Core Insights - Huifa Food showcased its innovative products and brand strength at the 24th Malaysia International Food and Beverage Trade Exhibition (MIFB) held from July 30 to August 1, 2025, in Kuala Lumpur, highlighting the company's vitality in the Southeast Asian market [1][2] Group 1: Event Participation - The MIFB has a successful 23-year history and serves as a significant hub for the global food and beverage industry, attracting international attention [1] - Huifa Food presented core products such as hot pot balls, cooking oils, and prepared dishes through an engaging display and interactive experience, emphasizing the brand philosophy of "health and safety, quality first" [1] Group 2: Market Opportunities - The Southeast Asian market is emerging as a new growth engine for the global food industry, showcasing substantial development potential [2] - Huifa Food established deep connections with quality distributors in Malaysia, Singapore, and Thailand, gaining insights into regional consumer trends and competitive landscapes, which will inform future product development and market strategies [2] Group 3: Global Strategy - The company aims to deepen its global presence through continuous innovation and channel optimization, bringing high-quality products to consumers worldwide while promoting Chinese culinary culture [2] - This dual approach of cultural exchange and business collaboration is expected to enhance the company's competitiveness and provide a practical path for the globalization of the Chinese food industry [2]

证券日报网讯惠发食品（603536）8月5日在互动平台回答投资者提问时表示，截至2025年第一季度末， 公司股东人数为25893户，也请关注公司于8月29日披露的2025年半年度报告中的股东情况。 ...

Market Overview - On August 5, the food processing sector rose by 0.82% compared to the previous trading day, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - *ST Chuntian (600381) closed at 4.75, up 3.49% with a trading volume of 147,300 shares and a turnover of 69.26 million yuan [1] - Jinzi Ham (002515) closed at 7.07, up 2.91% with a trading volume of 350,000 shares and a turnover of 24.47 million yuan [1] - Weizhi Xiang (605089) closed at 25.81, up 2.18% with a trading volume of 19,200 shares and a turnover of 49.40 million yuan [1] - Other notable stocks include Jiyuan Group (603262) and Quandawei (002626), which closed at 30.73 and 20.31 respectively, with increases of 1.59% and 1.55% [1] Capital Flow - The food processing sector experienced a net outflow of 44.72 million yuan from institutional investors, while retail investors saw a net inflow of 34.30 million yuan [2] - The following stocks had significant capital flow: - Shuanghui Development (000895) had a net inflow of 26.13 million yuan from institutional investors but a net outflow of 20.22 million yuan from speculative funds [3] - Xiwang Food (000639) saw a net inflow of 4.76 million yuan from institutional investors [3] - *ST Chuntian (600381) had a net inflow of 3.94 million yuan from institutional investors [3]

Market Overview - On August 1, the food processing sector rose by 1.17%, led by *ST Chuntian, while the Shanghai Composite Index closed at 3559.95, down 0.37% [1] - The Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - The top performers in the food processing sector included: - *ST Chuntian: Closed at 4.37, up 3.31% with a trading volume of 89,400 shares and a turnover of 38.61 million yuan [1] - Baba Food: Closed at 19.25, up 3.00% with a trading volume of 52,400 shares and a turnover of 100 million yuan [1] - Jinzi Ham: Closed at 6.72, up 2.28% with a trading volume of 404,000 shares and a turnover of 272 million yuan [1] Capital Flow - The food processing sector experienced a net outflow of 18.21 million yuan from institutional investors and 53.49 million yuan from speculative funds, while retail investors saw a net inflow of 71.69 million yuan [2] - Notable capital flows for specific stocks included: - Jinzi Ham: Net inflow of 40.46 million yuan from institutional investors, but a net outflow of 3.79 million yuan from speculative funds [3] - Baba Food: Net inflow of 8.31 million yuan from institutional investors, with a net outflow of 5.63 million yuan from speculative funds [3]

