佛山市海天調味食品股份有限公司中期報告

CONTENTS目錄

02 Corporate公司資料 Information

06 Management管理層討論與分析Discussion and Analysis

52 Corporate企業管治及其他資料Governance and Other Information

• 63 Consolidated綜合損益表 Statement of Profit or Loss
• 64

Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表

• 65 Consolidated綜合財務狀況表Statement of Financial Position

• 68 Consolidated綜合權益變動表Statement of Changes in Equity
• 69 Condensed簡明綜合現金流量表Consolidated Cash Flow Statement 71 Notes未經審計中期財務報告附註to the Unaudited Interim Financial Report

104 Independent獨立審閱報告Review Report

106 Definitions釋義

DIRECTORS

Executive Directors

Ms. Cheng Xue (Chairwoman) Mr. Guan Jianghua (President) Mr. Huang Wenbiao Mr. Wen Zhizhou (Employee Representative Director) Mr. Liao Changhui Mr. Dai Wen

Independent Non-executive Directors

Mr. Zhang Kechun Mr. Qu Wenzhou Mr. Ding Bangqing

JOINT COMPANY SECRETARIES

Ms. Ke Ying Ms. Zhang Xiao

AUTHORIZED REPRESENTATIVES

Mr. Liao Changhui Ms. Zhang Xiao

AUDIT COMMITTEE

Mr. Qu Wenzhou (Chairperson) Mr. Zhang Kechun Mr. Ding Bangqing

董事

執行董事

程雪女士（董事長） 管江華先生（總裁） 黃文彪先生 文志州先生（職工代表董事） 廖長輝先生 代文先生

獨立非執行董事

張科春先生 屈文洲先生 丁邦清先生

聯席公司秘書

柯瑩女士 張瀟女士

授權代表

廖長輝先生 張瀟女士

審計委員會

屈文洲先生（主席） 張科春先生 丁邦清先生

REMUNERATION AND EVALUATION COMMITTEE

Mr. Qu Wenzhou (Chairperson) Mr. Zhang Kechun Mr. Ding Bangqing Ms. Cheng Xue Mr. Guan Jianghua

NOMINATION COMMITTEE

Mr. Zhang Kechun (Chairperson) Mr. Qu Wenzhou Mr. Ding Bangqing Ms. Cheng Xue Mr. Dai Wen

STRATEGY AND SUSTAINABILITY COMMITTEE

Ms. Cheng Xue (Chairperson) Mr. Guan Jianghua Mr. Huang Wenbiao Mr. Wen Zhizhou Mr. Liao Changhui

H SHARE REGISTRAR

Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong

HEADQUARTERS AND REGISTERED OFFICE IN THE PRC

No. 16, Wensha Road Foshan City Guangdong Province PRC

薪酬與考核委員會

屈文洲先生（主席） 張科春先生 丁邦清先生 程雪女士 管江華先生

提名委員會

張科春先生（主席） 屈文洲先生 丁邦清先生 程雪女士 代文先生

戰略與可持續發展委員會

程雪女士（主席） 管江華先生 黃文彪先生 文志州先生 廖長輝先生

H股證券登記處

卓佳證券登記有限公司 香港 夏慤道16號 遠東金融中心17樓

中國總部及註冊辦事處

中國 廣東省 佛山市 文沙路16號

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Room 1901, 19/F, Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong

PRINCIPAL BANKS

Industrial and Commercial Bank of China Foshan Shengping Sub-Branch Agricultural Bank of China Foshan Huaqing Sub-Branch Bank of China Foshan Branch China Construction Bank Foshan Jinlong Garden Sub-Branch Bank of Communications Foshan Hujing Sub-Branch China Merchants Bank Foshan Branch

LEGAL ADVISOR AS TO HONG KONG LAW

Clifford Chance 27/F, Jardine House One Connaught Place Central Hong Kong

LEGAL ADVISOR AS TO PRC LAW

Jingtian & Gongcheng 34/F, Tower 3 China Central Place 77 Jianguo Road, Beijing PRC

香港主要營業地點

香港 銅鑼灣 希慎道33號 利園一期19樓1901室

主要往來銀行

中國工商銀行佛山升平支行

中國農業銀行佛山華輕支行 中國銀行佛山分行 中國建設銀行佛山錦隆花園支行 交通銀行佛山湖景支行 招商銀行佛山分行

香港法律顧問

高偉紳律師行 香港 中環 康樂廣場一號 怡和大廈27樓

中國法律顧問

競天公誠律師事務所 中國 北京市建國路77號 華貿中心 3號寫字樓34層

AUDITOR

核數師

KPMG

Certified Public Accountants Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance

8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

COMPANY’S WEBSITE

畢馬威會計師事務所

執業會計師 根據會計及財務匯報局條例註冊的公眾利益實 體核數師

香港 中環 遮打道10號 太子大廈8樓

公司網站

https://www.haday.com

STOCK CODE

03288.HK 603288.SH

https://www.haday.com

股份代號

03288.HK 603288.SH

MACRO AND INDUSTRY ENVIRONMENT

宏觀及行業環境

Benefiting from the long history of development and the characteristics of rigid demand, the condiments industry has maintained overall steady development in the past. Both the global and Chinese condiment markets are sizeable and still hold considerable room for development. According to data from Frost & Sullivan, the Chinese condiments market size is projected to increase from approximately RMB511.3 billion in 2025 to approximately RMB689.7 billion in 2030, representing a compound annual growth rate (CAGR) of approximately 6.2%. In July 2026, the State Council approved the 15th Five-Year Plan for Expanding Consumption, which explicitly proposed that “by 2030...the total retail sales of consumer goods will reach approximately RMB60 trillion”. This represents 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.

得益於調味品悠久的發展歷史和剛需特性，調 味品行業在過往總體保持穩健發展。全球和中 國調味品市場容量大，仍有較大發展空間。 根據弗若斯特沙利文的資料，中國調味品市 場規模將從2025年的約人民幣5,113億元，提 升至2030年的約人民幣6,897億元，複合增速 約為6.2%。2026年7月，國務院批覆《擴大消 費「十五五」規劃》，明確提出「到2030年 …… 社會消費品零售總額達到人民幣60萬億元左 右」，較2025年社會消費品零售總額人民幣50 萬億元提升約20%，消費市場總體規模穩步擴 大，中長期總需求得到政策支撐。

——Actual data

實際數據

--Estimated data 預測數據

7,000

Market size (RMB100 million)

市場規模（人民幣億元）

6,500

6,000

5,500

5,000

4,500

4,510

4,604

4,770 4,793

4,981

5,113

5,391

5,767

6,152

6,543

6,897

2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E

Year 年份

Source: Frost & Sullivan 數據來源：弗若斯特沙利文

1. High industry expansion costs, with entry barriers continuously rising

1. 行業內拓展成本大，進入壁壘不斷 提高

Condiments are “small products” with relatively low unit prices; however, the industry involves high capital investment, complex industrial technology, and long input-output cycles, and heavy capital investment in land resources, plant construction, smart equipment, channel networks, and brand operations has also built high barriers to entry into the industry. In recent years, consumers’ demands for products and services are becoming increasingly diversified, again posing higher requirements for the technological innovation capabilities and product innovation capabilities of condiment companies.

調味品是單價相對較低的「小產品」，但行 業本身資本投入高、產業技術複雜且投入 產出週期長，土地資源、廠房建設、智能 設備、渠道網絡、品牌經營等方面的重資 本投入也構築起較高的行業進入壁壘。近 幾年，消費者對產品和服務的需求趨向多 元化，對調味品企業的技術革新能力和產 品創新能力再次提出更高的要求。

Digital and intelligent technologies, spearheaded by AI applications, are comprehensively penetrating the entire condiment industry chain. From consumer insights, research and development (R&D), and production, to quality control and the supply chain, empirical experience is being transformed into quantifiable and reusable models, while flexible manufacturing successfully balances both scale and customization. Technology 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.

以AI應用為代表的數智化技術正全面滲透 調味品全產業鏈，從消費洞察、研發生產 到品控供應鏈，經驗被轉化為量化且可複 用的模型，柔性製造兼顧規模與定制，科 技正重塑企業間的競爭邏輯。唯有率先實 現全價值鏈數智化轉型的企業，方能建立 並持續擴大效率、品質與成本的代際優勢。

2. Industry competition is becoming increasingly fierce, the supply landscape is continuously optimizing, and the comprehensive advantages of leading enterprises continue to stand out

2. 行業競爭日趨激烈，供給格局不斷 優化，頭部企業綜合優勢持續凸顯

The condiments industry is a highly competitive industry. Market demand is shifting from aggregate expansion to structural differentiation. Customer demand is exhibiting trends toward diversification, healthfulness, and convenience, which poses comprehensive challenges to enterprises’ demand insight capabilities, R&D and innovation strength, flexible manufacturing capabilities, and supply chain synergy efficiency. Enterprises must not only accurately grasp the dynamic changes in customer demand, but also rely on robust R&D reserves, highly optimized industrial production capabilities, and efficient supply chain integration capabilities to translate customer insights into high-quality products, and efficiently reach end consumers through multi-dimensional channels. Only enterprises that build systematic advantages will be able to lead the industry in its next phase.

調味品行業是一個充分競爭的行業。市場 需求從總量擴張轉向結構分化，用戶需求 呈現多元化、健康化與便捷化趨勢，這對 企業的需求洞察能力、研發創新實力、柔 性製造能力及供應鏈協同效率提出了全方 位挑戰。企業不僅需要精準把握用戶需求 的動態變化，更需依託強大的研發儲備、 極致化的工業生產能力和高效的供應鏈整 合能力，將用戶洞察轉化為優質產品，並 通過立體化渠道高效觸達消費者。只有構 建系統化優勢的企業，方能引領行業下一 階段。

Policy regulations are elevating industry entry barriers, leading to the gradual phase-out of backward production capacity. New national food quality standards for product series such as soy sauce, vinegar, and chicken essence are successively taking effect. With higher thresholds for environmental protection, quality inspection, and fermentation processes, compliant production capacity is increasingly concentrating among top-tier enterprises. Meanwhile, the 15th Five-Year Plan for Expanding Consumption emphasizes the need to “enhance catering service quality, strictly enforce operators’ primary responsibilities for food safety, implement regional catering brand cultivation projects, and encourage local authorities to develop culinary agglomeration zones and specialty snack industry clusters”. The accelerated 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.

政策規範提升行業准入門檻，落後產能逐 步退出。醬油、食醋、雞精等系列食品質 量新國標陸續落地，環保、質檢、發酵工 藝門檻抬高，合規產能向頭部集中。而《擴 大消費「十五五」規劃》強調要「提升餐飲服 務品質，壓實經營者食品安全主體責任， 實施地域餐飲品牌培育工程，鼓勵地方打 造美食集聚區和特色小吃產業集群」，餐飲 行業品質化、連鎖化、特色化發展提速， 對上游調味品企業在風味標準化能力、食 品安全品控能力以及區域特色產品的柔性 研發與供應能力等方面提出更高要求，行 業競爭門檻進一步抬升。

Amidst rapid and drastic changes in the external environment, industry leaders are leveraging their systematic risk-resistance capabilities to provide certainty amidst uncertainty. With prolonged and recurring global geopolitical conflicts and intensified volatility in commodity markets, the condiment industry is also facing certain pressure on cost pass-through. Against this backdrop, leading enterprises rely on multiple advantages, such as orders under long-term agreements, large-scale centralized procurement, technology-driven cost reductions, and the integration of ecosystem resources, to effectively hedge risks amidst fluctuations and maintain earnings resilience. Their risk-resistance advantages continue to stand out under stress tests.

3. Diversified consumer demand brings new opportunities and challenges to the industry, and companies must possess comprehensive capabilities to keep pace with the times

外部環境飛速巨變，行業龍頭憑藉系統化 的抗風險能力，成為不確定性中的確定 性。全球地緣政治衝突反覆延宕，大宗商 品市場波動加劇，調味品行業亦面臨一定 成本傳導壓力。在此背景下，龍頭企業依 託長協訂單、規模化集中採購、技術驅動 降本及生態圈資源整合等多重優勢，在波 動中有效對沖風險、維持盈利韌性，抗風 險優勢在壓力測試中持續凸顯。

1. 多元消費需求給行業帶來新的機遇 和挑戰，企業必須具備與時俱進的 綜合能力

China’s vast territory has shaped differentiated consumer demands across different regions and populations, bringing more opportunities to companies but also posing multi-dimensional challenges to their capabilities.

我國幅員遼闊，形成了不同區域、不同人 群差異化的消費需求，為企業帶來了更多 機遇，但也對企業能力提出了多維度的挑 戰。

Consumers have increasingly higher expectations regarding the authentic ingredients, health benefits, and convenience of condiments. According to a Nielsen IQ report, up to 71% of consumers in the broader food and beverage industry state that they “care about the ingredients, origins, and nutritional efficacy of the products, and will conduct in-depth research before selecting the products most suitable for them”. The trend towards healthfulness is evolving into a consumer-driven process of refined product screening and even co-creation. At the same time, fast-paced work and lifestyles have fuelled consumer demand for convenient products and compound condiment products. This requires companies to roll out new products backed by sharper consumer insights, accelerated innovation, and highly responsive manufacturing capabilities.

消費者對調味品的真材實料、健康和便捷 等屬性的要求越來越高。據尼爾森IQ的報 告，高達71%的大食飲消費者表示「在意產 品的成份、產地和營養功效等，會深入研 究後挑選最適合自己的產品」，健康化正演 化為消費者主導的、精細化的產品篩選乃 至共創的過程。同時，快節奏的工作生活 方式，催生了消費者對方便快捷產品、複 合調味料產品的需求，要求企業以更精準 的消費洞察、更高的創新效率和更敏捷的 生產響應能力推出新品。

In-depth research on ingredients,

origin, and nutritional benefits 深入研究成分、產地與營養功效

Recognizing that “all-natural raw

materials” represent high quality 認同「純天然原材料」代表高品質

35%

71%

Considering functional benefits

as a purchasing motivation 將功能功效需要視為購買動因 Proactively paying attention to

ingredient composition 主動關注原料成分

26%

19%

Considering nutritional health when purchasing

19%

購買時考慮營養健康

Focusing on health improvement needs 聚焦健康改善訴求

18%

0% 20% 40% 60% 80%

Source: 2025 White Paper on Consumer Mindset and Decision-Making Path in the Food and Beverage Industry

數據來源：《2025大食飲行業消費者心智及決策鏈路研究白皮書》

In recent years, the trend of chain operations in the catering industry has accelerated. According to data from the China Chain Store & Franchise Association (CCFA), the catering chain penetration rate in China has increased from 15% in 2020 to 25% in 2025. According to data from the National Bureau of Statistics of China, the catering revenue above designated size (annual revenue over RMB2 million) as a percentage of the total catering revenue has increased from approximately 22% in 2021 to approximately 28% in 2025, which has further increased to 29.5% in the first half of 2026. The requirements of chain catering for food safety, flavour stability, and standardized solutions will benefit leading condiment companies with existing technical reserves and flexible response capabilities, driving further consolidation within the upstream condiments industry.

近幾年來，餐飲行業連鎖化趨勢加速。根 據中國連鎖經營協會的數據，全國餐飲連 鎖化率已從2020年的15%提升至2025年 的25%。根據國家統計局的數據，限額以 上餐飲收入（年營業額達人民幣200萬元及 以上）佔餐飲收入比例從2021年的約22% 提升至2025年的約28%，2026年上半年 進一步提升至29.5%。連鎖餐飲對食品安 全、風味穩定及標準化解決方案的要求， 將利好於已有技術儲備和柔性響應能力的 調味品龍頭企業，推動上游調味品行業的 整合程度逐步提高。

25%

20%

18%

21% 19%

23%

25%

15%

2021 2022 2023 2024 2025

Source: 2026 White Paper on the Chain Development of China’s Catering Industry

數據來源：《2026中國餐飲連鎖化發展白皮書》

4. Consumer touchpoints and delivery options are becoming increasingly diversified, placing extreme demands on companies’ operational capabilities

1. 消費者觸達渠道及交付形式愈發多

元，對企業運營能力提出極致要求

With the rapid iteration of online and offline channels, consumers’ touchpoint scenarios and consumption scenarios have become highly fragmented. According to an iResearch report, the per capita purchasing channels for condiments in family consumption scenarios reached 4.2. Consumer decision paths and omni-channel delivery models have become multi-dimensional and diversified. Emerging retail formats such as e-commerce platforms, instant retail, and livestream e-commerce are rapidly proliferating, creating new challenges for the transformation and upgrading of the industry’s supply and distribution models. The rapidly evolving market landscape compels companies to proactively embrace change by continuously restructuring their distribution and delivery systems, building digital capabilities, and driving innovation. Only companies with a 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.

隨着線上及線下渠道的快速迭代，消費者 的觸達場景、消費場景已高度碎片化。 根據艾瑞傳媒的報告，在家庭消費場景 中，調味品人均購買渠道達4.2個。消費 的決策路徑以及全渠道交付模式變得立體 多元，電商平台、即時零售、直播電商等 新興渠道和零售業態快速湧現，這對行業 供應模式、分銷模式的轉型升級提出了新 挑戰。市場的日新月異要求企業在分銷體 系重構、供應交付體系重構、數字化能力 建設、創新能力等多方面持續作為，積極 擁抱變化。只有具備全渠道佈局能力、能 夠針對不同渠道特性實施差異化策略的企 業，才能化挑戰為機遇，抓住新生意。

DISCUSSION AND ANALYSIS ON OPERATIONS

經營情況討論與分析

The Company has always believed that only by maintaining a customer-satisfaction-centric approach and continuously innovating itself to meet customer demands can it sustainably capture business opportunities and achieve steady development. Over the past few years, centring on customers’ needs for health and convenience, Haitian has continuously developed new products and explored new channel opportunities with a commitment to agile response and comprehensive fulfilment of customer needs. While achieving certain growth in its operating results, the Company has also addressed its own business shortcomings and accumulated new capabilities.

公司始終認為，只有堅持以用戶滿意為中心、 不斷自我革新以滿足用戶需求，才能持續抓住 業務機會，實現穩健發展。過去幾年，海天 圍繞用戶健康化、便捷化等需求不斷開發新產 品，以敏捷響應、全方位滿足用家需求為出發 點挖掘渠道新機會，公司業績取得一定增長的 同時，也補足了自身的業務短板、積累了新的 能力。

In 2026, the external environment remains complex and volatile, and industry competition is becoming increasingly fierce. The Company needs to maintain the resilience of its business development while dynamically reviewing the evolution of its organisational capabilities to ensure steady operations. Under this “marching while fighting” norm, the Company achieved revenue of RMB16,146 million in the first half of 2026, representing a year-on-year increase of 6.01%; among which, revenue from the principal condiments business was RMB15,352 million, representing a year-on-year increase of 5.43%; the net profit attributable to shareholders of the parent company was RMB4,190 million, representing a year-on-year increase of 7.13%. 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.

2026年，外部環境依舊複雜多變、行業競爭亦 日趨激烈，公司一邊要保持業務發展的韌性， 一邊還要動態審視組織能力的進化，確保經營 穩健。在這樣「邊行軍邊打仗」的常態下，公司 2026年上半年實現營業收入人民幣161.46億 元，同比增長6.01%，其中調味品主營業務收 入人民幣153.52億元，同比增長5.43%；歸母 淨利潤人民幣41.90億元，同比增長7.13%。 在距2026年全年還剩4月餘的當下，公司仍將 聚焦「用戶滿意至上」，全力實現營收、利潤的 穩健進步。

1. U p h o l d i n g t h e D u a l D e v e l o p m e n t o f Consolidating Foundation and Nurturing Strengths to Achieve a Spiralling Upgrade of Haitian’s Advantages

1. 堅持固本強基與固本培優雙發展，

實現海天優勢的螺旋升維

Over the years, the Company has accumulated fundamental advantages in categories, channels, technology, and more. We will use these fundamental advantages as our anchor, consolidating existing strengths while nurturing new ones, thereby forming a spiralling reinforcing loop.

