华福证券有限责任公司 关于湛江国联水产开发股份有限公司 2024 年半年度跟踪报告 | 保荐机构名称：华福证券有限责任公司（以 | 被保荐公司名称：湛江国联水产开发股份有限公 | | --- | --- | | 下简称"华福证券"） | 司（以下简称"国联水产"或"公司"） | | 保荐代表人姓名：沈羽珂 | 联系电话：021-20655301 | | 保荐代表人姓名：罗黎明 | 联系电话：021-20655301 | | 公司及股东承诺事项 | 是否履行 | 未履行承诺的原因 | | --- | --- | --- | | | 承诺 | 及解决措施 | | 新余国通投资管理有限公司（以下简称"国通投资"）、 | 是 | 不适用 | | 冠联国际投资有限公司、李忠关于同业竞争承诺。 | | | | 公司及股东承诺事项 | 是否履行 承诺 | 未履行承诺的原因 及解决措施 | | --- | --- | --- | | 国通投资、李忠关于首次公开发行时做出的相关承诺。 | 是 | 不适用 | | 国通投资关于再融资时做出的相关承诺。 | 是 | 不适用 | | 国联水产关于股权激励承诺。 | 是 | 不适用 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company has turned a profit in the first half of 2024, with a net profit of 0.18 billion yuan compared to a loss of 1.86 billion yuan in the same period of 2023. Revenue for H1 2024 was 2.022 billion yuan, down 25% year-on-year [1]. - The gross margin improved by 3 percentage points to 13.60% in H1 2024, attributed to supply chain optimization and expansion into high-value products. The net profit margin increased by 7 percentage points to 0.65% [1]. - The company is focusing on the recovery of the aquatic product market and optimizing its product structure, which is expected to enhance profitability [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.022 billion yuan, a decrease of 25% year-on-year. The net profit was 0.18 billion yuan, a significant recovery from a loss of 1.86 billion yuan in H1 2023. The company achieved a net profit of 0.02 billion yuan after excluding non-recurring items [1][4]. - The company’s revenue for Q2 2024 was 0.979 billion yuan, with a net profit of 0.14 billion yuan, compared to a loss of 1.97 billion yuan in Q2 2023 [1]. Product and Market Analysis - The aquatic food segment generated 1.942 billion yuan in revenue in H1 2024, down 25% year-on-year, but the gross margin increased by 3 percentage points to 14.16%. The pre-made dishes segment contributed 0.605 billion yuan, a decrease of 10% [1]. - Domestic revenue fell by 34% to 0.895 billion yuan, while international revenue decreased by 16% to 1.127 billion yuan. The company is reforming its U.S. operations and expanding its international market presence, particularly in Canada and Latin America [1]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.03, 0.04, and 0.08 yuan, respectively. The corresponding price-to-earnings (PE) ratios are projected to be 109, 66, and 35 times [2][4]. - The company expects a return on equity (ROE) of 1.1% in 2024, improving to 3.2% by 2026 [4].

农林牧渔/渔业 公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 国联水产（300094.SZ） 2024 年 08 月 31 日 水产销售仍然承压，业绩实现扭亏为盈 ——公司信息更新报告 投资评级：增持（维持） | --- | --- | |-------------------------|-----------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 2.95 | | 一年最高最低 ( 元 ) | 6.68/2.38 | | 总市值 ( 亿元 ) | 33.28 | | 流通市值 ( 亿元 ) | 32.60 | | 总股本 ( 亿股 ) | 11.28 | | 流通股本 ( 亿股 ) | 11.05 | | 近 3 个月换手率 (%) | 220.58 | 股价走势图 -80% -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 国联水产 沪深300 数据来源：聚源 相关研究报告 《预制菜增速稳健，B 端客户持续开 拓—公司信息更新报告》-2024.4.30 张宇光（分析师） 张恒玮（分析师） zhangyu ...

湛江国联水产开发股份有限公司 2023 年限制性股票激励计划预留授予激励对象名单 一、本激励计划分配总览 | 16 | 陈坚恒 | 核心技术（业务）人员 | | --- | --- | --- | | 17 | 陈业 | 核心技术（业务）人员 | | 18 | 李燕玉 | 核心技术（业务）人员 | | 19 | 王景伴 | 核心技术（业务）人员 | | 20 | 陈晓欣 | 核心技术（业务）人员 | | 21 | 杨晓刚 | 核心技术（业务）人员 | | 22 | 庞思敏 | 核心技术（业务）人员 | 特此公告。 湛江国联水产开发股份有限公司董事会 2024 年 8 月 30 日 3、上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 二、中层管理人员、核心技术（业务）人员 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 丁一庆 | 中层管理人员 | | 2 | 武清山 | 中层管理人员 | | 3 | 谢燕 | 核心技术（业务）人员 | | 4 | 黄维维 | 核心技术（业务）人员 | | 5 | 何卉明 | 核心技术（业务）人员 | | 6 ...

