Core Viewpoint - China's distant water fisheries have made significant achievements over decades, contributing positively to global fisheries development and seafood supply, while emphasizing green and sustainable development since the 18th National Congress of the Communist Party of China [1][2]. Development Stages - The development of China's distant water fisheries can be divided into four stages: 1. **Initial Stage (1985-1990)**: The industry began with a fleet of 13 fishing vessels, achieving a total output of nearly 200,000 tons by 1990 [3]. 2. **Rapid Development Stage (1990-2000)**: The implementation of the "going out" strategy led to a significant increase in production, surpassing 800,000 tons by 2000, with a competitive market emerging [4]. 3. **Adjustment and Regulation Stage (2000-2010)**: The focus shifted to adjusting the industrial structure, with production stabilizing above 1 million tons annually by 2010 [5]. 4. **High-Quality Development Stage (2010-Present)**: Emphasis on modernization and regulatory compliance, with total production reaching 2.0273 million tons in 2014, an increase of nearly 800 times since the start [6][7]. Recent Achievements - Since the 18th National Congress, significant progress has been made in enhancing comprehensive governance capabilities, improving management systems, and applying advanced technologies such as big data and artificial intelligence [6][7]. - China's international influence in fisheries has grown, with initiatives like autonomous fishing bans in international waters and active participation in global marine governance [7][8]. Modernization of Distant Water Fishing - The transition from traditional to modern distant water fishing is driven by multiple factors, including resource sustainability, economic efficiency, and technological advancements [10][11]. - Modern fishing practices emphasize value realization and sustainability, utilizing advanced equipment and management systems to enhance operational efficiency [11][12]. Challenges and Recommendations - The industry faces challenges such as rising compliance costs, labor costs, and competition, necessitating a shift towards automation and smart technologies [12][13]. - Recommendations for development include promoting energy-efficient vessels, enhancing the value chain, and strengthening international cooperation in fisheries management [13][14]. International Cooperation - China actively engages in global and regional fisheries cooperation, contributing to international agreements and enhancing its role in global fisheries governance [14][15]. - The country has established bilateral dialogues with various nations to promote sustainable fisheries practices and combat illegal fishing [15][16]. Conclusion - China's commitment to responsible fisheries management and sustainable development positions it as a key player in global fisheries governance, contributing to the establishment of a fair and reasonable global fisheries governance system [17][18].

Group 1: Company Overview and Performance - Zhongshui Group Ocean Co., Ltd. focuses on deep-sea fishing, covering various sectors including fishing, fishery services, and seafood processing and trade [2] - In the first half of 2025, the company achieved operating revenue of CNY 1,747.42 million, a decrease of 10.66% year-on-year [2] - The total profit for the same period was CNY 139.77 million, an increase of 30.41%, primarily due to increased production in deep-sea fishing and rising prices of certain species [2] - Net profit reached CNY 86.31 million, reflecting a year-on-year growth of 22.12% [2] Group 2: Business Segments and Future Plans - The company’s main business segments include fishing, fishery services, and retail and processing trade, with fishing showing overall positive performance due to increased catch volume [3] - Future plans involve restructuring fishery assets, optimizing the global seafood supply chain, and expanding from fishing to processing, trade, and services [3] - The company aims to enhance technological innovation and integrate it with the fishery industry and food processing [3] Group 3: Financial Health and Strategies - The asset-liability ratio decreased from 73.81% at the end of 2024 to 72.36% in mid-2025, a reduction of 1.45 percentage points [6] - Strategies to lower the asset-liability ratio include improving profitability, managing receivables and inventory, and adjusting the financing structure to increase equity financing [6] Group 4: Shareholder Engagement and Dividends - The company currently does not meet the conditions for dividend distribution according to the relevant regulations [7] - Any future restructuring or financing plans will be disclosed in accordance with the requirements of the Shenzhen Stock Exchange [8]

Core Viewpoint - The recent Central Financial Committee meeting emphasized the development of modern deep-sea fishing, marking a new direction for China's high-quality marine economy [1] Industry Development - China's deep-sea fishing industry has made significant advancements over the past 40 years, with over 2,600 fishing vessels operating across 40 countries and major oceans, establishing a leading position globally in fleet size and output [2] - The industry has achieved breakthroughs in equipment upgrades and technological innovations, creating a comprehensive technical system that covers fishing, processing, and equipment research and development [2] - Innovations such as high-performance Antarctic krill trawls and AI-based tuna forecasting systems have transitioned deep-sea fishing from scale expansion to quality enhancement [2] Challenges and Opportunities - The deep-sea fishing sector faces challenges, including intense international competition and technological gaps compared to developed countries, particularly in vessel design and automation [3] - The industry exhibits a "strong catching, low processing, and weak equipment" scenario, indicating a need for improvement in the value chain, particularly in the integration of research, catching, processing, and sales [3] Strategic Recommendations - Optimizing industrial layout by integrating research resources with enterprises in regions like Fujian and Shandong, and encouraging international competition in fishing equipment manufacturing [3] - Enhancing technological empowerment through the large-scale application of IoT and navigation technologies, promoting mechanization and automation of fishing vessels [4] - Focusing on value chain enhancement by developing high-end products and creating a visualized and customized consumption experience for seafood [4] - Actively participating in international deep-sea fishing governance and rule-making to transform marine resource advantages into economic development strengths [4]