Core Viewpoint - JD Group is collaborating with local fish enterprises in Zhuhai to explore a new retail model combining "New Year Fish" and instant retail, aiming to enhance brand promotion and sales during the upcoming New Year season [2][18]. Group 1: Collaboration and Discussions - On November 13, JD Group representatives visited the Zhuhai prepared food industry park to discuss cooperation with local fish enterprises, focusing on the upcoming "JD New Year Dish Festival" and instant retail business [2][3]. - The atmosphere during the discussions was positive, with local enterprises expressing strong interest in participating and expanding new retail channels [4][18]. Group 2: Instant Retail Model - JD introduced its advantages and the "instant retail" model, which allows consumers to receive products quickly through online ordering, store delivery, and immediate dispatch [6][7]. - This model breaks traditional e-commerce time constraints, providing a new sales and consumption experience for perishable goods, prepared dishes, and festive products [8]. Group 3: New Year Fish Industry - The "New Year Fish" industry in Zhuhai has developed rapidly, becoming a representative of branded and festive seafood products, symbolizing prosperity and good wishes [9][10][16]. - The industry has successfully penetrated the national market through standardized processing, cold chain distribution, and brand operation, making it a popular choice for New Year celebrations [16]. Group 4: Innovative Consumption Chain - The discussions centered on the innovative model of "New Year Fish + Instant Retail + Media," aiming to integrate JD's online channels, instant retail resources, and media promotion to create a new consumption chain [17][19]. - This model is expected to promote the national branding of Zhuhai's New Year Fish and provide valuable opportunities for local prepared food enterprises to expand into new retail sectors [20][21]. Group 5: Future Prospects - Participating enterprises expressed commitment to enhance product standardization and supply capabilities to bring "Zhuhai New Year Fish" to more consumers' dining tables [21][23]. - JD plans to strengthen connections with the Zhuhai prepared food industry and explore digital and brand development paths for regional specialty agricultural products [23][24]. - The discussions laid a solid foundation for deep cooperation between JD and the Zhuhai New Year Fish industry, injecting new momentum into the integration of "prepared dishes + instant retail" [25].

Core Points - Stolt-Nielsen Limited announced the retirement of CFO Jens F. Grüner-Hegge in the second half of 2026, with Alex Ng appointed as CFO Designate effective August 1, 2026 [1][2] - Jens F. Grüner-Hegge will assist in the transition until November 30, 2026, and is expected to be nominated as a non-executive Director upon retirement, pending shareholder approval [2][3] - CEO Udo Lange praised Jens F. Grüner-Hegge's 33 years of service and his significant contributions to the company's strategy [3][4] - Alex Ng, who joined Stolt-Nielsen in 2020, has over 20 years of experience in finance and M&A, previously working at Barclays Investment Bank [5] Company Overview - Stolt-Nielsen Limited is a long-term investor and manager focused on logistics, distribution, and aquaculture, with a portfolio that includes Stolt Tankers, Stolthaven Terminals, and Stolt Tank Containers [6]

Financial Performance - AKVA group reported Q3 2025 revenue of NOK 1,112 million, a 19% increase from NOK 936 million in Q3 2024 [1][2] - EBITDA rose to NOK 148 million in Q3 2025 from NOK 128 million in Q3 2024, an increase of NOK 20 million [1][2] - Total order intake for Q3 2025 was NOK 786 million, down from NOK 803 million in Q3 2024 [1][2] Segment Performance - Sea Based (SB) revenue for Q3 2025 was NOK 770 million, up from NOK 740 million in Q3 2024; however, EBITDA slightly increased to NOK 113 million from NOK 112 million [2][3] - Land Based (LB) revenue surged to NOK 308 million in Q3 2025 from NOK 162 million in Q3 2024, with EBITDA rising to NOK 22 million from NOK 5 million [5] - Digital (DI) segment revenue remained stable at NOK 34 million, with EBITDA increasing to NOK 12 million from NOK 11 million [6] Regional Performance - Nordic region revenue increased from NOK 528 million in Q3 2024 to NOK 545 million in Q3 2025 [3] - Revenue in the Americas decreased from NOK 156 million in Q3 2024 to NOK 134 million in Q3 2025 [3] - Europe and Middle East (EME) revenue rose significantly from NOK 55 million in Q3 2024 to NOK 91 million in Q3 2025 [4] Order Backlog and Outlook - Order backlog at the end of Q3 2025 was NOK 2,363 million, slightly down from NOK 2,367 million in Q3 2024 [10] - The company anticipates strong order intake in Q4 2025, supporting continued revenue growth into 2026 [11] Balance Sheet - Working capital as a percentage of 12 months rolling revenue increased to 10.5% from 7.3% [8] - Total assets and total equity were NOK 4,239 million and NOK 1,373 million respectively, maintaining an equity ratio of 32.4% [8][9]

