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China's largest maker of soy sauce and other condiments, sold nationwide under the Haitian brand.
China's largest maker of soy sauce and other condiments, sold nationwide 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. Soy sauce is the staple line and oyster sauce a second. Its home listing is in Shanghai; a Hong Kong listing followed in 2025.
In one line: China's Kikkoman.
Moat: wide (brand, scale, distribution). Dominant national condiment brand with unmatched distribution reach into restaurants and retail.
Headquarters: Foshan, Guangdong, China · Founded: 1955 · Employees: 9,160
Size Foshan Haitian Flavouring and Food (603288.SS) is a China Consumer Staples company (Food: Specialty/Candy) with a market value of $29.8B, the 60th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥35.78 on 6 Nov 2026.
Performance Over six months the shares fell 7.4%, against -3.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 14 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +6.7%); the operating margin is 26.9% (peer median 11.4%).
Valuation It trades at 28.9× forward earnings against a peer median of 19.9× (4th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 39.3 points above its cost of capital (6.7% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥29.8B | CN¥28.7B | CN¥26.8B | CN¥24.4B | CN¥25.4B |
| Revenue growth | — | +7% | +9% | -4% | — |
| Gross profit | CN¥12.5B | CN¥11.3B | CN¥9.68B | CN¥8.29B | CN¥8.85B |
| EBITDA | n/a | CN¥8.72B | CN¥7.57B | CN¥6.78B | CN¥7.19B |
| Net income | CN¥7.10B | CN¥7.04B | CN¥6.34B | CN¥5.63B | CN¥6.20B |
| Free cash flow | CN¥6.64B | CN¥7.24B | CN¥5.88B | CN¥5.60B | CN¥3.04B |
| Capital expenditure | CN¥1.12B | CN¥1.28B | CN¥1.58B | CN¥1.92B | CN¥1.52B |
| Total debt | CN¥3.33B | CN¥1.55B | CN¥992M | CN¥952M | CN¥275M |
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 603288.SS | $29.8B | -7% | +6% | 27% | 28.9× | 7.6% |
| Jonjee Hi-Tech Industrial and Commercial 600872.SS | $2.31B | -2% | +1% | 18% | 21.8× | 10.0% |
| Kikkoman 2801.T | $10.9B | +24% | +9% | 11% | 24.8× | 8.8% |
| Angel Yeast 600298.SS | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% |
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 | 603288.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | +9.3% | 6th lowest of 14 |
| 6-month return | -7.4% | -3.5% | 5th lowest of 14 |
| Distance from 52-week high | -15.7% | -21.8% | 6th highest of 14 |
| Revenue growth (TTM) | +5.9% | +6.7% | 5th lowest of 14 |
| Operating margin | 26.9% | 11.4% | highest of 14 |
| Forward P/E | 28.9× | 19.9× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 7.6% | 3.4% | 6th most demanding of 14 |
| Growth delivered (Del g) | +4.9% | +8.1% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +2.7 pp | -4.7 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | +39.3 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 603288.SS | China | $29.8B | -7% | +6% | 27% | 28.9× | 7.6% | +4.9% |
| Ajinomoto 2802.T | Japan | $25.3B | -16% | +7% | 11% | 29.4× | 19.2% | +8.1% |
| Hershey Company (The) HSY | United States | $35.8B | -3% | +7% | 20% | 19.2× | -5.0% | +7.5% |
| Chocoladefabriken Lindt & Spruengli LISN.SW | Switzerland | $24.6B | -8% | +4% | 16% | 28.2× | 3.4% | +8.1% |
| 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% |