养殖与食品收入激增但毛利率异动被问询，天马科技回复

Core Viewpoint - Tianma Technology (603668.SH) reported significant revenue growth in its aquaculture and food businesses, but the fluctuation in gross margins raised concerns from the Shanghai Stock Exchange regarding the sustainability of this growth [1][2]. Group 1: Revenue Growth - In 2024, the aquaculture business achieved revenue of 821.35 million yuan, a year-on-year increase of 321.39%, with eel sales reaching 11512.19 tons, generating 790.74 million yuan, reflecting increases of 398.28% and 397.66% respectively [1]. - The food business generated revenue of 366.93 million yuan, up 109.31% year-on-year, with grilled eel sales of 3404.53 tons, marking a growth of 133.75% [1]. Group 2: Gross Margin Changes - The gross margin for the aquaculture business in 2024 was 25.75%, an increase of 4.48 percentage points from 2023, while the gross margin for eel farming decreased by 8.39 percentage points to 27.33% [2]. - The decline in eel farming gross margin was attributed to high stocking density due to delays in hatchery construction and increased costs from prolonged growth cycles [2]. - The food business gross margin was 21.52%, up 3.59 percentage points from 2023, with grilled eel gross margin increasing by 3.58 percentage points, primarily due to a higher proportion of self-sourced live eels and lower feed costs [2].