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Here are 1-2 brief analogies for HF Foods (HFFG):

• Like a specialized Sysco or US Foods, focused on supplying independent restaurants, particularly those serving Asian cuisine.
• Sysco for Asian restaurants.

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• Fresh Produce: Distribution of a wide variety of fresh fruits and vegetables to foodservice customers.
• Specialty Asian Foods: Distribution of authentic ingredients, sauces, spices, frozen seafood, and unique food items specific to Asian cuisines.
• Dry Goods & Groceries: Distribution of non-perishable staple items such as rice, noodles, oils, and canned goods.
• Frozen Products: Distribution of frozen meats, poultry, seafood, appetizers, and other prepared food items.
• Restaurant Supplies: Distribution of essential non-food items including packaging, disposables, and cleaning supplies for restaurant operations.

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HF Foods (symbol: HFFG) primarily sells to other companies (business-to-business). However, due to the fragmented nature of its customer base, it does not have a few major customer companies that are publicly identifiable or account for a significant portion of its revenue, which would typically be disclosed in its financial filings.

Instead, its customer base consists of a broad network of foodservice establishments. The primary categories of business customers it serves include:

• Asian Restaurants: This is the core customer segment, encompassing a wide range of independent and chain Asian restaurants that rely on HFFG for fresh produce, frozen and dry food products, and other supplies.
• Other Foodservice Establishments: Beyond Asian restaurants, HFFG also serves a variety of other foodservice customers, which may include different types of restaurants, cafeterias, and other institutions requiring food distribution services.

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Felix Lin, Chief Executive Officer, President, Board Member

Mr. Lin was appointed permanent Chief Executive Officer, effective January 1, 2025, after serving as Interim CEO since October 2024. He has been a key leader at HF Foods for the past five years, previously holding roles as President and Chief Operating Officer. Prior to joining HF Foods, Mr. Lin served as Vice President and Senior Strategy Officer for Blue Bird Corporation, overseeing human resources, corporate and operations training, government relations, compliance, and strategy. During his time at Blue Bird Corporation, he also held leadership positions in Manufacturing Operations, Supply Chain, Finance, and Accounting. Earlier in his career, Mr. Lin was a key member of the China and Middle East business development team for Blue Bird Corporation, which operated under Cerberus Capital Management, LLP, a private equity firm.

Paul McGarry, Interim Chief Financial Officer

Mr. McGarry was appointed Interim CFO, effective October 15, 2025, replacing Cindy Yao. He previously served as the Company's Vice President, Corporate Controller. Mr. McGarry is a senior finance executive with extensive public-company experience leading controllership, treasury, funding, budgeting/forecasting, SEC reporting, and SOX compliance. He oversees enterprise finance, strengthens internal controls, and supports capital markets and M&A execution at HF Foods Group.

Christine Chang, General Counsel & Chief Compliance Officer

Ms. Chang's background includes providing advice and counsel regarding litigation, employment, and general compliance matters for over 50 properties, both domestically and internationally, during her tenure at Caesars. She left Caesars in 2020 as its VP and Chief Counsel, Litigation, to join Boyd Gaming, where she continued to develop her career in strategic litigation and compliance advice and counsel as its VP Legal Affairs – Labor Relations and Litigation.

Jason White, Senior Vice President of People and Technology

Mr. White joined HF Foods in 2022 as Head of Information Technology and has over 20 years' experience in various industries including manufacturing, defense, and financial services. At HF Foods, he has led key initiatives to improve the company's technical capabilities, and his experience in leading teams in both Information Technology and Human Resources qualifies him to serve in his current role.

Ravindar Krishnappa, Senior Vice President of Supply Chain and Operations Excellence

Mr. Krishnappa is a Global Operations and Supply Chain leader with over 20 years' experience in the Automotive and Industrial markets. In previous roles, he led integrated, flexible, and agile supply chains of manufacturing plants, distribution centers, and other functions to consistently deliver products to customers globally.

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Key Risks to HF Foods (HFFG)

1. Market Competition, Low Industry Margins, and Demand Fluctuations: The foodservice distribution industry, in which HF Foods primarily operates, is characterized by intense competition and inherently low profit margins. The company also faces challenges from fluctuating market demand, including weak restaurant traffic, which directly impacts sales volume. Additionally, tariff pressures can influence inventory and pricing, further affecting profitability.
2. Supply Chain Disruptions and Cost Volatility: HF Foods is susceptible to disruptions in its supply chain, which can arise from various factors such as geopolitical events, natural disasters, or pandemics. The company's operational costs and profitability are also sensitive to significant fluctuations in fuel prices and general inflation or deflation of product costs.
3. Regulatory Compliance and Food Safety: Compliance with evolving and stringent food safety regulations, such as those under the Food Safety Modernization Act (FSMA), is critical for HF Foods. Non-compliance in this area could lead to severe consequences, including product recalls, legal liabilities, and significant damage to the company's reputation.

