Foshan Haitian Flavouring and Food Company (603288) Q4 2025 earnings summary

Executive summary

• Revenue reached RMB 28.87 billion in 2025, up 7.32% year-over-year, with net profit attributable to shareholders at RMB 7.04 billion, up 10.95% year-over-year, both hitting record highs.

• Core categories (soy sauce, oyster sauce, seasoning sauce) maintained stable growth, with revenues of RMB 14.93 billion, RMB 4.87 billion, and RMB 2.92 billion, up 8.55%, 5.48%, and 9.29% year-over-year, respectively.

• Digital transformation and AI-driven manufacturing enhanced supply chain efficiency and product quality, with the Gaoming plant recognized as the world's first 'Lighthouse Factory' in soy sauce brewing.

• Internationalization accelerated with successful H-share listing in Hong Kong and overseas production bases established.

• ESG performance improved, with MSCI ESG rating upgraded to A and significant progress in green supply chain initiatives.

Financial highlights

• Operating income: RMB 28.87 billion, up 7.32% year-over-year.

• Net profit attributable to shareholders: RMB 7.04 billion, up 10.95% year-over-year.

• Gross margin: 41.78%, up 3.15 percentage points year-over-year.

• Basic and diluted EPS: RMB 1.23, up 7.89% year-over-year.

• Net assets attributable to shareholders: RMB 41.33 billion, up 33.80% year-over-year.

• Operating cash flow: RMB 7.75 billion, up 13.24% year-over-year.

Outlook and guidance

• Focus remains on user satisfaction, product innovation, and digital transformation to drive high-quality growth.

• Commitment to annual dividend payout ratio of no less than 80% of net profit for 2025-2027.

• Continued investment in R&D (3% of revenue) and expansion of international business.