*ST佳沃(300268) - 2023 Q2 - 季度财报

Financial Performance and Position - As of June 30, 2023, the company's equity attributable to shareholders was -651.43 million yuan, with a debt-to-asset ratio of 104.35%[4]. - The company has been under "delisting risk warning" since April 10, 2023, due to negative equity and continuous losses[4]. - The company reported a continuous loss during the reporting period, indicating a worsening financial situation[4]. - The net profit attributable to shareholders of the listed company is -¥375,886,551.52, a decrease of 342.57% year-on-year[25]. - The cash flow from operating activities is ¥126,051,721.09, down 50.66% from the previous year[25]. - Total assets at the end of the current period amount to ¥10,883,431,910.94, a decrease of 2.75% compared to the end of the previous year[25]. - The net assets attributable to shareholders of the listed company are -¥651,431,400.89, reflecting a decline of 116.14% year-on-year[25]. - Operating costs increased significantly by 27.18%, amounting to approximately ¥2.52 billion, up from ¥1.98 billion in the previous year[112]. - The gross margin for salmon products dropped to -3.97%, down from 19.9% in the previous year, reflecting a significant decline in profitability[115]. - The company plans to focus on improving operational efficiency and managing costs in response to the challenges faced in the salmon market[113]. Legal and Regulatory Issues - The company has been warned of delisting risks due to negative equity as of the end of 2022, which may impact its stock status[140]. - The company is facing a significant risk of bankruptcy due to an inability to repay debts totaling RMB 11.1 million, with ongoing legal proceedings regarding its restructuring[191]. - The company is involved in arbitration proceedings with a Chilean subsidiary, with a claim amounting to approximately $66.6 million[193]. - The company is involved in international commercial arbitration against Australis Seafood S.A. for a claim of $921.62 million and additional estimated losses of at least $300 million due to overproduction issues[194]. - The company has initiated criminal proceedings against former directors and executives of Australis for knowingly implementing overproduction plans that violate regulatory requirements, which has severely harmed the company's reputation and assets[195]. Market and Industry Trends - The global aquaculture production reached a historical high of 122.6 million tons in 2020, with a total value of $281.5 billion[36]. - The per capita consumption of aquatic products has increased from an average of 9.9 kg in the 1960s to 20.2 kg in 2020, with a projected increase to 21.4 kg by 2030[36]. - Global salmon supply in H1 2023 was approximately 1.26 million tons (WFE), a year-on-year decrease of 1.7%[40]. - Norway's Atlantic salmon supply in H1 2023 was 630,000 tons (WFE), down 2.1% year-on-year due to environmental challenges and resource tax policies[40]. - Chile's Atlantic salmon supply in H1 2023 was 370,000 tons (WFE), an increase of 4.9% year-on-year, attributed to favorable growth conditions[40]. Company Strategy and Operations - The company aims to enhance the accessibility of high-quality marine protein, including salmon, to improve national nutrition and health levels[35]. - The company is committed to the "global resources + Chinese consumption" strategy, focusing on the deep-sea marine protein industry[35]. - The company has implemented changes in accounting policies effective from January 1, 2023, impacting the financial reporting of lease liabilities and right-of-use assets[25]. - The company is exploring opportunities for market expansion and potential acquisitions to enhance its competitive position in the industry[113]. - The company is committed to diversifying its sales channels and expanding its market presence to reduce reliance on any single country or region[148]. Environmental and Sustainability Efforts - The company emphasizes carbon footprint reduction through better energy management and the use of green energy in its operations[172]. - The company received the MSC Sustainable Development Contribution Award for ten years from the Marine Stewardship Council, promoting sustainable fisheries[179]. - The company published the first ESG report in the salmon industry, detailing its integration of ESG management with business operations[179]. - The company utilizes biodegradable packaging for its salmon products, certified by the FDA, which decomposes within 6 to 20 months[178]. - The company has established an environmental self-monitoring plan for key pollutant discharge units as required by local environmental authorities[169]. Supply Chain and Product Development - The company has a comprehensive supply chain for salmon, ensuring standardized production and traceability[54]. - The company is actively developing diverse product lines to meet the varying demands of consumers in China, the US, and South America[54]. - The company's main products include high-quality seafood such as salmon, Arctic sweet shrimp, and various types of cod, with a focus on health and nutrition[58]. - The company has established long-term stable business relationships with upstream suppliers and downstream customers in the cod fish and Arctic shrimp sectors[52]. - The company has developed a multi-channel sales service system, covering major markets in Europe, America, and Japan, and has established a strong online and offline sales network in China[107].