Company: HFFG
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001680873-25-000022
Chunk: 3

Company: HF Foods Group Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 3
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AL REPORT ON FORM 10-K                                                                                                                                     |     | 43 |
| WHERE YOU CAN FIND MORE INFORMATION                                                                                                                            |     | 44 |
| APPENDIX                                                                                                                                                       |     | 45 |

### LETTER FROM OUR PRESIDENT AND CEO
Dear Stockholders,

It is my pleasure to welcome you to the 2025 Annual Meeting of Stockholders of HF Foods Group Inc. (“HF Foods”). On behalf of the Board of Directors and the management team, I am pleased to present the Proxy Statement for this year's meeting, outlining important information regarding the matters to be voted upon by our stockholders.

### Financial Performance in Fiscal Year 2024

### 1
I would like to start by congratulating the entire HF team on a strong finish to 2024. The results we achieved are a testament to all the hard work that's been put into executing our strategic plan. Despite the challenges we faced in 2024, our team delivered net revenue of $1.2 billion, an increase of 4.6% compared to 2023, and gross profit of $205.2 million, an increase of 0.6%. Additionally, our adjusted EBITDA grew $7.5 million to $42.0 million in 2024, representing 21.6% growth. These results reflect the discipline and dedication of our team and the resilience of our core operating model, both of which have allowed us to weather industry changes while continuing to deliver the quality service that defines our reputation in the marketplace.

Significant Progress on Our Strategic Transformation Plan

In the past year, we continued to execute upon our strategic transformation plan, further cementing HF Foods’ position as the premier food service company within the Asian foodservice market.

Our centralized purchasing program has made meaningful progress, particularly in the seafood category, and we're now expanding this initiative across other key product categories. A highlight of this effort is our cooking oil initiative, with our Kansas City facility now operational and all of our distribution centers having access to this capability. This vertical integration initiative, combined with our broader centralized purchasing strategy, enhances our operational efficiency and improves our long-term margin profile while strengthening our purchasing power.

We also made progress in our fleet and transportation initiatives, executing on a comprehensive fleet enhancement program that includes upgrading our delivery vehicle fleet and implementing sophisticated route optimization technology. These improvements drive meaningful cost efficiencies through shorter delivery routes and reduced drive times across our Southeast operations.

We made significant strides in our digital supply chain and warehouse management system implementation, successfully expanding our modern