Credit Brief — Foshan Haitian Flavouring and Food Company Ltd. (海天味业)
603288.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 管江华
- Registered address: 广东省佛山市文沙路16号
- Office address: 广东省佛山市文沙路16号
- Controlling shareholder: 广东海天集团股份有限公司
- Actual controller: 庞康
- Employees: 9,160
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 18,223.3 | 21,689.4 | 22,114.7 | 24,603.7 | 18,939.1 |
| Trading financial assets | 6,081.7 | 5,841.0 | 7,617.6 | 10,105.5 | 10,814.3 |
| Accounts receivable | 188.4 | 223.1 | 242.3 | 295.6 | 274.4 |
| Other receivables | 10.7 | 181.6 | 20.2 | 45.0 | 66.7 |
| Inventories | 2,391.6 | 2,618.8 | 2,525.3 | 2,407.7 | 2,208.5 |
| Long-term equity investments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Fixed assets | 4,206.8 | 4,609.1 | 5,055.5 | 5,223.5 | 5,622.2 |
| Construction in progress | 1,179.9 | 1,460.1 | 1,475.6 | 1,649.5 | 1,213.9 |
| Intangible assets | 684.6 | 857.0 | 874.6 | 865.5 | 850.5 |
| Total assets | 34,059.2 | 38,423.5 | 40,858.4 | 52,183.9 | 47,140.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 131.7 | 362.6 | 293.5 | 140.8 | 329.4 |
| Notes payable | — | 458.0 | 586.5 | 1,266.9 | 2,091.7 |
| Accounts payable | 1,300.3 | 1,403.5 | 1,360.1 | 1,505.9 | 1,562.0 |
| Contract liabilities | 2,948.1 | 4,527.0 | 4,335.3 | 4,128.5 | 978.7 |
| Other payables | 1,044.9 | 847.6 | 862.0 | 882.6 | 776.0 |
| Current portion of non-current liabilities | 20.3 | 31.3 | 30.8 | 77.7 | 58.2 |
| Long-term borrowings | 93.7 | 70.3 | 33.2 | — | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 7,174.7 | 9,390.5 | 9,456.5 | 10,344.3 | 7,536.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 4,633.8 | 5,560.6 | 5,560.6 | 5,851.8 | 5,851.8 |
| Capital reserve | 142.5 | 142.5 | 152.5 | 9,398.3 | 9,398.3 |
| Retained earnings | 19,285.9 | 20,278.6 | 22,962.4 | 23,552.8 | 21,318.1 |
| Equity attributable to owners of the parent | 0.0 | 0.0 | 30,889.5 | 41,329.6 | 39,093.5 |
| Minority interests | 486.8 | 502.4 | 506.5 | 510.1 | 510.5 |
| Total equity | — | 29,033.0 | 31,401.9 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 25,609.7 | 24,559.3 | 26,901.0 | 28,873.4 | 16,146.3 |
| Cost of sales | 16,471.8 | 16,028.5 | 16,948.3 | 17,259.7 | 9,520.4 |
| Selling expenses | 1,378.1 | 1,305.7 | 1,628.6 | 1,933.2 | 932.6 |
| Administrative expenses | 441.7 | 525.7 | 590.1 | 700.0 | 394.6 |
| Finance costs | -732.2 | -585.1 | -509.0 | -456.0 | 40.7 |
| Investment income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating profit | 7,352.3 | 6,744.8 | 7,506.6 | 8,664.3 | 4,961.6 |
| Profit before tax | 7,364.2 | 6,739.0 | 7,513.1 | 8,595.4 | 4,954.4 |
| Net profit | 6,203.2 | 5,642.2 | 6,355.9 | 7,045.5 | 4,190.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 4.01x | 3.44x | 3.65x | 3.85x | 4.65x |
| Quick ratio | 3.66x | 3.15x | 3.37x | 3.61x | 4.34x |
| Debt-to-asset ratio | 21.1% | 24.4% | 23.1% | 19.8% | 16.0% |
| Total debt / EBITDA | 0.03x | 0.06x | 0.04x | 0.02x | 0.07x |
| EBITDA interest coverage | 11.51x | 13.14x | 16.54x | 20.75x | 133.32x |
| Gross margin | 35.7% | 34.7% | 37.0% | 40.2% | 41.0% |
| Net margin | 24.2% | 23.0% | 23.6% | 24.4% | 26.0% |
| Return on equity (ROE) | — | 19.4% | 20.2% | — | — |
| Revenue growth | — | -4.1% | 9.5% | 7.3% | -44.1% |
| Net profit growth | — | -9.0% | 12.6% | 10.8% | -40.5% |
| Receivable days | 3 | 3 | 3 | 4 | 6 |
| Cash received / revenue | 104.5% | 120.3% | 112.9% | 114.7% | 95.0% |
| Operating CF / net profit | 0.62x | 1.30x | 1.08x | 1.10x | 0.29x |
| Free cash flow | -828.2 | 6,535.7 | 3,067.6 | -5,983.8 | 1,189.1 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.20 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 20.2 vs 18.5 CNY mn (deviation 8.36%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 1.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 3.7 vs 2.0 CNY mn (deviation 46.12%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 1.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 152.5 vs 142.5 CNY mn (deviation 6.56%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 10.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 31,396.0 vs 40,858.4 CNY mn (deviation 23.16%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 9,462.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 3,689.0 vs 3,466.1 CNY mn (deviation 6.04%, severity mid)
Sources: 2023年年度报告.pdf p.79 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.75 「货币资金」. CF-statement figure above the balance-sheet movement by 223.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -934.2 vs 425.4 CNY mn (deviation 145.53%, severity mid)
Sources: 2024年年度报告.pdf p.85 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.76 「货币资金」. CF-statement figure below the balance-sheet movement by 1,359.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -2,370.3 vs 2,488.9 CNY mn (deviation 195.23%, severity mid)
Sources: 2025年年度报告.pdf p.90 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.86 「货币资金」. CF-statement figure below the balance-sheet movement by 4,859.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -4,408.4 vs -5,664.6 CNY mn (deviation 22.18%, severity mid)
Sources: 2026年半年度报告.pdf p.51 「五、现金及现金等价物净增加」 vs 2026年半年度报告.pdf p.43 「货币资金」. CF-statement figure above the balance-sheet movement by 1,256.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 24,603.7 | 2025年年度报告.pdf | 86 | 货币资金 | 24603677724.73 (元) |
| Total assets | 2025 | 52,183.9 | 2025年年度报告.pdf | 86 | 资产总计 | 52183944926.12 (元) |
| Accounts receivable | 2025 | 295.6 | 2025年年度报告.pdf | 86 | 应收账款 | 295624145.05 (元) |
| Fixed assets | 2025 | 5,223.5 | 2025年年度报告.pdf | 86 | 固定资产 | 5223472094.73 (元) |
| Short-term borrowings | 2025 | 140.8 | 2025年年度报告.pdf | 86 | 短期借款 | 140850000.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.