2018 年 04 月 1 湛江国联水产开发股份有限公司 2018 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 湛江国联水产开发股份有限公司 2018 年第一季度报告全文 湛江国联水产开发股份有限公司 2018 年第一季度报告 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证季度报告中财务报表的真实、准确、完整。 2 湛江国联水产开发股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 1,010,332,793.45 | 840,170,754.79 | 20.25% | | 归属于上市公司股东的净利润（元） | 96,065,906.22 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's Board of Directors ensures the annual report's accuracy and completeness, highlighting key operational risks and the 2017 profit distribution plan of no dividends or bonus shares - The company highlighted three core operational risks: - **Food quality and safety risk**: mitigated by establishing a '2211' electronic supervision model and promoting BAP 4-star certification - **Raw material supply and price fluctuation risk**: addressed by optimizing centralized procurement and strengthening global market analysis - **Risk of slower-than-expected progress in shrimp industrialized aquaculture**: managed by cautious expansion, enhanced R&D, and talent acquisition[5](index=5&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's 2017 profit distribution plan proposes no cash dividends, bonus shares, or capital reserve conversions[11](index=11&type=chunk) [Table of Contents](index=5&type=section&id=%E7%9B%AE%E5%BD%95) The report covers twelve chapters including company profile, business overview, management discussion and analysis, significant events, share changes, corporate governance, and financial reports [Definitions](index=6&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations used throughout the report, including company and subsidiary names, regulatory bodies, relevant laws, and the reporting period [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Zhanjiang Guolian Aquatic Products Co., Ltd. (Stock Abbreviation: Guolian Aquatic, Stock Code: 300094) is registered in Zhanjiang Economic and Technological Development Zone, with Li Zhong as its legal representative [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%BA%94%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2017, the company achieved strong performance growth with revenue up **56.25%** to **4.096 billion yuan** and net profit attributable to shareholders up **53.42%** to **144.13 million yuan**, despite a negative operating cash flow of **-381.77 million yuan** due to increased raw material purchases 2017 Key Financial Data | Indicator | 2017 | 2016 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 4,095,806,660.34 | 2,621,366,941.32 | 56.25% | | Net Profit Attributable to Shareholders (yuan) | 144,132,610.64 | 93,944,585.43 | 53.42% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (yuan) | 138,786,917.33 | 98,534,946.33 | 40.85% | | Net Cash Flow from Operating Activities (yuan) | -381,767,222.42 | -212,926,569.51 | -79.30% | | Basic Earnings Per Share (yuan/share) | 0.18 | 0.12 | 50.00% | | Weighted Average Return on Net Assets | 7.66% | 5.30% | 2.36% | | **Balance Sheet Indicators** | **2017 Year-End** | **2016 Year-End** | **Year-on-Year Change** | | Total Assets (yuan) | 3,932,109,674.26 | 3,088,429,886.98 | 27.32% | | Net Assets Attributable to Shareholders (yuan) | 1,948,892,124.00 | 1,814,493,082.44 | 7.41% | 2017 Quarterly Key Financial Indicators (yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 840,170,754.79 | 943,451,925.06 | 1,230,829,237.25 | 1,081,354,743.24 | | Net Profit Attributable to Shareholders | 18,338,605.88 | 52,518,042.17 | 41,383,071.77 | 31,892,890.82 | - Total non-recurring gains and losses in 2017 amounted to **5.3457 million yuan**, primarily from government subsidies[28](index=28&type=chunk) [Company Business Overview](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Main Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business is a **full industry chain** operation centered on shrimp products, encompassing breeding, feed, farming, R&D, processing, and sales, with processing and sales being the primary drivers of growth - The company adopts a **full industry chain** operational model covering breeding, feed, farming, processing, and sales, with water product processing and sales as its core business[31](index=31&type=chunk)[33](index=33&type=chunk) - Key drivers for 2017 performance growth include: - **Domestic consumption upgrade**: Favorable policies (new Food Safety Law, VAT reform) and market demand (innovative seafood ingredient applications) created advantageous conditions - **High growth in main business scale**: Channel penetration in domestic and international markets, increased direct sales proportion, particularly significant growth in direct sales to major US clients like Walmart - **Explosive growth in e-commerce business**: Deep cooperation with platforms like JD Fresh and Yiguo Fresh led to e-commerce revenue growth of **326%** to **142 million yuan**[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [Industry Analysis and Company