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olivLaw · US equity research

CN Healthy Food Tech Group Corp. UCFI

Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)

5.51USD0.00% · 1 dayClose 03 Nov 2026

CN Healthy Food Tech Group Corp. develops, produces and sells premium grain-based health foods, combining biotechnology with ingredients drawn from traditional Chinese medicine. The company began trading on Nasdaq on October 1, 2025 after its merger with Iron Horse, but trading has since been halted and the listing is contested by Chinese regulators, which makes its situation relevant for investors and observers.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, CN Healthy Food Tech Group Corp. (UCFI) stock was 5.51 USD (+0.00% on the day), with market capitalisation 287.8 m USD, P/E 36.7 on diluted EPS of 0.15 USD over the last 12 months, beta 0.01, 52-week range 5.51–5.51 USD. Latest reported quarter (Q2 2026): revenue of 8.7 m USD (+17.1% YoY), net income of 3.1 m USD (+4.7% YoY), diluted EPS 0.06 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
287.8 m USD
shares as of 14 Aug 2026
P/E (TTM)
36.7
Diluted EPS TTM 0.15 · TTM to 30 Jun 2026
E/P (TTM)
2.73%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.01
Volatility (1y) 137%
52-week range
5.515.51

Price history

Loading chart…

Technical reading

RSI (14)
33.9
weak (30–45)
Bollinger (20, 2)
2.97 – 8.85
in the lower half of the band · %B 0.43 · band width 99.6%
SMA 50 / 200
8.42 / 9.93
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.93 / -1.06
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 monthunavailable−1.1%unavailable—
3 monthsunavailable−0.5%unavailable—
6 monthsunavailable+4.4%unavailable—
Year to dateunavailable+12.3%unavailable—
1 yearunavailable+13.5%unavailable−44.5%
3 yearsunavailable+76.4%unavailable−69.0%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
0.0%
Max drawdown (5y)
−67.3%
27 Aug 2025 → 30 Sept 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
8.7 m USD
+17.1% YoY
Net income
3.1 m USD
+4.7% YoY
Diluted EPS
0.06
0.0% YoY
net / operating
35.0% / 58.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue4.3 m6.1 m4.8 m7.5 m7.9 m7.9 m5.8 m8.7 m
Cost of revenue1.3 m2.0 m2.5 m2.5 m2.3 m2.0 m1.5 m2.5 m
Gross profit2.9 m4.1 m2.4 m4.9 m5.6 m5.9 m4.4 m6.2 m
Research & development——27.5 k30.9 k37.8 k37.1 k38.4 k35.6 k
Operating income2.3 m2.9 m805.2 k3.9 m4.6 m2.5 m730.6 k5.1 m
Depreciation & amortisation—83.6 k———132.1 k——
Interest expense-9.1 k-2.2 k—5.6 k-10.1 k-5.1 k206.0 k129.9 k
Pre-tax income2.3 m2.9 m898.8 k4.0 m4.7 m2.7 m541.5 k4.6 m
Income tax743.6 k846.2 k125.1 k1.1 m1.4 m1.3 m850.5 k1.5 m
Net income1.6 m2.1 m773.7 k2.9 m3.3 m1.4 m-309.0 k3.1 m
Diluted EPS0.040.04 ≈0.020.060.070.03 ≈-0.010.06
Operating cash flow22.3 m ≈20.3 m-165.4 k-1.3 m ≈-4.2 m ≈-3.3 m-3.6 m-7.0 m ≈
Capex——73.4 k194.3 k ≈176.8 k ≈266.1 k1.6 k14 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 80 percentile of its own 5-quarter history (min 21.6, median 36.7, max 64.7; quarters with earnings only).

