Core Points - The company Kachuang International (600097) reported a stock price of 11.45 yuan as of October 30, 2025, reflecting a decline of 1.8% from the previous trading day, with a total market capitalization of 2.759 billion yuan [1] - The company announced a provision for asset impairment amounting to 11,339,587.93 yuan, entirely related to inventory write-downs, which will reduce both the total profit for the period and the net profit attributable to shareholders by the same amount [1] Financial Summary - The stock opened at 11.54 yuan, reached a high of 11.66 yuan, and a low of 11.44 yuan on the same day, with a trading volume of 41.8033 million yuan and a turnover rate of 1.51% [1] - The impairment provision was made based on the principle of prudence to accurately reflect the asset status and operating results as of September 30, 2025, following the relevant accounting standards [1]

证券代码：600097 证券简称：开创国际 公告编号：临 2025-028 上海开创国际海洋资源股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海开创国际海洋资源股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开公司第十届董事会第二十次会议，会议审议通过《关于计提资产减 值准备的议案》，具体情况如下： 一、 计提资产减值准备的概述 公司依据谨慎性原则，为真实、准确反映公司 2025 年 9 月 30 日的资产状况 和经营成果，根据《企业会计准则》及公司会计政策的相关规定，公司对截至 2025 年 9 月 30 日有关资产进行相关减值测试。经测试，公司对可能发生减值损 失的部分资产计提减值准备 11,339,587.93 元。 上海开创国际海洋资源股份有限公司董事会 2025 年 10 月 31 日 二、 计提减值的依据、数额和原因说明 根据《企业会计准则》及公司会计政策的相关规定，公司对存货进行减值测 试，计提减值准备 11,339,587.93 元，并计入当期 ...

二、董事会会议审议情况 (一)审议通过《公司 2025 年第三季度报告》 证券代码：600097 证券简称：开创国际 公告编号：临 2025-027 上海开创国际海洋资源股份有限公司 第十届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 上海开创国际海洋资源股份有限公司（以下简称"公司"）第十届董事会第二十 次会议于 2025 年 10 月 30 日以通讯表决方式召开。本次会议通知和会议资料于 10 月 20 日以电子邮件形式发出。本次会议应到董事 9 人，实际参加通讯表决 9 人。会 议的召集、召开符合《中华人民共和国公司法》及《公司章程》的有关规定。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 董事会审计委员会 2025 年第五次会议审议通过《公司 2025 年第三季度报告》。 具体内容详见公司同日发布的《开创国际 2025 年第三季度报告》。 (二)审议通过《关于计提资产减值准备的议案》 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 具体内容详见公司同 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Kaichuang International for the third quarter of 2025, showing a slight decline in revenue but a significant increase in net profit and earnings per share [1] Group 2 - For the first three quarters of 2025, Kaichuang International reported revenue of approximately 1.7 billion yuan, representing a year-on-year decrease of 1.74% [1] - The net profit attributable to shareholders was approximately 60.52 million yuan, reflecting a year-on-year increase of 269.47% [1] - The basic earnings per share stood at 0.25 yuan, which is a year-on-year increase of 257.14% [1] - As of the report date, the market capitalization of Kaichuang International was 2.8 billion yuan [2]