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HF Foods Group Inc. (HFFG) primarily operates as a marketer and distributor of specialty food products, seafood, fresh produce, frozen and dry food, and non-food products, predominantly serving Asian restaurants and other foodservice customers across the United States. Their product portfolio encompasses a wide range, including fresh produce, seafood, meats, poultry, dry goods such as rice, noodles, and spices, as well as frozen foods and essential non-food items like disposable tableware, cleaning supplies, and packaging materials.

The addressable market for HF Foods' main products and services is primarily the U.S. Asian food and Asian restaurant market.

• The U.S. Asian food market was estimated to be valued at approximately US$ 37.2 billion in 2024. This market is projected to reach US$ 51.3 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
• Specifically, the U.S. Asian restaurant market alone accounted for $37.2 billion in 2024. HF Foods has the capacity to service roughly 95% of the approximately 94,000 Asian restaurants in the U.S.

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HF Foods (NASDAQ: HFFG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Increased Volume and Improved Pricing in Key Categories: The company has demonstrated revenue growth attributable to volume increases and improved pricing, particularly in its commodity, meat and poultry, and seafood categories. This trend was noted in Q1 2025 and Q2 2025 earnings reports, as well as for the full year 2024.
2. Expansion into New Geographic Markets and Broadening Customer Base: HF Foods is focused on expanding its market presence. Management commentary highlights the company's long-term strategy of expanding its geographic footprint and capitalizing on "meaningful whitespace opportunity across the United States, both within existing markets and in new markets". The company is also strategically expanding its wholesale and retail channels to reach new customers.
3. Strategic Mergers and Acquisitions (M&A): HF Foods is actively exploring M&A opportunities to drive sustained growth and create long-term shareholder value. Analysts estimate that accretive acquisitions could contribute significantly to annual revenue growth.
4. Investments in Digital Transformation and Technology: The company is undertaking strategic investments in digital infrastructure and technology, including the piloting of a new e-commerce platform and the successful implementation of an ERP system. These initiatives are designed to enhance operational efficiency, drive organic growth through cross-selling opportunities, and improve customer accessibility.
5. Targeted Customer Growth and Operational Discipline: HF Foods aims to deliver sustained growth through targeted customer expansion and operational discipline. This includes growth associated with new wholesale accounts and an agile distribution network to cater to the increasing demand for Asian American cuisine.

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Share Repurchases

• As of June 30, 2025, HF Foods held treasury stock at a cost of approximately $7.75 million (1,997,423 shares), reflecting past share repurchases.

Share Issuance

• On September 25, 2025, HF Foods established an At-The-Market (ATM) equity offering program to sell up to $100 million of its common stock.
• The net proceeds from the ATM offering are intended for general corporate purposes, including working capital, capital expenditures, and potential acquisitions.
• For the period ending June 30, 2025, 138,412 shares of common stock were issued pursuant to an equity compensation plan.

Outbound Investments

• On January 17, 2020, the company acquired 100% equity interest in nine subsidiaries under B&R Group Realty Holding, LLC, which owned warehouse facilities.
• On December 30, 2021, HF Foods acquired substantially all the assets of the Great Wall Group, including leading seafood suppliers.
• On September 29, 2025, HF Foods announced an agreement to acquire a distribution facility in Chicago, Illinois, which it previously leased following the Great Wall Seafood acquisition in 2022.

Capital Expenditures

• Capital expenditures (purchase of property and equipment) were approximately $6.59 million for the six months ended June 30, 2025, and $6.33 million for the same period in 2024.
• The $100 million ATM equity offering program, announced in September 2025, anticipates that proceeds may be used to fund capital expenditures.
• Primary focus of capital expenditures includes continued investment in technological advancements to improve operational efficiency, accuracy, and customer satisfaction, and the implementation of a modern ERP solution across all distribution centers. There is also a transformation plan to define new truck specifications, replace 50% of the current fleet, and implement a national fuel savings program. Strategic investments in facilities and digital infrastructure are highlighted for future growth, with targets of low single-digit growth and a 5% EBITDA margin over the next 3-5 years.