"Hot Pot Base Leader" Teway Food Files for Hong Kong IPO, Reports Revenue Growth but Profit Decline in First Three Quarters

Deep News2025-10-31

On the evening of October 30, A-share listed company Sichuan Teway Food Group Co., Ltd. (Teway Food) released its Q3 2025 financial report. The same day, the Hong Kong Stock Exchange disclosed that Teway Food had submitted a listing application for the main board.

1. Teway Food's Mixed Performance As a leading condiment manufacturer founded in Chengdu in 2007, Teway Food went public on the A-share market in April 2019, earning the title of "China's first hot pot base stock." The company specializes in R&D, production, and sales of compound seasonings, including hot pot seasonings and Chinese cuisine seasonings under renowned brands like "Hao Ren Jia" and "Da Hong Pao."

For the first three quarters of 2025, Teway Food reported revenue of 2.411 billion yuan, up 1.98% year-on-year, while net profit attributable to shareholders declined 9.3% to 392 million yuan. However, Q3 showed stronger performance with revenue reaching 1.02 billion yuan (up 13.79% YoY) and net profit at 202 million yuan (up 8.93% YoY).

By product category: - Recipe-based seasonings generated 1.339 billion yuan (up 5.26% YoY) - Sausage/cured meat seasonings fell 27.87% to 158 million yuan - Hot pot seasonings grew 1.59% to 806 million yuan

By sales channel: - Online sales surged 60.27% to 631 million yuan - Offline sales dropped 10.35% to 1.764 billion yuan

2. Hong Kong IPO Push Following an August 20 announcement about its H-share listing plans, Teway Food has now formally applied for a Hong Kong IPO.

Financial highlights (2012-2025 H1): - Revenue: 2.676B/3.126B/3.447B/1.373B yuan - Net profit: 341M/466M/645M/202M yuan

Product breakdown: 1) Recipe-based seasonings (65.9% of 2025 H1 revenue) for home/restaurant use 2) Hot pot seasonings (spicy/non-spicy bases and dips) 3) Sauces & other products

The company holds 136 patents and has participated in setting 20 national/industry standards. Its six core brands serve different market segments, including premium home cooking ("Hao Ren Jia"), authentic Sichuan hot pot ("Da Hong Pao"), and restaurant customization solutions. Multiple products exceed 100M yuan in annual sales.

Distribution network: - 3,278 distributors (adding 261 in 2025) covering all Chinese provinces - Products exported to 50+ countries - Over 1 million retail touchpoints

3. "A+H" Trend Among Consumer Leaders Teway Food follows industry peers like Haitian Flavours and Anjoy Foods in pursuing dual listings. Analysts attribute this trend to: - Policy support: Simplified Hong Kong listing procedures for A-share companies - Market shift: Domestic saturation driving overseas expansion - Competitive pressure: Following industry leaders' strategic moves

The "A+H" model represents more than financing expansion—it serves as a strategic platform for Chinese consumer brands to globalize.

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