Core Insights - The fishing sector experienced a decline of 1.72% on October 30, with Zhanzi Island leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Sector Performance - The following table summarizes the performance of key stocks in the fishing sector: - Dahu Co. (600257) closed at 5.59, up 0.36% with a trading volume of 97,600 shares and a turnover of 54.42 million yuan - Zhongshui Fisheries (000798) closed at 8.02, down 0.87% with a trading volume of 38,900 shares and a turnover of 31.33 million yuan - Haodangjia (600467) closed at 2.39, down 1.65% with a trading volume of 303,600 shares and a turnover of 72.87 million yuan - Kaichuang International (600097) closed at 11.45, down 1.80% with a trading volume of 36,300 shares and a turnover of 41.80 million yuan - Guolian Aquatic Products (300094) closed at 3.44, down 2.27% with a trading volume of 302,500 shares and a turnover of 105 million yuan - Zhanzi Island (002069) closed at 3.71, down 3.89% with a trading volume of 160,900 shares and a turnover of 60.39 million yuan [1] Capital Flow Analysis - The fishing sector saw a net outflow of 29.61 million yuan from main funds, while speculative funds had a net inflow of 10.99 million yuan, and retail investors had a net inflow of 18.61 million yuan [1] - Detailed capital flow for key stocks includes: - Dahu Co. (600257) had a main fund net inflow of 5.08 million yuan, with a net outflow from speculative funds of 3.74 million yuan and a net outflow from retail investors of 1.34 million yuan - Kaichuang International (600097) had a main fund net inflow of 0.44 million yuan, with a net inflow from speculative funds of 0.16 million yuan and a net outflow from retail investors of 0.61 million yuan - Zhongshui Fisheries (000798) experienced a main fund net outflow of 1.98 million yuan, with a net inflow from speculative funds of 0.53 million yuan and a net inflow from retail investors of 1.45 million yuan - Zhanzi Island (002069) had a main fund net outflow of 2.97 million yuan, with a net inflow from speculative funds of 5.08 million yuan and a net outflow from retail investors of 2.10 million yuan - Haodangjia (600467) faced a main fund net outflow of 11.03 million yuan, with a net inflow from speculative funds of 7.32 million yuan and a net inflow from retail investors of 3.71 million yuan - Guolian Aquatic Products (300094) had a main fund net outflow of 19.14 million yuan, with a net inflow from speculative funds of 1.65 million yuan and a net inflow from retail investors of 17.49 million yuan [2]

Financial Performance - The company's operating revenue for the third quarter was ¥450,167,434.57, a decrease of 32.82% compared to the same period last year[3] - The total profit for the year-to-date period reached ¥70,722,111.68, reflecting a significant increase of 129.14% year-on-year[3] - The net profit attributable to shareholders for the year-to-date period was ¥60,517,260.98, showing a remarkable increase of 269.47% compared to the previous year[3] - The basic earnings per share for the year-to-date period was ¥0.25, an increase of 257.14% year-on-year[3] - Total operating revenue for the first three quarters of 2025 was approximately CNY 1.70 billion, a slight decrease of 1.3% compared to CNY 1.73 billion in the same period of 2024[18] - Total operating costs for the first three quarters of 2025 were approximately CNY 1.63 billion, down 3.7% from CNY 1.69 billion in 2024[18] - Net profit for the first three quarters of 2025 reached approximately CNY 65.74 million, an increase of 182.5% compared to CNY 23.27 million in 2024[19] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.25, compared to CNY 0.07 in the same period of 2024[21] - Other comprehensive income after tax for the first three quarters of 2025 was approximately CNY 35.27 million, compared to a loss of CNY 12.18 million in 2024[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,318,410,450.19, a slight decrease of 0.91% from the end of the previous year[5] - As of September 30, 2025, the total assets of Shanghai Kaichuang International Marine Resources Co., Ltd. amounted to RMB 3,318,410,450.19, a slight decrease from RMB 3,348,883,475.86 at the end of 2024[13][15] - The company's current assets totaled RMB 1,501,917,343.79, down from RMB 1,571,709,484.58 in the previous year, indicating a decrease of approximately 4.4%[13] - Non-current assets increased to RMB 1,816,493,106.40 from RMB 1,777,173,991.28, reflecting an increase of about 2.5%[14] - Total liabilities decreased to RMB 968,195,041.51 from RMB 1,080,394,182.18, representing a reduction of approximately 10.4%[15] - The company's equity attributable to shareholders rose to RMB 2,319,250,823.16 from RMB 2,242,412,195.88, marking an increase of about 3.4%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 60.13% compared to the previous year[6] - Cash flow from operating activities for the first three quarters of 2025 was approximately CNY 75.64 million, a decrease of 60% from CNY 189.74 million in 2024[21] - Cash and cash equivalents at the end of the first three quarters of 2025 were approximately CNY 320.34 million, down from CNY 495.18 million at the end of 2024[22] - The cash and cash equivalents decreased significantly from RMB 525,433,063.34 to RMB 320,338,033.94, a decline of approximately 39%[13] - The company reported a net cash outflow from investing activities of approximately CNY 200.28 million in the first three quarters of 2025, compared to CNY 75.48 million in 2024[22] - The company experienced a net cash outflow from financing activities of approximately CNY 84.11 million in the first three quarters of 2025, compared to CNY 137.90 million in 2024[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,895[10] - The largest shareholder, Shanghai Ocean Fishing Co., Ltd., holds 42.26% of the shares, totaling 101,811,538 shares[10] Other Information - The company received government subsidies amounting to ¥3,899,960.82 for the current period[7] - The company reported a decrease in short-term borrowings, reflecting improved liquidity management[15] - The company’s total equity increased by approximately 3.6% year-over-year, indicating a positive trend in shareholder value[15] - The company did not report any net profit from subsidiaries prior to the merger in the current period[21]

