Core Insights - Mowi reported revenues of EUR 1.39 billion and operational EBIT of EUR 112 million in Q3 2025, achieving solid results despite low salmon prices due to high supply growth [1][2] - The company harvested a record-high 166,000 tonnes of salmon in Q3 2025 and raised its volume guidance for 2025 from 545,000 tonnes to 554,000 tonnes, reflecting a growth of 10.5% from 2024 [3][4] - Mowi's farming costs were reduced by EUR 50 million in Q3 2025 compared to the same quarter last year, contributing to improved profitability [5][6] Company Performance - Mowi's processing business, Mowi Consumer Products, achieved its best quarter ever with record-high volumes and lower raw material prices [6][7] - The feed division, Mowi Feed, also reported strong performance with record-high earnings and its second-highest sales volumes [7] - The company has transitioned from a 400,000-tonne farmer to a 600,000-tonne farmer in just a few years, focusing on cost efficiency and operational excellence [4] Market Outlook - The year 2025 has seen abnormally high supply growth, but this is expected to normalize to around 1% next year, leading to a tighter market balance [8] - Mowi anticipates harvesting 605,000 tonnes in 2026, which is a 9.2% increase from 2025, with 380,000 tonnes expected to be harvested in Norway [3][8] - The board of Mowi has decided to pay a quarterly dividend of NOK 1.50 per share, reflecting confidence in future performance [8]

Core Viewpoint - Xunlong Technology, the world's largest caviar company, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position and impressive profitability despite previous challenges in the A-share market [1][3]. Group 1: Company Overview - Xunlong Technology, established in 2003, has developed into the largest caviar enterprise globally, with a complete industry chain covering sturgeon breeding, caviar processing, sales, and brand marketing [5]. - The company holds its own caviar brand "KALUGA QUEEN," supplying major international airlines and Michelin-starred restaurants, and has been recognized at prestigious events like the Oscars [5]. Group 2: Financial Performance - From 2022 to 2024, Xunlong Technology reported revenues of RMB 491 million, RMB 577 million, and RMB 669 million, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same period were RMB 234 million, RMB 273 million, and RMB 324 million, with a CAGR of 17.8% [6]. - In the first half of 2025, the company achieved revenues of RMB 302 million and net profits of RMB 176 million [7]. Group 3: Market Position and Sales Channels - Xunlong Technology has maintained over 30% of the global caviar market share from 2021 to 2024, reaching 35.4% in 2024, significantly outpacing its nearest competitor [1][3]. - The company sold over 200 tons of caviar annually, with sales primarily directed towards international markets, exporting to 46 countries and regions [7][9]. - Domestic sales through its own brand accounted for 20.2% to 23.3% of total revenue from 2022 to 2024, with a focus on high-end restaurants and hotels in major Chinese cities [9]. Group 4: IPO Journey and Challenges - Xunlong Technology has faced multiple setbacks in its attempts to list on the A-share market, with three unsuccessful applications between 2011 and 2022 due to various concerns regarding financial disclosures and corporate structure [3][13]. - The company briefly listed on the New Third Board in 2024 but delisted in 2025 due to strategic adjustments [3][13].

记者丨 朱艺艺 编辑丨高梦阳 近日，杭州千岛湖鲟龙科技股份有限公司 (简称"鲟龙科技")在港交所递交招股书，拟在香港主 板上市。 手握鱼子酱自有品牌"KALUGA QUEEN（卡露伽）"， 鲟龙科技号称是全球最大的鱼子酱企 业 ，根据灼识咨询的资料，鲟龙科技自2015年以来连续10年实现鱼子酱销量全球第一名。 2021年至2024年，鲟龙科技的鱼子酱销量持续占据全球市场的30%以上，于2024年达到 35.4%， 超过第二大企业的5倍以上 。 尽管市场份额靠前，但鲟龙科技的资本市场之路并不顺利。 招股书披露， 鲟龙科技曾三度闯关A股未果 ，2011年10月，公司首次申请于深交所创业板上 市，但未获批准；2014年9月，公司第二次申请于创业板上市，也未获批准；2022年12月，公 司向证监会提交于深交所主板上市的第三次申请，未收到受理通知或反馈。 此外，鲟龙科技曾于2024年3月挂牌新三板，但因自身战略发展调整等因素，于2025年8月从 新三板摘牌。 鲟龙科技此次港股递表，不仅揭开了其惊人的盈利能力——2025年上半年净利润率高达 58.3%，也将其曲折的上市历程和曾深陷的财务造假争议再次置于聚光灯下。 如今转 ...

