Haixin Food (002702) Limit-Up Analysis: Winter Peak Season Combined with Channel Breakthroughs and Institutional Attention

Haixin Food (002702) was founded in 1996 and is headquartered in Fuzhou. It mainly engages in deep processing of aquatic products and R&D, production, and sales of frozen foods. Core products include hot pot products such as fish balls and shrimp slides, covering categories like frozen fish meat, rice noodles, and pre-prepared dishes [3]. It achieved operating revenue of 970 million yuan in the first three quarters of 2025 [0].
Recent limit-up was mainly driven by multiple factors:

1. Seasonal Demand
   : The winter hot pot peak season is approaching, leading to increased demand for core products [1];
2. Channel Expansion
   : Deepened cooperation with Pangdonglai Supermarket [1], and successfully entered the Sam’s Club system, enhancing brand premium and market coverage [0];
3. Institutional Attention
   : Northeast Securities conducted research on the company on November 27, 2025 [6], reflecting market recognition of its business optimization;
4. Industry Trend
   : The global snack food market is expected to grow at a CAGR of 6.5% from 2025 to 2032 [8]. The company’s snack food business grew year-on-year, benefiting from industry expansion [0].

• Value of Channel Breakthroughs
  : Entering high-end channels like Sam’s Club not only boosts short-term sales but also strengthens brand image, laying a foundation for long-term growth [0];
• Business Structure Optimization
  : Growth in the snack food business (year-on-year increase) reduces reliance on traditional frozen foods and enhances risk resistance [0];
• Institutional Research Signal
  : The timing of Northeast Securities’ research coincided with the limit-up, indicating increased market attention to the company’s recent improvements [6].

• Opportunities
  : Continuous channel expansion (e.g., Sam’s, Pangdonglai), sustained seasonal demand, growth space for the snack food business [0][8];
• Risks
  : Seasonal demand decline after winter, intensified competition in the snack food market [0];
• Priority
  : In the short term, attention should be paid to the sustainability of peak season demand; in the long term, track the effectiveness of channel expansion and the quality of snack business growth.

##5. Key Information Summary
Haixin Food (002702)'s limit-up reflects market recognition of the resonance between its channel breakthroughs, business optimization, and industry trends. The company’s recent presence in high-end channels (Sam’s) and regional leading supermarkets (Pangdonglai), combined with growth in the snack food business, provides support for short-term performance. However, seasonal fluctuation risks need to be noted. Subsequent attention should be paid to institutional research feedback and channel expansion progress [0][6].