作为国内鳗鱼行业中唯一深耕全产业链的A股上市企业，天马科技已形成从种苗、饲料、养殖到食品加工与销售的一体化 产业格局。据披露，该公司已形成了福建、广东、广西、江西、湖北等地的八大渔业产业集群与两大万亩产业基地建设，鳗鱼 产业规模已稳居全球第一，养殖产能稳步释放。 本报记者 李婷 随着元旦、春节的临近，国内鳗鱼消费市场开始升温，行业消息显示，目前市场上大规格美洲鳗供应偏紧。 眼下，新一季鳗苗捕捞工作已在各地陆续展开。福建天马科技集团股份有限公司（以下简称"天马科技"）凭借其长期建立 的苗种国内外采购渠道和专业的品控团队，以及当前建成的庞大养殖基地和国内首位的鳗鱼存池数量基础，2026年度鳗苗采购 更显主动，可以确保明后年及将来养殖计划的顺利实施。 天马科技凭借其规模化养殖优势和精准的产销规划，在满足国际订单的同时，也能灵活调配资源应对国内消费波动。随 着，国际市场订单纷至沓来，内销市场的扎实推进，叠加全球鳗苗资源的重新配置，存塘鳗鱼资源的有力支撑，这家以鳗业为 核心的企业正迎来新一轮发展契机。 （编辑 郭之宸） 2025年前三季度，公司鳗鱼出池量达13486吨，其中第三季度出鱼3983吨，均处于历史高位。改公司 ...

Summary of Tianma Technology Conference Call Company Overview - **Company**: Tianma Technology - **Period**: January to September 2025 - **Revenue**: 4.503 billion CNY, a slight increase year-on-year - **Net Profit**: 70.7814 million CNY, a year-on-year increase of 2% [2][4] Key Financial Highlights - **Q3 Revenue**: 1.53 billion CNY, a year-on-year increase of 2.7% - **Q3 Net Profit**: 10.56 million CNY, a year-on-year decrease of 20% [2][4] - **Eel Farming Revenue**: Approximately 130 million CNY in Q3, a year-on-year decrease of 46% due to increased self-use [2][4] - **Food Business Revenue**: Approximately 110 million CNY in Q3, a year-on-year increase of 53% with grilled eel sales of 1,128 tons, up 67% [2][4] - **Special Aquaculture Feed Sales**: 38,200 tons in Q3, a year-on-year increase of 42%, with revenue of approximately 352 million CNY, up 32% [2][5] - **Specific Materials Sales**: 302,800 tons in Q3, a year-on-year increase of 3.15%, with revenue of 863 million CNY, a slight increase of 0.32% [2][5] Debt and Financial Management - **Debt Levels**: Significant, including short-term loans of 2.6 billion CNY, accounts payable of 1.4-1.5 billion CNY, and long-term loans of 400-500 million CNY [2][8] - **Debt Repayment Strategy**: Plans to repay debt through self-generated funds, industry funds, and stable bank cooperation [2][8][12] Market and Production Strategy - **Eel Seedling Supply**: Anticipated decrease in Japanese eel seedlings in 2026; increased stocking in 2025 to ensure stable future supply [3][10] - **Sales Strategy**: Implementing a "big fish for small fish" strategy to optimize inventory and ensure stable production and sales [10][14] - **Production Measures**: Focus on ecological pond farming to manage high-density breeding challenges [29][30] Segment Performance - **Special Aquaculture Feed**: Q3 revenue of 382 million CNY with a net profit of over 1.1 million CNY; however, overall sales have declined year-on-year [6][5] - **Specific Materials**: Q3 revenue contribution of 900 million CNY with a net profit of over 13 million CNY [6] - **Eel Farming**: Q3 revenue contribution of 130 million CNY but currently facing a loss of 2.7 million CNY [6] - **Food Segment**: Q3 revenue contribution of 100 million CNY with a net loss of 800,000 CNY [6] Future Outlook - **Market Expansion**: Plans to expand into the Korean market and enhance the global marketing network for live eel [3][4][11] - **Production Goals**: Targeting an output of 20,000 tons for the year and 30,000 tons for the next year [17] - **Export Goals**: Aiming for a minimum of 3,000 tons of live eel exports in 2026 [21][27] Competitive Advantages - **Technological Edge**: Strong R&D capabilities to meet Japanese market standards, including specialized product development [28] - **Brand Building**: Focus on establishing a strong brand presence and improving consumer awareness of eel products [22][24][26] Conclusion - **Strategic Positioning**: Tianma Technology is focusing on optimizing its production and sales strategies while managing significant debt levels. The company is well-positioned to leverage its technological advantages and expand into new markets, ensuring a stable supply of products and enhancing its competitive edge in the aquaculture industry [2][3][4][10][12][22][28]

Core Viewpoint - The company, Tianma Technology, reported steady growth in its revenue and net profit for the third quarter and the first three quarters of the year, driven by its focus on the eel industry and the expansion of its aquaculture and food segments [1][2][3] Financial Performance - In Q3, the company achieved a revenue of 1.53 billion yuan, a year-on-year increase of 2.71% - For the first three quarters, the total revenue reached 4.50 billion yuan, with a slight year-on-year growth of 0.11% - The net profit attributable to shareholders was 70.78 million yuan, reflecting a year-on-year increase of 1.96% [1] Business Segments - The aquaculture and food segments are the main contributors to the company's revenue, with significant growth in smart aquaculture and eel sales, achieving historical highs in output [1] - The company has established a scale advantage in seedling, feed, aquaculture technology, and management, with eel output reaching 13,486 tons in the first three quarters, including 3,983 tons in Q3 [1] - The company has adopted a dual strategy for eel seedlings, focusing on Japanese eels while also incorporating American eels, leading to the highest national levels in both seedling input and stock [1] Global Expansion - The company is expanding its global export routes for live eels, successfully entering markets in Japan and South Korea [2] - The food segment is experiencing rapid growth, expanding from Japan into markets in Russia, Europe, the Middle East, and North America, indicating a significant expansion trend [2] Strategic Development - The company is diversifying its product matrix from a single export-oriented eel product to a range of offerings, including grilled eel, rice balls, snacks, and various eel preparations, enhancing its market presence [2] - The establishment of a subsidiary in Tokyo and the launch of the "Reward Eel" brand are steps taken to align with international consumer markets, amplifying brand value [2] Industry Outlook - The food segment's growth is supported by rising demand for quality seafood and the expansion of domestic and international markets, providing a stable raw material source for the food segment [3] - The company is transitioning from a focus on scale to structural improvement and from raw material attributes to consumer attributes, enhancing profitability and growth certainty [3] - The integrated business model centered on the eel industry strengthens the company's resilience and growth potential, with expectations for improved operational quality as both aquaculture and food segments continue to expand [3]