲收入（年營業額達人民幣200萬元及Statistics of China the catering revenue above designated size 以上）佔餐飲收入比例從2021年的約22%
(annual revenue over RMB2 million) as a percentage of the total 提升至2025年的約28%，2026年上半年catering revenue has increased from approximately 22% in 2021 進一步提升至29.5%。連鎖餐飲對食品安to approximately 28% in 2025 which has further increased to 全、風味穩定及標準化解決方案的要求，
29.5% in the first half of 2026. The requirements of chain catering 將利好於已有技術儲備和柔性響應能力的
for food safety flavour stability and standardized solutions will 調味品龍頭企業，推動上游調味品行業的benefit leading condiment companies with existing technical 整合程度逐步提高。
reserves and flexible response capabil it ies driving further
consolidation within the upstream condiments industry.
10 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
25%
25%
23%
21%
20%19%
18%
15%
20212022202320242025
Source: 2026 White Paper on the Chain Development of China’s Catering Industry
數據來源：《2026中國餐飲連鎖化發展白皮書》
4. Consumer touchpoints and delivery options 4. 消費者觸達渠道及交付形式愈發多
are becoming increasingly diversified placing 元，對企業運營能力提出極致要求extreme demands on companies’ 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。
highly fragmented. According to an iResearch report the per 根據艾瑞傳媒的報告，在家庭消費場景capita purchasing channels for condiments in family consumption 中，調味品人均購買渠道達4.2個。消費scenar ios reached 4.2. Consumer dec is ion paths and 的決策路徑以及全渠道交付模式變得立體
omni-channel delivery models have become multi-dimensional 多元，電商平台、即時零售、直播電商等and diversified. Emerging retail formats such as e-commerce 新興渠道和零售業態快速湧現，這對行業platforms instant retail and livestream e-commerce are rapidly 供應模式、分銷模式的轉型升級提出了新
proliferating creating new challenges for the transformation 挑戰。市場的日新月異要求企業在分銷體and upgrading of the industry’s supply and distribution models. 系重構、供應交付體系重構、數字化能力
The rapidly evolving market landscape compels companies 建設、創新能力等多方面持續作為，積極to proactively embrace change by continuously restructuring 擁抱變化。只有具備全渠道佈局能力、能the i r d is t r ibut ion and de l ivery systems bu i ld ing d ig i ta l 夠針對不同渠道特性實施差異化策略的企
capabilities and driving innovation. Only companies with a 業，才能化挑戰為機遇，抓住新生意。
comprehensive omni-channel presence and capable of executing
differentiated strategies tailored to specific channel dynamics
can turn challenges into opportunities and seize new business
opportunities.佛山市海天調味食品股份有限公司 * 2026 中期報告 11MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
D I S C U S S I O N A N D A N A L Y S I S O N 經營情況討論與分析
OPERATIONS
The Company has always believed that only by maintaining a 公司始終認為，只有堅持以用戶滿意為中心、customer-satisfaction-centric approach and continuously innovating 不斷自我革新以滿足用戶需求，才能持續抓住itself to meet customer demands can it sustainably capture business 業務機會，實現穩健發展。過去幾年，海天opportunities and achieve steady development. Over the past few 圍繞用戶健康化、便捷化等需求不斷開發新產
years centring on customers’ needs for health and convenience 品，以敏捷響應、全方位滿足用家需求為出發Haitian has continuously developed new products and explored new 點挖掘渠道新機會，公司業績取得一定增長的channel opportunities with a commitment to agile response and 同時，也補足了自身的業務短板、積累了新的comprehensive fulfilment of customer needs. While achieving certain 能力。
growth in its operating results the Company has also addressed its
own business shortcomings and accumulated new capabilities.In 2026 the external environment remains complex and volatile and 2026年，外部環境依舊複雜多變、行業競爭亦industry competition is becoming increasingly fierce. The Company 日趨激烈，公司一邊要保持業務發展的韌性，needs to maintain the resilience of its business development while 一邊還要動態審視組織能力的進化，確保經營dynamically reviewing the evolution of its organisational capabilities 穩健。在這樣「邊行軍邊打仗」的常態下，公司to ensure steady operations. Under this “marching while fighting” 2026年上半年實現營業收入人民幣161.46億
norm the Company achieved revenue of RMB16146 million in the 元，同比增長6.01%，其中調味品主營業務收first half of 2026 representing a year-on-year increase of 6.01%; 入人民幣153.52億元，同比增長5.43%；歸母among which revenue from the principal condiments business was 淨利潤人民幣41.90億元，同比增長7.13%。
RMB15352 million representing a year-on-year increase of 5.43%; 在距2026年全年還剩4月餘的當下，公司仍將the net profit attributable to shareholders of the parent company was 聚焦「用戶滿意至上」，全力實現營收、利潤的RMB4190 million representing a year-on-year increase of 7.13%. 穩健進步。
With just over four months remaining until the end of 2026 the
Company will continue to focus on “Customer Satisfaction First” and
go all out to achieve steady progress in both revenue and profit.
12 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
1. U p h o l d i n g t h e D u a l D e v e l o p m e n t o f 1. 堅持固本強基與固本培優雙發展，
Conso l idat ing Foundat ion and Nur tur ing 實現海天優勢的螺旋升維
Strengths to Achieve a Spiralling Upgrade of
Haitian’s Advantages
Over the years the Company has accumulated fundamental 公司多年的發展積累了一定的基礎優勢，advantages in categories channels technology and more. 如品類、渠道、技術等多方面。我們將以We will use these fundamental advantages as our anchor 這些基礎優勢為錨點，在夯實既有優勢的consolidating existing strengths while nurturing new ones thereby 同時孕育新優勢，形成螺旋式的增強回路。
forming a spiralling reinforcing loop.Category Synergy 品類互促
Soy sauce oyster sauce and flavoured sauce categories 醬油、蠔油、調味醬三大品類是公司金字
form the “foundat ion of the pyramid” of the Company’s 塔型產品矩陣的塔基，營業收入佔比合計pyramid-shaped product portfolio with their combined revenue 達77%。2026年上半年，醬油╱蠔油╱accounting for 77% of the total. In the first half of 2026 soy 調味醬分別實現營業收入人民幣82.96億
sauce oyster sauce and flavoured sauce recorded revenue of 元╱人民幣25.66億元╱人民幣16.45億
RMB8296 million RMB2566 million and RMB1645 million 元，整體保持增長。我們將持續鞏固三大respectively maintaining overall growth. We will continue to 核心品類基本盤，並以其為依託，加速培consolidate the fundamentals of these three core categories and 養醋酒、健康、複調等賽道的新優勢。以leverage them to accelerate the cultivation of new advantages 薄鹽和有機等營養健康系列為例，報告期in tracks such as vinegar and cooking wine health-oriented 內同比增速達27.09%，成為穩固三大品products and compound condiments. Taking the reduced-salt 類的核心增長引擎。複調產品也藉以基調and organic nutrition and health series as an example it recorded 的品質、供應鏈、渠道優勢，取得較好發a year-on-year growth rate of 27.09% during the Reporting 展。當消費者因為健康新產品而走進海天Period becoming a core growth engine that consolidates the 的貨架前、當渠道用家因為複調而導入海
three major categories. Compound condiment products have 天更多的品類資源及服務能力時，三大核also achieved good development by leveraging the quality 心品類也會再次得以激活。
supply chain and channel advantages established at the base
level. When consumers walk up to Haitian’s shelves because of
new health products and when channel customers introduce
more of Haitian’s category resources and service capabilities
through compound condiments the three core categories will be
reinvigorated once again.佛山市海天調味食品股份有限公司 * 2026 中期報告 13MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Channel Complementarity 渠道互補
Offline catering and wholesale and agricultural markets form the 線下餐飲和批發農貿是海天渠道的基本
fundamentals of Haitian’s channels. In the first half of 2026 the 盤。2026年上半年，公司線下渠道營業收Company’s revenue from offline channels reached RMB14380 入人民幣143.80億元，同比增長4.81%。
million representing a year-on-year increase of 4.81%. With 經過二十餘年的深耕，公司在線下擁有覆over two decades of deep cultivation the Company has built a 蓋全國的經銷商網絡和終端觸達能力。我nationwide distributor network and terminal reach capability in 們緊抓傳統渠道的「固本」，通過毛細網絡the offline space. We have been tightening the “consolidation” 的二次建設增強密實度，以數字化營銷的of traditional channels by enhancing network density through 新工具技術鏈接下沉市場。「培優」則體現secondary construction of capillary networks and connecting 在線上、工業等新興渠道能力的構建上：
lower-tier markets with new tools and technologies of digital 2026年上半年線上營業收入人民幣9.72億
marketing. “Nurtur ing strengths” is embodied in bui lding 元，同比增長15.45%；以食品工業為典型capabilities in emerging channels such as online and industrial 代表的新渠道也取得較好發展。傳統渠道channels: in the first half of 2026 revenue from online channels 和新興渠道，在這幾年的發展中逐步形成amounted to RMB972 mill ion representing a year-on-year 了雙向賦能，傳統渠道的承載力為新渠道increase of 15.45%; new channels represented by the food 提供履約背書，線上及工業等新賽道又在industry have also achieved good development. Traditional 挖潛更多的生意觸達機會、補強了全面服
channels and emerging channels have gradually formed a 務用戶的能力。
two-way empowerment over the past few years: the carrying
capacity of traditional channels provides fulfilment endorsement
for new channels while new tracks such as online and industrial
channels explore more business reach opportunit ies and
strengthen the ability to comprehensively serve customers.
14 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Market Mutual Drive 市場互驅
The domestic market is the foundation of the Company’s 國內市場是公司發展的根基，也是國際化development and the base for its international expansion. 發展的底座。經過多年積累，公司在國內Through years of accumulation the system capabilities the 形成的產品品質、供應鏈、渠道運營、品
Company has formed domestically in product quality supply 牌建設和組織管理等體系能力，為走向國chain channel operations brand building and organisational 際市場提供了堅實支撐。公司持續深耕國management have provided solid support for going global. The 內市場，同時堅定推進國際化，國內與國Company continues to deepen its presence in the domestic 際市場相互驅動。一方面，公司將國內長market while firmly advancing internationalisation with domestic 期積累能力向國際市場延伸，根據不同國and international markets driving each other. On the one hand 家和地區的消費需求和市場特點，加快產by extending the capabilities accumulated domestically over the 品與渠道的本地化佈局；另一方面，國際years to international markets the Company is accelerating the 市場更高標準的食安、品質和市場競爭要
localisation of products and channels according to the consumer 求，反向推動公司在研發、品質、標準、demands and market characteristics of different countries and 供應鏈及管理體系等方面持續升級，並反regions. On the other hand the higher standards for food safety 哺國內，形成內外互驅、相互賦能的發展quality and market competition in international markets are in 格局，構築面向未來的更高競爭力。
turn driving the Company to continuously upgrade its capabilities
in R&D quality standards supply chain and management
systems feeding back into the domestic market and forming a
development pattern of mutual drive and mutual empowerment
between domestic and overseas operations thereby building
higher competitiveness for the future.The dual development of consolidating foundation and nurturing 固本強基及固本培優雙發展，是接下來公strengths is the main theme for the Company’s business progress 司業務取得進步的主旋律。不斷紮實基礎going forward. Continuously solidifying fundamental advantages 優勢，讓新優勢的生長更有底氣；不斷壯gives new advantages more confidence to grow; continuously 大新優勢，對基礎優勢的激發越有活力。
expanding new advantages invigorates fundamental advantages.佛山市海天調味食品股份有限公司 * 2026 中期報告 15MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
2. Technology Empowerment Across the Entire 2. 科技賦能全產業鏈條，打破「不可Industry Chain Breaking the “Impossible 能三角」實現公司利潤的健康持續Triangle” to Achieve Healthy and Sustained
Company Profitability
We have been exploring how to break the “impossible triangle” 我們一直在探索如何打破「用戶滿意、企業
of customer satisfaction continuous corporate investment and 不斷投入、盈利能力領先」的不可能三角，profitability leadership continuously raising our core barriers. 不斷拔高核心壁壘。在「科技立企」戰略指Guided by the “Technology-Driven Enterprise” strategy the 引下，公司全面擁抱AI時代，將科技創新Company has fully embraced the AI era integrating technological 融入研發、採購、生產、物流、營銷等全
innovation across the entire industry chain encompassing R&D 產業鏈，以技術進步和效率提升持續降低procurement production logistics and marketing. Through 綜合成本，將降本形成的空間更多投入品technological progress and efficiency improvement the Company 質升級和市場拓展，推動「降本－提質－continues to reduce comprehensive costs channelling more of 增量－再降本」的良性循環。
the space created by cost reduction into quality upgrades andmarket expansion driving a virtuous cycle of “cost reduction— quality improvement — volume increase — further costreduction”.Driving Cost Reduction and Efficiency Improvement Across the 以科技創新推動全鏈路降本增效
Entire Chain Through Technological Innovation
The Company continues to increase investment in R&D AI 公司持續加大研發、AI數智化與生產裝備
digitalisation and production equipment exploring efficiency 投入，通過工藝優化、智能製造、精益管gains through process optimisation intelligent manufacturing and 理等方式挖掘效率空間；同時推行「人人
lean management. At the same time it promotes the concept of 科技」，鼓勵員工立足業務場景，利用AI工“Technology for Everyone” encouraging employees to leverage 具提質增效，讓創新走向全員、從單點應AI tools to improve quality and efficiency in their business 用走向全鏈條提效。2026年上半年，公司scenarios making innovation company-wide and moving from 實現毛利率41.04%，同比提升0.92個百分point applications to full-chain efficiency gains. In the first half of 點。
2026 the Company achieved a gross profit margin of 41.04% a
year-on-year increase of 0.92 percentage points.
16 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Amplifying Technology Dividends Through Experience Iteration 以經驗迭代複用放大科技紅利
and Reuse
Relying on the nationwide production bases and supply chain 依託全國化生產基地和供應鏈體系，公司system the Company has replicated and adapted the mature 將高明「燈塔工廠」成熟的數字化用例向宿
digital use cases from the Gaoming Lighthouse Factory to bases 遷、南寧、武漢、嘉興等基地複製改良。
in Suqian Nanning Wuhan Jiaxing and beyond. The rapid reuse 技術和經驗的快速複用，不僅放大了提質of technology and experience has not only amplified the results 增效成果，也進一步支撐了公司打造更具of quality improvement and efficiency gains but also further 質價比、心價比的產品和服務。
supported the Company in creating products and services with
better quality-price ratio and heart-price ratio (心價比).Feeding Back Quality Upgrades Through Economies of Scale 以規模效應反哺品質升級
When the word-of-mouth from consumers and customers 當消費者和客戶的口碑，轉化為訂單與規translates into the fundamental driver of orders and scale growth 模增長的根本動因，規模效應又反向攤薄economies of scale in turn dilute R&D production and supply 研發、生產和供應鏈成本。公司將規模效chain costs. The Company channels the dividends of economies 應的紅利更多投入品質升級和市場拓展，of scale more into quality upgrades and market expansion 轉化成對用戶更好的交付及服務，從而驅converting them into better delivery and services for customers 動下一輪的增長。
thereby driving the next round of growth.We are continuously breaking through the “impossible triangle” 我們正在持續突破「不可能三角」，為公司providing solid support for the Company’s long-term and steady 的長期穩健發展提供堅實支撐。
development.佛山市海天調味食品股份有限公司 * 2026 中期報告 17MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
3. Upholding Customer Satisfaction First Achieving 3. 堅持用戶滿意至上，以文化和機制
Long-Termism Through the Evolution of Culture 的進化實現長期主義
and Mechanism
Continuously satisfying customers hinges on whether the 持續讓用戶滿意，關鍵在於能否將發展過things done right during development can be crystal l ised 程中做對的事情沉澱為機制、演化為組織
into mechanisms and evolved into organisational capabilities. 能力。因此，我們堅持讓「用戶滿意」演Therefore we insist on making “customer satisfaction” a standard 繹成公司方方面面的標準動作。以產品為practice across all aspects of the Company. Taking products 例，讓用戶滿意就是消費者對拿到手的產as an example satisfying customers means that consumers feel 品有「物有所值」甚至「物超所值」的感受，they get “value for money” or even “more than they paid for” from 品質、風味、包裝、價格等，每一項都對the products in their hands – every aspect from quality flavour 標用戶超預期的方向反覆打磨；對服務用
and packaging to pricing is repeatedly polished in the direction 家來說，我們將幫助客戶成功作為衡量工of exceeding customer expectations. For service customers we 作質量的標尺，在交付穩定、敏捷響應、take helping customers succeed as the benchmark for measuring 質價比等方面提供最優的解決方案；對產
work quality providing optimal solutions in terms of delivery 業生態中的各方夥伴而言，共贏共生、攜stability agile response and quality-price ratio. For partners 手發展就是讓用戶滿意，這樣端到端的價in the industrial ecosystem win-win coexistence and joint 值鏈條也才能穩固；對企業內部員工，被development constitute customer satisfaction and only then can 看見、有成長，才能讓員工滿意，也才能the end-to-end value chain remain solid. For internal employees 讓用戶滿意的執行落到實處。
being seen and having room to grow is what makes employees
satisfied which is the prerequisite for putting customer-satisfying
execution into practice.In 2026 the Company has fully launched the “Evolution for 2026年，公司已全面啟動「全員進化」行All” initiative which represents the consensus of all Haitian 動，這是全體海天人面向未來的共識凝people facing the future. We will use this as our guide 聚。我們將以此為牽引，堅定信心，全力remain confident and go all out to sprint towards the 以赴衝刺全年經營目標的高質量達成。
high-quality achievement of our full-year operating targets.