Fiscal years

Fiscal year2022202320242025
Revenueunavailableunavailable11.3 m27.8 m
Revenue YoYunavailableunavailableunavailable+144.6%
Net income-181.0 k-308.8 k4.0 m8.4 m
Net income YoYunavailableunavailableunavailable+110.5%
Diluted EPSunavailableunavailable0.080.17
Diluted EPS YoYunavailableunavailableunavailable+112.5%
net %unavailableunavailable35.2%30.3%
Free cash flowunavailableunavailable42.1 m-9.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
33.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
19.9 m USD
Total assets
44.7 m USD
Debt / equity
unavailable
Current ratio
1.50x
ROE
54.8%
ROA
17.6%
FCF margin
-35.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2024
11.3 m
2025
27.8 m

SEC (XBRL)· 26 Oct 2026verified

Cost of revenue
2023
—
2024
3.8 m
2025
9.3 m

SEC (XBRL)· 26 Oct 2026verified

Gross profit
2023
—
2024
7.5 m
2025
18.4 m

SEC (XBRL)· 26 Oct 2026verified

Research & development
2023
—
2024
7.0 k
2025
133.3 k

SEC (XBRL)· 26 Oct 2026verified

Operating income
2023
-309.0 k
2024
5.5 m
2025
11.8 m

SEC (XBRL)· 26 Oct 2026verified

Depreciation & amortisation
2023
—
2024
194.6 k
2025
468.2 k

SEC (XBRL)· 26 Oct 2026verified

EBITDA
2023
—
2024
5.7 m ≈
2025
12.2 m ≈

SEC (XBRL)· 26 Oct 2026derived

Interest expense
2023
—
2024
-13.7 k
2025
-70.1 k

SEC (XBRL)· 26 Oct 2026verified

Pre-tax income
2023
-309.0 k
2024
5.6 m
2025
12.3 m

SEC (XBRL)· 26 Oct 2026verified

Income tax
2023
-226
2024
1.6 m
2025
3.9 m

SEC (XBRL)· 26 Oct 2026verified

Net income
2023
-308.8 k
2024
4.0 m
2025
8.4 m

SEC (XBRL)· 26 Oct 2026verified

Diluted EPS
2023
—
2024
0.08
2025
0.17

SEC (XBRL)· 26 Oct 2026verified

Weighted average diluted shares
2023
—
2024
47.7 m
2025
48.9 m

SEC (XBRL)· 26 Oct 2026verified

Balance sheet · USD

Cash
2023
657.0 k
2024
41.4 m
2025
33.0 m

SEC (XBRL)· 13 May 2026verified

Receivables
2023
—
2024
845
2025
287

SEC (XBRL)· 13 May 2026verified

Inventories
2023
—
2024
1.3 m
2025
956.4 k

SEC (XBRL)· 13 May 2026verified

Current assets
2023
690.1 k
2024
44.0 m
2025
36.9 m

SEC (XBRL)· 13 May 2026verified

Property, plant & equipment, net
2023
—
2024
4.0 m
2025
4.6 m

SEC (XBRL)· 13 May 2026verified

Intangibles (excl. goodwill)
2023
—
2024
49.3 k
2025
83.7 k

SEC (XBRL)· 13 May 2026verified

Total assets
2023
69.7 m
2024
50.8 m
2025
44.7 m

SEC (XBRL)· 13 May 2026verified

Accounts payable
2023
—
2024
585.3 k
2025
69.1 k

SEC (XBRL)· 13 May 2026verified

Current liabilities
2023
861.6 k
2024
39.9 m
2025
24.6 m

SEC (XBRL)· 13 May 2026verified

Total liabilities
2023
3.4 m
2024
39.9 m
2025
24.9 m

SEC (XBRL)· 13 May 2026verified

Equity
2023
1 †
2024
10.8 m †
2025
19.9 m †

SEC (XBRL)· 13 May 2026verified

Cash flow · USD

Operating cash flow
2023
-83.2 k
2024
42.1 m
2025
-9.0 m

SEC (XBRL)· 26 Oct 2026verified

Capex
2023
—
2024
1.8 k
2025
710.6 k

SEC (XBRL)· 26 Oct 2026verified

Free cash flow
2023
—
2024
42.1 m ≈
2025
-9.8 m ≈

SEC (XBRL)· 26 Oct 2026derived

Investing cash flow
2023
-69.0 m
2024
-52.4 k
2025
-892.4 k

SEC (XBRL)· 26 Oct 2026verified

Financing cash flow
2023
69.7 m
2024
582.9 k
2025
2.8 k

SEC (XBRL)· 26 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
144.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
112.5%
computed by olivLawFY 2025
Net income growth (YoY)
110.5%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
112.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-123.2%
computed by olivLawFY 2025

