Core Viewpoint - Huifa Foods (603536.SH) is expected to report a net loss of 62 million to 75 million yuan for 2025, marking a year-on-year decline of approximately 273.81% to 352.19% [1][8]. Financial Performance - For the first three quarters of 2025, Huifa Foods' revenue decreased by 19.52% year-on-year, with major product categories such as dumplings, fried products, and Chinese dishes experiencing double-digit declines [3][11]. - The company has accumulated losses exceeding 350 million yuan since 2021, with net profit and net profit excluding non-recurring items both expected to be negative for 2025 [1][8]. - The overall revenue for the first three quarters of 2025 was 1.046 billion yuan, down 18.31% compared to the previous year [11]. Market Dynamics - The Chinese frozen food industry is transitioning from rapid expansion to a focus on quality and structure, with consumer demand shifting from standardized products to those that meet differentiated quality and emotional needs [3][10]. - The market is currently facing structural mismatches between consumer demand and traditional supply, leading to a slowdown in growth for conventional frozen food products [3][10]. Competitive Landscape - In Q3 2025, while companies like Anjijia and Guangzhou Restaurant achieved revenue growth through product innovation and channel expansion, Huifa Foods continued to see revenue decline [4][11]. - The company is facing intense competition, with overcapacity in the frozen food market leading to price wars that erode profit margins [3][10]. Strategic Adjustments - To combat market challenges, Huifa Foods is expanding its market and sales channels, including investments in group meal services and health food supply chains [6][12]. - The company has reported a decline in revenue from its supply chain model, which generated 276 million yuan, down 8.75% year-on-year, although this decline was less severe than other traditional sales channels [6][12]. - Huifa Foods is also exploring overseas markets, with foreign revenue reaching 844.51 million yuan, a 71.77% increase year-on-year, although this remains a small base for significant financial impact [14][15]. Cost Management - Despite increased market expansion efforts, Huifa Foods reported a contraction in management and sales expenses for the first three quarters of 2025, indicating a potential strategic focus on resource allocation towards the fourth quarter [16].

Group 1 - The core viewpoint of the news is that Huifa Food's stock has experienced fluctuations, with a recent decline of 2.01% and a total market value of 2.715 billion yuan [1] - As of January 26, the stock price is reported at 11.20 yuan per share, with a trading volume of 28.57 million yuan and a turnover rate of 1.05% [1] - The company has seen a year-to-date stock price increase of 0.72%, but a decline of 1.75% over the last five trading days and 4.52% over the last twenty days [2] Group 2 - Huifa Food, established on February 2, 2005, and listed on June 13, 2017, specializes in the research, production, and sales of frozen food products, including various types of prepared dishes [2] - The company's revenue composition includes supply chain (29.40%), meatballs (23.34%), fried products (16.95%), Chinese dishes (9.92%), sausages (9.59%), skewers (6.48%), other categories (3.53%), and catering (0.78%) [2] - As of November 10, the number of shareholders is reported at 25,900, with an average of 9,277 circulating shares per person [2] Group 3 - For the period from January to September 2025, Huifa Food reported a revenue of 1.064 billion yuan, representing a year-on-year decrease of 18.31%, and a net profit attributable to shareholders of -39.217 million yuan, down 38.85% year-on-year [2] - Since its A-share listing, Huifa Food has distributed a total of 73.8826 million yuan in dividends, with 4.8928 million yuan distributed over the last three years [3]

Group 1 - The food processing sector increased by 0.41% on January 22, with Jiaoda Onlly leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the food processing sector showed various performance, with Jiaoda Onlly closing at 6.93, up 4.52%, and Hai Xin Food at 6.81, up 2.10% [1] Group 2 - The food processing sector experienced a net outflow of 28.83 million yuan from main funds, while retail investors saw a net inflow of 51.78 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoda Onlly having a trading volume of 190,700 shares and a turnover of 131 million yuan [1][2] - The stock performance of several companies showed mixed results, with some stocks like ST Chuntian and Xianle Health declining by 1.39% and 1.27% respectively [2] Group 3 - Main fund inflows were observed in stocks like Jiaoda Onlly with a net inflow of 14.38 million yuan, while retail investors showed a net inflow of 11.80 million yuan [3] - Stocks such as Shuanghui Development and Jinzi Ham also saw significant main fund inflows of 11.39 million yuan and 10.64 million yuan respectively [3] - The overall sentiment in the food processing sector appears mixed, with some stocks attracting retail interest despite main fund outflows [3]

