Hong Kong stock consumer tech leaders gather! Haitian Flavouring, Sanhua Intelligent Controls, and Saturday Gold pass hearings, global expansion opens a new chapter.
The Hong Kong Stock Exchange is about to welcome three industry giants simultaneously sprinting for IPO! The leading condiment company "Soy Sauce King" Haitian Flavoring, the global thermal management technology leader Sanhua Intelligent Control, and the national jewelry brand Chow Tai Fook have all passed the listing hearing and plan to land on the Hong Kong Stock Exchange. Below is an analysis of the core information of the new stocks:
1. Company Overview
Haitian Flavoring: The leading company in China's condiment industry, established in 1955 and headquartered in Foshan, Guangdong, mainly produces soy sauce, oyster sauce, and seasoning sauces. The "Haitian" brand is renowned nationwide, with market share consistently ranking at the top of the industry.
Sanhua Intelligent Control: A global leader in refrigeration and automotive thermal management components, established in 1984 and headquartered in Zhejiang. Core products include electronic expansion valves and four-way reversing valves, widely used in household air conditioning and new energy vehicles. Customers include renowned automakers such as Tesla and BYD.
Chow Tai Fook: A well-known domestic jewelry brand, founded in Shenzhen in 2004, specializing in gold, diamonds, and K-gold jewelry. With a franchise model, it rapidly expanded to over 4,000 stores nationwide, occupying a certain market share with fashionable designs and affordable prices.
2. Company Highlights and Business Layout
Haitian Flavoring: China's Condiment Industry Leader, Accelerating Global Expansion
- Core Position: China's largest condiment company, with the highest market share in the soy sauce category for years, boasting seven products with annual revenues exceeding 1 billion yuan.
- Growth Momentum: In 2024, revenue reached 26.9 billion yuan, a year-on-year increase of 9.53%; net profit was 6.34 billion yuan, up 12.75% year-on-year. Gross margin rose to 38.6%.
- Strategic Upgrade: The Hong Kong fundraising will focus on overseas supply chain construction and brand internationalization, covering markets in over 90 countries.
Sanhua Intelligent Control: Global Leader in New Energy Thermal Management Technology
- Technological Barrier: Ranked first globally in market share for refrigeration and air conditioning control components, supplying thermal management components to leading automakers like Tesla and BYD.
- Business Expansion: In 2023, revenue was 24.56 billion yuan, with a net profit of 2.93 billion yuan. The robotic electromechanical actuator business has become a new growth point, with plans to invest 3.8 billion yuan in a research and development base.
- Global Network: 48 production bases across Europe, America, and Asia, with overseas revenue accounting for 46.5%.
Chow Tai Fook: China's Leading Jewelry Brand, Driven by Online and Offline Channels
- Scale Advantage: The fourth-largest jewelry brand in China, with over 4,100 stores. In 2024, revenue was 5.72 billion yuan, with a net profit of 710 million yuan.
- Digital Breakthrough: Online revenue grew at a three-year compound annual growth rate of 46.1%, accounting for 40% in 2024, ranking first in the industry.
- Sector Benefits: Benefiting from strong gold consumption, China's gold and jewelry market size is nearly 518 billion yuan, with an annual growth rate of 11%.
3. Industry Outlook
Haitian Flavoring: China's condiment market exceeds 500 billion yuan, with increasing industry concentration. Leading companies benefit from brand premiums and channel expansion.
- Soy sauce is a staple product, with consumption upgrades driving growth in premium products (e.g., additive-free soy sauce).
- Significant potential for overseas market expansion, as overseas revenue remains low.
Sanhua Intelligent Control: Global new energy vehicle penetration continues to rise, with the thermal management system market expected to exceed 100 billion yuan by 2025.
- Strong order certainty by partnering with leading automakers like Tesla and BYD.
- The robotics business opens a second growth curve, promising long-term growth.
Chow Tai Fook: China's gold and jewelry market exceeds 500 billion yuan, with strong demand for gold as a safe-haven asset and increasing market share for leading brands.
- Rapid expansion through a light-asset franchise model, with significant potential in lower-tier markets.
- Leading online sales share and strong digital marketing capabilities.
The Hong Kong IPO market has significantly rebounded. Wind data shows that fundraising in May 2025 reached 55.8 billion HKD, the highest since March 2021. Against the backdrop of improved market liquidity, high-quality companies with staple consumption attributes, technological leadership, and channel expansion capabilities are more favored by investors.
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