Financial Performance - Revenue for the first three quarters of 2021 reached 3.38 billion RMB, a year-on-year increase of 1.39% [4] - Net profit attributable to shareholders was -105.99 million RMB, a significant reduction in loss of 349 million RMB compared to the previous year [4] - Third-quarter net profit was 30.42 million RMB, achieving single-quarter profitability [4] - Chile subsidiary Australis achieved a cumulative net profit of 48.49 million RMB in the first three quarters, with a third-quarter net profit of 87.7 million RMB [4] - Gross margin of Australis improved from -8.3% in Q1 to 21.9% in Q3 [4] Market and Industry Analysis - China's salmon import volume reached 74,200 tons in 2019, with a three-year compound growth rate of 31% [5] - Global salmon industry maintains a tight supply-demand balance [5] - Salmon prices have shown a recovery trend, with US market fillet prices reaching around $6/kg and Brazilian whole fish prices at $7-8/kg [5] - Company's salmon production capacity increased from 70,000 tons in 2019 to 100,000 tons in 2020 [5] Subsidiary Australis Advantages - Possesses valuable aquaculture licenses with strict government regulations [6] - Demonstrates superior operational efficiency with feed conversion rate of 1.25 (industry average: 1.42) and mortality rate below 6.1% (industry average: 15.8%) [6] - Maintains strong quality control capabilities with multiple industry certifications [6] - Achieved $120 million gross profit and $66 million net profit in 2019 under normal operations [6] Business Strategy and Development - Launched new children's food brand "Chanxiong Tongxue" targeting maternal and infant market [4] - Expanded sales channels through major e-commerce platforms like Tmall and JD.com [4] - Implemented dual business models: To B (supplying large supermarkets, importers, and restaurants) and To C (operating online flagship stores) [7] - Planned investment of 70 million RMB in 3R food innovation center and 60 million RMB in brand and marketing channel construction [7] - Initiated intelligent upgrade projects for salmon farming systems and smart factory construction [7] Future Outlook - Continued focus on consolidating overseas markets (US, Europe, Asia-Pacific) while strengthening Chinese market channels [7] - Positive outlook for future gross margins with current upward trend [7] - Strategic development in 3R food sector for C-end business [7] - Expected profitability improvement with production capacity at 100,000-ton level [6]

证券代码：300268 证券简称：佳沃食品 佳沃食品股份有限公司 投资者关系活动记录表 编号：2022-001 | --- | --- | --- | --- | --- | --- | |-----------------------------|---------------------------------------------------|----------------------------------------------------|---------|-------|----------| | | | | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | | | 类别 | □新闻发布会 | □路演活动 | | | | | | □现场参观 | | | | | | | 其他（电话会议） | | | | | | | 华西证券 周莎 | | | | | | | 中信证券 罗寅 银华基金 王建 | | | | | | 参与单位名称及 | 广发基金 陈少平 | | | | | | | | | | | | | | 中银证券资管 戴晓枫 | | ...

证券代码：300268 证券简称：佳沃食品 佳沃食品股份有限公司 投资者关系活动记录表 编号：2022-006 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|-------------------------------------------|-----------|----------------------------|--------|-------|------------------------------------------------------|-------| | | | | | | | | | | | | | □特定对象调研 □分析师会议 | | | | | | 投资者关系活动 类别 | | | □媒体采访 □业绩说明会 | | | | | | | □新闻发布会 | □路演活动 | | | | | | | | □现场参观 | | | | | | | | | 其他（电话会议） | | | | | | | | | 华安证券 王莺、纪孝娟 | | | | | | | | 参与 ...

证券代码：300268 证券简称：佳沃食品 佳沃食品股份有限公司 投资者关系活动记录表 编号：2022-008 | --- | --- | --- | --- | --- | --- | |-----------------------------|------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|-------|-------|---------------------------------------| | | | | | | | | | □特定对象调研 □分析师会议 | | | | | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | | | | | □新闻发布会 | □路演活动 | | | | | | □现场 ...

