Core Insights - The article discusses the monitoring of seafood prices and sales in Qingdao, highlighting the selection of seven representative seafood production and sales units for emergency price monitoring [1] Price Monitoring - Qingdao's price monitoring includes three large supermarkets, three farmers' markets, and one seafood processing enterprise, focusing on various seafood products such as hairtail, mackerel, shrimp, dried kelp, oyster, eel, and pomfret [1] - This week's monitoring data indicates a slight increase in fish prices compared to last week, while other seafood prices remained stable [1] Sales Volume - Sales volume in farmers' markets remained stable, while supermarket sales slightly decreased due to seasonal and supply-demand factors [1] - Eel export volume increased slightly this week due to a continuous rise in customer orders, with the current market supply of essential seafood resources being adequate and diverse [1] Export Prices - The export price for small pomfret from Qingdao Xinhai Feng Food Co., Ltd. is 8 yuan/kg, with no export volume this week; eel export price is 159 yuan/kg, with an export volume of 11.8 tons, up 3.5% from last week [1] Retail Prices - Fish - Average retail price for hairtail in farmers' markets is 15.67 yuan (500g), up 20.54% from last week; in supermarkets, it is 18.83 yuan, stable compared to last week [2] - Average retail price for mackerel in farmers' markets is 13.17 yuan, up 23.43%; in supermarkets, it is 18.5 yuan, stable [2] - Total sales volume for hairtail in farmers' markets is 1130 jin, down 13.74%; in supermarkets, it is 84 jin, up 295% [2] - Total sales volume for mackerel in farmers' markets is 1286 jin, down 0.77%; in supermarkets, it is 17.8 jin, down 39.86% [2] Retail Prices - Shrimp and Dried Seafood - Average retail price for sea shrimp in farmers' markets is 35 yuan, down 0.93%; in supermarkets, it is 27.17 yuan, down 4.77% [2] - Total sales volume for sea shrimp in farmers' markets is 1510 jin, down 3.82%; in supermarkets, it is 167.95 jin, down 191% [2] - Average retail price for dried shrimp in farmers' markets is 35 yuan, stable; in supermarkets, it is 54.93 yuan, down 3% [2] - Total sales volume for dried shrimp in farmers' markets is 825 jin, down 4.62%; in supermarkets, it is 136.6 jin, down 17.46% [2] - Average retail price for dried kelp in farmers' markets is 19.67 yuan, stable; in supermarkets, it is 29.43 yuan, up 1.03% [2] - Total sales volume for dried kelp in farmers' markets is 341 jin, down 14.32%; in supermarkets, it is 35 jin, up 318% [2] Retail Prices - Shellfish - Average retail price for oysters in farmers' markets is 6.67 yuan, stable; in supermarkets, it is 7.9 yuan, stable [3] - Total sales volume for oysters in farmers' markets is 14516 jin, up 1.35%; in supermarkets, it is 63.28 jin, down 174% [3]

Core Viewpoint - Jiawo Food has taken a significant step to alleviate the burden of long-term losses from its salmon business by transferring 100% of the equity of Beijing Jiawo Zhencheng Technology Co., Ltd. to a related party, Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. for a nominal price of 1 yuan, effectively divesting its salmon-related operations from the listed company structure [2][3]. Group 1: Business Operations and Financial Performance - Jiawo Zhencheng was the core operational entity for the salmon business, primarily managing the breeding, processing, and sales of salmon through its Chilean subsidiary, Australis [3]. - The acquisition of Australis in 2019 for approximately $920 million was significantly beyond Jiawo Food's financial capacity at the time, leading to reliance on debt for the purchase [3]. - Following the acquisition, the international demand for salmon plummeted, resulting in Jiawo Food's performance turning from profit to loss in 2019, with the salmon business reporting a gross margin of -12.2% in 2020 [3][4]. - Over the five years from 2018 to 2022, 33 out of 96 breeding centers owned by Australis were found to be overproducing, leading to a total excess production of 81,000 tons, necessitating a reduction in output and further impacting business performance [3]. Group 2: Financial Losses and Debt Management - Since the acquisition of Australis, Jiawo Food has recorded continuous losses for six consecutive years, totaling over 4.3 billion yuan, with a net asset value of -301 million yuan in 2022, resulting in a delisting risk warning [4]. - In 2024, the salmon business faced insolvency with a debt-to-asset ratio of 110.76%, contributing to a 256.39% year-on-year decline in net assets to -443 million yuan [4]. - After divesting the salmon business, Jiawo Food managed to reduce its debt-to-asset ratio from 104.92% to 12.56%, temporarily escaping the delisting risk [5]. Group 3: Strategic Recommendations - Following the divestiture of the loss-making salmon business, experts suggest that Jiawo Food should actively seek new growth opportunities and cultivate a second growth curve to enhance profitability and stabilize its market position [7][8]. - Analysts emphasize the need for Jiawo Food to adjust its market strategy to build sustainable core competitiveness, focusing on consumer demand to restructure its product, channel, and cost systems [8].

Core Insights - Qingdao City has established a price monitoring system for seafood, selecting 7 representative enterprises for emergency price monitoring, including 3 large supermarkets, 3 farmers' markets, and 1 seafood processing company [1] - Overall seafood prices remained stable compared to the previous week, with slight variations in sales volumes influenced by seasonal supply and promotional discounts [1] - The export price of eel increased significantly, with a 66.67% rise in export volume compared to the previous week [1] Seafood Retail Prices - The average price of hairtail in farmers' markets was 15.67 yuan (500g), up 9.35% from last week, while supermarkets saw a price of 19.9 yuan, down 11.67% [2] - The average price of mackerel in farmers' markets was 13.5 yuan, up 2.51%, while supermarkets reported 19.17 yuan, down 5.1% [2] - The average price of shrimp in farmers' markets was 35.33 yuan, up 4.93%, while supermarkets remained stable at 28.53 yuan [2] Dried Seafood Prices - The average price of dried shrimp in farmers' markets was 35 yuan, stable from last week, while supermarkets reported 56.63 yuan, also stable [2] - The average price of dried kelp in farmers' markets was 19.67 yuan, stable, while supermarkets saw a price increase to 29.26 yuan, up 1.25% [2] Shellfish Retail Prices - The average price of oysters in farmers' markets was 6.67 yuan, stable, while supermarkets reported a price of 7.29 yuan, down 3.57% [3] - Total sales volume of oysters in farmers' markets decreased by 1.78%, while supermarket sales dropped significantly by 2.57 times [3]