登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300268 证券简称：*ST佳沃 公告编号：2025-088 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □适用 √不适用 公司是否具有表决权差异安排 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □是 √否 ■ 注：由于公司2025年1-6月的加权平均净资产金额为负数，故未计算加权平均净资产收益率。 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发 ...

Core Viewpoint - Jiawo Food has taken a significant step to alleviate the burden of long-term losses from its salmon business by transferring 100% of the equity of Beijing Jiawo Zhencheng Technology Co., Ltd. to a related party, Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. for a nominal price of 1 yuan, effectively divesting its salmon-related operations from the listed company structure [2][3]. Group 1: Business Operations and Financial Performance - Jiawo Zhencheng was the core operational entity for the salmon business, primarily managing the breeding, processing, and sales of salmon through its Chilean subsidiary, Australis [3]. - The acquisition of Australis in 2019 for approximately $920 million was significantly beyond Jiawo Food's financial capacity at the time, leading to reliance on debt for the purchase [3]. - Following the acquisition, the international demand for salmon plummeted, resulting in Jiawo Food's performance turning from profit to loss in 2019, with the salmon business reporting a gross margin of -12.2% in 2020 [3][4]. - Over the five years from 2018 to 2022, 33 out of 96 breeding centers owned by Australis were found to be overproducing, leading to a total excess production of 81,000 tons, necessitating a reduction in output and further impacting business performance [3]. Group 2: Financial Losses and Debt Management - Since the acquisition of Australis, Jiawo Food has recorded continuous losses for six consecutive years, totaling over 4.3 billion yuan, with a net asset value of -301 million yuan in 2022, resulting in a delisting risk warning [4]. - In 2024, the salmon business faced insolvency with a debt-to-asset ratio of 110.76%, contributing to a 256.39% year-on-year decline in net assets to -443 million yuan [4]. - After divesting the salmon business, Jiawo Food managed to reduce its debt-to-asset ratio from 104.92% to 12.56%, temporarily escaping the delisting risk [5]. Group 3: Strategic Recommendations - Following the divestiture of the loss-making salmon business, experts suggest that Jiawo Food should actively seek new growth opportunities and cultivate a second growth curve to enhance profitability and stabilize its market position [7][8]. - Analysts emphasize the need for Jiawo Food to adjust its market strategy to build sustainable core competitiveness, focusing on consumer demand to restructure its product, channel, and cost systems [8].

Group 1 - The core point of the article is that *ST Jiawo has signed a supplementary agreement for the transfer of 100% equity of Beijing Jiawo Zhencheng Technology Co., Ltd. with its controlling shareholder, Jiawo Group, to mitigate financial risks and avoid delisting [1][2] - The assessment value of the transferred equity is -54.7516 million yuan, and the agreement outlines six potential scenarios regarding pending commercial arbitration and a mechanism for free transfer [1] - Following the asset transfer, *ST Jiawo's debt-to-asset ratio decreased from 104.92% to 12.56%, and the net asset per share increased from -2.54 yuan/share to 1.62 yuan/share, with earnings per share projected to reach 0.25 yuan/share [1][2] Group 2 - To avoid conflicts with remaining businesses, *ST Jiawo has signed a management agreement with Jiawo Pinxian for entrusted management of Jiawo Zhencheng [2] - Jiawo Group has committed to resolving any competition issues within four years post-transaction, or else transfer the equity or assets of Jiawo Zhencheng to an unrelated third party [2] - From 2019 to 2024, *ST Jiawo's salmon business has incurred cumulative losses exceeding 4 billion yuan due to various market challenges, including supply shocks and rising feed costs [2]

Group 1 - The core point of the news is the announcement by Jiahua Food Co., Ltd. regarding the response to the restructuring inquiry from the Shenzhen Stock Exchange, specifically about the sale of its 100% stake in Beijing Jiahua Zhencheng Technology Co., Ltd. for 1 yuan, despite the assessed value being approximately 54.75 million yuan [1][2][3] - The accounting treatment for the sale is based on the relevant accounting standards, indicating that the difference between the book value and the actual sale price will be recognized as investment income [2][4] - The independent financial advisor and auditing institution confirmed that the transaction's economic substance is akin to capital investment, and the accounting treatment complies with accounting standards and regulatory requirements [4][5] Group 2 - The global demand for salmon is currently stable, with long-term growth expected due to increasing population, expanding middle class in emerging markets, and rising health consciousness among consumers [6][7] - The supply of salmon is limited due to high environmental requirements for farming, with Norway and Chile being the primary producers, accounting for approximately 78% of global supply [6][7] - The salmon farming industry faces high entry barriers due to strict licensing regulations, which further restrict supply growth, leading to a forecasted annual supply growth rate of around 2% from 2022 to 2028 [7][8] Group 3 - Australis, a subsidiary of Jiahua Food, is expected to see its revenue and costs grow from 2025 to 2029, with projected gross margins of 22.99% [5][10] - The company's operational challenges include high feed costs and regulatory compliance, which have impacted its profitability in recent years [10][11] - Future sales prices for Australis are expected to remain stable due to limited supply growth and increasing demand, with a projected annual price growth rate of 0%-2.8% [12][13]

