海天味业: H股公告-2026中期报告

CONTENTS目錄
      Corporate Information
      Management Discussion and Analysis
      Corporate Governance and Other Information
      Consolidated Statement of Profit or Loss
      Consolidated Statement of Profit or Loss and
      綜合損益及其他全面收益表
      Consolidated Statement of Financial Position
      Consolidated Statement of Changes in Equity
      Condensed Consolidated Cash Flow Statement
      Notes to the Unaudited Interim Financial Report
      Independent Review Report
      Definitions
CORPORATE INFORMATION
公司資料
DIRECTORS                                                                    董事
Executive Directors                                                          執行董事
Ms. Cheng Xue (Chairwoman)                                                   程雪女士（董事長）
Mr. Guan Jianghua (President)                                                管江華先生（總裁）
Mr. Huang Wenbiao                                                            黃文彪先生
Mr. Wen Zhizhou (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
                                   CORPORATE INFORMATION
                                                            公司資料
REMUNERATION AND EVALUATION          薪酬與考核委員會
COMMITTEE
Mr. Qu Wenzhou (Chairperson)         屈文洲先生（主席）
Mr. Zhang Kechun                     張科春先生
Mr. Ding Bangqing                    丁邦清先生
Ms. Cheng Xue                        程雪女士
Mr. Guan Jianghua                    管江華先生
NOMINATION COMMITTEE                 提名委員會
Mr. Zhang Kechun (Chairperson)       張科春先生（主席）
Mr. Qu Wenzhou                       屈文洲先生
Mr. Ding Bangqing                    丁邦清先生
Ms. Cheng Xue                        程雪女士
Mr. Dai Wen                          代文先生
STRATEGY AND SUSTAINABILITY          戰略與可持續發展委員會
COMMITTEE
Ms. Cheng Xue (Chairperson)          程雪女士（主席）
Mr. Guan Jianghua                    管江華先生
Mr. Huang Wenbiao                    黃文彪先生
Mr. Wen Zhizhou                      文志州先生
Mr. Liao Changhui                    廖長輝先生
H SHARE REGISTRAR                    H股證券登記處
Tricor Investor Services Limited     卓佳證券登記有限公司
Hong Kong                            遠東金融中心17樓
HEADQUARTERS AND REGISTERED          中國總部及註冊辦事處
OFFICE IN THE PRC
No. 16, Wensha Road                  中國
Foshan City                          廣東省
Guangdong Province                   佛山市
PRC                                  文沙路16號
                                           佛山市海天調味食品股份有限公司 • 2026 中期報告   03
CORPORATE INFORMATION
公司資料
PRINCIPAL PLACE OF BUSINESS IN                                                香港主要營業地點
HONG KONG
Room 1901, 19/F, Lee Garden One                                               香港
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
One Connaught Place                                                           中環
Central                                                                       康樂廣場一號
Hong Kong                                                                     怡和大廈27樓
LEGAL ADVISOR AS TO PRC LAW                                                   中國法律顧問
Jingtian & Gongcheng                                                          競天公誠律師事務所
China Central Place                                                           北京市建國路77號
PRC                                                                           3號寫字樓34層
                                                            CORPORATE INFORMATION
                                                                                           公司資料
AUDITOR                                                            核數師
KPMG                                                               畢馬威會計師事務所
Certified Public Accountants                                       執業會計師
Public Interest Entity Auditor registered in accordance with the   根據會計及財務匯報局條例註冊的公眾利益實
Accounting and Financial Reporting Council Ordinance               體核數師
Central                                                            遮打道10號
Hong Kong                                                          太子大廈8樓
COMPANY’S WEBSITE                                                  公司網站
https://www.haday.com                                              https://www.haday.com
STOCK CODE                                                         股份代號
                                                                         佛山市海天調味食品股份有限公司 • 2026 中期報告   05
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
MACRO AND INDUSTRY ENVIRONMENT                                                                     宏觀及行業環境
Benefiting from the long history of development 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5,113 億元，提
Sullivan, the Chinese condiments market size is projected to increase                              升至2030 年的約人民幣6,897 億元，複合增速
from approximately RMB511.3 billion 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50
explicitly 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
  Market size (RMB100 million)
   市場規模（人民幣億元）
                                                                                        Year
                                                                                        年份
                                                                                                                   Source: Frost & Sullivan
                                                                                                                   數據來源：弗若斯特沙利文
                                   MANAGEMENT DISCUSSION AND ANALYSIS
                                                                                管理層討論與分析
   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.
  Digital and intelligent technologies, spearheaded by AI                  以 AI 應用為代表的數智化技術正全面滲透
  applications, are comprehensively penetrating the entire                 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   07
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
   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.
                                        MANAGEMENT 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
    capabilities to provide certainty amidst uncertainty. With             性。全球地緣政治衝突反覆延宕，大宗商
    prolonged and recurring global geopolitical conflicts 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.
   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   09
MANAGEMENT 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 raw
      materials” 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
     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
     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，
     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 capabilities, driving further
     consolidation within the upstream condiments industry.
                                  MANAGEMENT DISCUSSION AND ANALYSIS
                                                                               管理層討論與分析
                           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》
   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
  scenarios reached 4.2. Consumer decision 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
  their distribution and delivery systems, building digital              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     11
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
DISCUSSION AND ANALYSIS ON                                                   經營情況討論與分析
OPERATIONS
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 RMB16,146 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%。
RMB15,352 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
RMB4,190 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.
                                    MANAGEMENT DISCUSSION AND ANALYSIS
                                                                                管理層討論與分析
   Consolidating Foundation and Nurturing                                  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 “foundation 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
   RMB8,296 million, RMB2,566 million, and RMB1,645 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   13
MANAGEMENT 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 RMB14,380                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. “Nurturing strengths” is embodied in building                 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 million, 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 opportunities and
     strengthen the ability to comprehensively serve customers.
                                MANAGEMENT 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   15
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
   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 and
     market expansion, driving a virtuous cycle of “cost reduction
     — quality improvement — volume increase — further cost
     reduction”.
     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。
     year-on-year increase of 0.92 percentage points.
                                MANAGEMENT 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   17
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
   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 crystallised                 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.
                                     MANAGEMENT DISCUSSION AND ANALYSIS
                                                                                       管理層討論與分析
BUSINESS REVIEW                                                                 業務回顧
  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
                                                          %        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                             8,296.2           51.4%           7,927.9      52.1%        368.3       4.6%
   Oyster sauce products
   蠔油產品                             2,566.3           15.9%           2,502.3      16.4%         64.0       2.6%
   Flavoured sauce products
   調味醬產品                            1,645.2           10.2%           1,626.0      10.7%         19.2       1.2%
   Specialty condiment
      products and others
   特色調味品及其他                         2,844.3           17.6%           2,505.5      16.4%        338.8      13.5%
   Sub-total
   小計                              15,352.0           95.1%          14,561.7      95.6%        790.3       5.4%
   Others (Note)
   其他（註）                              794.3             4.9%            669.7       4.4%        124.6      18.6%
   Total
   總計                              16,146.3          100.0%          15,231.4     100.0%        914.9       6.0%
  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，(ii)物流和運輸服務以及(iii)
        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   19
MANAGEMENT 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 kitchens, the catering 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 consecutive                      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 sustainability 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.
MANAGEMENT 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   21
MANAGEMENT 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
         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 for
         users across six dimensions: “source freshness lock →
         whole-oyster fresh boiling → process freshness protection
         → quality-control pure freshness → scientific freshness
         presentation → packaging freshness retention”.
                          MANAGEMENT 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   23
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
                               MANAGEMENT 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
   scenarios. The Company ’s flavoured sauce portfolio              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   25
MANAGEMENT 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 flavour 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.
                           MANAGEMENT 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.
Transitioning from a basic condiment supplier 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
diversified 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   27
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
                                 MANAGEMENT DISCUSSION AND ANALYSIS
                                                                              管理層討論與分析
  The Company’s business model is fundamentally                         公司經營模式以用戶為導向，貫通採購、
  customer-oriented, seamlessly integrating core functions              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   29
MANAGEMENT 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
                                                                       Material
                                                Vehicle cleaning                            Vehicle records
                                                                       protection
                                                車輛清理                                        車輛記錄
                                                                       物料防護
           Haitian Acceptance
                 海天驗收
                                                               Factory Arrival Inspection
                                                                       到廠檢驗
                            Raw material acceptance (key indicators/
                                                                                        Planting records (full traceability records)
                            pesticide residues)
                                                                                        種植記錄（全程追溯記錄）
                            原料驗收（關鍵指標/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
                           MANAGEMENT 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
through comprehensive chain synergy, conducting                     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
                                               /                    /
                                               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   31
MANAGEMENT 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 applications during
         manufacturing to balance environmental stewardship with
         economic efficiency.
