上海嘉厚律师事务所 法律意见书 上海嘉厚律师事务所 关于 湛江国联水产开发股份有限公司 2023年股票期权与限制性股票激励计划作 废部分已授予但尚未归属的限制性股票的 法律意见书 上海嘉厚律师事务所 二 零 二 五 年 四 月 二 十 八 日 1 上海嘉厚律师事务所 法律意见书 上海嘉厚律师事务所（以下简称"嘉厚"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》"）的有关规定，就公司实施《2023 年股票期权与限制性股票激励计划（草案）》（以下简称"《激励计 ...

关于作废部分已授予但尚未归属的限制性股票的公告 证券代码：300094 证券简称：国联水产 公告编号：2025-025 湛江国联水产开发股份有限公司 关于作废部分已授予但尚未归属的限制性股票的公告 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。 湛江国联水产开发股份有限公司（以下简称"公司"或"国联水产"）于 2025 年 4 月 28 日召开了第六届董事会第十二次会议及第六届监事会第十一次会议， 审议通过了《关于作废部分已授予但尚未归属的限制性股票的议案》，现将有关 事项说明如下： 一、本次激励计划已履行的相关审批程序 （一）2023 年 9 月 6 日，公司召开第五届董事会第二十二会议，会议审议 通过了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股 东大会授权董事会办理公司 2023 年限制性股票激励计划相关事项的议案》等议 案，公司独立董事就相关事项发表了独立意见。 （二）2023 年 9 月 6 日，公司召开第五届监事会第十八次会议，会议审议 通 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥812,827,860.03, a decrease of 22.04% compared to ¥1,042,631,414.68 in the same period last year[5] - Net profit attributable to shareholders increased by 71.62% to ¥6,028,415.05 from ¥3,512,687.73 year-on-year[5] - Basic and diluted earnings per share rose by 70.97% to ¥0.0053 from ¥0.0031 in the same period last year[5] - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥2,807,506.90 compared to a loss of ¥6,115,232.59 in the same period last year, marking a 145.91% improvement[5] - Net profit for the current period is ¥1,075,480.19, compared to a net loss of ¥1,805,520.06 in the previous period[19] Cash Flow - The net cash flow from operating activities decreased by 46.87% to ¥29,816,613.44, down from ¥56,118,311.35 in the previous year[5] - Cash inflow from operating activities is ¥989,152,114.35, down 25.7% from ¥1,332,540,114.44 in the previous period[22] - Cash outflow from operating activities is ¥959,335,500.91, a decrease of 25.0% from ¥1,276,421,803.09 in the previous period[22] - The net cash flow from operating activities was $29,816,613.44, compared to $56,118,311.35 in the previous period, indicating a decrease of approximately 47.1%[23] - The net cash flow from investing activities was -$3,005,969.66, a significant decline from -$47,444,147.94, showing an improvement of approximately 93.7%[23] - The net cash flow from financing activities was $3,047,146.38, contrasting with -$45,496,759.11 in the prior period, reflecting a turnaround of approximately 106.7%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,076,007,429.27, a decrease of 0.87% from ¥4,111,862,353.14 at the end of the previous year[5] - Total liabilities amount to ¥2,185,531,019.00, slightly down from ¥2,224,548,001.93 in the previous period[16] - Current liabilities increased to ¥1,999,005,058.97 from ¥1,998,859,008.55, reflecting a marginal increase of approximately 0.007%[15] - Non-current liabilities decreased to ¥116,754,007.91 from ¥152,699,887.10, indicating a reduction of approximately 23.5%[15] - Total equity attributable to shareholders of the parent company is ¥1,841,219,325.21, an increase from ¥1,833,104,331.28 in the previous period[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 59,157, with the largest shareholder holding 14.00% of the shares[11] Operational Insights - The company is focusing on enhancing its operational efficiency and exploring new market opportunities for growth[13] - Future guidance indicates a cautious outlook due to market volatility and potential economic challenges[13] Other Financial Metrics - Other income decreased by 64.91% to ¥4,229,687.16 from ¥12,054,554.82 year-on-year, primarily due to a reduction in government subsidies[9] - The company experienced a 128.88% increase in asset impairment losses, totaling ¥20,103,972.43, compared to a reversal of losses in the previous year[9] - Total operating costs for the current period are ¥837,769,133.38, down 15.0% from ¥984,684,361.17 in the previous period[18] - Cash and cash equivalents increased to ¥446,276,083.43 from ¥377,688,773.93, reflecting a growth of approximately 18.1%[14] - Accounts receivable decreased to ¥386,942,959.09 from ¥438,651,974.81, indicating a decline of about 11.8%[14] - Inventory slightly decreased to ¥1,886,509,253.40 from ¥1,899,516,569.08, showing a reduction of approximately 0.7%[14] Accounting and Audit - The company did not undergo an audit for the first quarter report, which may affect the perception of financial reliability[24] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24]

