We view 2026 as an important execution year for HF Foods, as the company begins to translate the significant infrastructure, systems, and leadership investments made in 2025 into incremental volume growth, improved commercial execution, and a more scalable operating model. 2025 represented a major year of investment and transformation, highlighted by the opening of the new 190,000-square-foot Powder Springs, Georgia distribution center, the successful enterprise-wide ERP deployment completed in May, and the establishment of a new leadership team under CEO Felix Lin. The continued ramp of HF Foods' Southeast footprint in 2026, anchored by Atlanta and Charlotte, should support incremental organic growth over time, as cold storage capacity expands, cross-selling opportunities increase, and service levels improve across key Eastern U.S. markets. With core systems integration largely completed in 2025, we expect M&A to play a more meaningful role in 2026, as HF Foods evaluates tuck-in acquisitions to expand its geographic footprint, leverage its purchasing scale, and integrate targets more efficiently onto its unified operating platform. Management's planned restructuring of the sales organization, which is expected to normalize through early 2026, should enhance pricing discipline, promotional execution, and customer coverage, particularly across Eastern U.S. markets, while maintaining the localized relationships that differentiate HF Foods' service model. Continued fleet and facility investments, including the Chicago warehouse acquisition, position the company to improve operating efficiency and support broader product cross-selling, with management highlighting the Midwest as a longer-term organic growth opportunity beyond 2026. We maintain our $7 price target on HFFG shares, based on 10x our 2027 EPS estimate of $0.70. Our Moderate risk rating is supported by transformation progress, improved purchasing scale, and long-term earnings power.