Hf Foods Group Inc (HFFG) 2026 Q1 法說會逐字稿

Greetings, and welcome to HF Foods Group first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 HF Foods Group 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, to turn the call over to Mr. John DeDomenico. Thank you, and over to you, Mr. DeDomenico. You may begin.

現在我很榮幸介紹本次會議主持人，並將電話會議交給 John DeDomenico 先生。謝謝，交給您，DeDomenico 先生。您可以開始。

Hello, everyone. Welcome to HF Foods Group's first quarter 2026 earnings conference call. Joining me on today's call are Felix Lin, the company's President and Chief Executive Officer; and Paul McGarry, the company's Chief Financial Officer.

各位好。歡迎參加 HF Foods Group 2026 年第一季財報電話會議。今天與我一同出席的有公司總裁兼執行長 Felix Lin，以及公司財務長 Paul McGarry。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on management's current beliefs and expectations about future events, which are subject to several known and unknown risks and uncertainties. If you refer to HF Foods' earnings release as well as the company's most recent SEC filings, you will see a discussion of factors that could cause the company's actual results to differ materially from those expressed or implied by these forward-looking statements. The company undertakes no obligation to update or revise these forward-looking statements in the future.

在開始之前，提醒各位，今天的討論包含前瞻性陳述，係基於管理層目前對未來事件的信念與預期，並可能受到多項已知與未知風險及不確定性的影響。若您參閱 HF Foods 的財報新聞稿以及公司最近向 SEC 提交的文件，將可看到可能導致公司實際結果與這些前瞻性陳述所明示或暗示者出現重大差異的因素說明。公司未來不承擔更新或修訂這些前瞻性陳述的義務。

In these remarks, the company will make several references to non-GAAP financial measures, including adjusted EBITDA and non-GAAP diluted earnings per share. We believe that these measures provide investors with a useful perspective on the underlying growth trends of the business and have included in the earnings release a full reconciliation of non-GAAP financial measures to the most comparable GAAP measures.

在本次發言中，公司將多次提及非 GAAP 財務衡量指標，包括調整後 EBITDA 以及非 GAAP 稀釋後每股盈餘。我們相信這些指標能為投資人提供對業務基本成長趨勢的有用觀點，並已在財報新聞稿中提供非 GAAP 財務衡量指標與最可比 GAAP 指標之完整調節表。

Now I will turn the call over to Felix.

現在我將電話會議交給 Felix。

Hello, everyone. Welcome to HF Foods first quarter 2026 earnings call. I'll provide a business update, and Paul will speak to our first quarter financial results. Then we'll open the line for Q&A.

各位好。歡迎參加 HF Foods 2026 年第一季財報電話會議。我將提供業務更新，Paul 將說明我們第一季的財務結果。之後我們將開放問答。

As we mentioned on our last call, 2025 brought headwinds for the broader foodservice industry in terms of tariff pressure and lower foot traffic. We saw many of these pressures continue, particularly with the added pressure from rising fuel prices. But against this backdrop, we drove meaningful continuous momentum for our business. Net revenue increased 4.5% year over year to $312 million due to higher volume and gross profit decreased slightly to $50.5 million, driven by higher mix of seafood during the quarter. Also notably, adjusted EBITDA increased 3.8% year over year to $10.1 million.

如同我們在上次電話會議中提到的，2025 年整體餐飲服務產業面臨逆風，包括關稅壓力與來客數下降。我們看到其中許多壓力持續存在，尤其在燃油價格上升帶來額外壓力的情況下。然而在此背景下，我們仍為業務帶來顯著且持續的動能。淨營收年增 4.5% 至 3.12 億美元，主要來自銷量提升；毛利小幅下降至 5,050 萬美元，係因本季海鮮品項占比提高所致。同時值得注意的是，調整後 EBITDA 年增 3.8% 至 1,010 萬美元。

We made meaningful progress on our long-term transformation plan with respect to sales operations, digital infrastructure, and facilities upgrades. We consolidated two sales call center operations into one unified team as of late December 2025. This consolidation provides us better control over the overall sales process and improved customer service while maintaining the distinct connection we have with our customers through our understanding of their business, language, and product needs.

