Core Insights - The total harvest volume for Q3 2025 reached an all-time high of 166.0 thousand tonnes, surpassing the previous record of 161.0 thousand tonnes in Q3 2024 [1] - Mowi had previously guided a total harvest volume of 160.0 thousand tonnes for Q3 2025 [1] Harvest Volumes - Harvest volumes by region for Q3 2025 are as follows: - Farming Norway: 99.5 thousand tonnes - Farming Scotland: 17.5 thousand tonnes - Farming Chile: 22.5 thousand tonnes - Farming Canada: 15.5 thousand tonnes - Farming Ireland: 3.0 thousand tonnes - Farming Faroes: 2.5 thousand tonnes - Farming Iceland (Arctic Fish): 5.5 thousand tonnes [1] Financial Performance - Operational EBIT for the Group was approximately EUR 112 million in Q3 2025 [3] - Blended farming cost decreased to EUR 5.42 per kg, down from EUR 5.72 in Q3 2024 [3] - Operational EBIT per kg by region was as follows: - Norway: EUR 1.10 - Scotland: EUR 1.55 - Chile: EUR 0.55 - Canada: EUR (2.00) - Ireland: EUR 0.20 - Faroes: EUR 0.55 - Iceland: EUR (1.10) [3] Additional Financial Metrics - Operational EBIT in Consumer Products was EUR 66 million [3] - Operational EBITDA in Feed was EUR 26 million in Q3 2025 [3] - Reported financial net interest-bearing debt (NIBD) for the group was approximately EUR 1,760 million at the end of the quarter [3]

Core Insights - The "Golden Service" volunteer team effectively bridges the gap in financial services for rural revitalization, providing support without compensation [1][2] Group 1: Financial Support for Rural Industry Revitalization - The "Golden Service" team provided a credit loan of 600,000 yuan to a local organic peach farm, which increased its annual production to 300,000 jin and revenue to over 2 million yuan [2] - The team actively conducts loan surveys in villages, establishing green channels for priority loan approval and disbursement to eligible farmers [2] Group 2: Financial Support for Rural Talent Revitalization - The team collaborated with the Women's Federation to launch a special loan product for women entrepreneurs, addressing funding shortages and information barriers [3] - Various banks introduced "Rural Talent Loans" targeting large-scale farmers, returning college students, and veterans, emphasizing both financial support and humanistic care [3] Group 3: Financial Support for Rural Ecological Revitalization - The team assisted a village in transforming abandoned land into a 300-acre high-quality ecological rice field, promoting a symbiotic relationship between crabs and rice [4]

Group 1 - The core point of the announcement is the disclosure of the eel output situation for September 2025, indicating a total output of approximately 1,564.15 tons, with 128.71 tons for export and 1,435.44 tons for self-use [1][4] - The cumulative eel output from January to September 2025 is reported to be approximately 13,485.74 tons, with 7,798.35 tons for export and 5,687.38 tons for self-use, maintaining a similar size specification range of 1P to 5P [1][2] - The sales price range for eels in September 2025 is between 51,000 yuan/ton and 130,000 yuan/ton, reflecting the price fluctuations due to a small amount of live eel exports to Japan and South Korea [1][3] Group 2 - The data provided is based on internal statistics and is unaudited, serving as a reference for investors to understand the company's eel farming business operations [2][4] - The announcement emphasizes that the disclosed data does not guarantee any future operational performance of the company [4]

Core Viewpoint - The article highlights the disappointing experiences of consumers purchasing hairy crabs this season, particularly focusing on issues related to product quality and the difficulties in redeeming crab cards, which have led to widespread dissatisfaction and complaints against brands like "Crab Lady" [5][10][36]. Group 1: Consumer Experience - Many consumers reported receiving crabs of poor quality, with issues such as empty shells, bitter taste, and unformed crab roe and fat [5][10][12]. - The brand "Crab Lady" has been particularly criticized, with customers finding the crabs they received to be lacking in meat and flavor, contrary to the advertised quality [10][12][36]. - Complaints about receiving dead crabs and discrepancies in weight have also been prevalent, further exacerbating consumer frustration [19][21][36]. Group 2: Redemption Issues - Consumers have faced significant challenges in redeeming crab cards, with many reporting that the redemption process is akin to a "battle," often encountering fully booked slots and unresponsive customer service [22][24]. - The disparity between the ease of purchasing crab cards and the difficulty of redeeming them has raised concerns about the business model of brands like "Crab Lady," which appears to prioritize sales over fulfillment [24][26]. - The article notes that the crab card system, while intended to manage supply and quality, has led to consumer losses due to unfulfilled orders and expired cards [26][29]. Group 3: Industry Complaints and Regulations - The article mentions that complaints regarding crab quality and redemption issues are not new, with a cumulative total of 5,459 complaints recorded on third-party platforms [35]. - "Crab Lady" has faced repeated scrutiny and was even suspended from the local crab industry association due to allegations of false advertising and quality issues [36][38]. - Regulatory measures have been introduced to address the sale of crab cards and ensure better consumer protection, including requirements for businesses to maintain a certain operational history and financial guarantees [39][40].

