近日，佳沃食品发布公告，宣布终止KB Food资产注入，在剥离亏损的三文鱼资产后，公司已经不具备 收购KB Food的条件。 由于2024年公司净资产为负，佳沃食品被实施退市风险警示。为了保壳，2025年6月佳沃食品向佳沃品 鲜出售所持有的佳沃臻诚 100%股权。在剥离亏损资产之后，佳沃食品庞大的债务问题得到了解决，净 资产也成功回正，不过公司盈利能力孱弱的问题依然待解。 佳沃食品终止KB Food资产注入 剥离三文鱼资产后能否成功"保壳" 近日，佳沃食品发布公告，称KB Food资产注入上市公司事宜继续推进的条件不成熟，各方经讨论后决 定终止项目。这意味着这场筹划已久的资产注入最终以失败告终。 出品：新浪财经上市公司研究院 作者：郝显 2020年3月，佳沃食品向控股股东佳沃集团增发融资。为了解决同业竞争问题，佳沃集团承诺，最晚不 晚于 2023 年 12 月 31 日前择机将 KB Food 注入佳沃股份。 KB Food 战略定位是澳大利亚区域性的水产品捕捞、贸易、 加工、销售公司，同时出口澳大利亚特色 的水产品及 KB Food 深加工海鲜调理包装食品。该资产的注入将加强公司对澳新以及南极圈优质海产 资 ...

Core Viewpoint - *ST Jiawo (300268.SZ) is primarily engaged in the processing and sales of products such as cod and Arctic sweet shrimp through its domestic subsidiary, Qingdao Guoxing Food Co., Ltd. The company sources its raw materials mainly from foreign suppliers and large fishing fleets in Russia and Canada. The current suspension of Japanese seafood imports by China has not yet impacted the company's main business operations. [1] Group 1 - The company operates mainly through its subsidiary Qingdao Guoxing Food Co., Ltd. [1] - The main products include cod and Arctic sweet shrimp. [1] - Raw materials are primarily imported from suppliers in Russia and Canada. [1] Group 2 - The suspension of Japanese seafood imports has not affected the company's production and sales. [1]

Core Viewpoint - The company is primarily engaged in the processing and sales of products such as cod and Arctic sweet shrimp through its domestic subsidiary, Qingdao Guoxing Food Co., Ltd [1] Group 1: Business Operations - The main products processed and sold by the company include cod and Arctic sweet shrimp [1] - Raw materials for these products are mainly imported from foreign suppliers and large fishing fleets in countries like Russia and Canada [1] Group 2: Impact of Policies - The recent suspension of seafood imports from Japan by China has not yet affected the company's main business operations in terms of production and sales [1]

Core Insights - The 19th Shanghai International Fisheries Expo showcased over 3,000 brands from more than 30 countries, highlighting China's growing consumer market for seafood [1] - Norway's salmon exports to China have surged, with a 122% increase in volume and a 64% increase in export value in the first seven months of 2025 [1] - China has become the sixth largest global market for Atlantic salmon, with the highest growth rate among the top ten markets [1] Group 1 - Norway's salmon exports to China reached 52,069 tons, valued at 4.673 billion Norwegian Krone, indicating significant market potential [1] - China's Atlantic salmon consumption is now the largest in Asia, approximately double that of Japan, yet per capita consumption remains low at 0.09 kg [1] - The market for Norwegian Arctic sweet shrimp in China has seen a staggering 603% increase in export volume, making it the largest export market for this product [2] Group 2 - Greenland halibut and red fish have also shown strong export performance to China, with respective increases of 45% and 82% in export value [2] - E-commerce platforms in China have significantly enhanced the accessibility of imported seafood, surpassing convenience levels found in Europe [2] - Norway's seafood exports to China are projected to continue growing, with expectations of becoming the second largest export market globally by 2025 [2]

