本报告中，我们对中国调味品行业的两大领军公司海天味业和中炬高新进行了直接比较，涉及公司历史、产品线、经销网络以及品牌战略和管理水平。为了评估中国市场潜力，我们将海天和中炬与全球同业进行了比较分析，并针对日本家喻户晓的调味品品牌“万字”作出了案例研究。

Executive summary and key thesis in charts 3

INDUSTRY ANALYSIS 7

China condiments sector in growth stage 8

Case study: Japan condiments and Kikkoman 17

Haitian and Jonjee: Clear leader vs. premiumization beneficiary 21

Valuation methodology and M&A framework 33

COMPANY PROFILES 38

Haitian: Clear leadership to foster healthy industry growth; initiate at Buy 39

Jonjee: Riding the wave of premiumization; initiate at Neutral 46

APPENDICES 52

Appendix 1: Condiment industry snapshot 53

Appendix 2: China condiments in history 57

信息披露附录59