Group 1 - The core viewpoint of the articles highlights the transformation of Huifa Food from a local brand to a national standard through full industry chain integration and technological innovation [1][2][3] - Huifa Food has established a complete ecosystem covering R&D, production, sales, and supply chain services, breaking the limitations of traditional food processing [1] - The company has developed over a thousand products, including prepared foods and light meals, to meet diverse consumer needs, moving away from low-price competition to high value-added development [1][2] Group 2 - Huifa Food's vision reflects its corporate culture, focusing on modernizing traditional culinary techniques to make local delicacies accessible nationwide [2] - The company has applied for over 260 patents and contributed to the formulation of more than 10 national and industry standards, promoting standardized development in the food sector [2] - The growth trajectory of Huifa Food mirrors the transformation of the Shandong food industry, shifting from scale expansion to quality enhancement and from single manufacturing to service-oriented manufacturing [2][3] Group 3 - In the context of global competition, Huifa Food's efforts demonstrate that the upgrade of China's food industry requires not only technological innovation but also cultural innovation within the industry chain [3] - The company's commitment to transforming the essence of Chinese cuisine into modern standards signifies a broader representation of China's manufacturing soft power [3]

从资金流向上来看，当日食品加工板块主力资金净流出1.27亿元，游资资金净流出2488.55万元，散户资 金净流入1.52亿元。食品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603345 | 安井食品 | | 3588.42万 | 9.81% | -3645.99万 | -9.97% | 57.57万 | 0.16% | | 002515 | 金字火腿 | | 2249.10万 | 14.02% | -1481.85万 | -9.24% | -767.25万 | -4.78% | | 002702 海欣食品 | | | 1308.54万 | 13.69% | -383.06万 | -4.01% | -925.48万 | -9.68% | | 002626 | 金达威 | | 1100.54万 | 4.62% | 1399.42万 | 5.88% | -2499.96 ...

Core Viewpoint - The traditional frozen food company, Huihua Foods, is facing significant financial challenges, with a projected net loss for the first half of 2024 and a history of cumulative losses exceeding 2.6 billion yuan over the past four years [1][2][4]. Financial Performance - In 2023, Huihua Foods reported a revenue of 1.997 billion yuan, a year-on-year increase of 26.36%, and achieved a net profit of 7.5159 million yuan, recovering from a loss of nearly 120 million yuan in the previous year [2]. - However, for 2024, the company anticipates a revenue decline of 3.61% to 1.925 billion yuan and a net loss of 16.5859 million yuan, continuing a trend of cumulative losses of approximately 2.67 billion yuan from 2021 to 2024 [2][4]. Market Trends and Challenges - The shift in consumer demand from emergency frozen foods to quality and convenience has not been matched by Huihua Foods, which continues to focus on traditional frozen products [1]. - The company has struggled to adapt to the competitive landscape, with significant declines in revenue from its core product lines, including a 16.46% drop in revenue from round products and a 15.96% drop from fried products in 2024 [6][7]. Operational Issues - Huihua Foods faced a major setback when a project partnership fell through, leading to a significant downward revision of its profit forecast for 2024, which prompted regulatory scrutiny and potential investor claims [4][5]. - The company's reliance on a distribution model has resulted in a 14.09% decline in revenue from this channel, contrasting with competitors like Anjiyuan Foods, which saw growth in similar conditions [6][7]. Product Line Performance - The company has attempted to diversify into prepared dishes, but revenue from these products has also declined, with a 17.94% drop in 2024 compared to the previous year [7]. - Overall, Huihua Foods' various product lines have experienced significant revenue declines, with the supply chain business becoming the largest revenue source at 584 million yuan, despite low profit margins [8].

Core Viewpoint - Shandong Huifa Food Co., Ltd. is facing significant operational pressure, as indicated by its forecasted net loss of 25 million to 33 million yuan for the first half of 2025, which represents an increase in losses compared to the same period last year [1] Group 1: Financial Performance - The primary reasons for the expanded losses are weak consumer demand and high costs, leading to a decrease in operating revenue [2] - The company has accumulated a net loss of nearly 300 million yuan from 2021 to 2024, indicating that its core business profitability has not improved significantly [2] Group 2: Shareholder Actions - Shareholders and executives have been reducing their holdings, with a plan to sell up to 131,900 shares, raising concerns about management's confidence in the company's future [3] - Since its listing in June 2017, shareholders have cashed out over 300 million yuan, which has caused investor apprehension given the company's ongoing losses [3] Group 3: Industry Context - The challenges faced by Huifa Food reflect a broader adjustment period in the prepared food industry, where competition has shifted from expansion to market share battles [4] - The company is struggling with traditional product categories amid a trend towards healthier and premium products, while also facing high cold chain logistics costs [4] Group 4: Strategic Considerations - The company must balance revenue preservation and cost control during a period of weak consumer spending, seeking a sustainable profit model [5] - To rebuild investor confidence, the company needs to provide clear signals of operational improvement and transparent communication regarding strategic adjustments [5]

