Core Viewpoint - The company has decided to terminate the investment agreement for the Yangzhong Mineral Processing and Commodity Trade Base Project and to dissolve its wholly-owned subsidiary, Dazhong Mining (Yangzhong) Co., Ltd, due to changes in market conditions and strategic focus [2][6]. Summary by Sections Investment Agreement Termination - The board of directors approved the termination of the investment agreement for the Yangzhong project, which included plans for a terminal with a throughput of approximately 15 million tons per year and various processing and trading facilities with a total investment of no less than 1.52 billion RMB [2][5]. - The agreement was originally signed on March 27, 2023, and aimed to establish a comprehensive project in Yangzhong City [2][3]. Wholly-Owned Subsidiary Dissolution - Dazhong Mining (Yangzhong) Co., Ltd was established specifically for the project, with a registered capital of 1 billion RMB and a focus on mineral processing and sales [3][4]. - The company has decided to dissolve this subsidiary as the project no longer has a basis for continuation following the termination of the investment agreement [6]. Financial Impact - The investment plan outlined in the original agreement has not been implemented, and the decision to terminate the agreement and dissolve the subsidiary is based on objective changes in the market and a strategic reassessment by the company [6]. - The dissolution will not adversely affect the company's existing operations, financial status, or future strategic planning [6]. Agreement Details - The termination agreement was reached amicably among the parties involved, and all parties have agreed to waive any claims for compensation or damages related to the termination [5][6].

Core Insights - The company has shown continued operational improvement and is nearing the completion of its refinancing efforts [1][9] Group 1: Financial Performance - Revenue from operations in Southern Europe reached 8.3 billion ISK (€57.1m) in Q1, a 2.3% increase compared to the same period in 2024 [2] - Regular operating profit before tax for Southern Europe was 333 million ISK (€2.3m), an increase of 29 million ISK (€0.2m) from Q1 2024 [2] - Revenue from operations in Northern Europe was 2.1 billion ISK (€14.4m), an 11% increase from the previous year [3] - The sales and distribution segment generated 7.4 billion ISK (€51.1m) in Q1, a 4.7% increase from the same quarter in 2024 [4] - Total revenue for Q1 2025 was 17.3 billion ISK (€119.3m), a 4.8% increase from Q1 2024 [6] - EBITDA for Q1 2025 rose to 781 million ISK (€5.4m) from 463 million ISK (€3.2m) in Q1 2024 [6] - The quarter's profit after tax was 145 million ISK (€1.0m), compared to 15 million ISK (€0.1m) for the same period in 2024 [6] Group 2: Market Conditions and Forecast - The company anticipates stable cod prices throughout the year due to historically low supply [5] - Salmon prices are expected to remain stable but lower than previous forecasts [5] - The international political climate has been unpredictable, but the economic environment has stabilized, leading to lower interest rates [5] - The company expects all divisions to meet their plans without significant changes in the fishing industry in the coming months [5] Group 3: Strategic Focus - The CEO highlighted challenges in the supply chain due to decreasing global cod quotas, which will limit supply [7] - The company is focused on strengthening its supply chain, improving financial structuring, and reducing interest costs [7] - Ongoing refinancing efforts are aimed at reducing interest expenses significantly by June 2025 [10] - The company is working on various strategic projects aimed at growth, operational efficiency, and enhancing corporate culture [11] - There is significant room for growth and better utilization of the company's extensive sales and supply network [12]

Core Viewpoint - Shanghai Xiba Technology Co., Ltd. plans to return the land use rights of a specific plot due to adverse external economic conditions, industry environment, and cash flow pressures, aiming to mitigate potential risks and losses [4][5][9]. Group 1: Meeting Details - The first extraordinary general meeting of shareholders for 2025 is scheduled for May 26, 2025, at 14:30, located at 1230 Zhongshan North Road, Shanghai [1][2]. - The meeting will utilize a combination of on-site and online voting methods, allowing shareholders to exercise their voting rights through the Shanghai Stock Exchange's online voting system [2][3]. Group 2: Proposal for Land Use Rights Return - The proposal involves the return of land use rights for a plot in Jiading District, which was initially acquired for the construction of the Shanghai Xiba Environmental Technology Industrial Park [4][5]. - The land area is 8,867 square meters, with a transaction amount of 127.69 million yuan [4]. - Due to various factors, including the COVID-19 pandemic and unfavorable market conditions, the project has not progressed as expected, leading to significant cash flow pressure on the company [5][6]. Group 3: Financial Implications - The return of the land use rights is expected to result in an estimated loss of approximately 36.42 million yuan, which represents about 85% of the company's audited net profit for the previous year [9][10]. - The loss includes direct land costs of 29.43 million yuan and design, surveying, and construction costs of 6.99 million yuan [10]. - The company anticipates that this decision will not affect its normal operations and is aimed at safeguarding overall corporate interests and ensuring stable development [9][11].