Core Insights - The demand for seafood products, particularly Chinese mitten crabs, has surged due to rapid economic development in China, leading to a significant increase in domestic crab catch, which has now exceeded production levels [1][7] - The Chinese government has implemented fishing bans to protect marine environments, resulting in a continuous decline in domestic crab catch since 2014, despite rising market demand [1][7] - China has become a major importer of mitten crabs globally, with imports recovering to 922.55 tons in 2024 after a significant drop during the pandemic [1][7] - The export of mitten crabs has decreased, with projections showing a decline to 79.09 tons in 2024 [1][7] Industry Overview - The mitten crab, known for its delicious taste and high economic value, is primarily found in China's coastal waters, with the most common species being the Portunus trituberculatus [3][11] - The industry is characterized by a large number of small to medium-sized enterprises, with major companies concentrated in resource-rich regions like Zhejiang, Fujian, and Jiangsu [11] Import and Export Trends - In 2022, the import of live, fresh, or chilled mitten crabs fell by 54.1% to 260.68 tons due to pandemic impacts, while exports rose by 57.7% to 293.96 tons [1][7] - By 2025, the import amount for the first eight months was 568.83 tons, a decrease of 30.1% year-on-year, while exports dropped by 66.5% to 10.88 tons [1][8] Market Dynamics - The mitten crab industry is experiencing a shift towards high-end and diversified consumer demands, with a growing preference for organic and high-quality products [13][14] - Technological advancements, including IoT and AI, are expected to enhance precision in crab farming, improving product quality and yield stability [15] - Sustainable practices are becoming mainstream, with a focus on eco-friendly farming techniques and certifications that enhance product value [16] Related Companies - Major companies in the mitten crab industry include Shandong Haodangjia Ocean Development Co., Ltd., and Zhuangzi Island Group Co., Ltd., which are involved in various aspects of crab farming, processing, and trade [11][12]

Core Viewpoint - The innovative mixed farming model of "Pengze crucian carp + Macrobrachium rosenbergii" in Pengze County, Jiangxi Province, has achieved significant economic benefits, enhancing local aquaculture and contributing to rural revitalization [1][3]. Summary by Sections Aquaculture Model - The "Pengze crucian carp + Macrobrachium rosenbergii" mixed farming model has been successfully implemented, leading to a clean and high-quality product that has received positive market feedback [1][3]. - The model allows for dual harvests, increasing profits by approximately 30% compared to traditional farming methods [1]. Economic Impact - The yield data indicates that the mixed farming model produces about 1,720 pounds of Pengze crucian carp and nearly 70 pounds of Macrobrachium rosenbergii per acre, with a net profit increase of around 2,000 yuan per acre compared to traditional methods [3][4]. - This economic success supports the transformation and upgrading of local aquaculture industries [3]. Technological Support - Pengze County has established a national-level modern agricultural industrial park and multiple technology service centers to enhance the development of local specialty aquaculture [3]. - The county has built three national-level technology service centers, two provincial-level, and five municipal-level centers, which contribute to the growth of the local aquaculture industry [3]. Future Development - Ongoing research collaborations with universities will focus on breeding and ecological disease prevention to further support high-quality development in the fishing industry across Pengze and the province [4].

Core Viewpoint - The article discusses the disappointing experiences of consumers purchasing live crabs and crab cards during the annual crab season, highlighting issues with product quality and redemption difficulties [4][5][6]. Group 1: Product Quality Issues - Many consumers reported receiving crabs of poor quality, including empty shells, bitter taste, and unformed crab roe and fat, which did not meet the advertised standards [7][8]. - Some consumers received dead crabs upon delivery, raising concerns about freshness and potential food safety risks [7][8]. - Complaints about weight discrepancies were also noted, with some consumers receiving less than what they paid for [8]. Group 2: Redemption Difficulties - The process of redeeming crab cards has been described as frustrating, with many consumers facing challenges in booking their orders due to fully booked slots and unresponsive customer service [10][11]. - The business model of selling crab cards, which is intended to manage supply and quality, has led to inefficiencies and consumer dissatisfaction, as many are unable to redeem their purchases in a timely manner [10][11]. - There are concerns that companies may profit from unredeemed cards, as a significant portion of consumers may not follow through with redemption, leading to potential financial gains for the sellers [12]. Group 3: Consumer Complaints and Industry Response - The article notes that complaints regarding crab quality and redemption issues are not new, with a cumulative total of 5,459 complaints recorded on third-party platforms [14]. - The brand "Crab Lady" has been frequently mentioned in complaints and has faced penalties from industry associations for practices such as false advertising and selling products with weight discrepancies [15][16]. - Regulatory measures have been introduced to address these issues, including standards for online crab card sales and penalties for non-compliance, aimed at improving the overall market environment [16][17].

