△图片来源：天马科技2025年半年度报告 天马科技财报数据显示，经过2025年上半年的采购加码，其日本鳗和美洲鳗投苗量和存池量均位居全球第一。但产能疯狂扩张的背面，是37亿的短债缺口 （包含27亿的短期借款以及10亿的"一年内到期的非流动负债"）和远超行业水平的资产负债率。 就鳗鱼的特性看，大肆囤苗的行为本身不算冒进，但具体到天马科技的业务结构、现金流和负债情况，就让此举多了些不确定的意味。 坐上全球鳗鱼存池量的头把交椅，代价是什么？ 对于天马科技而言，答案或许就写在那张高达27亿元的短期借款表上。 | 项目 | 附注 | 2025年6月30日 | 2024年12月31日 | | --- | --- | --- | --- | | 流动负债: | | | | | 短期借款 | 七、32 | 2.698.310.965.19 | 2.211.423.714.59 | | 向中央银行借款 | | | | | 拆入资金 | | | | | 交易性金融负债 | | | | | 衍生金融负债 | 七、34 | 58,340.00 | | | 应付票据 | 七、35 | 829,746,640.49 | 746,887, ...

Summary of Tianma Technology Conference Call Company Overview - **Company**: Tianma Technology - **Period**: January to September 2025 - **Revenue**: 4.503 billion CNY, a slight increase year-on-year - **Net Profit**: 70.7814 million CNY, a year-on-year increase of 2% [2][4] Key Financial Highlights - **Q3 Revenue**: 1.53 billion CNY, a year-on-year increase of 2.7% - **Q3 Net Profit**: 10.56 million CNY, a year-on-year decrease of 20% [2][4] - **Eel Farming Revenue**: Approximately 130 million CNY in Q3, a year-on-year decrease of 46% due to increased self-use [2][4] - **Food Business Revenue**: Approximately 110 million CNY in Q3, a year-on-year increase of 53% with grilled eel sales of 1,128 tons, up 67% [2][4] - **Special Aquaculture Feed Sales**: 38,200 tons in Q3, a year-on-year increase of 42%, with revenue of approximately 352 million CNY, up 32% [2][5] - **Specific Materials Sales**: 302,800 tons in Q3, a year-on-year increase of 3.15%, with revenue of 863 million CNY, a slight increase of 0.32% [2][5] Debt and Financial Management - **Debt Levels**: Significant, including short-term loans of 2.6 billion CNY, accounts payable of 1.4-1.5 billion CNY, and long-term loans of 400-500 million CNY [2][8] - **Debt Repayment Strategy**: Plans to repay debt through self-generated funds, industry funds, and stable bank cooperation [2][8][12] Market and Production Strategy - **Eel Seedling Supply**: Anticipated decrease in Japanese eel seedlings in 2026; increased stocking in 2025 to ensure stable future supply [3][10] - **Sales Strategy**: Implementing a "big fish for small fish" strategy to optimize inventory and ensure stable production and sales [10][14] - **Production Measures**: Focus on ecological pond farming to manage high-density breeding challenges [29][30] Segment Performance - **Special Aquaculture Feed**: Q3 revenue of 382 million CNY with a net profit of over 1.1 million CNY; however, overall sales have declined year-on-year [6][5] - **Specific Materials**: Q3 revenue contribution of 900 million CNY with a net profit of over 13 million CNY [6] - **Eel Farming**: Q3 revenue contribution of 130 million CNY but currently facing a loss of 2.7 million CNY [6] - **Food Segment**: Q3 revenue contribution of 100 million CNY with a net loss of 800,000 CNY [6] Future Outlook - **Market Expansion**: Plans to expand into the Korean market and enhance the global marketing network for live eel [3][4][11] - **Production Goals**: Targeting an output of 20,000 tons for the year and 30,000 tons for the next year [17] - **Export Goals**: Aiming for a minimum of 3,000 tons of live eel exports in 2026 [21][27] Competitive Advantages - **Technological Edge**: Strong R&D capabilities to meet Japanese market standards, including specialized product development [28] - **Brand Building**: Focus on establishing a strong brand presence and improving consumer awareness of eel products [22][24][26] Conclusion - **Strategic Positioning**: Tianma Technology is focusing on optimizing its production and sales strategies while managing significant debt levels. The company is well-positioned to leverage its technological advantages and expand into new markets, ensuring a stable supply of products and enhancing its competitive edge in the aquaculture industry [2][3][4][10][12][22][28]