Profitability

Gross margin
72.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
44.2%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
42.7%
computed by olivLawTTM to 30 Jun 2026
Net margin
24.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-61.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
39.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
13.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
55.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
40.4x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
2.3x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
2.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
2.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-18.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
444.5 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-18.6 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
-249.7%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
-135.7%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
0 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
97 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
45 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
51 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
287.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
38.5x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
36.7x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
2.7%
computed by olivLawTTM to 30 Jun 2026
P/B
12.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
9.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-6.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 41.7% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.51 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 287.8 m USD

Key indicators

Market capitalisation
287.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
36.7x
computed by olivLawTTM to 30 Jun 2026
P/B
12.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
39.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
24.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
144.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 14 Aug 2026
Source: SEC (XBRL)published 26 Oct 2026
verified 351derived 29

Score by group

42% · Insufficient data

Estimated value range

Low
2.27
USD per share
Mid
2.93
USD per share
High
3.42
USD per share
Price: 5.51 USD
The price is above the range
Potential to the central value: -46.8% (value / price − 1)
Margin of safety: -88.1% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.27 – 3.42 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E2.27 – 3.42 (Mid 2.93)
    4 companies used · median multiple 19.5x · quartiles 15.1x – 22.7x
    BRBR, CPB, FLO, MDLZ
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Food and Kindred Products (SIC 2000)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 41.7% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality24.6%95 (vs peers)15%
FCF conversion · Quality-249.7%0 (on a fixed band)15%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet40.4x100 (on a fixed band)15%
Current ratio · Balance sheet2.3x100 (on a fixed band)10%
P/E (TTM) · Valuation36.7x20 (vs peers)25%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-6.5%0 (on a fixed band)20%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality47/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation11/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CN Healthy Food Tech Group Corp. (UCFI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 27.8 m USD in 2025; YoY growth 144.6%; net margin 24.6%; ROE 39.2%.

The estimated value range is 2.27–3.42 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.93 USD, the price of 5.51 USD leaves a potential of -46.8% (value / price − 1) and a margin of safety of -88.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 24.6%
  • Interest coverage: 40.4x
  • Current ratio: 2.3x

What contradicts it

  • FCF conversion: -249.7%
  • P/E (TTM): 36.7x
  • FCF yield: -6.5%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
36.7x
vertical median 21.2x
above median (+72.7%)
EV/EBITDA
—
vertical median 10.1x
P/S
9.5x
vertical median 0.8x
above median (+1,145.6%)
P/B
12.3x
vertical median 2.3x
above median (+429.1%)
ROE
39.2%
vertical median -22.9%
above median
Net margin
24.6%
vertical median -4.0%
above median
EBIT margin
42.7%
vertical median -10.3%
above median
Revenue YoY
144.6%
vertical median 4.7%
above median (+2,991.3%)
Net debt/EBITDA
—
vertical median 3.3x
Dividend yield
—
vertical median 8.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MDLZMondelez International, Inc.85.3 bn21.215.5%10.2%+5.8%+17% / −5%
CAGConagra Brands, Inc.7.3 bn—-24.9%-17.0%−2.9%−14% / −46%
CPBThe Campbell’s Company6.9 bn17.810.4%4.1%−5.0%−24% / −42%
OTLYOatly Group AB5.1 bn—-247.9%-17.7%+4.7%−34% / −55%
BYNDBeyond Meat, Inc.3.7 bn——111.7%−15.6%−76% / −97%
STKHSteakholder Foods Ltd.2.3 bn—-266.3%-112,470.0%unavailable−95% / −100%
FLOFlowers Foods Inc1.5 bn27.34.0%1.1%unavailable−34% / −66%
BRBRBellRing Brands, Inc.1.2 bn7.2—7.3%+16.1%−67% / −81%
SMPLThe Simply Good Foods Company1.2 bn—-9.6%-11.5%−6.5%−32% / −66%
VITLVital Farms, Inc.450.8 m—-7.4%-3.0%+25.3%−68% / −21%
UCFICN Healthy Food Tech Group Corp.287.8 m36.739.2%24.6%+144.6%unavailable / unavailable
BGSB&G Foods, Inc.208.9 m—-15.8%-4.0%unavailable−44% / −72%
CHSNChanson International Holding131.0 m112.00.5%1.0%+0.2%−99% / −100%
SOWGSow Good Inc.44.4 m—-346.4%—unavailable−75% / −98%
MLECMoolec Science SA32.7 m—-86.4%-130.0%+521.5%−86% / −100%
LSFLaird Superfood, Inc.26.9 m—-22.9%-3.4%+15.2%−12% / +129%
BOFBranchOut Food Inc.25.9 m—-202.6%-56.8%+113.3%−45% / +8%
BRLSBorealis Foods Inc.24.7 m——-56.5%+8.2%−38% / −90%
HAINThe Hain Celestial Group, Inc.13.7 m—-96.8%-22.5%−13.2%−86% / −99%
DDCDDC Enterprise Limited——-124.4%-123.3%+4.6%−96% / −100%
NOMDNomad Foods Limited——5.3%4.5%−2.2%+2% / −22%