         The production workflows for some product categories are               公司部分產品的生產流程如下：
         outlined below:
         Soy Sauce Production Process: raw material inspection                  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
                                   MANAGEMENT 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 material steaming → koji making → natural                                    料蒸煮 － 制曲 － 天然發酵 － 配料煮
fermentation → ingredient boiling → finished 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
h igh ly fle x i b l e ma n u f a c t u r i n g c a p a bilit ie s c a pa ble of   多品類生產的柔性生產能力，實現無
multi-category production and seamless product                                     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 specifications or 130 distinct 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   33
MANAGEMENT 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 utilizing 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6,000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 6,000 distributors, covering approximately 3 million offline retail outlets,
                     and collaborates with dozens of mainstream e-commerce platforms online
                              MANAGEMENT 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
    platforms, building publicity matrices, and inviting              廠等路徑，以開放透明的體驗增進用
    consumers and partners to visit the Haitian 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   35
MANAGEMENT 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. This 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 efficiency.                全、質量及效率多個關鍵環節的研
        Through long-term accumulation and continuous                            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
                                    MANAGEMENT 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 competitiveness 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, and
evolutionary thinking”.
   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7,000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 7,000 distributors
    covering approximately 100% of prefecture-level cities and over
           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   37
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
     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
     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.
                                         MANAGEMENT DISCUSSION AND ANALYSIS
                                                                                               管理層討論與分析
FINANCIAL REVIEW                                                                      財務回顧
The following discussion is based on, and should be read in                           以下討論乃基於本報告其他處所載財務資料及
conjunction with, the financial information and notes thereto contained               其附註，並應與之一併閱讀。
elsewhere in this report.
Revenue                                                                               收入
During the Reporting Period, the Group’s revenue amounted to                         報告期內，本集團的收入為人民幣16,146.3百
RMB16,146.3 million, representing an increase of 6.0% as compared                    萬元，較上年同期的人民幣 15,231.4 百萬元
to RMB15,231.4 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
                                              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                                   8,296.2             51.4%           7,927.9        52.1%        368.3       4.6%
 Oyster sauce products
 蠔油產品                                   2,566.3             15.9%           2,502.3        16.4%         64.0       2.6%
 Flavoured sauce products
 調味醬產品                                  1,645.2             10.2%           1,626.0         10.7%        19.2       1.2%
 Specialty condiment
   products and others
 特色調味品及其他                               2,844.3             17.6%           2,505.5         16.4%       338.8      13.5%
 Sub-total
 小計                                    15,352.0             95.1%         14,561.7          95.6%       790.3       5.4%
 Others (Note)
 其他（註）                                     794.3             4.9%             669.7         4.4%        124.6      18.6%
 Total
 總計                                    16,146.3           100.0%          15,231.4         100.0%       914.9       6.0%
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   39
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
•    Soy sauce products. During the Reporting Period, the Group’s                         •   醬油產品。報告期內，本集團醬油產品銷
     revenue from sales of soy sauce products amounted to                                     售收入為人民幣8,296.2百萬元，較去年同
     RMB8,296.2 million, representing an increase of 4.6% as                                  期的人民幣7,927.9 百萬元，增加4.6%，
     compared to RMB7,927.9 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；(ii)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2,566.3百萬元，較去年同
     to RMB2,566.3 million, representing an increase of 2.6% as                               期的人民幣2,502.3 百萬元，增加2.6%，
     compared to RMB2,502.3 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 1,645.2 百萬元，較
     amounted to RMB1,645.2 million, representing an increase of                              去年同期的人民幣 1,626.0 百萬元，增加
     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
     p r o d u c t s a n d o t h e r s a m o u n t e d t o R M B2,844.3 m i l l i o n ,       2,844.3 百萬元，較去年同期的人民幣
     representing an increase of 13.5% as compared to RMB2,505.5                              2,505.5百萬元，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.
                                     MANAGEMENT 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9,657.6
RMB9,657.6 million, representing an increase of 4.4% as compared             百萬元，較上年同期的人民幣 9,252.2 百萬元
to RMB9,252.2 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6,488.6百萬
RMB6,488.6 million, representing an increase of 8.5% as compared             元，較上年同期的人民幣5,979.3百萬元（經重
to RMB5,979.3 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 517.6
RMB517.6 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   41
MANAGEMENT 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 395.8
amounted 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(ii)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 488.3
costs 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
period of last year, primarily due to (i) an increase in raw materials       所用原材料及耗材增加；及(ii)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.
                                     MANAGEMENT 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，
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   43
MANAGEMENT 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 RMB4,190.5 million, representing an increase of 6.9%             4,190.5 百萬元，較上年同期的人民幣3,919.2
as compared to RMB3,919.2 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0.3
Period 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
RMB6,904.0 million, representing an increase of 0.4% as compared             設備為人民幣6,904.0百萬元，較2025年12月
to RMB6,877.5 million as of December 31, 2025, primarily due to              31日的人民幣6,877.5百萬元，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 inventories amounted to                     截至2026年6月30日，本集團的存貨為人民幣
RMB2,208.5 million, representing a decrease of 8.3% as compared              2,208.5百萬元，較2025年12月31日的人民幣
to RMB2,407.7 million as of December 31, 2025, primarily due to an           2,407.7 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.
                                      MANAGEMENT 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
RMB3,653.7 million, representing an increase of 31.8% as compared        及應付票據為人民幣3,653.7 百萬元，較2025
to RMB2,772.8 million as of December 31, 2025, primarily due to an       年 12 月 31 日的人民幣 2,772.8 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 RMB1,224.2 million, compared to RMB1,502.4       1,224.2百萬元，去年同期為人民幣1,502.4 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
RMB18,939.1 million, which included time deposits and certificates       存款為人民幣18,939.1 百萬元，包括定期存款
of RMB13,788.1 million, restricted cash of RMB13.8 million and cash      及存單人民幣13,788.1 百萬元、受限制現金人
and cash equivalents of RMB5,137.2 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 RMB24,603.7 million as of December 31,           5,137.2百萬元，較2025年12月31日的人民幣
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   45
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Indebtedness                                                                 債務
The indebtedness of the Group included bank loans and other                  本集團的債務包括銀行貸款及其他借款以及租
borrowing and lease liabilities.                                             賃負債。
As of June 30, 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31
and lease liabilities in the current indebtedness of the Group were          日，本集團即期債務中的銀行貸款及租賃負債
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2025
the 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
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.
                                      MANAGEMENT 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 RMB20,988.4         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20,988.4百萬元，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   47
MANAGEMENT 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6
recruitment management systems and processes. As of June 30,                     月30 日，本集團正式員工總人數為9,294 名，
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 RMB1,077.3 million (including salaries, bonuses, allowances,                  董事酬金）。
subsidies, welfare expenses and directors’ emoluments).
Th e G r ou p ad h e r e s t o a r e m u n e r a t i o n p hilosophy of “ high   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 dynamically                        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- 20 28 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                    5,000,000 股，該期計劃考核期為2026 年度及
Reporting Period, which involves 5,000,000 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 full 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.
                                   MANAGEMENT DISCUSSION AND ANALYSIS
                                                                                管理層討論與分析
RISK FACTORS                                                            風險因素
   Food quality must be a top priority for any food processing           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.
   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.
   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   49
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
     With the increasing number of companies in the condiments                 隨著調味品市場企業日益增多，銷售渠道
     market, sales channels and models are gradually diversified               和模式逐漸多元化、碎片化，行業競爭不
     and fragmented, and industry competition continues 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.
     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.
     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.