我們在長期轉型計畫方面取得實質進展，涵蓋銷售營運、數位基礎建設與設施升級。我們已於 2025 年 12 月下旬將兩個銷售客服中心整併為一個統一團隊。此整併使我們能更好地掌控整體銷售流程並提升客戶服務，同時透過對客戶業務、語言與產品需求的理解，維持我們與客戶之間獨特的連結。

Importantly, this unified approach enables us to maintain consistent pricing strategies across our network, while the efficiency gains are already evident with lower DS&A spend on sales commissions as the new team continues to adapt. With the ERP implementation completed, we're now actively working on driving operational efficiencies through system and data optimization. The new system positions us to achieve higher level of purchasing efficiency by consolidating buying across our distribution centers and enables operational improvements through enhanced route optimization capabilities. We recategorized a significant number of SKUs as part of the system implementation.

重要的是，這種統一作法使我們能在整個網路中維持一致的定價策略；同時，隨著新團隊持續適應，效率提升已反映在銷售佣金相關的 DS&A 支出下降上。ERP 導入完成後，我們正積極透過系統與資料最佳化來推動營運效率。新系統使我們能透過整合各配送中心的採購來達成更高層級的採購效率，並透過更強化的路線最佳化能力帶來營運改善。作為系統導入的一部分，我們重新分類了大量 SKU。

The next phase of our digital transformation focuses on improving overall customer experience. We're actively developing a customized -- customer portal that will enable transactional visibility and improve efficiency. On facilities, we successfully completed the acquisition of our previously leased facility in Chicago and are actively expanding cooler and ambient capacity. This move is part of our broader cross-selling strategy, driving organic growth.

我們數位轉型的下一階段聚焦於提升整體客戶體驗。我們正積極開發客製化的—客戶入口網站，以提供交易可視性並提升效率。在設施方面，我們已成功完成收購先前在芝加哥租賃的設施，並正積極擴充冷藏與常溫容量。此舉是我們更廣泛交叉銷售策略的一部分，推動有機成長。

The Charlotte facility is largely ready and still pending final permits from local government. We expect Charlotte to be fully operational in late second quarter or early third quarter of 2026, which will shorten our seafood distribution routes in the Southeast.

夏洛特（Charlotte）設施大致已就緒，目前仍待地方政府核發最終許可。我們預期夏洛特將於 2026 年第二季末或第三季初全面投入營運，這將縮短我們在美國東南部的海鮮配送路線。

We're also kicking off phase two of Atlanta's freezer expansion plan, which will nearly double our cold storage capacity in the Atlanta market from 10,000 to 20,000 square feet, where we've historically been limited by cold storage capacity. This will likely be operational ready by the end of 2026. We see all three facilities upgrades as a cornerstone of our cross-sell strategy in the Southeast and Midwest in the future.

我們也將啟動亞特蘭大（Atlanta）冷凍庫擴建計畫的第二階段，將使我們在亞特蘭大市場的冷藏倉儲容量幾乎倍增，從 10,000 平方英尺提升至 20,000 平方英尺；過去我們一直受限於冷藏倉儲容量。該項目可能在 2026 年底前具備營運條件。我們認為這三項設施升級將成為未來在東南部與中西部推動交叉銷售策略的基石。

Between the Southeast and Midwest, there's several hundred million dollars worth of organic growth opportunity as we continue to invest and expand capacity. These exciting infrastructure investments reflect our ongoing commitment to optimizing our distribution network and creating a stronger foundation for sustainable growth. Based on current trends, we do expect some short-term pressure due to increased cost of goods sold and outbound distribution costs related to rising fuel costs, which we're taking actions to mitigate this impact.

