Group 1 - The core point of the announcement is the disclosure of the eel output situation for September 2025, indicating a total output of approximately 1,564.15 tons, with 128.71 tons for export and 1,435.44 tons for self-use [1][4] - The cumulative eel output from January to September 2025 is reported to be approximately 13,485.74 tons, with 7,798.35 tons for export and 5,687.38 tons for self-use, maintaining a similar size specification range of 1P to 5P [1][2] - The sales price range for eels in September 2025 is between 51,000 yuan/ton and 130,000 yuan/ton, reflecting the price fluctuations due to a small amount of live eel exports to Japan and South Korea [1][3] Group 2 - The data provided is based on internal statistics and is unaudited, serving as a reference for investors to understand the company's eel farming business operations [2][4] - The announcement emphasizes that the disclosed data does not guarantee any future operational performance of the company [4]

Core Viewpoint - Tianma Technology (603668) reported significant figures regarding its eel production and sales for September 2025 and the cumulative data for January to September 2025, indicating a strong performance in both domestic and export markets [1] Group 1: Production and Sales Data - In September 2025, the company produced approximately 1564.15 tons of eels, with 128.71 tons for export and 1435.44 tons for self-use [1] - From January to September 2025, the total eel production reached about 13485.74 tons, with 7798.35 tons for export and 5687.38 tons for self-use [1] Group 2: Pricing Information - The sales price range for eels in September 2025 was between 51,000 yuan/ton and 130,000 yuan/ton [1] - The cumulative sales price range for eels from January to September 2025 was between 50,000 yuan/ton and 130,000 yuan/ton [1]

Core Insights - Tianma Technology (603668.SH) reported that in September 2025, the company harvested approximately 1,564.15 tons of eel, with 128.71 tons for export and 1,435.44 tons for internal use [1] - For the period from January to September 2025, the total eel harvested was about 13,485.74 tons, including 7,798.35 tons for export and 5,687.38 tons for internal use [1] - The harvested eels primarily fell within the specifications of 1P to 5P, with sales prices ranging from 51,000 yuan/ton to 130,000 yuan/ton [1] Summary by Category Company Performance - In September 2025, Tianma Technology's eel harvest was 1,564.15 tons, with a significant portion allocated for internal use [1] - Cumulatively, from January to September 2025, the company harvested 13,485.74 tons of eel, indicating a strong production capacity [1] Sales and Pricing - The sales price for eels in September 2025 ranged from 51,000 yuan/ton to 130,000 yuan/ton, reflecting a diverse pricing strategy based on quality [1] - The export volume for the first nine months of 2025 was 7,798.35 tons, showcasing the company's international market engagement [1]

证券代码：603668 证券简称：天马科技 公告编号：2025-068 福建天马科技集团股份有限公司 2025 年 9 月鳗鱼出池情况简报 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。 福建天马科技集团股份有限公司（以下简称"公司"）现将 2025 年 9 月鳗 鱼出池情况披露如下： 一、2025 年 9 月鳗鱼出池情况 2025 年 9 月，公司鳗鱼出池约 1,564.15 吨，其中外销约 128.71 吨，自用约 1,435.44 吨，本月鳗鱼出池规格主要在 1P~5P 之间，销售价格区间为 5.1 万元/ 吨~13.0 万元/吨。 2025 年 1~9 月，公司鳗鱼累计出池约 13,485.74 吨，其中外销约 7,798.35 吨， 自用约 5,687.38 吨，出池规格主要在 1P~5P 之间，销售价格区间为 5.0 万元/吨 ~13.0 万元/吨。 说明：鳗鱼出池规格一般以每公斤的 P 数（尾数）为区分。 上述出池数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 | ...

Core Insights - Tianma Technology (603668.SH) reported that in September 2025, the company harvested approximately 1,564.15 tons of eel, with 128.71 tons for export and 1,435.44 tons for internal use [1] - For the period from January to September 2025, the total eel harvested was about 13,485.74 tons, with 7,798.35 tons exported and 5,687.38 tons for internal use [1] - The main specifications of the harvested eels were between 1P and 5P, with sales prices ranging from 51,000 yuan/ton to 130,000 yuan/ton [1][1] Summary by Category Company Performance - In September 2025, Tianma Technology's eel harvest was 1,564.15 tons, with a significant portion allocated for internal use [1] - Cumulative eel harvest from January to September 2025 reached 13,485.74 tons, indicating strong production capabilities [1] Sales and Pricing - The sales price for eels in September 2025 varied between 51,000 yuan/ton and 130,000 yuan/ton, reflecting a healthy market demand [1] - The export volume for the first nine months of 2025 was 7,798.35 tons, showcasing the company's international market engagement [1]

Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]