                                    MANAGEMENT DISCUSSION AND ANALYSIS
                                                                                    管理層討論與分析
SIGNIFICANT EVENTS AFTER THE                                               報告期後的重大事項
REPORTING PERIOD
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 flavours, we will solidly 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   51
CORPORATE 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 in
Appendix C3 to the Listing Rules of the Stock Exchange (the “Model
Code”):
                                                                                                                    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        3,251,290,675
 程雪女士                受控法團權益 (2)                                 A股         好倉
                     Beneficial owner                           A Shares   Long positions          176,365,478
                     實益擁有人                                      A股         好倉
 Mr. Guan Jianghua   Interest in controlled corporation(2)      A Shares   Long positions        3,251,290,675
 管江華先生               受控法團權益 (2)                                 A股         好倉
                     Beneficial owner                           A Shares   Long positions           15,409,690
                     實益擁有人                                      A股         好倉
                     Interest of spouse(3)                      A Shares   Long positions           18,312,589
                     配偶權益 (3)                                   A股         好倉
 Mr. Wen Zhizhou     Interest in controlled corporation(2)      A Shares   Long positions        3,251,290,675
 文志州先生               受控法團權益 (2)                                 A股         好倉
                     Beneficial owner                           A Shares   Long positions            8,885,967
                     實益擁有人                                      A股         好倉
                     CORPORATE GOVERNANCE AND OTHER INFORMATION
                                                                                                                       企業管治及其他資料
                                                                                                                  Approximate percentage of       Approximate percentage of
                                                                                                  Number of                shareholding in the           shareholding in the
                                                              Class of   Long/short       shares directly and   relevant class of share capital           total share capital
 Name                 Nature of interest                      shares     positions            indirectly held                 of the Company                of the Company
                                                                                                  直接及間接                在本公司有關股本類別中                        在本公司股本總額中
 姓名                   權益性質                                    股份類別       好倉╱淡倉                持有股份的數目                     所佔股權的概約百分比                    所佔股權的概約百分比
 Mr. Liao Changhui    Interest in controlled corporation(2)   A Shares   Long positions        3,251,290,675
 廖長輝先生                受控法團權益        (2)
                                                              A股         好倉
                      Beneficial owner                        A Shares   Long positions            1,538,323
                      實益擁有人                                   A股         好倉
 Mr. Huang Wenbiao    Beneficial owner                        A Shares   Long positions           28,984,921                            0.52%                         0.50%
 黃文彪先生                實益擁有人                                   A股         好倉
 Mr. Ding Bangqing    Interest of spouse(4)                   A Shares   Long positions              180,000                           0.003%                        0.003%
 丁邦清先生                配偶權益 (4)                                A股         好倉
 Mr. Dai Wen          Beneficial owner                        A Shares   Long positions               40,000                           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 5,851,824,944 shares, comprising 5,560,600,544                                        5,851,824,944股，其中包括A股5,560,600,544
      A Shares and 291,224,400 H Shares.                                                                        股及H股291,224,400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
      wholly-owned subsidiary, Foshan Haipeng Trade Development Co., Ltd.                                       山市海鵬貿易發展有限公司持有6,492,001 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                            53
CORPORATE 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 5,289,491 A Shares repurchased and                                      5,289,491 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 18,312,589 A Shares and Mr. Guan Jianghua was deemed to be                                          18,312,589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180,000
      held 180,000 A Shares and Mr. Ding Bangqing was deemed to be                                             股A股，丁邦清先生被視為於其配偶持有的A股
      interested in the A Shares held by his spouse.                                                           中擁有權益。
Interests in the Associated Corporation                                                                 於相聯法團的權益
                                                                                                                                                Approximate
                           Name of the                                                                          Long/short        Number of    percentage of
 Name                      associated corporation              Nature of interest                               positions        shares held        interest
                                                                                                                                                    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   141,261,848
 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   478,203,440
                                                                                       (1)
                                                               與另一人共同持有權益                                       好倉
 Mr. Guan Jianghua         Guangdong Haitian Group Co., Ltd.   Beneficial owner                                 Long positions    12,480,000
 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   591,905,288
                                                                                       (1)
                                                               與另一人共同持有權益                                       好倉
                                                               Interest of spouse                               Long positions    15,080,000
                                                               配偶權益                                             好倉
 Mr. Wen Zhizhou           Guangdong Haitian Group Co., Ltd.   Beneficial owner                                 Long positions     9,360,000
 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   610,105,288
                                                                                       (1)
                                                               與另一人共同持有權益                                       好倉
                     CORPORATE 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     5,200,000
 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   614,265,288
                                                              與另一人共同持有權益 (1)                                   好倉
 Mr. Huang Wenbiao        Guangdong Haitian Group Co., Ltd.   Beneficial owner                                 Long positions    23,823,696          2.83%
 黃文彪先生                    廣東海天集團股份有限公司                        實益擁有人                                            好倉
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352
have 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              55
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
SUBSTANTIAL SHAREHOLDERS’                                                                               主要股東於股份及相關股份中
INTERESTS AND SHORT POSITIONS                                                                           的權益及淡倉
IN THE SHARES AND UNDERLYING
SHARES
As of the end of the Reporting Period, to the best of the Company’s                                     截至報告期末，就本公司合理查詢後所知，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      3,239,509,183
 廣東海天                實益擁有人                                   A股         好倉
                     Interest in controlled corporation(2)   A Shares   Long positions         11,781,492
                     受控法團權益         (2)
                                                             A股         好倉
 Mr. Pang Kang       Interest in controlled corporation(2)   A Shares   Long positions      3,251,290,675
 龐康先生                受控法團權益 (2)                              A股         好倉
                     Beneficial owner                        A Shares   Long positions        532,115,177
                     實益擁有人                                   A股         好倉
 Ms. Cheng Xue       Interest in controlled corporation(2)   A Shares   Long positions      3,251,290,675
 程雪女士                受控法團權益 (2)                              A股         好倉
                     Beneficial owner                        A Shares   Long positions        176,365,478
                     實益擁有人                                   A股         好倉
 Mr. Guan Jianghua   Interest in controlled corporation(2)   A Shares   Long positions      3,251,290,675
 管江華先生               受控法團權益 (2)                              A股         好倉
                     Beneficial owner                        A Shares   Long positions         15,409,690
                     實益擁有人                                   A股         好倉
                     Interest of spouse(3)                   A Shares   Long positions         18,312,589
                     配偶權益     (3)
                                                             A股         好倉
                       CORPORATE 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      3,251,290,675
 陳軍陽先生                  受控法團權益        (2)
                                                                   A股         好倉
                        Beneficial owner                           A Shares   Long positions         11,762,384
                        實益擁有人                                      A股         好倉
 Mr. Wen Zhizhou        Interest in controlled corporation   (2)
                                                                   A Shares   Long positions      3,251,290,675
 文志州先生                  受控法團權益 (2)                                 A股         好倉
                        Beneficial owner                           A Shares   Long positions          8,885,967
                        實益擁有人                                      A股         好倉
 Mr. Liao Changhui      Interest in controlled corporation   (2)
                                                                   A Shares   Long positions      3,251,290,675
 廖長輝先生                  受控法團權益 (2)                                 A股         好倉
                        Beneficial owner                           A Shares   Long positions          1,538,323
                        實益擁有人                                      A股         好倉
 HHLR Advisors, Ltd.    Investment manager                         H Shares   Long positions         98,499,400                            33.82%                          1.68%
                        投資經理                                       H股         好倉
 HACF, L.P.             Beneficial owner                           H Shares   Long positions         60,349,100
                        實益擁有人                                      H股         好倉
                        Interest in controlled corporation         H Shares   Long positions         29,612,300
                        受控法團權益                                     H股         好倉
 GIC Private Limited    Investment manager                         H Shares   Long positions         31,147,600                            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 5,851,824,944 shares, comprising 5,560,600,544                                            5,851,824,944股，其中包括A股5,560,600,544
      A Shares and 291,224,400 H Shares.                                                                            股及H股291,224,400股。
                                                                                                                        佛山市海天調味食品股份有限公司 • 2026 中期報告                            57
CORPORATE 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 3,239,509,183 A Shares and held 6,492,001 A Shares through                    3,239,509,183 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6,492,001 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
      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
      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 5,289,491 A Shares repurchased and                戶回購並持有5,289,491 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 18,312,589 A Shares and Mr. Guan Jianghua was deemed to be                    18,312,589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.
             CORPORATE GOVERNANCE AND OTHER INFORMATION
                                                                                企業管治及其他資料
PURCHASE, SALE OR REDEMPTION OF                                           購買、出售或贖回本公司上市
THE COMPANY’S LISTED SECURITIES                                           證券
Save as otherwise disclosed in this report, 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5,289,491 股庫存股份，將用作員
the Company held 5,289,491 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 Securities                     本公司已採納《聯交所上市規則》附錄 C3 所載
Transactions by Directors of Listed Issuers as set out in Appendix 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              4,220,100股並已完成非交易過戶。A股員工持
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8
Employee 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
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   59
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
COMPLIANCE WITH THE CORPORATE                                                遵守《企業管治守則》
GOVERNANCE CODE
The Company is committed to achieving high standards of corporate            公司致力達致高水平的企業管治，以保障股東
governance with a view to safeguarding the interests of the                  利益。公司已自上市日期起採納《聯交所上市
Shareholders. The Company has adopted the code provisions of the             規則》附錄C1第二部分所載的《企業管治守則》
Corporate Governance Code set out in Part 2 of Appendix C1 of the            （「《企業管治守則》」）的守則條文作為本公司企
Listing Rules of the Stock Exchange (the “Corporate Governance               業管治常規的基準。本公司截至報告期末已遵
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.