公司多年的發展積累了一定的基礎優勢， 如品類、渠道、技術等多方面。我們將以 這些基礎優勢為錨點，在夯實既有優勢的 同時孕育新優勢，形成螺旋式的增強回路。

Category Synergy

品類互促

Soy sauce, oyster sauce, and flavoured sauce categories form the “foundation of the pyramid” of the Company’s pyramid-shaped product portfolio, with their combined revenue accounting for 77% of the total. In the first half of 2026, soy sauce, oyster sauce, and flavoured sauce recorded revenue of RMB8,296 million, RMB2,566 million, and RMB1,645 million, respectively, maintaining overall growth. We will continue to consolidate the fundamentals of these three core categories, and leverage them to accelerate the cultivation of new advantages in tracks such as vinegar and cooking wine, health-oriented products, and compound condiments. Taking the reduced-salt and organic nutrition and health series as an example, it recorded a year-on-year growth rate of 27.09% during the Reporting Period, becoming a core growth engine that consolidates the three major categories. Compound condiment products have also achieved good development by leveraging the quality, 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.

醬油、蠔油、調味醬三大品類是公司金字 塔型產品矩陣的塔基，營業收入佔比合計 達77%。2026年上半年，醬油 ╱ 蠔油 ╱ 調味醬分別實現營業收入人民幣82.96億 元 ╱ 人民幣25.66億元 ╱ 人民幣16.45億 元，整體保持增長。我們將持續鞏固三大 核心品類基本盤，並以其為依託，加速培 養醋酒、健康、複調等賽道的新優勢。以 薄鹽和有機等營養健康系列為例，報告期 內同比增速達27.09%，成為穩固三大品 類的核心增長引擎。複調產品也藉以基調 的品質、供應鏈、渠道優勢，取得較好發 展。當消費者因為健康新產品而走進海天 的貨架前、當渠道用家因為複調而導入海 天更多的品類資源及服務能力時，三大核 心品類也會再次得以激活。

Channel Complementarity

Offline catering and wholesale and agricultural markets form the fundamentals of Haitian’s channels. In the first half of 2026, the Company’s revenue from offline channels reached RMB14,380 million, representing a year-on-year increase of 4.81%. With over two decades of deep cultivation, the Company has built a nationwide distributor network and terminal reach capability in the offline space. We have been tightening the “consolidation” of traditional channels by enhancing network density through secondary construction of capillary networks, and connecting lower-tier markets with new tools and technologies of digital marketing. “Nurturing strengths” is embodied in building capabilities in emerging channels such as online and industrial channels: in the first half of 2026, revenue from online channels amounted to RMB972 million, representing a year-on-year increase of 15.45%; new channels represented by the food industry have also achieved good development. Traditional channels and emerging channels have gradually formed a 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.

渠道互補

線下餐飲和批發農貿是海天渠道的基本 盤。2026年上半年，公司線下渠道營業收 入人民幣143.80億元，同比增長4.81%。 經過二十餘年的深耕，公司在線下擁有覆 蓋全國的經銷商網絡和終端觸達能力。我 們緊抓傳統渠道的「固本」，通過毛細網絡 的二次建設增強密實度，以數字化營銷的 新工具技術鏈接下沉市場。「培優」則體現 在線上、工業等新興渠道能力的構建上： 2026年上半年線上營業收入人民幣9.72億 元，同比增長15.45%；以食品工業為典型 代表的新渠道也取得較好發展。傳統渠道 和新興渠道，在這幾年的發展中逐步形成 了雙向賦能，傳統渠道的承載力為新渠道 提供履約背書，線上及工業等新賽道又在 挖潛更多的生意觸達機會、補強了全面服 務用戶的能力。

Market Mutual Drive

The domestic market is the foundation of the Company’s development and the base for its international expansion. Through years of accumulation, the system capabilities the Company has formed domestically in product quality, supply chain, channel operations, brand building, and organisational management have provided solid support for going global. The Company continues to deepen its presence in the domestic market while firmly advancing internationalisation, with domestic and international markets driving each other. On the one hand, by extending the capabilities accumulated domestically over the years to international markets, the Company is accelerating the localisation of products and channels according to the consumer demands and market characteristics of different countries and regions. On the other hand, the higher standards for food safety, quality, and market competition in international markets are, in 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 strengths is the main theme for the Company’s business progress going forward. Continuously solidifying fundamental advantages gives new advantages more confidence to grow; continuously expanding new advantages invigorates fundamental advantages.

市場互驅

國內市場是公司發展的根基，也是國際化 發展的底座。經過多年積累，公司在國內 形成的產品品質、供應鏈、渠道運營、品 牌建設和組織管理等體系能力，為走向國 際市場提供了堅實支撐。公司持續深耕國 內市場，同時堅定推進國際化，國內與國 際市場相互驅動。一方面，公司將國內長 期積累能力向國際市場延伸，根據不同國 家和地區的消費需求和市場特點，加快產 品與渠道的本地化佈局；另一方面，國際 市場更高標準的食安、品質和市場競爭要 求，反向推動公司在研發、品質、標準、 供應鏈及管理體系等方面持續升級，並反 哺國內，形成內外互驅、相互賦能的發展 格局，構築面向未來的更高競爭力。

固本強基及固本培優雙發展，是接下來公 司業務取得進步的主旋律。不斷紮實基礎 優勢，讓新優勢的生長更有底氣；不斷壯 大新優勢，對基礎優勢的激發越有活力。

2. Technology Empowerment Across the Entire Industry Chain, Breaking the “Impossible Triangle” to Achieve Healthy and Sustained Company Profitability

1. 科技賦能全產業鏈條，打破「不可

能三角」實現公司利潤的健康持續

We have been exploring how to break the “impossible triangle” of customer satisfaction, continuous corporate investment, and profitability leadership, continuously raising our core barriers. Guided by the “Technology-Driven Enterprise” strategy, the Company has fully embraced the AI era, integrating technological innovation across the entire industry chain encompassing R&D, procurement, production, logistics, and marketing. Through technological progress and efficiency improvement, the Company continues to reduce comprehensive costs, channelling more of 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”.

我們一直在探索如何打破「用戶滿意、企業 不斷投入、盈利能力領先」的不可能三角， 不斷拔高核心壁壘。在「科技立企」戰略指 引下，公司全面擁抱AI時代，將科技創新 融入研發、採購、生產、物流、營銷等全 產業鏈，以技術進步和效率提升持續降低 綜合成本，將降本形成的空間更多投入品 質升級和市場拓展，推動「降本 － 提質 － 增量－再降本」的良性循環。

Driving Cost Reduction and Efficiency Improvement Across the Entire Chain Through Technological Innovation

以科技創新推動全鏈路降本增效

The Company continues to increase investment in R&D, AI digitalisation, and production equipment, exploring efficiency gains through process optimisation, intelligent manufacturing, and lean management. At the same time, it promotes the concept of “Technology for Everyone”, encouraging employees to leverage AI tools to improve quality and efficiency in their business scenarios, making innovation company-wide and moving from point applications to full-chain efficiency gains. In the first half of 2026, the Company achieved a gross profit margin of 41.04%, a year-on-year increase of 0.92 percentage points.

公司持續加大研發、AI數智化與生產裝備 投入，通過工藝優化、智能製造、精益管 理等方式挖掘效率空間；同時推行「人人 科技」，鼓勵員工立足業務場景，利用AI工 具提質增效，讓創新走向全員、從單點應 用走向全鏈條提效。2026年上半年，公司 實現毛利率41.04%，同比提升0.92個百分 點。

Amplifying Technology Dividends Through Experience Iteration and Reuse

Relying on the nationwide production bases and supply chain system, the Company has replicated and adapted the mature digital use cases from the Gaoming Lighthouse Factory to bases in Suqian, Nanning, Wuhan, Jiaxing, and beyond. The rapid reuse of technology and experience has not only amplified the results of quality improvement and efficiency gains, but also further 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

When the word-of-mouth from consumers and customers translates into the fundamental driver of orders and scale growth, economies of scale in turn dilute R&D, production, and supply chain costs. The Company channels the dividends of economies of scale more into quality upgrades and market expansion, converting them into better delivery and services for customers, thereby driving the next round of growth.

We are continuously breaking through the “impossible triangle”, providing solid support for the Company’s long-term and steady development.

以經驗迭代複用放大科技紅利

依託全國化生產基地和供應鏈體系，公司 將高明「燈塔工廠」成熟的數字化用例向宿 遷、南寧、武漢、嘉興等基地複製改良。 技術和經驗的快速複用，不僅放大了提質 增效成果，也進一步支撐了公司打造更具 質價比、心價比的產品和服務。

以規模效應反哺品質升級

當消費者和客戶的口碑，轉化為訂單與規 模增長的根本動因，規模效應又反向攤薄 研發、生產和供應鏈成本。公司將規模效 應的紅利更多投入品質升級和市場拓展， 轉化成對用戶更好的交付及服務，從而驅 動下一輪的增長。

我們正在持續突破「不可能三角」，為公司 的長期穩健發展提供堅實支撐。

3. Upholding Customer Satisfaction First, Achieving Long-Termism Through the Evolution of Culture and Mechanism

1. 堅持用戶滿意至上，以文化和機制

的進化實現長期主義

Continuously satisfying customers hinges on whether the things done right during development can be crystallised into mechanisms and evolved into organisational capabilities. Therefore, we insist on making “customer satisfaction” a standard practice across all aspects of the Company. Taking products as an example, satisfying customers means that consumers feel they get “value for money” or even “more than they paid for” from the products in their hands – every aspect, from quality, flavour, and packaging to pricing, is repeatedly polished in the direction of exceeding customer expectations. For service customers, we take helping customers succeed as the benchmark for measuring work quality, providing optimal solutions in terms of delivery stability, agile response, and quality-price ratio. For partners in the industrial ecosystem, win-win coexistence and joint development constitute customer satisfaction, and only then can the end-to-end value chain remain solid. For internal employees, 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 All” initiative, which represents the consensus of all Haitian people facing the future. We will use this as our guide, remain confident, and go all out to sprint towards the high-quality achievement of our full-year operating targets.

持續讓用戶滿意，關鍵在於能否將發展過 程中做對的事情沉澱為機制、演化為組織 能力。因此，我們堅持讓「用戶滿意」演 繹成公司方方面面的標準動作。以產品為 例，讓用戶滿意就是消費者對拿到手的產 品有「物有所值」甚至「物超所值」的感受， 品質、風味、包裝、價格等，每一項都對 標用戶超預期的方向反覆打磨；對服務用 家來說，我們將幫助客戶成功作為衡量工 作質量的標尺，在交付穩定、敏捷響應、 質價比等方面提供最優的解決方案；對產 業生態中的各方夥伴而言，共贏共生、攜 手發展就是讓用戶滿意，這樣端到端的價 值鏈條也才能穩固；對企業內部員工，被 看見、有成長，才能讓員工滿意，也才能 讓用戶滿意的執行落到實處。

2026年，公司已全面啟動「全員進化」行 動，這是全體海天人面向未來的共識凝 聚。我們將以此為牽引，堅定信心，全力 以赴衝刺全年經營目標的高質量達成。

BUSINESS REVIEW

1. Principal Business

As a leading condiment company with a 400-year heritage, the Company is committed to serving global customers with premium products, fulfilling flavouring needs from kitchen to dining table. Decades of strong word-of-mouth have forged the household “Haitian” brand, making the Company one of the first companies to be recognized as a “China Time-Honored Brand” by the Ministry of Commerce. With a household penetration rate exceeding 80%, the Company ranks as the first-choice condiment brand among Chinese consumers.

業務回顧

1. 公司主營業務

公司是擁有400年歷史傳承的調味品龍頭 企業，致力於用優質產品服務全球用戶， 滿足從廚房到餐桌的調味需求。長期積累 的口碑造就了家喻戶曉的「海天」品牌，讓 公司成為首批榮獲中國商務部「中華老字 號」認定的企業之一。公司產品家庭滲透率 超80%，位居中國消費者首選調味品品牌 第一。

The following table sets out the revenue by product category and as a percentage of total revenue for the periods indicated:

下表載列本集團於所示期間各產品類別的 收益和佔總收益的比例：

Six months ended June 30, 2026

截至2026年 6月30日止6個月

% of Total Revenue

Revenue RMB million

收益 人民幣 百萬元

佔總收益 的比例

Six months ended June 30, 2025 Change

截至2025年

6月30日止6個月 變動

% of Total Revenue

Revenue RMB million (Restated)

Amount RMB million Percentage

收益 人民幣 百萬元

金額 人民幣 百萬元 比例

佔總收益 的比例

（經重列）

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, by-products and others, (ii) logistics and transportation services and (iii) rental income.

註： 其他主要包括(i)原材料、包裝材料、副產品 及其他的銷售，(ii)物流和運輸服務以及(iii) 租金收入。

The Company’s comprehensive product mix covers major categories including soy sauce, oyster sauce, flavoured sauce, vinegar, cooking wine, and compound seasonings. Details of these major business segments are as follows:

(1) Soy Sauce Business

Soy sauce represents the largest single category in China’s condiment market, characterized by massive underlying demand, high consumption frequency, and extensive application scenarios. It holds a pivotal position across household kitchens, the catering industry, and food processing sectors.

As one of the Company’s core product categories, Haitian soy sauce has ranked first nationwide in both production and sales volume and market share for consecutive decades. We are committed to brewing superior products with authentic ingredients, committed to natural sun-drying and fermentation, and committed to traditional brewing techniques. Leveraging our proprietary strain breeding and profound fermentation expertise, we have seamlessly integrated these “Three Commitments” into our digitalized production processes, locking in nutrition and flavour at the source. This rigorous standard for raw materials, reverence 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 reassurance, the Company continuously upgrades its products in flavour, quality, and packaging, constructing a comprehensive product portfolio ranging from mass-market basics to various niche demands, gradually forming a systematic and multi-dimensional soy sauce product matrix. Beyond the Classic and Weijixian series that cater to daily culinary needs, Haitian also offers the Reduced-Salt and Organic nutrition and health series to meet health-conscious demands, as well as the Sugar-Free, Gluten-Free, and Selenium-Enriched specialty series catering to specific dietary needs. Integrating environmental sustainability into our product philosophy, we have further embedded our full-chain carbon reduction practices into our Organic Soy Sauce 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.

公司產品涵蓋醬油、蠔油、調味醬、食 醋、料酒、複合調味料等各大品類，主要 業務板塊情況如下：

(1) 醬油板塊

醬油是中國調味品市場規模最大的單 一品類，具有使用需求大、使用頻次 高、適用場景廣等特點，在家庭、餐 飲和食飲加工等領域具有重要地位。

作為公司的核心業務板塊之一，海天 醬油產銷量和市場佔有率已連續數十 年位居全國第一。公司堅持用真材實 料釀造好產品、堅持天然陽光曬制、 堅持傳統釀造工藝，依託獨特的菌種 選育和發酵技術沉澱，將「三大堅持」 融入數字化生產工序，從源頭上鎖 定營養與風味。正是這份對原料的嚴 苛、對匠心的敬畏和對質量的堅守， 成就了一代又一代消費者熟悉和信賴 的味道。

為滿足不同用戶對健康、美味、安心 的需求，公司在風味、品質和包裝等 方面不斷升級，構建了從大眾基礎到 各類細分需求的完整產品線，逐步形 成系列化、立體化的醬油產品矩陣。 除滿足日常需求的經典和味極鮮等系 列以外，海天還有滿足健康需求的薄 鹽、有機等營養健康系列，滿足特定 膳食需求的無蔗糖、無麩質、富硒特 調系列等眾多產品。與環保理念相融 合，我們更將全鏈條的減碳實踐釀進 有機醬油和無麩質特級生抽，讓減碳 成為每個人都能參與的事，讓低碳轉 化為可感知的用戶體驗。

(2) Oyster Sauce Business

With a long-standing history, oyster sauce is a classic umami condiment crafted from fresh oysters through boiling, concentration, and other refined processes. Haitian’s oyster sauce has maintained the No. 1 market share nationwide for 11 consecutive years, establishing itself as a true national staple beloved by consumers.

We believe that freshness is the benchmark that defines a good bottle of oyster sauce. All of our oyster sauce products are freshly boiled from oysters — we source premium whole oysters from high-standard marine ranches and boil them down to juice, with authentic ingredients and rigorous processing ensuring that Haitian oyster sauce boasts a bright red colour, a rich fresh aroma, and a silky texture, establishing a competitive moat of “rich in flavour, free from any fishy taste; one simple step to seal in freshness” (濃而不 腥, 一招定鮮), making it suitable for a wide array of culinary applications. The Company, together with upstream and downstream partners, jointly initiated the establishment of the “China Oyster Industry Fresh-Leading Ecological Alliance”, 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”.

(2) 蠔油板塊

蠔油生產歷史悠久，是以生蠔為原 料，經蒸煮、濃縮等工藝製成的經典 鮮味調味品。海天蠔油的市場佔有率 連續11年位居全國第一，是名副其實 的國民產品，深受消費者喜愛。

我們相信，新鮮是定義一瓶好蠔油的 標尺。公司的蠔油產品均用生蠔鮮熬 製成，從高標準的海洋牧場中優選原 只生蠔、熬化成汁，真材實料和嚴選 工藝確保了海天蠔油顏色紅亮、鮮香 濃郁、質地幼滑，形成了「濃而不腥， 一招定鮮」的優勢壁壘，具有廣泛的使 用場景。公司與上下游夥伴聯合發起 設立中國蠔產業領鮮生態聯盟，併發 佈「蠔油品質六新鮮」標準，從「源頭 鎖鮮－原只鮮熬－工藝護鮮－質控純 鮮 － 科學呈鮮 － 包裝留鮮」六大維度 出發，為用戶打造一瓶好蠔油。

The Company offers national classic products such as Haitian Premium Oyster Sauce and Golden Label Oyster Sauce, and also provides Stir-fried Fresh Flavour Oyster Sauce and Oyster Sauce for Stewing and Simmering specifically developed for core cooking scenarios such as stir-frying, stewing, and simmering, as well as the Reduced-Salt Oyster Sauce catering to multiple healthy choices. With the accelerating integration of dietary cultures nationwide, oyster sauce continues to penetrate various regions and cuisines; combined with the continuous expansion of cooking scenarios, there remains considerable room for future development.

公司既擁有海天上等蠔油、金標蠔油 等國民經典產品，也提供為爆炒、燉 煮等核心烹飪場景專研的小炒鮮、燉 煮鮮風味蠔油，還有滿足多重健康選 擇的薄鹽蠔油。隨着全國飲食文化的 加速融合，蠔油在不同地域和菜系持 續滲透，疊加烹飪場景的不斷拓展， 未來仍有較大的發展空間。

(3) Flavoured Sauce Business

Flavoured sauces are widely utilized in both Chinese and Western culinary applications, as well as ready-to-eat scenarios. The Company’s flavoured sauce portfolio encompasses basic and compound flavoured sauces as two major categories, forming a product-rich, multi-dimensional flavoured sauce system with diverse flavour profiles and versatile application scenarios, continuously rejuvenating through rapid iteration. The Company possesses mega-scale flagship products with a massive consumer base, such as Soybean Sauce and Spicy Chili Sauce. Capitalizing on our advanced manufacturing capabilities and core fermentation technologies accumulated over the years, we have launched 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.

(3) 調味醬板塊

調味醬被廣泛應用於中西餐烹飪及即 食場景。公司調味醬包括基礎和複合 調味醬兩種主要類別，已形成產品豐 富、風味立體、場景多元的調味醬體 系，並在快速迭代中不斷煥發新機。 公司擁有黃豆醬、香辣醬等具備廣泛 消費基礎的大單品，並依託積累多年 的先進生產能力和核心發酵技術，推 出柱侯醬、海鮮醬、拌飯醬、香菇醬 等適用不同烹飪方式的特色醬料，以 及蔥油拌面醬、蔥香肉丁炸醬等便捷 化調味醬，有效滿足用戶需求。

(4) Specialty Condiment Products and Other Business

The Company continues to expand its category boundaries, promoting vinegar, cooking wine, and compound condiments to provide “one-stop” comprehensive culinary solutions for all scenarios.

As a traditional Chinese condiment, vinegar exhibits highly regional consumption habits and flavour preferences. To satisfy the diverse demands of consumers across different regions and application scenarios, we adhere to a “traditional vinegar + specialty vinegar” product strategy. While continuously upgrading our traditional vinegar lines, we proactively innovate to launch regional specialty rice vinegars such as Sweet Vinegar, Premium Fresh Rice Vinegar, and Kangle Vinegar, alongside specialty fruit vinegars like Zero-Sugar Apple Cider Vinegar and Pure Tangerine Vinegar, creating a rich and diversified vinegar portfolio.

