Core Viewpoint - Haixin Food reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating ongoing financial struggles and operational challenges [1] Financial Performance - For the first three quarters of 2025, Haixin Food achieved an operating revenue of approximately 970 million yuan, a year-on-year decrease of 15.05% [1] - The net profit attributable to shareholders was approximately -28.19 million yuan, reflecting a year-on-year decline of 17.94% [1] - The company experienced negative cash flow from operating activities, with a decrease of 320.32% year-on-year [1] Operational Challenges - Haixin Food's product offerings include frozen fish and meat products, frozen rice and noodle products, frozen dishes, and ambient temperature products [1] - The company faced losses in the second to fourth quarters of 2024, with overall performance also in the red for that year [1] - In 2025, the first quarter showed profitability, but both revenue and net profit declined year-on-year [1] - The second and third quarters of 2025 also resulted in losses for the company [1] Market Dynamics - The decline in cash flow was attributed to decreased sales and adjustments in distributor contract cycles to align with the natural year [1]

Group 1 - The company reported a net profit of -36,943,292.56 yuan for the year 2024, with a parent company net profit of -19,110,503.15 yuan [20][21][22] - The company plans not to distribute cash dividends, issue bonus shares, or increase capital reserves for the year 2024 due to its financial losses and the need for significant investment expenditures [19][21][22] - The company’s available profit for distribution to shareholders is 10,696,894.14 yuan, based on the lower of the parent company's and consolidated financial statements' distributable profits [20][21] Group 2 - The company operates primarily in the frozen food industry, focusing on the production and sale of frozen fish and meat products, frozen rice and noodle products, and frozen dishes [4][6] - The frozen food market in China reached a scale of 1,835.4 billion yuan in 2023, with expectations to grow to 2,130.9 billion yuan by 2025, driven by increasing demand for semi-finished ingredients in the catering sector [9][10] - The industry is experiencing trends of product diversification, channel diversification, and brand development, with a shift from category expansion to quality competition [11][10][9] Group 3 - The company has maintained its operational model without significant changes, utilizing annual procurement contracts and a mix of sales channels including modern retail and e-commerce [6][4] - The company’s brands include "Hai Xin," "Yu Ji," "You Bi Ge," "Bai Yao Xuan," and "Dong Ou," with a focus on high-quality frozen products [7][8] - The company is positioned as a leading player in the frozen fish and meat product industry, with significant production capacity and market share [13]