18 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT 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
As a leading condiment company with a 400-year heritage 公司是擁有400年歷史傳承的調味品龍頭
the Company is committed to serving global customers with 企業，致力於用優質產品服務全球用戶，premium products fulfilling flavouring needs from kitchen to 滿足從廚房到餐桌的調味需求。長期積累dining table. Decades of strong word-of-mouth have forged the 的口碑造就了家喻戶曉的「海天」品牌，讓household “Haitian” brand making the Company one of the first 公司成為首批榮獲中國商務部「中華老字
companies to be recognized as a “China Time-Honored Brand” 號」認定的企業之一。公司產品家庭滲透率by the Ministry of Commerce. With a household penetration rate 超80%，位居中國消費者首選調味品品牌exceeding 80% the Company ranks as the first-choice condiment 第一。
brand among Chinese consumers.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：
Six months ended Six months ended
June 30 2026 June 30 2025 Change截至2026年截至2025年
6月30日止6個月6月30日止6個月變動
% Revenue %
Revenue of Total RMB million of Total Amount
RMB million Revenue (Restated) Revenue RMB million Percentage收益收益人民幣金額人民幣佔總收益百萬元佔總收益人民幣
百萬元的比例（經重列）的比例百萬元比例
Product Sales產品銷售
Soy sauce products
醬油產品8296.251.4%7927.952.1%368.34.6%
Oyster sauce products
蠔油產品2566.315.9%2502.316.4%64.02.6%
Flavoured sauce products
調味醬產品1645.210.2%1626.010.7%19.21.2%
Specialty condiment
products and others
特色調味品及其他2844.317.6%2505.516.4%338.813.5%
Sub-total
小計15352.095.1%14561.795.6%790.35.4%
Others (Note)其他（註）794.34.9%669.74.4%124.618.6%
Total
總計16146.3100.0%15231.4100.0%914.96.0%
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。
佛山市海天調味食品股份有限公司 * 2026 中期報告 19MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
The Company’s comprehensive product mix covers major 公司產品涵蓋醬油、蠔油、調味醬、食
categories including soy sauce oyster sauce flavoured sauce 醋、料酒、複合調味料等各大品類，主要vinegar cooking wine and compound seasonings. Details of 業務板塊情況如下：
these major business segments are as follows:
(1) Soy Sauce Business (1) 醬油板塊
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
condiment market characterized by massive underlying 一品類，具有使用需求大、使用頻次demand high consumption frequency and extensive 高、適用場景廣等特點，在家庭、餐application scenarios. It holds a pivotal position across 飲和食飲加工等領域具有重要地位。
household k i tchens the cater ing industry and food
processing sectors.As one of the Company’s core product categories Haitian 作為公司的核心業務板塊之一，海天soy sauce has ranked first nationwide in both production 醬油產銷量和市場佔有率已連續數十
and sales volume and market share for consecut ive 年位居全國第一。公司堅持用真材實decades. We are committed to brewing superior products 料釀造好產品、堅持天然陽光曬制、
with authentic ingredients committed to natural sun-drying 堅持傳統釀造工藝，依託獨特的菌種and fermentation and committed to traditional brewing 選育和發酵技術沉澱，將「三大堅持」techniques. Leveraging our proprietary strain breeding 融入數字化生產工序，從源頭上鎖and profound fermentation expertise we have seamlessly 定營養與風味。正是這份對原料的嚴integrated these “Three Commitments” into our digitalized 苛、對匠心的敬畏和對質量的堅守，production processes locking in nutrition and flavour at the 成就了一代又一代消費者熟悉和信賴
source. This rigorous standard for raw materials reverence 的味道。
for craftsmanship and unwavering commitment to quality
have created a taste familiar and trusted by generations of
consumers.To meet different users’ needs for health taste and 為滿足不同用戶對健康、美味、安心
reassurance the Company continuously upgrades its 的需求，公司在風味、品質和包裝等products in flavour quality and packaging constructing a 方面不斷升級，構建了從大眾基礎到comprehensive product portfolio ranging from mass-market 各類細分需求的完整產品線，逐步形basics to various niche demands gradually forming a 成系列化、立體化的醬油產品矩陣。
systematic and multi-dimensional soy sauce product matrix. 除滿足日常需求的經典和味極鮮等系
Beyond the Classic and Weijixian series that cater to daily 列以外，海天還有滿足健康需求的薄culinary needs Haitian also offers the Reduced-Salt and 鹽、有機等營養健康系列，滿足特定Organic nutrition and health series to meet health-conscious 膳食需求的無蔗糖、無麩質、富硒特
demands as well as the Sugar-Free Gluten-Free and 調系列等眾多產品。與環保理念相融Selenium-Enriched specialty series catering to specific dietary 合，我們更將全鏈條的減碳實踐釀進needs. Integrating environmental sustainabil ity into our 有機醬油和無麩質特級生抽，讓減碳product philosophy we have further embedded our full-chain 成為每個人都能參與的事，讓低碳轉carbon reduction practices into our Organic Soy Sauce 化為可感知的用戶體驗。
and Gluten-Free Premium Light Soy Sauce making carbon
reduction an endeavour that everyone can participate in and
translating low-carbon into a tangible consumer experience.
20 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
佛山市海天調味食品股份有限公司 * 2026 中期報告 21MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
(2) Oyster Sauce Business (2) 蠔油板塊
With a long-standing history oyster sauce is a classic 蠔油生產歷史悠久，是以生蠔為原umami condiment crafted from fresh oysters through boiling 料，經蒸煮、濃縮等工藝製成的經典concentration and other refined processes. Haitian’s oyster 鮮味調味品。海天蠔油的市場佔有率sauce has maintained the No. 1 market share nationwide for 連續11年位居全國第一，是名副其實
11 consecutive years establishing itself as a true national 的國民產品，深受消費者喜愛。
staple beloved by consumers.We believe that freshness is the benchmark that defines a 我們相信，新鮮是定義一瓶好蠔油的good bottle of oyster sauce. All of our oyster sauce products 標尺。公司的蠔油產品均用生蠔鮮熬are freshly boiled from oysters — we source premium 製成，從高標準的海洋牧場中優選原whole oysters from high-standard marine ranches and boil 只生蠔、熬化成汁，真材實料和嚴選them down to juice with authentic ingredients and rigorous 工藝確保了海天蠔油顏色紅亮、鮮香
processing ensuring that Haitian oyster sauce boasts a 濃郁、質地幼滑，形成了「濃而不腥，bright red colour a rich fresh aroma and a silky texture 一招定鮮」的優勢壁壘，具有廣泛的使establishing a competitive moat of “rich in flavour free from 用場景。公司與上下游夥伴聯合發起any fishy taste; one simple step to seal in freshness” (濃而不 設立中國蠔產業領鮮生態聯盟，併發腥 一招定鮮) making it suitable for a wide array of culinary 佈「蠔油品質六新鮮」標準，從「源頭applications. The Company together with upstream and 鎖鮮－原只鮮熬－工藝護鮮－質控純
downstream partners jointly initiated the establishment of the 鮮－科學呈鮮－包裝留鮮」六大維度
“China Oyster Industry Fresh-Leading Ecological Alliance” 出發，為用戶打造一瓶好蠔油。
and released the “Oyster Sauce Quality Six Freshness”
standard which builds a good bottle of oyster sauce forusers across six dimensions: “source freshness lock →whole-oyster fresh boiling → process freshness protection
→ quality-control pure freshness → scientific freshnesspresentation → packaging freshness retention”.
22 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
The Company offers national classic products such as Haitian 公司既擁有海天上等蠔油、金標蠔油
Premium Oyster Sauce and Golden Label Oyster Sauce 等國民經典產品，也提供為爆炒、燉and also provides Stir-fried Fresh Flavour Oyster Sauce 煮等核心烹飪場景專研的小炒鮮、燉
and Oyster Sauce for Stewing and Simmering specifically 煮鮮風味蠔油，還有滿足多重健康選developed for core cooking scenarios such as stir-frying 擇的薄鹽蠔油。隨着全國飲食文化的stewing and simmering as well as the Reduced-Salt 加速融合，蠔油在不同地域和菜系持Oyster Sauce catering to multiple healthy choices. With 續滲透，疊加烹飪場景的不斷拓展，the accelerating integration of dietary cultures nationwide 未來仍有較大的發展空間。
oyster sauce continues to penetrate various regions and
cuisines; combined with the continuous expansion of cooking
scenarios there remains considerable room for future
development.佛山市海天調味食品股份有限公司 * 2026 中期報告 23MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
24 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(3) Flavoured Sauce Business (3) 調味醬板塊
Flavoured sauces are widely utilized in both Chinese and 調味醬被廣泛應用於中西餐烹飪及即
Western culinary applications as well as ready-to-eat 食場景。公司調味醬包括基礎和複合scenar ios. The Company’s f lavoured sauce port fo l io 調味醬兩種主要類別，已形成產品豐encompasses basic and compound flavoured sauces as two 富、風味立體、場景多元的調味醬體
major categories forming a product-rich multi-dimensional 系，並在快速迭代中不斷煥發新機。
flavoured sauce system with diverse flavour profiles and 公司擁有黃豆醬、香辣醬等具備廣泛
versatile application scenarios continuously rejuvenating 消費基礎的大單品，並依託積累多年through rapid iteration. The Company possesses mega-scale 的先進生產能力和核心發酵技術，推flagship products with a massive consumer base such as 出柱侯醬、海鮮醬、拌飯醬、香菇醬
Soybean Sauce and Spicy Chili Sauce. Capitalizing on our 等適用不同烹飪方式的特色醬料，以advanced manufacturing capabilities and core fermentation 及蔥油拌面醬、蔥香肉丁炸醬等便捷
technologies accumulated over the years we have launched 化調味醬，有效滿足用戶需求。
specialty cooking sauces including Chu Hou Paste Hoisin
Sauce Sauce for Rice and Mushroom Sauce catering to
different cooking methods. We also offer highly convenient
solutions such as Scallion Oil Noodle Sauce and Scallion
and Minced Pork Fried Sauce effectively satisfying customer
demands.佛山市海天調味食品股份有限公司 * 2026 中期報告 25MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
(4) Specialty Condiment Products and Other Business (4) 特色調味品及其他板塊
The Company continues to expand its category boundaries 公司拓展品類邊界，推廣食醋、料酒promoting vinegar cooking wine and compound condiments 和複調等產品，旨在提供全場景「一站to provide “one-stop” comprehensive culinary solutions for all 式」的廚房調味解決方案。
scenarios.As a traditional Chinese condiment vinegar exhibits highly 食醋作為我國傳統特色調味品，其消regional consumption habits and f lavour preferences. 費習慣與風味偏好具有顯著的地域
To satisfy the diverse demands of consumers across 性。為滿足不同地域、不同場景消費different regions and application scenarios we adhere to 者對醋類產品的需求，我們堅持「傳a “traditional vinegar + specialty vinegar” product strategy. 統醋+特色醋」的產品佈局，持續迭代While continuously upgrading our traditional vinegar lines we 升級傳統醋，同時不斷推陳出新，開proactively innovate to launch regional specialty rice vinegars 發出香甜醋、甄選清香米醋、康樂醋
such as Sweet Vinegar Premium Fresh Rice Vinegar 等地域特色米醋產品，以及零糖蘋果and Kangle Vinegar alongside specialty fruit vinegars like 醋、原漿橘子醋等特色果醋產品，形Zero-Sugar Apple Cider Vinegar and Pure Tangerine Vinegar 成豐富多元的醋類產品體系。
creating a rich and diversified vinegar portfolio.
26 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Cooking wine is an essential seasoning for removing 料酒是去腥增香、提鮮解膩的常用調
fishiness enhancing aroma enriching freshness and cutting 料。公司擁有海天古道料酒、海天古greasiness. Armed with flagship products such as Haday Old 道姜蔥料酒等共振單品，並結合市場Technique Cooking Wine and Haday Old Technique Cooking 需求開發出豐富的料酒產品，涵蓋基Wine with Ginger and Scallion the Company has developed a 礎、有機、老字號和年份系列等多個
comprehensive product portfolio aligned with market trends 產品線，是料酒細分市場有力的競爭spanning the Basic Organic Time-Honored and Vintage 者。
series positioning us as a strong competitor in the cooking
wine sub-segment.Trans i t ion ing f rom a bas ic condiment suppl ier to a 從基礎調味品供應商轉型升級為菜品
comprehensive culinary solutions provider the Company 解決方案綜合服務商，公司積極發現actively identifies and responds to user needs developing 並響應用戶需求，開發多元化的調味diversif ied specialty condiment products including the 產品，包括快捷醬汁系列、辣鮮露和Quick Sauce series Spicy Seasoning Sauce and Chicken 雞精等，並根據連鎖餐飲、食品工業Bouillon. Furthermore we co-create customized product 企業和商超等用戶的需求和應用場
solutions tailored to the specific needs and application 景，提供共創客制產品。
scenarios of chain restaurants food industry enterprises and
supermarkets.佛山市海天調味食品股份有限公司 * 2026 中期報告 27MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
28 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
2. Business Model 2. 公司經營模式
T h e C o m p a n y ’ s b u s i n e s s m o d e l i s f u n d a m e n t a l l y 公司經營模式以用戶為導向，貫通採購、customer-or iented seamlessly integrat ing core funct ions 生產、銷售和研發等各個核心環節，構建including procurement manufacturing sales 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 ultimate supply chain 公司建立了從源頭原料採購到調味品
system stretching from source raw material procurement to 生產的極致供應鏈體系，不斷打造final condiment manufacturing continuously solidifying our 行業領先的質量和效率優勢。我們關industry-leading advantages in quality and efficiency. We 注供應鏈的整體效益與風險，重視原prioritize overall supply chain efficiency and risk management 材料的優選，堅持做好食品安全、穩emphasizing the selection of premium raw materials. We 定供應、可持續發展等重點領域的嚴
enforce rigorous controls over critical areas including food 格管控。我們以高標準甄選供應商，safety supply stability and sustainable development. We 與其建立穩定的合作關係，從產業佈select suppliers against stringent standards and foster stable 局、種植管理、採收加工到運輸，協long-term partnerships. Through collaborative efforts we 同規範工序流程並完善追溯體系，確standardize operational workflows and enhance traceability 保原料質量；同時利用數字化系統賦
systems across industrial layout planting management 能供應鏈管理，通過數字化採購平台harvesting processing and transportation to guarantee raw 拉通庫存、靈活定價、公平競爭，提material excellence. Concurrently we empower supply chain 高產供效率。
management via digital systems. Our digital procurement
platform consolidates inventory enables flexible pricing and
ensures fair competition substantially elevating production
and supply efficiency.佛山市海天調味食品股份有限公司 * 2026 中期報告 29MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Order Planting Monitoring訂單種植監控
Production Area Layout產區佈局
Select suitable planting areas based on material characteristics
根據物料特性，選擇適宜的種植區域Planting Management種植管理
Land use records Fertilizer/pesticide/agricultural tool monitoring
土地使用記錄肥料/農藥/農器具監控
Supplier Process Monitoring供應商過程監控
Harvesting and Processing採收加工
Harvesting Raw material primary Supplier inspection/processing
monitoring selection/transportation (customized workshops processes inspection requirements)
採收監控原料初選/運輸供應商檢驗/加工（定制車間、工藝、檢驗要求）
Transportation運輸
Vehicle cleaning Material Vehicle records
車輛清理 protection物料防護 車輛記錄
Haitian Acceptance海天驗收
Factory Arrival Inspection到廠檢驗
Raw material acceptance (key indicators/
pesticide residues) Planting records (full traceability records)
原料驗收（關鍵指標種植記錄（全程追溯記錄）/農藥殘留）
Quality management of source planting for some agricultural products部分農產品源頭種植質量管理
對於核心原材料，海天與供應商合作，建立並不斷完善質量管理和追溯體系For core raw materials Haitian collaborates with suppliers to establish and
continuously improve its quality management and traceability system
30 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
The Company highly values transparent healthy partnerships 公司重視與供應商建立陽光健康的
with suppliers to build a stable and reliable supply network. 合作關係，打造穩定可靠的供應商To this end we empower our high-quality supply system 網絡。為此，公司通過開展新供應商th rough comprehens i ve cha in synergy conduct ing 准入培訓、戰略供應商交流會以及廉
onboarding training for new suppliers hosting strategic 潔合作專項培訓等方式，為打造全鏈supplier summits and providing specialized training on 協同的高質量供應體系賦能。我們採anti-corruption. We actively respond to China’s rural 取原材料定向定點採購、助力農戶增
revitalization strategy through targeted designated-point 收等措施，積極響應國家鄉村振興戰procurement of raw materials designed to boost farmers’ 略；通過將節能減排成果納入供應商
incomes. Furthermore we practice the concept of sustainable 綜合素質評估範圍，在採購工作中踐development in procurement by incorporating suppliers’ 行可持續發展的理念。
energy conservation and emission reduction achievements
into our comprehensive supplier evaluation framework.原包裝材料現包裝材料節省材料
≈800噸/年≈200噸/年≈600噸/年原包裝袋現包裝袋個個
500/1/車車
海天與黃豆供應商合作共創，升級黃豆內襯袋，一年節約600噸包裝材料Haitian collaborated with soybean suppliers to upgrade soybean inner lining bags
saving 600 tons of packaging materials annually
佛山市海天調味食品股份有限公司 * 2026 中期報告 31MANAGEMENT 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
bases across Guangdong Jiangsu Zhejiang Guangxi Hubei 北和海外佈局現代化生產基地，以海and overseas. Taking the Haitian Gaoming “Lighthouse 天高明「燈塔工廠」為標桿，逐步提Factory” as our benchmark we are systematically elevating 高各個基地的數智化製造水平，並根the digitalization and intelligent manufacturing capabilities 據市場需求有序擴張和釋放產能，滿across all facilities. We orchestrate the orderly expansion 足全球用戶的調味需求。公司所生產and release of production capacity in response to market 的醬油、黃豆醬等發酵類產品以傳統
dynamics effectively meeting the global demand for our 釀造工藝為基礎，同時利用數字化技condiment products. While our fermented products such as 術管控生產全流程，確保產品健康營soy sauce and soybean paste are grounded in traditional 養、風味品質穩定、生產效率較高且
brewing techniques they are managed via digital technologies 庫存運轉良好。公司貫徹綠色低碳環throughout the entire production lifecycle. This guarantees 保理念，在生產過程中通過運用現代product health and nutrition flavour and quality consistency 技術手段，兼顧環境效益和經濟效益。
high manufacturing efficiency and optimal inventory turnover.Guided by green low-carbon and eco-friendly principles
we deploy modern technological appl icat ions dur ing
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 醬油生產工藝流程：原料檢測－高溫
→ high-temperature steaming → disc koji making → sun 蒸煮－圓盤制曲－陽光釀曬－天然發
brewing → natural fermentation → physical pressing → 酵－物理壓榨－滅菌澄清－成品生
sterilization & precipitation → finished product manufacturing 產－成品檢驗－產品包裝－產品檢
→ finished product inspection → packaging → product 驗－包裝入庫。
inspection → packaging and warehousing.原料檢測高溫蒸煮圓盤制曲陽光釀曬天然發酵物理壓榨包裝入庫產品包裝產品檢驗成品檢驗成品生產滅菌澄清
32 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Oyster Sauce Production Process: raw material inspection 蠔油生產工藝流程：原料檢測－原料