Group 1 - The company expects a net profit loss for the first half of 2025, estimated between -33 million to -25 million yuan, which represents a year-on-year decrease of approximately 52.15% to 100.83% [1][2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -36 million to -28 million yuan, reflecting a year-on-year decrease of about 53.60% to 97.48% [1][2] - The previous year's net profit attributable to shareholders, excluding non-recurring gains and losses, was -18.23 million yuan [1] Group 2 - The primary reasons for the expected loss include increased expenses during the reporting period [2] - The forecasted data is based on preliminary calculations by the company's finance department and has not been audited by registered accountants [2]

[Shandong Huifa Food 2025 Semi-Annual Performance Pre-Loss Announcement](index=1&type=section&id=Shandong%20Huifa%20Food%20Co.%2C%20Ltd.%20Announcement%20on%20Pre-Loss%20for%20the%20First%20Half%20of%202025) [Core Summary of Performance Forecast](index=1&type=section&id=Key%20Content%20Highlights) Shandong Huifa Food Co., Ltd. anticipates a significant net loss attributable to shareholders of RMB -33 million to -25 million for H1 2025, with non-recurring adjusted net loss between RMB -36 million and -28 million Estimated Performance for H1 2025 | Item | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -33.00 million to -25.00 million | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | -36.00 million to -28.00 million | - This performance forecast applies to situations where net profit is negative[2](index=2&type=chunk) [Performance Details and Cause Analysis](index=1&type=section&id=Performance%20Details%20and%20Cause%20Analysis) The company details its H1 2025 performance forecast, comparing it to the prior year and attributing the expanded loss to reduced revenue from intensified market competition and increased expenses [2025 Semi-Annual Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) Preliminary financial estimates for H1 2025 project a year-over-year decrease in net profit attributable to shareholders by 52.15% to 100.83%, and non-recurring adjusted net profit by 53.60% to 97.48% 2025 H1 Performance Forecast Details | Item | 2025 H1 Estimated (RMB) | Change from Prior Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | -33.00 million to -25.00 million | Decrease by 8.5685 million to 16.5685 million | -52.15% to -100.83% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | -36.00 million to -28.00 million | Decrease by 9.7704 million to 17.7704 million | -53.60% to -97.48% | - The performance forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) - The estimated performance has not been audited by a certified public accountant[3](index=3&type=chunk) [2024 Semi-Annual Performance Review](index=1&type=section&id=II.%20Prior%20Year%20Period%20Performance) For comparative purposes, the company was already in a loss position in H1 2024, with net profit attributable to shareholders at RMB -16.4315 million and non-recurring adjusted net profit at RMB -18.2296 million 2024 H1 Performance Overview | Metric (2024 Semi-Annual) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -16.4315 million RMB | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | -18.2296 million RMB | | Earnings Per Share | -0.07 RMB | [Analysis of Loss Causes](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Pre-Loss) The company attributes the expanded loss to both external market conditions and internal operational strategies, citing declining revenue from weak consumption and intensified competition, alongside increased market development and channel expenses - Operating revenue decreased year-over-year due to weak consumption and intensified industry competition, leading to a decline in profit[6](index=6&type=chunk) - The company incurred higher management and sales expenses to expand market and sales channels[6](index=6&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company states that the forecast data is preliminary and, while lacking major uncertainties, the final figures will be based on the audited semi-annual report, advising investors to be aware of associated risks - The company believes there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) - Final financial data will be subject to the company's officially disclosed and audited 2025 semi-annual report, cautioning investors about investment risks[8](index=8&type=chunk)