Hong Kong stocks saw unusual movement today, with HAITIAN FLAV (03288) dropping more than 3% before noon. As of press time, the stock was down 3.36% at HK$25.86, with a turnover of HK$39.9214 million.
On the news front, HAITIAN FLAV recently released its 2026 third-quarter report. According to a research note from Huachuang Securities, the company's revenue for the first three quarters of 2026 reached RMB22.55 billion, up 4.3% year-on-year; net profit attributable to shareholders was RMB5.38 billion, up 1.2% year-on-year; and non-GAAP net profit attributable to shareholders was RMB5.08 billion, down 1.5% year-on-year.
On a single-quarter basis, the company's Q3 2026 revenue was RMB6.41 billion, up 0.1% year-on-year; net profit attributable to shareholders was RMB1.19 billion, down 15.4% year-on-year; and non-GAAP net profit attributable to shareholders was RMB1.12 billion, down 16.6% year-on-year.
On the channel side, Huachuang Securities believes that catering demand remained lackluster in Q3 2026. Although HAITIAN FLAV pushed forward with health-oriented and compound condiment products, and its custom channel continued to grow, these efforts were still unable to reverse the weak sell-through trend in distribution channels.
By product category in Q3, revenue from soy sauce, oyster sauce, seasoning sauce, and other products changed by -1.7%, -5.1%, +2.0%, and +4.1%, respectively. The two major categories of soy sauce and oyster sauce came under pressure, while seasoning sauce and other categories such as cooking wine, vinegar, and compound condiments performed relatively better, mainly due to pressure on catering channel demand.
The firm believes that short-term demand and foreign exchange fluctuations weighed on the company's profitability in the first half of the year, while its medium- to long-term fundamentals remain on the right track.
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