Analysis of the Reasons for Continuous Limit-Up of Haixin Food (002702) and Its Market Impact

Haixin Food (002702) has recently experienced continuous limit-up driven mainly by multiple factors. First, the company successfully entered the Sam’s Club system, obtained brand quality endorsement, and is expected to enhance product premium capacity and market share [8]. Second, the pre-made food industry has entered a period of rapid development, with export scale expanding continuously; listed companies in the industry have successively laid out overseas businesses [7], and the company has accelerated its international layout by establishing a Hong Kong subsidiary to cater to this trend. Third, the fourth quarter is the traditional peak season for frozen food, and expectations of Spring Festival stocking demand have boosted market sentiment [1]. In addition, the snack business achieved year-on-year growth and entered multiple mainstream snack bulk retail channels, further strengthening growth expectations [8]. Although the company’s net profit in the first three quarters of 2025 was -28.1858 million yuan (a year-on-year decrease of 17.94%) [0], the market is more concerned about its future growth potential, leading to abnormal stock price fluctuations [3]. The company’s stock price rose by the daily limit for two consecutive days on November 26-27, with a cumulative deviation of more than 20% [2], and staged a ‘floor-to-ceiling’ trend on November 28 [5], reflecting extreme fluctuations in market sentiment.

1. Synergy between Channel Breakthrough and Brand Upgrade
   : Entering high-end channels such as Sam’s Club not only brings potential short-term sales growth but also enhances brand value, laying a foundation for long-term development [8].
2. Alignment of Industry Trends and Company Strategy
   : The rapid growth of the pre-made food industry and the trend of export expansion resonate with the company’s overseas layout strategy, becoming an important growth engine [7].
3. Divergence between Market Sentiment and Fundamentals
   : Despite the company’s profit loss in the first three quarters, the market is more focused on its future growth potential (such as new channels and pre-made food business), leading to a certain degree of divergence between stock price and short-term fundamentals [0][3].

1. Short-term Valuation Risk
   : After continuous limit-up, the company’s stock price may be overvalued in the short term, contrasting with the fundamentals of loss in the first three quarters [0][6].
2. Regulatory Attention Risk
   : Abnormal stock price fluctuations (continuous limit-up, floor-to-ceiling trend) may trigger regulatory attention or inquiries [2][5].
3. Execution Risk
   : Expansion of new channels and overseas business layout take time to verify; if execution falls short of expectations, it may affect growth expectations [1].

1. Channel Expansion Opportunity
   : Further penetrate high-end retail channels (such as Sam’s Club) to enhance product premium and market share [8].
2. Dividend from Pre-made Food Industry
   : Seize the rapid development trend of the pre-made food industry to expand production capacity and market coverage [7].
3. Overseas Market Potential
   : Accelerate international layout through the Hong Kong subsidiary to share the dividend of pre-made food export growth [7].

Haixin Food (002702) has recently shown active stock price performance, reflecting the market’s optimistic expectations for its channel breakthrough, pre-made food business, and overseas layout. However, investors need to pay attention to the risk of divergence between short-term valuation and fundamentals, as well as the uncertainty of new business execution. The company’s future development still needs to focus on core indicators such as channel expansion effectiveness, pre-made food business growth, and overseas market performance.