→ raw material processing → ingredient boiling → finished 處理－配料煮制－成品檢驗－產品包
product inspection → packaging → product inspection → 裝－產品檢驗－包裝入庫。
packaging and warehousing.原料檢測原料處理配料煮製包裝入庫產品包裝產品檢驗成品檢驗
Soybean Paste Production Process: raw material inspection 黃豆醬生產工藝流程：原料檢測－原
→ raw mater ia l s teaming → ko j i making → natura l 料蒸煮－制曲－天然發酵－配料煮
fermentation → ingredient boi l ing → f inished product 制－成品生產－成品檢驗－產品包
manufacturing → finished product inspection → packaging → 裝－產品檢驗－包裝入庫。
product inspection → packaging and warehousing.Guided by market trends the Company has engineered 以市場趨勢為導向，公司打造並完善highly f lex ib le manufactur ing capabi l i t ies capable of 多品類生產的柔性生產能力，實現無m u l t i - c a t e g o r y p r o d u c t i o n a n d s e a m l e s s p r o d u c t 縫轉產換型，最高可在一條生產線生changeovers. At most a single production line can produce 產超20種規格或130個SKU的不同產
more than 20 specif icat ions or 130 dist inct SKUs of 品。以醬油為例，公司自主研發並引different products. Taking soy sauce as an example the 入了各類先進的柔性化自動生產線，Company has independently developed and integrated 包括全自動超高溫滅菌產線、全自動
various state-of-the-art flexible automated lines including 封閉式圓盤制曲產線、全自動連續壓
fully automated UHT (ultra-high temperature) sterilization 榨產線等，實現產品全流程柔性化生lines fully automated enclosed disc koji making lines and 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.佛山市海天調味食品股份有限公司 * 2026 中期報告 33MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
(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
sales network uti l iz ing a model that is predominantly 的銷售模式，在線上線下全渠道佈局distributor-based supplemented by direct sales. After 立體渠道體系。經過多年發展，現已years of development we have established and maintained 建設並維持一支能力突出、長期合作
a premium highly capable distributor network built on 的優質經銷商隊伍，並配備銷售人員long-term cooperation. We deploy dedicated sales personnel 與其緊密溝通、提供支持，確保為終to maintain close communication and provide support to our 端用戶高效提供優質產品。近年來，distributors ensuring the highly efficient delivery of premium 通過為銷售和經銷商隊伍進行數字化
products to end-users. In recent years by driving the digital 賦能轉型，渠道運營的整體效率不斷transformation and empowerment of our sales teams and 提升。
distributor networks the overall efficiency of our channel
operations has improved continuously.海天目前已有超6000家經銷商，覆蓋約300萬線下終端網點，線上與數十家主流電商平台合作Haitian currently has over 6000 distributors covering approximately 3 million offline retail outlets
and collaborates with dozens of mainstream e-commerce platforms online
34 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
(4) Brand Strategy (4) 品牌策略
Haitian’s brand influence is deeply intertwined with our 海天的品牌影響力與產品高品質、市
premium product quality and dominant market position 場領先地位相互映襯，在行業中持續allowing us to maintain sustained industry leadership. The 保持領先。公司持續深化品牌與產業Company continuously deepens the integration between our 生態的融合，夯實健康、安全、專brand and the industry ecosystem consolidating a brand 業、親和、值得信賴的品牌形象，提image that is healthy safe professional approachable 升品牌美譽度。一方面，通過權威媒and highly trusted thereby elevating brand reputation. 體平台宣傳、構建宣傳矩陣、邀請消
On one hand through publicity on authoritative media 費者及合作夥伴實地參觀海天陽光工
p la t fo rms bu i ld ing pub l ic i t y mat r ices and inv i t i ng 廠等路徑，以開放透明的體驗增進用consumers and partners to visit the Hait ian Sunshine 戶對海天品質的信任；另一方面，公Factory we foster users’ trust in Haitian’s quality through 司持續將品牌勢能轉化為對餐飲行業
open and transparent experiences. On the other hand we 及中國味道的助推賦能，以更具互動consistently channel our brand equity into empowering 性的方式傳遞品牌價值，通過品牌與the catering industry and championing “Authentic Chinese 用戶的雙向聯動，鞏固了在消費者心Flavours”. By communicating our brand value through 中的信賴感和認同感。
highly interactive initiatives we foster two-way engagement
with our consumers firmly cementing consumer trust and
identification.公司發起「海天*全球真實用戶『代言人』計劃」，聽取用戶的真實感受The Company launched the “Haday Global Real-User ‘Ambassador’ Program”
to listen to genuine feedback from customers
佛山市海天調味食品股份有限公司 * 2026 中期報告 35MANAGEMENT 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 公司建立以市場需求為導向的研發體
framework divided into two primary pillars: Manufacturing 系，主要分為生產研發和產品研發兩R&D and Product R&D. Th is encompasses product 個板塊，涵蓋了產品開發、生產技術development manufacturing technology development 開發、市場研究、新興技術應用和智
market research emerging technology application intelligent 能裝備設計與食品安全檢驗等內容。
equipment design and food safety testing.In terms of manufacturing R&D we focus on multiple key 生產研發方面，公司專注於風味、安areas including flavour safety quality and eff iciency. 全、質量及效率多個關鍵環節的研
T h r o u g h l o n g - t e r m a c c u m u l a t i o n a n d c o n t i n u o u s 發，通過對核心技術的長期積累和不breakthroughs in core technologies we have successfully 斷突破，把老師傅古法釀造工藝轉化translated the ancient brewing techniques of master 為自動化、智能化及數字化生產流
craftsmen into automated intelligent and fully digitalized 程。產品研發方面，公司以用戶為中production workflows. In terms of product R&D we are 心，專注於消費者需求及體驗，建立deeply consumer-centric focusing on consumer needs and 市場導向的端到端產品研發流程，通experiences to build a market-driven end-to-end product 過市場洞察與需求評估→項目評估→
R&D pipeline. Through a comprehensive process spanning 試點及中試→上市評估→生命週期管
market insight and demand assessment → project evaluation 理的全流程，升級迭代現有產品並開→ pilot & scale-up → go-to-market assessment → product 發新品，形成從市場到市場的整體閉lifecycle management we continuously upgrade and iterate 環。
upon existing products while developing new offerings
forming a complete closed loop from market insight to market
delivery.老師傅工藝被轉化為可量化的檢測指標，確保每一瓶產品的品質與風味The master craftsman’s techniques are transformed into quantifiable testing indicators
to ensure the quality and flavour of every bottle of product
36 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT 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
The Company believes that Haitian’s core competit iveness is 公司認為：海天的核心競爭力是一場「圍繞優
a long-term evolution centred on the continuous upgrading of 勢持續升維」的長期進化。公司競爭壁壘的本advantages. The essence of the Company’s competitive moat lies 質，不單單在於規模、產品、技術、渠道、品not only in the visible advantages of scale products technology 牌等外顯優勢，更深刻體現在「歷史積淀、持channels and brand but more profoundly in the systematic 續迭代、進化思維」的系統能力中。
capabilities of “historical accumulation continuous iteration andevolutionary thinking”.
1. Cont inuous Deep Cul t ivat ion of Ex is t ing 1. 存量優勢的持續深耕
Advantages
Historical accumulation does not happen overnight; time has 歷史積淀非一日之功，時間已換來了先發earned us a first-mover advantage. The Company’s scale 優勢。公司的規模、渠道、產品力交織成channels and product strength are interwoven into a network 網，並裝載着深厚的用戶心智、產業鏈協underpinned by deep consumer mindshare industrial chain 同、客戶長期信任等等。這些已幫助公司synergy and long-term customer trust. These have helped the 構築了短期內難以複製的既有優勢，成為Company build existing advantages that are difficult to replicate in 公司最寶貴的資產。截至2026年6月末，the short term constituting the Company’s most valuable assets. 公司已有7個十億級以上產品系列、超30
As of the end of June 2026 the Company possesses 7 product 個億級以上產品系列，約7000家經銷商，series that each surpassed the RMB1 billion revenue threshold 覆蓋國內約100%地級市和超過90%縣級
and over 30 product series that each surpassed the RMB100 市。
million revenue threshold with approximately 7000 distributors
covering approximately 100% of prefecture-level cities and over
90% of county-level cities in China.
海天品牌排名連續多年領先，Worldpanel中國消費者十大首選品牌排名第三，消費者觸及數超8億Haitian has consistently ranked among the top brands for many years and is ranked 3rd in Worldpanel’s list
of the top ten preferred brands for Chinese consumers reaching over 800 million consumers
佛山市海天調味食品股份有限公司 * 2026 中期報告 37MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
2. Systematic Infusion of New Advantages 2. 新優勢的系統注入
Historical accumulation is equally the soil for nurturing new 歷史積淀同樣是孕育新優勢的土壤，新物advantages as new species bring about the restructuring of 種帶來組織能力的重構。公司對存量優勢organisational capabilities. The Company does not simply rest on 並非守着不動，而是持續用新方法激活老its existing advantages; it continuously activates legacy assets 資產。AI賦能生產全鏈路、數字化驅動渠with new methods. AI empowerment across the entire production 道精耕、智能製造重構效率邊界、大數據
chain digitalization-driven channel precision cultivation intelligent 反哺用戶洞察，同樣是醬油、同樣是渠manufacturing reshaping efficiency boundaries and big data 道，內涵卻在時刻進化，海天的優勢不是feeding back into consumer insights — it is still soy sauce it is 靜態持有，而是在動態生長。
still channels but their substance is constantly evolving. Haitian’s
advantages are not held statically; they are growing dynamically.海天用AI重塑調味品生產的各個環節，構建起智能製造的效率與質量壁壘Haitian is using AI to reshape every aspect of condiment production building efficiency
and quality barriers of intelligent manufacturing
3. Never-Ending Evolutionary Thinking 3. 永不停歇的進化思維
Never content with the status quo the Company has always 不滿足於現狀，始終保持開放、謙遜和警remained open humble and alert. Such way of thinking keeps 覺，這種思維讓公司始終處於「自我刷新」the Company in a state of “self-renewal” and continuous 狀態，持續進化。從「用戶至上」到「用戶evolution. From “Customer First” to “Customer Satisfaction 滿意至上」，追求從關注用戶走向真正讓用First” the pursuit has shifted from merely paying attention to 戶滿意；從「調味產品」到「全場景烹飪解
users to genuinely satisfying them; from “seasoning products” 決方案」和「味道研究」，海天不斷重新定to “full-scenario culinary solutions” and “flavour research” 義自身的價值邊界；從適應市場到主動擁
Haitian continuously redefines the boundaries of its own value; 抱變化，市場在變，海天也在變。只有這from adapting to the market to proactively embracing change 樣的進化思維，企業的核心壁壘才不會因as the market evolves Haitian evolves with it. Only with such 客觀環境的變化而消失，反會在經歷一次evolutionary thinking will the Company’s core barriers not 次週期後打磨得更強。
disappear due to changes in the external environment; instead
they will be further honed through repeated cycles.
38 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
FINANCIAL REVIEW 財務回顧
The following discussion is based on and should be read in 以下討論乃基於本報告其他處所載財務資料及
conjunction with the financial information and notes thereto contained 其附註，並應與之一併閱讀。
elsewhere in this report.Revenue 收入
During the Reporting Period the Group’s revenue amounted to 報告期內，本集團的收入為人民幣16146.3百RMB16146.3 million representing an increase of 6.0% as compared 萬元，較上年同期的人民幣15231.4百萬元to RMB15231.4 million (restated) in the same period of last year. （經重列），增加6.0%。下表載列本集團報告期The following table sets out a breakdown of the Group’s revenue by 內及去年同期按產品類別劃分的收入明細。
product category during the Reporting Period and in the same period
of last year.Six months ended Six months ended
June 30 2026 June 30 2025 Change截至2026年截至2025年
6月30日止6個月6月30日止6個月變動
Percentage Revenue Percentage
Revenue of Total RMB million of Total Amount
RMB million Revenue (Restated) Revenue RMB million Percentage收益收益人民幣金額人民幣佔總收益百萬元佔總收益人民幣
百萬元的比例（經重列）的比例百萬元比例
Product Sales產品銷售
Soy sauce products
醬油產品8296.251.4%7927.952.1%368.34.6%
Oyster sauce products
蠔油產品2566.315.9%2502.316.4%64.02.6%
Flavoured sauce products
調味醬產品1645.210.2%1626.010.7%19.21.2%
Specialty condiment
products and others
特色調味品及其他2844.317.6%2505.516.4%338.813.5%
Sub-total
小計15352.095.1%14561.795.6%790.35.4%
Others (Note)其他（註）794.34.9%669.74.4%124.618.6%
Total
總計16146.3100.0%15231.4100.0%914.96.0%
Note: Others primarily consist of (i) sales of raw materials packaging materials 註： 其他主要包括(i)原材料、包裝材料、副產品及其
by-products and others (ii) logistics and transportation services and (iii) 他的銷售，(ii)物流和運輸服務以及(iii)租金收入。
rental income.佛山市海天調味食品股份有限公司 * 2026 中期報告 39MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
* Soy sauce products. During the Reporting Period the Group’s * 醬油產品。報告期內，本集團醬油產品銷revenue from sales of soy sauce products amounted to 售收入為人民幣8296.2百萬元，較去年同RMB8296.2 mil l ion representing an increase of 4.6% as 期的人民幣7927.9百萬元，增加4.6%，compared to RMB7927.9 million in the same period of last year 主要由於： ( i )產品結構持續升級，高端、primarily due to (i) continuous structure upgrade of products with 健康系列產品持續增長；( i i )產品組合更加
the continuous growth of the high end and better-for-you product 多元，滿足餐飲、食品工業等不同渠道需lines; (ii) more diversified product portfolio to meet the needs of 求。
different channels such as catering and food industry.* 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2566.3百萬元，較去年同to RMB2566.3 million representing an increase of 2.6% as 期的人民幣2502.3百萬元，增加2.6%，compared to RMB2502.3 million in the same period of last year 主要由於薄鹽、有機蠔油產品等健康系列
primarily due to the continuous and steady growth of the better- 滿足市場消費需求，持續保持穩健增長。
for-you product line including reduced-salt and organic oyster
sauce products which can satisfy the needs of consumption
market.* Flavoured sauce products. During the Reporting Period * 調味醬產品。報告期內，本集團調味醬產the Group’s revenue from sales of flavoured sauce products 品銷售收入為人民幣1645.2百萬元，較amounted to RMB1645.2 million representing an increase of 去年同期的人民幣1626.0百萬元，增加
1.2% as compared to RMB1626.0 million in the same period 1.2%，主要由於特色風味醬類產品滿足不
of last year primarily due to the slight improvement in market 同場景需求，滲透率小幅提升。
penetration by specialty sauce products which can meet the
needs of 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Period the Group’s revenue from sales of specialty condiment 特色調味品及其他的銷售收入為人民幣
products and others amounted to RMB2844.3 mi l l ion 2 8 4 4 . 3百萬元，較去年同期的人民幣representing an increase of 13.5% as compared to RMB2505.5 2505.5百萬元，增加13.5%，主要由持續million in the same period of last year primarily due to the 提高產品在工業、餐飲等不同渠道的滲透
continuous improvement in product penetration in various 率。
channels such as industry and catering.
40 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT 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 to 報告期內，本集團的銷售成本為人民幣9657.6RMB9657.6 million representing an increase of 4.4% as compared 百萬元，較上年同期的人民幣9252.2百萬元to RMB9252.2 million (restated) in the same period of last year （經重列），增加4.4%，主要由於產品銷售額增primarily due to the increase in product sales which was partially 加，部分被智能製造升級和工藝改進提高生產offset by the increase in production efficiency as a result of intelligent 效率所抵消。
manufacturing upgrades and process improvements.Gross profit and gross profit margin 毛利及毛利率
During the Reporting Period the Group’s gross profit amounted to 報告期內，本集團的毛利為人民幣6488.6百萬RMB6488.6 million representing an increase of 8.5% as compared 元，較上年同期的人民幣5979.3百萬元（經重to RMB5979.3 million (restated) in the same period of last year; the 列），增加8.5%；本期毛利率為40.2%，較上gross profit margin for the current period was 40.2% representing 年同期的39.3%，提升0.9個百分點，主要由於an increase of 0.9 percentage points as compared to 39.3% in the 智能製造升級和工藝改進提升生產效率，優化same period of last year primarily due to the increase in production 成本結構。
efficiency as a result of intelligent manufacturing upgrades and
process improvements which optimized cost structure.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517.6RMB517.6 million representing an increase of 54.8% as compared to 百萬元，較上年同期的人民幣334.4百萬元（經RMB334.4 million (restated) in the same period of last year primarily 重列），增加54.8%，主要是存款利息收入增due to an increase in deposit interest income. 加。
佛山市海天調味食品股份有限公司 * 2026 中期報告 41MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
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 a loss of RMB228.0 million representing a decrease of 509.3% 228.0百萬元，較上年同期收益人民幣55.7百as compared to a gain of RMB55.7 million in the same period of last 萬元，減少509.3%，主要由於報告期內外匯匯year primarily due to an increase in foreign exchange losses during 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 RMB932.6 million representing a decrease 932.6百萬元，較上年同期的人民幣972.0百萬of 4.1% as compared to RMB972.0 million in the same period of last 元，減少4.1%，主要由於廣告費有所減少。
year primarily due to a decrease in advertising expenses.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395.8amounted to RMB395.8 million representing an increase of 24.5% as 百萬元，較上年同期的人民幣318.0百萬元（經compared to RMB318.0 million (restated) in the same period of last 重列），增加24.5%，主要由於：(i)僱員福利開year primarily due to (i) an increase in employee benefits expenses; 支增加；及 ( i i)租賃辦公場所及裝修支出形成的
and (ii) an increase in depreciation and amortization of right-of-use 使用權資產及長期待攤費用折舊攤銷增加。
assets and long-term deferred expenses resulting from leased office
space and renovation expenses.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488.3costs amounted to RMB488.3 million representing an increase of 百萬元，較上年同期的人民幣414.6百萬元（經
17.8% as compared to RMB414.6 million (restated) in the same 重列），增加17.8%，主要由於：(i)研發過程中
period of last year primarily due to (i) an increase in raw materials 所用原材料及耗材增加；及 ( i i)研發人員福利開
and consumables used in the R&D process; and (ii) an increase in 支增加。
R&D personnel benefits expenses.
