COFC(SZ:000798) Zheng Quan Shi Bao Wang·2025-11-26 07:11Core Viewpoint - Zhongshui Fisheries (000798) experienced a significant stock price drop, reaching the daily limit down after a period of rapid price increases, indicating potential volatility in the water product sector [1][3]. Company Performance - Zhongshui Fisheries is a central state-owned enterprise with its main business covering deep-sea fishing, seafood processing and trade, and marine fishery services [3]. - For the first three quarters of the year, the company reported total operating revenue of 2.967 billion yuan, a year-on-year decline of 8.67%, while net profit attributable to shareholders was 53 million yuan, a year-on-year increase of 230.08% [3]. - The company recorded a net loss of 33 million yuan in the third quarter, marking a shift from profit to loss compared to the second quarter [3]. - As of the end of the third quarter, the company's net assets were 410 million yuan, a year-on-year decline of 16.41%, continuing a downward trend for three consecutive years [3]. Industry Comparison - In comparison to peers in the industry, Zhongshui Fisheries has relatively weak profitability, with a sales gross margin of 5.11%, ranking second to last among listed fisheries companies [4]. - The company's debt level is high, with a debt-to-asset ratio of 71.69%, ranking second among listed fisheries companies [4]. - As of the end of the third quarter, the total liabilities of the company reached 4.216 billion yuan [4].