---
title: "Haitian Flavoring 2021 H1 Revenue 12.332 Billion Yuan, Net Profit 3.353 Billion Yuan!"
description: "On August 30, soy sauce leader Haitian Flavoring released its H1 2021 financial report, showing revenue of approximately 12.332 billion yuan (up 6.36% year-on-year) and net profit attributable to shareholders of approximately 3.353 billion yuan (up 3.07% year-on-year). This marks the lowest growth rate since the company's listing, with Q2 performance declining year-on-year for the first time."
author: "New Distribution"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2021-09-01"
language: "en"
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# Haitian Flavoring 2021 H1 Revenue 12.332 Billion Yuan, Net Profit 3.353 Billion Yuan!

> On August 30, soy sauce leader Haitian Flavoring released its H1 2021 financial report, showing revenue of approximately 12.332 billion yuan (up 6.36% year-on-year) and net profit attributable to shareholders of approximately 3.353 billion yuan (up 3.07% year-on-year). This marks the lowest growth rate since the company's listing, with Q2 performance declining year-on-year for the first time.

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On August 30, soy sauce leader Haitian Flavoring released its financial report for the first half of 2021.
The report shows that **in H1, Haitian Flavoring achieved operating revenue of approximately 12.332 billion yuan, a year-on-year increase of 6.36%, and net profit attributable to shareholders of listed companies of approximately 3.353 billion yuan, a year-on-year increase of 3.07%.**
It is worth noting that the performance growth rate shown in this interim report is the lowest since Haitian Flavoring's listing. Prior to this, revenue and profit growth had never fallen to single digits.
**Q2 negative growth, stock price limit down** In the Q1 2021 report, Haitian Flavoring achieved operating revenue of 7.158 billion yuan, up 21.65% year-on-year, and net profit of 1.953 billion yuan, up 21.13% year-on-year. Based on this calculation, Haitian Flavoring achieved operating revenue of 5.174 billion yuan in Q2, down 9.39% year-on-year; net profit of 1.4 billion yuan, down 14.68% year-on-year. This is also the first time since listing that Haitian Flavoring has seen a year-on-year decline in single-quarter performance. Reflected in the stock price, on August 31, Haitian Flavoring opened with a limit down, and the stock price fell below 100 yuan. As of the close on August 31, its stock price was 94.98 yuan, with a market value of 400.1 billion yuan. The company's market value evaporated by more than 44.4 billion yuan in one day, averaging a loss of 270,000 yuan per shareholder among its 162,900 shareholders. At its peak at the beginning of this year, Haitian Flavoring's market value exceeded 700 billion yuan, equivalent to two Vanke A shares, but now it has fallen by nearly half.
Why did the performance growth rate drop significantly? Haitian Flavoring pointed out in its semi-annual report: **First, the domestic economy faces many challenges. Affected by the epidemic, consumer spending is still in a recovery phase. While the condiment industry maintains stable development, it also faces a series of challenges. Second, on the sales side, changes in the external economic environment have led to weakened consumer demand. The fission of new consumption and new channels brings new challenges and opportunities to the condiment market, and also makes consumer demand show a trend of diversified development. Third, on the cost side, since the beginning of this year, upstream material prices have continued to rise, putting greater operating pressure on production costs and squeezing industry profits.**
**Is the channel ceiling coming?** In terms of channels, in H1, online channels achieved revenue of 11.495 billion yuan, and offline channels achieved revenue of 252 million yuan. Haitian's online channel accounted for 2.14%, and offline channels accounted for 97.86%! At a time when e-commerce, new retail, and community group buying are booming, Haitian Flavoring's online proportion is very low, making it difficult to sustain high growth. **Haitian Flavoring mainly adopts a dealer-based sales model and uses the settlement method of "payment before delivery."** Haitian Flavoring was listed in early 2014. In the prospectus and first annual report, the company had more than 2,100 dealers in 2013. By 2020, the number of dealers had reached 7,051, with continuous high growth in the number of dealers! However, the rapid growth in the number of dealers did not bring high revenue growth. With the rise of emerging channels such as community group buying, Haitian Flavoring's channel inventory remains high. Haitian Flavoring, which relies on traditional dealer channels, seems to be touching the ceiling of channel dividends.
**Overall growth rate of the condiment industry slows down** It is worth noting that Haitian Flavoring's situation is not an isolated case. Since 2021, with changes in the external economic environment leading to weakened consumer demand, and the continuous rise in upstream agricultural material prices, the performance of the condiment industry has not been optimistic. The other two of the "three brothers of soy sauce," Qianhe Flavoring and Zhongju High-Tech, also reported unsatisfactory semi-annual results. Reflected in stock price trends, from January 2021 to now, the declines of the three brothers of soy sauce are all around 50%. On the one hand, affected by the epidemic last year, consumption in the catering channel was severely damaged, while household consumption grew. To ensure profits, companies pushed goods to channels, resulting in high channel inventory. On the other hand, raw material prices rose, but costs could not be passed downstream. The profitability of condiment companies is greatly affected by raw material price fluctuations in the short term. Since this year, raw material prices such as soybeans, sugar, and packaging materials have risen rapidly, putting pressure on corporate profitability. In addition, as people's health awareness increases, they pursue lighter and healthier diets, and their dependence on condiments gradually declines.
**Are you "watching" me?**


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