42 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
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 RMB0.1 貸虧損撥備為人民幣0.1百萬元，較上年同期虧million representing a decrease of 90.9% as compared to provision 損撥備人民幣1.1百萬元，減少90.9%，主要由for losses of RMB1.1 million in the same period of last year primarily 於本期收回貿易應收款項。
due to recovery of 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2.4百losses amounted to RMB2.4 million representing an increase of 萬元，較去年同期虧損撥備人民幣0.2百萬元，
1100% as compared to provision for losses of RMB0.2 million in the 增加1100%，主要由於少量存貨庫齡較長計提
same period of last year primarily due to provision for impairment 減值虧損撥備。
losses made on a small amount of long-aged inventory.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4.8百萬RMB4.8 million representing a decrease of 67.3% as compared to 元，較去年同期的人民幣14.7百萬元，減少RMB14.7 million in the same period of last year primarily due to the 67.3%，主要由於本期償還部分借款，新增借fact that certain borrowings were repaid during the current period 款計息期間尚短，產生的利息減少。
while the interest-bearing period for new borrowings was still short
resulting in a reduction in interests accrued.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763.9百RMB763.9 million representing an increase of 4.7% as compared to 萬元，較去年同期的人民幣729.6百萬元，增RMB729.6 million in the same period of last year primarily due to the 加4.7%，主要由於稅前利潤增加。
increase in profit before tax.佛山市海天調味食品股份有限公司 * 2026 中期報告 43MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
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 RMB4190.5 million representing an increase of 6.9% 4190.5百萬元，較上年同期的人民幣3919.2as compared to RMB3919.2 million (restated) in the same period 百萬元（經重列）增加6.9%。報告期內本集團of last year. The net profit margin of the Group during the Reporting 淨利率為26.0%，較上年同期的25.7%提升0.3Period was 26.0% representing an increase of 0.3 percentage points 個百分點。
as compared to 25.7% in the same period of last year.Property plant and equipment 物業、廠房及設備
As of June 30 2026 the Group had property plant and equipment of 截至2026年6月30日，本集團的物業、廠房及RMB6904.0 million representing an increase of 0.4% as compared 設備為人民幣6904.0百萬元，較2025年12月to RMB6877.5 million as of December 31 2025 primarily due to 31日的人民幣6877.5百萬元，增加0.4%，主an increase in production facilities which was partially offset by 要由於增加生產設施，部分被物業、廠房和設depreciation of property plant and equipment. 備折舊抵消。
Right-of-use assets 使用權資產
As of June 30 2026 the Group’s right-of-use assets amounted 截至2026年6月30日，本集團的使用權資產為to RMB919.2 million representing a decrease of 3% as compared 人民幣919.2百萬元，較2025年12月31日的人to RMB947.4 million as of December 31 2025 primarily due to 民幣947.4百萬元，減少3%，主要由於使用權depreciation of right-of-use assets. 資產折舊。
Inventories 存貨
As of June 30 2026 the Group’s inventor ies amounted to 截至2026年6月30日，本集團的存貨為人民幣RMB2208.5 million representing a decrease of 8.3% as compared 2208.5百萬元，較2025年12月31日的人民幣to RMB2407.7 million as of December 31 2025 primarily due to an 2407.7百萬元，減少8.3%，主要由於上年末increase in inventory reserves at the end of last year to meet stocking 增加存貨儲備以應對經銷商備貨需求。
demand of distributors.
44 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Trade receivables 貿易應收款項
As of June 30 2026 the Group’s trade receivables amounted to 截至2026年6月30日，本集團的貿易應收款項RMB274.4 million representing a decrease of 7.2% as compared 為人民幣274.4百萬元，較2025年12月31日的to RMB295.6 million as of December 31 2025 primarily due to 人民幣295.6百萬元，減少7.2%，主要由於本settlement of receivables from the end of last year during the current 期結算上年底應收款項。
period.Trade and bills payable 貿易應付款項及應付票據
As of June 30 2026 the Group’s trade and bills payable amounted to 截至2026年6月30日，本集團的貿易應付款項RMB3653.7 million representing an increase of 31.8% as compared 及應付票據為人民幣3653.7百萬元，較2025to RMB2772.8 million as of December 31 2025 primarily due to an 年12月31日的人民幣2772.8百萬元，增加increase in bills payable. 31.8%，主要由於應付票據增加。
Liquidity and capital resources 流動資金及資本資源
During the Reporting Period the Group had cash generated from 報告期內，本集團經營活動所得現金為人民幣operating activities of RMB1224.2 million compared to RMB1502.4 1224.2百萬元，去年同期為人民幣1502.4百million (restated) in the same period of last year. 萬元（經重列）。
As of June 30 2026 the Group had cash and bank deposits of 截至2026年6月30日，本集團的現金及銀行RMB18939.1 million which included time deposits and certificates 存款為人民幣18939.1百萬元，包括定期存款of RMB13788.1 million restricted cash of RMB13.8 million and cash 及存單人民幣13788.1百萬元、受限制現金人
and cash equivalents of RMB5137.2 million representing a decrease 民幣13.8百萬元以及現金及現金等價物人民幣
of 23.0% as compared to RMB24603.7 million as of December 31 5137.2百萬元，較2025年12月31日的人民幣
2025.24603.7百萬元，減少23.0%。
As of June 30 2026 the Group had interest-bearing bank loans and 截至2026年6月30日，本集團的有息銀行貸款other borrowings of RMB357.4 million which included long-term 及其他借款為人民幣357.4百萬元，包括長期borrowings of RMB6 million and short-term borrowings of RMB351.4 借款人民幣6百萬元以及短期借款人民幣351.4
million representing an increase of 98.3% as compared to RMB180.3 百萬元，較2025年12月31日的人民幣180.3百million as of December 31 2025 primarily due to the new bank 萬元，增加98.3%，主要由於本報告期內新增credit borrowings during the Reporting Period. All borrowings were 銀行信用借款。所有借款均以人民幣計值，其denominated in Renminbi of which borrowings with fixed interest 中固定利率借款為人民幣357.4百萬元。本集rates amounted to RMB357.4 million. The Group did not implement 團並無實施任何利率對沖政策。
any interest rate hedging policy.佛山市海天調味食品股份有限公司 * 2026 中期報告 45MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
Indebtedness 債務
The indebtedness of the Group included bank loans and other 本集團的債務包括銀行貸款及其他借款以及租
borrowing and lease liabilities. 賃負債。
As of June 30 2026 the bank loans and lease liabilities in the current 截至2026年6月30日，本集團即期債務中的indebtedness of the Group were RMB351.4 million and RMB36.2 銀行貸款及租賃負債分別為人民幣351.4百萬
million respectively. As of December 31 2025 the bank loans 元和人民幣36.2百萬元，截至2025年12月31and lease liabilities in the current indebtedness of the Group were 日，本集團即期債務中的銀行貸款及租賃負債RMB174.9 million and RMB43.7 million respectively. 分別為人民幣174.9百萬元和人民幣43.7百萬元。
As of June 30 2026 the bank loans and other borrowing and lease 截至2026年6月30日，本集團非即期債務中的liabilities in the non-current indebtedness of the Group were RMB6.0 銀行貸款及其他借款以及租賃負債分別為人民
million and RMB51.4 million respectively. As of December 31 2025 幣6.0百萬元和人民幣51.4百萬元，截至2025the bank loans and other borrowing and lease liabilities in the non- 年12月31日，本集團非即期債務中的銀行貸款current indebtedness of the Group were RMB5.4 million and RMB60.6 及其他借款以及租賃負債分別為人民幣5.4百萬
million respectively. 元和人民幣60.6百萬元。
Contingent liabilities 或然負債
The Group did not have any material contingent liabilities as of June 截至2026年6月30日，本集團並無任何重大或
302026.然負債。
Capital expenditure 資本開支
During the Reporting Period the capital expenditure of the Group 報告期內，本集團資本開支為人民幣535.9百amounted to RMB535.9 million. The capital expenditure of the Group 萬元。本集團的資本開支包括購買物業、廠房consisted of payment for purchase of property plant and equipment 及設備、使用權資產以及無形資產的付款。
right-of-use assets and intangible assets.Capital commitments 資本承擔
As of June 30 2026 the capital commitments of the Group 截至2026年6月30日，本集團資本承擔為人民amounted to RMB552.0 million which were mainly contracted for 幣552.0百萬元，主要用於物業、廠房及設備。
property plant and equipment.
46 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Gearing ratio 資本負債比率
As of June 30 2026 the gearing ratio (defined as the ratio of dividing 截至2026年6月30日，本集團資本負債比率total liabilities by total assets as of the same date) of the Group （定義為負債總額除以截至同日資產總值的比was 16.0% representing a decrease of 3.8 percentage points as 例）為16.0%，較2025年12月31日的19.8%減compared to 19.8% as of December 31 2025 which was primarily 少3.8個百分點，這主要是由於本期交付上年底due to the delivery of receipts in advance for stockings from the 備貨預收貨款，合同負債減少所致。
end of last year during the current period resulting in a decrease in
contract liabilities.Distributable reserves 可供分派的儲備
As of June 30 2026 the Group had retained profits of RMB20988.4 截至2026年6月30日，本集團的保留利潤為人million which are available for distribution to its Shareholders. 民幣20988.4百萬元，可供分派予股東。
Asset mortgages 資產抵押
As of June 30 2026 the Group did not have any mortgage over its 截至2026年6月30日，本集團並無抵押任何資assets. 產。
Significant investments acquisitions and disposals 重大投資、重大收購和出售As of the end of the Reporting Period the Group had no significant 截至報告期末，本集團未有根據《聯交所上市investments to be disclosed pursuant to Paragraph 32(4A) of 規則》附錄D2第32(4A)段須披露的重大投資。
Appendix D2 of the Listing Rules of the Stock Exchange. During the 報告期內，本集團並無重大投資、重大收購Reporting Period the Group had no significant investments material 及╱或出售子公司、聯營公司及合營企業。
acquisitions and/or disposals of subsidiaries associates and joint
ventures.Future plans for material investments and capital 重大投資及資本資產投資的未來計劃
asset investments
As of June 30 2026 save as disclosed in the “USE OF PROCEEDS” 截至2026年6月30日，除本報告「募集資金使of this report and the “Future Plans and Use of Proceeds” of the 用情況」及招股章程「未來計劃及所得款項用
Prospectus the Group had no future plans for material investments 途」所披露者外，本集團並無重大投資及資本and capital asset investments. 資產投資的未來計劃。
佛山市海天調味食品股份有限公司 * 2026 中期報告 47MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析
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2026年6recruitment management systems and processes. As of June 30 月30日，本集團正式員工總人數為9294名，
2026 the total number of employees of the Group was 9294 and 報告期內本集團員工成本為人民幣1077.3百萬the staff costs of the Group during the Reporting Period amounted 元（包括工資、獎金、津貼、補貼、福利費、to RMB1077.3 million (including salaries bonuses allowances 董事酬金）。
subsidies welfare expenses and directors’ emoluments).The Group adheres to a remunerat ion phi losophy of “h igh 本集團遵循「高薪、高效、高責」的薪酬理念，compensation high efficiency and high responsibility” along with 向貢獻者傾斜的價值分配原則。本集團為員工a value distribution principle that prioritizes rewarding contributors. 提供具有競爭力的工資、績效獎金、長期激
We provide our employees with competitive salaries performance 勵、福利保障以及職業發展支持。員工薪酬綜bonuses long-term incentives comprehensive benefits and career 合地域差異、人才供給、行業環境等維度適時
development support. Employee remuneration is dynamical ly 進行動態調整，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 Group continues to build an incentive 同時，本集團持續構建能激發組織和員工活力system designed to stimulate the vitality and creativity of both the 及創造力的激勵體系。作為2024-2028年多organization and its employees. As part of the multi-phase stock 期持股計劃的一部分，本集團於報告期內啟動ownership scheme spanning from 2024 to 2028 the Group launched 「2026年A股員工持股計劃」，該計劃涉及股份the “2026 A Share Employee Stock Ownership Scheme” during the 5000000股，該期計劃考核期為2026年度及Reporting Period which involves 5000000 shares. The assessment 2027年度，旨在建立更長期的業績導向，持續period for this phase covers the years of 2026 and 2027. This 推動企業和員工的雙贏發展。
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 Group ensures the ful l and timely payment of employee 本集團依法按時足額發放員工薪酬，為員工提remuneration in accordance with the laws. We provide our employees 供多元化的福利政策及員工關懷計劃，執行帶with diversified welfare policies and employee care programs 薪休假、婚產假、育兒假等法定休假制度，按and implement statutory leave systems including paid annual 規定參加養老、醫療、失業、工傷、生育等社
leave marriage and maternity/paternity leave and parental leave. 會保險，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.
48 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT 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 隨著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 調味品的生產銷售依賴於穩定充足的優質
and sufficient supply of high-quality raw materials. The prices 原材料供應。農產品的價格可能受國內外of agricultural products are subject to volatility due to domestic 環境、市場供求、氣候環境條件等多方面
and overseas environment market supply and demand climate 因素的影響，從而產生波動。公司採購團and environmental conditions and other factors. The Company’s 隊每年根據銷售預測和預期價格波動提前
procurement team formulates procurement plans in advance on 制定採購計劃，但如原材料價格上漲較an annual basis based on sales projections and anticipated price 大，將可能對公司產品毛利率水平帶來一fluctuation. However significant increases in raw material prices 定影響。
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 level of counter- 雖調味品產業具有一定的抗週期能力，但cyclical resilience it is susceptible to factors such as economic 易受經濟復甦情況、通脹週期和餐飲行業
recovery inflation cycle and the prosperity of the catering 景氣度等因素影響，大眾消費品增速不排industry and the growth rate of mass consumer goods may be 除面臨下行風險。但另一方面，此項風險subject to downside risk. But on the other hand this risk also 同時也有利於推動行業上下游的整合。
presents an opportunity to promote upstream and downstream
industry consolidation.佛山市海天調味食品股份有限公司 * 2026 中期報告 49MANAGEMENT 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 隨著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 著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 EUR 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.
50 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
SIGNIF ICANT 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 consistently prioritizes customer satisfaction as its core 公司始終將用戶滿意作為核心導向，堅持品質orientation and adheres to a quality-first approach ensuring stability 為本，確保基本盤平穩運行、力爭積極進展。
of its business fundamentals while striving for proactive progress. With 隨着國家《擴大消費「十五五」規劃》等擴大內
the implementation of policies aimed at expanding domestic demand 需政策的落地，我們將憑藉龍頭優勢主動把握such as the national 15th Five-Year Plan for Expanding Consumption 新型增長機會。我們將堅定科技立企戰略，we will leverage our advantages as an industry leader to proactively 保持高水平、有定力的研發投入，以「燈塔工seize new growth opportunities. We will remain steadfast in the 廠」為標桿推動AI等新技術融入研發、生產、
strategy of technology development and maintain sustained high-level 供應鏈各環節，以智能化手段提升企業運營效R&D investment. Using the “Lighthouse Factory” as a benchmark 率和產品競爭力。國際化方面，我們將務實推we will drive the integration of new technologies such as AI into 進海外佈局，以好產品、好服務、好味道紮實all links of R&D production and supply chain leveraging intelligent 沉澱全球運營能力，高質量融入世界舞台。我means to enhance corporate operational efficiency and product 們相信，通過持續深化生態協作、堅持可持續competitiveness. In terms of internationalization we will pragmatically 發展，方能帶來用戶價值與企業成長的良性互advance our overseas footprint. By delivering exceptional products 動，構築可持續的增長動能。
services and f lavours we wil l sol idly consolidate our global
operational capabilities and achieve high-quality integration into the
global arena. We firmly believe that only by continuously deepening
ecosystem collaboration and adhering to sustainable development
can we foster a positive cycle between customer value and corporate
growth thereby building sustainable growth momentum.佛山市海天調味食品股份有限公司 * 2026 中期報告 51CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料
DIRECTORS’ AND CHIEF EXECUTIVE’S 董事及最高行政人員於本公司
INTERESTS AND SHORT POSITIONS IN 及其相聯法團的股份及相關股
THE SHARES UNDERLYING SHARES 份及債權證中擁有的權益及淡
AND DEBENTURES OF THE COMPANY 倉
AND ITS ASSOCIATED CORPORATIONS
As of the end of the Reporting Period the following directors 截至報告期末，下列董事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》附錄C3所載的《上市發行人董referred to therein or which were required to be notified to the 事進行證券交易的標準守則》（「標準守則」）須
Company and the Stock Exchange pursuant to the Model Code for 知會本公司及聯交所的權益或淡倉：
Securities Transactions by Directors of Listed Issuers as set out inAppendix C3 to the Listing Rules of the Stock Exchange (the “ModelCode”):
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company直接及間接在本公司有關股本類別中在本公司股本總額中
姓名權益性質股份類別好倉╱淡倉持有股份的數目所佔股權的概約百分比所佔股權的概約百分比
Ms. Cheng 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%
52 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Approximate percentage of Approximate percentage of
Number of shareholding in the shareholding in the
Class of Long/short shares directly and relevant class of share capital total share capital
Name Nature of interest shares positions indirectly held of the Company of the Company直接及間接在本公司有關股本類別中在本公司股本總額中
姓名權益性質股份類別好倉╱淡倉持有股份的數目所佔股權的概約百分比所佔股權的概約百分比
Mr. Liao 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
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
佛山市海天調味食品股份有限公司 * 2026 中期報告 53CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料
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。
Interests in the Associated Corporation 於相聯法團的權益
Approximate
Name of the Long/short Number of percentage of
Name associated corporation Nature of interest positions shares held interest概約權益
姓名相聯法團名稱權益性質好倉╱淡倉所持股份數目百分比
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%
54 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Approximate
Name of the Long/short Number of percentage of
Name associated corporation Nature of interest positions shares held interest概約權益
姓名相聯法團名稱權益性質好倉╱淡倉所持股份數目百分比
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
Note: 附註：
(1) As of the end of the Reporting Period pursuant to a concert party (1) 截至報告期末，根據日期為2023年12月27日的
agreement dated December 27 2023 Guangdong Haitian was controlled 一致行動協議，廣東海天由一致行動人士集團合by the Concert Party Group as to 73.59% interest in total (with Mr. 共擁有73.59%的權益（其中龐先生、程女士、Pang Ms. Cheng Mr. Guan Mr. Chen Mr. Wen and Mr. Liao having 管先生、陳先生、文先生及廖先生分別擁有廣東approximately 50.63% 16.78% 3.27% (including 1.79% equity interest 海天約50.63%、16.78%、3.27%（包括管先生held by Mr. Guan’s spouse) 1.17% 1.11% and 0.62% interests in 的配偶持有的1.79%股權）、1.17%、1.11%及Guangdong Haitian respectively). Please refer to the section headed 0.62%的權益）。請參閱招股章程「與控股股東“Relationship with our Controlling Shareholders” in the Prospectus. 的關係」一節。
Save as disclosed above as of the end of the Reporting Period 除上文所披露者外，截至報告期末，概無本公none of the directors 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標準守則須知
which were required pursuant to Section 352 of the SFO to be 會本公司及聯交所的權益或淡倉。
recorded in the register referred to therein or which were required
to be notified to the Company and the Stock Exchange pursuant to
Model Code.佛山市海天調味食品股份有限公司 * 2026 中期報告 55CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料
S U B S T A N T I A L S H A R E H O L D E R S ’ 主要股東於股份及相關股份中
INTERESTS AND SHORT POSITIONS 的權益及淡倉
IN THE SHARES AND UNDERLYING
SHARES
As of the end of the Reporting Period to the best of the Company’s 截至報告期末，就本公司合理查詢後所知，以knowledge after reasonable inquiry the following persons had 下人士於本公司股份或相關股份中，擁有根據interests or short positions in the Company’s shares or underlying 《證券及期貨條例》第XV部第2及3分部須向本
shares that were required to be disclosed to the Company and the 公司及聯交所披露並根據《證券及期貨條例》 第
Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the 336條記錄於本公司須備存的登記冊內的權益
SFO and recorded in the register that the Company was required to 或淡倉：
maintain under Section 336 of the SFO:
Approximate percentage
Number of shares of shareholding in the relevant Approximate percentage of
Class of Long/short directly and class of share capital of the shareholding in the total share
Name Nature of interest shares positions indirectly held Company capital 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%
56 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
Approximate percentage
Number of shares of shareholding in the relevant Approximate percentage of
Class of Long/short directly and class of share capital of the shareholding in the total share
Name Nature of interest shares positions indirectly held Company capital 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 31147600 10.70% 0.53%
投資經理 H股 好倉
Notes: 附註：
(1) As of the end of the Reporting Period the total number of shares of the (1) 截 至 報 告 期 末 ， 本 公 司 股 份 總 數 為
Company amounted to 5851824944 shares comprising 5560600544 5851824944股，其中包括A股5560600544A Shares and 291224400 H Shares. 股及H股291224400股。
佛山市海天調味食品股份有限公司 * 2026 中期報告 57CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料
(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.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.
