转型预制菜反走业绩下坡路，国联水产连亏六年

Core Viewpoint - Guolian Aquatic Products (300094.SZ) announced the sale of its wholly-owned subsidiary, Xinying Foods, to its controlling shareholder, Xinyu Guotong, for a total payment of 315 million yuan. This transaction aims to convert idle upstream assets into more liquid cash assets and refocus on the company's main business [1][14]. Group 1: Financial Performance - From 2019 to 2024, the company has accumulated a net profit loss of approximately 2.028 billion yuan, with revenue only showing a brief positive growth in 2022. In the first three quarters of this year, the net profit loss reached nearly 800 million yuan [14]. - In 2023, the company reported a revenue decline of 4.79% and a net profit loss of 532 million yuan, attributing the losses to a poor seafood consumption market and declining sales prices [21][22]. - The company's revenue from aquatic food dropped by 16.97% year-on-year, with a gross margin decrease of 17.05 percentage points to -2.89% [24]. Group 2: Subsidiary Performance - Xinying Foods, established in 2011, reported revenues of 5.0117 million yuan and a net profit of 499,400 yuan in 2024, but incurred a loss of 1.06219 million yuan in the first ten months of the year [3][16]. - The sale of Xinying Foods reflects the company's ongoing strategy to divest upstream assets, which have not provided a competitive advantage and have instead burdened operations [4][16]. Group 3: Strategic Challenges - The company has faced significant challenges in its strategic transition to prepared foods, with a lack of core competitiveness in this area. The planned fundraising projects aimed at expanding production capacity were terminated due to changes in market demand and economic conditions [22][23]. - The company has been forced to accelerate the divestment of its upstream aquaculture business, which has been unprofitable for several years, in order to focus on prepared food processing [4][17]. Group 4: Market Conditions - The overall market for prepared foods is expected to grow, with projections indicating that the market size in China could exceed 1.072 trillion yuan by 2026. However, the company has struggled to capitalize on this growth due to external market conditions and internal strategic missteps [22][24].