Core Viewpoint - Huifa Food, a long-established frozen prepared meat product company, is expected to report a significant loss in 2025, with a projected net profit attributable to shareholders ranging from -75 million to -62 million yuan, representing a year-on-year decline of approximately 273.81% to 352.19% [2] Financial Performance - Over the past five years, Huifa Food has faced continuous pressure on profitability, recording losses in four of those years. The company only achieved a profit of 7.52 million yuan in 2023, while incurring losses of 138 million yuan, 120 million yuan, and 16.59 million yuan in 2021, 2022, and 2024, respectively [3] - The 2024 earnings forecast was notably revised from a profit to a substantial loss, leading to a warning letter from the Shandong Securities Regulatory Bureau to the company's executives [3] Business Expansion and Strategy - In recent years, Huifa Food has actively expanded its business into supply chain, prepared dishes, and sugar-free tea sectors. The supply chain business has seen revenue growth from 69.41 million yuan in 2019 to 584 million yuan in 2024, now accounting for 30.33% of total revenue, surpassing the revenue from meatballs [4] - Despite the growth in supply chain revenue, the gross margin for this segment has declined, reaching only 7.41% in 2024, which negatively impacted the overall gross margin [4] - The company has invested heavily in the prepared dishes sector since 2021, developing over a thousand products. However, revenue from this segment has not exceeded 10% of total revenue and has faced declines of 17.94% and 21.43% year-on-year in 2024 and the first three quarters of 2025, respectively [4] New Product Development - In 2023, Huifa Food launched a sugar-free hawthorn tea aimed at the dining market, competing with brands like Shanzha Tree and Huagi. However, this product has not yet achieved significant sales volume and is currently unavailable on major e-commerce platforms [5] Market Challenges - Analysts suggest that Huifa Food's core business in frozen foods and hot pot products is facing growth obstacles, and the frequent cross-industry expansions may further strain financial resources. The new business developments are still immature and lack synergy with the core business, leading to a dilution of focus and resources [5][6] - The company is attempting to improve its operational situation by enhancing cost control and resource allocation while focusing on its core business and exploring new market opportunities [6]

Core Viewpoint - Huihua Foods, a long-established frozen prepared meat products company, is expected to report a significant loss in 2025, with a projected net profit attributable to shareholders ranging from -75 million to -62 million yuan, representing a year-on-year decline of approximately 273.81% to 352.19% [2] Financial Performance - Over the past five years, Huihua Foods has faced continuous pressure on profitability, recording losses in four of those years. The company only achieved a profit of 7.52 million yuan in 2023, while incurring losses of 138 million yuan, 120 million yuan, and 16.59 million yuan in 2021, 2022, and 2024 respectively [3] - The 2024 earnings forecast was notably revised from a profit to a substantial loss, leading to a warning letter from the Shandong Securities Regulatory Bureau to the company's management [3] Business Expansion and Strategy - In response to market challenges, Huihua Foods has actively expanded its business into supply chain services and the prepared food sector over the past few years. The supply chain business revenue grew from 69.41 million yuan in 2019 to 584 million yuan in 2024, increasing its share of total revenue from 5.74% to 30.33% [3] - Despite the growth in supply chain services, the gross margin for this segment fell to 7.41% in 2024, negatively impacting the overall gross margin [3] Product Development and Market Challenges - Since 2021, Huihua Foods has increased investments in the development and sales of prepared dishes and healthy food supply chain services, with over a thousand self-developed prepared dishes. However, the revenue from the Chinese cuisine segment only grew from 154 million yuan in 2021 to 181 million yuan in 2024, remaining below 10% of total revenue, and facing declines of 17.94% and 21.43% in 2024 and the first three quarters of 2025 respectively [4] - The company has also ventured into the sugar-free tea market with a hawthorn fruit tea product, but it has not yet achieved significant sales volume, as it is currently unavailable on major e-commerce platforms [4] Industry Analysis - Industry analysts suggest that the core business of frozen foods and hot pot products is facing growth obstacles, which directly affects revenue. The frequent cross-industry expansions may further strain financial resources, as new business developments are not yet mature and lack synergy with the core business [5] - The simultaneous development across multiple sectors may lead to a situation where the company is "doing everything but excelling in none," complicating its operational focus [5]