Position](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%88%86%E6%9E%90) The aquatic industry has vast market potential but is highly fragmented, with the company standing as one of China's largest shrimp processing and sales enterprises, effectively mitigating seasonality through global procurement - The aquatic product industry has vast market capacity, with fishery output value projected to reach **1.4 trillion yuan** by 2020, but the industry remains highly fragmented with no dominant players yet[37](index=37&type=chunk)[38](index=38&type=chunk) - The company is one of China's largest listed aquatic product enterprises and the largest shrimp processing and sales company. Its US subsidiary, SSC, ranked seventh among major US shrimp importers in 2017, entering the top ten[41](index=41&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its global procurement and marketing networks, growing premium customer base, integrated supply chain with high-standard quality management, and robust product R&D capabilities - The company's core competencies include: - **Global network**: Procurement network extends to North and South America, Australia, Southeast Asia; sales network covers mainstream markets and expands to Egypt, Saudi Arabia - **High-quality customer base**: International clients include supermarkets like Walmart and Safeway, and restaurant chains like Carnival and Applebees; domestic clients include Haidilao and Xiabuxiabu - **Full industry chain and quality management**: Pioneered a 360-degree ecological industry chain model, implemented '2211' electronic supervision, and obtained international certifications like HACCP, BRC, BAP 4-star - **R&D capability**: Possesses two R&D bases in Shanghai and Zhanjiang, collaborating closely with large catering chains to promptly meet customer demands[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Overview](index=15&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In 2017, the company focused on its core business, achieving **56.25%** revenue growth to **4.096 billion yuan** and **53.42%** net profit growth to **144.13 million yuan**, driven by optimized supply chain, factory farming, and expanded channels 2017 Operating Performance | Indicator | 2017 Amount (yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Total Operating Revenue | 4,095,806,660.34 | 56.25% | | Operating Profit | 161,656,767.43 | 72.15% | | Total Profit | 163,083,323.09 | 56.16% | | Net Profit Attributable to Shareholders | 144,132,610.64 | 53.42% | - Operational highlights across business segments: - **Aquatic product processing and sales**: Overall increase in direct sales proportion in domestic and international markets. Domestic catering sales revenue grew **190%**, e-commerce sales reached **146 million yuan**, up **326%**. US SSC Company revenue was **1.809 billion yuan**, up **55.28%** - **Breeding and aquaculture**: Steady progress in shrimp industrialized aquaculture projects, strengthening team building and technological R&D - **Feed business**: Adhered to a 'small but refined' strategy, deeply synergistic with industrialized aquaculture, with sales revenue of **246 million yuan**, up **4%**[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) [Main Business Analysis](index=17&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's main business revenue reached **4.09 billion yuan**, a **57.06%** increase, primarily driven by processing and sales, with foreign markets showing significant growth and raw materials constituting the largest portion of operating costs 2017 Operating Revenue Composition (by Product) | Product | 2017 Revenue (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Processing and Sales Business | 3,792,218,269.32 | 92.59% | 64.62% | | Feed Business | 245,592,357.21 | 6.00% | 4.07% | | Breeding Business | 29,921,375.50 | 0.73% | -26.03% | | Aquaculture Business | 22,506,760.10 | 0.55% | -6.96% | 2017 Operating Revenue Composition (by Region) | Region | 2017 Revenue (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | International | 3,068,674,930.11 | 74.92% | 68.94% | | Domestic | 1,021,563,832.02 | 24.94% | 29.67% | - In 2017, sales to the top five clients accounted for **32.10%** of total annual sales, and purchases from the top five suppliers accounted for **19.79%** of total annual purchases. The company has no related party relationships with its top five clients or suppliers[70](index=70&type=chunk)[73](index=73&type=chunk) 2017 Expense Overview | Expense Item | 2017 (yuan) | 2016 (yuan) | Year-on-Year Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 156,673,288.65 | 118,559,987.26 | 32.15% | Operating revenue growth led to increased related expenses | | Administrative Expenses | 95,747,092.15 | 76,515,172.22 | 25.13% | - | | Financial Expenses | 107,289,151.00 | -5,130,737.79 | 2,191.11% | Increased loans led to higher interest expenses, and USD depreciation resulted in significant exchange losses | R&D Investment Over Past Three Years | Indicator | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | | R&D