连续五年扣非净亏损，惠发食品深陷“扩张困局”

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].