58 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
PURCHASE SALE OR REDEMPTION OF 購買、出售或贖回本公司上市
THE COMPANY’S LISTED SECURITIES 證券
Save as otherwise disclosed in this report as of the end of the 除本報告另有披露外，截至報告期末，本公司Reporting Period neither the Company nor any of its subsidiaries 及其任何子公司概無購買、出售或贖回本公司purchased sold or redeemed any of the Company’s listed securities 之任何上市證券（包括出售庫存股份（具有《聯(including the sale of treasury shares (as defined under the Listing 交所上市規則》下的涵義））。截至報告期末，Rules of the Stock Exchange)). As of the end of the Reporting Period 本公司持有5289491股庫存股份，將用作員the Company held 5289491 treasury shares which would be used 工持股計劃。該等庫存股份均為A股。
for employee stock ownership scheme. All of these treasury shares
were A Shares.COMPLIANCE WITH THE MODEL CODE 遵守有關證券交易的標準守則
REGARDING 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 as set out in Appendix C3 的《上市發行人董事進行證券交易的標準守to the Listing Rules of the Stock Exchange. After specific inquiries by 則》。經本公司作出特定查詢後，所有董事確認the Company all directors confirmed that they had complied with the 彼等截至報告期末已遵守標準守則規定的有關
requirements of the Model Code regarding securities transactions by 董事證券交易的要求。
directors as of the end of the Reporting Period.SHARE SCHEME 股份計劃
The Company adopted the 2024-2028 employee stock ownership 本公司於2024年9月19日採納2024年－2028
scheme (the “A Share Employee Stock Ownership Scheme”) on 年員工持股計劃（「A股員工持股計劃」），截至September 19 2024. As of the Latest Practicable Date the Company 最後實際可行日期，公司已分別通過2024年has successively adopted the 2024 A Share Employee Stock A股員工持股計劃、2025年員工持股計劃、
Ownership Scheme the 2025 Employee Stock Ownership Scheme 2026年員工持股計劃，並已根據2024年A股and the 2026 Employee Stock Ownership Scheme. Pursuant to 員工持股計劃向合計613名持有者歸屬股票
the 2024 A Share Employee Stock Ownership Scheme a total of 4220100股並已完成非交易過戶。A股員工持
4220100 shares have been vested to 613 holders in aggregate 股計劃不涉及本公司發行新股。有關A股員工
and the non-trade transfer has been completed. The A Share 持股計劃的進一步詳情，請參閱招股章程「法Employee Stock Ownership Scheme does not involve the issuance 定及一般資料－D. A股員工持股計劃」一節、
of new shares by the Company. For further details on the A Share 本公司日期為2025年8月28日、2025年9月8Employee Stock Ownership Scheme please refer to the section 日、2026年3月26日的股份計劃公告以及日期headed “Statutory and General Information – D. A Share Employee 為2025年9月8日、2026年4月17日的通函。Stock Ownership Scheme” in the Prospectus the share scheme
announcements of the Company dated August 28 2025 September
8 2025 and March 26 2026 and the circulars of the Company dated
September 8 2025 and April 17 2026.佛山市海天調味食品股份有限公司 * 2026 中期報告 59CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料
COMPLIANCE WITH THE CORPORATE 遵守《企業管治守則》
GOVERNANCE CODE
The Company is committed to achieving high standards of corporate 公司致力達致高水平的企業管治，以保障股東governance with a view to safeguarding the interests of the 利益。公司已自上市日期起採納《聯交所上市Shareholders. The Company has adopted the code provisions of the 規則》附錄C1第二部分所載的《企業管治守則》
Corporate Governance Code set out in Part 2 of Appendix C1 of the （「《企業管治守則》」）的守則條文作為本公司企Listing Rules of the Stock Exchange (the “Corporate Governance 業管治常規的基準。本公司截至報告期末已遵Code”) as the basis for its corporate governance practices since its 守《企業管治守則》載列的適用守則條文。
Listing Date. The Company has complied with the applicable code
provisions set out in the Corporate Governance Code as of the end of
the Reporting Period.INTERIM DIVIDEND 中期股息
The Board of Directors did not recommend an interim dividend for the 董事會未建議派發截至2026年6月30日止六個
six months ended June 30 2026. 月的中期股息。
AUDIT COMMITTEE AND REVIEW OF 審計委員會及審閱財務資料
FINANCIAL INFORMATION
As of the date of this interim report the Audit Committee consists of 截至本中期報告日期，審計委員會由三名獨立three independent non-executive directors namely Mr. Qu Wenzhou 非執行董事組成，即屈文洲先生、張科春先生Mr. Zhang Kechun and Mr. Ding Bangqing. Mr. Qu Wenzhou being 及丁邦清先生。屈文洲先生為審計委員會主the chairperson of the Audit Committee holds the appropriate 席，持有《聯交所上市規則》第3.10(2)條及第professional qualifications as required under Rules 3.10(2) and 3.21 3.21條所規定的適當專業資格。本公司審計委of the Listing Rules of the Stock Exchange. The Audit Committee 員會已審閱本集團截至2026年6月30日止六個
of the Company has reviewed the unaudited interim results of the 月的未經審核中期業績。審計委員會已審閱本Group for the six months ended June 30 2026. The Audit Committee 公司採用的會計原則及慣例並就本公司的風險
has reviewed the accounting principles and practices adopted by 管理及內部控制進行討論，其認為業績符合有the Company and discussed matters in respect of risk management 關會計準則、規則及規例且已充分作出適當披
and internal control of the Company and is of the opinion that the 露。就本公司採用的會計處理而言，董事會與results comply with the relevant accounting standards rules and 審計委員會之間不存在意見分歧。
regulations and that adequate and appropriate disclosures have
been made. There is no disagreement between the Board and the
Audit Committee regarding the accounting treatment adopted by the
Company.
60 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
The interim financial report for the six months ended June 30 2026 截至2026年6月30日止六個月的中期財務報告
is unaudited but has been reviewed by KPMG in accordance with 未經審計，惟已由畢馬威會計師事務所根據香Hong Kong Standard on Review Engagements 2410 Review of 港會計師公會頒佈的香港審閱工作準則第2410
interim financial information performed by the independent auditor 號「實體獨立核數師對中期財務資料的審閱」審
of the entity as issued by the Hong Kong Institute of Certified Public 閱。
Accountants.CHANGES IN INFORMATION OF DIRECTORS 董事及最高行政人員資料變動
AND CHIEF EXECUTIVE
During the Reporting Period and up to the Latest Practicable Date 報告期內及截至最後實際可行日期，概無任何there was no information about directors and chief executive that was 須根據《聯交所上市規則》第13.51B(1)條須披
required to be disclosed under Rule 13.51B(1) of the Listing Rules of 露的董事及最高行政人員資料。
the Stock Exchange.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).佛山市海天調味食品股份有限公司 * 2026 中期報告 61CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料
There has been no change in the use of proceeds disclosed in the 於招股章程中披露的募集資金用途並無變化。
Prospectus. The use of proceeds from the Company’s H Share 本公司H股募集資金使用情況如下：
offering is as follows:
Approximate Proceeds utilized Proceeds unutilized Expected timeline for
% of the Net proceeds during the as of the end of the the full use of the
total available for use Reporting Period Reporting Period unutilized proceeds截至報告期末悉數動用尚未佔總額的概約百分比募集資金可使用淨額報告期內已動用款項尚未動用款項動用款項的預期時表
RMB million RMB million RMB million人民幣百萬元人民幣百萬元人民幣百萬元
Product development as well as R&D of cutting-edge Before
technologies and process upgrades December 31 2028
產品開發以及前沿技術的研發和工藝升級20.0%1908.5475.91432.62028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%2862.8745.22117.62028年12月31日前
Enhancing the global presence of the Group by establishing the
global brand image of the Group expanding sales channels
and enhancing overseas supply chain capabilities Before
通過建立本集團的全球品牌形象、拓展銷售渠道以及提升海外供應鏈 December 31 2028能力，以提升本集團的全球影響力20.0%1908.5191.81716.72028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%1908.5617.91290.62028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%954.3301.3653.02028年12月31日前
Total Not applicable
總計100.0%9542.62332.17210.5不適用
The expected timeline for the use of the unutilized net proceeds is 使用未動用所得淨額的預期時間乃根據本集團
based on the Group’s best estimate using the latest information 對截至本報告日期止的最新資料所作出的最佳
available as at the date of this report. The Group currently does not 估計，本集團目前預計不會改變此前招股章程anticipate any changes to the purposes and proportions previously 披露之用途及比例，惟須根據業務發展需要及disclosed in the Prospectus subject to any adjustments required by 市場變化而變動。
business development needs and market changes.
62 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CONSOLIDATED STATEMENT OF PROFIT OR LOSS
綜合損益表
FOR THE SIX MONTHS ENDED JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
截至2026年6月30日止六個月－未經審計（以人民幣列示）
Six months ended June 30截至6月30日止六個月
20262025
2026年2025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 16146274 15231447
Cost of sales 銷售成本 (9657645) (9252161)
Gross profit 毛利 6488629 5979286
Other revenue 其他收入 4 517621 334432
Other net (losses)/income 其他淨（虧損）╱收入 5 (228000) 55680
Selling and marketing expenses 銷售及營銷開支 (932568) (971992)
Administrative expenses 行政開支 (395799) (318031)
Research and development costs 研發成本 6(b) (488256) (414569)
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(88)(1142)
Provision for impairment losses 減值虧損撥備 (2386) (217)
Profit from operations 經營利潤 4959153 4663447
Finance costs 財務成本 6(a) (4786) (14652)
Profit before taxation 除稅前利潤 6 4954367 4648795
Income tax 所得稅 7 (763867) (729569)
Profit for the period 期內利潤 4190500 3919226
Attributable to: 以下各方應佔：
Equity shareholders of the Company 本公司權益股東 4190157 3911459
Non-controlling interests 非控股權益 343 7767
Profit for the period 期內利潤 4190500 3919226
Earnings per share 每股盈利 8
Basic and diluted (RMB) 基本及攤薄（人民幣元） 0.72 0.70
The notes on pages 71 to 103 form part of this interim financial 第71至103頁附註構成本中期財務報告的一部
report. Details of dividends payable to equity shareholders of the 分。應支付予本公司權益股東的股息詳情載於Company are set out in note 19. 附註19。
佛山市海天調味食品股份有限公司 * 2026 中期報告 63CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME綜合損益及其他全面收益表
FOR THE SIX MONTHS ENDED JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
截至2026年6月30日止六個月－未經審計（以人民幣列示）
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Profit for the period 期內利潤 4190500 3919226
Other comprehensive income for the period
(after tax and reclassification adjustments)
期內其他全面收益（扣除稅項及重分類調整後）
Item that may be reclassified subsequently to profit or loss:
其後可能重分類至損益的項目：
Exchange differences on translation of financial statements of
subsidiaries outside of the mainland China
中國內地以外子公司財務報表換算的匯兌差額(1357)(1599)
Other comprehensive income for the period 期內其他全面收益 (1357) (1599)
Total comprehensive income for the period 期內全面收益總額 4189143 3917627
Attributable to: 以下各方應佔：
Equity shareholders of the Company 本公司權益股東 4188800 3909860
Non-controlling interests 非控股權益 343 7767
Total comprehensive income for the period 期內全面收益總額 4189143 3917627
The notes on pages 71 to 103 form part of this interim financial 第71至103頁附註構成本中期財務報告的一部
report. 分。
64 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
AT JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
於2026年6月30日－未經審計（以人民幣列示）
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
Note RMB’000 RMB’000附註人民幣千元人民幣千元
Non-current assets 非流動資產
Property plant and equipment 物業、廠房及設備 9 6903971 6877470
Right-of-use assets 使用權資產 10 919157 947422
Investment property 投資性房地產 3003 3116
Intangible assets 無形資產 25579 29468
Goodwill 商譽 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11100100
Term deposits and certificates of deposits 定期存款及存單 15 6242597 5878812
Other receivables 其他應收款項 14 24543 33216
Deferred tax assets 遞延稅項資產 246126 317669
1447801314200210
Current assets 流動資產
Inventories 存貨 12 2208524 2407715
Trade receivables 貿易應收款項 13 274351 295624
Other receivables 其他應收款項 14 404062 571254
Other financial assets at FVPL 按公允價值計入損益的其他金融資產 11 10814342 10105463
Derivative financial assets 衍生金融資產 22514 –
Term deposits and certificates of deposits 定期存款及存單 15 13788089 15046567
Restricted cash 受限制現金 15 13849 11611
Cash and cash equivalents 現金及現金等價物 15 5137134 9545500
3266286537983734
佛山市海天調味食品股份有限公司 * 2026 中期報告 65CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表
AT JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
於2026年6月30日－未經審計（以人民幣列示）
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
Note RMB’000 RMB’000附註人民幣千元人民幣千元
Current liabilities 流動負債
Trade and bills payable 貿易應付款項及應付票據 16 3653657 2772796
Derivative financial liabilities 衍生金融負債 2089 360
Other payables 其他應付款項 17 1553043 1720330
Contract liabilities 合約負債 18 978657 4128489
Bank loans and other borrowing 銀行貸款及其他借款 351350 174850
Lease liabilities 租賃負債 36161 43675
Current taxation 即期稅項 372930 570218
Other current liabilities 其他流動負債 73443 442690
70213309853408
Net current assets 流動資產淨值 25641535 28130326
Total assets less current liabilities 總資產減流動負債 40119548 42330536
Non-current liabilities 非流動負債
Bank loans and other borrowing 銀行貸款及其他借款 6000 5400
Lease liabilities 租賃負債 51419 60633
Deferred income 遞延收入 431051 398107
Deferred tax liabilities 遞延稅項負債 27089 26719
515559490859
66 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
AT JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
於2026年6月30日－未經審計（以人民幣列示）
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
Note RMB’000 RMB’000附註人民幣千元人民幣千元
NET ASSETS 資產淨值 39603989 41839677
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 19(b) 5851825 5851825
Treasury shares 庫存股 19(c) (408247) (408247)
Reserves 儲備 33649955 35885986
Total equity attributable to equity shareholders of the Company本公司權益股東應佔權益總額3909353341329564
Non-controlling interests 非控股權益 510456 510113
TOTAL EQUITY 權益總額 39603989 41839677
Approved and authorised for issue by the Board of Directors on 經董事會於2026年8月26日批准及授權刊發。
August 26 2026.Cheng Xue Guan Jianghua程雪管江華
Executive Director and Chairwoman of the Board Executive Director執行董事兼董事會主席執行董事
The notes on pages 71 to 103 form part of this interim financial 第71至103頁附註構成本中期財務報告的一部
report. 分。
佛山市海天調味食品股份有限公司 * 2026 中期報告 67CONSOLIDATED STATEMENT OF CHANGES IN EQUITY綜合權益變動表
FOR THE SIX MONTHS ENDED JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
截至2026年6月30日止六個月－未經審計（以人民幣列示）
Attributable to equity shareholders of the Company本公司權益股東應佔
Non-
Share Treasury Capital Statutory Other Exchange Retained controlling Total
capital shares reserve reserve reserve reserve profits Sub-total interests equity股本庫存股資本儲備法定儲備其他儲備外匯儲備保留利潤小計非控股權益權益總額
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
(note 19(b)) (note 19(c))（附註19(b)）（附註19(c)）
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
加：共同控制下的企業合併的影響––––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 the six months
ended June 30 2025:
截至2025年6月30日止六個月權益變動：
Profit for the period 期內利潤 – – – – – – 3911459 3911459 7767 3919226
Other comprehensive income 其他全面收益 – – – – – (1599) – (1599) – (1599)
Total comprehensive income 全面收益總額 – – – – – (1599) 3911459 3909860 7767 3917627
Issuance of ordinary H Shares 發行H股普通股 279031 – 8869333 – – – – 9148364 – 9148364
Dividends approved and paid in respect
of the previous year (note 19(a)(ii))
上一年度批准及派付的股息（附註19(a)(ii)） – – – – – – (4768967) (4768967) – (4768967)
Balance at June 30 2025 (Restated)
於2025年6月30日的結餘（經重列）5839632(563842)8965193307589656639(6681)218118933917873051430239693032
Balance at January 1 2026
於2026年1月1日的結餘5851825(408247)9372220327418126121(9651)232231154132956451011341839677
Changes in equity for the six months
ended June 30 2026:
截至2026年6月30日止六個月權益變動：
Profit for the period 期內利潤 – – – – – – 4190157 4190157 343 4190500
Other comprehensive income 其他全面收益 – – – – – (1357) – (1357) – (1357)
Total comprehensive income 全面收益總額 – – – – – (1357) 4190157 4188800 343 4189143
Dividends approved and paid in respect
of the previous year (note 19(a)(ii))
上一年度批准及派付的股息（附註19(a)(ii)） – – – – – – (6424831) (6424831) – (6424831)
Balance at June 30 2026
於2026年6月30日的結餘5851825(408247)9372220327418126121(11008)209884413909353351045639603989
The notes on pages 71 to 103 form part of this interim financial 第71至103頁附註構成本中期財務報告的一部
report. 分。
68 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026CONDENSED CONSOLIDATED CASH FLOW STATEMENT
簡明綜合現金流量表
FOR THE SIX MONTHS ENDED JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
截至2026年6月30日止六個月－未經審計（以人民幣列示）
Six months ended June 30截至6月30日止六個月
20262025
2026年2025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 2113469 2133876
Income tax paid 已付所得稅 (889242) (631472)
Net cash generated from operating activities 經營活動所得現金淨額 1224227 1502404
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(535931)(550012)
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 4170 234
Proceeds from maturity of term deposits and certificates of deposits定期存款及存單到期所得款項24487571287048
Placement of term deposits and certificates of deposits
存放定期存款及存單(1506795)(3441252)
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(6445000)(6183000)
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57361217391404
Interest received 已收利息 263595 223909
Net cash used in investing activities
投資活動所用現金淨額(35083)(1271669)
Financing activities 融資活動
Proceeds from issuance of ordinary H Shares relating
to initial public offering net of issuing costs
有關首次公開發售發行普通H股的所得款項（扣除發行成本） – 9179673
Proceeds from bank loans 銀行貸款所得款項 270100 97000
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 2061660 1869533
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 (1266872) (586477)
Repayments of bank loans 償還銀行貸款 (93000) (278415)
Capital element of lease rentals paid 已付租賃租金的資本部分 (23858) (12372)
Interest element of lease rentals paid 已付租賃租金的利息部分 (1860) (931)
Payment for listing expenses 支付上市開支 – (33625)
Dividends paid to equity shareholders of the Company
已付本公司權益股東股息(6424831)(4768968)
Interest paid 已付利息 (2926) (13722)
Net cash (used in)/generated from financing activities
融資活動（所用）╱所得現金淨額(5481587)5451696
佛山市海天調味食品股份有限公司 * 2026 中期報告 69CONDENSED CONSOLIDATED CASH FLOW STATEMENT簡明綜合現金流量表
FOR THE SIX MONTHS ENDED JUNE 30 2026 – UNAUDITED (EXPRESSED IN RMB)
截至2026年6月30日止六個月－未經審計（以人民幣列示）
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
Note RMB’000 RMB’000附註人民幣千元人民幣千元
(Restated)（經重列）
Net (decrease)/increase in cash and cash equivalents
現金及現金等價物（減少）╱增加淨額(4292443)5682431
Effect of foreign exchange rate changes 匯率變動的影響 (115923) 32520
Cash and cash equivalents at the beginning of the period期初現金及現金等價物954550011915753
Cash and cash equivalents at the end of the period
期末現金及現金等價物 15(a) 5137134 17630704
The notes on pages 71 to 103 form part of this interim financial 第71至103頁附註構成本中期財務報告的一部
report. 分。
70 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 GENERAL INFORMATION AND BASIS 1 一般信息和編製基準
OF PREPARATIONFoshan Hait ian Flavour ing and Food Company Ltd. ( the 佛山市海天調味食品股份有限公司（「本公“Company”) was establ ished in Foshan City Guangdong 司」）於2000年4月8日根據《中華人民共和Province the People’s Republic of China on April 8 2000 as 國公司法》在中華人民共和國廣東省佛山
a limited liability company under the PRC Company Law. In 市成立為一家有限責任公司。於2010年11November 2010 the Company was converted into a joint stock 月，本公司改制為股份有限公司。於2014limited liability company. The Company’s A shares have been 年2月11日，本公司A股在上海證券交易所listed on Shanghai Stock Exchange since February 11 2014 and 上市，於2025年6月19日，本公司H股在the Company’s H shares have been listed on the Main Board of 香港聯合交易所有限公司主板上市。
The Stock Exchange of Hong Kong Limited since June 19 2025.The interim financial report of the Company and its subsidiaries 本公司及其子公司（「本集團」）的中期財務
(the “Group”) has been prepared in accordance with the 報告乃根據香港聯合交易所有限公司證券
applicable disclosure provisions of the Rules Governing the Listing 上市規則之適用披露條文而編製，包括遵of Securities on The Stock Exchange of Hong Kong Limited 照國際會計準則理事會（「國際會計準則理including compliance with International Accounting Standard 事會」）頒佈之國際會計準則（「國際會計準(“IAS”) 34 Interim financial reporting issued by the International 則」）第34號中期財務報告。本中期財務報Accounting Standards Board (“IASB”). It was authorised for issue 告已於2026年8月26日獲授權刊發。
on August 26 2026.The interim financial report has been prepared in accordance with 本中期財務報告乃根據2025年年度財務報
the same accounting policies adopted in the 2025 annual financial 表所採用之相同會計政策而編製，惟預期statements except for the accounting policy changes that are 於2026年年度財務報表反映的會計政策變
expected to be reflected in the 2026 annual financial statements. 動則除外。有關該等會計政策的任何變動Details of any changes in accounting policies are set out in note 詳情載於附註2。
2.