               CORPORATE 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 279,031,700          聯交所主板掛牌上市，香港公開發售及國際
H Shares with a par value of RMB1.00 each were issued through            配售合計發行每股面值人民幣1.00 元的H股
the Hong Kong public offering and international placement, with an       279,031,700 股，每股發行價格 36.30 港元。
offer price of HK$36.30 per share. Subsequently, on July 21, 2025,       其後，本公司於2025年7月21日超額配售發行
the Company over-allotted and issued 12,192,700 H Shares with            每股面值人民幣1.00元的H股12,192,700股，
a par value of RMB1.00 each, with an offer price of HK$36.30 per         每股發行價格 36.30 港元。本公司本次發行 H
share. The gross proceeds raised by the Company from the issuance        股募集資金總額10,571.4 百萬港元（約人民幣
of H Shares in this offering amounted to HK$10,571.4 million             9,658.9 百萬元），扣除因發行直接產生的發行
(approximately RMB9,658.9 million), with the net proceeds, after         費用後淨額約為人民幣9,542.6 百萬元（每股H
deducting issuance expenses directly incurred from the issuance, of      股可得淨額約為35.86港元）。
approximately RMB9,542.6 million (with net proceeds per H Share of
approximately HK$35.86).
                                                                              佛山市海天調味食品股份有限公司 • 2026 中期報告   61
CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料
There has been no change in the use of proceeds disclosed in the                                       於招股章程中披露的募集資金用途並無變化。
Prospectus. The use of proceeds from the Company’s H Share                                             本公司H股募集資金使用情況如下：
offering is as follows:
                                                                    Approximate                        Proceeds utilized Proceeds unutilized     Expected timeline for
                                                                       % of the       Net proceeds           during the   as of the end of the      the full use of the
                                                                           total   available for use   Reporting Period     Reporting Period      unutilized proceeds
                                                                                                                                 截至報告期末                   悉數動用尚未
                                                                  佔總額的概約百分比        募集資金可使用淨額           報告期內已動用款項                 尚未動用款項            動用款項的預期時表
                                                                                       RMB million         RMB million           RMB million
                                                                                       人民幣百萬元              人民幣百萬元                人民幣百萬元
 Product development, as well as R&D of cutting-edge                                                                                                            Before
     technologies and process upgrades                                                                                                             December 31, 2028
 產品開發以及前沿技術的研發和工藝升級                                                      20.0%              1,908.5              475.9                1,432.6       2028年12月31日前
 Expansion of production capacity, adoption of new technologies                                                                                                 Before
     and digitization upgrades of our supply chain                                                                                                 December 31, 2028
 產能擴張、採納新技術及供應鏈的數字化升級                                                    30.0%              2,862.8              745.2                2,117.6       2028年12月31日前
 Enhancing the global presence of the Group by establishing the
     global brand image of the Group, expanding sales channels
     and enhancing overseas supply chain capabilities                                                                                                           Before
 通過建立本集團的全球品牌形象、拓展銷售渠道以及提升海外供應鏈                                                                                                                    December 31, 2028
     能力，以提升本集團的全球影響力                                                     20.0%              1,908.5              191.8                1,716.7       2028年12月31日前
 Strengthening the sales network of the Group and enhancing its                                                                                                 Before
     penetration capabilities                                                                                                                      December 31, 2028
 增強本集團的銷售網絡及提升其滲透能力                                                      20.0%              1,908.5              617.9                1,290.6       2028年12月31日前
                                                                                                                                                                Before
 Working capital and general corporate purposes                                                                                                    December 31, 2028
 營運資金及一般企業用途                                                             10.0%                954.3              301.3                  653.0       2028年12月31日前
 Total                                                                                                                                                  Not applicable
 總計                                                                     100.0%              9,542.6             2,332.1               7,210.5                   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.
                       CONSOLIDATED 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
                                                                            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      16,146,274      15,231,447
 Cost of sales 銷售成本                                                                   (9,657,645)      (9,252,161)
 Gross profit 毛利                                                                       6,488,629        5,979,286
 Other revenue 其他收入                                                            4         517,621         334,432
 Other net (losses)/income 其他淨（虧損）╱ 收入                                         5        (228,000)          55,680
 Selling and marketing expenses 銷售及營銷開支                                                 (932,568)        (971,992)
 Administrative expenses 行政開支                                                           (395,799)        (318,031)
 Research and development costs 研發成本                                         6(b)       (488,256)        (414,569)
 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)         (1,142)
 Provision for impairment losses 減值虧損撥備                                                    (2,386)           (217)
 Profit from operations 經營利潤                                                           4,959,153        4,663,447
 Finance costs 財務成本                                                          6(a)          (4,786)        (14,652)
 Profit before taxation 除稅前利潤                                                  6       4,954,367        4,648,795
 Income tax 所得稅                                                                7        (763,867)        (729,569)
 Profit for the period 期內利潤                                                            4,190,500        3,919,226
 Attributable to: 以下各方應佔：
 Equity shareholders of the Company 本公司權益股東                                            4,190,157        3,911,459
 Non-controlling interests 非控股權益                                                             343            7,767
 Profit for the period 期內利潤                                                            4,190,500        3,919,226
 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        63
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
綜合損益及其他全面收益表
FOR THE SIX MONTHS ENDED JUNE 30, 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
                                                                                        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                                                            4,190,500      3,919,226
 Other comprehensive income for the period
     (after tax and reclassification adjustments)
 期內其他全面收益（扣除稅項及重分類調整後）
 Item that may be reclassified subsequently to profit or loss:
 其後可能重分類至損益的項目：
 Exchange differences on translation of financial statements of
     subsidiaries outside of the mainland China
 中國內地以外子公司財務報表換算的匯兌差額                                                                     (1,357)        (1,599)
 Other comprehensive income for the period 期內其他全面收益                                       (1,357)        (1,599)
 Total comprehensive income for the period 期內全面收益總額                                    4,189,143      3,917,627
 Attributable to: 以下各方應佔：
 Equity shareholders of the Company 本公司權益股東                                            4,188,800      3,909,860
 Non-controlling interests 非控股權益                                                             343          7,767
 Total comprehensive income for the period 期內全面收益總額                                    4,189,143      3,917,627
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。
               CONSOLIDATED 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,
                                                                                          於2026年           於2025年
                                                                              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       6,903,971        6,877,470
Right-of-use assets 使用權資產                                                       10         919,157          947,422
Investment property 投資性房地產                                                                    3,003            3,116
Intangible assets 無形資產                                                                       25,579          29,468
Goodwill 商譽                                                                                112,937          112,937
Other financial assets at fair value through profit or loss (“FVPL”)
按公允價值計入損益（「按公允價值計入損益」）的其他金融資產                                                   11              100              100
Term deposits and certificates of deposits 定期存款及存單                              15       6,242,597        5,878,812
Other receivables 其他應收款項                                                        14           24,543          33,216
Deferred tax assets 遞延稅項資產                                                                 246,126          317,669
Current assets 流動資產
Inventories 存貨                                                                  12       2,208,524        2,407,715
Trade receivables 貿易應收款項                                                        13         274,351          295,624
Other receivables 其他應收款項                                                        14         404,062          571,254
Other financial assets at FVPL 按公允價值計入損益的其他金融資產                                 11      10,814,342       10,105,463
Derivative financial assets 衍生金融資產                                                           22,514                –
Term deposits and certificates of deposits 定期存款及存單                              15      13,788,089       15,046,567
Restricted cash 受限制現金                                                           15           13,849          11,611
Cash and cash equivalents 現金及現金等價物                                              15       5,137,134        9,545,500
                                                                               佛山市海天調味食品股份有限公司 • 2026 中期報告         65
CONSOLIDATED 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,
                                                                                     於2026年         於2025年
                                                                             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     3,653,657      2,772,796
 Derivative financial liabilities 衍生金融負債                                                 2,089           360
 Other payables 其他應付款項                                                        17     1,553,043      1,720,330
 Contract liabilities 合約負債                                                    18      978,657       4,128,489
 Bank loans and other borrowing 銀行貸款及其他借款                                             351,350        174,850