在東南部與中西部之間，隨著我們持續投資並擴充產能，存在數億美元規模的有機成長機會。這些令人振奮的基礎建設投資反映我們持續致力於最佳化配送網路，並為可持續成長打造更堅實的基礎。根據目前趨勢，我們確實預期短期內將因燃油成本上升而導致銷貨成本與對外配送成本增加，帶來一定壓力；我們正採取行動以降低其影響。

We remain extremely confident in our long-term growth strategy and are committed to our capital investment plans as we continue our growth momentum in 2026 and beyond. M&A remains a core pillar of our growth strategy. HF Foods is the only scale food service provider in the Asian specialty market in the United States, and we believe we are the strategic acquirer of choice within our space. We're focused on expanding our geographic footprint in high potential markets, capturing operational synergies, broadening our customer base, and enhancing our product and service capabilities.

我們對長期成長策略仍極具信心，並將持續投入資本投資計畫，在 2026 年及其後延續成長動能。併購（M&A）仍是我們成長策略的核心支柱。HF Foods 是美國亞裔特色市場中唯一具規模的餐飲服務供應商，我們相信在本領域中我們是首選的策略性收購方。我們專注於在高潛力市場擴大地理版圖、取得營運綜效、擴大客戶基礎，並強化產品與服務能力。

We remain disciplined but optimistic about M&A opportunities in 2026 and beyond, and we're actively evaluating opportunities from potential sellers who understand our unique position. We believe our proven ability to successfully navigate the tariff landscape positions us uniquely to identify and execute attractive tuck-in acquisitions that will benefit from our operational expertise and scale.

我們對 2026 年及其後的併購機會保持紀律但樂觀，並正積極評估來自潛在賣方的機會，這些賣方理解我們的獨特定位。我們相信，我們已證明能成功因應關稅環境，使我們具備獨特優勢，得以辨識並執行具吸引力的補強型收購（tuck-in acquisitions），並可受益於我們的營運專業與規模。

I want to emphasize the significant runway ahead of us. We operate in a $50 billion addressable market and at just over $1 billion in net revenue. We are the largest player in the Asian specialty space. No one, whether larger or smaller competitors, is better positioned than HF Foods to capture this opportunity in the coming years.

我想強調，我們前方仍有相當可觀的成長跑道。我們所處的可服務市場規模為 500 億美元，而我們的淨營收僅略高於 10 億美元。我們是亞裔特色領域中最大的業者。無論是更大或更小的競爭對手，都沒有任何一家比 HF Foods 更具備在未來幾年把握此機會的優勢。

Now over to Paul, our CFO, to walk you through more details of the financial performance for the quarter.

接下來交給我們的財務長 Paul，為各位說明本季財務表現的更多細節。

Thanks, Felix. I will now review our results for the quarter ended March 31, 2026, versus the same period in 2025.

謝謝你，Felix。接下來我將回顧截至 2026 年 3 月 31 日止季度的業績，並與 2025 年同期比較。

Net revenue for the quarter increased 4.5% to $312 million from $298.4 million in the prior-year quarter. The increase was primarily due to volume growth and improved pricing in seafood, followed by volume growth in commodity, partially offset by volume decreases within other categories.

本季淨營收年增 4.5%，由去年同期的 2.984 億美元增至 3.12 億美元。成長主要來自海鮮品項的銷量成長與定價改善，其次為大宗商品（commodity）的銷量成長；部分被其他類別的銷量下滑所抵銷。

Gross profit slightly decreased by 0.8% to $50.5 million for the quarter compared to $51 million in the prior-year quarter. The decrease was primarily due to increased sales in lower-margin products like seafood and an uptick in landed costs. Gross profit margin decreased to 16.2% for the quarter compared to 17.1% in the prior-year quarter.