Financial Performance - The company's operating revenue for 2024 was approximately ¥3.41 billion, a decrease of 26.16% compared to ¥4.91 billion in 2023[19]. - The net profit attributable to shareholders for 2024 was approximately -¥742.45 million, representing a decline of 39.62% from -¥531.78 million in the previous year[19]. - The net cash flow from operating activities decreased by 82.76% to approximately ¥29.39 million, down from ¥170.50 million in 2023[19]. - The total assets at the end of 2024 were approximately ¥4.11 billion, a decrease of 18.87% from ¥5.07 billion at the end of 2023[19]. - The net assets attributable to shareholders decreased by 28.99% to approximately ¥1.83 billion, down from ¥2.58 billion in the previous year[19]. - The company has reported a negative net profit for the most recent fiscal year, raising concerns about its ongoing viability[21]. - The company achieved total revenue of 3.409 billion yuan, a year-on-year decrease of 26.16%[42]. - The net profit attributable to shareholders was approximately -742 million yuan, indicating an increase in losses compared to the previous year[42]. Business Strategy and Focus - The company plans to focus on the prepared food business and upgrade its business model, maintaining a stable core competitiveness[5]. - The company is focusing on the pre-prepared food sector, which is expected to grow significantly, with market size projections reaching trillions in the coming years[32]. - The company focuses on deep processing and prefabricated dishes, with major products including bullfrogs, flavored fish, and crayfish[34]. - The company is committed to new product development based on consumer insights, with a focus on prefabricated dishes[41]. - The company aims to enhance market share by focusing on core products, targeting annual sales exceeding 500 million CNY for key products through continuous R&D and production improvements[91]. Market and Sales Performance - Domestic market revenue reached 2.337 billion yuan, accounting for 68.54% of total revenue, while international market revenue was 1.072 billion yuan, making up 31.46%[44]. - International marketing channels achieved revenue of 749 million yuan, a significant year-on-year increase, with non-U.S. market sales growing by 34% and European market export value increasing by 60%[46]. - E-commerce channels showed robust growth, with shrimp products maintaining a leading position on platforms like JD and Taobao, and black fish slices experiencing a 600% year-on-year sales increase[47]. - The restaurant heavy customer channel faced a year-on-year revenue decline but continued to provide comprehensive solutions for major restaurant chains, developing over 30 new products during the reporting period[49]. - Traditional supermarkets experienced a revenue decline, while high-end supermarkets and partnerships with Hema saw revenue growth exceeding 40% year-on-year[50]. Research and Development - The company has completed the research and development of various new products, including pre-fried shrimp chips and mixed grilled fish products, enhancing its product matrix and competitiveness[66]. - The focus on R&D is anticipated to significantly impact the company's future growth and profitability[65]. - The company aims to strengthen customer loyalty and improve revenue levels through the introduction of new products, which will also help in continuously improving product gross margins[66]. - The company has successfully completed the development of various shrimp products, including Garlic Noodle Shrimp and Thai Golden Shrimp Balls, contributing to a richer product offering[65]. - R&D investment amounted to approximately ¥141.24 million in 2024, representing 4.14% of operating revenue, an increase from 3.50% in 2023[68]. Operational Efficiency - The company has optimized its production management, resulting in increased output and reduced manufacturing costs[43]. - The company has established a comprehensive procurement system across major shrimp and seafood production areas globally, ensuring stable supply[40]. - The company has implemented a "2211" electronic supervision model for food safety management, achieving high international certifications[40]. - The company is focusing on enhancing its logistics and supply chain management to improve operational efficiency[130]. Governance and Compliance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring effective internal management and control[99]. - The board of directors consists of 9 members, including 3 independent directors, meeting legal and regulatory requirements[105]. - The company has implemented a fair and effective performance evaluation and incentive mechanism for senior management, combining base salary with annual performance assessments[107]. - The company actively manages investor relations, ensuring timely responses to inquiries through various channels, including the investor relations management phone and interactive platforms[111]. - The company has established a complete independent business management system, ensuring no significant competition or major related transactions that could affect its business independence[118]. Environmental and Social Responsibility - The company has complied with environmental regulations, with no reported administrative penalties for environmental issues during the reporting period[168]. - The company has created over 3,000 job opportunities for local rural populations, contributing to local employment[171]. - The company has actively participated in social responsibility initiatives, including poverty alleviation and disaster relief efforts[170]. - The company has strengthened cooperation with farmers to improve the sales channels for aquaculture products, increasing local farmers' income[171]. Financial Management and Investments - The company reported a total investment of 263.72 million yuan in the Central Kitchen project, with a cumulative investment of 899.39 million yuan, achieving a return of 4.50%[76]. - The company disclosed an investment of 1,555.84 million yuan in the Guolian (Yiyang) Food project, with a cumulative investment of 3,836.02 million yuan, achieving a return of 7.67%[76]. - The company has a remaining balance of 13,328.04 million yuan in its special fund account for raised funds, which includes cash management income[80]. - The company has not engaged in any securities or derivative investments during the reporting period[77][78]. - The company plans to continue its investment strategy in production construction projects, with a focus on seafood processing and expansion[81].

