一图解码：海上鲜再次闯港 收入倒退 主要收入来自销售鱿鱼

Core Viewpoint - The company, Hai Shang Xian, is a leading provider of digital solutions and services for marine fisheries in China, and it has refiled its prospectus for an IPO on the Hong Kong Stock Exchange after a previous application expired [3][10]. Company Overview - Hai Shang Xian was established in 2015 and launched its proprietary HSX APP, which has evolved into a data-driven digital B2B marine fisheries marketplace, serving a large ecosystem including fishermen, seafood processors, and vendors [3][11]. - As of August 31, 2025, the HSX APP has over 50,000 registered users, providing access to market trends, catch data, and weather conditions [4][11]. Financial Performance - For the eight months ending August 31, 2025, Hai Shang Xian reported revenues of approximately 579 million RMB, a decrease of about 7.6% year-on-year [4][12]. - The main revenue source is the seafood B2B business, which generated 514 million RMB, accounting for 88.6% of total revenue, with frozen squid sales being the primary contributor [5][12]. Market Position - According to a CIC report, Hai Shang Xian's HSX APP is the largest digital B2B marine fisheries data platform in terms of registered users as of August 31, 2025 [4][12]. - The company has a strong market position as a leading supplier of fishing vessel monitoring systems in China, having been awarded a contract by the Fenghua government to develop a satellite-based monitoring system [13]. Strategic Initiatives - The company plans to establish AI computing facilities, expand overseas markets through offices in Southeast Asia, and enhance R&D capabilities [7].