本季毛利較去年同期的 5,100 萬美元小幅下降 0.8% 至 5,050 萬美元。下降主要由於低毛利產品（如海鮮）銷售增加，以及到岸成本上升。毛利率本季降至 16.2%，去年同期為 17.1%。

Distribution, selling, and administrative or DS&A expenses decreased by $0.3 million to $49.5 million for the quarter, primarily due to decreases in professional fees and bad debt expense, partially offset by an increase in auto and truck expenses and depreciation. DS&A expenses decreased as a percentage of net revenue to 15.9% for the quarter compared to 16.7% in the prior-year quarter.

本季配送、銷售及行政（DS&A）費用減少 30 萬美元至 4,950 萬美元，主要因專業費用與壞帳費用下降，部分被汽車與卡車費用及折舊增加所抵銷。DS&A 費用占淨營收比重本季降至 15.9%，去年同期為 16.7%。

Adjusted EBITDA increased 3.8% to $10.1 million for the quarter compared to $9.8 million in the prior-year quarter. Total interest expense increased slightly to $2.8 million for the quarter compared to $2.6 million in the prior-year quarter.

本季調整後 EBITDA 較去年同期的 980 萬美元增加 3.8% 至 1,010 萬美元。本季利息費用總額小幅上升至 280 萬美元，去年同期為 260 萬美元。

Net income attributable to HF Foods was $1.2 million for the quarter compared to a net loss of $1.6 million in the prior-year quarter. The quarter-over-quarter improvement was primarily due to strong revenue growth along with controlled cost oversight and the gain on sale of an asset. Adjusted net income attributable to HF Foods decreased $0.1 million to $3.4 million compared to $3.5 million in the prior-year quarter.

本季歸屬於 HF Foods 的淨利為 120 萬美元，去年同期為淨損 160 萬美元。季對季改善主要來自強勁的營收成長、受控的成本管理，以及出售資產的收益。歸屬於 HF Foods 的調整後淨利較去年同期的 350 萬美元減少 10 萬美元至 340 萬美元。

Earnings per share improved to $0.02 compared to a loss per share of $0.03 in the prior-year quarter. Adjusted earnings per share decreased to $0.06 compared to $0.07 in the prior-year quarter.

每股盈餘改善至 0.02 美元，去年同期每股虧損為 0.03 美元。調整後每股盈餘降至 0.06 美元，去年同期為 0.07 美元。

Stepping back from the details, the quarter reinforces the business is progressing in a challenging cost environment. Our focus is now on execution, converting the transformation work we've completed into measurable operational gains, including purchasing discipline, route and warehouse efficiency, and tighter cost control as fuel and other input costs remain elevated. As the systems foundation is now in place, we're moving from implementation to optimization while continuing to support organic growth through cross-selling and network capacity investments. We'll stay disciplined on capital deployment and remain selective on strategic tuck-in opportunities that strengthen the platform.

退一步看細節，本季再次印證在具挑戰性的成本環境下，業務仍在推進。我們目前的重點在於執行，將已完成的轉型工作轉化為可衡量的營運改善，包括採購紀律、路線與倉儲效率，以及在燃料與其他投入成本仍居高不下的情況下更嚴格的成本控管。隨著系統基礎已就位，我們正從導入轉向最佳化，同時透過交叉銷售與網路產能投資持續支持內生成長。我們將在資本配置上保持紀律，並對能強化平台的策略性小型併購機會維持審慎選擇。

With that, I'll now turn it back over to Felix.

接下來，我把時間交還給 Felix。

Thanks, Paul. As we look ahead to the remainder of 2026 and beyond, I want to emphasize our commitment to executing the comprehensive transformation initiatives that are reshaping HF Foods.

