Loading…
China's largest maker of soy sauce and other condiments sold under the Haitian brand.
China's largest maker of soy sauce and other condiments sold under the Haitian brand.
Sells mainly through a nationwide network of distributors that supplies both supermarkets and restaurants, so the strength of that network, as much as the brand, moves volume. These are the Hong Kong-listed H shares, added in 2025, of the same company that trades in Shanghai.
In one line: China's Kikkoman, with a broader condiment range.
Moat: narrow (brand, scale, distribution). Category-leading brand and the country's largest condiment distribution network.
Headquarters: Foshan, China · Founded: 1955 · Employees: 9,160
Size Foshan Haitian Flavouring and Food (3288.HK) is a Hong Kong Consumer Staples company (Food: Specialty/Candy) with a market value of $29.4B, the 52nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$26.08 on 6 Nov 2026.
Performance Over six months the shares fell 24.4%, against -3.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 14 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +6.7%); the operating margin is 26.8% (peer median 11.4%).
Valuation It trades at 18.0× forward earnings against a peer median of 19.9× (6th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.3 points above its cost of capital (5.3% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$33.8B | HK$31.1B | HK$29.0B | HK$27.0B | HK$29.5B |
| Revenue growth | — | +7% | +7% | -9% | — |
| Gross profit | HK$14.2B | HK$12.3B | HK$10.5B | HK$9.16B | HK$10.3B |
| EBITDA | n/a | HK$9.46B | HK$8.21B | HK$7.49B | HK$8.36B |
| Net income | HK$8.03B | HK$7.63B | HK$6.88B | HK$6.22B | HK$7.21B |
| Free cash flow | HK$7.41B | HK$7.85B | HK$6.37B | HK$6.19B | HK$3.53B |
| Capital expenditure | HK$1.29B | HK$1.39B | HK$1.71B | HK$2.13B | HK$1.77B |
| Total debt | HK$3.90B | HK$1.73B | HK$1.06B | HK$1.05B | HK$309M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Foshan Haitian Flavouring and Food 3288.HK | $29.4B | -24% | +11% | 27% | 18.0× | -4.6% |
| H&R Century Union 000892.SZ | $699M | -4% | +21% | -52% | n/a | n/a |
| Kikkoman 2801.T | $10.9B | +24% | +9% | 11% | 24.8× | 8.8% |
| Qianhe Condiment & Food 603027.SS | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3288.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | +9.3% | 4th lowest of 14 |
| 6-month return | -24.4% | -3.5% | lowest of 14 |
| Distance from 52-week high | -32.0% | -21.8% | 3rd lowest of 14 |
| Revenue growth (TTM) | +11.2% | +6.7% | 4th highest of 14 |
| Operating margin | 26.8% | 11.4% | highest of 14 |
| Forward P/E | 18.0× | 19.9× | 6th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -4.6% | 3.4% | 4th least demanding of 14 |
| Growth delivered (Del g) | +4.2% | +8.1% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -8.7 pp | -4.7 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +44.3 pp | +3.6 pp | highest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Foshan Haitian Flavouring and Food 3288.HK | Hong Kong | $29.4B | -24% | +11% | 27% | 18.0× | -4.6% | +4.2% |
| Ajinomoto 2802.T | Japan | $25.3B | -16% | +7% | 11% | 29.4× | 19.2% | +8.1% |
| Chocoladefabriken Lindt & Spruengli LISN.SW | Switzerland | $24.6B | -8% | +4% | 16% | 28.2× | 3.4% | +8.1% |
| Hershey Company (The) HSY | United States | $35.8B | -3% | +7% | 20% | 19.2× | -5.0% | +7.5% |
| J.M. Smucker Company (The) SJM | United States | $13.9B | +33% | +5% | 19% | 12.9× | -7.1% | +2.5% |
| McCormick & MKC | United States | $13.0B | 0% | +13% | 17% | 15.9× | 3.2% | +4.1% |
| Britannia Industries BRITANNIA.NS | India | $12.1B | -18% | +7% | 17% | 41.7× | 28.9% | +7.8% |
| Tata Consumer Products TATACONSUM.NS | India | $11.4B | -6% | +15% | 11% | 55.5× | 42.8% | +11.8% |
| Kikkoman 2801.T | Japan | $10.9B | +24% | +9% | 11% | 24.8× | 8.8% | +11.2% |
| Orkla ORK.OL | Norway | $10.8B | -6% | 0% | 10% | 15.5× | -1.1% | +8.7% |
| Mondelez International MDLZ | United States | $83.6B | +8% | +6% | 18% | 19.9× | -2.7% | +7.7% |
| Barry Callebaut BARN.SW | Switzerland | $8.33B | +5% | +9% | 5% | 23.7× | -8.4% | +16.5% |
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |