1元出售三文鱼业务，佳沃食品甩包袱

Core Viewpoint - Jiawo Food has taken a significant step to alleviate the burden of long-term losses from its salmon business by transferring 100% of the equity of Beijing Jiawo Zhencheng Technology Co., Ltd. to a related party, Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. for a nominal price of 1 yuan, effectively divesting its salmon-related operations from the listed company structure [2][3]. Group 1: Business Operations and Financial Performance - Jiawo Zhencheng was the core operational entity for the salmon business, primarily managing the breeding, processing, and sales of salmon through its Chilean subsidiary, Australis [3]. - The acquisition of Australis in 2019 for approximately $920 million was significantly beyond Jiawo Food's financial capacity at the time, leading to reliance on debt for the purchase [3]. - Following the acquisition, the international demand for salmon plummeted, resulting in Jiawo Food's performance turning from profit to loss in 2019, with the salmon business reporting a gross margin of -12.2% in 2020 [3][4]. - Over the five years from 2018 to 2022, 33 out of 96 breeding centers owned by Australis were found to be overproducing, leading to a total excess production of 81,000 tons, necessitating a reduction in output and further impacting business performance [3]. Group 2: Financial Losses and Debt Management - Since the acquisition of Australis, Jiawo Food has recorded continuous losses for six consecutive years, totaling over 4.3 billion yuan, with a net asset value of -301 million yuan in 2022, resulting in a delisting risk warning [4]. - In 2024, the salmon business faced insolvency with a debt-to-asset ratio of 110.76%, contributing to a 256.39% year-on-year decline in net assets to -443 million yuan [4]. - After divesting the salmon business, Jiawo Food managed to reduce its debt-to-asset ratio from 104.92% to 12.56%, temporarily escaping the delisting risk [5]. Group 3: Strategic Recommendations - Following the divestiture of the loss-making salmon business, experts suggest that Jiawo Food should actively seek new growth opportunities and cultivate a second growth curve to enhance profitability and stabilize its market position [7][8]. - Analysts emphasize the need for Jiawo Food to adjust its market strategy to build sustainable core competitiveness, focusing on consumer demand to restructure its product, channel, and cost systems [8].