Transfer Coverage of Haitian With Wide Moat Rating and CNY 32/HKD 37.50 Fair Value Estimate

Haitian is China’s largest condiment producer, holding leading market shares across soy sauce, oyster sauce, and flavored sauces. The company delivered impressive growth over the past decade, more than doubling sales between 2016 and 2025. However, the sales slowdown in 2026 has raised questions about whether Haitian can continue to grow as its core categories mature. We believe it can, although growth is likely to moderate from historical levels.