謝謝，Paul。展望 2026 年剩餘期間及更長遠未來，我想強調我們致力於落實全面性的轉型計畫，這些計畫正在重塑 HF Foods。

2025 was a year of strategic investment for HF, and the investments we're making in our facilities, digital infrastructure, and operations will establish a strong foundation for our next phase of growth. While short-term uncertainties persist, we remain focused on our long-term strategic objectives. Our investments in digital transformation and infrastructure are strategically designed to drive organic growth through cross-selling opportunities while positioning us to complement this expansion with targeted M&A initiatives.

2025 年是 HF 進行策略性投資的一年；我們在設施、數位基礎建設與營運方面所做的投資，將為下一階段成長奠定堅實基礎。儘管短期不確定性仍在，我們仍專注於長期策略目標。我們在數位轉型與基礎建設上的投資，係以策略性方式設計，透過交叉銷售機會推動內生成長，同時使我們能以具針對性的併購（M&A）計畫來補強此一擴張。

Our key competitive advantages stem from the growing demand for our Asian cuisine and our unmatched position as a leading nationwide agent specialty distributor. We're methodically building the infrastructure, systems and capabilities needed to fully capitalize on these strategic advantages. As we move forward, we'll continue to identify and implement additional efficiency measures while maintaining our commitment to service excellence and sustainable growth.

我們的核心競爭優勢來自亞洲料理需求的成長，以及我們作為全美領先的代理型專業分銷商所具備的無可匹敵地位。我們正有系統地建置所需的基礎設施、系統與能力，以充分掌握這些策略優勢。展望未來，我們將持續辨識並導入更多效率提升措施，同時維持對卓越服務與永續成長的承諾。

Thank you for your continued support as we execute our strategic transformation. We look forward to sharing our progress with you on our next call. I'll now hand over to the operator for live Q&A.

感謝各位在我們推動策略轉型期間持續支持。我們期待在下一次電話會議與各位分享進展。接下來我把時間交給主持人進行即時問答。

(Operator Instructions) Aaron Grey, Alliance Global Partners.

（主持人指示）Aaron Grey，Alliance Global Partners。

Just first question for me. I just want to think about the gross margin, talk a bit more on it. Obviously, you guys have some headwinds right now given the macro backdrop and rising fuel prices. So how do we think about the near to medium impact of that as we also think about potential offsets in terms of your own efficiency gains, particularly with the implementation of your ERP program? Thank you.

我先問第一個問題。我想談談毛利率，請再多說一些。顯然在目前的總體環境與燃料價格上升下，你們面臨一些逆風。那麼在近到中期，我們該如何看待其影響？同時也想了解你們自身效率提升可能帶來的抵銷效果，特別是 ERP 專案導入之後。謝謝。

Hey, Aaron. Yeah. So I think in the short term, the elevated costs, as Paul had mentioned, is probably continue to persist here for a little bit. If we look at our business specifically, we talked about in the past, we operate very much in the spot market where we buy and sell everything from a spot standpoint versus contracts. So at least on the year-over-year comparisons, as we get into the second quarter, we benefited last year from lower cost inventory as the tariffs were implemented.

嗨，Aaron。是的。我認為短期內，如 Paul 提到的，高成本可能還會持續一段時間。就我們的業務來看，我們過去也談過，我們很大程度是在現貨市場運作，也就是我們的買賣多以現貨為主，而非合約。因此在年對年的比較上，當我們進入第二季時，去年因關稅實施，我們受惠於較低成本的庫存。

So going forward, we saw some of that higher cost coming through in the second half of 2025 that had continued on to Q1 of '26, which, again, we think that's going to be here for a little while in Q2 and maybe even Q3 of '26 here.

往後看，我們在 2025 年下半年看到部分較高成本開始反映，並延續到 2026 年第一季；同樣地，我們認為這種情況在 2026 年第二季、甚至第三季可能還會持續一段時間。

But internally, again, we're doing a lot of things trying to mitigate from an overall cost structure standpoint. So a lot of the programs that we have implemented in place. One of the things we mentioned is the transaction to convert a lease of a facility to something that we own today, which has cut down on our occupancy expense.

