Financial Performance - The company reported a basic earnings per share of -1.0385 yuan for Q1 2025, a decrease of 105.48% compared to -0.5054 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -1.81 billion yuan, representing a 105.68% increase in losses compared to -0.88 billion yuan in Q1 2024 [1] - Operating revenue decreased by 34.05% to 6.78 billion yuan in Q1 2025 from 10.28 billion yuan in Q1 2024 [1] - The net asset per share was -10.58 yuan, a decline of 72.31% from -6.14 yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 53.92 million shares, accounting for 40.36% of the circulating shares, with a decrease of 1.9471 million shares compared to the previous period [2] - The largest shareholder, Jiawo Group Co., Ltd., holds 40.07 million shares, representing 29.97% of the total share capital, with no change in holdings [3] - Notable changes among the top shareholders include a decrease of 39.64 million shares for Shi Chunbao and a decrease of 28.53 million shares for Chen Yanming [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

Group 1 - The company *ST Jiawo (300268.SZ) announced its plan to transfer 100% equity of Beijing Jiawo Zhencheng Technology Co., Ltd. to its affiliate Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. [1] - This transaction constitutes a related party transaction and is expected to be classified as a significant asset restructuring [1]

Financial Performance - The company's revenue for Q1 2025 was ¥677,514,772.36, a decrease of 34.09% compared to ¥1,027,931,125.62 in the same period last year[4] - The net loss attributable to shareholders was ¥180,913,426.83, representing a 105.49% increase in losses from ¥88,041,963.16 year-over-year[4] - The company's operating profit for Q1 2025 was RMB -130 million, an improvement of 8% compared to RMB -142 million in Q1 2024[13] - Net loss for the period was ¥201,318,265.61, compared to a net loss of ¥94,162,274.28 in the previous period, indicating a significant increase in losses[41] - The basic and diluted earnings per share were both -¥1.0385, compared to -¥0.5054 in the previous period, showing a deterioration in earnings performance[42] Cash Flow - The net cash flow from operating activities was -¥245,444,238.24, a decline of 125.41% compared to -¥108,888,332.88 in the previous year[4] - Cash flow from operating activities was ¥762,217,484.56, down from ¥1,092,819,353.90, a decline of about 30%[44] - The net cash flow from investing activities decreased by 46.08% to -¥220,000,000, attributed to increased infrastructure investments in fishing grounds[7] - The net cash flow from financing activities increased by 137.43% to ¥312,000,000, primarily due to increased borrowings from related parties[7] - The ending cash and cash equivalents balance was $460.86 million, up from $201.08 million in the previous period, indicating improved liquidity[45] Assets and Liabilities - The company's total assets increased by 3.32% to ¥9,604,281,445.31 from ¥9,295,306,013.20 at the end of the previous year[4] - The total liabilities increased to ¥10,182,425,983.10 from ¥9,752,672,824.28, reflecting a rise of approximately 4.4%[39] - The total equity attributable to shareholders of the parent company decreased to -¥543,430,199.44 from -¥442,750,094.62, indicating a worsening financial position[39] - As of March 31, 2025, the company's debt-to-asset ratio was 106.02%, indicating significant financial strain[25] Operational Challenges - The company reported a 34.09% decrease in operating income, primarily due to reduced production and sales volumes as part of its operational plan[6] - The company faced a significant increase in unit costs due to a decrease in production volume, negatively impacting Q1 2025 operating performance[11] - The domestic salmon business underwent strategic contraction in Q1 2025 due to reduced production and sales from Chile[12] - The company is facing liquidity risks with overdue debts amounting to 88 million RMB as of March 31, 2025[25] Strategic Initiatives - The company plans to stabilize operations by expanding markets, adjusting product structures, and controlling costs[12] - The company plans to improve asset quality and optimize capital structure through strategic investments and asset restructuring[24] - The company is actively expanding its overseas sales channels to mitigate risks associated with geopolitical factors and supply chain disruptions[34] - The company has established a management team with an international perspective to better navigate macroeconomic and regulatory challenges[35] Shareholder Information - The top shareholder, Jiawo Group Limited, holds 46.08% of shares, totaling 80,265,919 shares[9] - The total number of common shareholders at the end of the reporting period was 4,967[9] Inventory and Production - The harvest volume for Australis in Q1 2025 was 8,309 tons, a 43% decrease compared to 14,481 tons in Q1 2024, while sales volume dropped by 40%[13] - In Q1 2025, the total harvest weight was 8,309 tons WFE, a decrease of 43% compared to 14,481 tons WFE in Q1 2024[17] - Q1 2025 sales volume was 8,787 tons WFE, down 40% from 14,655 tons WFE in Q1 2024[18] - The average selling price for Atlantic Salmon in Q1 2025 was $6.98 per KG WFE, slightly up from $6.94 in Q1 2024[20] - The unit cost of production for Atlantic Salmon in Q1 2025 was $6.45 per KG WFE, an increase from $6.30 in Q1 2024[23] Compliance and Regulatory Issues - The company is closely monitoring the compliance plan with the SMA to avoid penalties, emphasizing the importance of regulatory adherence[31] - The company has submitted administrative review applications for 12 aquaculture centers whose compliance plans were rejected[30] Financial Adjustments - Financial expenses increased by 78.97% to ¥1,295,000,000, mainly due to exchange losses and increased interest expenses from related party borrowings[6] - Other comprehensive income after tax was ¥1,561,145.46, compared to -¥329,583.90 in the previous period, indicating a recovery in this area[42] - The company reported an investment income of ¥1,207,880.64, a significant improvement from a loss of -¥293,654.03 in the previous period[41]