Group 1 - The core viewpoint of the article highlights the steady growth in China's cold chain logistics sector, driven by consumer demand and supportive policies [1][2] - In the first quarter, the total cold chain logistics revenue reached 2.21 trillion yuan, marking a year-on-year increase of 4.0%, while total income was 136.13 billion yuan, up 3.9% [2] - The demand for cold chain logistics is expected to continue rising in the second quarter due to seasonal consumption increases and holiday effects [7] Group 2 - The fruit and vegetable wholesale market remained stable, with vegetable transaction volumes increasing by approximately 5% year-on-year, while online retail sales of fruits and vegetables surged over 15% [4] - Investment in cold chain infrastructure, including cold storage facilities, showed a positive trend, with funding reaching 8.746 billion yuan in the first quarter, a 9.42% increase year-on-year [11] - The sales of new energy refrigerated vehicles reached 2,969 units in the first quarter, reflecting a significant year-on-year growth of 71.03% [13] Group 3 - Cross-border cold chain transportation is becoming increasingly active, with direct air routes and "train + cold chain" models facilitating the import of high-quality foreign agricultural products [14][22] - In the first quarter, the import value of fresh salmon reached 330 million yuan, a year-on-year increase of 175.1%, while fresh shrimp imports soared to 800 million yuan, up 1,099.3% [24] - Many foreign trade-oriented cold chain processing companies are diversifying their operations to adapt to changing trade environments and are increasingly focusing on domestic markets [25][31]

Core Viewpoint - The article emphasizes the arrival of fresh Arctic sweet shrimp from Greenland, highlighting its quality and the limited seasonal availability, which makes it a sought-after delicacy [1][9][50]. Group 1: Product Quality and Characteristics - The first batch of yellow-belly sweet shrimp is noted for its particularly plump roe, making this year's catch especially desirable [1][13]. - Arctic sweet shrimp is described as a premium product, comparable to caviar, with a unique taste and texture that appeals to consumers [13][25]. - The shrimp is wild-caught and cannot be artificially farmed, ensuring its natural quality and flavor [14][54]. Group 2: Market Demand and Consumer Response - Last year's head roe Arctic sweet shrimp sold out quickly, with high repurchase rates indicating strong consumer demand [3][11]. - The article mentions that the supply of belly roe shrimp is limited and often cannot meet market demand, leading to a sense of urgency among buyers [15][52]. Group 3: Import and Certification - The shrimp is imported directly from Denmark, with clear inspection and quarantine certifications confirming its freshness and quality [9][50]. - The product is certified by the Marine Stewardship Council (MSC), ensuring it meets high environmental and sustainability standards [60][62]. Group 4: Pricing and Packaging - The article outlines promotional pricing for the shrimp, with special offers for bulk purchases, emphasizing the value for quality seafood [32][45]. - The packaging has been upgraded to food-grade materials, making it suitable for both personal use and gifting [38][40]. Group 5: Nutritional Benefits - Arctic sweet shrimp is highlighted as a high-protein, low-fat food, rich in essential nutrients like astaxanthin, amino acids, and omega-3 fatty acids, making it suitable for various consumer groups [41][100]. - The shrimp is presented as a healthy option for families, including children, the elderly, and fitness enthusiasts [43][100].

Core Insights - The report predicts a steady increase in China's aquatic product production over the next decade, with total output expected to reach 78.74 million tons by 2034, reflecting a 10.7% growth from the baseline and an average annual growth rate of 1.0% [2] - The consumption of aquatic products is projected to grow significantly, with total consumption expected to reach 83.06 million tons by 2034, marking a 12.3% increase from the baseline and an average annual growth rate of 1.2% [4] - China's aquatic product imports are anticipated to rise steadily, reaching 8.07 million tons by 2034, which represents a notable 20.1% increase from the baseline [6] Production Trends - Aquaculture production is expected to increase to 65.61 million tons by 2034, a 12.9% growth from the baseline, with an average annual growth rate of 1.2%, accounting for 83.3% of total production [2] - Capture production is projected to stabilize at around 13 million tons by 2034, supported by sustainable fishing policies and practices [3] Consumption Dynamics - The report highlights a shift towards diversified, branded, and convenient consumption of aquatic products, with processed consumption expected to grow to 36.19 million tons by 2034, reflecting an 18.8% increase from the baseline [4] - Direct consumption of aquatic products is also expected to grow, reaching 35.34 million tons by 2034, which is a 12.3% increase from the baseline [5] Import and Export Outlook - The report indicates that imports will continue to rise, driven by increasing consumer demand for high-quality and specialty aquatic products [6] - Exports are expected to stabilize at around 3.75 million tons by 2034, showing a decrease of 4.7% from the baseline, as competition in the international market intensifies [7]