Core Insights - Norway's seafood industry is actively promoting its products, including Atlantic salmon, Arctic sweet shrimp, Greenland halibut, and redfish, at the 19th Shanghai International Fisheries Expo, highlighting China's significance as a key export market [1][8] - The global production of Atlantic salmon is projected to reach 3.075 million tons by 2025, with Norway contributing 62% of this growth [2] - The Chinese salmon market is experiencing unprecedented potential due to the popularity of sushi and sashimi, with Norwegian salmon exports to China increasing by 122% in volume and 64% in value in the first half of 2025 [5][8] Market Dynamics - China has become the largest market for Atlantic salmon in Asia, with consumption levels approximately double that of Japan [6] - Despite the growth, there is significant room for development in per capita consumption in mainland China, which stands at 0.09 kg compared to 2.19 kg in Hong Kong [6] - The Norwegian Seafood Council expresses confidence in the Chinese market's growth potential, attributing it to changing consumer habits and diversified market channels [7] Export Performance - In the first half of 2025, Norway's salmon exports to China reached 52,100 tons, with a total export value of 4.673 billion Norwegian kroner [5] - China has emerged as the largest export market for Norwegian Arctic sweet shrimp and has seen significant growth in exports of Greenland halibut and redfish, with increases of 45% and 82% respectively [8] - In July 2025, Norway's seafood exports to China saw an 88% year-on-year increase, solidifying China's position as Norway's second-largest seafood export market globally [8]

Core Insights - The Norwegian Seafood Council, along with eight Norwegian seafood companies, showcased high-quality seafood at the 19th Shanghai International Fisheries Expo, emphasizing the importance of collaboration with Chinese industry partners [1] - The global Atlantic salmon market is projected to grow significantly, with a forecasted production of 3.075 million tons by 2025, representing a 9% increase, with Norway contributing 62% of this growth [1] - Norway's salmon exports to China reached 52,069 tons from January to July 2025, marking a 122% increase year-on-year, with export value hitting 4.673 billion Norwegian Krone, a 64% increase [1] - China has become the sixth largest global export market for Atlantic salmon, showing the highest growth among the top ten markets, while its consumption of Atlantic salmon has become the largest in Asia, indicating substantial growth potential [1] Industry Trends - The Chinese salmon market demonstrates strong growth and resilience, driven by changing consumer habits and diversified market channels, leading to increased confidence in future prospects [2] - Norway's seafood exports to China are on the rise, with a reported increase of 613 million Norwegian Krone in July 2025, an 88% year-on-year growth, making China the second largest export market for Norwegian seafood globally [2] - Other Norwegian seafood products, such as Arctic shrimp, Greenland halibut, and redfish, are also performing well in the Chinese market, with Arctic shrimp becoming the largest export product, and Greenland halibut and redfish ranking second and third respectively, with year-on-year growth rates of 45% and 82% [2]

Group 1 - The company completed the sale of 100% equity in Beijing Jiahua Zhencheng Technology Co., Ltd, which has improved asset quality and increased net asset levels [7][11]. - The transaction was approved by the board and shareholders, with the equity valued at negative RMB 54.75 million, and the final transaction price set at RMB 1 [8][11]. - A management agreement was signed with the buyer, Jiahua Pinxian, granting exclusive management rights over the sold entity for a fee of RMB 1.5 million per year [10][11]. Group 2 - The company reported that there were no changes in the controlling shareholder or actual controller during the reporting period [6]. - The company did not distribute cash dividends or issue new shares during the reporting period [3]. - The company has a negative weighted average net asset amount for the first half of 2025, which has implications for its financial health [4][11].

Core Viewpoint - *ST Jiawo reported a significant decline in revenue and incurred a net loss in the first half of 2025, primarily due to the divestiture of its salmon business and a decrease in sales across its remaining seafood products [1] Financial Performance - The company achieved an operating revenue of 1.245 billion yuan, representing a year-on-year decrease of 33.96% [1] - The net profit attributable to shareholders was a loss of 419 million yuan [1] Business Segments - Following the divestiture of its salmon business, the company now focuses on processing and selling products such as cod and Arctic sweet shrimp through its domestic subsidiary Qingdao Guoxing [1] - Revenue from salmon products was 905 million yuan, down 35.81% year-on-year [1] - Revenue from cod, Arctic sweet shrimp, and other seafood products was 340 million yuan, reflecting a year-on-year decrease of 28.47% [1]

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]