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天马科技上半年全产业链收入超8亿元 全球化布局提速
在全球渔牧行业转型升级的浪潮中,聚焦鳗鲡全产业链的天马科技(603668.SH)在上半年交出亮眼成 绩单,多项经营指标创下历史同期新高。 8月26日晚间,公司披露的2025年半年报显示,上半年,天马科技实现归母净利润6021.70万元,同比增 加7.40%。报告期内,公司日本鳗与美洲鳗投苗量与存池量均位居全国第一,公司智慧养殖业务出鱼 量、烤鳗销量亦双双刷新历史同期峰值,为公司高质量发展注入强劲动能。 事实上,智慧养殖与健康食品构建的全产业链协同一直是天马科技的核心竞争优势。报告期内,公 司"养殖+食品"业务营收占比提升至27.58%,较上年同期上升7.64个百分点。 在养殖业务方面,上半年天马科技实现收入约4.19亿元,同比增长14.02%。八大渔业产业集群及福建、 广东两大万亩产业基地产能加速释放,报告期内鳗鱼出池量达9502.51吨,刷新历史同期峰值,且养殖 端毛利率持续保持高位。 公司方面表示,在技术革新与市场需求的双重驱动下,水产品消费逐渐从"温饱型"向"品质型"转变。公 司聚焦主业,稳步推进鳗鲡全产业链建设,养殖、食品两大业务正成为天马科技营收与利润增长的重要 引擎,公司也将继续向着"打造世界级全 ...
天马集团打造企业风险管理新范式
Qi Huo Ri Bao Wang· 2025-06-05 16:23
Core Viewpoint - Tianma Group is transforming from a "passive burden" to an "active breakthrough" by leveraging a risk management system that links futures and spot markets, thus navigating the volatility in agricultural product prices [1] Group 1: Company Overview - Tianma Group, established in 2002 in Fuzhou, initially focused on special aquatic feed and has since diversified into various sectors including poultry feed, eel farming, and food processing, creating a complete industrial chain [2] - The company has become a key national agricultural enterprise and a national technology innovation demonstration enterprise, leading the global market share in special aquatic feed [2] Group 2: Market Challenges - The company faces significant price volatility in key feed production materials such as soybean meal, corn, and soybean, influenced by climate, planting area, international trade policies, and supply-demand mismatches [3] - Price fluctuations complicate cost control, inventory management, and supply chain stability, with rising raw material prices increasing procurement costs and potential shortages impacting production [3] Group 3: Futures Market Engagement - Tianma Group began developing its futures risk management system in 2013, establishing a professional futures team and integrating hedging into its operational decision-making [4] - The company utilizes futures markets for risk management by locking in procurement prices for raw materials, thus mitigating the impact of price volatility on operations [5] Group 4: Hedging Strategy - The company employs a hedging strategy that includes direct hedging and basis trading, tailored to various commodities based on production schedules and market analysis [5] - A typical hedging case involved selling corn futures at approximately 2460 CNY/ton and later closing positions at 2390-2430 CNY/ton, successfully reducing potential losses from inventory devaluation [6] Group 5: Risk Management Framework - Tianma Group adheres to a strict hedging business management system, conducting demand assessments and developing detailed hedging plans that require approval from a dedicated leadership group [7] - The internal audit department conducts regular audits of the futures derivatives business to ensure compliance and effective risk management [8] Group 6: Future Directions - The company is exploring collaborations with futures companies for forward trading and standard warehouse receipt trading, aiming to integrate logistics and supply chain management with futures market functionalities [8] - Tianma Group is interested in innovative insurance products linked to temperature indices for aquaculture, indicating a commitment to further risk management exploration [8]