Core Insights - SalMar reported a record high harvest volume and activity level in Q3 2025, indicating robust operational performance despite lower salmon prices [2][3]. Company Performance - The company expressed satisfaction with the financial results for Q3 2025, which improved compared to the previous quarter [3]. - Employees across the value chain worked continuously to ensure effective operations, including lice treatments and readiness of farming sites and processing plants [2][3]. Future Outlook - SalMar is laying the groundwork for increased volumes in 2026 and aims to reduce cost levels moving forward [3]. - The presentation will cover highlights, segment performance, and focus on volume projections for 2026 and new units for post-smolt production at sea [4].

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Group 1: Citrus Industry in Jiangxi - The honey pomelo has become a key driver for farmers' income and rural revitalization in Jiangxi, particularly in Jinan [1] - In Wanan County, the Fufeng Honey Pomelo Cooperative has over 6,000 acres of pomelo trees, experiencing a bumper harvest this year [3][4] - The cooperative has successfully addressed funding challenges by updating irrigation equipment and expanding planting areas [4] Group 2: Crab Farming in Hubei - In Hanchuan, Hubei, 320,000 acres of river crabs are being harvested, with an expected annual production of 45,000 tons [5] - Farmers have expanded their farming areas and installed new smart equipment to enhance production and income [7] - A specialized financial service team from the local postal savings bank has been established to alleviate the financing pressure on crab farmers [9] Group 3: Pearl Farming in Sichuan - In Kaijiang, Sichuan, 17,000 acres of pearl mussels are being harvested, marking the beginning of the harvest season [12] - Local villagers are actively involved in harvesting and transporting the mussels to a standardized processing facility for further processing [14] - The pearl mussel farming area has grown significantly over the past decade, producing 30 tons of pearls annually and exceeding a production value of 100 million yuan [16]

Company Overview - Aquawise utilizes satellite imagery and AI for aquaculture farm water quality monitoring and prediction [1]

Consolidated Harvest Volumes - Total consolidated harvest volumes for Q3 2025 amount to 93.2 thousand tonnes gutted weight [1] - Breakdown of harvest volumes includes: - Farming Central Norway: 47.0 thousand tonnes - Farming Northern Norway: 42.5 thousand tonnes - SalMar Ocean: 0 thousand tonnes - Icelandic Salmon: 3.8 thousand tonnes [1] Upcoming Report and Presentation - The Q3 2025 report is scheduled for release on Thursday, 6 November at 06:30 CET [1] - A presentation will follow, available through Norwegian webcast at 08:00 CET and English webcast (recording) at 10:00 CET [1]

Group 1 - Stolt-Nielsen Limited has mandated several banks to arrange fixed income investor meetings starting on October 6, 2025, with a potential NOK denominated five-year senior unsecured bond issue to follow, depending on market conditions [1] - The proceeds from the potential bond issue will be utilized for general corporate purposes [1] Group 2 - Stolt-Nielsen Limited is a long-term investor and manager focused on logistics, distribution, and aquaculture opportunities, with a portfolio that includes global bulk-liquid and chemicals logistics businesses, Stolt Sea Farm, and various investments [2] - The company is listed on the Oslo Stock Exchange under the ticker SNI [2]

Core Points - AKVA group ASA has been awarded a RAS contract from Tytlandsvik Aqua AS for the delivery of two post smolt modules, each with a production capacity of 1,500 tonnes [1][2] - The total estimated value of the contract is NOK 220 million [1] - Upon completion, the facility will have a total production capacity of 9,000 tonnes of post smolt at 1,000 grams [2] Company Overview - AKVA has a long-standing partnership with Tytlandsvik, having delivered all previous post smolt modules to the company [2] - The design and engineering work for the new modules is scheduled to commence in the fourth quarter of 2025 [1]