(4) 特色調味品及其他板塊

公司拓展品類邊界，推廣食醋、料酒 和複調等產品，旨在提供全場景「一站 式」的廚房調味解決方案。

食醋作為我國傳統特色調味品，其消 費習慣與風味偏好具有顯著的地域 性。為滿足不同地域、不同場景消費 者對醋類產品的需求，我們堅持「傳 統醋+特色醋」的產品佈局，持續迭代 升級傳統醋，同時不斷推陳出新，開 發出香甜醋、甄選清香米醋、康樂醋 等地域特色米醋產品，以及零糖蘋果 醋、原漿橘子醋等特色果醋產品，形 成豐富多元的醋類產品體系。

Cooking wine is an essential seasoning for removing fishiness, enhancing aroma, enriching freshness, and cutting greasiness. Armed with flagship products such as Haday Old Technique Cooking Wine and Haday Old Technique Cooking Wine with Ginger and Scallion, the Company has developed a comprehensive product portfolio aligned with market trends, spanning the Basic, Organic, Time-Honored, and Vintage series, positioning us as a strong competitor in the cooking wine sub-segment.

Transitioning from a basic condiment supplier to a comprehensive culinary solutions provider, the Company actively identifies and responds to user needs, developing diversified specialty condiment products, including the Quick Sauce series, Spicy Seasoning Sauce, and Chicken Bouillon. Furthermore, we co-create customized product solutions tailored to the specific needs and application scenarios of chain restaurants, food industry enterprises, and supermarkets.

料酒是去腥增香、提鮮解膩的常用調 料。公司擁有海天古道料酒、海天古 道姜蔥料酒等共振單品，並結合市場 需求開發出豐富的料酒產品，涵蓋基 礎、有機、老字號和年份系列等多個 產品線，是料酒細分市場有力的競爭 者。

從基礎調味品供應商轉型升級為菜品 解決方案綜合服務商，公司積極發現 並響應用戶需求，開發多元化的調味 產品，包括快捷醬汁系列、辣鮮露和 雞精等，並根據連鎖餐飲、食品工業 企業和商超等用戶的需求和應用場 景，提供共創客制產品。

2. Business Model

2. 公司經營模式

T h e C o m p a n y ’ s b u s i n e s s m o d e l i s f u n d a m e n t a l l y customer-oriented, seamlessly integrating core functions including procurement, manufacturing, sales, and R&D, thereby constructing robust operational capabilities that underpin our high-quality development. During the Reporting Period, there were no material changes to the Company’s principal business model.

公司經營模式以用戶為導向，貫通採購、 生產、銷售和研發等各個核心環節，構建 了支撐高質量發展的核心運營能力。報告 期內，公司的主要經營模式未發生重大變 化。

(1) Procurement Model

(1) 採購模式

The Company has established an ultimate supply chain system stretching from source raw material procurement to final condiment manufacturing, continuously solidifying our industry-leading advantages in quality and efficiency. We prioritize overall supply chain efficiency and risk management, emphasizing the selection of premium raw materials. We enforce rigorous controls over critical areas including food safety, supply stability, and sustainable development. We select suppliers against stringent standards and foster stable, long-term partnerships. Through collaborative efforts, we standardize operational workflows and enhance traceability systems across industrial layout, planting management, harvesting, processing, and transportation to guarantee raw material excellence. Concurrently, we empower supply chain management via digital systems. Our digital procurement platform consolidates inventory, enables flexible pricing, and ensures fair competition, substantially elevating production and supply efficiency.

公司建立了從源頭原料採購到調味品 生產的極致供應鏈體系，不斷打造 行業領先的質量和效率優勢。我們關 注供應鏈的整體效益與風險，重視原 材料的優選，堅持做好食品安全、穩 定供應、可持續發展等重點領域的嚴 格管控。我們以高標準甄選供應商， 與其建立穩定的合作關係，從產業佈 局、種植管理、採收加工到運輸，協 同規範工序流程並完善追溯體系，確 保原料質量；同時利用數字化系統賦 能供應鏈管理，通過數字化採購平台 拉通庫存、靈活定價、公平競爭，提 高產供效率。

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

Fertilizer/pesticide/agricultural tool monitoring 肥料/農藥/農器具監控

Land use records 土地使用記錄

Supplier Process Monitoring 供應商過程監控

Harvesting monitoring 採收監控

Harvesting and Processing 採收加工

Supplier inspection/processing (customized workshops, processes, inspection requirements) 供應商檢驗/加工（定制車間、工藝、檢驗要求）

Raw material primary selection/transportation 原料初選/運輸

Transportation 運輸

Vehicle cleaning 車輛清理

Material protection 物料防護

Vehicle records 車輛記錄

Haitian Acceptance 海天驗收

Factory Arrival Inspection 到廠檢驗

Raw material acceptance (key indicators/ pesticide residues) 原料驗收（關鍵指標/農藥殘留）

Planting records (full traceability records) 種植記錄（全程追溯記錄）

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

The Company highly values transparent, healthy partnerships with suppliers to build a stable and reliable supply network. To this end, we empower our high-quality supply system through comprehensive chain synergy, conducting onboarding training for new suppliers, hosting strategic supplier summits, and providing specialized training on anti-corruption. We actively respond to China’s rural revitalization strategy through targeted, designated-point procurement of raw materials designed to boost farmers’ incomes. Furthermore, we practice the concept of sustainable development in procurement by incorporating suppliers’ energy conservation and emission reduction achievements into our comprehensive supplier evaluation framework.

公司重視與供應商建立陽光健康的 合作關係，打造穩定可靠的供應商 網絡。為此，公司通過開展新供應商 准入培訓、戰略供應商交流會以及廉 潔合作專項培訓等方式，為打造全鏈 協同的高質量供應體系賦能。我們採 取原材料定向定點採購、助力農戶增 收等措施，積極響應國家鄉村振興戰 略；通過將節能減排成果納入供應商 綜合素質評估範圍，在採購工作中踐 行可持續發展的理念。

原包裝材料

現包裝材料

節省材料

≈600噸/年

≈800噸/年

≈200噸/年

原包裝袋

現包裝袋

500 1

個 / 車

個 / 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

(2) Production Model

(2) 生產模式

The Company has strategically deployed modern production bases across Guangdong, Jiangsu, Zhejiang, Guangxi, Hubei, and overseas. Taking the Haitian Gaoming “Lighthouse Factory” as our benchmark, we are systematically elevating the digitalization and intelligent manufacturing capabilities across all facilities. We orchestrate the orderly expansion and release of production capacity in response to market dynamics, effectively meeting the global demand for our condiment products. While our fermented products, such as soy sauce and soybean paste, are grounded in traditional brewing techniques, they are managed via digital technologies throughout the entire production lifecycle. This guarantees product health and nutrition, flavour and quality consistency, high manufacturing efficiency, and optimal inventory turnover. Guided by green, low-carbon, and eco-friendly principles, we deploy modern technological applications during manufacturing to balance environmental stewardship with economic efficiency.

公司在廣東、江蘇、浙江、廣西、湖 北和海外佈局現代化生產基地，以海 天高明「燈塔工廠」為標桿，逐步提 高各個基地的數智化製造水平，並根 據市場需求有序擴張和釋放產能，滿 足全球用戶的調味需求。公司所生產 的醬油、黃豆醬等發酵類產品以傳統 釀造工藝為基礎，同時利用數字化技 術管控生產全流程，確保產品健康營 養、風味品質穩定、生產效率較高且 庫存運轉良好。公司貫徹綠色低碳環 保理念，在生產過程中通過運用現代 技術手段，兼顧環境效益和經濟效益。

The production workflows for some product categories are outlined below:

公司部分產品的生產流程如下：

Soy Sauce Production Process: raw material inspection → high-temperature steaming → disc koji making → sun brewing → natural fermentation → physical pressing → sterilization & precipitation → finished product manufacturing → finished product inspection → packaging → product inspection → packaging and warehousing.

醬油生產工藝流程：原料檢測 － 高溫 蒸煮－圓盤制曲－陽光釀曬－天然發 酵 － 物理壓榨 － 滅菌澄清 － 成品生 產 － 成品檢驗 － 產品包裝 － 產品檢 驗－包裝入庫。

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

Oyster Sauce Production Process: raw material inspection → raw material processing → ingredient boiling → finished product inspection → packaging → product inspection → packaging and warehousing.

蠔油生產工藝流程：原料檢測 － 原料 處理－配料煮制－成品檢驗－產品包 裝－產品檢驗－包裝入庫。

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 → raw material steaming → koji making → natural fermentation → ingredient boiling → finished product manufacturing → finished product inspection → packaging → product inspection → packaging and warehousing.

黃豆醬生產工藝流程：原料檢測 － 原 料蒸煮 － 制曲 － 天然發酵 － 配料煮 制 － 成品生產 － 成品檢驗 － 產品包 裝－產品檢驗－包裝入庫。

Guided by market trends, the Company has engineered highly flexible manufacturing capabilities capable of multi-category production and seamless product changeovers. At most, a single production line can produce more than 20 specifications or 130 distinct SKUs of different products. Taking soy sauce as an example, the Company has independently developed and integrated various state-of-the-art flexible automated lines, including fully automated UHT (ultra-high temperature) sterilization lines, fully automated enclosed disc koji making lines, and fully automated continuous pressing lines. This achieves end-to-end flexible manufacturing to satisfy customized market demands.

以市場趨勢為導向，公司打造並完善 多品類生產的柔性生產能力，實現無 縫轉產換型，最高可在一條生產線生 產超20種規格或130個SKU的不同產 品。以醬油為例，公司自主研發並引 入了各類先進的柔性化自動生產線， 包括全自動超高溫滅菌產線、全自動 封閉式圓盤制曲產線、全自動連續壓 榨產線等，實現產品全流程柔性化生 產，滿足市場的定制化需求。

• (3) Sales Model

The Company operates an omni-channel, multi-dimensional sales network utilizing a model that is predominantly distributor-based, supplemented by direct sales. After years of development, we have established and maintained a premium, highly capable distributor network built on long-term cooperation. We deploy dedicated sales personnel to maintain close communication and provide support to our distributors, ensuring the highly efficient delivery of premium products to end-users. In recent years, by driving the digital transformation and empowerment of our sales teams and distributor networks, the overall efficiency of our channel operations has improved continuously.

(3) 銷售模式

公司採用以經銷為主、以直銷為補充 的銷售模式，在線上線下全渠道佈局 立體渠道體系。經過多年發展，現已 建設並維持一支能力突出、長期合作 的優質經銷商隊伍，並配備銷售人員 與其緊密溝通、提供支持，確保為終 端用戶高效提供優質產品。近年來， 通過為銷售和經銷商隊伍進行數字化 賦能轉型，渠道運營的整體效率不斷 提升。

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

(4) Brand Strategy

(4) 品牌策略

Haitian’s brand influence is deeply intertwined with our premium product quality and dominant market position, allowing us to maintain sustained industry leadership. The Company continuously deepens the integration between our brand and the industry ecosystem, consolidating a brand image that is healthy, safe, professional, approachable, and highly trusted, thereby elevating brand reputation. On one hand, through publicity on authoritative media platforms, building publicity matrices, and inviting consumers and partners to visit the Haitian Sunshine Factory, we foster users’ trust in Haitian’s quality through open and transparent experiences. On the other hand, we consistently channel our brand equity into empowering the catering industry and championing “Authentic Chinese Flavours”. By communicating our brand value through highly interactive initiatives, we foster two-way engagement with our consumers, firmly cementing consumer trust and identification.

海天的品牌影響力與產品高品質、市 場領先地位相互映襯，在行業中持續 保持領先。公司持續深化品牌與產業 生態的融合，夯實健康、安全、專 業、親和、值得信賴的品牌形象，提 升品牌美譽度。一方面，通過權威媒 體平台宣傳、構建宣傳矩陣、邀請消 費者及合作夥伴實地參觀海天陽光工 廠等路徑，以開放透明的體驗增進用 戶對海天品質的信任；另一方面，公 司持續將品牌勢能轉化為對餐飲行業 及中國味道的助推賦能，以更具互動 性的方式傳遞品牌價值，通過品牌與 用戶的雙向聯動，鞏固了在消費者心 中的信賴感和認同感。

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

(5) R&D Model

The Company has established a market-oriented R&D framework divided into two primary pillars: Manufacturing R&D and Product R&D. This encompasses product development, manufacturing technology development, market research, emerging technology application, intelligent equipment design, and food safety testing.

In terms of manufacturing R&D, we focus on multiple key areas including flavour, safety, quality, and efficiency. Through long-term accumulation and continuous breakthroughs in core technologies, we have successfully translated the ancient brewing techniques of master craftsmen into automated, intelligent, and fully digitalized production workflows. In terms of product R&D, we are deeply consumer-centric, focusing on consumer needs and experiences to build a market-driven, end-to-end product R&D pipeline. Through a comprehensive process spanning market insight and demand assessment → project evaluation → pilot & scale-up → go-to-market assessment → product lifecycle management, we continuously upgrade and iterate upon existing products while developing new offerings, forming a complete closed loop from market insight to market delivery.

(5) 研發模式

公司建立以市場需求為導向的研發體 系，主要分為生產研發和產品研發兩 個板塊，涵蓋了產品開發、生產技術 開發、市場研究、新興技術應用和智 能裝備設計與食品安全檢驗等內容。

生產研發方面，公司專注於風味、安 全、質量及效率多個關鍵環節的研 發，通過對核心技術的長期積累和不 斷突破，把老師傅古法釀造工藝轉化 為自動化、智能化及數字化生產流 程。產品研發方面，公司以用戶為中 心，專注於消費者需求及體驗，建立 市場導向的端到端產品研發流程，通 過市場洞察與需求評估→項目評估→ 試點及中試→上市評估→生命週期管 理的全流程，升級迭代現有產品並開 發新品，形成從市場到市場的整體閉 環。

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

ANALYSIS OF CORE COMPETITIVENESS DURING THE REPORTING PERIOD

The Company believes that Haitian’s core competitiveness is a long-term evolution centred on the continuous upgrading of advantages. The essence of the Company’s competitive moat lies not only in the visible advantages of scale, products, technology, channels, and brand, but more profoundly in the systematic capabilities of “historical accumulation, continuous iteration, and evolutionary thinking”.

1. Continuous Deep Cultivation of Existing Advantages

Historical accumulation does not happen overnight; time has earned us a first-mover advantage. The Company’s scale, channels, and product strength are interwoven into a network, underpinned by deep consumer mindshare, industrial chain synergy, and long-term customer trust. These have helped the Company build existing advantages that are difficult to replicate in the short term, constituting the Company’s most valuable assets. As of the end of June 2026, the Company possesses 7 product series that each surpassed the RMB1 billion revenue threshold and over 30 product series that each surpassed the RMB100 million revenue threshold, with approximately 7,000 distributors covering approximately 100% of prefecture-level cities and over 90% of county-level cities in China.

報告期內核心競爭力分析

公司認為：海天的核心競爭力是一場「圍繞優 勢持續升維」的長期進化。公司競爭壁壘的本 質，不單單在於規模、產品、技術、渠道、品 牌等外顯優勢，更深刻體現在「歷史積淀、持 續迭代、進化思維」的系統能力中。

1. 存量優勢的持續深耕

歷史積淀非一日之功，時間已換來了先發 優勢。公司的規模、渠道、產品力交織成 網，並裝載着深厚的用戶心智、產業鏈協 同、客戶長期信任等等。這些已幫助公司 構築了短期內難以複製的既有優勢，成為 公司最寶貴的資產。截至2026年6月末， 公司已有7個十億級以上產品系列、超30 個億級以上產品系列，約7,000家經銷商， 覆蓋國內約100%地級市和超過90%縣級 市。

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

2. Systematic Infusion of New Advantages

1. 新優勢的系統注入

Historical accumulation is equally the soil for nurturing new advantages, as new species bring about the restructuring of organisational capabilities. The Company does not simply rest on its existing advantages; it continuously activates legacy assets with new methods. AI empowerment across the entire production chain, digitalization-driven channel precision cultivation, intelligent manufacturing reshaping efficiency boundaries, and big data feeding back into consumer insights — it is still soy sauce, it is still channels, but their substance is constantly evolving. Haitian’s advantages are not held statically; they are growing dynamically.

歷史積淀同樣是孕育新優勢的土壤，新物 種帶來組織能力的重構。公司對存量優勢 並非守着不動，而是持續用新方法激活老 資產。AI賦能生產全鏈路、數字化驅動渠 道精耕、智能製造重構效率邊界、大數據 反哺用戶洞察，同樣是醬油、同樣是渠 道，內涵卻在時刻進化，海天的優勢不是 靜態持有，而是在動態生長。

海天用AI重塑調味品生產的各個環節，構建起智能製造的效率與質量壁壘 Haitian is using AI to reshape every aspect of condiment production, building efficiency and quality barriers of intelligent manufacturing

3. Never-Ending Evolutionary Thinking

3. 永不停歇的進化思維

Never content with the status quo, the Company has always remained open, humble, and alert. Such way of thinking keeps the Company in a state of “self-renewal” and continuous evolution. From “Customer First” to “Customer Satisfaction First”, the pursuit has shifted from merely paying attention to users to genuinely satisfying them; from “seasoning products” to “full-scenario culinary solutions” and “flavour research”, Haitian continuously redefines the boundaries of its own value; from adapting to the market to proactively embracing change, as the market evolves, Haitian evolves with it. Only with such evolutionary thinking will the Company’s core barriers not disappear due to changes in the external environment; instead, they will be further honed through repeated cycles.

不滿足於現狀，始終保持開放、謙遜和警 覺，這種思維讓公司始終處於「自我刷新」 狀態，持續進化。從「用戶至上」到「用戶 滿意至上」，追求從關注用戶走向真正讓用 戶滿意；從「調味產品」到「全場景烹飪解 決方案」和「味道研究」，海天不斷重新定 義自身的價值邊界；從適應市場到主動擁 抱變化，市場在變，海天也在變。只有這 樣的進化思維，企業的核心壁壘才不會因 客觀環境的變化而消失，反會在經歷一次 次週期後打磨得更強。

FINANCIAL REVIEW

財務回顧

The following discussion is based on, and should be read in conjunction with, the financial information and notes thereto contained elsewhere in this report.

Revenue

以下討論乃基於本報告其他處所載財務資料及 其附註，並應與之一併閱讀。

收入

During the Reporting Period, the Group’s revenue amounted to RMB16,146.3 million, representing an increase of 6.0% as compared to RMB15,231.4 million (restated) in the same period of last year. The following table sets out a breakdown of the Group’s revenue by product category during the Reporting Period and in the same period of last year.

報告期內，本集團的收入為人民幣16,146.3百 萬元，較上年同期的人民幣15,231.4百萬元

（經重列），增加6.0%。下表載列本集團報告期 內及去年同期按產品類別劃分的收入明細。

Six months ended June 30, 2026

截至2026年 6月30日止6個月

Percentage of Total Revenue

Revenue RMB million

收益 人民幣 百萬元

佔總收益 的比例

Six months ended June 30, 2025 Change

截至2025年

6月30日止6個月 變動

Percentage of Total Revenue

Revenue RMB million (Restated)

Amount RMB million Percentage

收益 人民幣 百萬元

金額 人民幣 百萬元 比例

佔總收益 的比例

（經重列）

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, by-products and others, (ii) logistics and transportation services and (iii) rental income.

註： 其他主要包括(i)原材料、包裝材料、副產品及其 他的銷售，(ii)物流和運輸服務以及(iii)租金收入。

• • Soy sauce products. During the Reporting Period, the Group’s revenue from sales of soy sauce products amounted to RMB8,296.2 million, representing an increase of 4.6% as compared to RMB7,927.9 million in the same period of last year, primarily due to (i) continuous structure upgrade of products, with the continuous growth of the high end and better-for-you product lines; (ii) more diversified product portfolio to meet the needs of different channels such as catering and food industry.
• • Oyster sauce products. During the Reporting Period, the Group’s revenue from sales of oyster sauce products amounted to RMB2,566.3 million, representing an increase of 2.6% as compared to RMB2,502.3 million in the same period of last year, primarily due to the continuous and steady growth of the betterfor-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, the Group’s revenue from sales of flavoured sauce products amounted to RMB1,645.2 million, representing an increase of 1.2% as compared to RMB1,626.0 million in the same period of last year, primarily due to the slight improvement in market penetration by specialty sauce products, which can meet the needs of different scenarios.
• • Specialty condiment products and others. During the Reporting Period, the Group’s revenue from sales of specialty condiment products and others amounted to RMB2,844.3 million, representing an increase of 13.5% as compared to RMB2,505.5 million in the same period of last year, primarily due to the continuous improvement in product penetration in various channels such as industry and catering.