第六届董事会第六次会议决议公告 湛江国联水产开发股份有限公司 第六届董事会第六次会议决议公告 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。 一、董事会会议召开情况 湛江国联水产开发股份有限公司（以下简称"公司"）第六届董事会第六次 会议于2024年8月29日在公司总部会议室召开。会议通知于2024年8月19日以电话 或邮件方式发出，本次会议由董事长李忠先生召集并主持，会议采取现场和通讯 表决相结合方式进行，会议应出席董事九人，实际出席董事九人。本次会议召集、 召开程序符合《公司法》、公司《章程》和公司《董事会议事规则》的规定。 二、董事会会议审议情况 经与会董事认真审议并投票表决，形成如下决议： 1、审议通过了《2024 年半年度报告全文及摘要》。 公司《2024 年半年度报告全文》及《2024 年半年度报告摘要》的编制程序 符合法律、行政法规和中国证监会、深圳证券交易所的相关法律法规、规范性文 件的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚 假记载、误导性陈述或者重大遗漏。 表决结果：9 票同意，0 票反对，0 票弃权。 证券代码：30 ...

湛江国联水产开发股份有限公司 监事会关于 2023 年限制性股票激励计划预留授予激励对象名单 的核查意见 湛江国联水产开发股份有限公司（以下简称"公司"）监事会依据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳 证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易所 创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律监管指南》"） 和《公司章程》等的有关规定，对公司 2023 年限制性股票激励计划（以下简称"本次激 励计划"）预留授予激励对象名单进行了审核，发表核查意见如下： 1、本次激励计划预留授予激励对象均符合《公司法》《证券法》等法律、法规和规 范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》《自律监 管指南》等法律、法规和规范性文件规定的激励对象条件，符合公司《激励计划》规定 的激励对象范围，不存在《管理办法》第八条及《上市规则》第 8.4.2 条规定的不得成 为激励对象的下列情形： （1）最近 12 个月内被证券交易 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,022,088,125.27, a decrease of 25.02% compared to ¥2,696,964,919.32 in the same period last year[11]. - Net profit attributable to shareholders was ¥17,540,595.03, a significant increase of 109.41% from a loss of ¥186,471,965.87 in the previous year[11]. - The net cash flow from operating activities reached ¥172,794,074.54, representing a 174.29% increase compared to ¥62,997,031.47 in the same period last year[11]. - Basic earnings per share improved to ¥0.02, up 112.50% from a loss of ¥0.16 per share in the previous year[11]. - The company achieved total revenue of 2.022 billion yuan, a decrease of 25.02% compared to the same period last year[24]. - The net profit attributable to shareholders was approximately 17.54 million yuan, marking a turnaround from losses[24]. - The company reported a significant decrease in investment, with CNY 7,816,073.00 invested during the reporting period, down 70.00% from CNY 26,056,068.70 in the same period last year[40]. - The company reported a net loss of CNY 518,723,964.01 for the first half of 2024, compared to a net loss of CNY 529,974,120.60 in the same period of 2023[121]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,903,357,174.04, a decrease of 3.25% from ¥5,068,184,769.54 at the end of the previous year[11]. - The company's net assets attributable to shareholders increased slightly by 0.50% to ¥2,594,249,168.05 from ¥2,581,385,372.92 at the end of the previous year[11]. - The total assets at the end of the reporting period amounted to CNY 4,905,000,000, with cash and cash equivalents at CNY 489,019,077.83, representing 9.97% of total assets[36]. - Short-term loans amounted to CNY 1,118,481,693.59, representing 22.81% of total assets, down 1.49% from the previous year[36]. - Total liabilities decreased from RMB 3,727,210,633.69 to RMB 3,610,005,300.26, indicating a reduction of about 3.15%[116]. Revenue Streams - Sales of prepared dishes reached 605 million yuan, enhancing the company's influence in the seafood prepared dish market[24]. - The revenue from the aquatic food industry was CNY 1,941,571,750.24, a decrease of 24.54% compared to the same period last year, with a gross margin of 14.16%[34]. - The revenue from the feed industry was CNY 67,390,479.67, down 32.47% year-over-year, with a gross margin of -4.36%[34]. - Domestic revenue was CNY 894,905,117.56, reflecting a decline of 33.82% year-over-year, while the gross margin was 14.75%[34]. Strategic Initiatives - The company is focusing on a "big single product strategy," improving product structure with a core product lineup of shrimp, fish, and other seafood[24]. - The company has developed over 300 new distributors in regional markets during the reporting period[25]. - The e-commerce business showed strong growth, with positive brand reputation and increased market recognition for the company's own brand[25]. - The company is positioned as a leading comprehensive seafood enterprise in China, with BAP four-star certification for shrimp and tilapia[22]. - The company is committed to providing high-quality marine protein and comprehensive solutions for restaurants and households[16]. Environmental and Social Responsibility - The company has invested in upgrading environmental protection facilities to improve efficiency and reduce unit costs during the reporting period[75]. - The company has complied with environmental regulations and has not faced any administrative penalties related to environmental issues during the reporting period[75]. - The company actively participates in social responsibility initiatives, including poverty alleviation and support for rural revitalization[77]. - The company has created over 3,000 job opportunities for local rural populations in its production bases, contributing to local employment and income[78]. Corporate Governance - The company emphasizes shareholder rights protection and maintains transparent communication with investors through various channels[75]. - The company has adhered to all commitments made during the initial public offering and refinancing, ensuring no competition with its own business[79]. - All directors, supervisors, and senior management have complied with the commitment to limit share transfers to no more than 25% of their total holdings annually[79]. - The company has committed to not using its funds or assets for personal loans or debts, ensuring financial integrity[80]. Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[162]. - New product launches are expected to contribute an additional $50 million in revenue by the end of 2024[163]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[164]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration[165].

