天马科技回复2025年半年报问询函：部分客户与供应商重叠

Core Viewpoint - Tianma Technology (603668) responded to the Shanghai Stock Exchange's inquiry regarding its rapidly growing "consumable biological assets," particularly focusing on its eel assets, which total over 2.8 billion yuan and have not shown signs of impairment [1][2]. Group 1: Financial Performance and Asset Valuation - As of June 30, 2025, Tianma Technology reported a total inventory value of 3.593 billion yuan, with consumable biological assets valued at 2.844 billion yuan, representing a 27.76% increase from the end of 2024 and accounting for 59.21% of current assets [1]. - The company explained that the increase in consumable biological assets was primarily due to its strategic shift towards Japanese eel seedlings, with a total investment of 812 million yuan in eel seedlings during the first half of 2025, compared to only 166 million yuan for the entire year of 2024 [2]. - The company provided detailed calculations indicating that as of June 30, 2025, the cost of the eels in stock was 2.836 billion yuan, while the net realizable value was significantly higher at 5.822 billion yuan, suggesting no overall impairment [2]. Group 2: Customer and Supplier Relationships - Tianma Technology confirmed the existence of overlapping relationships between its customers and suppliers, particularly highlighting "Customer 1," which was the largest customer in both the eel farming and food business segments, with transaction amounts of 417 million yuan in 2024 and 349 million yuan in the first half of 2025 [3][4]. - The company disclosed that "Supplier 21" was the fourth largest supplier in its raw material business, with a transaction amount of 355 million yuan, indicating a significant reliance on this supplier for essential raw materials [3][4]. - Additionally, three other suppliers (Supplier 12, Supplier 15, Supplier 16) were identified as both customers and suppliers, involved in the feed business and live eel supply [5].