Core Viewpoint - The news highlights the booming development of the freshwater shrimp industry in Gaoyao District, Zhaoqing, Guangdong, particularly focusing on the success of the local "Roe Shrimp" brand, which has gained national attention through a feature on CCTV, showcasing its robust production and market performance [2][6][81]. Industry Overview - Gaoyao District is recognized as the "Hometown of Chinese Roe Shrimp," with a significant scale of 130,000 acres for shrimp farming, an annual production exceeding 52,000 tons, and an annual output value surpassing 5 billion yuan, making it the largest county-level producer in China [5][6][33]. - The industry has seen a surge in brand vitality and market sales, particularly during the "Chinese Farmers' Harvest Festival" and the Mid-Autumn and National Day holidays, leading to a remarkable trading volume of 23 million pounds and a transaction value exceeding 690 million yuan from January to September 2024 [12][15]. Market Dynamics - The trading scene at the Zhaoqing Century Comprehensive Market has been particularly vibrant, with daily shrimp truck entries increasing from 180 to 210 during the holiday season, stabilizing at an average daily trading volume of 115,000 pounds and maintaining prices around 25 yuan per pound [18][19][20]. - The brand effect of Gaoyao Roe Shrimp has significantly expanded its market presence, with the local brand becoming well-known across the country, further boosted by the long-tail effect of the harvest festival and the peak consumption season [22][23]. Production and Processing Innovations - The industry has established a complete supply chain from breeding, farming, processing to sales, enhancing its value proposition. The introduction of advanced technologies in breeding and processing has improved shrimp survival rates from 10% to over 90% and increased product value through standardized processing [48][50][62]. - The processing company, Zhaoqing Hengxing Aquatic Technology Co., has implemented multiple sorting and freezing technologies, allowing for a price difference of 20-30 yuan per pound based on shrimp specifications, with mid-range specifications accounting for 60-70% of sales [51][66]. Consumer Engagement - The versatility of Roe Shrimp as a culinary ingredient has been showcased through various cooking methods, appealing to consumers and expanding its market reach. The shrimp's adaptability in different dishes has been highlighted, enhancing its attractiveness as a food product [72][78]. - The comprehensive approach of integrating agriculture with culture and tourism has positioned Gaoyao Roe Shrimp as a leading example in the agricultural sector, demonstrating the potential for brand development and industrialization in county-level agriculture [81].

Core Viewpoint - Xunlong Technology is seeking to list on the Hong Kong Stock Exchange, claiming to be the world's largest caviar company, with a market share exceeding 30% since 2021 and projected to reach 35.4% in 2024, significantly outpacing its nearest competitor [1][2]. Group 1: Company Overview - Xunlong Technology, established in 2003 under the guidance of the Chinese Academy of Fishery Sciences, has developed into the largest caviar enterprise globally, covering the entire industry chain from sturgeon breeding to caviar processing and sales [4][5]. - The company operates its own caviar brand "KALUGA QUEEN," supplying major international airlines and Michelin-starred restaurants, and has been featured in prestigious events like the Oscars [5]. Group 2: Financial Performance - Revenue from 2022 to 2024 was reported as 491 million RMB, 577 million RMB, and 669 million RMB, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same period were 234 million RMB, 273 million RMB, and 324 million RMB, with a CAGR of 17.8% [6]. - In the first half of 2025, the company achieved revenue of 302 million RMB and a net profit of 176 million RMB [6]. Group 3: Sales and Market Presence - Caviar sales from 2022 to 2024 were 195.9 tons, 219.9 tons, and 258.3 tons, with 141.1 tons sold in the first half of 2025. The majority of sales are directed towards international markets, with products exported to 46 countries and regions [7]. - The company has established five sales centers in major Chinese cities, serving over 2,000 domestic restaurants and hotels, including Michelin-starred establishments [9][10]. Group 4: IPO Attempts and Challenges - Xunlong Technology has faced multiple challenges in its attempts to list on the A-share market, with three unsuccessful applications between 2011 and 2022 due to various regulatory concerns [2][14]. - The company briefly listed on the New Third Board in March 2024 but delisted in August 2025 due to strategic adjustments [3][15].

