HF Foods Group Inc.
HF Foods Group Inc. distributes Asian specialty food products to restaurants and other foodservice customers across the United States. Its assortment includes seafood, fresh produce, frozen and dry foods, and non-food items, supported by a nationwide network of distribution centers and supplier relationships in North America, South America, and Asia.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore imported and domestically sourced ingredients tailored to Asian restaurant menus.
Frozen and fresh seafood products distributed to foodservice customers.
Fresh fruits and vegetables used by restaurants and other foodservice operators.
Packaged, shelf-stable, and frozen food items sold through the distribution network.
Ancillary restaurant supplies and non-food items sold alongside food products.
Products
Reported · share of revenue- Seafood35.5 %
- Meat and Poultry22.0 %
- Asian Specialty18.4 %
- Commodity Product10.1 %
- Fresh Produce9.2 %
- Packaging and Other4.7 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
HF Foods sells primarily to Asian restaurants, with additional sales to other foodservice customers that need specialized ingredients and reliable replenishment. The company’s value proposition is built around product breadth, culturally specific sourcing, and distribution coverage that helps operators secure consistent supply at competitive prices.
Buy specialty ingredients, seafood, produce, and staples needed for Asian cuisine menus.
Purchase specialty and general foodservice items when they need reliable distribution and sourcing.
Buy in larger volumes and value supply consistency, pricing, and network coverage.
Purchase smaller, frequent orders and depend on broad assortment and local delivery.
Strategy
HF Foods is focused on expanding its reach in Asian American restaurant cuisine by improving supply-chain execution, technology infrastructure, and distribution efficiency. Management also appears to be prioritizing operational simplification and organizational redesign while managing working capital, tariff-related inventory decisions, and capital spending.
Better sourcing, inventory flow, and distribution execution support service levels and margins.
Systems upgrades can improve ordering, logistics coordination, and operating efficiency.
Restructuring can lower overhead and align management with the transformation plan.
Geography
HF Foods operates primarily in the United States, where it serves Asian restaurants and other foodservice customers through a nationwide distribution network. The company has expanded coverage across Illinois, Texas, the eastern seaboard from Massachusetts to Florida, and additional states including Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee. Its sourcing footprint also reaches North America, South America, and Asia, which matters for product availability, pricing, and supply-chain risk.
Risks
HF Foods is exposed to foodservice demand volatility, competitive pricing pressure, and supply-chain disruptions because it operates a distribution business with perishable and imported products. The company also faces tariff, inventory, leverage, and execution risks, while recent goodwill impairment highlights sensitivity to market valuation and operating performance.
Revenue depends on Asian restaurants and foodservice customers ordering consistently.
Exposure: Lower customer traffic or closures would reduce order frequency and basket size.
Foodservice distribution is price-sensitive and customers can switch suppliers.
Exposure: Margin pressure if HF Foods must discount to retain accounts.
The company sources products across Asia and other regions and has cited tariff-related inventory actions.
Exposure: Higher landed costs and inventory build can reduce cash conversion.
The company recorded a large goodwill impairment in 2024 after stock-price declines and lower fair value.
Exposure: Further impairment could affect earnings and investor confidence.
Distribution businesses require inventory and receivables funding, which can fluctuate with sales growth.
Exposure: Cash flow can tighten if receivables rise or inventory is built ahead of cost increases.
Accounting
Judgemental itemsGross sales are reduced by returns, rebates, discounts, and other adjustments.
Impact: Affects reported revenue growth and comparability across periods.
Interest rate swap contracts create mark-to-market gains or losses in earnings.
Impact: Can cause volatility in net income unrelated to core operations.
The company recorded a $46.3 million impairment in 2024 after quantitative testing.
Impact: Large non-cash charge can materially reduce reported earnings and equity.
Receivables, inventory, and supplier timing affect operating cash flow.
Impact: Can make cash generation look stronger or weaker quarter to quarter.
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Last updated: 24/09/2026