Investment Amount (yuan) | 118,000,000.00 | 68,100,000.00 | 37,485,000.00 | | R&D Investment as % of Operating Revenue | 2.88% | 2.60% | 1.81% | - Net cash flow from operating activities was **-381.77 million yuan**, a significant difference from the **144.13 million yuan** net profit, primarily due to a substantial **714 million yuan** increase in inventory from increased purchases[81](index=81&type=chunk)[84](index=84&type=chunk) [Assets and Liabilities](index=23&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) As of year-end 2017, total assets grew **27.32%** to **3.932 billion yuan**, with inventory significantly increasing to **51.75%** of assets, while short-term borrowings rose to **972.48 million yuan** to support operations, and **314 million yuan** in assets were restricted Major Balance Sheet Item Changes | Item | 2017 Year-End Amount (yuan) | Proportion of Total Assets | 2016 Year-End Amount (yuan) | Proportion of Total Assets | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 209,097,863.26 | 5.32% | 122,162,532.60 | 3.96% | Controlled credit sales to accelerate collections | | Inventory | 2,034,812,969.21 | 51.75% | 1,350,497,784.76 | 43.73% | Increased sales and inventory preparation | | Construction in Progress | 102,165,141.86 | 2.60% | 47,873,772.85 | 1.55% | Impact of new factory construction in progress | | Short-term Borrowings | 972,481,691.77 | 24.73% | 705,892,749.44 | 22.86% | Increased financing to supplement working capital | - As of the end of the reporting period, the company had **314 million yuan** in restricted assets, including monetary funds, accounts receivable, fixed assets, intangible assets, and construction in progress, primarily used for letter of credit margins and pledged/mortgaged borrowings[88](index=88&type=chunk) [Investment Analysis](index=24&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company primarily engaged in non-equity investments, focusing on new factory and aquaculture projects with a total investment of **98.54 million yuan**, while initial public offering funds were fully utilized and bond proceeds were allocated to working capital Significant Non-Equity Investments During the Reporting Period (yuan) | Project Name | Investment Method | Amount Invested in Current Period | Cumulative Actual Investment as of Period End | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Guolian Aquatic New Factory | Self-built | 41,601,777.26 | 47,757,852.85 | 6.05% | | Breeding Company Aquaculture Workshop Industrialization Project | Self-built | 56,936,419.13 | 94,924,350.38 | 19.78% | - The company's initial public offering fundraising projects have been completed, with remaining funds of **430,300 yuan** used to supplement working capital. In 2017, **238 million yuan** was raised through corporate bond issuance, which has been used to supplement the company's operating working capital[92](index=92&type=chunk)[240](index=240&type=chunk) [Significant Asset and Equity Disposals](index=28&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company planned and executed the sale of a **30%** stake in Zhanjiang Guofa Investment Development Co., Ltd. for **219.37 million yuan**, expected to generate approximately **74 million yuan** in net profit for 2018 without impacting core business continuity - On January 3, 2018, the company sold a **30%** equity stake in its associate real estate development company, Zhanjiang Guofa Investment Development Co., Ltd., for **219.366 million yuan**, expected to generate approximately **74 million yuan** in net profit for 2018[100](index=100&type=chunk) [Analysis of Major Holding and Associate Companies](index=29&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries performed well, with US SSC Company generating **1.809 billion yuan** in revenue, Guangdong Guomei Aquatic Food Co., Ltd. contributing **62.86 million yuan** in net profit, and Guangzhou Guolian Aquatic E-commerce Co., Ltd. achieving **146.31 million yuan** in revenue from explosive e-commerce growth 2017 Major Subsidiary Operating Performance (yuan) | Company Name | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Guangdong Guomei Aquatic Food Co., Ltd. | Aquatic Products | 757,032,958.29 | 63,970,575.59 | 62,858,109.15 | | US SSC Company | Seafood and Meat | 1,809,332,106.40 | 4,945,294.95 | 2,893,377.15 | | Guangzhou Guolian Aquatic E-commerce Co., Ltd. | Aquatic Product Sales | 146,307,500.49 | 2,960,527.60 | 2,960,655.09 | | Zhanjiang Guolian Feed Co., Ltd. | Aquatic Compound Feed | 245,793,307.71 | 7,672,057.44 | 6,580,564.59 | | Zhanjiang Guolian Aquatic Breeding Technology Co., Ltd. | Aquatic Breeding | 33,378,349.60 | -19,524,648.52 | -19,691,746.45 | [Outlook on Company's Future Development](index=30&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company aims to become a globally influential marine food enterprise, transforming into a **full industry chain** and **globalized** provider of premium aquatic protein and catering food solutions, with