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桦欣控股传统业务跌42.9%!新零售增长31.4%难救场,机构餐饮成救命稻草?

Core Viewpoint - Huaxin Holdings is facing multiple challenges, with a significant decline in traditional business revenue and limited growth in new retail operations, prompting the company to accelerate its transformation towards institutional catering services to seek new growth points [1] Traditional Business Performance - The traditional segment of Huaxin Holdings has shown concerning performance, with revenue dropping from approximately 71.8 million HKD in the same period last year to about 41.0 million HKD, a decrease of 42.9% [3] - This decline is primarily attributed to reduced sales orders from a major client targeting the US market, influenced by ongoing global economic uncertainties affecting consumer discretionary spending [3] - The total revenue for the company in the mid-2025 report was 64.39 million HKD, down from 123 million HKD in the 2024 report, indicating a contraction in overall business scale [3] - The gross margin has also weakened, falling to 10.49% in the mid-2025 report from 14.90% in the 2024 report, highlighting challenges in cost control and pricing power [3] - The company reported a negative earnings per share of -0.28 HKD, indicating continued losses at the core operational level [3] New Retail Business Growth - In contrast to the traditional business, Huaxin Holdings' new retail segment has shown some growth potential, with revenue increasing by 31.4% from approximately 14.0 million HKD to about 18.4 million HKD [4] - This growth is mainly driven by increased sales orders from a major client in the UK, and the company plans to enhance its influencer collaboration to maintain and boost sales [4] - Despite the 31.4% growth, the absolute scale of the new retail business remains relatively small, with revenues of about 18.4 million HKD insufficient to offset the significant decline in traditional business [4] - The company aims to explore potential clients in different regions and expand its fashion-related offerings, including footwear and bags, while seeking collaborations with international celebrities to enhance its brand image [4] Institutional Catering Business as a New Growth Point - In response to challenges in the apparel sector, Huaxin Holdings launched an institutional catering service in December 2023, generating approximately 5.1 million HKD in revenue during the reporting period [6] - The company expresses strong confidence in this new business, citing successful initial performance and high customer satisfaction, with several proposals already under negotiation [6] - Financially, the company holds cash and cash equivalents of 20.90 million HKD and a current ratio of 4.04, indicating sufficient short-term liquidity to support its business transformation [6] - However, the company has reported continuous losses, with a loss of 9.034 million HKD in the mid-2025 report and a negative return on equity of -10.64%, reflecting ongoing challenges in overall profitability [6] - Looking ahead, Huaxin Holdings faces significant challenges, as the uncertain pace of global economic recovery will continue to impact apparel demand, necessitating a balance between cost control and business transformation [6]