 Lease liabilities 租賃負債                                                                36,161         43,675
 Current taxation 即期稅項                                                                372,930        570,218
 Other current liabilities 其他流動負債                                                      73,443        442,690
 Net current assets 流動資產淨值                                                          25,641,535     28,130,326
 Total assets less current liabilities 總資產減流動負債                                     40,119,548     42,330,536
 Non-current liabilities 非流動負債
 Bank loans and other borrowing 銀行貸款及其他借款                                                6,000          5,400
 Lease liabilities 租賃負債                                                                51,419         60,633
 Deferred income 遞延收入                                                                 431,051        398,107
 Deferred tax liabilities 遞延稅項負債                                                       27,089         26,719
               CONSOLIDATED 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,
                                                                                      於2026年           於2025年
                                                                          Note        RMB’000          RMB’000
                                                                          附註         人民幣千元           人民幣千元
 NET ASSETS 資產淨值                                                                    39,603,989       41,839,677
 CAPITAL AND RESERVES 資本及儲備
 Share capital 股本                                                         19(b)      5,851,825        5,851,825
 Treasury shares 庫存股                                                      19(c)        (408,247)        (408,247)
 Reserves 儲備                                                                        33,649,955       35,885,986
 Total equity attributable to equity shareholders of the Company
 本公司權益股東應佔權益總額                                                                      39,093,533       41,329,564
 Non-controlling interests 非控股權益                                                       510,456          510,113
 TOTAL EQUITY 權益總額                                                                  39,603,989       41,839,677
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         67
CONSOLIDATED 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                            5,560,601       (563,842)      95,860     3,075,896         46,639         (5,082)    22,685,337    30,895,409       506,535    31,401,944
 Add: Effect of business combination
   under common control
 加：共同控制下的企業合併的影響                                    –              –            –             –         10,000                –      (15,936)       (5,936)            –        (5,936)
 Balance at January 1, 2025 (Restated)
 於2025年1月1日的結餘（經重列）                         5,560,601       (563,842)      95,860     3,075,896         56,639         (5,082)    22,669,401    30,889,473       506,535    31,396,008
 Changes in equity for the six months
   ended June 30, 2025:
 截至2025年6月30日止六個月權益變動：
 Profit for the period 期內利潤                         –              –            –             –              –              –      3,911,459     3,911,459         7,767     3,919,226
 Other comprehensive income 其他全面收益                  –              –            –             –              –         (1,599)             –        (1,599)            –        (1,599)
 Total comprehensive income 全面收益總額                  –              –            –             –              –         (1,599)     3,911,459     3,909,860         7,767     3,917,627
 Issuance of ordinary H Shares 發行H股普通股        279,031              –    8,869,333             –              –                –            –     9,148,364             –     9,148,364
 Dividends approved and paid in respect
    of the previous year (note 19(a)(ii))
 上一年度批准及派付的股息（附註19(a)(ii)）                          –              –            –             –              –                –   (4,768,967)   (4,768,967)            –    (4,768,967)
 Balance at June 30, 2025 (Restated)
 於2025年6月30日的結餘（經重列）                        5,839,632       (563,842)   8,965,193     3,075,896         56,639         (6,681)    21,811,893    39,178,730       514,302    39,693,032
 Balance at January 1, 2026
 於2026年1月1日的結餘                              5,851,825       (408,247)   9,372,220     3,274,181         26,121         (9,651)    23,223,115    41,329,564       510,113    41,839,677
 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                         –              –            –             –              –              –      4,190,157     4,190,157           343     4,190,500
 Other comprehensive income 其他全面收益                  –              –            –             –              –         (1,357)             –        (1,357)            –        (1,357)
 Total comprehensive income 全面收益總額                  –              –            –             –              –         (1,357)     4,190,157     4,188,800           343     4,189,143
 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)）                          –              –            –             –              –                –   (6,424,831)   (6,424,831)            –    (6,424,831)
 Balance at June 30, 2026
 於2026年6月30日的結餘                             5,851,825       (408,247)   9,372,220     3,274,181         26,121        (11,008)    20,988,441    39,093,533       510,456    39,603,989
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。
           CONDENSED 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
                                                                           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                                                 2,113,469        2,133,876
Income tax paid 已付所得稅                                                                  (889,242)        (631,472)
Net cash generated from operating activities 經營活動所得現金淨額                               1,224,227        1,502,404
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                                                               (535,931)        (550,012)
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                                             4,170              234
Proceeds from maturity of term deposits and certificates of deposits
定期存款及存單到期所得款項                                                                         2,448,757        1,287,048
Placement of term deposits and certificates of deposits
存放定期存款及存單                                                                            (1,506,795)      (3,441,252)
Purchase of other financial assets at FVPL
購買按公允價值計入損益的其他金融資產                                                                   (6,445,000)      (6,183,000)
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                                                                5,736,121        7,391,404
Interest received 已收利息                                                                  263,595          223,909
Net cash used in investing activities
投資活動所用現金淨額                                                                               (35,083)     (1,271,669)
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）                                                                   –        9,179,673
Proceeds from bank loans 銀行貸款所得款項                                                       270,100           97,000
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                                                   2,061,660        1,869,533
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                                                         (1,266,872)        (586,477)
Repayments of bank loans 償還銀行貸款                                                         (93,000)        (278,415)
Capital element of lease rentals paid 已付租賃租金的資本部分                                       (23,858)          (12,372)
Interest element of lease rentals paid 已付租賃租金的利息部分                                       (1,860)             (931)
Payment for listing expenses 支付上市開支                                                           –           (33,625)
Dividends paid to equity shareholders of the Company
已付本公司權益股東股息                                                                          (6,424,831)      (4,768,968)
Interest paid 已付利息                                                                       (2,926)          (13,722)
Net cash (used in)/generated from financing activities
融資活動（所用）╱ 所得現金淨額                                                                     (5,481,587)       5,451,696
                                                                            佛山市海天調味食品股份有限公司 • 2026 中期報告         69
CONDENSED 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
                                                                                  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                                                                         (4,292,443)    5,682,431
 Effect of foreign exchange rate changes 匯率變動的影響                                             (115,923)        32,520
 Cash and cash equivalents at the beginning of the period
 期初現金及現金等價物                                                                                 9,545,500     11,915,753
 Cash and cash equivalents at the end of the period
 期末現金及現金等價物                                                                       15(a)     5,137,134     17,630,704
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。
       NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                         未經審計中期財務報告附註
                 (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  OF PREPARATION
 Foshan Haitian Flavouring and Food Company Ltd. (the                     佛山市海天調味食品股份有限公司（「本公
 “Company”) was established 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11
 November 2010, the Company was converted into a joint stock              月，本公司改制為股份有限公司。於2014
 limited 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。
 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   71
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  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。
     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.
         NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                       未經審計中期財務報告附註
                 (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  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
                                                                                    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                                      8,296,230      7,927,943
          Sales of oyster sauce products 蠔油產品的銷售                                   2,566,289      2,502,330
          Sales of flavoured sauce products 調味醬產品的銷售                               1,645,244      1,625,951
          Sales of specialty condiment products and others
          特色調味品及其他的銷售                                                              2,844,261      2,505,507
          Others (note) 其他（附註）                                                       787,580       665,285
          Revenue from other sources 其他來源收益
          Rental income 租金收入                                                           6,670          4,431
         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      73
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  (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
              The Group applies the practical expedient in paragraph                  本集團應用國際財務報告準則第
              allocated to the remaining performance obligation as                    披露分配至餘下履約責任的交易價
              the original expected duration of substantially all the                 格，乃由於本集團絕大部分合約的
              contracts of the Group are within one year or less.                     原預期期限均在一年或以下。
     (b) Segment reporting                                                    (b) 分部報告
        Operating segments are identified on the basis of internal              經營分部乃根據本集團最高行政管理
        reports that the Group’s most senior executive management               層在向分部分配資源及評估其表現時
        reviews regularly in allocating resources to segments and in            定期審閱的內部報告識別。
        assessing their performances.
