针对大规模水面养殖资产难以直接全面盘点的特点，公司阐述了其盘点方法。公司定期（通常在报告期 末或下年初）组织内部水产管理人员、财务人员并会同外部水产专家，前往各捕捞现场进行核查。盘点 主要依赖于核定关键参数（如存活率、综合生长系数）并结合数学模型来估算期末结存数量。为验证此 方法的准确性，公司还引入了中国科学院水生生物研究所的专家团队，利用水声学频差技术对鱼类资源 进行探测。该技术通过宽频回声探测仪收集声学数据，分析鱼类大小、分布密度，从而对账面数量进行 佐证。公司指出，近三年的探测结果与账面数量的误差率均在正负10%至20%的合理区间内，总体误差 率控制在10%以内，认为其参数设定和计算方法具有合理性。 在减值测试方面，公司解释了近一年又一期未对消耗性生物资产计提跌价准备的原因。公司定期计算各 类生物资产的可变现净值，其依据是预计售价（参考近期或临近月份平均销售价格）减去预计至完工时 尚需发生的捕捞费和相关税费。公司将测算出的可变现净值与存货的账面成本进行比较。根据披露的测 算过程，无论是2024年末还是2025年6月末，公司各渔场消耗性生物资产的可变现净值均高于其账面成 本，因此未发现减值迹象，无需计提存 ...

Group 1 - The agricultural and fishery ETF (159275) showed stable performance with a 0.1% increase in price and a transaction volume of 1.9989 million yuan, bringing the fund's total size to 208 million yuan [1] - Key performing stocks included Zhongxing Junye, Xiaoming Co., and Biological Co., with increases of 4.76%, 4.1%, and 3.16% respectively, while Chenguang Biological, Shennong Seed Industry, and Zhangzidao experienced declines of 2.78%, 1.32%, and 1.27% [1] - Brazil's soybean import prices reached a historic high in mid-October, leading nearly 100 domestic grain and oil companies to suspend purchases of soybeans for December and January, affecting approximately 8 million tons [1] Group 2 - The pig farming industry is experiencing increased supply and rising prices due to higher demand for fat pigs, but continued losses in farming may accelerate capacity reduction [2] - The poultry farming sector faces uncertainty in breeding stock imports due to frequent outbreaks of avian influenza overseas, which may benefit the white feather chicken industry chain prices [2] - The animal health industry is expected to see a recovery in demand, with new product launches providing growth momentum, while the pet market continues to grow rapidly domestically [2]

Core Viewpoint - Sichuan's agricultural sector shows steady growth, with a total output value of 825.77 billion yuan in the first three quarters, reflecting a year-on-year increase of 3.5% and a slight acceleration compared to the first half of the year [3] Group 1: Agricultural Production Growth - The agricultural industry in Sichuan has demonstrated a positive growth trajectory, with vegetable and edible fungus production increasing by 4.4% year-on-year, and livestock output also showing improved growth rates [4] - The planting industry achieved an output value of 541.02 billion yuan, with a year-on-year growth of 3.6%, driven primarily by economic crops such as vegetables, fruits, and tea, which contributed 97% to this growth [5] - Sichuan's grain production is expected to exceed the annual target of 72.5 billion jin, supported by enhanced subsidy policies and competitive high-yield initiatives [5] Group 2: Livestock and Other Sectors - Sichuan is the leading province in China for pig farming, with livestock output value reaching 196.73 billion yuan, a year-on-year increase of 1.4%, indicating a recovery in the livestock sector [6] - Forestry and fishery sectors also showed growth, with forestry output value increasing by 9.8% to 37.54 billion yuan, and fishery output value rising by 6.6% to 29.81 billion yuan [6] Group 3: Industry Chain Enhancement - Sichuan's agricultural enterprises are actively participating in the China International Agricultural Products Trade Fair, showcasing over 200 products and achieving significant sales [7] - The province is focusing on integrating production, processing, and branding within its agricultural sectors, particularly in ten key industries, to enhance overall value [8] - A comprehensive plan has been initiated to strengthen the agricultural industry chain, with significant investments and support for key enterprises [9] Group 4: Policy Support and Future Outlook - High-quality policies are being implemented to boost the agricultural sector, including equipment upgrades and efficient breeding technology promotion, which have led to profitability for large-scale farming enterprises [10] - Ongoing efforts to address issues such as low processing rates and short supply chains are expected to further enhance the agricultural output and value in Sichuan [10]