佳沃食品股份有限公司 证券代码：300268 证券简称：*ST佳沃 公告编号：2025-060 佳沃食品股份有限公司 关于诉讼进展的公告 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。 一、诉讼的基本情况 2023年5月19日，公司与桃源湘晖就本案判决及执行相关事项达成和解，并 在开福区法院签署《执行和解协议》，具体内容详见公司于2023年5月22日刊登 在巨潮资讯网上的《关于签署<执行和解协议>暨诉讼进展公告》（公告编号： 2023-045）。 2023年5月31日，公司收到被执行人桃源湘晖支付的首笔和解款人民币200万 元，具体内容详见公司于2023年5月31日刊登在巨潮资讯网上的《关于诉讼进展 公告》（公告编号：2023-050）。 1 佳沃食品股份有限公司 2023年7月14日，公司收到被执行人桃源湘晖支付的第二笔和解款人民币100 万元，具体内容详见公司于2023年7月17日刊登在巨潮资讯网上的《关于诉讼进 展公告》（公告编号：2023-055）。 2023年9月25日，公司收到被执行人桃源湘晖支付的第三笔和解款人民币200 万元，具体内容详见公司于 ...

Core Viewpoint - The Chinese blueberry industry has rapidly developed, becoming a global leader in planting scale and yield, but faces challenges such as low standardization and unstable quality. Integrating modern information technology into various agricultural processes is essential for enhancing competitiveness and achieving high-quality development [2][5]. Industry Development - The blueberry planting area in China is expected to exceed 1.1 million acres by 2024, with a production volume of approximately 500,000 tons, making it one of the fastest-growing countries in blueberry production globally. Yunnan province contributes about 30% of the national blueberry output [2]. - The commercialization of blueberry cultivation in China began in 2003, with significant breakthroughs in scale achieved around 2012. The introduction of substrate cultivation technology in 2017 significantly increased yield from less than 300 kg per acre to 1,500 kg [4]. Market Potential - Current per capita blueberry consumption in China is less than one-tenth of that in developed countries. As consumer health awareness increases, the demand for blueberries is expected to grow rapidly. The small berry market in China has substantial consumption potential [2][9]. - The rise of e-commerce and market expansion due to consumption upgrades presents significant opportunities for related enterprises, although challenges such as intensified competition and quality control remain [9]. Technological Innovation - The company has implemented over 2,000 sensors in its Yunnan base to create a comprehensive monitoring network for real-time environmental tracking. AI technology is used for yield prediction, achieving a prediction error rate of within 5% [5]. - The company has developed 13 patented devices and has been recognized as a key leading enterprise in agricultural industrialization at the national level [3]. Breeding and Intellectual Property - The challenges in blueberry breeding include strict overseas control over seed varieties and the lengthy hybrid breeding cycle, which typically takes seven to eight years to yield results [6][8]. - The company has established partnerships with international breeding firms and has successfully introduced over 40 patented varieties, while also focusing on independent research and development [8]. Local Adaptation of Technology - The company emphasizes the importance of adapting international blueberry cultivation techniques to local conditions, considering factors such as climate, soil, and consumer preferences [11][12]. - The use of modern substrate cultivation combined with integrated irrigation systems allows for precise management of blueberry growth, ensuring high product quality [11].

Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

佳沃食品股份有限公司 证券代码：300268 证券简称：*ST佳沃 公告编号：2025-057 佳沃食品股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1．本次股东大会审议议案获得通过，未出现否决议案的情形。 2．本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1．会议召开时间： 现场会议召开时间：2025年4月3日（星期四）上午10:00。 网络投票时间：2025年4月3日。 其中，通过深圳证券交易所交易系统投票时间为2025年4月3日9:15-9:25， 9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票时 间为2025年4月3日9:15-15:00之间的任意时间。 2．现场会议召开地点：北京市朝阳区双营路甲6号院北苑大酒店会议室。 3．会议召开方式：现场投票和网络投票相结合的方式。 4．会议召集人：公司董事会。 1 佳沃食品股份有限公司 决权股份 90,894,738 股，占公司有表决权股份总数的 52.1805%。 其中，通过现场投票的 ...

佳沃食品股份有限公司 证券代码：300268 证券简称：*ST佳沃 公告编号：2025-058 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。 重要内容提示: 1. 案件所处的阶段 智利时间2025年3月24日，针对智利环境监管机构在智利时间2025年3月6日 下发的《关于驳回已提交的针对Estero Retroceso养殖中心补发违规通知的异议申 请决议》（以下简称"驳回决议"），佳沃食品股份有限公司（以下简称"公司"） 智利子公司Australis Mar S.A.（以下简称"AMSA"）向智利瓦尔迪维亚第三环 境法庭（以下简称"智利环境法庭"）提起行政诉讼。截至本公告披露日，行政 诉讼起诉状已获受理，尚未进行审理。 2. 上市公司所处的当事人地位 公司的智利子公司 AMSA 为原告。 3. 涉案的金额：无 4. 对上市公司损益产生的影响 本次诉讼为行政诉讼，无涉案金额，且目前尚未开庭审理，不会对公司本期 利润或期后利润产生重大影响。公司将根据诉讼案件进展情况依法及时履行信息 披露义务。 佳沃食品股份有限公司 关于智利子公司合规方案审批的进展 暨提起行政诉 ...

北京市尚公律师事务所 关于 佳沃食品股份有限公司 2024 年年度股东大会的 法律意见 二〇二五年四月 北京市东长安街 10 号长安大厦 3 层 电话：010/65288888 传真：010/65226989 北京市尚公律师事务所 关于 佳沃食品股份有限公司 2024 年年度股东大会的 法律意见 致：佳沃食品股份有限公司 北京市尚公律师事务所（以下简称"本所""我们"）接受佳沃食品股份有 限公司（以下简称"公司"）委托，指派本所律师列席公司 2024 年年度股东大 会（以下简称"本次会议"），并出具本法律意见书。本所律师根据《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"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、 行政法规、规范性文件及现行有效的《佳沃食品股份有限公司章程》（以下简称 "《公司章程》"）的规定，出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人的资格、会议表决程序及表决结果是否符合《公司法》 《证券法》《股 ...