• • 醬油產品。報告期內，本集團醬油產品銷 售收入為人民幣8,296.2百萬元，較去年同 期的人民幣7,927.9百萬元，增加4.6%， 主要由於：(i)產品結構持續升級，高端、 健康系列產品持續增長；(ii)產品組合更加 多元，滿足餐飲、食品工業等不同渠道需 求。
• • 蠔油產品。報告期內，本集團蠔油產品銷 售收入為人民幣2,566.3百萬元，較去年同 期的人民幣2,502.3百萬元，增加2.6%， 主要由於薄鹽、有機蠔油產品等健康系列 滿足市場消費需求，持續保持穩健增長。
• • 調味醬產品。報告期內，本集團調味醬產 品銷售收入為人民幣1,645.2百萬元，較 去年同期的人民幣1,626.0百萬元，增加 1.2%，主要由於特色風味醬類產品滿足不 同場景需求，滲透率小幅提升。
• • 特色調味品及其他。報告期內，本集團 特色調味品及其他的銷售收入為人民幣 2,844.3 百萬元，較去年同期的人民幣 2,505.5百萬元，增加13.5%，主要由持續 提高產品在工業、餐飲等不同渠道的滲透 率。

Cost of sales

銷售成本

During the Reporting Period, the Group’s cost of sales amounted to RMB9,657.6 million, representing an increase of 4.4% as compared to RMB9,252.2 million (restated) in the same period of last year, primarily due to the increase in product sales, which was partially offset by the increase in production efficiency as a result of intelligent manufacturing upgrades and process improvements.

報告期內，本集團的銷售成本為人民幣9,657.6 百萬元，較上年同期的人民幣9,252.2百萬元

（經重列），增加4.4%，主要由於產品銷售額增 加，部分被智能製造升級和工藝改進提高生產 效率所抵消。

Gross profit and gross profit margin

毛利及毛利率

During the Reporting Period, the Group’s gross profit amounted to RMB6,488.6 million, representing an increase of 8.5% as compared to RMB5,979.3 million (restated) in the same period of last year; the gross profit margin for the current period was 40.2%, representing an increase of 0.9 percentage points as compared to 39.3% in the same period of last year, primarily due to the increase in production efficiency as a result of intelligent manufacturing upgrades and process improvements, which optimized cost structure.

Other revenue

報告期內，本集團的毛利為人民幣6,488.6百萬 元，較上年同期的人民幣5,979.3百萬元（經重 列），增加8.5%；本期毛利率為40.2%，較上 年同期的39.3%，提升0.9個百分點，主要由於 智能製造升級和工藝改進提升生產效率，優化 成本結構。

其他收入

During the Reporting Period, the Group’s other revenue amounted to RMB517.6 million, representing an increase of 54.8% as compared to RMB334.4 million (restated) in the same period of last year, primarily due to an increase in deposit interest income.

報告期內，本集團的其他收入為人民幣517.6 百萬元，較上年同期的人民幣334.4百萬元（經 重列），增加54.8%，主要是存款利息收入增 加。

Other net income

其他淨收入

During the Reporting Period, the Group’s other net income amounted to a loss of RMB228.0 million, representing a decrease of 509.3% as compared to a gain of RMB55.7 million in the same period of last year, primarily due to an increase in foreign exchange losses during the Reporting Period.

Selling and marketing expenses

報告期內，本集團的其他淨收入為虧損人民幣 228.0百萬元，較上年同期收益人民幣55.7百 萬元，減少509.3%，主要由於報告期內外匯匯 兌損失增加。

銷售及營銷開支

During the Reporting Period, the Group’s selling and marketing expenses amounted to RMB932.6 million, representing a decrease of 4.1% as compared to RMB972.0 million in the same period of last year, primarily due to a decrease in advertising expenses.

Administrative expenses

報告期內，本集團的銷售及營銷開支為人民幣 932.6百萬元，較上年同期的人民幣972.0百萬 元，減少4.1%，主要由於廣告費有所減少。

行政開支

During the Reporting Period, the Group’s administrative expenses amounted to RMB395.8 million, representing an increase of 24.5% as compared to RMB318.0 million (restated) in the same period of last year, primarily due to (i) an increase in employee benefits expenses; and (ii) an increase in depreciation and amortization of right-of-use assets and long-term deferred expenses resulting from leased office space and renovation expenses.

Research and development costs

報告期內，本集團的行政開支為人民幣395.8 百萬元，較上年同期的人民幣318.0百萬元（經 重列），增加24.5%，主要由於：(i)僱員福利開 支增加；及(ii)租賃辦公場所及裝修支出形成的 使用權資產及長期待攤費用折舊攤銷增加。

研發成本

During the Reporting Period, the Group’s research and development costs amounted to RMB488.3 million, representing an increase of 17.8% as compared to RMB414.6 million (restated) in the same period of last year, primarily due to (i) an increase in raw materials and consumables used in the R&D process; and (ii) an increase in R&D personnel benefits expenses.

報告期內，本集團的研發成本為人民幣488.3 百萬元，較上年同期的人民幣414.6百萬元（經 重列），增加17.8%，主要由於：(i)研發過程中 所用原材料及耗材增加；及(ii)研發人員福利開 支增加。

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

During the Reporting Period, the Group’s provision for expected credit losses on trade and other receivables amounted to RMB0.1 million, representing a decrease of 90.9% as compared to provision for losses of RMB1.1 million in the same period of last year, primarily due to recovery of trade receivables for the current period.

Provision for impairment losses

報告期內，本集團貿易及其他應收款項預期信 貸虧損撥備為人民幣0.1百萬元，較上年同期虧 損撥備人民幣1.1百萬元，減少90.9%，主要由 於本期收回貿易應收款項。

減值虧損撥備

During the Reporting Period, the Group’s provision for impairment losses amounted to RMB2.4 million, representing an increase of 1,100% as compared to provision for losses of RMB0.2 million in the same period of last year, primarily due to provision for impairment losses made on a small amount of long-aged inventory.

Finance costs

報告期內，本集團減值虧損撥備為人民幣2.4百 萬元，較去年同期虧損撥備人民幣0.2百萬元， 增加1,100%，主要由於少量存貨庫齡較長計提 減值虧損撥備。

財務成本

During the Reporting Period, the Group’s finance costs amounted to RMB4.8 million, representing a decrease of 67.3% as compared to RMB14.7 million in the same period of last year, primarily due to the fact that certain borrowings were repaid during the current period while the interest-bearing period for new borrowings was still short, resulting in a reduction in interests accrued.

Income tax

報告期內，本集團財務成本為人民幣4.8百萬 元，較去年同期的人民幣14.7百萬元，減少 67.3%，主要由於本期償還部分借款，新增借 款計息期間尚短，產生的利息減少。

所得稅

During the Reporting Period, the Group’s income tax amounted to RMB763.9 million, representing an increase of 4.7% as compared to RMB729.6 million in the same period of last year, primarily due to the increase in profit before tax.

報告期內，本集團的所得稅為人民幣763.9百 萬元，較去年同期的人民幣729.6百萬元，增 加4.7%，主要由於稅前利潤增加。

Profit for the period

期內利潤

As a result of the foregoing, the Group’s profit for the period amounted to RMB4,190.5 million, representing an increase of 6.9% as compared to RMB3,919.2 million (restated) in the same period of last year. The net profit margin of the Group during the Reporting Period was 26.0%, representing an increase of 0.3 percentage points as compared to 25.7% in the same period of last year.

Property, plant and equipment

由於上文所述，本集團的期內利潤為人民幣 4,190.5百萬元，較上年同期的人民幣3,919.2 百萬元（經重列）增加6.9%。報告期內本集團 淨利率為26.0%，較上年同期的25.7%提升0.3 個百分點。

物業、廠房及設備

As of June 30, 2026, the Group had property, plant and equipment of RMB6,904.0 million, representing an increase of 0.4% as compared to RMB6,877.5 million as of December 31, 2025, primarily due to an increase in production facilities, which was partially offset by depreciation of property, plant and equipment.

Right-of-use assets

截至2026年6月30日，本集團的物業、廠房及 設備為人民幣6,904.0百萬元，較2025年12月 31日的人民幣6,877.5百萬元，增加0.4%，主 要由於增加生產設施，部分被物業、廠房和設 備折舊抵消。

使用權資產

As of June 30, 2026, the Group’s right-of-use assets amounted to RMB919.2 million, representing a decrease of 3% as compared to RMB947.4 million as of December 31, 2025, primarily due to depreciation of right-of-use assets.

Inventories

截至2026年6月30日，本集團的使用權資產為 人民幣919.2百萬元，較2025年12月31日的人 民幣947.4百萬元，減少3%，主要由於使用權 資產折舊。

存貨

As of June 30, 2026, the Group’s inventories amounted to

• RMB2,208.5 million, representing a decrease of 8.3% as compared to RMB2,407.7 million as of December 31, 2025, primarily due to an increase in inventory reserves at the end of last year to meet stocking demand of distributors.

截至2026年6月30日，本集團的存貨為人民幣 2,208.5百萬元，較2025年12月31日的人民幣 2,407.7百萬元，減少8.3%，主要由於上年末 增加存貨儲備以應對經銷商備貨需求。

Trade receivables

貿易應收款項

As of June 30, 2026, the Group’s trade receivables amounted to RMB274.4 million, representing a decrease of 7.2% as compared to RMB295.6 million as of December 31, 2025, primarily due to settlement of receivables from the end of last year during the current period.

Trade and bills payable

截至2026年6月30日，本集團的貿易應收款項 為人民幣274.4百萬元，較2025年12月31日的 人民幣295.6百萬元，減少7.2%，主要由於本 期結算上年底應收款項。

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

• RMB3,653.7 million, representing an increase of 31.8% as compared to RMB2,772.8 million as of December 31, 2025, primarily due to an increase in bills payable.

Liquidity and capital resources

截至2026年6月30日，本集團的貿易應付款項 及應付票據為人民幣3,653.7百萬元，較2025 年12月31日的人民幣2,772.8百萬元，增加 31.8%，主要由於應付票據增加。

流動資金及資本資源

During the Reporting Period, the Group had cash generated from operating activities of RMB1,224.2 million, compared to RMB1,502.4 million (restated) in the same period of last year.

報告期內，本集團經營活動所得現金為人民幣 1,224.2百萬元，去年同期為人民幣1,502.4百 萬元（經重列）。

As of June 30, 2026, the Group had cash and bank deposits of RMB18,939.1 million, which included time deposits and certificates of RMB13,788.1 million, restricted cash of RMB13.8 million and cash and cash equivalents of RMB5,137.2 million, representing a decrease of 23.0% as compared to RMB24,603.7 million as of December 31, 2025.

截至2026年6月30日，本集團的現金及銀行 存款為人民幣18,939.1百萬元，包括定期存款 及存單人民幣13,788.1百萬元、受限制現金人 民幣13.8百萬元以及現金及現金等價物人民幣 5,137.2百萬元，較2025年12月31日的人民幣 24,603.7百萬元，減少23.0%。

As of June 30, 2026, the Group had interest-bearing bank loans and other borrowings of RMB357.4 million, which included long-term borrowings of RMB6 million and short-term borrowings of RMB351.4 million, representing an increase of 98.3% as compared to RMB180.3 million as of December 31, 2025, primarily due to the new bank credit borrowings during the Reporting Period. All borrowings were denominated in Renminbi, of which borrowings with fixed interest rates amounted to RMB357.4 million. The Group did not implement any interest rate hedging policy.

截至2026年6月30日，本集團的有息銀行貸款 及其他借款為人民幣357.4百萬元，包括長期 借款人民幣6百萬元以及短期借款人民幣351.4 百萬元，較2025年12月31日的人民幣180.3百 萬元，增加98.3%，主要由於本報告期內新增 銀行信用借款。所有借款均以人民幣計值，其 中固定利率借款為人民幣357.4百萬元。本集 團並無實施任何利率對沖政策。

Indebtedness

債務

The indebtedness of the Group included bank loans and other borrowing and lease liabilities.

本集團的債務包括銀行貸款及其他借款以及租 賃負債。

As of June 30, 2026, the bank loans and lease liabilities in the current indebtedness of the Group were RMB351.4 million and RMB36.2 million, respectively. As of December 31, 2025, the bank loans and lease liabilities in the current indebtedness of the Group were RMB174.9 million and RMB43.7 million, respectively.

截至2026年6月30日，本集團即期債務中的 銀行貸款及租賃負債分別為人民幣351.4百萬 元和人民幣36.2百萬元，截至2025年12月31 日，本集團即期債務中的銀行貸款及租賃負債 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 liabilities in the non-current indebtedness of the Group were RMB6.0 million and RMB51.4 million, respectively. As of December 31, 2025, the bank loans and other borrowing and lease liabilities in the noncurrent indebtedness of the Group were RMB5.4 million and RMB60.6 million, respectively.

Contingent liabilities

截至2026年6月30日，本集團非即期債務中的 銀行貸款及其他借款以及租賃負債分別為人民 幣6.0百萬元和人民幣51.4百萬元，截至2025 年12月31日，本集團非即期債務中的銀行貸款 及其他借款以及租賃負債分別為人民幣5.4百萬 元和人民幣60.6百萬元。

或然負債

The Group did not have any material contingent liabilities as of June 30, 2026.

Capital expenditure

截至2026年6月30日，本集團並無任何重大或 然負債。

資本開支

During the Reporting Period, the capital expenditure of the Group amounted to RMB535.9 million. The capital expenditure of the Group consisted of payment for purchase of property, plant and equipment, right-of-use assets and intangible assets.

Capital commitments

報告期內，本集團資本開支為人民幣535.9百 萬元。本集團的資本開支包括購買物業、廠房 及設備、使用權資產以及無形資產的付款。

資本承擔

As of June 30, 2026, the capital commitments of the Group amounted to RMB552.0 million, which were mainly contracted for property, plant and equipment.

截至2026年6月30日，本集團資本承擔為人民 幣552.0百萬元，主要用於物業、廠房及設備。

Gearing ratio

資本負債比率

As of June 30, 2026, the gearing ratio (defined as the ratio of dividing total liabilities by total assets as of the same date) of the Group was 16.0%, representing a decrease of 3.8 percentage points as compared to 19.8% as of December 31, 2025, which was primarily due to the delivery of receipts in advance for stockings from the end of last year during the current period, resulting in a decrease in contract liabilities.

截至2026年6月30日，本集團資本負債比率

（定義為負債總額除以截至同日資產總值的比 例）為16.0%，較2025年12月31日的19.8%減 少3.8個百分點，這主要是由於本期交付上年底 備貨預收貨款，合同負債減少所致。

Distributable reserves

可供分派的儲備

As of June 30, 2026, the Group had retained profits of RMB20,988.4 million, which are available for distribution to its Shareholders.

Asset mortgages

截至2026年6月30日，本集團的保留利潤為人 民幣20,988.4百萬元，可供分派予股東。

資產抵押

As of June 30, 2026, the Group did not have any mortgage over its assets.

Significant investments, acquisitions and disposals

截至2026年6月30日，本集團並無抵押任何資 產。

重大投資、重大收購和出售

As of the end of the Reporting Period, the Group had no significant investments to be disclosed pursuant to Paragraph 32(4A) of Appendix D2 of the Listing Rules of the Stock Exchange. During the Reporting Period, the Group had no significant investments, material acquisitions and/or disposals of subsidiaries, associates and joint ventures.

Future plans for material investments and capital asset investments

截至報告期末，本集團未有根據《聯交所上市 規則》附錄D2第32(4A)段須披露的重大投資。 報告期內，本集團並無重大投資、重大收購 及╱或出售子公司、聯營公司及合營企業。

重大投資及資本資產投資的未來計劃

As of June 30, 2026, save as disclosed in the “USE OF PROCEEDS” of this report and the “Future Plans and Use of Proceeds” of the Prospectus, the Group had no future plans for material investments and capital asset investments.

截至2026年6月30日，除本報告「募集資金使 用情況」及招股章程「未來計劃及所得款項用 途」所披露者外，本集團並無重大投資及資本 資產投資的未來計劃。

Employees and remuneration

僱員及薪酬

Based on our corporate talent assessment needs, we attract and select high-caliber talent through various channels and initiatives. We adhere to a merit-based employment philosophy, continuously enhance our talent acquisition network, and constantly optimize our recruitment management systems and processes. As of June 30, 2026, the total number of employees of the Group was 9,294, and the staff costs of the Group during the Reporting Period amounted to RMB1,077.3 million (including salaries, bonuses, allowances, subsidies, welfare expenses and directors’ emoluments).

我們依據企業人才評估需求，通過各類方式和 活動吸引和選拔高素質人才，堅持唯才是舉的 用人理念，持續完善人才引進網絡，不斷優化 招聘管理制度、體系以及流程。截至2026年6 月30日，本集團正式員工總人數為9,294名， 報告期內本集團員工成本為人民幣1,077.3百萬 元（包括工資、獎金、津貼、補貼、福利費、 董事酬金）。

The Group adheres to a remuneration philosophy of “high compensation, high efficiency, and high responsibility”, along with a value distribution principle that prioritizes rewarding contributors. We provide our employees with competitive salaries, performance bonuses, long-term incentives, comprehensive benefits, and career development support. Employee remuneration is dynamically 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.

本集團遵循「高薪、高效、高責」的薪酬理念， 向貢獻者傾斜的價值分配原則。本集團為員工 提供具有競爭力的工資、績效獎金、長期激 勵、福利保障以及職業發展支持。員工薪酬綜 合地域差異、人才供給、行業環境等維度適時 進行動態調整，確保人才收入具有市場競爭力。

At the same time, the Group continues to build an incentive system designed to stimulate the vitality and creativity of both the organization and its employees. As part of the multi-phase stock ownership scheme spanning from 2024 to 2028, the Group launched the “2026 A Share Employee Stock Ownership Scheme” during the Reporting Period, which involves 5,000,000 shares. The assessment period for this phase covers the years of 2026 and 2027. This initiative aims to establish a longer-term performance-oriented culture and continue driving the win-win development of both the enterprise and its employees.

同時，本集團持續構建能激發組織和員工活力 及創造力的激勵體系。作為2024-2028年多 期持股計劃的一部分，本集團於報告期內啟動

「2026年A股員工持股計劃」，該計劃涉及股份 5,000,000股，該期計劃考核期為2026年度及 2027年度，旨在建立更長期的業績導向，持續 推動企業和員工的雙贏發展。

The Group ensures the full and timely payment of employee remuneration in accordance with the laws. We provide our employees with diversified welfare policies and employee care programs, and implement statutory leave systems, including paid annual leave, marriage and maternity/paternity leave, and parental leave. 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.

本集團依法按時足額發放員工薪酬，為員工提 供多元化的福利政策及員工關懷計劃，執行帶 薪休假、婚產假、育兒假等法定休假制度，按 規定參加養老、醫療、失業、工傷、生育等社 會保險，為員工繳納住房公積金。

RISK FACTORS

1. Food Safety Risks

風險因素

1. 食品安全風險

Food quality must be a top priority for any food processing company considering the increased concern for food safety and nutritional health from the regulatory departments of the PRC government and domestic consumers, and the more diverse regulatory environment brought about by international business. The Company has always strictly implemented quality control in all aspects of operation, especially focusing on the quality advancements driven by technological breakthroughs and applications, and regards food quality and safety control as the core work of the Company.

2. Risk of Raw Material Price Fluctuation

隨著國內監管部門和消費者對食品安全和 營養健康的關注度提升，同時國際業務所 帶來更為多樣的市場監管環境，產品質量 是食品加工企業的重中之重。公司在各個 經營環節嚴格執行品質控制，尤其關注技 術突破和應用帶來的質量水平躍升，將食 品質量安全控制作為公司的核心工作。

2. 原材料價格波動風險

The production and sale of condiments depend on a stable and sufficient supply of high-quality raw materials. The prices of agricultural products are subject to volatility due to domestic and overseas environment, market supply and demand, climate and environmental conditions and other factors. The Company’s procurement team formulates procurement plans in advance on an annual basis based on sales projections and anticipated price fluctuation. However, significant increases in raw material prices could potentially impact our products’ gross profit margins.

