BAIYANG(SZ:002696) Xin Lang Cai Jing·2025-12-11 05:34Core Insights - The company Baiyang Co., Ltd. announced a share reduction plan by Vice President Yang Sihua, intending to sell up to 246,000 shares, representing 0.07% of the total share capital after excluding the repurchase account, with an estimated cash-out of approximately 1.717 million yuan based on the closing price of 6.98 yuan per share on December 10 [1] Industry Background - The reduction occurs as the seafood industry transitions from rapid expansion to a new phase characterized by low growth, low investment, and a focus on stability [1] Financial Performance - Baiyang Co., Ltd. reported a revenue of 2.952 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 38.77%, while the net profit attributable to shareholders surged by 218.12% to 36.128 million yuan [1] - The company anticipates strategic adjustments and operational optimizations starting in the second half of 2024, with positive outcomes already visible in the food processing export business and a recovery in feed sales [1] Government Support - The company received substantial government subsidies during the reporting period, further supporting its performance improvement [1] Operational Challenges - There is a notable divergence between cash flow and profit, with a net cash flow from operating activities of -406 million yuan contrasting sharply with the net profit of 36.128 million yuan, influenced by long export settlement cycles and prepayments for raw materials [2] - The company faces overseas policy risks, including a tax policy adjustment in Mauritania that resulted in a tax payment and late fees of 3.2132 million yuan, impacting net profit by approximately 1.86 million yuan [2] - The company's diversification efforts have not yet yielded results, and it remains disconnected from industry trends towards high-value areas such as prepared foods and functional proteins [2]