Core Viewpoint - The stock of Kaichuang International (600097) closed at 11.75 yuan on October 24, 2025, reflecting a decline of 1.18% with a trading volume of 59,000 shares and a transaction amount of 69.6455 million yuan [1]. Trading Information Summary - On October 24, the net outflow of main funds was 200.42 thousand yuan, accounting for 2.88% of the total transaction amount; the net outflow of speculative funds was 764.45 thousand yuan, making up 10.98% of the total transaction amount; while retail investors saw a net inflow of 964.87 thousand yuan, representing 13.85% of the total transaction amount [2][4]. Company Announcement Summary - Kaichuang International will hold its second extraordinary general meeting of 2025 on November 3, 2025, combining on-site and online voting. The on-site meeting will take place at 1:30 PM at Building 3, No. 661 Anpu Road, Yangpu District, Shanghai. The main agenda is to review the proposal to supplement the independent director of the tenth board of directors. Due to the current independent director Wang Zhao's term nearing completion, Beijing Xiaojian Technology Development Co., Ltd. and its concerted parties have nominated Yang Lin as the new independent director. Yang Lin, born in June 1987, holds a master's degree and has been the deputy director of Beijing Balanced Game Environmental Science Research Institute since June 2019. He does not hold shares in the company and has no connections with the controlling shareholder, actual controller, or other shareholders holding more than 5%. He has not been subject to regulatory penalties and meets the qualifications for independent director positions. This nomination has been approved by the board of directors' nomination committee and the company's tenth board of directors' nineteenth (extraordinary) meeting [2][4].

Core Viewpoint - The event in Guizhou showcased seafood from Zhanjiang, highlighting the collaboration between Guangdong and Guizhou provinces, and the growing demand for high-quality seafood in the region [3][4][6]. Group 1: Event Overview - The seafood promotion and tasting event took place in Guiyang, Guizhou, featuring premium seafood products such as golden pomfret, shrimp, and oysters from Zhanjiang [3][4]. - The event aimed to enhance cooperation between Guangdong and Guizhou, presenting new ideas and outcomes for both provinces [4][6]. Group 2: Market Demand and Supply - There is a continuous increase in local consumption and a rising demand for high-quality seafood in Guizhou, which is seen as a growth hub for domestic consumption [6][21]. - Zhanjiang is recognized as a major fishing city in Guangdong, contributing 13% of the province's marine industry output and over 40% of deep-sea aquaculture capacity [9][10][11]. Group 3: Seafood Industry Position - Zhanjiang's seafood, particularly golden pomfret and shrimp, has gained national acclaim and is popular both domestically and internationally [11][12]. - The region's aquaculture area covers 1.162 million acres, accounting for 16% of the province's total, with Zhanjiang leading in fishery production and output for 30 consecutive years [9][10]. Group 4: Strategic Initiatives - The Guangdong government has launched initiatives to develop a "media+" model to enhance agricultural product marketing, integrating various societal forces to improve market effectiveness [49][51]. - Zhanjiang's seafood enterprises are actively engaging in market research and promotion in Guizhou, aiming to boost sales of key products like golden pomfret and shrimp [53][55]. Group 5: Business Collaborations - A procurement signing ceremony was held during the event, with 12 companies, including Guangdong Haiwei Agricultural Group and Guizhou Western Wharf Catering Management, signing contracts worth over 30 million yuan for seafood sales in Guizhou [61][66]. - The establishment of a food safety liability insurance specifically for Zhanjiang seafood products aims to enhance quality assurance and market confidence [58][60].

Core Insights - The article highlights the significant growth and support for the deep-sea fishing industry in Quanzhou, with a focus on tax exemption policies benefiting companies like Jinxin Ocean Fishing Co., Ltd [2][3] Group 1: Industry Development - Quanzhou has actively promoted marine economic development, enhancing support for deep-sea fishing, and forming a comprehensive operational model of "catching + transportation + processing + export" [2] - The total production of deep-sea fishing in Quanzhou is expected to reach 60,400 tons in 2024, with the number of fishing vessels increasing to 53 [2] Group 2: Company Performance - Jinxin Ocean Fishing Co., Ltd has been in the deep-sea fishing business for over 10 years, operating 6 fishing vessels and achieving an annual catch of nearly 10,000 tons [3] - In the first nine months of this year, Jinxin captured 9,668 tons of deep-sea products, surpassing the total catch of the previous year, and benefited from tax exemptions amounting to 5.2489 million yuan [3] Group 3: Customs and Tax Policies - Quanzhou Customs has streamlined the tax exemption process, reducing the review time from 10 working days to an average of 1 working day, facilitating the use of tax exemption policies for deep-sea fishing products [3] - A "green channel" for deep-sea catches has been established to ensure zero delay in customs clearance, addressing the high efficiency requirements due to the perishable nature of the products [3]

Core Viewpoint - Kaichuang International (600097) has seen a stock price increase of 5.86% this week, closing at 11.75 yuan, with a market capitalization of 2.831 billion yuan as of October 24, 2025 [1]. Company Announcement Summary - Kaichuang International will hold its second extraordinary general meeting of 2025 on November 3, 2025, combining on-site and online voting [1][3]. - The meeting will review the proposal to appoint Yang Lin as an independent director, following the upcoming end of the current independent director Wang Zhao's six-year term [1][3]. - Yang Lin, born in June 1987, holds a master's degree and has been the deputy director of the Beijing Balanced Game Environmental Science Research Institute since June 2019. He does not hold any shares in the company and has no connections with the controlling shareholders or other major shareholders, meeting the qualifications for independent director [1][3].

