hf foods group inc. announces results of annual stockholders meeting

HF Foods Group Inc. (NASDAQ:HFFG), a food distribution company with annual revenues of $1.2 billion, held its annual stockholders meeting on June 3, 2025. According to InvestingPro analysis, the company appears undervalued at its current market capitalization of $197 million. The meeting, conducted in person and by proxy, saw participation from holders of 47,833,810 shares, representing 91% of the company’s outstanding common stock as of April 7, 2025.

During the meeting, stockholders voted on several key proposals. In the director election, Xi "Felix" Lin, Maria Ross, and Richard Diaz were elected to the board for terms expiring at the 2026 annual meeting. Lin received 33,004,372 votes in favor, while Ross and Diaz garnered 30,068,624 and 30,126,604 votes, respectively. Votes against their election totaled 6,529,025 for Lin, 9,241,768 for Ross, and 9,183,426 for Diaz. Abstentions and broker non-votes were also recorded. The board faces challenges ahead, as InvestingPro data shows weak gross profit margins of 17.1%, though analysts expect net income growth this year.

Stockholders also ratified the appointment of BDO USA, P.C. as the company’s independent accounting firm for the fiscal year ending December 31, 2025. This proposal passed with 47,351,812 votes in favor, 400,483 against, and 81,518 abstentions.

Additionally, the "Say-on-Pay" proposal, which sought advisory approval for the compensation of HF Foods’ named executive officers, was approved. The proposal received 34,365,389 votes in favor, 5,078,354 against, and 89,777 abstentions.

These results were disclosed in an 8-K filing with the Securities and Exchange Commission, underscoring the company’s commitment to transparency and governance. The meeting outcomes reflect stockholder support for the company’s leadership and strategic direction. Looking ahead, InvestingPro analysts have set a consensus target price of $7.00, suggesting significant upside potential from current levels. Get access to 8 more exclusive ProTips and comprehensive analysis through the InvestingPro platform.

In other recent news, HF Foods Group reported its Q1 2025 earnings, revealing a revenue miss against forecasts. The company reported a revenue of $298.4 million, which fell short of the expected $303.87 million. Despite a modest revenue increase of 0.9%, the net loss expanded to $1.5 million from $0.6 million in the prior year. Operating income improved significantly, marking a turnaround from a $0.1 million loss to a $1.2 million gain. Additionally, HF Foods launched a new e-commerce platform to drive future growth.

In other developments, HF Foods announced changes to its board of directors, appointing Dennis Lam as a new member and Maria Ross as the Lead Independent (LON:IOG) Director. The company also adjusted director compensation, increasing the annual cash retainer and equity grant. These changes were detailed in a recent SEC filing. HF Foods continues to focus on strategic investments and infrastructure development as part of its growth strategy for 2025.

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