3. Risk of Macroeconomic Fluctuation and Decline in Industry Prosperity

調味品的生產銷售依賴於穩定充足的優質 原材料供應。農產品的價格可能受國內外 環境、市場供求、氣候環境條件等多方面 因素的影響，從而產生波動。公司採購團 隊每年根據銷售預測和預期價格波動提前 制定採購計劃，但如原材料價格上漲較 大，將可能對公司產品毛利率水平帶來一 定影響。

3. 宏觀經濟波動和行業景氣度下降風 險

Although the condiments industry has a certain level of countercyclical resilience, it is susceptible to factors such as economic recovery, inflation cycle and the prosperity of the catering industry, and the growth rate of mass consumer goods may be subject to downside risk. But on the other hand, this risk also presents an opportunity to promote upstream and downstream industry consolidation.

雖調味品產業具有一定的抗週期能力，但 易受經濟復甦情況、通脹週期和餐飲行業 景氣度等因素影響，大眾消費品增速不排 除面臨下行風險。但另一方面，此項風險 同時也有利於推動行業上下游的整合。

4. Risk of Intensified Market Competition

4. 市場競爭加劇風險

With the increasing number of companies in the condiments market, sales channels and models are gradually diversified and fragmented, and industry competition continues to intensify. In this process, there may be potential risks brought by homogeneous and disorderly competition. In response, the Company is committed to providing users with value-for-money products, continuously improving its operational capabilities and efficiency, and meeting the needs of different user groups.

5. Risk of Insufficient or Lost Technical Personnel

隨著調味品市場企業日益增多，銷售渠道 和模式逐漸多元化、碎片化，行業競爭不 斷加劇。在此過程中，可能存在同質化競 爭、無序競爭帶來的潛在風險。為此，公 司堅持追求為用戶提供高質價比產品，不 斷提升運營能力和效率，滿足不同用戶群 體需求。

5. 公司技術人員不足或流失風險

Through long-term development and business accumulation, the Company has built a stable R&D team and accumulated a number of core technologies. As its domestic and international businesses continue to expand, the Company’s demand for technical R&D talents will inevitably increase, and it may therefore face the risk of insufficient technical talent.

6. Foreign Currency Risk

公司經過長期發展和業務積累，已經形成 穩定的研發團隊並儲備多項核心技術。隨 著公司在國內外業務不斷擴張，公司對技 術研發人才的需求必然加大，不能排除面 臨技術人才不足的風險。

6. 外匯風險

Foreign currency risk arises from business transactions or recognized assets and liabilities that are denominated in foreign currencies, i.e. currencies other than the functional currency of the operations to which the transactions relate. In terms of the Company, the currencies giving rise to this risk are primarily USD, EUR, HKD and RMB. The Company keeps track of the fluctuations in foreign exchange rates and utilizes appropriate financial instruments for hedging purposes when necessary to mitigate foreign currency risk.

外匯風險來自外幣（即交易相關經營業務的 功能貨幣以外的貨幣）計值的商業交易或已 確認的資產及負債。公司產生此風險的貨 幣主要為美元、歐元、港元及人民幣。公 司持續跟蹤匯率波動，並在必要時運用適 當的金融工具進行對沖，以降低外匯風險。

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

報告期後的重大事項

Save as disclosed in this report, there are no significant events after the Reporting Period that require adjustment or disclosure in accordance with the Hong Kong Financial Reporting Standards.

OUTLOOK

除本報告披露事項外，概無任何報告期後的重 大事項須根據香港財務報告準則作出調整或披 露。

未來展望

The Company consistently prioritizes customer satisfaction as its core orientation and adheres to a quality-first approach, ensuring stability of its business fundamentals while striving for proactive progress. With the implementation of policies aimed at expanding domestic demand, such as the national 15th Five-Year Plan for Expanding Consumption, we will leverage our advantages as an industry leader to proactively seize new growth opportunities. We will remain steadfast in the strategy of technology development and maintain sustained, high-level R&D investment. Using the “Lighthouse Factory” as a benchmark, we will drive the integration of new technologies, such as AI, into all links of R&D, production, and supply chain, leveraging intelligent means to enhance corporate operational efficiency and product competitiveness. In terms of internationalization, we will pragmatically advance our overseas footprint. By delivering exceptional products, 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.

公司始終將用戶滿意作為核心導向，堅持品質 為本，確保基本盤平穩運行、力爭積極進展。 隨着國家《擴大消費「十五五」規劃》等擴大內 需政策的落地，我們將憑藉龍頭優勢主動把握 新型增長機會。我們將堅定科技立企戰略， 保持高水平、有定力的研發投入，以「燈塔工 廠」為標桿推動AI等新技術融入研發、生產、 供應鏈各環節，以智能化手段提升企業運營效 率和產品競爭力。國際化方面，我們將務實推 進海外佈局，以好產品、好服務、好味道紮實 沉澱全球運營能力，高質量融入世界舞台。我 們相信，通過持續深化生態協作、堅持可持續 發展，方能帶來用戶價值與企業成長的良性互 動，構築可持續的增長動能。

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS

董事及最高行政人員於本公司 及其相聯法團的股份及相關股 份及債權證中擁有的權益及淡 倉

As of the end of the Reporting Period, the following directors or chief executive had interests or short positions in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO) or which were required, pursuant to Section 352 of the SFO, to be recorded in the register referred to therein, or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules of the Stock Exchange (the “Model Code”):

截至報告期末，下列董事或最高行政人員於本 公司及其相聯法團（定義見《證券及期貨條例》 第XV部）的股份、相關股份及債權證中擁有根 據《證券及期貨條例》第XV部第7及第8分部須 知會本公司及聯交所的任何權益或淡倉（包括 根據《證券及期貨條例》的有關條文被當作或視 為擁有的權益及淡倉），或根據《證券及期貨條 例》第352條須記入該條所述登記冊或根據《聯 交所上市規則》附錄C3所載的《上市發行人董 事進行證券交易的標準守則》（「標準守則」）須 知會本公司及聯交所的權益或淡倉：

Name Nature of interest

Class of shares

Long/short positions

姓名 權益性質 股份類別 好倉╱淡倉

Ms. Cheng Xue 程雪女士

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

A Shares A股

Long positions 好倉

Long positions 好倉

Mr. Guan Jianghua 管江華先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

Interest of spouse(3) 配偶權益(3)

A Shares A股

A Shares A股

A Shares A股

Long positions 好倉

Long positions 好倉

Long positions 好倉

Mr. Wen Zhizhou 文志州先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

A Shares A股

Long positions 好倉

Long positions 好倉

Number of shares directly and indirectly held

直接及間接 持有股份的數目

3,251,290,675

Approximate percentage of shareholding in the relevant class of share capital of the Company

在本公司有關股本類別中 所佔股權的概約百分比

Approximate percentage of shareholding in the total share capital of the Company

在本公司股本總額中 所佔股權的概約百分比

176,365,478

3,427,656,153 61.64% 58.57%

3,251,290,675

15,409,690

18,312,589

3,285,012,954 59.08% 56.14%

3,251,290,675

8,885,967

3,260,176,642 58.63% 55.71%

Name Nature of interest

Class of shares

Long/short positions

姓名 權益性質 股份類別 好倉╱淡倉

Number of shares directly and indirectly held

直接及間接 持有股份的數目

Approximate percentage of shareholding in the relevant class of share capital of the Company

在本公司有關股本類別中 所佔股權的概約百分比

Approximate percentage of shareholding in the total share capital of the Company

在本公司股本總額中 所佔股權的概約百分比

A Shares A股

Long positions 好倉

3,251,290,675

Mr. Liao Changhui 廖長輝先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

Long positions 好倉

1,538,323

3,252,828,998 58.50% 55.59%

Mr. Huang Wenbiao 黃文彪先生

Beneficial owner 實益擁有人

A Shares A股

Long positions 好倉

28,984,921 0.52% 0.50%

A Shares A股

Long positions 好倉

180,000 0.003% 0.003%

Mr. Ding Bangqing 丁邦清先生

Interest of spouse(4) 配偶權益(4)

Mr. Dai Wen 代文先生

Beneficial owner 實益擁有人

A Shares A股

Long positions 好倉

40,000 0.001% 0.001%

Notes:

附註：

• (1) As of the end of the Reporting Period, the total number of shares of the Company amounted to 5,851,824,944 shares, comprising 5,560,600,544 A Shares and 291,224,400 H Shares.
• (2) As of the end of the Reporting Period, Guangdong Haitian directly held 3,239,509,183 A Shares and held 6,492,001 A Shares through its wholly-owned subsidiary, Foshan Haipeng Trade Development Co., Ltd. (佛山市海鵬貿易發展有限公司). Pursuant to a concert party agreement dated December 27, 2023, Guangdong Haitian was controlled by Mr. Pang Kang, Ms. Cheng Xue, Mr. Guan Jianghua, Mr. Chen Junyang, Mr. Wen Zhizhou and Mr. Liao Changhui (the “Concert Party Group”) as to 73.59% interest in total (with Mr. Pang Kang, Ms. Cheng Xue, Mr. Guan Jianghua, Mr. Chen Junyang, Mr. Wen Zhizhou and Mr. Liao Changhui having approximately 50.63%, 16.78%, 3.27% (including 1.79% equity interest held by Mr. Guan Jianghua’s spouse), 1.17%, 1.11% and 0.62% interests in Guangdong Haitian, respectively). Please refer to the section headed “Relationship with our Controlling Shareholders” in the Prospectus. Guangdong Haitian will be deemed to be interested in the A Shares held by 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 were deemed to be interested

• (1) 截 至 報 告 期 末 ， 本 公 司 股 份 總 數 為 5,851,824,944股，其中包括A股5,560,600,544 股及H股291,224,400股。
• (2) 截 至 報 告 期 末 ， 廣 東 海 天 直 接 持 有 3,239,509,183股A股，及通過其全資子公司佛 山市海鵬貿易發展有限公司持有6,492,001股A 股。根據日期為2023年12月27日的一致行動 協議，廣東海天由龐康先生、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（「一致行動人士集團」）合共擁有73.59%的權 益（其中龐康先生、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分別擁有 廣東海天約50.63%、16.78%、3.27%（包括管 江華先生的配偶持有的1.79%股權）、1.17%、 1.11%及0.62%的權益）。請參閱招股章程「與 控股股東的關係」一節。廣東海天將被視為於佛 山市海鵬貿易發展有限公司持有的A股中擁有權 益。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被視為於廣東海 天及佛山市海鵬貿易發展有限公司持有的A股中

in the A Shares held by Guangdong Haitian and Foshan Haipeng Trade Development Co., Ltd. There were 5,289,491 A Shares repurchased and held in the Company’s designated security account for repurchase. The Controlling Shareholders who control more than one-third of the voting power at the shareholders’ meetings of the Company would be taken to have an interest in such repurchased A Shares held by the Company.

擁有權益。本公司回購專用證券賬戶回購並持有 5,289,491股A股。於本公司股東會上控制三分 之一以上投票權的控股股東將被視為於本公司持 有的該等購回A股中擁有權益。

• (3) As of the end of the Reporting Period, the spouse of Mr. Guan Jianghua held 18,312,589 A Shares and Mr. Guan Jianghua was deemed to be interested in the A Shares held by his spouse.
• (4) As of the end of the Reporting Period, the spouse of Mr. Ding Bangqing held 180,000 A Shares and Mr. Ding Bangqing was deemed to be interested in the A Shares held by his spouse.

• (3) 截 至 報 告 期 末 ， 管 江 華 先 生 的 配 偶 持 有 18,312,589股A股，管江華先生被視為於其配偶 持有的A股中擁有權益。
• (4) 截至報告期末，丁邦清先生的配偶持有180,000 股A股，丁邦清先生被視為於其配偶持有的A股 中擁有權益。

Interests in the Associated Corporation

於相聯法團的權益

Approximate percentage of interest

Name of the associated corporation Nature of interest

Long/short positions

Number of shares held

Name

概約權益 百分比

姓名 相聯法團名稱 權益性質 好倉╱淡倉 所持股份數目

Ms. Cheng Xue 程雪女士

Guangdong Haitian Group Co., Ltd. 廣東海天集團股份有限公司

Beneficial owner 實益擁有人

Long positions 好倉

141,261,848

Long positions 好倉

478,203,440

Interests held jointly with another person(1) 與另一人共同持有權益(1)

Mr. Guan Jianghua 管江華先生

Guangdong Haitian Group Co., Ltd. 廣東海天集團股份有限公司

Beneficial owner 實益擁有人

Interests held jointly with another person(1) 與另一人共同持有權益(1)

Interest of spouse 配偶權益

Long positions 好倉

Long positions 好倉

Long positions 好倉

619,465,288 73.59%

12,480,000

591,905,288

15,080,000

Mr. Wen Zhizhou 文志州先生

Guangdong Haitian Group Co., Ltd. 廣東海天集團股份有限公司

Beneficial owner 實益擁有人

Interests held jointly with another person(1) 與另一人共同持有權益(1)

Long positions 好倉

Long positions 好倉

619,465,288 73.59%

9,360,000

610,105,288

619,465,288 73.59%

Approximate percentage of interest

Name of the associated corporation Nature of interest

Long/short positions

Number of shares held

Name

概約權益 百分比

姓名 相聯法團名稱 權益性質 好倉╱淡倉 所持股份數目

Mr. Liao Changhui 廖長輝先生

Guangdong Haitian Group Co., Ltd. 廣東海天集團股份有限公司

Beneficial owner 實益擁有人

Long positions 好倉

5,200,000

Long positions 好倉

614,265,288

Interests held jointly with another person(1) 與另一人共同持有權益(1)

619,465,288 73.59%

Mr. Huang Wenbiao 黃文彪先生

Guangdong Haitian Group Co., Ltd. 廣東海天集團股份有限公司

Beneficial owner 實益擁有人

Long positions 好倉

23,823,696 2.83%

Note:

附註：

(1) As of the end of the Reporting Period, pursuant to a concert party agreement dated December 27, 2023, Guangdong Haitian was controlled by the Concert Party Group as to 73.59% interest in total (with Mr. Pang, Ms. Cheng, Mr. Guan, Mr. Chen, Mr. Wen and Mr. Liao having approximately 50.63%, 16.78%, 3.27% (including 1.79% equity interest held by Mr. Guan’s spouse), 1.17%, 1.11% and 0.62% interests in Guangdong Haitian, respectively). Please refer to the section headed “Relationship with our Controlling Shareholders” in the Prospectus.

(1) 截至報告期末，根據日期為2023年12月27日的 一致行動協議，廣東海天由一致行動人士集團合 共擁有73.59%的權益（其中龐先生、程女士、 管先生、陳先生、文先生及廖先生分別擁有廣東 海天約50.63%、16.78%、3.27%（包括管先生 的配偶持有的1.79%股權）、1.17%、1.11%及 0.62%的權益）。請參閱招股章程「與控股股東 的關係」一節。

Save as disclosed above, as of the end of the Reporting Period, none of the directors or chief executive of the Company had, or were deemed to have, any interests and short positions in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO) or interests or short positions which were required, pursuant to Section 352 of the SFO, to be 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.

除上文所披露者外，截至報告期末，概無本公 司董事或最高行政人員於本公司或其相聯法團

（定義見《證券及期貨條例》第XV部）的股份、 相關股份及債權證中擁有或被視為擁有根據

《證券及期貨條例》第XV部第7及第8分部須知 會本公司及聯交所的權益及淡倉（包括根據《證 券及期貨條例》有關條文被當作或視為擁有的 權益及淡倉），或根據《證券及期貨條例》第352 條須記入該條所述登記冊或根據標準守則須知 會本公司及聯交所的權益或淡倉。

S U B S T A N T I A L S H A R E H O L D E R S ’ INTERESTS AND SHORT POSITIONS IN THE SHARES AND UNDERLYING SHARES

主要股東於股份及相關股份中 的權益及淡倉

As of the end of the Reporting Period, to the best of the Company’s knowledge after reasonable inquiry, the following persons had interests or short positions in the Company’s shares or underlying shares that were required to be disclosed to the Company and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO, and recorded in the register that the Company was required to maintain under Section 336 of the SFO:

截至報告期末，就本公司合理查詢後所知，以 下人士於本公司股份或相關股份中，擁有根據

《證券及期貨條例》第XV部第2及3分部須向本 公司及聯交所披露並根據《證券及期貨條例》 第 336條記錄於本公司須備存的登記冊內的權益 或淡倉：

Name Nature of interest

Class of shares

Long/short positions

姓名╱名稱 權益性質 股份類別 好倉╱淡倉

Number of shares directly and indirectly held

直接及間接 持有股份的數目

Approximate percentage of shareholding in the relevant class of share capital of the Company

在本公司有關股本類別中 所佔股權的概約百分比

Approximate percentage of shareholding in the total share

capital of the Company

在本公司股本總額中 所佔股權的概約百分比

Guangdong Haitian 廣東海天

Beneficial owner 實益擁有人

Interest in controlled corporation(2) 受控法團權益(2)

A Shares A股

A Shares A股

Mr. Pang Kang 龐康先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

A Shares A股

Ms. Cheng Xue 程雪女士

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

A Shares A股

Mr. Guan Jianghua 管江華先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

Interest of spouse(3) 配偶權益(3)

A Shares A股

A Shares A股

A Shares A股

Long positions 好倉

Long positions 好倉

Long positions 好倉

Long positions 好倉

Long positions 好倉

Long positions 好倉

Long positions 好倉

Long positions 好倉

Long positions 好倉

3,239,509,183

11,781,492

3,251,290,675 58.47% 55.56%

3,251,290,675

532,115,177

3,783,405,852 68.04% 64.65%

3,251,290,675

176,365,478

3,427,656,153 61.64% 58.57%

3,251,290,675

15,409,690

18,312,589

3,285,012,954 59.08% 56.14%

Name Nature of interest

Class of shares

Long/short positions

姓名╱名稱 權益性質 股份類別 好倉╱淡倉

Number of shares directly and indirectly held

直接及間接 持有股份的數目

Approximate percentage of shareholding in the relevant class of share capital of the Company

在本公司有關股本類別中 所佔股權的概約百分比

Approximate percentage of shareholding in the total share

capital of the Company

在本公司股本總額中 所佔股權的概約百分比

A Shares A股

Long positions 好倉

3,251,290,675

Mr. Chen Junyang 陳軍陽先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

Long positions 好倉

11,762,384

3,263,053,059 58.68% 55.76%

A Shares A股

Long positions 好倉

3,251,290,675

Mr. Wen Zhizhou 文志州先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

Long positions 好倉

8,885,967

3,260,176,642 58.63% 55.71%

A Shares A股

Long positions 好倉

3,251,290,675

Mr. Liao Changhui 廖長輝先生

Interest in controlled corporation(2) 受控法團權益(2)

Beneficial owner 實益擁有人

A Shares A股

Long positions 好倉

1,538,323

3,252,828,998 58.50% 55.59% HHLR Advisors, Ltd. Investment manager

H Shares H股

Long positions 好倉

98,499,400 33.82% 1.68%

投資經理

HACF, L.P. Beneficial owner

H Shares H股

Long positions 好倉

60,349,100

實益擁有人

Interest in controlled corporation 受控法團權益

H Shares H股

Long positions 好倉

29,612,300

89,961,400 30.89% 1.54% GIC Private Limited Investment manager

H Shares H股

Long positions 好倉

31,147,600 10.70% 0.53%

投資經理

Notes:

附註：

• (1) As of the end of the Reporting Period, the total number of shares of the Company amounted to 5,851,824,944 shares, comprising 5,560,600,544 A Shares and 291,224,400 H Shares.

(1) 截 至 報 告 期 末 ， 本 公 司 股 份 總 數 為 5,851,824,944股，其中包括A股5,560,600,544 股及H股291,224,400股。

• (2) As of the end of the Reporting Period, Guangdong Haitian directly held 3,239,509,183 A Shares and held 6,492,001 A Shares through its wholly-owned subsidiary, Foshan Haipeng Trade Development Co., Ltd. Pursuant to a concert party agreement dated December 27, 2023, Guangdong Haitian was controlled by the Concert Party Group as to 73.59% interest in total (with Mr. Pang Kang, Ms. Cheng Xue, Mr. Guan Jianghua, Mr. Chen Junyang, Mr. Wen Zhizhou and Mr. Liao Changhui having approximately 50.63%, 16.78%, 3.27% (including 1.79% equity interest held by Mr. Guan Jianghua’s spouse), 1.17%, 1.11% and 0.62% interests in Guangdong Haitian, respectively). Please refer to the section headed “Relationship with our Controlling Shareholders” in the Prospectus. Guangdong Haitian will be deemed to be interested in the A Shares held by 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 were deemed to be interested in the A Shares held by Guangdong Haitian and Foshan Haipeng Trade Development Co., Ltd. There were 5,289,491 A Shares repurchased and held in the Company’s designated security account for repurchase. The Controlling Shareholders who control more than one-third of the voting 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 held 18,312,589 A Shares and Mr. Guan Jianghua was deemed to be interested in the A Shares held by his spouse.
• (4) The information above is based on the information from the Disclosure of Interests Online System of the Stock Exchange. Pursuant to Part XV of the SFO, a company’s shareholders are required to file a disclosure of interests form with the Stock Exchange when certain conditions are met. If a Shareholder’s shareholding in the Company changes but the relevant conditions are not met, the Shareholder is not required to inform the Company and the Stock Exchange. As a result, the shareholding filed by a Shareholder with the Stock Exchange may differ from his/her actual shareholding in the Company.

