四 川 辞 鉴 （ 湛 江 ） 律 师 事 务 所 关于 湛 江 国 联 水 产 开 发 股 份 有 限 公 司 ２０２４ 年 年 度 股 东 大 会 的 法律意见书 根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》(以下简称《公司法》)和中国证券监督管理 委员会《上市公司股东大会规则》（以下简称《股东大会规则》）等 法律法规、规范性文件及《湛江国联水产开发股份有限公司章程》(以 下简称《公司章程》）的要求,四川辞鉴(湛江)律师事务所(以下 简称本所)接受湛江国联水产开发股份有限公司(以下简称公司)的 委托,指派律师出席公司于 2025年 5 月 22 日在广东省港江吴川市黄 坡镇（吴川）华星产业转移工业园工业大道 6 号公司一号会议厅召开 的 2024 年年度股东大会（以下简称本次股东大会）。 本法律意见书仅供见证公司本次股东大会相关事项的合法性之 目的使用,不得用作任何其他目的。本所同意将本法律意见书随本次 股东大会其他信息披露资料一并公告,并依法承担相关的法律责任。 本所仅就本次股东大会的召集程序、召开程序、出席会议人员资 格、召集人资格、表决程序、表决结果等事项发表法律意 ...

Core Viewpoint - Guolian Aquatic Products is focusing on strategies to enhance profitability, including a focus on major products, dual circulation sales, and innovation in food products, amidst a backdrop of six consecutive years of losses [1][2][3] Financial Performance - In 2024, Guolian Aquatic Products reported total revenue of 3.409 billion yuan, a decrease of 26.16% year-on-year, and a net loss of approximately 742 million yuan, which is an increase of 39.62% in the loss compared to the previous year [2][3] - The decline in revenue is attributed to significant impacts on trade products and market conditions, while the expanded net loss is due to adverse global economic conditions, low prices for shrimp and other seafood, and substantial asset impairment provisions [2][3] Strategic Focus - The company plans to implement a "321 major product" strategy, aiming for the top three products to account for over 30%, 20%, and 10% of revenue respectively, while optimizing production management and cost efficiency [3] - Guolian Aquatic Products is shifting its focus to the food sector, having divested from upstream operations, with 94.80% of its revenue in 2024 coming from the aquatic food industry [3] Project Developments - The company has decided to terminate its water product deep processing expansion project due to changes in market demand and declining prices for shrimp, reallocating the remaining funds to improve liquidity [6][7] - Originally planned to be completed by January 2024, the project has been delayed to January 2026, with only 3.887 million yuan of the raised funds utilized by March 2025 [7] Regulatory Issues - Guolian Aquatic Products has been found to have multiple issues in its 2023 annual report, including inaccurate revenue recognition and inadequate internal controls, leading to regulatory scrutiny from the Guangdong Securities Regulatory Bureau [8][9] - The company has acknowledged the need for improved internal controls and has committed to enhancing compliance and financial reporting practices following the regulatory findings [12][13]

Core Viewpoint - The article highlights the booming market for crayfish in China, particularly focusing on the production and quality control processes of Guolian Aquatic Products, a leading company in the industry, as well as the ecological advantages of crayfish farming in Hunan Province [1][12][13]. Group 1: Market Demand and Trends - The crayfish season has begun, with consumers increasingly enjoying this delicacy, making it a significant part of the dining experience during summer [2][9]. - Social media platforms like Xiaohongshu and Weibo are seeing a surge in discussions about crayfish, indicating a growing consumer interest in safe and quality food options [54][55]. Group 2: Production and Quality Control - Guolian Aquatic Products sources crayfish from the ecological farming model in Hunan, which allows for a reduction of chemical fertilizers and pesticides by over 50%, ensuring safer consumption [28][29]. - The company employs strict quality standards for crayfish, requiring them to be fresh, meet size specifications (4-6 taels, approximately 20-30g), and be sourced from rice paddies [31][32]. Group 3: Processing Technology - The processing of crayfish involves advanced cleaning techniques using micro-nano bubble technology, ensuring thorough cleanliness [36][37]. - High-temperature frying and flavor enhancement are key steps in the processing, utilizing non-GMO oil and proprietary spice blends to lock in flavor [41][43]. Group 4: Certification and Safety - Guolian Aquatic Products has established the world's first ASC-certified crayfish farming base and adheres to HACCP standards, ensuring international food safety compliance [57][58]. - The company provides traceability for its products, allowing consumers to verify the origin and safety of the crayfish through QR codes on packaging [67][70]. Group 5: Product Innovation and Market Strategy - The company is adapting to the rising trend of pre-prepared meals by launching various flavored crayfish products, catering to diverse consumer preferences [72][73]. - Guolian Aquatic Products is expanding its market reach through both online and offline channels, including supermarkets, e-commerce, and community group buying [74][78].