但在內部方面，我們也在做很多事情，試圖從整體成本結構角度加以緩解。我們已經推動了許多計畫。其中之一是我們提到的交易：把某處設施的租賃轉換為我們目前持有的自有資產，這已降低了我們的場地占用成本。

Professional fees have gone lower and then also the sales operation. These are the things that we're actively working on trying to improve operational efficiency to make sure that overall, there's still going to be this bottom-line improvement that we've seen year-over-year.

專業費用也下降了，另外還有銷售營運方面。這些都是我們正在積極推動、用以提升營運效率的事項，以確保整體而言，仍能維持我們年對年所看到的獲利端改善。

Appreciate the color there, Felix. Second question for me. As we think about some of the headwinds with fuel prices obviously have an impact on you guys, often, we'll see these types of headwinds have an even bigger impact for smaller operators. So wondering if that's the case that you're seeing here and what impact that might have maybe positively on potential M&A targets who are more inclined to want to partner with a larger operator with you.

謝謝你提供的說明，Felix。我的第二個問題是：當我們考量燃料價格的逆風顯然會影響你們時，通常這類逆風對小型業者的衝擊會更大。想請問你們是否也觀察到這種情況？以及這是否可能對你們帶來正面影響，例如讓潛在併購（M&A）標的更傾向與像你們這樣較大型的業者合作。

So just any impact on the broader competitive environment and if that's helping you in terms of potential M&A targets. Thank you.

也就是說，想請教對整體競爭環境的影響，以及這是否在潛在 M&A 標的方面對你們有所助益。謝謝。

Yeah. We're definitely seeing the amount of inbound M&A costs tick up over the last several months or so. As we talk about a lot of smaller players, they are really being squeezed, whether it's from the elevated inventory costs or now from an operating cost standpoint with the added few costs. So over time, we do see that as an advantage.

是的。過去幾個月左右，我們確實看到主動接洽的併購（M&A）來詢量有所增加。談到許多較小的業者，他們確實受到擠壓，不論是因庫存成本居高不下，或是現在在營運成本端因新增燃料成本而承壓。因此從時間拉長來看，我們確實把這視為一項優勢。

Similar to what we saw back in the pandemic days where the operating environment becomes a lot tougher for the smaller players, and you have these family-owned businesses that generally because of the pressure, looking for an exit. So that is a positive for us, and we're actively evaluating an increased level of activities and opportunity behind the scenes for sure.

這與我們在疫情期間看到的情況類似：當營運環境對小型業者變得更艱難時，這些家族企業通常因壓力而尋求退出。因此這對我們是正面的，我們也確實正在積極評估，幕後的活動量與機會水準都有所提升。

Daniel Harriman, Sidoti & Company LLC.

Daniel Harriman，Sidoti & Company LLC。

Congrats on the great quarter. Guys, I just kind of wanted to follow up on that prior question about gross margin and give you an opportunity to talk a little bit about Charlotte and what your expectations are longer term for gross margins and also DS&A just as Charlotte comes online and some of your distribution routes shorten, maybe even within seafood. I know the mix there was a cause of the gross margin contraction in the quarter, and then now that you've got Atlanta up and running and kind of like a cornerstone of your cross-selling strategy in the Southeast.

恭喜本季表現亮眼。各位，我想延續先前關於毛利率的問題，並給你們一個機會談談夏洛特（Charlotte），以及隨著夏洛特啟用、部分配送路線縮短（甚至在海鮮品類內），你們對長期毛利率與 DS&A 的預期。我知道本季毛利率收縮的原因之一是產品組合，另外現在亞特蘭大（Atlanta）已經運轉起來，也算是你們在東南部交叉銷售策略的基石。

I'm curious if you have any proof points you could share with us in terms of new accounts or expanded wallet share or even more SKUs to really help us understand what the long-term impact could be of that facility.