Core Viewpoint - Dahu Aquaculture Co., Ltd. plans to change its name to "Dahu Health Industry Co., Ltd." to better reflect its current business structure and strategic focus on health products and medical services [1][3] Company Announcement Summary - The name change and adjustment of business scope have been approved by the board and will be submitted for shareholder approval [1][3] - The company aims to remove beverage production from its business scope and add services related to nursing institutions, health care, and artificial intelligence applications [1][3] Financial Performance Highlights - For the first half of 2025, Dahu reported revenue of 426 million yuan, a year-on-year decline of 14.40% [3] - The net profit attributable to the parent company was a loss of 2.57 million yuan, which represents a year-on-year improvement of 11.28 million yuan [3] - Medical service revenue was 186 million yuan, down 8.36% year-on-year, while revenue from aquatic products was 196 million yuan, down 17.60% year-on-year [3]

Group 1 - As of October 25, 2023, 1,087 A-share listed companies have disclosed their Q3 reports, with 647 companies achieving a year-on-year profit growth, accounting for approximately 59.52% [1] - Among the A-share companies with a market capitalization exceeding 100 billion, 32 have disclosed their Q3 reports, with 22 companies reporting positive net profits and year-on-year growth [3] - Significant profit growth was observed in sectors such as building materials, steel, electronics, and non-ferrous metals [2][4] Group 2 - Baofeng Energy reported a revenue of approximately 35.545 billion yuan, a year-on-year increase of 46.43%, and a net profit of about 8.95 billion yuan, a year-on-year increase of 97.27% [3] - Cambrian-U reported a revenue of approximately 4.607 billion yuan, a year-on-year increase of 2,386.38%, and a net profit of about 1.605 billion yuan, marking a significant turnaround [3] - The steel and electronics industries showed the highest profit growth rates among various sectors [4] Group 3 - Certain sub-sectors such as rebar, fishery, animal health, engineering consulting services, optical electronics, cement, coke, and wind power equipment reported a year-on-year profit increase exceeding 100% [5] - The semiconductor, agricultural product processing, and glass fiber sectors also demonstrated strong performance [5]

Core Viewpoint - Zhanjiang seafood has gained national recognition due to its quality and variety, with significant potential for future growth in the seafood industry [1][6][7]. Group 1: Industry Overview - Zhanjiang is a major fishing area in South China, with aquaculture covering 1.162 million acres, accounting for 16% of the province's total [4]. - The city has maintained the highest fishery output in Guangdong for 30 consecutive years, with a projected total fishery output of approximately 1.316 million tons and a fishery output value of about 29.4 billion yuan in 2024 [8][13]. - Zhanjiang's shrimp production has established a complete industrial chain, generating an annual output value exceeding 50 billion yuan, earning it the title of "China's Shrimp Capital" [15][16]. Group 2: Aquaculture Development - The cultivation of golden pomfret in Zhanjiang has rapidly expanded, with an annual output exceeding 300,000 tons, making it the largest in China [20][21]. - By 2024, the total output value of the golden pomfret industry is expected to exceed 10 billion yuan, with around 100,000 people involved in the entire industrial chain [23][24]. - The modern deep-sea aquaculture platforms have been established, significantly enhancing production efficiency and product quality [30][44][47]. Group 3: Processed Food Industry - Zhanjiang is developing a pre-prepared food industry, with a production value of 10.2 billion yuan in 2024, reflecting a year-on-year growth of 14.6% [60][62]. - The city has launched initiatives to promote the "Zhanpin" brand, enhancing the value of local seafood products and contributing to the economic growth of local farmers [73][76]. - The establishment of a brand innovation platform aims to integrate resources and promote Zhanjiang seafood products nationally [65][72]. Group 4: Future Prospects - The modern marine ranching construction plan outlines a three-step approach to achieve a total aquaculture product volume of 1.47 million tons by 2035 [36][38]. - The upcoming seafood promotion event in Guizhou aims to showcase Zhanjiang's seafood products and further enhance its market presence [78].