IPO News | Tianwei Foods (603317.SH) listed the Hong Kong Stock Exchange as the fourth largest compound condiment company in China

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 30, Sichuan Tianwei Food Group Co., Ltd. (abbreviation: Tianwei Foods, 603317.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC as the sole sponsor.

According to the prospectus, Tianwei Foods is a leading and rapidly growing compound condiment company in China. According to Frost & Sullivan, in terms of 2024 revenue, the company is the fourth largest compound condiment company in China, and the company with the fastest revenue growth among the top five compound condiment companies in China (2022 - 2024). According to the same source, in terms of 2024 revenue, the company is the number one recipe seasoning company in China and the second largest hot pot seasoning company in China, accounting for 9.7% and 4.8% of the market share, respectively.

The company has always adhered to strict food safety and quality control standards, continuously promoted systematic product development and continuous innovation, and created high-quality compound condiments. Loyal to the traditional heritage of Chinese cuisine, the company invigorates it through modern craftsmanship, develops representative flavors and recipes, and continuously explores innovative products incorporating cuisines from around the world to meet the increasingly diverse needs of consumers.

The company's products are launched through six brands, each targeting a specific customer group and focusing on a specific product category: covering diverse consumption scenarios and sales channels, namely Haoren, Dahongpao, Tianwei Food's specialty seasoning customization, Scicuifang, and adding flavor. The company's diverse and differentiated brand portfolio can generate strong synergy effects and cross-selling opportunities, help cover a wide range of consumption scenarios in the compound condiment market, and meet the diverse needs of consumers.

The company offers a comprehensive product portfolio covering a variety of compound seasoning products, including:

Recipe-style seasoning. Such products mainly include (i) fish seasoning; (ii) crayfish seasoning; (iii) sausage and bacon seasoning; and (iv) other recipe flavorings.

Hot pot seasoning. These products mainly include: (i) spicy hot pot base; (ii) non-spicy hot pot base; and (iii) dipping sauce and others.

Sauces and more. Such products mainly include all kinds of instant sauces and other compound seasoning products.

The company has established a huge sales network covering the whole country and has been actively reaching out to consumers through various channels. Sales channels include an extensive distribution network and direct sales channels. After years of refined operation and deep channel cultivation, the company's sales and distribution network has achieved online and offline omni-channel coverage, reaching more than 1 million terminal outlets. According to Frost & Sullivan, among listed companies specializing in the compound condiment business, the company ranked first in terms of terminal coverage.

As of June 30, 2025, the company had 3,251 dealers, covering all provinces and almost all prefecture-level administrative districts in the country. At the same time, the company is actively expanding the international market and increasing global brand awareness through global distributors, and its products have been sold to more than 50 countries and regions.

In terms of performance, in 2022, 2023, 2024 and 2025, for the six months ended June 30, the company achieved revenue of approximately RMB 2,676 billion, RMB 3.46 billion, RMB 3.447 billion, and RMB 1,373 million, respectively; during the same period, profits for the year/period were approximately RMB 341 million, RMB 466 million, RMB 645 million, and RMB 202 million.