Core Insights - Mowi reported revenues of EUR 1.39 billion and operational EBIT of EUR 112 million in Q3 2025, achieving solid results despite low salmon prices due to high supply growth [1][2] - The company harvested a record-high 166,000 tonnes of salmon in Q3 2025 and raised its volume guidance for 2025 from 545,000 tonnes to 554,000 tonnes, reflecting a growth of 10.5% from 2024 [3][4] - Mowi's farming costs were reduced by EUR 50 million in Q3 2025 compared to the same quarter last year, contributing to improved profitability [5][6] Company Performance - Mowi's processing business, Mowi Consumer Products, achieved its best quarter ever with record-high volumes and lower raw material prices [6][7] - The feed division, Mowi Feed, also reported strong performance with record-high earnings and its second-highest sales volumes [7] - The company has transitioned from a 400,000-tonne farmer to a 600,000-tonne farmer in just a few years, focusing on cost efficiency and operational excellence [4] Market Outlook - The year 2025 has seen abnormally high supply growth, but this is expected to normalize to around 1% next year, leading to a tighter market balance [8] - Mowi anticipates harvesting 605,000 tonnes in 2026, which is a 9.2% increase from 2025, with 380,000 tonnes expected to be harvested in Norway [3][8] - The board of Mowi has decided to pay a quarterly dividend of NOK 1.50 per share, reflecting confidence in future performance [8]

Core Insights - Mowi has received final approval for its acquisition of a controlling stake in Nova Sea AS, increasing its ownership from 49% to 95% [1] - The acquisition is expected to enhance Mowi's production capacity, with a projected harvest of 597,000 tonnes in 2025, marking a significant increase from 400,000 tonnes in previous years [2] - Mowi's CEO emphasizes the strategic importance of the acquisition for sustainable growth in Northern Norway, aiming to create more jobs and stimulate coastal activities [3] Production and Growth - Mowi anticipates harvesting 597,000 tonnes in 2025, with 372,000 tonnes sourced from Norway, including 161,000 tonnes from Northern Norway, a prime region for Atlantic salmon farming [2] - The company has achieved an annual growth rate of 6.9% in production, significantly outpacing the industry average of 3.6% during the same period [2] Strategic Fit and Synergies - The acquisition is expected to yield significant synergies, preliminarily estimated at NOK 400 million (EUR 34 million) annually, through improved resource utilization and an enhanced license portfolio [4] - Mowi's CEO believes that the operational fit between Mowi and Nova Sea will lead to better biological results and biosecurity in the region [5] Company Overview - Mowi is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 597,000 tonnes in 2025 from multiple countries [6] - The company reported a turnover of EUR 5.6 billion in 2024 and employs 11,800 people across 26 countries [7]

Core Viewpoint - The establishment of the Zhengzhou-Luxembourg air freight route has significantly enhanced connectivity between East Asia and Europe, expanding cooperation across various fields including finance, trade, and culture, leading to fruitful exchanges [1][2]. Group 1: Air Freight Development - The Zhengzhou-Luxembourg air route has evolved from a single freight line to a comprehensive network, currently operating 8 intercontinental cargo routes connecting 24 countries and over 200 cities [7]. - In the first eight months of the year, Zhengzhou Airport achieved a cargo throughput of 616,000 tons, with international cargo accounting for 399,000 tons, a year-on-year increase of 39.7% [7]. - The collaboration has led to increased cultural exchanges, with exhibitions and forums held between Zhengzhou and Luxembourg, expanding cooperation into finance, trade, and culture [7]. Group 2: Strategic Cooperation - A strategic cooperation memorandum was signed between the China-Puy Aviation Group and Luxembourg Cargo, focusing on sustainable aviation fuel and logistics collaboration [5]. - The Zhengzhou-Luxembourg air route has been recognized as a model for expanding the air freight network, with plans to replicate the "dual hub" model in other international aviation hubs [9]. Group 3: Financial Integration - A strategic cooperation agreement was signed between the Zhengzhou Airport Economic Comprehensive Experimental Zone, Bank of China (Europe), and Bank of China Henan, marking a new phase of financial connectivity along the air route [10]. - The agreement aims to enhance cross-border financial services and attract European enterprises to settle in Zhengzhou, facilitating deeper cooperation in various sectors [11]. Group 4: Manufacturing Projects - The SolarCleano company from Luxembourg has established its research and production headquarters in Zhengzhou, marking the first manufacturing project under the Zhengzhou-Luxembourg air route [17]. - The project aims to produce solar cleaning robots, with plans to deliver 500 units to the domestic market within three years [17]. - Another project with FALLPROTEC for high-altitude safety systems has also been signed, further enhancing the manufacturing landscape in Zhengzhou [18].