公告指出，公司预计2025年年度归属于上市公司股东的净利润出现亏损，主要受以下因素的综合影响：首先，受行业 竞争加剧等因素影响，公司营业收入同比减少，导致利润相应减少。此外，为了应对激烈的市场竞争，公司持续开拓 市场和销售渠道，管理费用和销售费用等期间费用发生较多。 （企业公告） 1月19日，惠发食品发布公告称，公司预计2025年度净亏损6200万元至7500万元，上年同期净亏损1658.59万元。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1、本期业绩预告适用于净利润为负值的情形。 2、山东惠发食品股份有限公司（以下简称"公司"）2025年年度归属于上市公司股东的净利润预计 为-7,500万元到-6,200万元。公司2025年年度归属于上市公司股东的扣除非经常性损益的净利润预计 为-7,800万元到-6,500万元。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经公司财务部门初步测算，公司2025年年度归属于上市公司股东的净利润预计为-7,500万元到-6,200 万元，较去年同期预计减少4,541.41万元到5,841.41万元，同比下降约273.81%-352.19%。 2、公司2025年年度归属于上市公司股东的扣除非经常性损益的净利润预计为-7,800万元到-6,500万元， 较去年同期预计减少4,468.33万元到5,768.33万元，同比下降约219.93%-283.92%。 （三）本次所预计的业绩未经注册会计师审计 ...

北京商报讯（记者 郭秀娟 王悦彤） 1月19日，惠发食品发布公告称，经公司财务部门初步测算，公司 2025年年度归母净利润预计为-7500万元至-6200万元，同比下降约273.81%至352.19%。 公告表示，公司业绩预亏主要受消费疲软、行业竞争加剧等因素影响，公司营业收入同比减少，导致利 润相应减少；以及为了应对激烈的市场竞争，公司持续开拓市场和销售渠道，管理费用和销售费用等期 间费用发生较多。 ...

本期业绩预亏的主要原因公司预计2025年年度归属于上市公司股东的净利润出现亏损，主要受以下因素 的综合影响： 1、受消费疲软、行业竞争加剧等因素影响，公司营业收入同比减少，导致利润相应减 少。 2、为了应对激烈的市场竞争，公司持续开拓市场和销售渠道，管理费用和销售费用等期间费用发 生较多。 智通财经APP讯，惠发食品(603536.SH)发布2025年年度业绩预亏的公告，公司2025年年度归属于上市 公司股东的净利润预计为-7,500万元到-6,200万元。公司2025年年度归属于上市公司股东的扣除非经常 性损益的净利润预计为-7,800万元到-6,500万元。 ...

智通财经APP讯，惠发食品(603536.SH)发布2025年年度业绩预亏的公告，公司2025年年度归属于上市 公司股东的净利润预计为-7,500万元到-6,200万元。公司2025年年度归属于上市公司股东的扣除非经常 性损益的净利润预计为-7,800万元到-6,500万元。 本期业绩预亏的主要原因公司预计2025年年度归属于上市公司股东的净利润出现亏损，主要受以下因素 的综合影响： 1、受消费疲软、行业竞争加剧等因素影响，公司营业收入同比减少，导致利润相应减 少。 2、为了应对激烈的市场竞争，公司持续开拓市场和销售渠道，管理费用和销售费用等期间费用发 生较多。 ...