Core Insights - The article discusses the efforts of the Liaocheng Market Supervision Administration to enhance consumer confidence and promote new consumption scenarios in response to upgraded market demand [1] Group 1: Consumer Confidence Initiatives - Liaocheng Market Supervision Administration is focusing on integrating regional特色产业 (characteristic industries) to cultivate diverse and reliable consumption scenarios [1] - The administration has categorized its initiatives based on different types of businesses such as supermarkets, scenic spots, e-commerce, and rural areas to create varied放心消费场景 (reliable consumption scenarios) [1] - As of now, 454 businesses related to characteristic industries have been included in the reliable consumption cultivation database [1] Group 2: Industry-Specific Actions - For the Lingzhi industry, a "Lingzhi Fairy Grass" themed live streaming platform has been established, ensuring strict product admission standards and addressing consumer complaints proactively [2] - The Ejiao industry has developed a consumption route that includes an Ejiao museum and a film city, with 33 offline businesses offering no-reason returns [2] - In the Sanghuang industry, training sessions have been conducted for local growers to enhance product quality control and protect consumer rights [3] Group 3: Consumer Rights Protection - The administration has implemented a principle of resolving issues at the source, focusing on negotiation and on-site resolution to maximize consumer rights protection [3] - In the Koi industry, elements of reliable consumption are integrated into Koi towns, with a focus on standardizing business practices within industrial parks [3] - The administration has developed 98 no-reason return units and established 15 consumer rights protection service stations to enhance consumer awareness and create a strong promotional atmosphere [3]

Core Insights - The live-streaming event featuring Guangdong's golden pomfret achieved remarkable sales of over 6 million yuan, with 348,000 fish sold and 58,000 orders placed, attracting more than 2 million online viewers [4][3][21] Industry Overview - Zhanjiang is recognized as a dominant player in the golden pomfret industry, accounting for approximately 35% of the national production and 70% of Guangdong's output, establishing itself as an industry benchmark [15][16] - The golden pomfret's production in 2024 is projected to reach 305,500 tons, marking a significant milestone as it surpasses 300,000 tons for the first time, leading the annual production rankings among marine fish species [18][19] - Guangdong's production represents 54% of the national total, supported by a complete industrial chain from breeding to processing and export [20] Economic Impact - The golden pomfret industry in Zhanjiang generates an annual output value exceeding 10 billion yuan, directly supporting around 100,000 jobs and indirectly benefiting nearly 1 million people, thus playing a crucial role in poverty alleviation [22][23] Quality and Environmental Factors - The golden pomfret requires high water quality for optimal growth, and Zhanjiang's coastal environment provides ideal conditions, contributing to its unique quality and substantial production [26][39] - The presence of the Chinese white dolphin, an ecological indicator, further emphasizes the favorable farming environment for golden pomfret [34] Product Diversification and Market Reach - The golden pomfret is processed into various products to meet diverse consumer demands, with one brand achieving annual sales exceeding 100 million yuan in the prepared food market [50][51] - In 2023, the export of golden pomfret products reached 39,000 tons, making it one of the most exported seafood products to Europe and Southeast Asia [55][56] Future Development - The Guangdong government is actively promoting the development of deep-sea intelligent aquaculture, with key enterprises like Hengxing Group expanding golden pomfret farming across multiple regions [61][63] - The industry is rapidly expanding due to the introduction of new intelligent farming platforms, positioning golden pomfret as a significant driver of the blue economy and modern agricultural development in Guangdong [66][68]

Core Viewpoint - The 2025 World Food Forum and the 80th anniversary of the FAO have commenced in Rome, showcasing significant agricultural heritage projects from China, including Anxi Tieguanyin tea culture and Qingtian rice-fish co-culture system, which have garnered international attention [3][4]. Group 1: Anxi Tieguanyin Tea Culture - Anxi Tieguanyin tea culture system was recognized as a global important agricultural heritage by the FAO in 2022, being the only oolong tea to receive this certification [3]. - The unique semi-fermentation process and the "tea-forest-grass" planting model exemplify sustainable mountain ecological agriculture [3][4]. - The recognition is expected to enhance the brand value and international influence of Anxi Tieguanyin, promoting a sustainable development path for Chinese tea culture [4]. Group 2: Qingtian Rice-Fish Co-Culture System - The Qingtian rice-fish co-culture system is one of the first projects recognized as a global important agricultural heritage, showcasing an ecological cycle that reduces reliance on chemical fertilizers and pesticides [4]. - This system promotes biodiversity and ecological balance, aligning with sustainable development principles [4]. - The exhibition highlighted the historical significance and value of the rice-fish co-culture system, contributing to the understanding of sustainable agricultural practices [4]. Group 3: Global Agricultural Heritage Initiative - The FAO's initiative for global important agricultural heritage has recognized 102 heritage sites worldwide over 20 years, with China leading with 25 recognized projects [5]. - These living heritage systems play a crucial role in ecological balance and cultural identity, reflecting the depth of Chinese agricultural civilization [5]. - The initiative emphasizes the importance of agricultural heritage in addressing future uncertainties and promoting sustainable development globally [5].