plans for continued high growth in domestic and international sales, supply chain strengthening, and operational efficiency improvements in 2018 - Core of the company's five-year strategic plan: - **Industrial layout**: Upstream development of industrialized aquaculture, midstream shift towards deep processing and intelligent manufacturing, downstream focus on B-end catering clients and expansion of e-commerce channels - **Regional layout**: Deepen presence in the two core markets of China and the US, improve supply chain systems in Southeast Asia and South America - **Business model**: Transition to a 'solution provider' offering value-added services such as supply chain management and dish R&D[106](index=106&type=chunk)[107](index=107&type=chunk) - Key work plans for 2018 include: - **Business growth**: Improve export profit margins, accelerate domestic market regional layout and model innovation - **Supply chain strengthening**: Deeply explore the potential of the Southeast Asian market, enhance automation levels in processing - **Industrialized aquaculture**: Continuously increase R&D investment and attract high-end talent - **Operational management**: Comprehensively improve supply chain coordination, cost control capabilities, and management efficiency - **Information technology construction**: Establish an integrated information management platform and promote MES system application[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [Significant Events](index=34&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Ordinary Share Profit Distribution and Capital Reserve Conversion](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) During the reporting period, the company implemented its 2016 profit distribution plan, paying a cash dividend of **0.1 yuan** per 10 shares, while proposing no dividends, bonus shares, or capital reserve conversions for 2017 to support ongoing operations and future development - The 2017 profit distribution plan proposes no profit distribution, as the company is in a period of transformation and upgrading, requiring retained funds for operational development[121](index=121&type=chunk)[124](index=124&type=chunk) - Company's profit distribution over the past three years: - **2016**: Cash dividend of **0.1 yuan** per 10 shares - **2015**: Cash dividend of **0.56 yuan** per 10 shares, 12 bonus shares per 10 shares from capital reserve - **2015 H1**: Cash dividend of **0.30 yuan** per 10 shares[122](index=122&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=40&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented its 2017 restricted stock incentive plan, granting **5.47 million** restricted shares to 65 recipients, while canceling **6.9129 million** stock options from the 2013 plan due to unmet exercise conditions - The company completed the registration of **5.47 million** restricted shares granted to 65 incentive recipients[136](index=136&type=chunk) - Due to unmet exercise conditions, the company canceled **6,912,900** stock options from the 2013 first-phase stock option incentive plan[136](index=136&type=chunk) [Explanation of Other Significant Matters](index=44&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company issued **240 million yuan** in corporate bonds at a **6.2%** coupon rate, advanced its 2017 non-public stock offering, and signed strategic cooperation agreements with Shanghai Yiguo and Honghu Municipal People's Government to expand business partnerships - The company successfully issued the first tranche of its 2017 corporate bonds, with an actual issuance size of **240 million yuan** and a coupon rate of **6.2%**[153](index=153&type=chunk) - The company is advancing its non-public stock offering and has entered the feedback response stage with the CSRC[153](index=153&type=chunk) - The company signed a 'Strategic Cooperation Agreement' with Shanghai Yiguo E-commerce Co., Ltd., planning comprehensive cooperation in resources, R&D, production, branding, and capital[154](index=154&type=chunk) [Share Changes and Shareholder Information](index=46&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=46&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from **778 million** to **784 million** shares due to the implementation of a restricted stock incentive plan, adding **5.47 million** shares, which also affected restricted and unrestricted share counts - During the reporting period, the company's total share capital increased to **783,845,620** shares due to the grant of **5.47 million** restricted shares[157](index=157&type=chunk) [Shareholders and Actual Controller Information](index=48&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **21,149** shareholders, with Xinyu Guotong Investment Management Co., Ltd. as the controlling shareholder (**32.49%** stake) and Mr. Li Zhong as the actual controller, with the top two shareholders having related party relationships Top Five Shareholders' Shareholding | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period End | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Xinyu Guotong Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 32.49% | 254,658,712 | Pledged 227,256,797 | | Guanlian International Investment Co., Ltd. | Overseas Legal Person | 14.58% | 114,314,112 | Pledged 61,000,000 | | Li Zhong | Domestic Natural Person | 2.29% | 17,938,605 | Pledged 16,938,700 | | Li Guotong | Domestic Natural Person | 1.50% | 11,748,000 | Pledged 11,748,000 | | Chen Han | Domestic Natural Person | 1.50% | 11,748,000 | Pledged 11,748,000 | - The company's controlling shareholder is Xinyu Guotong Investment Management Co., Ltd., and the actual controller is Li Zhong[166](index=166&type=chunk)[167](index=167&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=53&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) [Shareholding Changes and Remuneration of Directors, Supervisors, and Senior Management](index=53&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, some directors, supervisors, and senior management increased their shareholdings through the equity incentive plan, with the total remuneration paid to 16 such individuals in 2017 amounting to **4.9477 million yuan**, and company founders also receiving compensation from shareholder entities - During the reporting period, several senior management personnel increased their shareholdings by a total of **1.95 million** shares through the 2017 restricted stock incentive plan[174](index=174&type=chunk)[190](index=190&type=chunk) - In 2017, the total pre-tax remuneration paid by the company to its directors, supervisors, and senior management (16 individuals in total) was **4.9477 million yuan**[188](index=188&type=chunk) [Employee Information](index=59&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **3,779** employees, with production personnel constituting the largest group at **2,825**, and the majority of employees holding vocational or lower education degrees, supported by a performance-linked compensation and training system Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 2,825 | | Sales Personnel | 153 | | Technical Personnel | 371 | | Financial Personnel | 57 | | Administrative Personnel | 373 | | **Total** | **3,779** | [Corporate Governance](index=61&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Overview of Corporate Governance](index=61&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) During the reporting period, the company operated in strict compliance with relevant laws and regulations, maintaining a sound corporate governance structure with independence from its controlling shareholder in business, assets, personnel, organization, and finance, aligning with regulatory requirements - The company's corporate governance status complies with relevant normative documents from the China Securities Regulatory Commission and Shenzhen Stock Exchange[196](index=196&type=chunk)[213](index=213&type=chunk) - The company is independent of its controlling shareholder in five aspects: business, assets, personnel, organization, and finance, possessing autonomous operating capabilities in the market[197](index=197&type=chunk)[198](index=198&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) [Internal Control Evaluation Report](index=68&type=section&id=%E4%B9%9D%E3%80%81%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E8%AF%84%E4%BB%B7%E6%8A%A5%E5%91%8A) The company conducted a self-assessment of its internal controls, covering **100%** of consolidated assets and operating revenue, and found no material or significant deficiencies in financial or non-financial reporting internal controls during the reporting period - According to the internal control evaluation report, the company found no material or significant deficiencies in financial or non-financial reporting during the reporting period[233](index=233&type=chunk)[234](index=234&type=chunk) [Corporate Bonds Information](index=70&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bond Basic Information and Proceeds Usage](index=70&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) The company issued the '17 Guoshui 01' corporate bond on July 31, 2017, with a **240 million yuan** issuance size, 3-year term, and **6.20%** coupon rate, with all net proceeds used to supplement working capital as committed Corporate Bond Basic Information | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (10k yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | 17 国水 01 | 112560 | 2017年07月31日 | 2020年08月03日 | 24,000 | 6.20% | - The proceeds from this bond issuance, **237.84 million yuan**, have been used to supplement the company's operating working capital, consistent with the prospectus commitments[240](index=240&type=chunk) [Key Accounting Data and Financial Indicators for the Past 2 Years as of Reporting Period End](index=73&type=section&id=%E5%85%AB%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%202%20%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) As of year-end 2017, the company's solvency indicators