我想了解你們是否有任何可與我們分享的佐證，例如新客戶、擴大錢包份額，或是更多 SKU，來幫助我們理解該設施可能帶來的長期影響。

Yeah. Look, both the Charlotte facility and the Atlanta expansion facility toward the end of last year from a strategic investment standpoint have very much been a center point of our cross-selling strategy. And I talked about this previously in the Southeast, historically, we have not done a whole lot of frozen seafood business. And given our scale, I think today, frozen seafood as a product category is the largest of our mix at just over $400 million of top-line revenue on an annual basis.

是的。你看，無論是夏洛特設施，還是去年底的亞特蘭大擴建設施，從策略性投資的角度來看，都非常明確地是我們交叉銷售策略的核心。我之前也提過，在東南部，過去我們歷來並沒有做太多冷凍海鮮業務。而以我們的規模來看，我認為目前冷凍海鮮作為產品類別，是我們組合中最大的項目，年化營收略高於 4 億美元。

And with shortened routes with improved distribution efficiency, we do see that as significant leverage where we have over the smaller competitors where we can be a lot more efficient, and that's going to enable us to have better pricing power over those guys as well.

而隨著路線縮短、配送效率提升，我們確實看到這會成為一項重要的槓桿，讓我們相較於較小的競爭對手更具優勢，因為我們可以更有效率；這也將使我們對他們擁有更好的定價能力。

So now we're just a few months into the year, with Atlanta specifically, we have opened up a couple of dedicated seafood routes servicing our existing customers. So with Charlotte, again, the construction and the renovation of that facility have largely been complete. We've been just waiting on the permitting from the local government for months now. So the latest on that is we're expecting, again, towards the end of Q2 or beginning of Q3 for the permit to be finally approved and get that up and running, and that should benefit us in the second half of the year.

所以現在才剛進入今年幾個月，就亞特蘭大而言，我們已經開出幾條專門的海鮮配送路線，服務我們既有客戶。至於夏洛特，該設施的建設與翻新基本上已大致完成；我們已經等地方政府的許可證等了好幾個月。最新進度是，我們預期許可證會在第二季末或第三季初終於核准，屆時就能啟動運作，並在下半年帶來效益。

Bill Kirk, ROTH Capital Partners.

Bill Kirk，ROTH Capital Partners。

Felix, on that higher fuel price conversation that you were doing earlier, have you seen any changes in foot traffic as a result, meaning maybe people leaving restaurants in favor of grocery or maybe switching into buffet style customers within restaurants? Are you seeing any foot traffic changes in kind of behavior because of higher fuel prices?

Felix，關於你先前提到燃油價格走高的討論，你是否看到因此造成的來客數（foot traffic）變化？也就是說，可能有人不去餐廳改去雜貨店，或是在餐廳內轉向自助餐型態的消費者？你是否觀察到因燃油價格上升而導致的行為面來客數變化？

Not in a material way. I think the foot traffic that we're seeing in Q1 of 2026 has been pretty consistent with what we've been seeing in the second half of 2025. Largely, the lower foot traffic is still limited to some of the larger buffet restaurants that we service throughout the country. But again, with elevated fuel price, there are a number of things that we're doing.

沒有明顯的變化。我認為我們在 2026 年第一季看到的來客數，與 2025 年下半年看到的情況相當一致。整體而言，來客數較低仍主要侷限於我們在全國服務的一些大型自助餐餐廳。不過，面對燃油價格居高不下，我們也在做很多事情。

Every single market is different, where in markets where we have a significant market share, for example, our Salt Lake business where we have 80%, 90% of the market share, and it's a lot more rural routes that we're running, we're able to pass along a fairly good bit of the fuel increase. In other locations where there's high competitive pressure, again, over foot traffic play a role in that, and it's very limited opportunity where we can pass on the cost.