国联水产（300094）公告，2025年第一季度营业收入8.13亿元，同比下降22.04%。净利润602.84万元， 同比增长71.62%。 ...

4月17日，国联水产（300094）发布公告称，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，本议案尚需提交公司股东大会审议。 国联（益阳）食品有限公司水产品深加工扩建项目（以下简称"水产品深加工扩建项目"），主要产品为 小龙虾和鱼类深加工产品。项目拟新建 15，000.00㎡生产厂房、7，200.00 ㎡自动化立体冷库、12， 000.00 ㎡宿舍楼、4，000.00 ㎡办公楼及其它附属建筑。项目将新购置进口节能蒸煮机、自动智能分选 机、进口智能化速冻机、进口自动化包装线设备等自动化生产设备。 来源：粤股8 项目总投资 60，171.51 万元，规划建设期 12 个月，在项目期内将完成建筑工程、设备购置安装及完善 人员配置等。项目达产后将新增年产能 1.53 万吨小龙虾和 2.97 万吨鱼类深加工产品，本项目的实施旨 在扩大公司水产品深加工的产能，满足日益增长的市场需求。 水产品深加工扩建项 ...

券商分析，国联水产这一决策看似"战略收缩"，实则折射出水产加工行业在预制菜赛道进入"剩者为 王"阶段后的竞争法则变迁——从规模扩张转向效率竞争，从产能竞赛转向供应链深耕。 近年来，水产品价格跌至周期底部，虾类、鱼类等核心原料价格同比下降超30%，导致企业存货减值压 力陡增。水产企业多为亏损，其中存货减值损失占重要因素。在此背景下，重资产扩张产能可能进一步 放大库存风险，而供应链柔性管理能力成为关键。 水产加工企业的核心护城河在于全球供应链整合能力而非单一产能优势。国联水产将资金用于补充流动 资金，可降低财务费用、优化资本结构，为后续供应链建设、研发投入与渠道下沉提供弹药。 本报讯(记者矫月)2025年4月17日，湛江国联水产（300094）开发股份有限公司(以下简称"国联水产")发 布公告称，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，本议案尚需 提交公司股东大会审议。 当前，国联水产"大单品 ...

华福证券有限责任公司 意见 华福证券有限责任公司（以下简称"华福证券"或"保荐机构"）作为湛 江国联水产开发股份有限公司（以下简称"国联水产"或"公司"）向特定对 象发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作（2023 年 12 月修订）》等相关规 定，对国联水产终止部分募投项目并将募集资金永久补充流动资金的事项进行 了审慎核查，具体核查情况和核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会(以下简称"中国证监会")《关于同意湛江国 联水产开发股份有限公司向特定对象发行股票注册的批复》（证监许可〔2022〕 1826 号），同意公司向特定对象发行股票的注册申请。 公司向 15 名特定对象发行人民币普通股(A 股)221,238,938 股，发行价格 为 4.52 元/股，实际募集资金总额为人民币 999,999,999.76 元，扣除本次发行 费用后，实际募集资金净额为人民币 981, ...

关于召开 2025 年第一次临时股东大会的通知 证券代码：300094 证券简称：国联水产 公告编号：2025-013 湛江国联水产开发股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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"）于2025年4月17日召开 了第六届董事会第十一次会议，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》，公司定于2025年5月7日15:00在公司一号会议厅 召开公司2025年第一次临时股东大会。现将会议有关事项通知如下： 一、本次会议召开的基本情况 1.股东大会届次：2025年第一次临时股东大会 2.股东大会的召集人：公司董事会 3.会议召开的合法、合规性：本次股东大会的召开已经于第六届董事会第 十一次会议审议通过，召集程序符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》等规定。 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为2025年5月 7日上午9:15 至下午15:00之间的任意时间。 5.会议召开方式：本次会议的表决采取 ...