Core Viewpoint - The stock of Kaichuang International (600097) has shown a decline in recent trading sessions, with significant net outflows from major funds, while retail investors have shown some net inflows [1][2]. Group 1: Stock Performance - As of October 29, 2025, Kaichuang International closed at 11.66 yuan, down 0.77%, with a turnover rate of 2.2% and a trading volume of 52,900 lots, amounting to 61.11 million yuan [1]. - The net outflow of major funds on October 29 was 2.01 million yuan, accounting for 3.3% of the total trading volume, while retail investors had a net inflow of 0.86 million yuan, representing 1.41% of the total [1]. Group 2: Financial Metrics - Kaichuang International's total market capitalization is 2.809 billion yuan, with a net asset value of 2.326 billion yuan and a net profit of 27.60 million yuan [2]. - The company reported a year-on-year revenue increase of 17.92% for the first half of 2025, reaching 1.25 billion yuan, and a net profit increase of 206.35%, amounting to 27.60 million yuan [2]. - The gross profit margin stands at 31.49%, with a net profit margin of 2.49% [2]. Group 3: Industry Comparison - In comparison to the average of the agriculture, animal husbandry, and fishery industry, Kaichuang International ranks 64th in total market capitalization and 41st in net assets [2]. - The company's price-to-earnings ratio is 50.89, which is lower than the industry average of 71.61, indicating a relatively favorable valuation [2].

Core Insights - The fishing sector experienced a decline of 0.71% on October 29, with Zhuangzi Island leading the losses [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Sector Performance - The following stocks in the fishing sector showed varying performance: - Haodangjia (600467) closed at 2.43, down 0.41% with a trading volume of 321,600 shares and a turnover of 77.35 million yuan - Dahuhua (600257) closed at 5.57, down 0.54% with a trading volume of 102,000 shares and a turnover of 56.70 million yuan - Guolian Aquatic Products (300094) closed at 3.52, down 0.56% with a trading volume of 338,700 shares and a turnover of 118 million yuan - Kaichuang International (600097) closed at 11.66, down 0.77% with a trading volume of 52,900 shares and a turnover of 61.11 million yuan - Zhongshui Fishery (000798) closed at 8.09, down 0.86% with a trading volume of 47,900 shares and a turnover of 38.61 million yuan - Zhuangzi Island (002069) closed at 3.86, down 1.28% with a trading volume of 113,600 shares and a turnover of 43.59 million yuan [1] Capital Flow Analysis - The fishing sector saw a net inflow of 3.5 million yuan from institutional investors, while retail investors experienced a net outflow of 6.96 million yuan [1] - Detailed capital flow for individual stocks includes: - Haodangjia (600467) had a net inflow of 8.86 million yuan from institutional investors, but a net outflow of 10.13 million yuan from retail investors [2] - Dahuhua (600257) had a net inflow of 4.56 million yuan from institutional investors, with a net outflow of 3.89 million yuan from retail investors [2] - Guolian Aquatic Products (300094) had a net outflow of 4.36 million yuan from institutional investors, but a net inflow of 7.84 million yuan from retail investors [2] - Zhuangzi Island (002069) had a net outflow of 3.64 million yuan from institutional investors, with a net inflow of 4.14 million yuan from retail investors [2]