上海通佑律师事务所 关于 湛江国联水产开发股份有限公司 向2023年限制性股票激励计划 激励对象授予预留限制性股票的 法律意见书 法律意见书 上海通佑律师事务所 二零二四年八月二十九日 法律意见书 上海通佑律师事务所关于湛江国联水产开发股份有 限公司向2023年限制性股票激励计划激励对象授予预留 限制性股票的法律意见书 致:湛江国联水产开发股份有限公司 上海通佑律师事务所(以下简称"通佑"或"本所")受湛江国联水产开发股份有限 公司(以下简称"国联水产"或"公司"）委托,作为其本次激励计划的专项法律顾问, 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》(以下简称"《证券法》")、中国证券监督管理委员会(以下简称"中 国证监会")《上市公司股权激励管理办法》(以下简称"《管理办法》")、《深 圳证券交易所创业板股票上市规则》(以下简称"《上市规则》")、《深圳证券 交易所创业板上市公司自律监管指南第 1 号 -- 业务办理》(以下简称"《自律监 管指南》")等法律、行政法规、部门规章及规范性文件和《湛江国联水产开发股 份有限公司章程》（以下简称"《公司章程》"）《公司2023 ...

湛江国联水产开发股份有限公司 2023 年限制性股票激励计划预留授予激励对象名单 3、上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 特此公告。 湛江国联水产开发股份有限公司董事会 | | | | 获授的限制 | 占授予限制 | 占本激励计划 | | --- | --- | --- | --- | --- | --- | | 序号 姓名 | | 职务 | 性股票数量 | 性股票总数 | 公告日股本总 | | | | | (万股) | 的比例 | 额的比例 | | 中层管理人员、核心技术（业务）人员 （22 | 人） | | 200.00 | 9.14% | 0.18% | | 合计 | | | 200.00 | 9.14% | 0.18% | 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票累计数均未超过公司 总股本的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超过公司股本总额的 20%。预留 权益比例未超过本激励计划拟授予权益数量的 20%。 2、本激励计划预留授予的激励对象不包括独立董事、监事、其他单独或合计持有上市公司 5%以上 ...

第六届监事会第六次会议决议公告 湛江国联水产开发股份有限公司（以下简称"公司"）第六届监事会第六次 会议于 2024 年 8 月 29 日在公司总部会议室召开。会议通知于 2024 年 8 月 19 日 以电话或邮件方式发出，本次会议由监事会主席林妙嫦召集并主持，会议采取现 场及通讯的方式进行，会议应出席监事三人，实际出席监事三人。本次会议的出 席人数、召集、召开程序和议事内容均符合《公司法》和《证券法》的规定。 二、监事会会议审议情况 经与会监事认真审议并投票表决，形成如下决议： 1、审议通过了《2024 年半年度报告全文及摘要》。 公司《2024 年半年度报告全文》及《2024 年半年度报告摘要》的编制程序 符合法律、行政法规和中国证监会、深圳证券交易所的相关法律法规、规范性文 件的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚 假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 证券代码：300094 证券简称：国联水产 公告编号：2024-047 湛江国联水产开发股份有限公司 第六届监事会第六次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确 ...