The general public position that offers a light classification of the Haitian Flavor Industry accounts for only 2.5%. _Industrial Economy_Finance_CICC Online

“It’s about technology and hard work”, let two self-media bloggers who called synthetic food additive “Hextech” food and fake food and open shoddy quickly popular recently. One of them made a video of mixing soy sauce, although no name is named Dao’s surname, with the help of several short videos, the Haitian Flavor Industry with a market value of 100 billion was pushed to the forefront of public opinion .

Food safety risk has always been one of the biggest risks in the development of food companies. Although Haitian Flavor has issued two statements in response to related questions, investors are still worried that its stock price will be under pressure after the holidays. Haitian Flavor Industry closed at 82.82 yuan on September 30, down 12.6% this year.

Interestingly, the situation of the fund is “soy sauce grass”. Compared with consumer white horse stocks and leading companies on popular tracks, fund holdings are also like “seasons” At the end of the second quarter, the fund’s shareholding was only 2.32% of the outstanding shares, and the value the stock market accounts for 0.037% of the net value of the fund.

The general position is only 2.32%, which is the “sesus” of the fund

The base position in Haitian Flavor is not as heavy as other “mao”, but more like “seasoning”.

Wind data shows that in the second quarter of this year, a total of 469 funds hold the Haitian Flavor Industry, with a share ratio of 2.32% of the outstanding shares, and a total market value of only 9.727 billion, by accounted for 2.5% of the total market value.

At the same time, from the perspective of heavy holding stocks, 73 funds hold a market value of 4.104 billion yuan, and the share ratio is only less than 1% of the outstanding shares. Judging by the types of holding funds, there are too many SSE 50 and food and beverage index funds, and only 31 equity funds with Haitian flavors in the top ten stocks with heavy holdings.

Judging from the shares of a single fund, the largest share is AMC Shanghai 50ETF China, which holds 9.5295 million shares, a decrease of 1.3597 million shares compared with the beginning of the year, and a stock market value of 860 million yuan. weight is not high, accounting for the fund’s stock investment market value of 1.65%. Invesco Great Wall Emerging Growth managed by Liu Yanchun is the equity fund with the largest share, with a market value of 795 million yuan.

Compared to holdings of ETFs, only one fund has a mixed holding period of Sino-Canadian Julong, which takes Haitian Flavor Industry as the largest holding stock. The total is only 11.22%. Therefore, the stock market value is not high, only 1.01 million yuan.

The absolute faucet in condiments

Although there is no “leading role” in the fund’s holdings, Haitian Flavor’s position in the condiment industry is an absolute and unwavering leader.

Judging from the condiment index (CITIC), there are 13 constituent stocks, and Haitian Flavor Industry has a market value of 383.8 billion yuan, 100 million yuan, 24.1 billion yuan.

In terms of sales ability, Haitian Flavor has also performed relatively strongly. Taking the data from the Wanlian Securities Research Report in July this year as an example, the online sales of the whole condiment decreased slightly from year to year, but sales Continued Haitian flavor to rise. The total online sales of the three major e-commerce condiment industries of Tmall, Jingdong and Pinduoduo in the month was 7.148 billion yuan, a year-on-year decrease of -0.12%. However, the total online sales of the three major e-commerce companies of Haitian Flavor was 67 million yuan, a year-on-year increase of 28.45% The online sales of Taoxie, and Pinduoduo platform accounted for 56.14%, 38.07% and 5.79% respectively.

Despite the impact of the epidemic, in the first half of 2022, Haitian Flavor achieved a revenue of 13.532 billion yuan, a year-on-year increase of 9.73%; net profit attributable to shareholders of listed companies was 3.393 billion yuan, a year-on-year increase of 1.21%.

The market has always given a high valuation to Haitian Flavor. At the end of the third quarter of this year, its PE (TTM) was 57, which is much higher than the average valuation of food and beverages 20-35 times.

The Industrial Securities Research Report highlighted the fact that, from a pricing and cost-effectiveness perspective, as of July 29, 2022, the volume of rolling pricing of the condiment sector in the past three years was approximately 20% compared to foreign listed leaders, A .shares The growth rate of performance and profitability of the condiment leader is at a high level, and the valuation-earnings correlation degree is relatively reasonable. With the subsequent improvement in profitability, the room for valuation up will also be opened.


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The research report above stated that, from a prosperity perspective, according to the model forecast, the performance growth rate of condiments in the second quarter was 8.4%, an increase of 0.8 percentage points from the predicted growth rate of 7.6% in May 2022. . The epidemic disturbance still exists, but benefiting from the improvement of the general situation and the relaxation of marginal control, usage scenarios such as catering are expected to continue to be repaired, which could boost the increase in condant. With the low base effect superimposed on an increase in flagship prices to pass on cost pressures, the margins of the condiment industry are expected to increase further.

Review of the “Hex Technology” troupe.

“Hex Technology” became popular on the Internet, and self-media bloggers used short videos of extras mixing soy sauce to cause speculation. Some short videos used this as a “traffic password” to create rumors like “soy sauce carcinogens”, and pointed directly to Haitian soy sauce.

In response, on September 30, Haitian Flavor issued a statement on its official Weibo, stating that the use and labeling of food additives in all Haitian products complies with relevant national standards and regulations. He also said that investigating and gathering evidence from some rumor reports will investigate the legal responsibility of rumors and distributors.


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However, the statement did not completely dispel the suspicions, and some netizens broke the news that Haitian soy sauce products sold in China contained additives, and soy sauce sold abroad had zero additives. Through the comparison chart, the Haitian flavor industry was accused of “double standards”.

On October 4, Haitian Flavor issued a statement again to refute the “double standard” theory, saying that it is “misleading” to use food additives to think that Chinese food is inferior to foreign food. Food additives are widely used in food manufacturing in different countries, and enterprises use food additives legally and comply with national standards and product characteristics. “It is a misunderstanding to simply think that foreign products have few food additives, or that products with additives are not good.”

In addition, the Haitian Flavor Industry emphasized that domestic and international internal control standards are the same for products of the same quality.” Using ‘double standards’ to provoke contradictions between consumers and Chinese brand enterprises will not only harm people’s consumer confidence Chinese, but also seriously affecting the world reputation of ‘Made in China’.”


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As early as in the statement on September 30, Haitian Flavor also noted that its products “not only include classic products such as golden standard soy sauce and straw mushroom dark soy that have been selling well for many years, but also tasty and cheap 0 additive series, organic soy sauce series, etc. Innovative products that satisfy different consumer preferences”.

According to the above statement, in fact, in various domestic sales channels, consumers can also buy 0 additive series and organic soy sauce series products. Many netizens mentioned Weibo Haitian Flavor, pointing out that it is biased to use different types of products to show that enterprises operate different standards at home and abroad. Haitian Flavor’s response to this storm is still timely, but it remains to be seen if the market will buy into these two announcements after National Day.