1- and 3-year price returns: for UCFI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
3.42
Total return -38% · Per year -38%
6.03
Total return 9% · Per year 9%
9.04
Total return 64% · Per year 64%
3 years
4.06
Total return -26% · Per year -10%
7.97
Total return 45% · Per year 13%
13.02
Total return 136% · Per year 33%
5 years
4.82
Total return -13% · Per year -3%
10.54
Total return 91% · Per year 14%
18.75
Total return 240% · Per year 28%
What moves the 3-year price the most
  • Exit P/E± 1.99
  • Net margin± 1.39
  • Annual revenue growth± 1.04
  • Annual dilution± 0.12

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 10-K/A (26 Oct 2026).

In brief

CN Healthy Food Tech Group Corp. develops, produces and sells premium grain-based health foods, combining biotechnology with ingredients drawn from traditional Chinese medicine. The company began trading on Nasdaq on October 1, 2025 after its merger with Iron Horse, but trading has since been halted and the listing is contested by Chinese regulators, which makes its situation relevant for investors and observers.

SWOT

Strengths

  • The company has a recently opened in-house production base, a large offline distribution network and a portfolio of registered patents and trademarks in China.
  • Combining biotechnology with traditional Chinese principles gives a differentiated story for consumers seeking premium products.
  • Revenue growth in the first half of 2026 suggests the distribution model can generate demand and operating profit 2.

Weaknesses

  • Trading on Nasdaq has been halted, which limits liquidity and investor access to the shares.
  • Debt is in default and default interest absorbs a significant part of profit.
  • The operating history is short and many products are still made by third parties, which makes future performance hard to estimate.

Opportunities

  • If own production grows, costs could fall and margins could become more predictable.
  • Expansion outside China is cited as a goal, and geographic diversification could reduce reliance on a single market.
  • Developing online channels and AI-generated content could attract customers in new segments.

Threats

  • CSRC rules on overseas listing could prevent or delay access to international capital markets.
  • Administrative sanctions and the delisting decision could damage the company's reputation and its ability to raise funds.
  • Intense competition in health foods and shifts in consumer behaviour could reduce market share.

Risks

  • Trading suspension and delistinghigh

    Nasdaq suspended trading, and the company received a delisting determination that it has contested. If the decision stands, investors could lose liquidity.

  • CSRC approval not obtainedhigh

    The company stated it had not received the CSRC filing notice. Without that approval, the listing and issuance of securities could remain blocked.

  • Administrative sanctionsmedium

    The operating subsidiary received a proposed fine from the provincial regulator, which was paid in May 2026. Repeated sanctions could affect operations in China.

  • Defaulted promissory notesmedium

    Three promissory notes are in default and extension talks are ongoing. If lenders demanded repayment, the financial position could become strained.

  • Limited operating historylow

    The company began operations in 2024 and was recently restructured, which makes long-term revenue and expense forecasts difficult.

Investment thesis

What would need to be true (bull case)

  • Revenue rose in the first half of 2026, and own production could improve margins if it holds at the current level 2.
  • A large offline dealer network and an expanding online channel provide a distribution base that could support growth.
  • If the listing is resolved, the company could regain access to capital markets and better liquidity for its shares.