证券代码：300268 证券简称：佳沃食品 佳沃食品股份有限公司 投资者关系活动记录表 编号：2022-007 | --- | --- | --- | --- | --- | --- | |-------------------------|------------------------------|----------------------------------------------------------|-------|-------|----------------------| | | | | | | | | | □特定对象调研 □分析师会议 | | | | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | | | 类别 | □新闻发布会 | □路演活动 | | | | | | □现场参观 | | | | | | | 其他（电话会议） | | | | | | | 天风证券 吴立、蒋梦晗 | | | | | | | 东方基金 吕燕晨 | | | | | | 参与单位名称及 人员姓名 | 大家资产 胡筱 | | | | | | | 工银瑞信 袁辰昱 | | | | | | 时 ...

证券代码：300268 证券简称：佳沃食品 佳沃食品股份有限公司 投资者关系活动记录表 编号：2022-005 | --- | --- | --- | --- | --- | --- | |-----------------------------|--------------------------------------------------------|--------------------------------------------|-------|-------|-------| | | | | | | | | | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | | | | □现场参观 | | | | | | | 其他（电话会议） | | | | | | 参与单位名称及 人员姓名 | 国联证券线上策略会 东亚前海证券线上策略会 | | | | | | 时 间 | 2022 年 5 月 11 日下午 | 14:00-15:00 | | | | | 地 点 | 2022 年 5 月 13 日下午 ...

证券代码：300268 证券简称：佳沃食品 佳沃食品股份有限公司 投资者关系活动记录表 编号：2022-009 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------|--------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他（电话会议） | | | 参与单位名称及 | 华西证券线上策略会 | | | 人员姓名 | 华安证券线上策略会 | | | 时 间 | 2022 年 6 月 16 日 2022 年 6 月 17 日 | | | | | | | 地 点 | 电话会议 | | | 上市公司接待人 员姓名 | 董事会秘书：吴爽 | | | | 1 | ．预计未来国内三文鱼销量将达到什么样的水平？ | ...

Group 1: Business Focus and Market Potential - The company has chosen salmon as a key business development direction due to its significant market size, with global fisheries and aquaculture sales reaching $406 billion in 2020, and salmon accounting for 18% of global seafood exports valued at $151 billion [2] - The upstream farming segment of salmon is characterized by resource scarcity and increasing supply constraints due to limited farming regions and licensing restrictions [2] - Salmon is recognized as a high-value protein source, making it the most valuable category in global seafood [2] Group 2: Harvest and Production - In Q1 2022, the company harvested 19,840 tons of salmon (WFE), with an expected harvest of 18,163 tons in Q2, and a total forecast of 91,142 tons for the year [3] - The company aims to expand its product matrix and increase the proportion of value-added products to enhance overall profitability [3] Group 3: Consumer Market and Brand Development - The company has launched a high-nutrition food brand "Chuan Xiong Tong Xue" targeting children, and is exploring the 3R prepared food sector [3] - In the domestic market, the company collaborates with major supermarkets and e-commerce platforms to promote its salmon products, while also launching the "Southring" global brand in overseas markets [3] - The Asian salmon consumption market, particularly in China, shows high growth potential, with imports of Atlantic salmon reaching 90,800 tons in 2019 and a compound annual growth rate of 35.5% from 2017 to 2019 [4] Group 4: Competitive Advantage and Brand Strategy - The company leverages the successful experience of its parent company, Jiawo Group, in brand development, particularly with "Jiawo Blueberry," to enhance the brand strategy for "Jiawo Salmon" [4] - The consumer profiles for "Jiawo Blueberry" and "Jiawo Salmon" overlap, targeting mid-to-high-end consumers through new retail channels and online platforms [4] Group 5: Valuation and Financial Reporting - The fair value of biological assets, such as Atlantic salmon, is estimated based on market prices when harvested weight reaches 4 kg or more, with adjustments for estimated selling prices and costs [5] - The company evaluates the fair value of salmon biological assets at each reporting period, with changes in fair value recognized in the current profit and loss [5]