Core Viewpoint - Guolian Aquatic Products (300094.SZ) continues to face significant performance pressure, with a substantial decline in revenue and increasing losses, prompting the company to adopt a "321 big product" strategy to address these challenges [2][4]. Financial Performance - In 2024, the company reported operating revenue of 3.409 billion yuan, a year-on-year decrease of 26.16% [2]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was a loss of 758 million yuan, with a year-on-year increase in loss magnitude of 39.22% [2]. - The food business revenue was 3.232 billion yuan, down 25.15% year-on-year, following a previous decline of 4.51% in 2023 [3]. Inventory and Profitability Issues - The company's inventory balance at the end of 2024 was 2.565 billion yuan, with a provision for inventory impairment of 666 million yuan, resulting in a final book value of 1.899 billion yuan [3]. - The inventory impairment ratio in 2024 was significantly higher than in 2023, indicating increased financial strain [3]. Regulatory Concerns - The Guangdong Securities Regulatory Commission issued an administrative regulatory decision citing seven major issues, including inaccurate revenue accounting and insufficient provisions for inventory impairment [5][6]. - The company was found to have prematurely recognized revenue in certain sales, leading to inflated revenue figures [5]. Strategic Response - In response to the financial challenges, the company outlined four strategic directions: focusing on the "321 big product" strategy, optimizing sales channels primarily in the domestic market, enhancing research and development for competitive products, and upgrading the supply chain by divesting from upstream segments [9]. - The company reported a significant increase in international marketing revenue, with a 34% year-on-year growth in non-U.S. markets and a 60% increase in exports to Europe [10]. Market Segmentation - In 2024, domestic market revenue was 2.337 billion yuan, accounting for 68.54% of total revenue, while international market revenue was 1.072 billion yuan, making up 31.46% [11]. - The domestic business revenue saw a decline of 31.03%, while the international business revenue decreased by 18.82% [13].

Group 1: International Marketing Expansion - The company has established international marketing operations covering over 40 countries and regions, with significant growth in non-U.S. market sales, which increased by 34% year-on-year [2][4] - In the European market, export volume saw a substantial increase of 60% [2][4] - The company successfully entered key Eastern European markets and is expanding into strict markets like Europe, Japan, and South Korea [2][4] Group 2: Financial Performance Overview - The total revenue for the reporting period was 3.409 billion yuan, a decrease of 26.16% compared to the previous year [4][5] - The net profit attributable to shareholders was approximately -742 million yuan, indicating a worsening loss due to various factors including low sales prices and market conditions [4][5] - The company implemented cost control measures and improved sales channel layouts, leading to better performance in some business segments [4][5] Group 3: Future Growth Strategies - Future profit growth is expected to focus on the "321 big product" strategy, where the top three products will account for 30%, 20%, and over 10% of revenue, respectively [3][4] - The company aims to optimize its sales structure, emphasizing a dual circulation model that integrates domestic and international markets [3][4] - R&D efforts will concentrate on stable raw material products and enhancing product competitiveness [3][4] Group 4: Market Position and Competitive Advantages - The company has been recognized as a leading enterprise in the domestic aquatic food and prepared food sector, ranking in the top ten of the Hurun China Prepared Food Enterprises list [6][7] - It boasts strong global procurement capabilities and a robust food quality control system, having achieved multiple international certifications [6][7] - The marketing strategy includes comprehensive coverage across various channels, including retail, e-commerce, and food service, with partnerships with major clients like Walmart and Hema [6][7] Group 5: Industry Trends and Adaptation - The company is committed to enhancing food safety and quality in response to government regulations aimed at promoting high-quality development in the prepared food industry [7][8] - It plans to continue expanding its international market presence while focusing on domestic market growth, having already exported products to over 40 countries [7][8] - The company is exploring opportunities for mergers and acquisitions to enhance market share, although this is not deemed a necessary option at present [6][7]

Core Viewpoint - The price of crayfish in China has significantly dropped, with reports indicating a decline of nearly 50% in recent weeks, raising concerns about the industry's profitability and market dynamics [1][2][3]. Price Trends - In the first four months of the year, the wholesale price of crayfish peaked at over 70 yuan per kilogram, but by May, it had fallen to 38 yuan per kilogram, with expectations of further declines [2]. - In Hubei Province's Qianjiang City, crayfish sales have surged, with daily sales increasing from approximately 2,000-3,000 jin to 30,000-50,000 jin [4]. - The price of mid-sized crayfish has dropped from around 42-43 yuan per jin at launch to approximately 13 yuan per jin [4]. Market Dynamics - The crayfish trading center in Qianjiang is experiencing peak season activity, with daily trading volumes stabilizing at around 2,000 tons, distributed to over 600 cities nationwide [10]. - In Hunan Province's Yiyang City, daily crayfish supply is about 2,500 tons, primarily sold to over 50 cities including Beijing and Guangzhou [12]. Industry Challenges - The crayfish processing sector is diversifying, with products gaining popularity in overseas markets such as the EU and Southeast Asia. Since 2012, China's crayfish production has entered a rapid growth phase, with expected production reaching over 3 million tons by 2024 [14]. - Two A-share listed companies have reported that their crayfish businesses are negatively impacting overall performance. Guolian Aquatic Products reported a revenue of 3.409 billion yuan in 2024, a year-on-year decline of 26.16%, with a net loss of approximately 742 million yuan [20]. - Guolian Aquatic Products announced the termination of a project aimed at expanding crayfish processing capacity due to changing market conditions and declining demand [21]. - Another company, Anjins Food, reported a revenue of 15.13 billion yuan in 2024, a slight increase of 7.7%, but noted significant pressure from the crayfish market, with inventory of frozen products down by 31.7% [21][22].

