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on the evening of august 29, haitian flavor industry(603288.sh, share price 33.99 yuan, market value 189.005 billion yuan)the company released its 2024 semi-annual report, achieving operating income of 14.156 billion yuan in the first half of the year, a year-on-year increase of 9.18%, and net profit attributable to shareholders of the parent company of 3.453 billion yuan, a year-on-year increase of 11.52%.

the reporter of daily economic news noted that haitian flavor industry has maintained a high double-digit growth for a long time in the past and was known as the "soy sauce giant", but its performance has stalled in recent years. the profit growth rate in the first half of 2021 and the first half of 2022 dropped to single digits, 3.07% and 1.21% respectively. in the first half of 2023, the net profit fell year-on-year for the first time in half a year (-8.76%). as the performance cooled, the market value of haitian flavor industry also fell from the "peak" of 700 billion yuan, and the market value is now 189 billion yuan.

this performance also shows that haitian flavor industry is gradually emerging from unfavorable factors such as negative public opinion, terminal weakness, and channel inventory digestion.

in this semi-annual report, haitian flavor industry analyzed the reasons for the performance growth and said that the company improved the competitiveness of existing products by improving product quality and enriching product specifications, and developed and launched new products based on consumer demand; actively promoted the construction and transformation of the channel end and innovated business models; the prices of bulk raw materials generally showed a market correction trend, which to a certain extent helped the company to alleviate cost pressure; continued to promote quality improvement and efficiency enhancement to create profit space, providing strong support for the company's high-quality products, efficient operations and long-term stable development.

in terms of product categories, soy sauce, seasoning sauce, oyster sauce and other products achieved year-on-year sales growth of 6.85%, 8.55%, 5.71% and 22.31% respectively, among which soy sauce still accounted for half of the revenue. the fastest growing other products were mainly vinegar and cooking wine, which are also the direction of haitian flavor industry's diversification efforts.

in terms of channels, haitian flavor industry achieved sales of 12.578 billion yuan in offline channels, up 8.26% year-on-year; and sales of 606 million yuan in online channels, up 29.17% year-on-year. as of the end of june, haitian flavor industry had 6,674 distributors, a net increase of 83 in the first half of the year.

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