Core Insights - Tianma Technology (603668.SH) has reported strong performance in the first half of 2025, with a net profit of 60.217 million yuan, an increase of 7.4% year-on-year [1] - The company leads the nation in the quantity of Japanese and American eel fry and stock, with significant growth in its smart aquaculture and health food segments [1][2] - The revenue from the "farming + food" business has increased to 27.58%, up 7.64 percentage points from the previous year [1] Financial Performance - The health food segment achieved approximately 401 million yuan in revenue, a substantial increase of 72.4% year-on-year, with grilled eel sales reaching about 3,661.36 tons, up 71.98% [1][2] - The aquaculture segment generated approximately 419 million yuan in revenue, reflecting a year-on-year growth of 14.02% [2] Market Expansion - Tianma Technology has established five food bases and created a brand matrix including "Eel Hall" and "Eel Small Hall," exporting products to over 70 countries and regions [2] - The company has launched a new brand "Reward Eel" in Tokyo, Japan, to better align with international consumer markets [2] Strategic Initiatives - The company has implemented a dual-track strategy for domestic and international operations, establishing a modern industrial park in China and expanding into overseas markets [3] - Tianma Technology plans to collaborate with Asahi Foods, a major Japanese food wholesaler, to penetrate the high-end East Asian market [3] Industry Trends - The consumption of aquatic products is shifting from "subsistence" to "quality-oriented," driven by technological innovation and market demand [3] - The company aims to build a world-class full industrial chain food supply platform, with aquaculture and food segments becoming key growth drivers [3]

Core Insights - Tianma Technology (603668.SH) has reported impressive results in the first half of 2025, with multiple operational metrics reaching historical highs [1] - The company's net profit attributable to shareholders reached 60.22 million yuan, a year-on-year increase of 7.40% [1] - The company leads the nation in the quantity of Japanese and American eel fry and has achieved record outputs in smart aquaculture and grilled eel sales [1] Group 1: Financial Performance - In the aquaculture segment, Tianma Technology achieved revenue of approximately 419 million yuan, reflecting a year-on-year growth of 14.02% [2] - The revenue from the health food business surged to about 401 million yuan, marking a significant year-on-year increase of 72.40% [2] - Grilled eel sales reached approximately 3,661.36 tons, with a year-on-year growth of 71.98%, both production and sales hitting historical highs [2] Group 2: Business Strategy and Market Position - The company has established a comprehensive marketing network for live eels, successfully launching air freight routes for fresh aquatic products, including the first flight of live eels to South Korea [1] - Tianma Technology has built five major food bases and developed a brand matrix that includes "Eel Hall" and "Eel Small Hall," with products exported to over 70 countries and regions [2] - The company is focusing on a dual-track strategy, developing both domestic and international markets, including the establishment of a subsidiary in Japan and plans for strategic cooperation with major Japanese food wholesalers [3] Group 3: Industry Trends and Future Outlook - The company is adapting to market trends, shifting from a "subsistence" to a "quality" consumption model in seafood, driven by technological innovation and market demand [3] - Tianma Technology aims to build a world-class full industrial chain food supply platform, with aquaculture and food segments becoming key growth drivers for revenue and profit [3]