Summary of Guolian Aquatic Products Conference Call Company Overview - Guolian Aquatic Products was established in 2001 and listed on the Singapore Exchange in 2010, with over 20 years of development history [3][5] - The company primarily engages in the processing of aquatic products and the production of prepared dishes, with core products including bullfrogs, South American white shrimp, crayfish, tilapia, black fish, and golden pomfret [3][4] Strategic Transformation - Since 2018, the company has undergone a strategic transformation, shifting from reliance on the U.S. market to deepening development in domestic and other international markets [2][5] - The product structure has transitioned from primary processing to deep processing and prepared dishes [5] - The company has gradually exited upstream industries since 2019, focusing resources on core business areas [2][5] Financial Performance - The company has been in a state of continuous losses since 2019, with significant losses in recent years due to market structure adjustments and challenges in domestic market development [6] - Despite the losses, the export business has performed well, with revenue of approximately 2.6 billion yuan in the first nine months of 2025, showing a year-on-year decline due to optimization of less profitable businesses [2][6] - Production capacity at the Guolian, Guomen, and Yiyang factories is gradually increasing, with high order volumes for key products like breaded shrimp [2][6] Future Development Plans - In 2026, the company will focus on enhancing profitability, increasing the sales proportion of prepared dishes, and strengthening international trade channels, particularly in Europe and Africa [2][7] - The company aims to optimize domestic distribution channels and enhance brand value, emphasizing quality over quantity in supermarket channels [7][8] E-commerce Strategy - E-commerce is a crucial avenue for improving product profitability, with annual sales estimated at 200-300 million yuan [9] - The company has strong brand recognition on platforms like JD.com and Pinduoduo, and plans to leverage e-commerce for brand loyalty and consumer interaction [9] Project Termination - The company terminated the Yiyang deep processing expansion project due to decreased market acceptance of prepared dishes post-pandemic and a sluggish crayfish market [4][10] - Instead of heavy asset investment, the company opted for technological upgrades to launch new products like bullfrogs and white shrimp [10] Market Outlook - The company is optimistic about the future of the restaurant industry and consumer market, anticipating improved market activity as policies relax [11] - The price of tilapia is currently below the breeding cost line but is expected to recover with increased consumer demand [11]