The preparation of an interim financial report in conformity with 編製符合國際會計準則第34號之中期財務
IAS 34 requires management to make judgements estimates and 報告要求管理層作出判斷、估計及假設，assumptions that affect the application of policies and reported 而有關判斷、估計及假設會影響政策之應
amounts of assets and liabilities income and expenses on a year- 用及本年迄今為止所呈報資產及負債、收
to-date basis. Actual results may differ from these estimates. 益及開支之金額。實際結果可能與該等估計有所差異。
This interim financial report contains condensed consolidated 本中期財務報告載有簡明綜合財務報表及
financial statements and selected explanatory notes. The notes 選定說明附註。該等附註包括對了解本集include an explanation of events and transactions that are 團自2025年年度財務報表刊發以來之財務
significant to an understanding of the changes in financial position 狀況及表現所出現之變動而言屬重要之事
and performance of the Group since the 2025 annual financial 件及交易的說明。簡明綜合中期財務報表statements. The condensed consolidated interim financial 及其附註並不包括根據國際財務報告準則
statements and the accompanying notes do not include all of the 會計準則編製的全套財務報表所需的所有
information required for a full set of financial statements prepared 資料。
in accordance with IFRS Accounting Standards.佛山市海天調味食品股份有限公司 * 2026 中期報告 71NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
1 GENERAL INFORMATION AND BASIS 1 一般信息和編製基準（續）
OF PREPARATION (Continued)
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. Ltd. 海天創新技術有限公司（「海天創新」）的
(廣東海天創新技術有限公司 “Haitian Innovation”). As Haitian 100%股權。由於海天創新與本公司在收購Innovation and the Company are under common control of 前後均受廣東海天集團股份有限公司（「廣Guangdong Haitian Group Co. Ltd. (“Guangdong Haitian”) before 東海天」）共同控制，故上述交易被視為共and after the acquisition the above transaction is considered 同控制下的企業合併。因此，根據共同控as a business combination under common control. As a result 制下實體企業合併的會計政策，本集團綜the consolidated financial statements of the Group have been 合財務報表的編製，乃假設該實體自受廣prepared as if the entity was the subsidiary of the Company ever 東海天共同控制之日起已為本公司的子公
since it became under common control of Guangdong Haitian in 司。據此，截至2025年6月30日止六個月accordance with the accounting policy of business combination 的綜合損益表、綜合損益及其他全面收益
for entities under common control. Accordingly the comparative 表、綜合股權變動表及綜合現金流量表的
amounts of the consolidated statement of profit or loss the 比較金額已予重列。
consolidated statement of profit or loss and other comprehensive
income the consolidated statement of changes in equity and
condensed consolidated cash flow statement for the six months
ended June 30 2025 have been restated.The interim financial report is unaudited but has been reviewed 中期財務報告乃未經審計，但已由畢馬威by KPMG in accordance with Hong Kong Standard on Review 會計師事務所根據香港會計師公會（「香港Engagements 2410 Review of interim financial information 會計師公會」）頒佈的香港審閱委聘準則第
performed by the independent auditor of the entity issued by the 2410號實體獨立核數師對中期財務資料的
Hong Kong Institute of Certified Public Accountants (“HKICPA”). 審閱作出審閱。畢馬威會計師事務所向董KPMG’s independent review report to the board of directors is 事會出具的獨立審閱報告載於第104至105
included on pages 104 to 105. 頁。
2 CHANGES IN ACCOUNTING POLICIES 2 會計政策變動
The IASB has issued a number of amendments to IFRS 國際會計準則理事會已頒佈國際財務報告
Accounting Standards that are first effective for the current 準則會計準則的多項修訂，並首次於本會accounting period. None of these developments have had a 計期間生效。該等修訂對該等財務報表均material effect on these financial statements. The Group has not 無重大影響。本集團並無應用於本會計期applied any new standard or interpretation that is not yet effective 間尚未生效的任何新訂準則或詮釋。
for the current accounting period.
72 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
3 REVENUE AND SEGMENT 3 收益及分部報告
REPORTING
(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 flavoured sauce specialty 油、蠔油、調味醬、特色調味品及其
condiment products and others. 他。
(i) Disaggregation of revenue (i) 收益分類
Disaggregation of revenue from contracts with customers 來自合約客戶的收益按主要產品和
by major products and services is as follows: 服務類別分類如下：
Six months ended June 30截至6月30日止六個月
20262025
2026年2025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 8296230 7927943
Sales of oyster sauce products 蠔油產品的銷售 2566289 2502330
Sales of flavoured sauce products 調味醬產品的銷售 1645244 1625951
Sales of specialty condiment products and others特色調味品及其他的銷售28442612505507
Others (note) 其他（附註） 787580 665285
1613960415227016
Revenue from other sources 其他來源收益
Rental income 租金收入 6670 4431
1614627415231447
Note: Others primarily consist of sales of raw materials 附註： 「其他」主要包括原材料、包
packaging materials by-products and others and 裝材料、副產品和其他的銷
logistics and transportation services income. 售，以及物流及運輸服務收入。
佛山市海天調味食品股份有限公司 * 2026 中期報告 73NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
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 2026年6月30日止六個月，本集exceeded 10% of the Group’s aggregate revenue for the 團概無任何客戶的交易額佔本集團six months ended June 30 2026 (six months ended June 收益總額的10%以上（截至2025
30 2025: nil). 年6月30日止六個月：零）。
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。
(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。
74 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
4 OTHER REVENUE 4 其他收益
Six months ended June 30截至6月30日止六個月
20262025
2026年2025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 445616 254646
Government grants (note (i)) 政府補助（附註(i)） 32458 44165
Additional deduction for VAT (note (ii)) 增值稅加計扣除（附註(ii)） 39547 35621
517621334432
Notes: 附註：
(i) Government grants (i) 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.(ii) Additional deduction for VAT (ii) 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 * 2026 中期報告 75NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
5 OTHER NET (LOSSES)/INCOME 5 其他淨（虧損）╱收入
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
Investment income from and net fair value changes of
financial instruments measured at FVPL按公允價值計入損益的金融工具的投資收入及公允價值變動淨額25888090709
Net losses on disposal of property plant and equipment
出售物業、廠房及設備的虧損淨額(1387)(344)
Net foreign exchange losses 外匯匯兌虧損淨額 (480387) (27145)
Others (note (i)) 其他(附註(i)) (5106) (7540)
(228000)55680
Note: 附註：
(i) Included in others of other net losses the donation expenditure of (i) 截至2026年6月30日止六個月，本集團向the Group to its related party Foshan Kangze Charity Foundation 其關聯方佛山市康澤慈善基金會的捐款開was RMB4735000 during the six months ended June 30 2026 (six 支人民幣4735000元（截至2025年6月30months ended June 30 2025: RMB6390000). 日止六個月：人民幣6390000元）已計入
其他虧損淨額內的「其他」項目。
6 PROFIT BEFORE TAXATION 6 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
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
Interest on bank loans and other borrowing 銀行貸款及其他借款利息 2926 13722
Interest on lease liabilities 租賃負債利息 1860 930
478614652
76 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
6 PROFIT BEFORE TAXATION 6 除稅前利潤（續）
(Continued)
(b) Other items (b) 其他項目
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
(Restated)（經重列）
Amortization cost of intangible assets 無形資產攤銷成本 5388 7739
Depreciation charge 折舊費用
– Property plant and equipment 物業、廠房及設備 375298 381581
– Right-of-use asset 使用權資產 34166 23663
– Investment property 投資物業 113 138
409577405382
Listing expenses 上市開支 – 2316
Cost of inventories 存貨成本 8222831 7728113
Logistics costs 物流成本 845309 790681
Research and development expenses 研發開支 488256 414569
佛山市海天調味食品股份有限公司 * 2026 中期報告 77NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
7 INCOME TAX IN THE CONSOLIDATED 7 綜合損益表中的所得稅
STATEMENT OF PROFIT OR LOSS
Taxation in the consolidated statement of profit 綜合損益表中的稅項為：
or loss represents:
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
Current tax 即期稅項
Provision for the period 期內撥備
– PRC income tax 中國所得稅 688555 656959
– Under provision in respect of prior years 過往年度撥備不足 3399 7580
691954664539
Deferred tax 遞延稅項
Origination and reversal of temporary differences 暫時差額產生及撥回 71913 65030
763867729569
78 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
8 EARNINGS PER SHARE 8 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 每股基本盈利乃根據中期期間本公
the profit attributable to ordinary equity shareholders of the 司普通權益股東應佔溢利人民幣Company of RMB4190157000 (six months ended June 4190157000元（截至2025年6月30
30 2025: RMB3911459000 (restated)) and the weighted 日止六個月：人民幣3911459000元
average of 5840756000 ordinary shares (six months ended （經重列））及已發行5840756000股June 30 2025: 5562363000 shares) in issue during the 普通股加權平均數（截至2025年6月30interim period. 日止六個月：5562363000股）計算。
(i) Weighted-average number of ordinary shares (i) 普通股加權平均數
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
’000’000千股千股
Issued ordinary shares at the beginning of the period於期初的已發行普通股58518255560601
Effect of the issuance of ordinary H shares
發行H股普通股的影響 – 17051
Effect of shares repurchased at the beginning of the period (Note 19(c))
於期初購回股份的影響（附註19(c)） (11069) (15289)
Weighted average number of ordinary shares at the end of the period於期末的普通股加權平均數58407565562363
(b) Diluted earnings per share (b) 每股攤薄盈利
During the six months ended June 30 2026 there were no 截至2026年6月30日止六個月，並無dilutive potential ordinary shares issued. Therefore diluted 發行潛在攤薄普通股。因此，攤薄每earnings per share is the same as basic earnings per share. 股盈利與基本每股盈利相同。
佛山市海天調味食品股份有限公司 * 2026 中期報告 79NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
9 PROPERTY PLANT AND EQUIPMENT 9 物業、廠房及設備
During the six months ended June 30 2026 The Group 截至2026年6月30日止六個月，本集團按acquired items of property plant and equipment with a cost 成本人民幣405858000元（截至2025年6of RMB405858000 (s ix months ended June 30 2025: 月30日止六個月：人民幣496958000元）
RMB496958000). Items of property plant and equipment with 收購物業、廠房及設備項目。截至2026a net book value of RMB2265000 (six months ended June 30 年6月30日止六個月，賬面淨值為人民幣2025: RMB481000) were disposed of during the six months 2265000元（截至2025年6月30日止六ended June 30 2026 resulting in net losses on disposal of 個月：人民幣481000元）的物業、廠房及
RMB1387000 (six months ended June 30 2025: RMB344000). 設備項目被出售，導致出售淨虧損人民幣1387000元（截至2025年6月30日止六個月：人民幣344000元）。
10 RIGHT-OF-USE ASSETS 10 使用權資產
During the six months ended June 30 2026 the depreciation of 截至2026年6月30日止六個月，本集團使the Group’s right-of-use assets leads to reduce the net value of 用權資產的折舊導致使用權資產淨值減少right-of-use assets of RMB34166000 (six months ended June 人民幣34166000元（截至2025年6月30
30 2025: RMB23663000). 日止六個月：人民幣23663000元）。
11 OTHER FINANCIAL ASSETS AT FAIR 11 按公允價值計入損益的其他
VALUE THROUGH PROFIT OR LOSS 金融資產
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
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) 10814342 10105463
1081444210105563
(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。
80 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
12 INVENTORIES 12 存貨
(a) Inventories in the consolidated statement of financial position (a) 綜合財務狀況表中的存貨包括：
comprises:
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Raw materials 原材料 295074 300163
Work in progress 在製品 1388674 1273198
Finished goods 製成品 400131 707384
Packaging materials 包裝材料 78883 84059
Low value consumables 低值易耗品 43282 40440
Others 其他 2480 2471
22085242407715
(b) The analysis of the amount of inventories recognized as an (b) 確認為開支並計入損益的存貨金額分
expense and included in profit or loss is as follows: 析如下：
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
Carrying amount of inventories sold 已售存貨賬面值 7893988 7441924
Carrying amount of inventories recognized as research and
development expenses確認為研發開支的存貨賬面值326457285972
Write-down of inventories 存貨減記 2386 217
82228317728113
佛山市海天調味食品股份有限公司 * 2026 中期報告 81NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
13 TRADE RECEIVABLES 13 貿易應收款項
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
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 287398 308595
Less: loss allowance 減：虧損撥備 (13047) (12971)
Total 總計 274351 295624
All of the trade receivables in current portion are expected to be 流動部分的所有貿易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。
Aging analysis 賬齡分析
The aging analysis of trade receivables based on the invoice 基於發票日期的貿易應收款項的賬齡分析
date is as follows: 如下：
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Within 1 year 1年內 284680 303735
1 to 2 years 1至2年 1308 3580
2 to 3 years 2至3年 312 182
Over 3 years 3年以上 1098 1098
287398308595
Trade receivables are due within 90 days from the date of 貿易應收款項於賬單日期起計90日內到
billing. Debtors with balances 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.
