HAOXIANGNI(SZ:002582) Zhong Guo Jin Rong Xin Xi Wang·2025-08-19 12:41Core Viewpoint - The company "Hao Xiang Ni," known as the "first stock of red dates," is facing continuous losses due to weak red date consumption, despite institutional investors showing interest in its stock during a challenging period [1][8]. Company Performance - Hao Xiang Ni's main business has been under pressure, with a reported revenue decline of 15.64% to 689 million yuan in the first half of 2025, and a net loss of approximately 19.84 million yuan [3][4]. - The company's net profit for the years 2022 to 2024 showed losses of 189 million yuan, 52 million yuan, and 72 million yuan respectively [3]. - The revenue from red date products increased from 985 million yuan in 2021 to 1.222 billion yuan in 2024, but the growth rate fell from 47.9% to a decline of 6.83% [4]. Market Trends - The red date consumption market is experiencing a decline, attributed to changing consumer perceptions and a lack of engagement from younger demographics [4][5]. - The overall inventory of red dates has increased significantly, with a reported stock of 10,000 tons as of August 1, compared to 5,383 tons in the same period last year [5]. Strategic Initiatives - To counteract the declining performance, the company is focusing on a "red date+" product matrix strategy, introducing various innovative products aimed at different consumer segments [6]. - New product launches include a range of items such as low-GI health foods and a series of craft beers, although the latter has not gained significant market traction [6][7]. Institutional Investment - Despite the company's struggles, institutional investors have increased their holdings, with several funds from Xingquan and招商基金 acquiring significant shares [8][9]. - As of mid-2025, the company's price-to-earnings ratio is at a near three-year low, which may attract institutional investors looking for value [9].