• (2) 截 至 報 告 期 末 ， 廣 東 海 天 直 接 持 有 3,239,509,183股A股，及通過其全資子公司佛 山市海鵬貿易發展有限公司持有6,492,001股A 股。根據日期為2023年12月27日的一致行動 協議，廣東海天由一致行動人士集團合共擁有 73.59%的權益（其中龐康先生、程雪女士、管 江華先生、陳軍陽先生、文志州先生及廖長輝 先生分別擁有廣東海天約50.63%、16.78%、 3.27%（包括管江華先生的配偶持有的1.79%股 權）、1.17%、1.11%及0.62%的權益）。請參閱 招股章程「與控股股東的關係」一節。廣東海天 將被視為於佛山市海鵬貿易發展有限公司持有的 A股中擁有權益。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被 視為於廣東海天及佛山市海鵬貿易發展有限公司 持有的A股中擁有權益。本公司回購專用證券賬 戶回購並持有5,289,491股A股。於本公司股東 會上控制三分之一以上投票權的控股股東將被視 為於本公司持有的該等購回A股中擁有權益。
• (3) 截 至 報 告 期 末 ， 管 江 華 先 生 的 配 偶 持 有 18,312,589股A股，管江華先生被視為於其配偶 持有的A股中擁有權益。
• (4) 以上信息乃基於聯交所在線權益披露系統信息。 根據《證券及期貨條例》第XV部，公司股東須在 若干條件達成的情況下，向聯交所呈交權益披露 表格。如股東於本公司的持股量變更但有關條件 並未達成，則股東無須知會本公司及聯交所，因 此，股東向聯交所呈交的持股量可能與其對本公 司的實際持股量不同。

Save as disclosed above, as of the end of the Reporting Period, the Company was not aware of any other person who had interests or short positions in the Company’s shares or underlying shares that were required to be disclosed to the Company and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO, and recorded in the register that the Company was required to maintain under Section 336 of the SFO.

除上文披露者外，截至報告期末，本公司並不 知悉任何其他人士於本公司股份或相關股份 中，擁有根據《證券及期貨條例》第XV部第2及 3分部須向本公司及聯交所披露並根據《證券及 期貨條例》第336條記錄於本公司須備存的登記 冊內的權益或淡倉。

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

購買、出售或贖回本公司上市 證券

Save as otherwise disclosed in this report, as of the end of the Reporting Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities (including the sale of treasury shares (as defined under the Listing Rules of the Stock Exchange)). As of the end of the Reporting Period, the Company held 5,289,491 treasury shares, which would be used for employee stock ownership scheme. All of these treasury shares were A Shares.

COMPLIANCE WITH THE MODEL CODE REGARDING SECURITIES TRANSACTIONS

除本報告另有披露外，截至報告期末，本公司 及其任何子公司概無購買、出售或贖回本公司 之任何上市證券（包括出售庫存股份（具有《聯 交所上市規則》下的涵義））。截至報告期末， 本公司持有5,289,491股庫存股份，將用作員 工持股計劃。該等庫存股份均為A股。

遵守有關證券交易的標準守則

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules of the Stock Exchange. After specific inquiries by the Company, all directors confirmed that they had complied with the requirements of the Model Code regarding securities transactions by directors as of the end of the Reporting Period.

SHARE SCHEME

本公司已採納《聯交所上市規則》附錄C3所載 的《上市發行人董事進行證券交易的標準守 則》。經本公司作出特定查詢後，所有董事確認 彼等截至報告期末已遵守標準守則規定的有關 董事證券交易的要求。

股份計劃

The Company adopted the 2024-2028 employee stock ownership scheme (the “A Share Employee Stock Ownership Scheme”) on September 19, 2024. As of the Latest Practicable Date, the Company has successively adopted the 2024 A Share Employee Stock Ownership Scheme, the 2025 Employee Stock Ownership Scheme, and the 2026 Employee Stock Ownership Scheme. Pursuant to the 2024 A Share Employee Stock Ownership Scheme, a total of 4,220,100 shares have been vested to 613 holders in aggregate, and the non-trade transfer has been completed. The A Share Employee Stock Ownership Scheme does not involve the issuance of new shares by the Company. For further details on the A Share Employee Stock Ownership Scheme, please refer to the section headed “Statutory and General Information – D. A Share Employee Stock Ownership Scheme” in the Prospectus, the share scheme announcements of the Company dated August 28, 2025, September 8, 2025 and March 26, 2026, and the circulars of the Company dated September 8, 2025 and April 17, 2026.

本公司於2024年9月19日採納2024年 －2028 年員工持股計劃（「A股員工持股計劃」），截至 最後實際可行日期，公司已分別通過2024年 A股員工持股計劃、2025年員工持股計劃、 2026年員工持股計劃，並已根據2024年A股 員工持股計劃向合計613 名持有者歸屬股票 4,220,100股並已完成非交易過戶。A股員工持 股計劃不涉及本公司發行新股。有關A股員工 持股計劃的進一步詳情，請參閱招股章程「法 定及一般資料 －D. A股員工持股計劃」一節、 本公司日期為2025年8月28日、2025年9月8 日、2026年3月26日的股份計劃公告以及日期 為2025年9月8日、2026年4月17日的通函。

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

遵守《企業管治守則》

The Company is committed to achieving high standards of corporate governance with a view to safeguarding the interests of the Shareholders. The Company has adopted the code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 of the Listing Rules of the Stock Exchange (the “Corporate Governance Code”) as the basis for its corporate governance practices since its 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.

公司致力達致高水平的企業管治，以保障股東 利益。公司已自上市日期起採納《聯交所上市 規則》附錄C1第二部分所載的《企業管治守則》

（「《企業管治守則》」）的守則條文作為本公司企 業管治常規的基準。本公司截至報告期末已遵 守《企業管治守則》載列的適用守則條文。

INTERIM DIVIDEND

中期股息

The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2026.

AUDIT COMMITTEE AND REVIEW OF FINANCIAL INFORMATION

董事會未建議派發截至2026年6月30日止六個 月的中期股息。

審計委員會及審閱財務資料

As of the date of this interim report, the Audit Committee consists of three independent non-executive directors, namely Mr. Qu Wenzhou, Mr. Zhang Kechun and Mr. Ding Bangqing. Mr. Qu Wenzhou, being the chairperson of the Audit Committee, holds the appropriate professional qualifications as required under Rules 3.10(2) and 3.21 of the Listing Rules of the Stock Exchange. The Audit Committee of the Company has reviewed the unaudited interim results of the Group for the six months ended June 30, 2026. The Audit Committee has reviewed the accounting principles and practices adopted by the Company and discussed matters in respect of risk management and internal control of the Company and is of the opinion that the results comply with the relevant accounting standards, rules and 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.

截至本中期報告日期，審計委員會由三名獨立 非執行董事組成，即屈文洲先生、張科春先生 及丁邦清先生。屈文洲先生為審計委員會主 席，持有《聯交所上市規則》第3.10(2)條及第 3.21條所規定的適當專業資格。本公司審計委 員會已審閱本集團截至2026年6月30日止六個 月的未經審核中期業績。審計委員會已審閱本 公司採用的會計原則及慣例並就本公司的風險 管理及內部控制進行討論，其認為業績符合有 關會計準則、規則及規例且已充分作出適當披 露。就本公司採用的會計處理而言，董事會與 審計委員會之間不存在意見分歧。

The interim financial report for the six months ended June 30, 2026 is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 Review of interim financial information performed by the independent auditor of the entityas issued by the Hong Kong Institute of Certified Public Accountants.

CHANGES IN INFORMATION OF DIRECTORS AND CHIEF EXECUTIVE

截至2026年6月30日止六個月的中期財務報告 未經審計，惟已由畢馬威會計師事務所根據香 港會計師公會頒佈的香港審閱工作準則第2410 號「實體獨立核數師對中期財務資料的審閱」審 閱。

董事及最高行政人員資料變動

During the Reporting Period and up to the Latest Practicable Date, there was no information about directors and chief executive that was required to be disclosed under Rule 13.51B(1) of the Listing Rules of the Stock Exchange.

USE OF PROCEEDS

報告期內及截至最後實際可行日期，概無任何 須根據《聯交所上市規則》第13.51B(1)條須披 露的董事及最高行政人員資料。

募集資金使用情況

The Company issued H Shares on June 19, 2025, which were listed on the Main Board of the Stock Exchange. A total of 279,031,700 H Shares with a par value of RMB1.00 each were issued through the Hong Kong public offering and international placement, with an offer price of HK$36.30 per share. Subsequently, on July 21, 2025, the Company over-allotted and issued 12,192,700 H Shares with a par value of RMB1.00 each, with an offer price of HK$36.30 per share. The gross proceeds raised by the Company from the issuance of H Shares in this offering amounted to HK$10,571.4 million (approximately RMB9,658.9 million), with the net proceeds, after deducting issuance expenses directly incurred from the issuance, of approximately RMB9,542.6 million (with net proceeds per H Share of approximately HK$35.86).

本公司於2025年6月19日發行H股股票並在 聯交所主板掛牌上市，香港公開發售及國際 配售合計發行每股面值人民幣1.00元的H股 279,031,700股，每股發行價格36.30港元。 其後，本公司於2025年7月21日超額配售發行 每股面值人民幣1.00元的H股12,192,700股， 每股發行價格36.30港元。本公司本次發行H 股募集資金總額10,571.4百萬港元（約人民幣 9,658.9百萬元），扣除因發行直接產生的發行 費用後淨額約為人民幣9,542.6百萬元（每股H 股可得淨額約為35.86港元）。

There has been no change in the use of proceeds disclosed in the Prospectus. The use of proceeds from the Company’s H Share offering is as follows:

於招股章程中披露的募集資金用途並無變化。 本公司H股募集資金使用情況如下：

Approximate % of the total

Proceeds utilized during the Reporting Period

Proceeds unutilized as of the end of the

Net proceeds available for use

Reporting Period

截至報告期末 尚未動用款項

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

RMB million RMB million RMB million 人民幣百萬元 人民幣百萬元 人民幣百萬元

Expected timeline for the full use of the unutilized proceeds

悉數動用尚未 動用款項的預期時表

Product development, as well as R&D of cutting-edge technologies and process upgrades

Before December 31, 2028 2028年12月31日前

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

Expansion of production capacity, adoption of new technologies and digitization upgrades of our supply chain

Before December 31, 2028 2028年12月31日前

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

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 December 31, 2028 2028年12月31日前

通過建立本集團的全球品牌形象、拓展銷售渠道以及提升海外供應鏈 能力，以提升本集團的全球影響力 20.0% 1,908.5 191.8 1,716.7

Strengthening the sales network of the Group and enhancing its penetration capabilities

Before December 31, 2028 2028年12月31日前

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

Before December 31, 2028 2028年12月31日前

Working capital and general corporate purposes 營運資金及一般企業用途 10.0% 954.3 301.3 653.0

Total 總計 100.0% 9,542.6 2,332.1 7,210.5

Not applicable 不適用

The expected timeline for the use of the unutilized net proceeds is based on the Group’s best estimate using the latest information available as at the date of this report. The Group currently does not anticipate any changes to the purposes and proportions previously disclosed in the Prospectus, subject to any adjustments required by business development needs and market changes.

使用未動用所得淨額的預期時間乃根據本集團 對截至本報告日期止的最新資料所作出的最佳 估計，本集團目前預計不會改變此前招股章程 披露之用途及比例，惟須根據業務發展需要及 市場變化而變動。

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

2026 2025

2026年 2025年 Note RMB’000 RMB’000 附註 人民幣千元 人民幣千元

(Restated) （經重列）

Revenue 收入 3 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 report. Details of dividends payable to equity shareholders of the Company are set out in note 19.

第71至103頁附註構成本中期財務報告的一部 分。應支付予本公司權益股東的股息詳情載於 附註19。

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

2026 2025 2026年 2025年 RMB’000 RMB’000

人民幣千元 人民幣千元 (Restated) （經重列）

Profit for the period 期內利潤 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 report.

第71至103頁附註構成本中期財務報告的一部 分。

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

14,478,013 14,200,210 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

32,662,865 37,983,734

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 June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

Note RMB’000 RMB’000 附註 人民幣千元 人民幣千元

Current liabilities 流動負債

Trade and bills payable 貿易應付款項及應付票據 16 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

7,021,330 9,853,408 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

515,559 490,859

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 August 26, 2026.

經董事會於2026年8月26日批准及授權刊發。

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 report.

第71至103頁附註構成本中期財務報告的一部 分。

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

Noncontrolling interests

Total 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

Share capital

Treasury shares

Capital reserve

Statutory reserve

Other reserve

Exchange reserve

Retained profits Sub-total

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 report.

第71至103頁附註構成本中期財務報告的一部 分。

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

2026 2025

2026年 2025年 Note RMB’000 RMB’000 附註 人民幣千元 人民幣千元

(Restated) （經重列）

Operating activities 經營活動 Cash generated from operations 經營所得現金 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

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

2026 2025

2026年 2025年 Note RMB’000 RMB’000 附註 人民幣千元 人民幣千元

(Restated) （經重列）

Net (decrease)/increase in cash and cash equivalents

現金及現金等價物（減少）╱增加淨額 (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 report.

第71至103頁附註構成本中期財務報告的一部 分。

1 GENERAL INFORMATION AND BASIS OF PREPARATION

1 一般信息和編製基準

Foshan Haitian Flavouring and Food Company Ltd. (the “Company”) was established in Foshan City, Guangdong Province, the People’s Republic of China on April 8, 2000 as a limited liability company under the PRC Company Law. In November 2010, the Company was converted into a joint stock limited liability company. The Company’s A shares have been listed on Shanghai Stock Exchange since February 11, 2014, and the Company’s H shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since June 19, 2025.

佛山市海天調味食品股份有限公司（「本公 司」）於2000年4月8日根據《中華人民共和 國公司法》在中華人民共和國廣東省佛山 市成立為一家有限責任公司。於2010年11 月，本公司改制為股份有限公司。於2014 年2月11日，本公司A股在上海證券交易所 上市，於2025年6月19日，本公司H股在 香港聯合交易所有限公司主板上市。

The interim financial report of the Company and its subsidiaries (the “Group”) has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with International Accounting Standard (“IAS”) 34, Interim financial reporting, issued by the International Accounting Standards Board (“IASB”). It was authorised for issue on August 26, 2026.

The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2025 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2026 annual financial statements. Details of any changes in accounting policies are set out in note 2.

The preparation of an interim financial report in conformity with IAS 34 requires management to make judgements, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a yearto-date basis. Actual results may differ from these estimates.

本公司及其子公司（「本集團」）的中期財務 報告乃根據香港聯合交易所有限公司證券 上市規則之適用披露條文而編製，包括遵 照國際會計準則理事會（「國際會計準則理 事會」）頒佈之國際會計準則（「國際會計準 則」）第34號中期財務報告。本中期財務報 告已於2026年8月26日獲授權刊發。

本中期財務報告乃根據2025年年度財務報 表所採用之相同會計政策而編製，惟預期 於2026年年度財務報表反映的會計政策變 動則除外。有關該等會計政策的任何變動 詳情載於附註2。

編製符合國際會計準則第34號之中期財務 報告要求管理層作出判斷、估計及假設， 而有關判斷、估計及假設會影響政策之應 用及本年迄今為止所呈報資產及負債、收 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 financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2025 annual financial statements. The condensed consolidated interim financial statements and the accompanying notes do not include all of the information required for a full set of financial statements prepared in accordance with IFRS Accounting Standards.

本中期財務報告載有簡明綜合財務報表及 選定說明附註。該等附註包括對了解本集 團自2025年年度財務報表刊發以來之財務 狀況及表現所出現之變動而言屬重要之事 件及交易的說明。簡明綜合中期財務報表 及其附註並不包括根據國際財務報告準則 會計準則編製的全套財務報表所需的所有 資料。

1 GENERAL INFORMATION AND BASIS OF PREPARATION (Continued)

1 一般信息和編製基準（續）

On November 30, 2025, the Company acquired 100% equity interests of Guangdong Haitian Innovation Technology Co., Ltd. (廣東海天創新技術有限公司, “Haitian Innovation”). As Haitian Innovation and the Company are under common control of Guangdong Haitian Group Co., Ltd. (“Guangdong Haitian”) before and after the acquisition, the above transaction is considered as a business combination under common control. As a result, the consolidated financial statements of the Group have been prepared as if the entity was the subsidiary of the Company ever since it became under common control of Guangdong Haitian in accordance with the accounting policy of business combination for entities under common control. Accordingly, the comparative amounts of the consolidated statement of profit or loss, the 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.

於2025 年11 月30 日，本公司收購廣東 海天創新技術有限公司（「海天創新」）的 100%股權。由於海天創新與本公司在收購 前後均受廣東海天集團股份有限公司（「廣 東海天」）共同控制，故上述交易被視為共 同控制下的企業合併。因此，根據共同控 制下實體企業合併的會計政策，本集團綜 合財務報表的編製，乃假設該實體自受廣 東海天共同控制之日起已為本公司的子公 司。據此，截至2025年6月30日止六個月 的綜合損益表、綜合損益及其他全面收益 表、綜合股權變動表及綜合現金流量表的 比較金額已予重列。

The interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity, issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). KPMG’s independent review report to the board of directors is included on pages 104 to 105.

中期財務報告乃未經審計，但已由畢馬威 會計師事務所根據香港會計師公會（「香港 會計師公會」）頒佈的香港審閱委聘準則第 2410號實體獨立核數師對中期財務資料的 審閱作出審閱。畢馬威會計師事務所向董 事會出具的獨立審閱報告載於第104至105 頁。

2 CHANGES IN ACCOUNTING POLICIES

2 會計政策變動

The IASB has issued a number of amendments to IFRS Accounting Standards that are first effective for the current accounting period. None of these developments have had a material effect on these financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.

國際會計準則理事會已頒佈國際財務報告 準則會計準則的多項修訂，並首次於本會 計期間生效。該等修訂對該等財務報表均 無重大影響。本集團並無應用於本會計期 間尚未生效的任何新訂準則或詮釋。

3 REVENUE AND SEGMENT REPORTING

(a) Revenue

3 收益及分部報告

(a) 收益

The principal activities of the Group are manufacturing and sales of soy sauce, oyster sauce, flavoured sauce, specialty condiment products and others.

本集團之主要業務為製造及銷售醬 油、蠔油、調味醬、特色調味品及其 他。

(i) Disaggregation of revenue

(i) 收益分類

Disaggregation of revenue from contracts with customers by major products and services is as follows:

來自合約客戶的收益按主要產品和 服務類別分類如下：

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000

人民幣千元 人民幣千元 (Restated) （經重列）

Revenue from contracts with customers within the scope of IFRS 15

國際財務報告準則第15號範圍內的合約客戶收入

Disaggregated by major products and services 按主要產品和服務分類

Sales of soy sauce products 醬油產品的銷售 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

16,139,604 15,227,016

Revenue from other sources 其他來源收益 Rental income 租金收入 6,670 4,431

16,146,274 15,231,447

Note: Others primarily consist of sales of raw materials, packaging materials, by-products and others, and logistics and transportation services income.

附註： 「其他」主要包括原材料、包 裝材料、副產品和其他的銷 售，以及物流及運輸服務收 入。

3 REVENUE AND SEGMENT REPORTING (Continued)

(a) Revenue (Continued)

(i) Disaggregation of revenue (Continued)

The Group’s customer base is diversified, and The Group did not have any customer with whom transactions have exceeded 10% of the Group’s aggregate revenue for the six months ended June 30, 2026 (six months ended June 30, 2025: nil).

