TacticScaleWhat Foshan Haitian Flavouring and Food (海天味业) Does & How It Makes Money (603288.SS)
Updated October 2026 · reflects Foshan Haitian Flavouring and Food's latest reported financials
China's largest soy sauce and condiment maker. It earns revenue mainly by manufacturing and selling branded condiments such as soy sauce and oyster sauce to consumers and food-service customers in China and abroad, with smaller contributions from food, beverages, packaging and catering.
How Foshan Haitian Flavouring and Food makes money
It earns revenue mainly by manufacturing and selling branded condiments such as soy sauce and oyster sauce to consumers and food-service customers in China and abroad, with smaller contributions from food, beverages, packaging and catering.
What Foshan Haitian Flavouring and Food does
Foshan Haitian Flavouring and Food is a Chinese condiment maker founded in 1955 and based in Foshan, Guangdong. Its core business is producing and selling everyday cooking seasonings: soy sauce, oyster sauce, soybean paste, flavoured sauces, vinegar, cooking wine and compound seasonings. It also sells food and agricultural products and beverages, and exports worldwide. The company also makes packaging materials and glass bottles and provides catering services. It is a subsidiary of Guangdong Haitian Group Co., Ltd. As a packaged-foods business in the consumer defensive sector, it sells staple kitchen products that people keep buying regularly.
Products & services
- Soy sauce
- Oyster sauce
- Soybean paste
- Vinegar
- Cooking wine
- Compound seasonings
海天味业是做什么的？
海天味业（佛山市海天调味食品股份有限公司）成立于1955年，总部位于广东佛山，是一家调味品生产企业。公司主营酱油、蚝油、黄豆酱、调味酱、食醋、料酒和复合调味料等产品，同时经营食品、农产品和饮料，产品出口世界各地。 此外，公司还经营包装材料、玻璃瓶和餐饮服务。公司是广东海天集团股份有限公司的子公司，属于消费必需品中的包装食品行业，产品是日常厨房里经常购买的调味品。
What is Foshan Haitian Flavouring and Food worth?
On an owner-earnings DCF, Foshan Haitian Flavouring and Food's most-likely value is about ¥16 versus a recent price near ¥34 (109% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥8) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Foshan Haitian Flavouring and Food trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 603288.SS | ¥33.89 | 27.1× |
| Hong Kong (H shares) | 3288.HK | HK$26.56 | 19.4× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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