82 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
14 OTHER RECEIVABLES 14 其他應收款項
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Current 流動
Amounts due from related parties 應收關聯方款項 13395 8281
Other receivables 其他應收款項 53333 36737
6672845018
Prepayments for materials and services 材料及服務預付款項 111885 127742
– third parties 第三方 85995 127742
– related parties 關聯方 25890 –
Deductible input VAT and others 可抵扣進項增值稅及其他 204956 247122
Prepaid income tax 預付所得稅 20493 151372
404062571254
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2454333216
2454333216
Total 總計 428605 604470
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 * 2026 中期報告 83NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
15 CASH AND CASH EQUIVALENTS 15 現金及現金等價物、定期存
TERM DEPOSITS CERTIFICATES OF 款、存單及受限制現金
DEPOSITS AND RESTRICTED CASH
(a) Cash and cash equivalents comprise: (a) 現金及現金等價物包括：
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Cash at bank and in hand and cash equivalents
銀行及手頭現金，以及現金等價物51371349545500(i) Classification as cash equivalents (i) 現金等價物分類
For the purpose of presentation in the condensed 就呈列於簡明綜合現金流量表而
consolidated cash flow statement cash equivalents 言，現金等價物包括為滿足短期現include term deposits and certificates of deposits held for 金承擔而持有的定期存款及存單。
the purpose of meeting short-term cash commitments.
84 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
15 CASH AND CASH EQUIVALENTS 15 現金及現金等價物、定期
TERM DEPOSITS CERTIFICATES OF 存款、存單及受限制現金
DEPOSITS AND RESTRICTED CASH （續）
(Continued)
(b) Term deposits and certificates of deposits comprise: (b) 定期存款、存單包括：
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
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)） 11870859 12794142
Certificates of deposits (note (i)) 存單（附註(i)） 1917230 2252425
1378808915046567
Non-current 非即期
Term deposits (note (i)) 定期存款（附註(i)） 2694772 2666769
Certificates of deposits (note (i)) 存單（附註(i)） 3547825 3212043
62425975878812
2003068620925379
Note: 附註：
(i) The balance of term deposits and certificates of deposits mainly (i) 定期存款、存單的結餘主要包括期限
comprise term deposits and certificates of deposits with terms 超過三個月的定期存款及存單以及相
over three months and related accrued interest. Term deposits 關應計利息。期限超過十二個月的定and certificates of deposits with terms over twelve months are 期存款及存單重新分類為非流動資產。
reclassified as non-current assets.佛山市海天調味食品股份有限公司 * 2026 中期報告 85NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
15 CASH AND CASH EQUIVALENTS 15 現金及現金等價物、定期
TERM DEPOSITS CERTIFICATES OF 存款、存單及受限制現金
DEPOSITS AND RESTRICTED CASH （續）
(Continued)
(c) Restricted cash (c) 受限制現金
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Guarantee deposits 保證金 13849 11611
The balance of guarantee deposits mainly comprise letter 保證金結餘主要包括信用證保證金、of credit guarantee deposits third-party payment platforms 第三方付款平台保證金等（均受到限guarantee deposits etc all of which are restricted. 制）。
86 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
16 TRADE AND BILLS PAYABLE 16 貿易應付款項及應付票據
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Trade payables 貿易應付款項 1561996 1505924
– third parties (notes (ii)) 第三方（附註(ii)） 1435508 1376736
– related parties 關聯方 126488 129188
Bills payable 應付票據 2091661 1266872
36536572772796
Notes: 附註：
(i) All trade and bills payable (including amounts due to related parties) (i) 所有貿易應付款項及應付票據（包括應付關are expected to be settled within one year or are repayable on 聯方款項）預期將於一年內結算或按要求償
demand. 還。
(ii) Since 2023 the Group’s certain suppliers have entered into factoring (ii) 自2023年起，本集團的若干供應商與本集arrangements with Guangdong Hait ian Commercial Factoring 團的直接股東控制的實體廣東海天商業保
Company Limited (“Haitian Factoring”) an entity controlled by the 理有限公司（「海天保理」）訂立保理安排。
immediate shareholder of the Group. Under these arrangements the 根據該等安排，本集團的供應商在原到期Group’s suppliers transfer the receivables due from the Group to 日之前將應收本集團款項轉讓予海天保
Haitian Factoring before the original due dates and the Group settles 理，而本集團會在到期日與海天保理結算these trade payables with Haitian Factoring upon the due date. The 該等貿易應付款項。於2026年6月30日，receivables due from the Group that certain suppliers transferred to 若干供應商轉讓予海天保理或授權海天保
Haitian Factoring or authorized Haitian Factoring to collect payment 理自本集團收取付款的應收本集團款項為from the Group as at June 30 2026 amounted to RMB220031000 人民幣220031000元（2025年12月31
(December 31 2025: RMB261081000). Trade payables that the 日：人民幣261081000元）。截至2026年
Group settled with Haitian Factoring under the above arrangement 6月30日止六個月，本集團根據上述安排與amounted to RMB1806939000 in aggregate during the six 海天保理結算的貿易應付款項合共為人民months ended June 30 2026 (six months ended June 30 2025: 幣1806939000元（截至2025年6月30日RMB1406445000). 止六個月：人民幣1406445000元）。
佛山市海天調味食品股份有限公司 * 2026 中期報告 87NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
16 TRADE AND BILLS PAYABLE 16 貿易應付款項及應付票據
(Continued) （續）
As of the end of the reporting period the ageing analysis of trade 截至報告期末，基於發票日期的貿易應付payables based on the invoice date is as follows: 款項的賬齡分析如下：
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Within 1 year 1年內 3653657 2772796
17 OTHER PAYABLES 17 其他應付款項
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Other taxes payable 其他應付稅項 277393 125508
Payroll payables 應付工資 499694 712231
Amounts due to related parties 應付關聯方款項 3350 1894
Deposits due to suppliers 應付供應商按金 169805 159609
Accrual for marketing expenses 應計營銷開支 171791 231083
Accrual for transportation expenses 應計運輸開支 265586 303392
Payables for equipment and construction 設備及工程應付款項 102719 101210
Others其他 62705 85403
15530431720330
All other payables (including amounts due to related parties) 所有其他應付款項（包括應付關聯方款項）
are expected to be settled within one year or are repayable on 預期將於一年內結算或按要求償還。
demand.
88 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
18 CONTRACT LIABILITIES 18 合約負債
Contract liabilities mainly represented the advance payments 合約負債主要指尚未提供相關商品時來自
(exclude output VAT) from customers for which the underlying 客戶的預付款（不包括銷項增值稅）。預付goods are yet to be provided. The output VAT contained in 款中包含的銷項增值稅已分類至其他流動
the advance payments has been classified under other current 負債。
liabilities.As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Receipts in advance 預收款項 978657 4128489
19 CAPITAL RESERVES AND DIVIDENDS 19 資本、儲備及股息
(a) Dividends (a) 股息
(i) Dividends payable to equity shareholders attributable to (i) 中期期間應付權益股東股息
the interim period
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
No interim dividend were declared and paid after the interim
period (2025: RMB0.26 per ordinary share)概無於中期期間後宣派並派付的中期股息
（2025年：每股普通股人民幣0.26元）–1518799
The interim dividend has not been recognised as a liability 中期股息未於報告期末確認為負
at the end of the reporting period. 債。
佛山市海天調味食品股份有限公司 * 2026 中期報告 89NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
19 CAPITAL RESERVES AND DIVIDENDS 19 資本、儲備及股息（續）
(Continued)
(a) Dividends (Continued) (a) 股息（續）
(ii) Dividends payable to equity shareholders attributable to (ii) 中期期間批准及派付的上一個財政
the previous financial year approved and paid during the 年度應付權益股東的股息
interim period
Six months ended June 30截至6月30日止六個月
20262025
2026年2025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 following interim period
of RMB0.80 per ordinary share (tax inclusive)
(six months ended June 30 2025: RMB0.86 per ordinary share)後續中期期間批准及派付的上一個財政年度末期股息每股普通股
人民幣0.80元（含稅）（截至2025年6月30日止六個月：每股普通股人民幣0.86元）46726044768967
Special dividend of the previous financial year approved and
paid during the following interim period of RMB0.30 per ordinary
share (tax inclusive) (six months ended June 30 2025: Nil)後續中期期間批准及派付的上一個財政年度特別股息每股普通股
人民幣0.30元（含稅）（截至2025年6月30日止六個月：無）1752227–
64248314768967
(b) Share capital (b) 股本
Number of
shares Share capital股份數目股本
’000 RMB’000千股人民幣千元
Ordinary shares issued and fully paid: 普通股，已發行及繳足：
At January 1 2026 and June 30 2026 於2026年1月1日及2026年6月30日 5851825 5851825
90 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
19 CAPITAL RESERVES AND DIVIDENDS 19 資本、儲備及股息（續）
(Continued)
(c) Treasury shares (c) 庫存股
The Company did not repurchase or cancelled any treasury 截至2026年及2025年6月30日止六個
shares during the six months ended June 30 2026 and 月，本公司並無購回或註銷任何庫存
2025.股。
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Treasury shares 庫存股 408247 408247
The Company has adopted the 2024-2028 employee stock 本公司已於 2 0 2 4年 9月 1 9日採納ownership scheme (the “A Share Employee Stock Ownership 2024-2028年員工持股計劃（「A股員工Scheme”) on September 19 2024. Under the A Share 持股計劃」）。根據A股員工持股計劃，Employee Stock Ownership Scheme a separate employee 2024年至2028年每年均應設立一項
stock ownership plan shall be established for each year from 獨立的員工持股計劃。本公司於2023
2024 to 2028. The Company had repurchased 15289491 A 年及2024年合共購回15289491股A
Shares in aggregate in 2023 and 2024 and held as treasury 股，並作為庫存股持有，以供日後根shares for future share award under the A Share Employee 據A股員工持股計劃作股份獎勵之用。
Stock Ownership Scheme.With respect to the 2024 employee stock ownership plan on 就2024年員工持股計劃，於2025年September 25 2025 the board of directors of the Company 9月25日，本公司董事會就獲授信人granted a total number of 4220100 shares to the grantees 的過往服務向其授予合共4220100
for their past services resulting in a corresponding reduction 股股份，導致庫存股數目相應由in the number of treasury shares from 15289491 to 15289491股減少至11069391股。
11069391. The ordinary shares held as treasury shares as 於 2 0 2 6年 6月 3 0日及 2 0 2 5年 1 2月
at June 30 2026 and December 31 2025 include 5289491 3 1日，作為庫存股持有的普通股包shares held as treasury shares 5000000 shares held under 括作為庫存股持有的5289491股股
the 2025 employee stock ownership plan and 779900 shares 份、根據2025年員工持股計劃持有的
held under the 2024 employee stock ownership plan. 5000000股股份及根據2024年員工持股計劃持有的779900股股份。
佛山市海天調味食品股份有限公司 * 2026 中期報告 91NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
20 FAIR VALUE MEASUREMENT OF 20 金融工具公允價值計量
FINANCIAL INSTRUMENTS
(a) Financial assets measured at fair value (a) 按公允價值計量的金融資產
Fair value hierarchy 公允價值層級
The following table presents the fair value of the Group’s 下表呈列本集團於報告期末按經常性
financial instruments measured at the end of the reporting 基準計量的金融工具的公允價值，並period on a recurring basis categorised into the three- 分類為國際財務報告準則第 1 3號公
level fair value hierarchy as defined in IFRS 13 Fair value 允價值計量所界定的三級公允價值層
measurement. The level into which a fair value measurement 級。本集團參照以下估值技術所採用is classified is determined with reference to the observability 的輸入數據的可觀察性及重要性，釐and significance of the inputs used in the valuation technique 定公允價值計量所應歸屬的層級：
as follows:
* Level 1 valuations: Fair va lue measured using only * 第一級估值： 僅使用第一級輸入Leve l 1 inputs i . e . unad jus ted 數據（即於計量日活quoted prices in active markets for 躍市場上相同資產
identical assets or liabilities at the 或負債未經調整的measurement date 報價）計量的公允價值
* Level 2 valuations: Fair value measured using Level 2 * 第二級估值： 使用第二級輸入數inputs i.e. observable inputs which 據（即不符合第一fail to meet Level 1 and not using 級的可觀察輸入數signi f icant unobservable inputs. 據），且並無使用Unobservable inputs are inputs for 重大不可觀察輸入
which market data are not available 數據計量的公允價值。不可觀察輸入數據為無法獲得市場數據的數據
* Level 3 valuations: Fair value measured using significant * 第三級估值： 使用重大不可觀察
unobservable inputs 輸入數據計量的公允價值
92 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
20 FAIR VALUE MEASUREMENT 20 金融工具公允價值計量
OF FINANCIAL INSTRUMENTS （續）
(Continued)
(a) Financial assets measured at fair value (a) 按公允價值計量的金融資產
(Continued) （續）
Analysis on fair value measurement of financial instruments as 於2026年6月30日及2025年12月31at June 30 2026 and December 31 2025 are as follows: 日，金融工具公允價值計量的分析如下：
Fair value at
June 30 Fair value measurement at
2026 June 30 2026 categorised into
於2026年
6月30日於2026年6月30日
的公允價值的公允價值分類為
RMB’000 Level 1 Level 2 Level 3人民幣千元第一級第二級第三級
Recurring fair value measurement經常性公允價值計量
Other financial assets at FVPL按公允價值計入損益的其他金融資產
– Wealth management products 理財產品 10814342 – 10814342 –
– Equity securities 股本證券 100 – 100 –
Derivative financial assets 衍生金融資產
– Forward exchange contracts
–遠期外匯合約22514–22514–
Derivative financial liabilities 衍生金融負債
– Forward exchange contracts
–遠期外匯合約(2089)–(2089)–
10834867–10834867–
佛山市海天調味食品股份有限公司 * 2026 中期報告 93NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
20 FAIR VALUE MEASUREMENT 20 金融工具公允價值計量
OF FINANCIAL INSTRUMENTS （續）
(Continued)
(a) Financial assets measured at fair value (a) 按公允價值計量的金融資產
(Continued) （續）
Fair value at
December 31 Fair value measurement at
2025 December 31 2025 categorised into
於2025年
12月31日於2025年12月31日
的公允價值的公允價值分類為
RMB’000 Level 1 Level 2 Level 3人民幣千元第一級第二級第三級
Recurring fair value measurement經常性公允價值計量
Other financial assets at FVPL按公允價值計入損益的其他金融資產
– Wealth management products 理財產品 10105463 – 10105463 –
– Equity securities 股本證券 100 – 100 –
Derivative financial liabilities 衍生金融負債
– Forward exchange contracts
–遠期外匯合約(360)–(360)–
10105203–10105203–
During the six months ended June 30 2026 there were no 截至2026年6月30日止六個月，第一transfers between Level 1 and Level 2 or transfers into or 級與第二級之間並無出現任何轉移，out of Level 3 (six months ended June 30 2025: nil). The 亦無任何公允價值轉入第三級或自第Group’s policy is to recognize transfers between levels of fair 三級轉出（截至2025年6月30日止六個value hierarchy as at the end of the reporting period in which 月：無）。本集團的政策乃於公允價值they occur. 層級之間出現轉移的報告期末確認有關轉移。
Valuation techniques and inputs used in Level 2 fair value 第二級公允價值計量中使用的估值技
measurements 術及輸入數據
The fair value of wealth management products in Level 2 is 第二級理財產品的公允價值乃參考銀
measured by referencing to the net asset value published by 行公佈的資產淨值計量。
the banks.The fair value of forward exchange contracts in Level 2 第二級遠期外匯合約的公允價值乃透
is determined by discounting the difference between the 過合約遠期價格與當前遠期價格之間
contractual forward price and the current forward price. The 的差額進行貼現釐定。所使用的貼現discount rate used is derived from the relevant government 率取自報告期末的相關政府收益率曲
yield curve as at the end of the reporting period plus an 線，並加上適當的固定信貸利差。
adequate constant credit spread.