The Group applies the practical expedient in paragraph 121 of IFRS 15 of not disclosing the transaction price allocated to the remaining performance obligation as the original expected duration of substantially all the contracts of the Group are within one year or less.

(b) Segment reporting

3 收益及分部報告（續）

• (a) 收益（續）

(i) 收益分類（續）

本集團的客戶群多元化，於截至 2026年6月30日止六個月，本集 團概無任何客戶的交易額佔本集團 收益總額的10%以上（截至2025 年6月30日止六個月：零）。

本集團應用國際財務報告準則第 15號第121段的實際權宜方法，不 披露分配至餘下履約責任的交易價 格，乃由於本集團絕大部分合約的 原預期期限均在一年或以下。

• (b) 分部報告

Operating segments are identified on the basis of internal reports that the Group’s most senior executive management reviews regularly in allocating resources to segments and in assessing their performances.

The Group’s most senior executive management makes resources allocation decisions based on internal management functions and assess the Group’s business performance as one integrated business instead of by separate business lines or geographical regions. Accordingly, the Group has only one operating segment and therefore, no segment information is presented.

經營分部乃根據本集團最高行政管理 層在向分部分配資源及評估其表現時 定期審閱的內部報告識別。

本集團的最高行政管理層按內部管理 職能作出資源分配決定，並作為一項 綜合業務而非按獨立業務線或地理區 域評估本集團的業務表現。因此，本 集團僅有一個經營分部，故並無呈列 分部資料。

(i) Geographic information

Substantially all of the Group’s revenue and noncurrent assets are generated and located in the PRC. Accordingly, no segment analysis based on geographical locations is provided.

(i) 地理資料

本集團絕大部分收益及非流動資產 均在中國產生並位於中國境內。因 此，並無提供基於地理位置的分部 分析。

4 OTHER REVENUE

4 其他收益

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000

人民幣千元 人民幣千元 (Restated) （經重列）

Interest income 利息收入 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

517,621 334,432

Notes:

附註：

• (i) Government grants

Government grants represent various forms of incentives and subsidies granted to the Group by the local government authorities in the PRC.

• (ii) Additional deduction for VAT

Pursuant to the Notice on the Additional Value-added Tax (“VAT”) Credit Policy for Advanced Manufacturing Enterprises (Announcement [2023] No. 43) issued by the Ministry of Finance and the State Taxation Administration, advanced manufacturing enterprises are eligible for a 5% additional VAT deduction based on deductible input VAT in the period from January 1, 2023 to December 31, 2027.

• (i) 政府補助

政府補助指中國地方政府機關授予本集團 的各種形式的獎勵及補貼。

• (ii) 增值稅加計扣除

根據財政部與國家稅務總局頒佈的《關於先 進製造業企業增值稅加計抵減政策的公告》

（公告[2023]第43號）的規定，先進製造企 業自2023年1月1日至2027年12月31日期 間符合資格可享受增值稅可額外扣減5%的 應納增值稅稅額。

5 OTHER NET (LOSSES)/INCOME

5 其他淨（虧損）╱收入

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

Investment income from and net fair value changes of

financial instruments measured at FVPL 按公允價值計入損益的金融工具的投資收入及公允價值變動淨額 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 the Group to its related party Foshan Kangze Charity Foundation was RMB4,735,000 during the six months ended June 30, 2026 (six months ended June 30, 2025: RMB6,390,000).

6 PROFIT BEFORE TAXATION

(i) 截至2026年6月30日止六個月，本集團向 其關聯方佛山市康澤慈善基金會的捐款開 支人民幣4,735,000元（截至2025年6月30 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。

6 除稅前利潤

Profit before taxation is arrived at after charging:

(a) Finance costs

除稅前利潤乃經扣除以下費用後得出：

(a) 財務成本

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

Interest on bank loans and other borrowing 銀行貸款及其他借款利息 2,926 13,722 Interest on lease liabilities 租賃負債利息 1,860 930

4,786 14,652

6 PROFIT BEFORE TAXATION (Continued)

(b) Other items

6 除稅前利潤（續）

(b) 其他項目

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000

人民幣千元 人民幣千元 (Restated) （經重列）

Amortization cost of intangible assets 無形資產攤銷成本 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 113 138 409,577 405,382

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

7 INCOME TAX IN THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Taxation in the consolidated statement of profit or loss represents:

7 綜合損益表中的所得稅

綜合損益表中的稅項為：

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

Current tax 即期稅項 Provision for the period 期內撥備

• – PRC income tax 中國所得稅 688,555 656,959
• – Under provision in respect of prior years 過往年度撥備不足 3,399 7,580 691,954 664,539

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

763,867 729,569

8 EARNINGS PER SHARE

8 每股盈利

• (a) 每股基本盈利

每股基本盈利乃根據中期期間本公 司 普 通 權 益 股 東 應 佔 溢 利 人 民 幣 4,190,157,000元（截至2025年6月30 日止六個月：人民幣3,911,459,000元

（經重列））及已發行5,840,756,000股 普通股加權平均數（截至2025年6月30 日止六個月：5,562,363,000股）計算。

(i) 普通股加權平均數

• (b) 每股攤薄盈利

(a) Basic earnings per share

The calculation of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company of RMB4,190,157,000 (six months ended June 30, 2025: RMB3,911,459,000 (restated)) and the weighted average of 5,840,756,000 ordinary shares (six months ended June 30, 2025: 5,562,363,000 shares) in issue during the interim period.

(i) Weighted-average number of ordinary shares

Six months ended June 30, 截至6月30日止六個月

2026 2025

2026年 2025年 ’000 ’000 千股 千股

Issued ordinary shares at the beginning of the period 於期初的已發行普通股 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

During the six months ended June 30, 2026, there were no dilutive potential ordinary shares issued. Therefore, diluted earnings per share is the same as basic earnings per share.

截至2026年6月30日止六個月，並無 發行潛在攤薄普通股。因此，攤薄每 股盈利與基本每股盈利相同。

9 PROPERTY, PLANT AND EQUIPMENT

9 物業、廠房及設備

During the six months ended June 30, 2026, The Group acquired items of property, plant and equipment with a cost of RMB405,858,000 (six months ended June 30, 2025: RMB496,958,000). Items of property, plant and equipment with a net book value of RMB2,265,000 (six months ended June 30, 2025: RMB481,000) were disposed of during the six months ended June 30, 2026, resulting in net losses on disposal of RMB1,387,000 (six months ended June 30, 2025: RMB344,000).

10 RIGHT-OF-USE ASSETS

截至2026年6月30日止六個月，本集團按 成本人民幣405,858,000元（截至2025年6 月30日止六個月：人民幣496,958,000元） 收購物業、廠房及設備項目。截至2026 年6月30日止六個月，賬面淨值為人民幣 2,265,000元（截至2025年6月30日止六 個月：人民幣481,000元）的物業、廠房及 設備項目被出售，導致出售淨虧損人民幣 1,387,000元（截至2025年6月30日止六個 月：人民幣344,000元）。

10 使用權資產

During the six months ended June 30, 2026, the depreciation of the Group’s right-of-use assets leads to reduce the net value of right-of-use assets of RMB34,166,000 (six months ended June 30, 2025: RMB23,663,000).

11 OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

截至2026年6月30日止六個月，本集團使 用權資產的折舊導致使用權資產淨值減少 人民幣34,166,000元（截至2025年6月30 日止六個月：人民幣23,663,000元）。

11 按公允價值計入損益的其他 金融資產

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

Note RMB’000 RMB’000 附註 人民幣千元 人民幣千元

Non-current: 非流動： Equity securities 股本證券 100 100

Current: 流動： Wealth management products 理財產品 (i) 10,814,342 10,105,463

10,814,442 10,105,563

(i) Wealth management products

(i) 理財產品

The wealth management products were issued by banks with variable investment income and can be redeemed on demand or in a short-term.

該等理財產品由銀行發行，具有可變 投資收益，可即時贖回或於短期內贖 回。

12 INVENTORIES

12 存貨

• (a) Inventories in the consolidated statement of financial position comprises:

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

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

2,208,524 2,407,715

• (b) The analysis of the amount of inventories recognized as an expense and included in profit or loss is as follows:

• (a) 綜合財務狀況表中的存貨包括：
• (b) 確認為開支並計入損益的存貨金額分 析如下：

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

Carrying amount of inventories sold 已售存貨賬面值 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

8,222,831 7,728,113

13 TRADE RECEIVABLES

13 貿易應收款項

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Current 流動 Trade receivables 貿易應收款項 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 recovered or recognized as expense within one year.

Aging analysis

The aging analysis of trade receivables, based on the invoice date, is as follows:

流動部分的所有貿易應收款項預期將於一 年內收回或確認為開支。

賬齡分析

基於發票日期的貿易應收款項的賬齡分析 如下：

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Within 1 year 1年內 284,680 303,735

• 1 to 2 years 1至2年 1,308 3,580
• 2 to 3 years 2至3年 312 182 Over 3 years 3年以上 1,098 1,098

287,398 308,595

Trade receivables are due within 90 days from the date of billing. Debtors with balances more than 6 months past due are requested to settle all outstanding balances before any further credit is granted.

貿易應收款項於賬單日期起計90日內到 期。結餘逾期超過6個月的債務人須於獲授 任何進一步信貸前清償所有未償還結餘。

14 OTHER RECEIVABLES

14 其他應收款項

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Current 流動

Amounts due from related parties 應收關聯方款項 13,395 8,281 Other receivables 其他應收款項 53,333 36,737

66,728 45,018 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

404,062 571,254

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

24,543 33,216 Total 總計 428,605 604,470

All of the other receivables in current portion are expected to be recovered or recognized as expense within one year.

流動部分的所有其他應收款項預期將於一 年內收回或確認為開支。

15 CASH AND CASH EQUIVALENTS, TERM DEPOSITS, CERTIFICATES OF DEPOSITS AND RESTRICTED CASH

(a) Cash and cash equivalents comprise:

15 現金及現金等價物、定期存

款、存單及受限制現金

(a) 現金及現金等價物包括：

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Cash at bank and in hand, and cash equivalents 銀行及手頭現金，以及現金等價物 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 consolidated cash flow statement, cash equivalents include term deposits and certificates of deposits held for the purpose of meeting short-term cash commitments.

就呈列於簡明綜合現金流量表而 言，現金等價物包括為滿足短期現 金承擔而持有的定期存款及存單。

(b) Term deposits and certificates of deposits comprise:

(b) 定期存款、存單包括：

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Current 即期

Term deposits (note (i)) 定期存款（附註(i)） 11,870,859 12,794,142 Certificates of deposits (note (i)) 存單（附註(i)） 1,917,230 2,252,425

13,788,089 15,046,567 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

6,242,597 5,878,812 20,030,686 20,925,379

Note:

附註：

(i) The balance of term deposits and certificates of deposits mainly comprise term deposits and certificates of deposits with terms over three months and related accrued interest. Term deposits and certificates of deposits with terms over twelve months are reclassified as non-current assets.

(i) 定期存款、存單的結餘主要包括期限 超過三個月的定期存款及存單以及相 關應計利息。期限超過十二個月的定 期存款及存單重新分類為非流動資產。

(c) Restricted cash

(c) 受限制現金

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

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 of credit guarantee deposits, third-party payment platforms guarantee deposits, etc, all of which are restricted.

保證金結餘主要包括信用證保證金、 第三方付款平台保證金等（均受到限 制）。

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Trade payables 貿易應付款項 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

3,653,657 2,772,796

Notes:

• (i) All trade and bills payable (including amounts due to related parties) are expected to be settled within one year or are repayable on demand.
• (ii) Since 2023, the Group’s certain suppliers have entered into factoring arrangements with Guangdong Haitian Commercial Factoring Company Limited (“Haitian Factoring”), an entity controlled by the immediate shareholder of the Group. Under these arrangements, the Group’s suppliers transfer the receivables due from the Group to Haitian Factoring before the original due dates, and the Group settles these trade payables with Haitian Factoring upon the due date. The receivables due from the Group that certain suppliers transferred to Haitian Factoring or authorized Haitian Factoring to collect payment from the Group as at June 30, 2026 amounted to RMB220,031,000 (December 31, 2025: RMB261,081,000). Trade payables that the Group settled with Haitian Factoring under the above arrangement amounted to RMB1,806,939,000 in aggregate during the six months ended June 30, 2026 (six months ended June 30, 2025: RMB1,406,445,000).

附註：

• (i) 所有貿易應付款項及應付票據（包括應付關 聯方款項）預期將於一年內結算或按要求償 還。
• (ii) 自2023年起，本集團的若干供應商與本集 團的直接股東控制的實體廣東海天商業保 理有限公司（「海天保理」）訂立保理安排。 根據該等安排，本集團的供應商在原到期 日之前將應收本集團款項轉讓予海天保 理，而本集團會在到期日與海天保理結算 該等貿易應付款項。於2026年6月30日， 若干供應商轉讓予海天保理或授權海天保 理自本集團收取付款的應收本集團款項為 人民幣220,031,000元（2025年12月31 日：人民幣261,081,000元）。截至2026年 6月30日止六個月，本集團根據上述安排與 海天保理結算的貿易應付款項合共為人民 幣1,806,939,000元（截至2025年6月30日 止六個月：人民幣1,406,445,000元）。

（續）

(Continued)

As of the end of the reporting period, the ageing analysis of trade payables based on the invoice date, is as follows:

截至報告期末，基於發票日期的貿易應付 款項的賬齡分析如下：

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

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

17 OTHER PAYABLES

17 其他應付款項

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Other taxes payable 其他應付稅項 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

1,553,043 1,720,330

All other payables (including amounts due to related parties) are expected to be settled within one year or are repayable on demand.

所有其他應付款項（包括應付關聯方款項） 預期將於一年內結算或按要求償還。

18 CONTRACT LIABILITIES

18 合約負債

Contract liabilities mainly represented the advance payments (exclude output VAT) from customers, for which the underlying goods are yet to be provided. The output VAT contained in the advance payments has been classified under other current liabilities.

合約負債主要指尚未提供相關商品時來自 客戶的預付款（不包括銷項增值稅）。預付 款中包含的銷項增值稅已分類至其他流動 負債。

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Receipts in advance 預收款項 978,657 4,128,489

19 CAPITAL, RESERVES AND DIVIDENDS

19 資本、儲備及股息

(a) Dividends

(a) 股息

(i) Dividends payable to equity shareholders attributable to the interim period

(i) 中期期間應付權益股東股息

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

No interim dividend were declared and paid after the interim

period (2025: RMB0.26 per ordinary share) 概無於中期期間後宣派並派付的中期股息

（2025年：每股普通股人民幣0.26元） – 1,518,799

The interim dividend has not been recognised as a liability at the end of the reporting period.

中期股息未於報告期末確認為負 債。

• (a) 股息（續）

(ii) 中期期間批准及派付的上一個財政

年度應付權益股東的股息

• (b) 股本

(a) Dividends (Continued)

(ii) Dividends payable to equity shareholders attributable to the previous financial year, approved and paid during the interim period

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

Final dividend in respect of the previous financial year, approved and paid during the following interim period, of RMB0.80 per ordinary share (tax inclusive) (six months ended June 30, 2025: RMB0.86 per ordinary share)

後續中期期間批准及派付的上一個財政年度末期股息每股普通股 人民幣0.80元（含稅）（截至2025年6月30日止六個月： 每股普通股人民幣0.86元） 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 – 6,424,831 4,768,967

(b) Share capital

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

(c) Treasury shares

(c) 庫存股

The Company did not repurchase or cancelled any treasury shares during the six months ended June 30, 2026 and 2025.

截至2026年及2025年6月30日止六個 月，本公司並無購回或註銷任何庫存 股。

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

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 ownership scheme (the “A Share Employee Stock Ownership Scheme”) on September 19, 2024. Under the A Share Employee Stock Ownership Scheme, a separate employee stock ownership plan shall be established for each year from 2024 to 2028. The Company had repurchased 15,289,491 A Shares in aggregate in 2023 and 2024 and held as treasury shares for future share award under the A Share Employee Stock Ownership Scheme.

本 公 司 已 於 2 0 2 4 年 9 月 1 9 日 採 納 2024-2028年員工持股計劃（「A股員工 持股計劃」）。根據A股員工持股計劃， 2024年至2028年每年均應設立一項 獨立的員工持股計劃。本公司於2023 年及2024年合共購回15,289,491股A 股，並作為庫存股持有，以供日後根 據A股員工持股計劃作股份獎勵之用。

With respect to the 2024 employee stock ownership plan, on September 25, 2025, the board of directors of the Company granted a total number of 4,220,100 shares to the grantees for their past services, resulting in a corresponding reduction in the number of treasury shares from 15,289,491 to 11,069,391. The ordinary shares held as treasury shares as at June 30, 2026 and December 31, 2025 include 5,289,491 shares held as treasury shares, 5,000,000 shares held under the 2025 employee stock ownership plan and 779,900 shares held under the 2024 employee stock ownership plan.

就2024年員工持股計劃，於2025年 9月25日，本公司董事會就獲授信人 的過往服務向其授予合共4,220,100 股 股 份 ， 導 致 庫 存 股 數 目 相 應 由 15,289,491股減少至11,069,391股。 於 2026 年 6 月 30 日及 2025 年 12 月 31 日，作為庫存股持有的普通股包 括作為庫存股持有的5,289,491股股 份、根據2025年員工持股計劃持有的 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。

20 FAIR VALUE MEASUREMENT OF 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

The following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorised into the threelevel fair value hierarchy as defined in IFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

公允價值層級

下表呈列本集團於報告期末按經常性 基準計量的金融工具的公允價值，並 分類為國際財務報告準則第13 號公 允價值計量所界定的三級公允價值層 級。本集團參照以下估值技術所採用 的輸入數據的可觀察性及重要性，釐 定公允價值計量所應歸屬的層級：

• • Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date
• • Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available
• • Level 3 valuations: Fair value measured using significant unobservable inputs

• • 第一級估值： 僅使用第一級輸入 數據（即於計量日活 躍市場上相同資產 或負債未經調整的 報價）計量的公允價 值
• • 第二級估值： 使用第二級輸入數 據（ 即 不 符 合 第 一 級的可觀察輸入數 據 ）， 且 並 無 使 用 重大不可觀察輸入 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
• • 第三級估值： 使用重大不可觀察 輸入數據計量的公 允價值

Analysis on fair value measurement of financial instruments as at June 30, 2026 and December 31, 2025 are as follows:

於2026年6月30日及2025年12月31 日，金融工具公允價值計量的分析如 下：

Fair value at June 30, 2026

Fair value measurement at June 30, 2026, categorised into

於2026年 6月30日 的公允價值

於2026年6月30日 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) – 10,834,867 – 10,834,867 –

Fair value at December 31, 2025

Fair value measurement at December 31, 2025, categorised into

於2025年 12月31日

於2025年12月31日 的公允價值分類為

的公允價值

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) – 10,105,203 – 10,105,203 –

During the six months ended June 30, 2026, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3 (six months ended June 30, 2025: nil). The Group’s policy is to recognize transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.

截至2026年6月30日止六個月，第一 級與第二級之間並無出現任何轉移， 亦無任何公允價值轉入第三級或自第 三級轉出（截至2025年6月30日止六個 月：無）。本集團的政策乃於公允價值 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 measurements

The fair value of wealth management products in Level 2 is measured by referencing to the net asset value published by the banks.

The fair value of forward exchange contracts in Level 2 is determined by discounting the difference between the contractual forward price and the current forward price. The discount rate used is derived from the relevant government yield curve as at the end of the reporting period plus an adequate constant credit spread.

第二級公允價值計量中使用的估值技 術及輸入數據

第二級理財產品的公允價值乃參考銀 行公佈的資產淨值計量。

第二級遠期外匯合約的公允價值乃透 過合約遠期價格與當前遠期價格之間 的差額進行貼現釐定。所使用的貼現 率取自報告期末的相關政府收益率曲 線，並加上適當的固定信貸利差。

(b) Fair value of financial assets and liabilities carried at other than fair value

(b) 並非按公允價值列賬的金融資

產及負債的公允價值

The carrying amounts of the Group’s financial instruments carried at amortized cost are not materially different from their fair values as at June 30, 2026 and December 31, 2025.