Group 1 - The core point of the news is that Tianma Technology announced the early release of part of the pledged shares by its controlling shareholder, Fujian Tianma Investment Development Co., Ltd., which holds 12.19% of the company's total shares [2] - The number of shares released from pledge is 6,000,000, accounting for 9.78% of the shares held by Tianma Investment and 1.19% of the total shares of the company [2] - After the release, Tianma Investment has a total of 19,000,000 pledged shares, which is 30.96% of its holdings and 3.77% of the company's total shares [2] Group 2 - As of the announcement date, the controlling shareholder and actual controller, Chen Qingtang, along with his concerted actors, hold a total of 163,368,164 shares, representing 32.46% of the total shares [2] - After the release of the pledged shares, the total number of pledged shares by the controlling shareholder and his concerted actors is 75,298,272, which is 46.09% of their total holdings and 14.96% of the company's total shares [2] - Tianma Investment stated that there are no plans for further pledging of shares in the near future after this release [2] Group 3 - Tianma Technology was established on December 13, 2005, with a registered capital of 502.34 million RMB, and its main business includes smart aquaculture, food processing, and modern agricultural fisheries [3] - The company has 120 subsidiaries and employs approximately 2,100 people, with Chen Qingtang serving as the chairman and actual controller [3] - The projected revenues for 2024 and the second quarter of 2025 are 5.854 billion RMB and 1.496 billion RMB, respectively, with year-on-year growth rates of -16.34% and 9.88% [3] Group 4 - The net profit attributable to the parent company for the same periods is projected to be 26.03 million RMB and 17.30 million RMB, with year-on-year growth rates of 113.88% and 162.56% [3] - The company's asset-liability ratios for the same periods are 68.63%, 69.81%, and 69.62% [3]

截至本公告日，公司控股股东、实际控制人陈庆堂先生及其一致行动人 合计持有公司股份 163,368,164 股，占公司总股本的 32.46%。本次股份解除质 押后，公司控股股东、实际控制人及其一致行动人累计质押的股份数量为 75,298,272 股，占其合计持有公司股份数量的 46.09%，占公司总股本的 14.96%。 近日，公司收到控股股东、实际控制人之一致行动人天马投资的通知，获 悉其将质押给长城证券股份有限公司的 6,000,000 股股份办理了提前解除质押手 续，具体情况如下： 本次解除质押后，天马投资近期不存在后续再质押的计划。 证券代码：603668 证券简称：天马科技 公告编号：2025-066 福建天马科技集团股份有限公司 关于控股股东、实际控制人之一致行动人部分股份 提前解除质押的公告 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。 重要内容提示： 福建天马科技集团股份有限公司（以下简称"公司"）控股股东、实际 控制人之一致行动人福建天马投资发展有限公司（以下简称"天马投资"）持 有公司股份 61,373,4 ...

证券代码：603668 证券简称：天马科技 公告编号：2025-067 福建天马科技集团股份有限公司 关于公司对外担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 福建天马科技集团股份有限公司 | | | --- | --- | --- | --- | | | | （以下简称"公司"或"本公司"） | | | | | 全资子公司 | | | 担保对象一 | 本次担保金额 | 36,500.00 万元 | | | | 实际为其提供的担保余额 | 128,784.59 | 万元 | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担保对象二 | 被担保人名称 | 公司控股子公司 | | | | 本次担保金额 | 万元 2,000.00 | | | | 实际为其提供的担保余额 | 85,802.08 万元 | | | | 是否在前期预计 ...

Core Viewpoint - A total of 9 A-share stocks have had their financing and securities lending collateral ratios adjusted to zero due to high static price-to-earnings (PE) ratios, indicating a significant tightening in leverage for these stocks [1][5]. Financing and Securities Lending Adjustments - The financing and securities lending collateral ratio for Zhongxin International (688981.SH) was adjusted from 0.7 to 0, and for Baiwei Storage (688525.SH) from 0.5 to 0 [1]. - Other stocks affected include Ruisheng Intelligent (688215.SH), Manster (301325.SZ), Yongding Co. (600105.SH), and others, with their collateral ratios also set to zero by multiple brokerages [1][4]. Static PE Ratios - The static PE ratios for the affected stocks are notably high, with several exceeding 300, which is the threshold for collateral ratio adjustments to zero [4][5]. - For instance, Yongding Co. had a static PE ratio of 302.5663, while Zhongxin International had a ratio of 303.0659 [4]. Market Impact - The adjustment of collateral ratios to zero means that these stocks can no longer be used as collateral for margin trading, potentially impacting trading strategies for investors [6]. - Despite the adjustments, existing positions for investors are not immediately affected, but new positions cannot be opened until the collateral ratios are revised [6]. Market Activity - The margin trading market remains active, with a balance consistently above 2.2 trillion yuan since September, indicating strong investor interest [6][7]. - Recent trading activity has shown a preference for sectors such as non-ferrous metals and home appliances, while sectors like electronics and pharmaceuticals have seen net selling [7].