每個市場都不一樣。在我們市占率很高的市場，例如鹽湖城（Salt Lake）業務，我們有 80%、90% 的市占率，而且我們跑的路線更偏鄉村型，我們就能把相當一部分的燃油上漲轉嫁出去。在其他競爭壓力很高的地區，同樣地，來客數也會在其中扮演角色，而我們能轉嫁成本的空間就非常有限。

Okay. Is it fair to say then that for your customers, April foot traffic would be similar to 1Q?

了解。那麼可以說你們客戶在 4 月的來客數會與第一季相近嗎？

Yeah. I think April, there's a lot of noises, right? April, at least on the year-over-year comparison, I talked about earlier with the tariff impact. Again, we were sitting on a lot of low-cost inventory last April. So we had a significant margin uptick because we're able to sell through that at a higher price.

是的。我認為 4 月有很多雜訊，對吧？就年對年比較而言，我先前談到關稅影響。去年 4 月我們手上有大量低成本庫存，因此我們能以較高價格把那些庫存賣出去，毛利率出現明顯上升。

I think there's a lot of noise from a perspective of both increased fuel price this April and inventory cost at an elevated level. So I think it's still a little bit too early for us to tell specifically through the entire month of April and for the rest of Q2 how much of the impact is going to be due to tariff and how much of it is due to the elevated cost from a fuel perspective.

我認為從兩個面向來看都有很多雜訊：今年 4 月燃油價格上升，以及庫存成本仍處於較高水準。因此我認為現在要我們判斷整個 4 月以及第二季剩餘期間，影響中有多少來自關稅、有多少來自燃油成本上升，仍然有點太早。

Got it. Thank you. And then my second question is on the refining of the sales force. Where are we in terms of that process? And when we're on -- fully on the other side of that refinement, how does the new sales force help HF and drive better customer acquisition or account penetration? What's on the other side of the sales force refinement?

了解，謝謝。那我的第二個問題是關於銷售團隊的精進（refining）。目前這個流程進行到哪裡了？以及當我們——完全走過這次精進之後——新的銷售團隊如何幫助 HF、推動更好的客戶開發或帳戶滲透？銷售團隊精進之後會帶來什麼？

Yeah. I think from a business stabilization standpoint, that has been largely complete going through the Q1 of 2026. I think the rest of the year is really about additional training around new product SKUs that we're trying to introduce to the market.

是的。我認為從業務穩定化的角度來看，這在 2026 年第一季期間基本上已大致完成。今年剩下的重點，主要是針對我們想導入市場的新產品 SKU 進行更多訓練。

Specifically, when we talk about cross-selling of the seafood product in the Southeast, this is where, again, at the end of the day, we have over 20,000 SKUs, right? And specifically, for the Southeast, there haven't been a significant amount of frozen seafood sales in the past. So that's a bit of a learning curve for the new sales force. But I do expect them getting there in the second half of the year. And a lot of this volume offset is going to come from pushing out seafood here.

具體來說，當我們談到在東南部交叉銷售海鮮產品時，這就是——再說一次——我們最終有超過 20,000 個 SKU，對吧？而且特別是在東南部，過去冷凍海鮮的銷售量並不大，所以對新的銷售團隊而言會有一些學習曲線。但我確實預期他們會在下半年逐步到位，而其中相當一部分的量能補足將來自於在這裡推動海鮮。

Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Felix Lin for closing comments.

各位女士、先生，我們的問答環節到此結束。接下來我想把時間交給 Felix Lin 做結語。

First of all, thank you guys for, again, the continued support and paying attention to HF Foods. We are fully committed to what our long-term strategic plan is here, and we're executing on that plan quarter after quarter. And I look forward to updating you guys on the progress here in the coming quarters ahead. Thank you.

首先，再次感謝各位持續支持並關注 HF Foods。我們完全致力於我們的長期策略計畫，並且一季接一季地執行該計畫。我也期待在接下來的幾個季度向各位更新我們的進展。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與。