21 COMMITMENTS

於2026年6月30日及2025年12月31 日，本集團按攤銷成本列賬的金融工 具的賬面值與其公允價值並無重大差 異。

21 承擔

Capital commitments outstanding at June 30, 2026 not provided for in the interim financial report were as follows:

於2026年6月30日，並未於中期財務報告 中作出撥備的未履行資本承擔如下：

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Contracted for purchase for property, plant and equipment 已訂約購買物業、廠房及設備 552,024 576,901

22 MATERIAL RELATED PARTY TRANSACTIONS (a) Key management personnel remuneration

22 重大關聯方交易

(a) 主要管理人員薪酬

Remuneration for key management personnel of the Group, including amounts paid to the Company’s directors, supervisors and certain of the highest paid employees, is as follows:

本集團主要管理人員的薪酬（包括支付 予本公司董事、監事及若干最高薪酬 僱員的金額）載列如下：

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000 人民幣千元 人民幣千元

Key management personnel remuneration 主要管理人員的薪酬 18,402 19,074

(b) Transactions with related parties

(b) 與關聯方的交易

Apart from disclosures made in note 16 of the interim financial report, The Group entered into the following material related party transactions:

除中期財務報告附註16所披露者外， 本集團訂立以下重大關聯方交易：

Six months ended June 30, 截至6月30日止六個月

2026 2025 2026年 2025年 RMB’000 RMB’000

人民幣千元 人民幣千元 (Restated) （經重列）

Purchases of goods and services 購買商品及服務 Guangdong Haitian and entities controlled by Guangdong Haitian 廣東海天及廣東海天控制的實體 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

658,544 596,072

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

17,267 27,893

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 –

(b) Transactions with related parties (Continued)

(b) 與關聯方的交易（續）

• (i) Leasing arrangements

Our Group has entered into several lease agreements with lease periods of 1 to 3 years with Guangdong Haitian and entities controlled by Guangdong Haitian to lease certain premises, machinery and equipment. During the six months ended June 30, 2026, the Group settled the lease payments with amounts of RMB21,835,000 (six months ended June 30, 2025: RMB10,397,000) for the above rental services, and interests generated from these leasing arrangements were RMB1,159,000 (six months ended June 30, 2025: RMB302,000).

During the six months ended June 30, 2026, the Group entered into new lease agreements with Guangdong Haitian and entities controlled by Guangdong Haitian for use of premises, machinery and equipment and therefore recognized right-of-use assets and lease liabilities of RMB559,000 (six months ended June 30, 2025: RMB822,000) respectively.

• (ii) Since 2024, certain distributors of the Group entered into the loan agreements independently with Jiaxing Haitian Small Loan Company Limited (“Jiaxing Haitian”), an entity controlled by Guangdong Haitian. Pursuant to the agreements, Jiaxing Haitian agreed to make the direct payment to the Group on behalf of distributors as distributors’ prepayments for purchase of flavouring products, and the above advance payments are regarded as Jiaxing Haitian’s loans to distributors. During the six months ended June 30, 2026, the total amount received by the Group from Jiaxing Haitian, as the distributors’ prepayments, were RMB341,638,000 (six months ended June 30, 2025: RMB328,499,000) in aggregate. The Group does not provide any guarantee over Jiaxing Haitian’s loans to distributors.

• (i) 租賃安排

本集團已與廣東海天及受廣東海 天 控 制 的 實 體 訂 立 若 干 租 賃 協 議，租期為1至3年，以租賃若干 物業、機器及設備。截至2026年 6月30日止六個月，本集團就上 述租賃服務結算租賃付款人民幣 21,835,000元（截至2025年6月30 日止六個月：人民幣10,397,000 元），該等租賃安排產生的利息為 人民幣1,159,000元（截至2025 年 6 月 3 0 日 止 六 個 月 ： 人 民 幣 302,000元）。

截至2026年6月30日止六個月， 本集團與廣東海天就使用機器及設 備訂立新租賃協議，因此確認使用 權資產及租賃負債人民幣559,000 元（截至2025年6月30日止六個 月：人民幣822,000元）。

• (ii) 自2024年起，本集團若干經銷商 與廣東海天控制的實體嘉興海天小 額貸款有限公司（「嘉興海天」）獨 立訂立貸款協議。根據有關協議， 嘉興海天同意代表經銷商直接向本 集團支付經銷商採購調味品的預付 款項，而上述墊款被視為嘉興海 天向經銷商發放的貸款。於截至 2026年6月30日止六個月，本集 團自嘉興海天收取的經銷商預付款 項總額合共為人民幣341,638,000 元（截至2025年6月30日止六個 月：人民幣328,499,000元）。本 集團不就嘉興海天向經銷商發放的 貸款提供任何擔保。

(c) Balances with related parties

(c) 與關聯方的結餘

As at June 30, 2026

As at December 31, 2025

於2026年 6月30日

於2025年 12月31日

RMB’000 RMB’000 人民幣千元 人民幣千元

Trade related: 與貿易有關： Other receivables 其他應收款項 Guangdong Haitian and entities controlled by Guangdong Haitian 廣東海天及廣東海天控制的實體 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

39,285 8,281

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

126,488 129,188

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

3,350 1,894

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

23 POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS, AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE SIX MONTHS ENDED JUNE 30, 2026

個月已頒佈但尚未生效的修 訂、新訂準則及詮釋的潛在 影響

A number of amendments and new standards are not yet mandatory for annual periods beginning 1 January 2026. Earlier application is permitted; however, the Group has not early adopted any new or amended standards in preparing this interim financial report.

若干修訂及新訂準則於2026年1月1日開始 的年度期間尚未強制生效。儘管允許提早 應用，惟本集團在編製本中期財務報告時 並未提早採納任何新訂或經修訂準則。

The following updates the information provided in the last annual financial statements about the possible impacts of IFRS 18 which may have a significant impact on the Group’s consolidated financial statements when adopted.

IFRS 18, Presentation and disclosure in financial statements

IFRS 18 will replace IAS 1, Presentation of financial statements, and is first effective for annual reporting periods beginning on or after January 1, 2027.

以下更新了上一年度財務報表中提供有關 國際財務報告準則第18號潛在影響的資 料，該準則獲採納時可能對本集團的綜合 財務報表產生重大影響。

國際財務報告準則第18號，財務報 表的呈列及披露

國際財務報告準則第18號將取代國際會計 準則第1號，財務報表的呈列，並於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 disclosure in financial statements, including new categories and defined subtotals in the statement of profit or loss, enhanced requirements for aggregation and disaggregation of information, and specific disclosures about management-defined performance measures. The Group is assessing the expected impact that the initial application of IFRS 18 will have on its consolidated financial statements.

The Group expects that the adoption of IFRS 18 will not change the group’s net assets or net profit. However, it is expected to affect the presentation of the Group’s consolidated statement of profit or loss and related note disclosures. Based on the work performed to date, the Group’s assessment on the expected impact of the initial application of IFRS 18 is summarised below. The assessment remains subject to change as the Group continues its implementation work.

國際財務報告準則第18號引入財務報表呈 列及披露的新規定，包括損益表中的新類 別及定義小計、加強對資料匯總及分拆的 規定，以及關於管理層定義的績效指標的 特定披露。本集團正在評估首次應用國際 財務報告準則第18號預期將對其綜合財務 報表產生的影響。

本集團預期採納國際財務報告準則第18號 不會改變本集團的資產淨值或淨利潤。然 而，預期將影響本集團綜合損益表的呈列 以及相關附註披露。基於迄今為止所進行 的工作，本集團對首次應用國際財務報告 準則第18號的預期影響評估總結如下。由 於本集團仍在進行實施工作，該評估仍可 能會有變動。

(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 into specified categories in the statement of profit or loss, including operating, investing, and financing categories. It also requires entities to present two newly defined subtotals, which are “operating profit” and “profit or loss before financing and income taxes”. The operating profit subtotal is expected to differ from the current profit from operations subtotal presented by the Group. Based on the work performed to date, the Group also expects the following changes to the consolidated statement of profit or loss:

國際財務報告準則第18號要求實體在 損益表中將收入及開支分類為特定類 別，包括經營、投資及融資類別。該 準則亦要求實體呈列兩個新定義的小 計，即「經營利潤」及「融資及所得稅 前損益」。預期經營利潤小計將有別於 本集團目前所呈列的經營所得利潤小 計。基於迄今為止所進行的工作，本 集團亦預期綜合損益表將有以下變動：

• • Interest income, investment income from financial instruments measured at FVPL and net fair value changes of financial instruments measured at FVPL, which are currently presented in the Group’s other income and other net income subtotal, as well as the income and expenses from investment property are expected to be classified in the investing category. The income and expenses classified in the investing category, together with the subtotal “operating profit”, will form the new subtotal “profit or loss before financing and income taxes”;
• • The Group is assessing the classification of expenses as currently included in the finance cost line item and expects that this line item will be disaggregated into “expenses on liabilities arising solely from raising of finance” and “interest expenses on other liabilities” in the financing category;

• • 預期目前呈列於本集團「其他收入 及其他淨收入」小計的利息收入、 按公允價值計入損益金融工具的投 資收入，以及按公允價值計入損益 金融工具的公允價值變動淨額， 連同投資物業所得收入及開支，將 分類為投資類別。分類為投資類別 的收入及開支與「經營利潤」小計 將組成新小計「融資及所得稅前損 益」；
• • 本集團正在評估目前包含在融資成 本項目中的開支分類，並預期該項 目將在融資類別中分拆為「僅因籌 集資金而產生的負債開支」及「其 他負債的利息開支」；

(a) Structure of the statement of profit or loss (Continued)

(a) 損益表的結構（續）

• • The Group is required to assess the classification of foreign exchange differences in the same category as the income and expenses from the items that gave rise to the differences, unless doing so would involve undue cost or effort; and
• • The Group currently presents operating expenses by function. The Group is assessing whether its current presentation, or a mixed presentation by nature and function, will provide the most useful structured summary of its operating expenses under IFRS 18. If the Group continues to present one or more operating expense line item by function, information about five specific expenses by nature will be provided in a single note to the financial statements.

• • 本集團須評估將匯兌差額與產生該 等差額的項目所產生的收入及開支 分類為相同類別，除非這樣做涉及 過多成本或努力；及
• • 本集團目前按功能呈列經營開支。 本集團正在評估其目前的呈列方 式，或按性質及功能混合呈列的方 式，是否能根據國際財務報告準則 第18號提供對其經營開支最為有 用且結構化的總結。倘本集團繼續 按功能呈列一項或多項經營開支， 則會在財務報表的單一附註中提供 關於五項特定按性質分類的開支資 料。

(b) Management-defined performance measures (“MPM”)

(b) 管 理 層 定 義 的 績 效 指 標

（「MPM」）

MPMs are subtotals of income and expenses used in public communications outside the financial statements that communicate management’s view of an aspect of the financial performance of the entity as a whole to users. Based on the Group’s current assessment, “adjusted net profit”, which represents the net profit attributable to shareholders of the parent company after deducting non-recurring profit or loss, is identified as a MPM since it is currently being reported by the Group in its management commentary, press releases, and investor presentations. The Group is also developing a process to identify its public communications and assess whether other measures reported in those communications meet the definition of an MPM.

MPM指在財務報表以外的公開通訊 中使用的收入及開支小計，旨在向使 用者傳達管理層對實體整體財務表現 某方面的看法。基於本集團目前的評 估，「調整後淨利潤」，指歸屬於母 公司股東的扣除非經常性損益的淨利 潤，被識別為MPM，因其目前由本集 團在管理層報告、新聞稿及投資者簡 報中予以呈報。本集團亦正在制定一 項流程，以識別其公開通訊，並評估 在該等通訊中呈報的其他指標是否符 合MPM的定義。

The Group will be required to disclose specific information about MPMs in a single note in the financial statements. The MPMs disclosed by the Group following adoption of IFRS 18 will be determined based on public communications issued by the Group relating to the same reporting period.

本集團將須在財務報表的單一附註中 披露關於MPM的特定資料。採納國際 財務報告準則第18號後，本集團披露 的MPM將根據本集團就同一報告期間 發佈的公開通訊釐定。

(c) Principles of aggregation and disaggregation

(c) 匯總與分拆的原則

IFRS 18 provides enhanced principles on how to group information in the financial statements, including the primary financial statements and the notes. It also introduces guidance on labelling and describing items presented in the primary financial statements or disclosed in the notes.

國際財務報告準則第18號就如何在財 務報表（包括主要財務報表及附註）中 將資料分組提供經強化的原則。該準 則亦引入關於在主要財務報表呈列或 附註中披露的項目的標籤及描述指引。

The Group has been consistently applied the principles of aggregating and disaggregating the items on the basis of similar and dissimilar characteristics. The Group is also assessing line items currently labelled as “other” across the primary financial statements and the notes and expects to use more informative labels where material information would otherwise be obscured.

IFRS 18 also introduces consequential amendments to IAS 7, Statement of cash flows. The Group is assessing the impact of those amendments, including the requirement to use the newly defined operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method and the classification of interest and dividend cash flows.

The actual impact of applying IFRS 18 may change as the Group continues to assess the new requirements and finalises any changes to its reporting processes, controls and accounting policies before the date of initial application.

本集團一直貫徹應用根據相似及相異 特徵對項目進行匯總及分拆的原則。 本集團亦正在評估目前在主要財務報 表及附註中標籤為「其他」的項目，並 預期在重要資料可能會被掩蓋的情況 下使用更具資訊性的標籤。

國際財務報告準則第18號亦引入對國 際會計準則第7號，現金流量表，的相 應修訂。本集團正在評估該等修訂的 影響，包括規定在使用間接法呈列經 營現金流量時，必須將新定義的經營 利潤小計作為現金流量表的起點，以 及利息及股息現金流量的分類。

隨著本集團繼續評估新規定，並在首 次應用日期前落實對其報告流程、控 制措施及會計政策的任何變更，應用 國際財務報告準則第18號的實際影響 可能會發生變化。

獨立審閱報告

Review report to the board of directors of Foshan Haitian Flavouring and Food Company Ltd.

(Incorporated in the People’s Republic of China with limited liability)

致佛山市海天調味食品股份有限公司董事會之 審閱報告

（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 to 103, which comprises the consolidated statement of financial position of Foshan Haitian Flavouring and Food Company Ltd. (the “Company”) as of 30 June 2026 and the related consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income and consolidated statement of changes in equity and condensed consolidated cash flow statement for the six months then ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim financial reporting as issued by the International Accounting Standards Board. The directors are responsible for the preparation and presentation of the interim financial report in accordance with International Accounting Standard 34.

我們已審閱載於第63至103頁的中期財務報 告，當中包括佛山市海天調味食品股份有限公 司（「貴公司」）截至2026年6月30日的綜合財 務狀況表與截至該日止六個月的相關綜合損益 表、綜合損益及其他全面收益表、綜合權益變 動表及簡明綜合現金流量表以及解釋附註。香 港聯合交易所有限公司證券上市規則規定，編 製中期財務報告必須符合以上規則的有關條文 以及國際會計準則理事會頒佈之國際會計準則 第34號中期財務報告。董事負責根據國際會計 準則第34號編製及呈列中期財務報告。

Our responsibility is to express a conclusion, based on our review, on this interim financial report and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

SCOPE OF REVIEW

我們的責任乃根據我們協定的委聘條款，按照 我們的審閱形成有關該中期財務報告的結論， 並僅向全體董事會報告我們的結論，且不作其 他用途。我們概不就本報告內容向其他任何人 士負上或承擔責任。

審閱範圍

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 Review of interim financial information performed by the independent auditor of the entity as issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial report consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not 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.

我們已根據香港會計師公會頒佈的香港審閱聘 用準則第2410號由實體的獨立審計師執行中 期財務資料審閱進行審閱。中期財務報告審 閱工作主要包括向負責財務及會計事宜的人員 詢問，並實施分析和其他審閱程序。由於審閱 的範圍遠較根據香港審計準則進行審計的範圍 小，故不能保證我們會注意到在審計中可能會 被發現的所有重大事宜。因此，我們不發表審 計意見。

獨立審閱報告

CONCLUSION

結論

Based on our review, nothing has come to our attention that causes us to believe that the interim financial report as at 30 June 2026 is not prepared, in all material respects, in accordance with International Accounting Standard 34, Interim financial reporting.

基於我們的審閱，我們並未注意到任何事項令 致我們認為於2026年6月30日的中期財務報告 在所有重大方面未根據國際會計準則第34號中 期財務報告進行編製。

KPMG

Certified Public Accountants

8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong

26 August 2026

畢馬威會計師事務所

執業會計師

香港中環 遮打道10號 太子大廈8樓

2026年8月26日

In this report, unless the context otherwise requires, the following expressions shall have the following meanings:

本報告內，除非文義另有所指，否則下列詞彙 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 Committee”

the remuneration and evaluation committee under the Board

「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 Committee”

the strategy and sustainability committee under the Board

「戰略與可持續發展委員會」 指 董事會戰略與可持續發展委員會

“Board” or “Board of Directors” the board of directors of our Company 「董事會」 指 本公司董事會

“China” or the “PRC” the People’s Republic of China, excluding the Hong Kong Special

Administrative Region, the Macau Special Administrative Region and Taiwan 「中國」 指 中華人民共和國，不包括香港特別行政區、澳門特別行政區及台灣地區

“Company”, “our Company”, “the Company” or “Haitian”

Foshan Haitian Flavouring and Food Company Ltd. (佛山市海天調味食品股份 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 Group”, “we”, “us” or “our”

the Company and its subsidiaries

「本集團或我們」 指 本公司及其子公司

“Guangdong Haitian” Guangdong Haitian Group Co., Ltd. (廣東海天集團股份有限公司), a joint stock limited company established under the laws of the PRC on March 6, 2000, being one of our Controlling Shareholders

「廣東海天」 指 廣東海天集團股份有限公司，一家於2000年3月6日根據中國法律成立的股份 有限公司，為我們的控股股東之一

“H Share(s)” shares in the share capital of our Company with a nominal value of RMB1.00 each, which are listed and traded on the Stock Exchange

「H股」 指 本公司股本中每股面值人民幣1.00元的股份，於聯交所上市及買賣

“HK$” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong 「港元」 指 香港法定貨幣港元

“Latest Practicable Date” August 26, 2026, being the latest practicable date for the purpose of ascertaining certain information contained in this report prior to its publication

「最後實際可行日期」 指 2026年8月26日，即本報告刊發前為確定其中所載若干資料的最後實際可行日 期

“Listing Date” June 19, 2025 「上市日期」 指 2025年6月19日

“Listing Rules of the Stock Exchange”

the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time

「《聯交所上市規則》」 指 《香港聯合交易所有限公司證券上市規則》，經不時修訂、補充或以其他方式修 改

“Listing” the listing of the H Shares on the Main Board 「上市」 指 H股於主板上市

“Main Board” the stock market (excluding the option market) operated by the Stock Exchange which is independent from and operated in parallel with the GEM of the Stock Exchange

「主板」 指 聯交所營運的股票市場（不包括期權市場），獨立於聯交所GEM並與之並行運 作

“Prospectus” the prospectus issued by the Company on June 11, 2025 「招股章程」 指 本公司於2025年6月11日刊發的招股章程

“Reporting Period” from January 1, 2026 to June 30, 2026 「報告期」 指 2026年1月1日至2026年6月30日

“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC 「人民幣」 指 中國法定貨幣人民幣

“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong

Kong), as amended, supplemented or otherwise modified from time to time 「《證券及期貨條例》」 指 香港法例第571章《證券及期貨條例》，經不時修訂、補充或以其他方式修改

“Shareholder(s)” holder(s) of the shares in the Company 「股東」 指 公司股份持有人

“SSE” the Shanghai Stock Exchange 「上交所」 指 上海證券交易所

“Stock Exchange” The Stock Exchange of Hong Kong Limited 「聯交所」 指 香港聯合交易所有限公司

Notes:

註：

• 1. Certain amounts and percentage figures included in this report have been subject to rounding.
• 2. In the event of any discrepancy between the Chinese and English names of the PRC laws and regulations, governmental authorities, institutions, natural persons or other entities (including certain subsidiaries of the Company), the Chinese versions shall prevail. The English translations are for identification purposes only.

• 1. 本報告所載的若干金額及百分比數字已作約整。
• 2. 中國法律法規、政府部門、機構、自然人或其他 實體（包括本公司的若干附屬公司）的中英文名 稱如有任何不符，概以中文版本為準，英譯本僅 供識別之用。

佛山市海天調味食品股份有限公司中期報告