惠发食品控股股东家族成员开始新一轮减持 连续亏损之下“出海”能带动增长吗？

Core Viewpoint - Huifa Foods is facing significant financial challenges, including continuous losses, declining sales, and increased debt pressure, leading to a series of share reductions by major shareholders and management [1][6][10]. Shareholder Actions - Recently, family members of the controlling shareholder initiated a new round of share reductions, potentially reducing their holdings by up to 3% [1][2]. - The controlling shareholder, Huixi Ping, plans to sell up to 2,423,800 shares (1%) through open market transactions and up to 4,847,600 shares (2%) via block trades [2][3]. - This is not the first instance of share reduction by Huixi Ping, who previously sold 5.1% of his shares in February 2024 [3][5]. Financial Performance - Huifa Foods has reported continuous revenue decline for five consecutive quarters, with a 3.61% drop in 2024 and a further 18.31% decrease in the first three quarters of 2025, resulting in losses of 1,658.59 million and 3,921.7 million respectively [6][8]. - The company’s core products, including frozen food items, have seen significant sales declines, with some categories experiencing double-digit drops [8][9]. Operational Challenges - The company has been struggling with high costs and depreciation, leading to a cash shortfall where cash is less than short-term debt, with a cash-to-debt ratio of only 0.28 [8][9]. - Huifa Foods' fixed assets have increased from 454 million to 639 million from 2019 to 2022, but production has not kept pace, resulting in a drop in capacity utilization from 81% to 52.45% [9][10]. Strategic Initiatives - In response to ongoing losses, Huifa Foods is exploring international markets, having signed a strategic cooperation agreement with the Golden Agri-Resources Group in Indonesia to develop halal food products [10].