showed improvement, with EBITDA significantly increasing by **118.43%** and interest coverage ratio rising from **2.69** to **3.8**, indicating enhanced ability to cover interest expenses, while the asset-liability ratio increased to **50.44%** Key Solvency Financial Indicators | Item | 2017 | 2016 | Period-on-Period Change Rate | | :--- | :--- | :--- | :--- | | EBITDA (10k yuan) | 26,577.98 | 12,167.56 | 118.43% | | Asset-Liability Ratio | 50.44% | 41.25% | 9.19% | | Interest Coverage Ratio | 3.8 | 2.69 | 41.26% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Financial Report](index=75&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=75&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Ruihua Certified Public Accountants issued a standard unqualified audit opinion on the company's 2017 financial statements, highlighting key audit matters related to allowance for doubtful accounts and inventory impairment provisions due to significant management estimates - The auditing firm is Ruihua Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion[254](index=254&type=chunk)[256](index=256&type=chunk) - Key audit matters include 'allowance for doubtful accounts' and 'inventory impairment provisions', primarily because these items significantly impact financial statements and involve critical management judgments[258](index=258&type=chunk)[259](index=259&type=chunk)[262](index=262&type=chunk) [Financial Statements](index=79&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements present the company's financial position as of December 31, 2017, and its operating results and cash flows for the year, including consolidated balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with parent company equivalents Consolidated Balance Sheet Summary (yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 3,932,109,674.26 | 3,088,429,886.98 | | Total Liabilities | 1,983,217,550.26 | 1,273,936,804.54 | | Total Owners' Equity Attributable to Parent Company | 1,948,892,124.00 | 1,814,493,082.44 | Consolidated Income Statement Summary (yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 4,095,806,660.34 | 2,621,366,941.32 | | Operating Profit | 161,656,767.43 | 93,895,676.63 | | Total Profit | 163,083,323.09 | 104,436,802.04 | | Net Profit | 144,132,610.64 | 93,944,585.43 | Consolidated Cash Flow Statement Summary (yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -381,767,222.42 | -212,926,569.51 | | Net Cash Flow from Investing Activities | -141,269,609.89 | -45,175,179.77 | | Net Cash Flow from Financing Activities | 647,172,886.67 | 257,090,984.54 | | Net Increase in Cash and Cash Equivalents | 97,280,083.84 | 12,599,253.17 | [Notes to Consolidated Financial Statement Items](index=138&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the composition and changes of major consolidated financial statement items, including accounts receivable with a book value of **746 million yuan** and **59.08 million yuan** in bad debt provisions, inventory with a book value of **2.035 billion yuan** and **48.08 million yuan** in impairment provisions, and short-term borrowings of **972.48 million yuan** - At year-end, accounts receivable balance was **805 million yuan**, with **59.0784 million yuan** in bad debt provisions, resulting in a book value of **746 million yuan**[491](index=491&type=chunk) - At year-end, inventory balance was **2.083 billion yuan**, with **48.077 million yuan** in impairment provisions, resulting in a book value of **2.035 billion yuan**[506](index=506&type=chunk)[507](index=507&type=chunk) - At year-end, short-term borrowings totaled **972.48 million yuan**, including **550 million yuan** in secured and guaranteed borrowings and **255 million yuan** in pledged borrowings[533](index=533&type=chunk) - The company issued **240 million yuan** in corporate bonds ('17 Guoshui 01') in 2017, with a year-end book balance of **238 million yuan** for bonds payable[546](index=546&type=chunk)[547](index=547&type=chunk) [Reference Documents Catalog](index=201&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) [Reference Documents Catalog](index=201&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents available for inspection, including original signed financial statements, audit reports, and all publicly disclosed documents from the reporting period, kept at the company's securities department

湛江国联水产开发股份有限公司 2018 年第一季度报告全文 湛江国联水产开发股份有限公司 2018 年第一季度报告 2018 年 04 月 1 湛江国联水产开发股份有限公司 2018 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证季度报告中财务报表的真实、准确、完整。 2 湛江国联水产开发股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 1,010,332,793.45 | 840,170,754.79 | 20.25% | | 归属于上市公司股东的净利润（元） | 96,065,906.22 ...

湛江国联水产开发股份有限公司 2017 年第三季度报告全文 湛江国联水产开发股份有限公司 2017 年第三季度报告 2017 年 10 月 1 湛江国联水产开发股份有限公司 2017 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证季度报告中财务报表的真实、准确、完整。 2 湛江国联水产开发股份有限公司 2017 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 3,759,072,683.72 | 3,088,429,886.98 | | 21.71% | | 归属于上市公司股东的净资产 | 1,91 ...