Core Insights - The stock of Kaichuang International (600097) closed at 11.75 yuan on October 28, 2025, with a slight increase of 0.69% and a trading volume of 41,900 hands, resulting in a transaction amount of 49.25 million yuan [1] Financial Performance - For the first half of 2025, Kaichuang International reported a main revenue of 1.25 billion yuan, representing a year-on-year increase of 17.92% - The net profit attributable to shareholders was 27.6 million yuan, up 206.35% year-on-year - The net profit after deducting non-recurring gains and losses was 24.37 million yuan, an increase of 185.49% year-on-year - In Q2 2025, the company achieved a single-quarter main revenue of 666 million yuan, a year-on-year increase of 32.1% - The single-quarter net profit attributable to shareholders was 14.68 million yuan, up 143.78% year-on-year - The company’s gross profit margin stood at 31.49% [3] Market Position - Kaichuang International's total market value is 2.831 billion yuan, significantly lower than the industry average of 12.502 billion yuan, ranking 65th in the industry - The company’s net assets are 2.326 billion yuan, compared to the industry average of 4.873 billion yuan, ranking 42nd - The price-to-earnings ratio (P/E) is 51.28, which is more favorable than the industry average of 92.38, ranking 68th - The price-to-book ratio (P/B) is 1.23, significantly lower than the industry average of 7.77, ranking 7th - The net profit margin is 2.49%, compared to the industry average of -0.69%, ranking 41st [3] Capital Flow Analysis - On October 28, 2025, the net outflow of main funds was 1.1577 million yuan, accounting for 2.35% of the total transaction amount - The net inflow of speculative funds was 3.7207 million yuan, representing 7.56% of the total transaction amount - Retail investors experienced a net outflow of 2.563 million yuan, which is 5.2% of the total transaction amount [1][2]

Core Insights - The fisheries sector experienced a 0.51% increase on October 28, with Zhongshui Fisheries leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Fisheries Sector Performance - Zhongshui Fisheries (000798) closed at 8.16, up 1.62% with a trading volume of 70,800 shares and a transaction value of 57.31 million yuan [1] - Dahu Co. (600257) closed at 5.60, up 0.90% with a trading volume of 116,800 shares and a transaction value of 65.10 million yuan [1] - Kaichuang International (600097) closed at 11.75, up 0.69% with a trading volume of 41,900 shares and a transaction value of 49.25 million yuan [1] - Haodangjia (600467) closed at 2.44, up 0.41% with a trading volume of 228,600 shares and a transaction value of 55.70 million yuan [1] - Zhangzidao (002069) closed at 3.91, unchanged with a trading volume of 88,400 shares and a transaction value of 34.60 million yuan [1] - Guolian Aquatic Products (300094) closed at 3.54, down 0.28% with a trading volume of 228,900 shares and a transaction value of 81.13 million yuan [1] Capital Flow Analysis - The fisheries sector saw a net inflow of 6.34 million yuan from main funds, while retail funds experienced a net outflow of 3.84 million yuan [1] - Zhongshui Fisheries had a main fund net inflow of 11.16 million yuan, accounting for 19.47% of its total [2] - Zhangzidao had a main fund net inflow of 4.61 million yuan, representing 13.34% of its total [2] - Dahu Co. had a main fund net inflow of 765,800 yuan, accounting for 1.18% of its total [2] - Guolian Aquatic Products experienced a significant main fund net outflow of 9.70 million yuan, representing -11.96% of its total [2]