Sichuan Teway Food Group Co., Ltd. (603317.SH) has submitted its listing application to the main board of the Hong Kong Stock Exchange (HKEX), with China International Capital Corporation (CICC) acting as the sole sponsor.
According to the prospectus, Teway Food is a leading and rapidly growing compound seasoning company in China. Frost & Sullivan data shows that, based on 2024 revenue, the company ranks as China’s fourth-largest compound seasoning producer and the fastest-growing among the top five players (2022–2024). It is also the country’s largest recipe-based seasoning provider and second-largest hotpot seasoning supplier, holding market shares of 9.7% and 4.8%, respectively.
The company adheres to stringent food safety and quality control standards while driving systematic product R&D and innovation to deliver high-quality compound seasonings. Rooted in traditional Chinese flavors, Teway revitalizes them with modern techniques, crafting signature recipes while exploring global culinary fusions to meet diverse consumer demands.
Its product portfolio spans six brands—*Haorenjia*, *Dahongpao*, *Tianche*, *Teway Customized Professional Seasonings*, *Shicui Fang*, and *Jia Dian Ziwei*—each targeting specific consumer segments and categories. This diversified brand strategy enables synergies and cross-selling opportunities, covering broad consumption scenarios in the compound seasoning market.
Teway’s offerings include: - **Recipe-based seasonings**: Fish, crayfish, cured meat, and other specialty blends. - **Hotpot seasonings**: Spicy/non-spicy broths, dipping sauces, and related products. - **Sauces & others**: Ready-to-use sauces and other compound seasonings.
With a nationwide sales network, Teway reaches consumers through distributors and direct channels. Its omnichannel presence covers over 1 million retail outlets—the highest among listed peers focused on compound seasonings, per Frost & Sullivan. As of June 30, 2025, the company had 3,251 distributors across all Chinese provinces and nearly all prefecture-level regions. It also exports to 50+ countries via global partners.
Financially, Teway reported revenues of approximately RMB 2.68 billion, RMB 3.13 billion, RMB 3.45 billion, and RMB 1.37 billion for 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were RMB 341 million, RMB 466 million, RMB 645 million, and RMB 202 million.
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