湛江国联水产开发股份有限公司 2017 年半年度报告全文 湛江国联水产开发股份有限公司 2017 年半年度报告 2017 年 08 月 1 湛江国联水产开发股份有限公司 2017 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本公司需要请投资者特别关注的重大风险包括：1、食品安全质量风险; 2、 原材料供给及价格波动风险; 3、对虾工厂化养殖业务推进不达预期风险。公司 在本报告第四节"经营情况讨论与分析"之"十、公司面临的风险和应对措施" 部分, 对风险进行了详细描述并提出了公司拟采取的应对措施，敬请投资者查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | ...

湛江国联水产开发股份有限公司 2017 年第一季度报告全文 湛江国联水产开发股份有限公司 湛江国联水产开发股份有限公司 2017 年第一季度报告全文 2017 年第一季度报告 2017 年 04 月 1 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证季度报告中财务报表的真实、准确、完整。 2 湛江国联水产开发股份有限公司 2017 年第一季度报告全文 第二节 公司基本情况 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统 | 62,000.00 | | | 一标准定额或定量享受的政府补助除外） | | | | 除上述各项之外的其他营业外收入和支出 | 58,446.82 | | | 合计 | 120,446.82 | -- | 对公司根据《公开发行证券的 ...

湛江国联水产开发股份有限公司 2016 年年度报告全文 湛江国联水产开发股份有限公司 2016 年年度报告 2017 年 04 月 1 湛江国联水产开发股份有限公司 2016 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告中如有涉及未来计划、发展规划等前瞻性内容，均不构成公司 对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。 本公司请投资者认真阅读本年度报告全文，并特别注意下列风险因素： 1、 食品质量安全风险 食品安全一贯是水产品加工企业的生命线，2015 年新修订《食品安全法》 出台，标志着监管部门对相关企业食品安全质量的要求和重视程度提升到了新 高度。由于食品安全管理不善导致的潜在品牌声誉、业务开展、经营 ...

2016 年第三季度报告 2016 年 10 月 1 湛江国联水产开发股份有限公司 2016 年第三季度报告全文 湛江国联水产开发股份有限公司 湛江国联水产开发股份有限公司 2016 年第三季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料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 确性和完整性承担个别及连带责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证季度报告中财务报告的真实、完整。 2 湛江国联水产开发股份有限公司 2016 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,838,700,909.22 | 2,596,059,001.82 | | 9.35% | | 归属 ...

湛江国联水产开发股份有限公司 2016 年半年度报告全文 湛江国联水产开发股份有限公司 2016 年半年度报告 2016 年 08 月 1 湛江国联水产开发股份有限公司 2016 年半年度报告全文 第一节 重要提示、释义 本公司董事会、监事会及董事、监事、高级管理人员保证本报告所载资料 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、完整性承担个别及连带责任。 所有董事均已出席了审议本报告的董事会会议。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证本半年度报告中财务报告的真实、完整。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、释义 2 | | --- | --- | | 第二节 | 公司基本情况简介 5 | | 第三节 | 董事会报告 9 | | 第四节 | 重要事项 21 | | 第五节 | 股份变动及股东情况 27 | | 第六节 | 董事、监事、高级管理人员情况 30 | | 第七节 | 财务报告 32 | | 第八节 | 备查文件目录 122 | 湛江国联水产开发股份有限公司 2016 ...

湛江国联水产开发股份有限公司 2016 年第一季度报告全文 湛江国联水产开发股份有限公司 2016 年第一季度报告 2016 年 04 月 1 湛江国联水产开发股份有限公司 2016 年第一季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料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 确性和完整性承担个别及连带责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李忠、主管会计工作负责人樊春花及会计机构负责人(会计主管 人员)樊春花声明：保证季度报告中财务报告的真实、完整。 2 湛江国联水产开发股份有限公司 2016 年第一季度报告全文 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统 | 1,185,602.00 | | | 一标准定额或定量享受的政府补助除外） | | | | 除上述各项之外的其他营业外收入和支出 | -299,359.36 | | | 合计 | 886,242.64 | -- | 第二节 公司基本情况 一、主 ...