Core Viewpoint - The news highlights the upcoming IPO of Hangzhou Qiantang Lake Sturgeon Technology Co., Ltd. (referred to as "Sturgeon Technology"), which claims to be the world's largest caviar producer, aiming to raise over 600 million RMB in revenue by 2024, primarily through exports [2][18]. Group 1: Company Overview - Sturgeon Technology's main product is caviar, contributing over 90% of its revenue, with a high supplier concentration [3][6]. - The company has developed a full industry value chain covering sturgeon breeding, caviar processing, sales, and brand marketing [12]. - The company’s self-owned brand KALUGAQUEEN is well-known internationally, supplying major airlines and Michelin-starred restaurants [6][12]. Group 2: Financial Performance - Revenue for Sturgeon Technology is projected to grow from approximately 4.91 billion RMB in 2022 to 6.69 billion RMB in 2024, with net profits increasing correspondingly [15][16]. - The gross profit margin has shown volatility, with a projected negative gross margin of -2.9% in 2024 due to external factors like flooding [15][16]. Group 3: Market Dynamics - China has become the largest caviar producer globally, with a projected production of 796.7 tons by 2029, accounting for 64.7% of global supply [18][19]. - The caviar market is shifting from wild to farmed production, with Sturgeon Technology leading in breeding and export technologies [18][22]. - The European Union is the largest consumer market for caviar, expected to account for 35% of global consumption in 2024 [19]. Group 4: Competitive Landscape - Sturgeon Technology holds a 35.4% market share in the global caviar industry, with the top five companies accounting for 56.7% of total sales [22]. - The company faces competition from other caviar producers, including Run Zhao Fisheries and Petrossian [22]. Group 5: IPO Journey - Sturgeon Technology has attempted to go public multiple times since 2011, facing various regulatory challenges, and is now targeting a listing on the Hong Kong Stock Exchange [23][24].

Core Insights - The article discusses the journey of Sturgeon Technology, a domestic caviar giant in China, preparing for an IPO in Hong Kong, highlighting its role in the domestic production of a luxury food item previously reliant on imports [1][9][10]. Company Overview - Sturgeon Technology began its operations twenty years ago in Qiandao Lake, China, focusing on the artificial breeding of sturgeon and caviar production, which was almost entirely imported at that time [3][4]. - The company has developed a full industry chain model, covering breeding, farming, extraction, processing, and branding, allowing it to control costs and maintain quality [4][5]. Market Position - The brand "Kaluga Queen" targets the high-end market, supplying five-star hotels, high-end restaurants, and international airlines, while also exporting to Europe, North America, and the Middle East [5][10]. - Sturgeon Technology is estimated to hold a significant share of the domestic caviar market, becoming one of the largest caviar producers globally [5][10]. Challenges and Risks - The company faces challenges in balancing production expansion with maintaining the quality of caviar, as the farming process is sensitive to environmental conditions [6][11]. - The luxury food market is subject to cyclical demand influenced by global economic conditions, consumer psychology, and trends in the tourism and restaurant industries [6][10]. Capital Market Journey - Sturgeon Technology's path to capital markets has been complex, with multiple attempts to list, reflecting the challenges in financial transparency and market perception of its business model [9][10]. - The decision to list in Hong Kong is seen as a strategic move, as the market is more receptive to companies with export capabilities and brand potential [9][10]. Future Prospects - The company plans to use the funds raised from the IPO to expand farming operations, upgrade processing facilities, and enhance brand visibility [10][12]. - The success of Sturgeon Technology could symbolize a shift in the perception of luxury food production in China, potentially paving the way for other high-end agricultural products [13][17]. Industry Trends - The high-end food market in China is undergoing structural changes, with a growing middle class and a resurgence in luxury food demand, providing opportunities for Sturgeon Technology [15][16]. - The company must navigate the complexities of brand building and market education to establish itself as a trusted name in the luxury food sector [14][15]. Conclusion - Sturgeon Technology's IPO represents a significant milestone for China's high-end agricultural branding, reflecting a broader trend of domestic brands gaining recognition in the global luxury market [17].

