6月26日，海天味业（03288.HK）股价盘中大跌5.1%。虽然公司近期在港股成功上市，但投资者对其长期增长前景仍存在担忧。
根据经济参考报的报道，尽管海天味业2024年业绩表现亮眼，但其现金流情况不容乐观。2024年公司经营活动产生的现金流量净额同比下降6.96%，与净利润增长趋势存在明显差异。此外，公司应收账款呈逐年上升趋势，可能反映出收入质量下滑。
另一个引发市场担忧的因素是经销商数量的减少。报道指出，海天味业的经销商数量在最近3年内减少了400多家。虽然公司解释这是由于部分经销商不符合预期或转向其他业务领域，但分析人士认为这可能暗示销售渠道受阻，增加了公司的短期运营风险。这些因素综合导致投资者对海天味业的未来增长前景产生疑虑，从而引发股价下跌。
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