Group 1: Market Trends - The consumption of crayfish is entering a peak season with daily sales increasing from 2,000-3,000 jin to 30,000-50,000 jin [1] - Despite the peak season, crayfish prices are declining significantly, with the price of medium-sized crayfish dropping from approximately 42 yuan per jin to 13 yuan per jin [1] - The wholesale price of crayfish reached over 70 yuan per kilogram in the first four months of the year, but fell to 38 yuan per kilogram in May, indicating a nearly 50% decrease [2] Group 2: Supply and Demand Dynamics - The price drop is attributed to an oversupply in the market due to advancements in crayfish farming technology and an increase in production areas [2] - The upcoming bulk supply of crayfish from regions like Hubei and Shandong is expected to intensify the price competition in the market [2] - High temperatures in July and August may lead to a reduction in crayfish supply, potentially causing prices to rebound [2] Group 3: Company Performance - Guolian Aquatic Products reported a net loss of approximately 742 million yuan last year, with a 25.25% decline in revenue from its aquatic food business, which includes crayfish [3] - The company announced the termination of its crayfish and fish deep processing expansion project, originally planned with an investment of 602 million yuan, due to changes in market demand and declining crayfish prices [3] - The crayfish farming area in China was about 30 million mu last year, with total production exceeding 3 million tons, indicating a robust industry despite current challenges [3][4]

证券代码：300094 证券简称：国联水产 公告编号：2025-031 湛江国联水产开发股份有限公司 关于提前归还暂时补充流动资金的闲置募集资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 关于提前归还暂时补充流动资金的闲置募集资金的公告 2025 年 5 月 7 日，公司已将上述用于暂时补充流动资金的募集资金 3.70 亿元 全部提前归还至募集资金专用账户，未超过董事会批准的使用期限。同时，公司已 将上述募集资金归还情况通知公司的保荐机构华福证券有限责任公司以及保荐代表 人。 特此公告。 湛江国联水产开发股份有限公司 关于提前归还暂时补充流动资金的闲置募集资金的公告 2025 年 5 月 7 日 湛江国联水产开发股份有限公司(以下简称"公司")于 2025 年 4 月 17 日召开 第六届董事会第十一次会议及第六届监事会第十次会议，审议通过了《关于终止部 分募投项目并将募集资金永久补充流动资金的议案》，同意公司终止募集资金投资项 目"国联（益阳）食品有限公司水产品深加工扩建项目"并将相应募集资金永久补 充流动资金，公司将终止募投项目对应的临时补充流 ...

2025 年第一次临时股东大会决议公告 证券代码：300094 证券简称：国联水产 公告编号：2025-030 湛江国联水产开发股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 一、会议召开与出席情况 1、会议召开情况 （1）会议召集人：公司董事会 （2）会议主持人：董事长李忠先生 （3）会议时间： 现场会议时间：2025年5月7日（星期三）下午15:00； 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年5月7日9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年5月7日上午 9:15至下午15:00的任意时间。 （4）现场会议召开地点： 广东省湛江吴川市黄坡镇（吴川）华昱产业转移工业园工业大道6号公司一 号会议厅。 （5）召开方式： 2、本次股东大会不涉及变更前次股东大会决议。 3、本次股东大会采用现场投票与网络投票相结合的方式表决。 2025 年第一次临 ...

关于举行 2024 年度业绩说明会的公告 出席本次业绩说明会的人员包括： 1、公司董事长兼总经理李忠先生 2、独立董事杨雅莉女士 证券代码：300094 证券简称：国联水产 公告编号：2025-029 湛江国联水产开发股份有限公司 关于举行 2024 年度业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 湛江国联水产开发股份有限公司（以下简称"公司"）2024年年度报告已于 2025年4月29日披露，为方便广大投资者进一步了解公司2024年年度报告和业务 经营情况，公司将于2025年5月13日（星期二）15:00-17:00在价值在线www.ir- online.cn平台召开业绩说明会。 一、说明会召开的时间、地点和方式 会议召开时间：2025年05月13日（星期二）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参会人员 欢迎广大投资者积极参与本次网上说明会。 特此公告。 3、保荐代表人罗黎明先生 4、财务总监樊春花女士 5、董事会秘书梁永振先生 三、投资者参与方式 投 资 者 ...