What would break the thesis

  • The trading suspension and delisting decision could materially limit the value and liquidity of the securities.
  • Defaulted debt and default interest could reduce profitability and financial flexibility.
  • Chinese regulatory risks could continue to affect the company's ability to issue securities and distribute dividends abroad.

What to watch

  • Outcome of the appeal against the delisting determination and whether trading resumes on NasdaqQ3 2026
  • CSRC notice on the overseas listing filing2026
  • Extension of the maturity dates of the defaulted promissory notesQ3 2026
  • Trend in gross margin as the share of own production risesnext 10-Q

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 10-K/A (26 Oct 2026).

The business

The group operates as a holding company without substantive operations of its own, with its Chinese subsidiaries carrying out the research, production and sale of grain-based products made through bio-extraction. According to the 2025 annual report 1, the range includes cordyceps peptide selenium powder, plant extract beverages, a composite grain congee and a nattokinase supplement. Own production began in October 2025, and the core products are still partly made under OEM arrangements or bought from external suppliers.

The distribution model relies on offline dealer networks and live-stream sales on platforms such as Douyin, Kuaishou and Meituan. Offline dealer sales made up the large majority of consolidated revenue in 2025 1, while the online channel grew as a share but remains the minority. The company reports more than ten thousand specialty stores and distributor clients at the end of 2025.

The legal and listing position dominates the picture: after the September 2025 merger, CSRC approval for the U.S. listing had not been obtained and Nasdaq suspended trading. The 2026 quarterly report 2 shows that the regulator proposed fines, that a delisting determination was received, and that the company requested an appeal.

Segments

Wholesale distribution through offline dealers

This is the main segment, delivering products to distributors through extensive dealer networks and specialty stores. It accounted for most revenue in 2025 1, and revenue grew year over year in the first half of 2026 2.

Live-stream sales on digital platforms

This segment sells digital coupons for goods and services through e-commerce and social platforms, using live streams with AI-generated digital hosts. Its share of revenue rose in 2025 compared with the prior year 1, but it remains smaller than offline distribution.

Market context

The company defines its market as high-end health foods in China, which is supported by an ageing population and growing interest in preventive health 1. The stated goal is a share above 15% in natural grain and processed health food markets 1, but this is an aspiration rather than a measured result.

Chinese regulation and competition can directly affect access to capital markets and expansion, and long-term results depend on keeping distribution channels intact. Revenue rose in the first half of 2026 2, but the outlook stays conditional on resolving the listing disputes.

Trends

  • Ageing population and demand for health consumptiontailwind

    The annual report highlights rising public health awareness and demand for healthy foods, which could support sales of grain-based products 1.

  • Digitalisation of sales through live streamingtailwind

    Live streams and AI-created digital hosts extend the online channels and could help reach premium customers 1.

  • Regulation of overseas listingsheadwind

    CSRC requirements for issuing and listing securities on foreign exchanges could block the company's access to U.S. capital or force structural changes 1.

  • Shift to own productionmixed

    The Daqing plant began operating in October 2025, and a higher share of own production could lower unit costs, though the efficiency gains still need confirmation 2.

Competitive position

The annual report does not explicitly name competitors, but the company positions itself in the high-end health food segment in China, where it competes with makers of plant and grain-based supplements. The absence of a named competitor list in the sources makes market share comparison difficult.

The advantages cited are its brand, dealer network and integration of biotechnology with traditional Chinese medicine 1. If competition intensifies, pressure on margins could increase, particularly without an active international listing.

  • Chinese makers of grain-based and herbal health foods

    Direct competitors are numerous and fragmented, and the sources analysed do not name them.

  • Offline distributors and specialty health-product networks

    These are an essential part of the company's model and can act as both partners and competitors for customer attention.

  • E-commerce and live-streaming platforms

    Competition for digital sales comes from platforms and other merchants offering similar products.

  • International nutritional supplement brands active in China

    These can exert pressure on prices and on brand recognition in the premium segment.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CN Healthy Food Tech Group Corp. · 31 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CN Healthy Food Tech Group Corp. · 14 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.