Core Insights - Guangdong province is accelerating the construction of a modern industrial system, particularly focusing on marine ranching, which has a competitive advantage in climate, market, and industrial foundation [1][2] - The marine production value of Guangdong is projected to exceed 2 trillion yuan in 2024, maintaining its position as the leading province in China for 30 consecutive years, accounting for approximately 20% of the national total [1] - The transition of marine ranching from a public welfare attribute to an ecological economic composite model is emphasized, with a call for increased participation from enterprises and social capital [1][2] Industry Development Recommendations - It is suggested to gradually remove eligible fishing ports and traditional aquaculture areas from ecological protection lines to enhance the development environment for marine ranching [2] - Establishment of innovation centers for marine ranching seed industry, equipment technology, and deep processing of marine products is recommended to tackle key technologies and improve the conversion rate of scientific achievements [2] - Emphasis on market development, including logistics system construction and promotion of marine products, is crucial, with a potential market expansion for high-quality fish species estimated to reach 500,000 tons [2] Strategic Initiatives - A full-chain upgrade for marine ranching is proposed, including the implementation of plans for billion-level industrial clusters for species like triploid oysters and tuna [3] - Development of new business models such as "wind-fishing integration" and "fishing-tourism integration" is encouraged, along with the creation of a regional public brand for "Guangdong Seafood" [3] - The establishment of large-scale and intensive deep-sea aquaculture models is suggested, using local laboratories as examples to provide a "Guangdong solution" for national development [3]

Core Viewpoint - The establishment of a "Guangdong Seafood" brand and the strengthening of marine ranching is urgent and necessary for the development of the industry [2][3]. Industry Overview - Guangdong is a strong marine economy province, holding the top position in marine GDP for 30 consecutive years [4][5]. - The province has the longest mainland coastline in China, measuring 4,114 kilometers [5]. Strategic Recommendations - It is suggested to upgrade the entire industrial chain and implement plans for billion-level industrial clusters, including triploid oysters, tuna, and other species [6][7]. - The development of new business models such as "fishing-tourism integration" and the establishment of a pre-prepared seafood product industry park are recommended [7][8]. Brand Development - Emphasis on brand cultivation to create a public brand for "Guangdong Seafood" and to nurture leading enterprises across the entire supply chain [9][10]. Market Expansion - Market expansion is crucial, with a focus on deep processing systems and market development [12]. - The market for high-quality fish species, such as Atlantic salmon and grouper, is currently around 200,000 to 300,000 tons, with potential growth to 500,000 tons [13][14]. Innovation and Standards - There is a need to prioritize the development of deep-sea leading species and high-quality seedlings, as well as to establish an innovation platform for deep cooperation among government, industry, academia, and research [15][16]. - A standardized system should be constructed for various aspects of aquaculture equipment design, manufacturing, installation, and inspection [16]. Top-Level Design - The proposal includes promoting "multi-regulation integration" to prioritize marine ranching construction needs in land spatial planning [17][18]. Competitive Advantages - Guangdong possesses first-mover advantages in climate, market, and industrial foundation [19]. - The establishment of marine ranching models based on examples from Guangzhou Ocean Laboratory and other national demonstration areas is suggested to provide a "Guangdong solution" for the country [20][21]. Talent and Investment - Strengthening talent cultivation and capital investment is essential, along with transitioning marine ranching from a "public welfare" nature to an "ecological economic composite" model [22][23].