        The Group’s most senior executive management makes                      本集團的最高行政管理層按內部管理
        resources allocation decisions based on internal management             職能作出資源分配決定，並作為一項
        functions and assess the Group’s business performance as                綜合業務而非按獨立業務線或地理區
        one integrated business instead of by separate business lines           域評估本集團的業務表現。因此，本
        or geographical regions. Accordingly, the Group has only one            集團僅有一個經營分部，故並無呈列
        operating segment and therefore, no segment information is              分部資料。
        presented.
        (i)   Geographic information                                            (i)   地理資料
              Substantially all of the Group’s revenue and non-                       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。
          NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                             未經審計中期財務報告附註
                    (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
                                                                                             Six months ended June 30,
                                                                                                截至6月30日止六個月
                                                                                                RMB’000       RMB’000
                                                                                               人民幣千元         人民幣千元
                                                                                                              (Restated)
                                                                                                              （經重列）
    Interest income 利息收入                                                                         445,616       254,646
    Government grants (note (i)) 政府補助（附註(i)）                                                      32,458         44,165
    Additional deduction for VAT (note (ii)) 增值稅加計扣除（附註(ii)）                                      39,547         35,621
 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   75
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
                                                                                            Six months ended June 30,
                                                                                               截至6月30日止六個月
                                                                                               RMB’000       RMB’000
                                                                                              人民幣千元         人民幣千元
       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                                                             258,880        90,709
       Net losses on disposal of property, plant and equipment
       出售物業、廠房及設備的虧損淨額                                                                           (1,387)          (344)
       Net foreign exchange losses 外匯匯兌虧損淨額                                                    (480,387)       (27,145)
       Others (note (i)) 其他(附註(i))                                                               (5,106)        (7,540)
                                                                                               (228,000)       55,680
     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 RMB4,735,000 during the six months ended June 30, 2026 (six              支人民幣4,735,000 元（截至2025 年6 月30
           months ended June 30, 2025: RMB6,390,000).                                   日止六個月：人民幣6,390,000 元）已計入
                                                                                        其他虧損淨額內的「其他」項目。
     Profit before taxation is arrived at after charging:                         除稅前利潤乃經扣除以下費用後得出：
     (a) Finance costs                                                            (a) 財務成本
                                                                                            Six months ended June 30,
                                                                                               截至6月30日止六個月
                                                                                               RMB’000       RMB’000
                                                                                              人民幣千元         人民幣千元
             Interest on bank loans and other borrowing 銀行貸款及其他借款利息                               2,926        13,722
             Interest on lease liabilities 租賃負債利息                                                 1,860           930
     NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                       未經審計中期財務報告附註
             (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  (Continued)
 (b) Other items                                          (b) 其他項目
                                                                 Six months ended June 30,
                                                                    截至6月30日止六個月
                                                                    RMB’000       RMB’000
                                                                   人民幣千元         人民幣千元
                                                                                  (Restated)
                                                                                  （經重列）
     Amortization cost of intangible assets 無形資產攤銷成本                   5,388          7,739
     Depreciation charge 折舊費用
      – Property, plant and equipment 物業、廠房及設備                       375,298       381,581
      – Right-of-use asset 使用權資產                                      34,166         23,663
      – Investment property 投資物業                                         113            138
     Listing expenses 上市開支                                                  –         2,316
     Cost of inventories 存貨成本                                       8,222,831     7,728,113
     Logistics costs 物流成本                                            845,309       790,681
     Research and development expenses 研發開支                          488,256       414,569
                                                            佛山市海天調味食品股份有限公司 • 2026 中期報告   77
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  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
                                                                                    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                                                          688,555       656,959
     – Under provision in respect of prior years 過往年度撥備不足                              3,399         7,580
     Deferred tax 遞延稅項
     Origination and reversal of temporary differences 暫時差額產生及撥回                      71,913        65,030
         NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                    未經審計中期財務報告附註
                (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
 (a) Basic earnings per share                                             (a) 每股基本盈利
    The calculation of basic earnings per share is based on                   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 RMB4,190,157,000 (six months ended June                        4,190,157,000元（截至2025年6月30
    average of 5,840,756,000 ordinary shares (six months ended               （經重列））及已發行5,840,756,000 股
    June 30, 2025: 5,562,363,000 shares) in issue during the                  普通股加權平均數（截至2025年6月30
    interim period.                                                           日止六個月：5,562,363,000股）計算。
   (i)   Weighted-average number of ordinary shares                           (i)    普通股加權平均數
                                                                                     Six months ended June 30,
                                                                                        截至6月30日止六個月
                                                                                            ’000           ’000
                                                                                            千股             千股
          Issued ordinary shares at the beginning of the period
          於期初的已發行普通股                                                                   5,851,825      5,560,601
          Effect of the issuance of ordinary H shares
          發行H股普通股的影響                                                                           –        17,051
          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)）                                                            (11,069)       (15,289)
          Weighted average number of ordinary shares at the end of the period
          於期末的普通股加權平均數                                                                 5,840,756      5,562,363
 (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      79
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
     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405,858,000元（截至2025年6
     of R MB405,858,000 (s ix m ont hs en ded June 30, 2025:                  月30日止六個月：人民幣496,958,000元）
     RMB496,958,000). Items of property, plant and equipment with             收購物業、廠房及設備項目。截至2026
     a net book value of RMB2,265,000 (six months ended June 30,              年 6 月 30 日止六個月，賬面淨值為人民幣
     ended June 30, 2026, resulting in net losses on disposal of              個月：人民幣481,000元）的物業、廠房及
     RMB1,387,000 (six months ended June 30, 2025: RMB344,000).               設備項目被出售，導致出售淨虧損人民幣
                                                                              月：人民幣344,000元）。
     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 RMB34,166,000 (six months ended June              人民幣34,166,000 元（截至2025 年6 月30
   VALUE THROUGH PROFIT OR LOSS                                                 金融資產
                                                                                            As at          As at
                                                                                         June 30,   December 31,
                                                                                        於2026年         於2025年
                                                                               Note     RMB’000         RMB’000
                                                                               附註      人民幣千元          人民幣千元
      Non-current: 非流動：
      Equity securities 股本證券                                                                 100            100
      Current: 流動：
      Wealth management products 理財產品                                            (i)   10,814,342     10,105,463
     (i) Wealth management products                                           (i) 理財產品
        The wealth management products were issued by banks with                 該等理財產品由銀行發行，具有可變
        variable investment income and can be redeemed on demand                 投資收益，可即時贖回或於短期內贖
        or in a short-term.                                                      回。
        NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                    未經審計中期財務報告附註
                   (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  (a) Inventories in the consolidated statement of financial position    (a) 綜合財務狀況表中的存貨包括：
      comprises:
                                                                                       As at          As at
                                                                                    June 30,   December 31,
                                                                                   於2026年         於2025年
                                                                                   RMB’000         RMB’000
                                                                                  人民幣千元          人民幣千元
       Raw materials 原材料                                                            295,074        300,163
       Work in progress 在製品                                                        1,388,674      1,273,198
       Finished goods 製成品                                                           400,131        707,384
       Packaging materials 包裝材料                                                      78,883         84,059
       Low value consumables 低值易耗品                                                   43,282         40,440
       Others 其他                                                                      2,480           2,471
  (b) The analysis of the amount of inventories recognized as an         (b) 確認為開支並計入損益的存貨金額分
      expense and included in profit or loss is as follows:                析如下：
                                                                                Six months ended June 30,
                                                                                   截至6月30日止六個月
                                                                                   RMB’000        RMB’000
                                                                                  人民幣千元          人民幣千元
       Carrying amount of inventories sold 已售存貨賬面值                                 7,893,988      7,441,924
       Carrying amount of inventories recognized as research and
         development expenses
       確認為研發開支的存貨賬面值                                                                326,457        285,972
       Write-down of inventories 存貨減記                                                 2,386            217
                                                                           佛山市海天調味食品股份有限公司 • 2026 中期報告    81
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
                                                                                        As at           As at
                                                                                     June 30,    December 31,
                                                                                     於2026年         於2025年
                                                                                     RMB’000         RMB’000
                                                                                     人民幣千元         人民幣千元
      Current 流動
      Trade receivables 貿易應收款項                                                        287,398        308,595
      Less: loss allowance 減：虧損撥備                                                     (13,047)        (12,971)
      Total 總計                                                                        274,351        295,624
     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,
                                                                                     於2026年         於2025年
                                                                                     RMB’000         RMB’000
                                                                                     人民幣千元         人民幣千元
      Within 1 year 1年內                                                               284,680        303,735
      Over 3 years 3年以上                                                                 1,098           1,098
     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.
       NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                      未經審計中期財務報告附註
                (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
                                                                                    As at          As at
                                                                                 June 30,   December 31,
                                                                                於2026年         於2025年
                                                                                RMB’000         RMB’000
                                                                               人民幣千元          人民幣千元
  Current 流動
  Amounts due from related parties 應收關聯方款項                                        13,395           8,281
  Other receivables 其他應收款項                                                        53,333         36,737
  Prepayments for materials and services 材料及服務預付款項                               111,885        127,742
  – third parties 第三方                                                             85,995        127,742
  – related parties 關聯方                                                           25,890               –
  Deductible input VAT and others 可抵扣進項增值稅及其他                                    204,956        247,122
  Prepaid income tax 預付所得稅                                                        20,493        151,372
  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                                                                 24,543         33,216
  Total 總計                                                                       428,605        604,470
 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    83
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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,
                                                                                         於2026年         於2025年
                                                                                         RMB’000         RMB’000
                                                                                        人民幣千元          人民幣千元
              Cash at bank and in hand, and cash equivalents
              銀行及手頭現金，以及現金等價物                                                            5,137,134      9,545,500
        (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.
            NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                             未經審計中期財務報告附註
                    (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   TERM DEPOSITS, CERTIFICATES OF                                                 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,
                                                                                          於2026年         於2025年
                                                                                          RMB’000         RMB’000
                                                                                          人民幣千元         人民幣千元
        Current 即期
        Term deposits (note (i)) 定期存款（附註(i)）                                             11,870,859     12,794,142
        Certificates of deposits (note (i)) 存單（附註(i)）                                     1,917,230      2,252,425
        Non-current 非即期
        Term deposits (note (i)) 定期存款（附註(i)）                                              2,694,772      2,666,769
        Certificates of deposits (note (i)) 存單（附註(i)）                                     3,547,825      3,212,043
      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     85
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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,
                                                                                       於2026年         於2025年
                                                                                       RMB’000         RMB’000
                                                                                      人民幣千元          人民幣千元
          Guarantee deposits 保證金                                                         13,849         11,611
        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）。
          NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                                 未經審計中期財務報告附註
                    (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
                                                                                                           As at                  As at
                                                                                                      June 30,        December 31,
                                                                                                     於2026年                 於2025年
                                                                                                     RMB’000                RMB’000
                                                                                                   人民幣千元                  人民幣千元
    Trade payables 貿易應付款項                                                                           1,561,996              1,505,924
    – third parties (notes (ii)) 第三方（附註(ii)）                                                        1,435,508              1,376,736
    – related parties 關聯方                                                                              126,488                129,188
    Bills payable 應付票據                                                                              2,091,661              1,266,872
 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 Haitian Commercial Factoring                         團的直接股東控制的實體廣東海天商業保
        Company Limited (“Haitian Factoring”), an entity controlled by the               理有限公司（「海天保理」）訂立保理安排。
        immediate shareholder of the Group. Under these arrangements, 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 RMB220,031,000                    人 民 幣 2 2 0 , 0 3 1 , 0 0 0 元（ 2 0 2 5 年 1 2 月 3 1
        (December 31, 2025: RMB261,081,000). Trade payables that the                     日：人民幣261,081,000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 RMB1,806,939,000 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1,806,939,000元（截至2025年6月30日
        RMB1,406,445,000).                                                               止六個月：人民幣1,406,445,000元）。
                                                                                         佛山市海天調味食品股份有限公司 • 2026 中期報告                   87
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   (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,
                                                                                    於2026年        於2025年
                                                                                    RMB’000        RMB’000
                                                                                   人民幣千元         人民幣千元
      Within 1 year 1年內                                                            3,653,657      2,772,796
                                                                                       As at          As at
                                                                                    June 30,   December 31,
                                                                                    於2026年        於2025年
                                                                                    RMB’000        RMB’000
                                                                                   人民幣千元         人民幣千元
      Other taxes payable 其他應付稅項                                                    277,393        125,508
      Payroll payables 應付工資                                                         499,694        712,231
      Amounts due to related parties 應付關聯方款項                                          3,350           1,894
      Deposits due to suppliers 應付供應商按金                                             169,805        159,609
      Accrual for marketing expenses 應計營銷開支                                         171,791        231,083
      Accrual for transportation expenses 應計運輸開支                                    265,586        303,392
      Payables for equipment and construction 設備及工程應付款項                             102,719        101,210
      Others其他                                                                       62,705         85,403
     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.
             NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                           未經審計中期財務報告附註
                      (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
  Contract liabilities mainly 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,
                                                                                             於2026年        於2025年
                                                                                             RMB’000        RMB’000
                                                                                          人民幣千元           人民幣千元
   Receipts in advance 預收款項                                                                  978,657       4,128,489
  (a) Dividends                                                                 (a) 股息
       (i)   Dividends payable to equity shareholders attributable to             (i)   中期期間應付權益股東股息
             the interim period
                                                                                         Six months ended June 30,
                                                                                             截至6月30日止六個月
                                                                                             RMB’000       RMB’000
                                                                                          人民幣千元           人民幣千元
                 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）                                                            –       1,518,799
             The interim dividend has not been recognised as a liability                中期股息未於報告期末確認為負
             at the end of the reporting period.                                        債。
                                                                                 佛山市海天調味食品股份有限公司 • 2026 中期報告       89
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   (Continued)
     (a) Dividends (Continued)                                                 (a) 股息（續）
        (ii) Dividends payable to equity shareholders attributable to                (ii) 中期期間批准及派付的上一個財政
             the previous financial year, approved and paid during the                 年度應付權益股東的股息
             interim period
                                                                                        Six months ended June 30,
                                                                                           截至6月30日止六個月
                                                                                           RMB’000        RMB’000
                                                                                         人民幣千元          人民幣千元
               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）                                                           4,672,604      4,768,967
               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）                                          1,752,227              –
     (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                      5,851,825      5,851,825
       NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                   未經審計中期財務報告附註
                (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   (Continued)
  (c) Treasury shares                                                   (c) 庫存股
     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
                                                                                     As at          As at
                                                                                  June 30,   December 31,
                                                                                  於2026年        於2025年
                                                                                  RMB’000        RMB’000
                                                                                  人民幣千元        人民幣千元
      Treasury shares 庫存股                                                          408,247       408,247
     The Company has adopted the 2024-2028 employee stock                 本公司已於2024年9月19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
     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 4,220,100 shares to the grantees           的過往服務向其授予合共 4,220,100
     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 15,289,491 to                  15,289,491 股減少至11,069,391 股。
     at June 30, 2026 and December 31, 2025 include 5,289,491             31 日，作為庫存股持有的普通股包
     shares held as treasury shares, 5,000,000 shares held under          括作為庫存股持有的 5,289,491 股股
     the 2025 employee stock ownership plan and 779,900 shares            份、根據2025 年員工持股計劃持有的
     held under the 2024 employee stock ownership plan.                   5,000,000 股股份及根據 2024 年員工
                                                                          持股計劃持有的779,900股股份。
                                                                         佛山市海天調味食品股份有限公司 • 2026 中期報告   91
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   FINANCIAL INSTRUMENTS
     (a) Financial assets measured at fair value                               (a) 按公允價值計量的金融資產
        Fair value hierarchy                                                    公允價值層級
        The following table presents the fair value of the Group’s              下表呈列本集團於報告期末按經常性
        financial instruments measured at the end of the reporting              基準計量的金融工具的公允價值，並
        period on a recurring basis, categorised into the three-                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 value measured using only                 •   第一級估值： 僅 使 用 第 一 級 輸 入
                                     Level 1 inputs i.e. unadjusted                           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
                                     significant 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
     NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                    未經審計中期財務報告附註
               (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   OF FINANCIAL INSTRUMENTS                                           （續）
   (Continued)
 (a) Financial assets measured at fair value                         (a) 按 公 允 價 值 計 量 的 金 融 資 產
     (Continued)                                                       （續）
   Analysis on fair value measurement of financial instruments as        於 2026 年 6 月 30 日及 2025 年 12 月 31
   at 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
                                                    於2026年
                                                   的公允價值                       的公允價值分類為
                                                    RMB’000          Level 1         Level 2            Level 3
                                                   人民幣千元             第一級              第二級               第三級
    Recurring fair value measurement
    經常性公允價值計量
    Other financial assets at FVPL
    按公允價值計入損益的其他金融資產
    – Wealth management products 理財產品              10,814,342             –       10,814,342                  –
    – 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                                           22,514             –           22,514                  –
    Derivative financial liabilities 衍生金融負債
    – Forward exchange contracts
    – 遠期外匯合約                                           (2,089)            –           (2,089)                 –
                                                                        佛山市海天調味食品股份有限公司 • 2026 中期報告          93
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   OF FINANCIAL INSTRUMENTS                                                       （續）
   (Continued)
     (a) Financial assets measured at fair value                                 (a) 按 公 允 價 值 計 量 的 金 融 資 產
         (Continued)                                                               （續）
                                                               Fair value at
                                                              December 31,           Fair value measurement at
                                                                 於2025年
                                                                的公允價值                    的公允價值分類為
                                                                  RMB’000        Level 1        Level 2                Level 3
                                                                人民幣千元            第一級            第二級                    第三級
          Recurring fair value measurement
          經常性公允價值計量
          Other financial assets at FVPL
          按公允價值計入損益的其他金融資產
          – Wealth management products 理財產品                     10,105,463             –       10,105,463                   –
          – 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)                  –
        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.
      NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                        未經審計中期財務報告附註
                (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   OF FINANCIAL INSTRUMENTS                                               （續）
   (Continued)
 (b) Fair value of financial assets and liabilities                      (b) 並非按公允價值列賬的金融資
     carried at other than fair value                                        產及負債的公允價值
    The carrying amounts of the Group’s financial instruments              於 2026 年 6 月 30 日及 2025 年 12 月 31
    carried at amortized cost are not materially different from their      日，本集團按攤銷成本列賬的金融工
    fair values as at June 30, 2026 and December 31, 2025.                 具的賬面值與其公允價值並無重大差
                                                                           異。
 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,
                                                                                   於2026年        於2025年
                                                                                   RMB’000        RMB’000
                                                                                  人民幣千元         人民幣千元
  Contracted for purchase for property, plant and equipment
  已訂約購買物業、廠房及設備                                                                     552,024        576,901
   TRANSACTIONS
 (a) Key management personnel remuneration                               (a) 主要管理人員薪酬
    Remuneration 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
                                                                                    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                                                                      18,402         19,074
                                                                           佛山市海天調味食品股份有限公司 • 2026 中期報告   95
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   TRANSACTIONS (Continued)
     (b) 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
                                                                                      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                                                              525,899        399,498
          Entities over which Guangdong Haitian has significant influence
          廣東海天對其有重大影響力的實體                                                             132,645        196,574
          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                                                               17,267         27,849
          Entities over which Guangdong Haitian has significant influence
          廣東海天對其有重大影響力的實體                                                                   –             44
          Expense relating to short-term leases 短期租賃相關開支
          Guangdong Haitian and entities controlled by Guangdong Haitian
          廣東海天及廣東海天控制的實體                                                                1,476            788
          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                                                                  627            949
          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                                                               39,706         28,371
          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              –
           NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                        未經審計中期財務報告附註
                  (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   TRANSACTIONS (Continued)
  (b) 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 RMB21,835,000 (six                 述租賃服務結算租賃付款人民幣
           months ended June 30, 2025: RMB10,397,000) for the                    21,835,000元（截至2025年6月30
           above rental services, and interests generated from these             日止六個月：人民幣 10,397,000
           leasing arrangements were RMB1,159,000 (six months                    元），該等租賃安排產生的利息為
           ended June 30, 2025: RMB302,000).                                     人 民 幣 1 , 1 5 9 , 0 0 0 元（ 截 至 2 0 2 5
                                                                                 年6月30日止六個月：人民幣
           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559,000
           recognized right-of-use assets and lease liabilities                  元（ 截 至 2 0 2 5 年 6 月 3 0 日 止 六 個
           of RMB559,000 (six months ended June 30, 2025:                        月：人民幣822,000元）。
           RMB822,000) 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341,638,000
           prepayments, were RMB341,638,000 (six months ended                    元（ 截 至 2 0 2 5 年 6 月 3 0 日 止 六 個
           June 30, 2025: RMB328,499,000) in aggregate. The                      月：人民幣328,499,000 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               97
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   TRANSACTIONS (Continued)
     (c) Balances with related parties                                        (c) 與關聯方的結餘
                                                                                       As at          As at
                                                                                    June 30,   December 31,
                                                                                    於2026年        於2025年
                                                                                    RMB’000        RMB’000
                                                                                   人民幣千元         人民幣千元
          Trade related: 與貿易有關：
          Other receivables 其他應收款項
          Guangdong Haitian and entities controlled by Guangdong Haitian
          廣東海天及廣東海天控制的實體                                                              39,285          8,268
          Entities over which Guangdong Haitian has significant influence
          廣東海天對其有重大影響力的實體                                                                  –            13
          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                                                              90,454        76,208
          Entities over which Guangdong Haitian has significant influence
          廣東海天對其有重大影響力的實體                                                             36,034        52,980
          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                                                               2,000           544
          Entities over which Guangdong Haitian has significant influence
          廣東海天對其有重大影響力的實體                                                              1,350          1,350
          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                                                              54,266        71,508
       NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                      未經審計中期財務報告附註
                     (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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2027
 after 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   99
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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 entities 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 financial                  •   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;
        NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                       未經審計中期財務報告附註
               (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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   101
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
未經審計中期財務報告附註
(EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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                       MPM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。
       NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
                                                                     未經審計中期財務報告附註
                 (EXPRESSED IN THOUSANDS OF RMB, UNLESS OTHERWISE INDICATED)（除非另有說明，否則以人民幣千元呈列）
   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
     financial 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   103
INDEPENDENT REVIEW REPORT
獨立審閱報告
Review report to the board of directors of Foshan Haitian                     致佛山市海天調味食品股份有限公司董事會之
Flavouring and Food Company Ltd.                                               審閱報告
(Incorporated in the People’s Republic of China with limited liability)       （於中華人民共和國註冊成立的股份有限公司）
INTRODUCTION                                                                  緒言
We have reviewed the interim financial report set out on pages 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
Our responsibility is to express a conclusion, based on our review, on        我們的責任乃根據我們協定的委聘條款，按照
this interim financial report and to report our conclusion solely to you,     我們的審閱形成有關該中期財務報告的結論，
as a body, in accordance with our agreed terms of engagement, and             並僅向全體董事會報告我們的結論，且不作其
for no other purpose. We do not assume responsibility towards or              他用途。我們概不就本報告內容向其他任何人
accept liability to any other person for the contents of this report.         士負上或承擔責任。
SCOPE OF REVIEW                                                               審閱範圍
We conducted our review in accordance with Hong Kong Standard                 我們已根據香港會計師公會頒佈的香港審閱聘
on Review Engagements 2410 Review of interim financial information            用準則第 2410 號由實體的獨立審計師執行中
performed by the independent auditor of the entity as issued by               期財務資料審閱 進行審閱。中期財務報告審
the Hong Kong Institute of Certified Public Accountants. A review             閱工作主要包括向負責財務及會計事宜的人員
of interim financial report consists of making inquiries, primarily           詢問，並實施分析和其他審閱程序。由於審閱
of persons responsible for financial and accounting matters,                  的範圍遠較根據香港審計準則進行審計的範圍
and applying analytical and other review procedures. A review is              小，故不能保證我們會注意到在審計中可能會
substantially less in scope than an audit conducted in accordance             被發現的所有重大事宜。因此，我們不發表審
with Hong Kong Standards on Auditing and consequently does not                計意見。
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
                                                            INDEPENDENT REVIEW REPORT
                                                                                           獨立審閱報告
CONCLUSION                                                                 結論
Based on our review, nothing has come to our attention that causes         基於我們的審閱，我們並未注意到任何事項令
us to believe that the interim financial report as at 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
Central, Hong Kong                                                         太子大廈8樓
                                                                                佛山市海天調味食品股份有限公司 • 2026 中期報告   105
DEFINITIONS
釋義
In this report, unless the context otherwise requires, the following           本報告內，除非文義另有所指，否則下列詞彙
expressions shall have the following meanings:                                 具有以下涵義：
“A Share(s)”                                     ordinary shares issued by our Company, with a nominal value of RMB1.00
                                                 each, which are listed on the SSE and traded in Renminbi
「A股」                                       指     本公司發行每股面值人民幣1.00元的普通股，於上交所上市並以人民幣買賣
“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 Board
  Committee”
「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 Board
  Committee”
「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
                                                                                    DEFINITIONS
                                                                                                    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,
「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 of
  Exchange”                       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      107
DEFINITIONS
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：
      subject to rounding.
      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.