94 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
20 FAIR VALUE MEASUREMENT 20 金融工具公允價值計量
OF FINANCIAL INSTRUMENTS （續）
(Continued)
(b) Fair value of financial assets and liabilities (b) 並非按公允價值列賬的金融資
carried at other than fair value 產及負債的公允價值
The carrying amounts of the Group’s financial instruments 於2026年6月30日及2025年12月31carried at amortized cost are not materially different from their 日，本集團按攤銷成本列賬的金融工fair values as at June 30 2026 and December 31 2025. 具的賬面值與其公允價值並無重大差異。
21 COMMITMENTS 21 承擔
Capital commitments outstanding at June 30 2026 not provided 於2026年6月30日，並未於中期財務報告for in the interim financial report were as follows: 中作出撥備的未履行資本承擔如下：
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
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552024576901
22 MATERIAL RELATED PARTY 22 重大關聯方交易
TRANSACTIONS
(a) Key management personnel remuneration (a) 主要管理人員薪酬Remunerat ion for key management personnel of the 本集團主要管理人員的薪酬（包括支付Group including amounts paid to the Company’s directors 予本公司董事、監事及若干最高薪酬supervisors and certain of the highest paid employees is as 僱員的金額）載列如下：
follows:
Six months ended June 30截至6月30日止六個月
20262025
2026年2025年
RMB’000 RMB’000人民幣千元人民幣千元
Key management personnel remuneration主要管理人員的薪酬1840219074
佛山市海天調味食品股份有限公司 * 2026 中期報告 95NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
22 MATERIAL RELATED PARTY 22 重大關聯方交易（續）
TRANSACTIONS (Continued)
(b) Transactions with related parties (b) 與關聯方的交易
Apart from disclosures made in note 16 of the interim 除中期財務報告附註16所披露者外，financial report The Group entered into the following material 本集團訂立以下重大關聯方交易：
related party transactions:
Six months ended June 30截至6月30日止六個月
20262025
2026年2025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525899399498
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體132645196574
658544596072
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1726727849
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體–44
1726727893
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1476788
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627949
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3970628371
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454–
96 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
22 MATERIAL RELATED PARTY 22 重大關聯方交易（續）
TRANSACTIONS (Continued)
(b) Transactions with related parties (Continued) (b) 與關聯方的交易（續）
(i) Leasing arrangements (i) 租賃安排
Our Group has entered into several lease agreements 本集團已與廣東海天及受廣東海
with lease periods of 1 to 3 years with Guangdong 天控制的實體訂立若干租賃協
Haitian and entities controlled by Guangdong Haitian to 議，租期為1至3年，以租賃若干lease certain premises machinery and equipment. During 物業、機器及設備。截至2026年the six months ended June 30 2026 the Group settled 6月30日止六個月，本集團就上the lease payments with amounts of RMB21835000 (six 述租賃服務結算租賃付款人民幣months ended June 30 2025: RMB10397000) for the 21835000元（截至2025年6月30above rental services and interests generated from these 日止六個月：人民幣10397000leasing arrangements were RMB1159000 (six months 元），該等租賃安排產生的利息為ended June 30 2025: RMB302000). 人民幣1159000元（截至2025年6月30日止六個月：人民幣
302000元）。
During the six months ended June 30 2026 the Group 截至2026年6月30日止六個月，entered into new lease agreements with Guangdong 本集團與廣東海天就使用機器及設
Haitian and entities controlled by Guangdong Haitian for 備訂立新租賃協議，因此確認使用use of premises machinery and equipment and therefore 權資產及租賃負債人民幣559000recognized right-of-use assets and lease l iabi l i t ies 元（截至2025年6月30日止六個of RMB559000 (six months ended June 30 2025: 月：人民幣822000元）。
RMB822000) respectively.(ii) Since 2024 certain distributors of the Group entered (ii) 自2024年起，本集團若干經銷商into the loan agreements independently with Jiaxing 與廣東海天控制的實體嘉興海天小
Haitian Small Loan Company Limited (“Jiaxing Haitian”) 額貸款有限公司（「嘉興海天」）獨
an entity controlled by Guangdong Haitian. Pursuant 立訂立貸款協議。根據有關協議，to the agreements Jiaxing Haitian agreed to make the 嘉興海天同意代表經銷商直接向本
direct payment to the Group on behalf of distributors 集團支付經銷商採購調味品的預付
as distributors’ prepayments for purchase of flavouring 款項，而上述墊款被視為嘉興海products and the above advance payments are regarded 天向經銷商發放的貸款。於截至as Jiaxing Haitian’s loans to distributors. During the six 2026年6月30日止六個月，本集months ended June 30 2026 the total amount received 團自嘉興海天收取的經銷商預付款
by the Group from Jiaxing Haitian as the distributors’ 項總額合共為人民幣341638000prepayments were RMB341638000 (six months ended 元（截至2025年6月30日止六個June 30 2025: RMB328499000) in aggregate. The 月：人民幣328499000元）。本Group does not provide any guarantee over Jiaxing 集團不就嘉興海天向經銷商發放的
Haitian’s loans to distributors. 貸款提供任何擔保。
佛山市海天調味食品股份有限公司 * 2026 中期報告 97NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
22 MATERIAL RELATED PARTY 22 重大關聯方交易（續）
TRANSACTIONS (Continued)
(c) Balances with related parties (c) 與關聯方的結餘
As at As at
June 30 December 31
20262025
於2026年於2025年
6月30日12月31日
RMB’000 RMB’000人民幣千元人民幣千元
Trade related: 與貿易有關：
Other receivables 其他應收款項
Guangdong Haitian and entities controlled by Guangdong Haitian廣東海天及廣東海天控制的實體392858268
Entities over which Guangdong Haitian has significant influence
廣東海天對其有重大影響力的實體–13
392858281
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9045476208
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體3603452980
126488129188
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2000544
Entities over which Guangdong Haitian has significant influence廣東海天對其有重大影響力的實體13501350
33501894
Lease liabilities 租賃負債
Guangdong Haitian and entities controlled by Guangdong Haitian廣東海天及廣東海天控制的實體5426671508
98 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
23 POSSIBLE IMPACT OF AMENDMENTS 23 截至2026年6月30日止六
NEW STANDARDS AND 個月已頒佈但尚未生效的修
INTERPRETATIONS ISSUED BUT 訂、新訂準則及詮釋的潛在
NOT YET EFFECTIVE FOR THE SIX 影響
MONTHS ENDED JUNE 30 2026
A number of amendments and new standards are not yet 若干修訂及新訂準則於2026年1月1日開始
mandatory for annual periods beginning 1 January 2026. Earlier 的年度期間尚未強制生效。儘管允許提早application is permitted; however the Group has not early 應用，惟本集團在編製本中期財務報告時adopted any new or amended standards in preparing this interim 並未提早採納任何新訂或經修訂準則。
financial report.The following updates the information provided in the last annual 以下更新了上一年度財務報表中提供有關
financial statements about the possible impacts of IFRS 18 國際財務報告準則第18號潛在影響的資
which may have a significant impact on the Group’s consolidated 料，該準則獲採納時可能對本集團的綜合financial statements when adopted. 財務報表產生重大影響。
IFRS 18 Presentation and disclosure in financial 國際財務報告準則第18號，財務報statements 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 is first effective for annual reporting periods beginning on or 準則第1號，財務報表的呈列，並於2027after January 1 2027. 年1月1日或之後開始的年度報告期間首次生效。
IFRS 18 introduces new requirements for presentation and 國際財務報告準則第18號引入財務報表呈
disclosure in financial statements including new categories and 列及披露的新規定，包括損益表中的新類defined subtotals in the statement of profit or loss enhanced 別及定義小計、加強對資料匯總及分拆的
requirements for aggregation and disaggregation of information 規定，以及關於管理層定義的績效指標的and specific disclosures about management-defined performance 特定披露。本集團正在評估首次應用國際measures. The Group is assessing the expected impact that the 財務報告準則第18號預期將對其綜合財務
initial application of IFRS 18 will have on its consolidated financial 報表產生的影響。
statements.The Group expects that the adoption of IFRS 18 will not change 本集團預期採納國際財務報告準則第18號
the group’s net assets or net profit. However it is expected to 不會改變本集團的資產淨值或淨利潤。然affect the presentation of the Group’s consolidated statement of 而，預期將影響本集團綜合損益表的呈列profit or loss and related note disclosures. Based on the work 以及相關附註披露。基於迄今為止所進行performed to date the Group’s assessment on the expected 的工作，本集團對首次應用國際財務報告impact of the initial application of IFRS 18 is summarised below. 準則第18號的預期影響評估總結如下。由The assessment remains subject to change as the Group 於本集團仍在進行實施工作，該評估仍可continues its implementation work. 能會有變動。
佛山市海天調味食品股份有限公司 * 2026 中期報告 99NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
23 POSSIBLE IMPACT OF 23 截至2026年6月30日止六
AMENDMENTS NEW STANDARDS 個月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）
SIX MONTHS ENDED JUNE 30 2026
(Continued)
(a) Structure of the statement of profit or loss (a) 損益表的結構
IFRS 18 requires entities to classify income and expenses 國際財務報告準則第18號要求實體在
into specified categories in the statement of profit or loss 損益表中將收入及開支分類為特定類
including operating investing and financing categories. 別，包括經營、投資及融資類別。該It also requires entit ies to present two newly defined 準則亦要求實體呈列兩個新定義的小
subtotals which are “operating profit” and “profit or loss 計，即「經營利潤」及「融資及所得稅before financing and income taxes”. The operating profit 前損益」。預期經營利潤小計將有別於subtotal is expected to differ from the current profit from 本集團目前所呈列的經營所得利潤小
operations subtotal presented by the Group. Based on the 計。基於迄今為止所進行的工作，本work performed to date the Group also expects the following 集團亦預期綜合損益表將有以下變動：
changes to the consolidated statement of profit or loss:
* Interest income investment income from f inancial * 預期目前呈列於本集團「其他收入
instruments measured at FVPL and net fair value changes 及其他淨收入」小計的利息收入、
of financial instruments measured at FVPL which are 按公允價值計入損益金融工具的投
currently presented in the Group’s other income and 資收入，以及按公允價值計入損益other net income subtotal as well as the income and 金融工具的公允價值變動淨額，expenses from investment property are expected to 連同投資物業所得收入及開支，將be classified in the investing category. The income and 分類為投資類別。分類為投資類別expenses classified in the investing category together 的收入及開支與「經營利潤」小計
with the subtotal “operating profit” will form the new 將組成新小計「融資及所得稅前損subtotal “profit or loss before financing and income 益」；taxes”;
* The Group is assessing the classification of expenses * 本集團正在評估目前包含在融資成
as currently included in the finance cost line item and 本項目中的開支分類，並預期該項expects that this line item will be disaggregated into 目將在融資類別中分拆為「僅因籌“expenses on liabilities arising solely from raising of 集資金而產生的負債開支」及「其finance” and “interest expenses on other liabilities” in the 他負債的利息開支」；
financing category;
100 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
23 POSSIBLE IMPACT OF 23 截至2026年6月30日止六
AMENDMENTS NEW STANDARDS 個月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）
SIX MONTHS ENDED JUNE 30 2026
(Continued)
(a) Structure of the statement of profit or loss (a) 損益表的結構（續）
(Continued)
* The Group is required to assess the classification of * 本集團須評估將匯兌差額與產生該
foreign exchange differences in the same category as the 等差額的項目所產生的收入及開支
income and expenses from the items that gave rise to the 分類為相同類別，除非這樣做涉及differences unless doing so would involve undue cost or 過多成本或努力；及
effort; and
* The Group currently presents operating expenses by * 本集團目前按功能呈列經營開支。
function. The Group is assessing whether its current 本集團正在評估其目前的呈列方
presentation or a mixed presentation by nature and 式，或按性質及功能混合呈列的方function will provide the most useful structured summary 式，是否能根據國際財務報告準則of its operating expenses under IFRS 18. If the Group 第18號提供對其經營開支最為有
continues to present one or more operating expense line 用且結構化的總結。倘本集團繼續item by function information about five specific expenses 按功能呈列一項或多項經營開支，by nature will be provided in a single note to the financial 則會在財務報表的單一附註中提供
statements. 關於五項特定按性質分類的開支資料。
佛山市海天調味食品股份有限公司 * 2026 中期報告 101NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
23 POSSIBLE IMPACT OF 23 截至2026年6月30日止六
AMENDMENTS NEW STANDARDS 個月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）
SIX MONTHS ENDED JUNE 30 2026
(Continued)
(b) Management-defined performance measures (b) 管 理 層 定 義 的 績 效 指 標
(“MPM”) （「MPM」）
MPMs are subtotals of income and expenses used in M P M指在財務報表以外的公開通訊
public communications outside the financial statements 中使用的收入及開支小計，旨在向使that communicate management’s view of an aspect of the 用者傳達管理層對實體整體財務表現
financial performance of the entity as a whole to users. Based 某方面的看法。基於本集團目前的評on the Group’s current assessment “adjusted net profit” 估，「調整後淨利潤」，指歸屬於母which represents the net profit attributable to shareholders 公司股東的扣除非經常性損益的淨利
of the parent company after deducting non-recurring profit or 潤，被識別為MPM，因其目前由本集loss is identified as a MPM since it is currently being reported 團在管理層報告、新聞稿及投資者簡
by the Group in its management commentary press releases 報中予以呈報。本集團亦正在制定一and investor presentations. The Group is also developing a 項流程，以識別其公開通訊，並評估process to identify its public communications and assess 在該等通訊中呈報的其他指標是否符
whether other measures reported in those communications 合MPM的定義。
meet the definition of an MPM.The Group will be required to disclose specific information 本集團將須在財務報表的單一附註中
about MPMs in a single note in the financial statements. The 披露關於MPM的特定資料。採納國際MPMs disclosed by the Group following adoption of IFRS 18 財務報告準則第18號後，本集團披露will be determined based on public communications issued 的MPM將根據本集團就同一報告期間
by the Group relating to the same reporting period. 發佈的公開通訊釐定。
102 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB UNLESS OTHERWISE INDICATED)（ 除非另有說明，否則以人民幣千元呈列）
23 POSSIBLE IMPACT OF 23 截至2026年6月30日止六
AMENDMENTS NEW STANDARDS 個月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）
SIX MONTHS ENDED JUNE 30 2026
(Continued)
(c) Principles of aggregation and disaggregation (c) 匯總與分拆的原則
IFRS 18 provides enhanced principles on how to group 國際財務報告準則第18號就如何在財
information in the financial statements including the primary 務報表（包括主要財務報表及附註）中
f inancial statements and the notes. It also introduces 將資料分組提供經強化的原則。該準guidance on labelling and describing items presented in the 則亦引入關於在主要財務報表呈列或
primary financial statements or disclosed in the notes. 附註中披露的項目的標籤及描述指引。
The Group has been consistently applied the principles 本集團一直貫徹應用根據相似及相異
of aggregating and disaggregating the items on the basis 特徵對項目進行匯總及分拆的原則。
of similar and dissimilar characteristics. The Group is also 本集團亦正在評估目前在主要財務報
assessing line items currently labelled as “other” across the 表及附註中標籤為「其他」的項目，並primary financial statements and the notes and expects to 預期在重要資料可能會被掩蓋的情況
use more informative labels where material information would 下使用更具資訊性的標籤。
otherwise be obscured.IFRS 18 also introduces consequential amendments to IAS 7 國際財務報告準則第18號亦引入對國
Statement of cash flows. The Group is assessing the impact 際會計準則第7號，現金流量表，的相of those amendments including the requirement to use the 應修訂。本集團正在評估該等修訂的newly defined operating profit subtotal as the starting point 影響，包括規定在使用間接法呈列經for the statement of cash flows when presenting operating 營現金流量時，必須將新定義的經營cash flows under the indirect method and the classification of 利潤小計作為現金流量表的起點，以interest and dividend cash flows. 及利息及股息現金流量的分類。
The actual impact of applying IFRS 18 may change as 隨著本集團繼續評估新規定，並在首the Group continues to assess the new requirements and 次應用日期前落實對其報告流程、控
finalises any changes to its reporting processes controls and 制措施及會計政策的任何變更，應用accounting policies before the date of initial application. 國際財務報告準則第18號的實際影響可能會發生變化。
佛山市海天調味食品股份有限公司 * 2026 中期報告 103INDEPENDENT REVIEW REPORT獨立審閱報告
Review report to the board of directors of Foshan Haitian 致佛山市海天調味食品股份有限公司董事會之
Flavouring and Food Company Ltd. 審閱報告
(Incorporated in the People’s Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司）
INTRODUCTION 緒言
We have reviewed the interim financial report set out on pages 63 我們已審閱載於第63至103頁的中期財務報
to 103 which comprises the consolidated statement of financial 告，當中包括佛山市海天調味食品股份有限公position of Foshan Haitian Flavouring and Food Company Ltd. 司（「貴公司」）截至2026年6月30日的綜合財
(the “Company”) as of 30 June 2026 and the related consolidated 務狀況表與截至該日止六個月的相關綜合損益
statement of profit or loss consolidated statement of profit or loss 表、綜合損益及其他全面收益表、綜合權益變
and other comprehensive income and consolidated statement of 動表及簡明綜合現金流量表以及解釋附註。香changes in equity and condensed consolidated cash flow statement 港聯合交易所有限公司證券上市規則規定，編for the six months then ended and explanatory notes. The Rules 製中期財務報告必須符合以上規則的有關條文
Governing the Listing of Securities on The Stock Exchange of Hong 以及國際會計準則理事會頒佈之國際會計準則
Kong Limited require the preparation of an interim financial report to 第34號中期財務報告。董事負責根據國際會計be in compliance with the relevant provisions thereof and International 準則第34號編製及呈列中期財務報告。
Accounting Standard 34 Interim financial reporting as issued by
the International Accounting Standards Board. The directors are
responsible for the preparation and presentation of the interim
financial report in accordance with International Accounting Standard
34.
Our responsibility is to express a conclusion based on our review on 我們的責任乃根據我們協定的委聘條款，按照this interim financial report and to report our conclusion solely to you 我們的審閱形成有關該中期財務報告的結論，as a body in accordance with our agreed terms of engagement and 並僅向全體董事會報告我們的結論，且不作其for no other purpose. We do not assume responsibility towards or 他用途。我們概不就本報告內容向其他任何人accept liability to any other person for the contents of this report. 士負上或承擔責任。
SCOPE OF REVIEW 審閱範圍
We conducted our review in accordance with Hong Kong Standard 我們已根據香港會計師公會頒佈的香港審閱聘
on Review Engagements 2410 Review of interim financial information 用準則第2410號由實體的獨立審計師執行中
performed by the independent auditor of the entity as issued by 期財務資料審閱進行審閱。中期財務報告審the Hong Kong Institute of Certified Public Accountants. A review 閱工作主要包括向負責財務及會計事宜的人員
of interim financial report consists of making inquiries primarily 詢問，並實施分析和其他審閱程序。由於審閱of persons responsible for f inancial and accounting matters 的範圍遠較根據香港審計準則進行審計的範圍
and applying analytical and other review procedures. A review is 小，故不能保證我們會注意到在審計中可能會substantially less in scope than an audit conducted in accordance 被發現的所有重大事宜。因此，我們不發表審with Hong Kong Standards on Auditing and consequently does not 計意見。
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly
we do not express an audit opinion.
104 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026INDEPENDENT REVIEW REPORT
獨立審閱報告
CONCLUSION 結論
Based on our review nothing has come to our attention that causes 基於我們的審閱，我們並未注意到任何事項令us to believe that the interim financial report as at 30 June 2026 is 致我們認為於2026年6月30日的中期財務報告
not prepared in all material respects in accordance with International 在所有重大方面未根據國際會計準則第34號中
Accounting Standard 34 Interim financial reporting . 期財務報告進行編製。
KPMG 畢馬威會計師事務所
Certified Public Accountants 執業會計師
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 August 2026 2026年8月26日
佛山市海天調味食品股份有限公司 * 2026 中期報告 105DEFINITIONS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“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” Foshan Haitian Flavouring and Food Company Ltd. (佛山市海天調味食品股份
“the 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“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
106 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026DEFINITIONS
釋義
“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
“Group” “our Group” the Company and its subsidiaries
“the Group” “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“H Share(s)” shares in the share capital of our Company with a nominal value of RMB1.00
each which are listed and traded on the Stock Exchange
「H股」 指 本公司股本中每股面值人民幣1.00元的股份，於聯交所上市及買賣“HK$” or “HKD” Hong Kong dollars the lawful currency of Hong Kong
「港元」指香港法定貨幣港元
“Latest Practicable Date” August 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8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
佛山市海天調味食品股份有限公司 * 2026 中期報告 107DEFINITIONS釋義
“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 2026 to June 30 2026
「報告期」指2026年1月1日至2026年6月30日
“RMB” or “Renminbi” Renminbi the lawful currency of the PRC
「人民幣」指中國法定貨幣人民幣
“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong) as amended supplemented or otherwise modified from time to time
「《證券及期貨條例》」指香港法例第571章《證券及期貨條例》，經不時修訂、補充或以其他方式修改“Shareholder(s)” holder(s) of the shares in the Company
「股東」指公司股份持有人
“SSE” the Shanghai Stock Exchange
「上交所」指上海證券交易所
“Stock Exchange” The Stock Exchange of Hong Kong Limited
「聯交所」指香港聯合交易所有限公司
Notes: 註：
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.
108 FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. * INTERIM REPORT 2026佛山市海天調味食品股份有限公司 INTERIM REPORT 2026 中期報告
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