据介绍，基地由大连三文渔业集团有限公司牵头建设，全程得到中国水产科学研究院黑龙江水产研究 所、四川大学、中山大学、大连海洋大学及当地海洋发展部门等政企研单位的联动支持，确保项目从规 划设计到落地运营全流程科学规范、高效推进。 大连金普新区海洋产业发展促进会在基地的建设过程中发挥了重要推动作用。据促进会党支部书记刘成 波介绍，这50万枚鱼卵经科学孵化后，预计培育出优质三文鱼苗种40万尾以上，首批苗种将于明年春天 达标出苗，可满足大连本地50%的三文鱼养殖需求。"再经过两年生长期，约有90%的鱼苗能长到8斤至 12斤，按市场价格计算，预计带动养殖户产生上亿元经济效益。"刘成波表示。 三文鱼苗种孵化是整条产业链的核心环节，此前，大连市三文鱼产业所需的苗种长期依赖外部引进。基 地的投运，为本地产业从"外部引进"向"自主培育"转型搭建了关键平台，不仅能有效降低产业成本、提 升产业自主可控能力，更将进一步增强大连三文鱼产业在国内乃至国际市场的竞争力。 责编：栾溪 本报讯 记者于雅坤报道 近日，随着从丹麦引进的50万枚太平洋鲑鱼卵逐步入驻孵化箱，大连市首家三 文鱼苗种孵化基地在庄河市大营镇大营村正式投入运营，填补了大连市在 ...

Core Insights - Yunnan freshwater fish has made its first export to the UAE, with a shipment of 182 kilograms of live fish including yellow catfish, black fish, grass carp, and crucian carp [1][2] Group 1: Export Details - The shipment departed from Menghai County, Xishuangbanna, and is aimed at expanding market reach in the Middle East [1][2] - The fish previously targeted markets in Laos, Thailand, Vietnam, and Singapore, indicating a strategic shift towards the UAE due to its market potential [2] - The transportation process from the farm to Dubai takes approximately 12 hours, highlighting the efficiency of the logistics involved [2] Group 2: Market Performance - In 2023, Xishuangbanna Customs has overseen the export of 333 tons of live fish valued at 6.51 million yuan, representing a significant increase compared to the previous year [2] - The primary export destinations include Thailand, Vietnam, Laos, Singapore, and Myanmar, showcasing a diverse international market presence [2] - Continuous improvements in customs inspection and facilitation services are being implemented to support local enterprises in expanding their international market reach [2]

Core Insights - The Yangcheng Lake hairy crab has evolved from a single agricultural product to a "golden industry" with an annual output value exceeding 35 billion yuan, driven by ecological foundations and technological empowerment [1][2][3] Ecological Foundation and Technological Empowerment - The Yangcheng Lake area, with its unique natural endowments, provides an ideal environment for crab farming, contributing to the firm texture and flavor of the crabs [2] - The local government has implemented the "Three-Year Action Plan for the Revitalization of the Yangcheng Lake Hairy Crab Industry (2023-2025)", focusing on ecological farming practices to ensure sustainable production [2] - Technological advancements, such as AI traceability and smart management systems, have enhanced the quality and safety of the crabs, making them a stable quality label for consumers [3] Industry Chain Extension and Brand Protection - The Yangcheng Lake hairy crab industry has developed a comprehensive supply chain, from farming to processing and sales, with a total output value of 35 billion yuan, of which 4.5 billion yuan comes from farming [6] - The industry has diversified into various products like drunken crabs and crab sauces, while also integrating tourism to attract nearly 2 million visitors annually, generating over 1 billion yuan in tourism revenue [6][7] - A robust brand protection system has been established to combat counterfeit products, ensuring consumer trust and maintaining the brand's reputation [6] Employment Growth and Talent Development - The crab industry has created significant employment opportunities, with over 5,000 workers engaged in crab binding during peak seasons, contributing to local income [7] - Skilled positions, such as crab selectors, have emerged as high-paying jobs, with experienced workers earning over 100,000 yuan per season [7][8] - The next generation is being encouraged to continue the family tradition of crab farming, ensuring the sustainability and growth of the industry [8]