Core Insights - The export of grilled eel from Shunde has seen significant growth, with orders increasing over 20% in the first three quarters of the year compared to the previous year, and a 30% increase in the Japanese market [1] - Shunde is a major contributor to China's eel production, accounting for 41.2% of the national output, with an annual export of grilled eel representing 20% of the country's total [1] - The Japanese market is projected to import 22,523 tons of Chinese grilled eel in the 2025 eel year, marking a 9.8% increase and the highest level in five years [1] Industry Development - Shunde's eel industry has thrived due to advanced farming techniques and a digitalized supply chain, transforming the eel into a symbol of agricultural technology in China [2] - Eels are sensitive to environmental factors, making large-scale farming challenging; however, Shunde has innovated by using natural ponds instead of traditional cement pools, significantly improving survival rates [3] - The local farmers in Shunde developed their own feed formulas, reducing costs from 8,000 yuan to around 5,000 yuan per ton, breaking the technological monopoly of Japan and South Korea [3] Technological Advancements - Smart farming systems are standard in Shunde's eel farms, allowing real-time monitoring of water quality and automatic adjustments to maintain optimal conditions [4] - The integration of advanced technology in the processing of grilled eel ensures high precision in maintaining freshness and quality, with the entire process taking only 90 minutes [5] - Blockchain technology has been introduced to provide traceability for each eel, allowing consumers to access detailed information about the product's journey from farm to table [6] Market Expansion - Shunde's eel industry has expanded its market reach by developing various processed eel products, including canned eel and snacks, which are sold through e-commerce platforms [5] - The combination of IoT and cold chain logistics has enabled Shunde's eel products to achieve a premium price, with a 40% markup in markets like Hong Kong and Macau [6] - The industry has successfully created a closed-loop system that connects feed production, smart farming, processing, and distribution, enhancing the overall value chain [6]

Core Viewpoint - The company, Tianma Technology, reported steady growth in its revenue and net profit for the third quarter and the first three quarters of the year, driven by its focus on the eel industry and the expansion of its aquaculture and food segments [1][2][3] Financial Performance - In Q3, the company achieved a revenue of 1.53 billion yuan, a year-on-year increase of 2.71% - For the first three quarters, the total revenue reached 4.50 billion yuan, with a slight year-on-year growth of 0.11% - The net profit attributable to shareholders was 70.78 million yuan, reflecting a year-on-year increase of 1.96% [1] Business Segments - The aquaculture and food segments are the main contributors to the company's revenue, with significant growth in smart aquaculture and eel sales, achieving historical highs in output [1] - The company has established a scale advantage in seedling, feed, aquaculture technology, and management, with eel output reaching 13,486 tons in the first three quarters, including 3,983 tons in Q3 [1] - The company has adopted a dual strategy for eel seedlings, focusing on Japanese eels while also incorporating American eels, leading to the highest national levels in both seedling input and stock [1] Global Expansion - The company is expanding its global export routes for live eels, successfully entering markets in Japan and South Korea [2] - The food segment is experiencing rapid growth, expanding from Japan into markets in Russia, Europe, the Middle East, and North America, indicating a significant expansion trend [2] Strategic Development - The company is diversifying its product matrix from a single export-oriented eel product to a range of offerings, including grilled eel, rice balls, snacks, and various eel preparations, enhancing its market presence [2] - The establishment of a subsidiary in Tokyo and the launch of the "Reward Eel" brand are steps taken to align with international consumer markets, amplifying brand value [2] Industry Outlook - The food segment's growth is supported by rising demand for quality seafood and the expansion of domestic and international markets, providing a stable raw material source for the food segment [3] - The company is transitioning from a focus on scale to structural improvement and from raw material attributes to consumer attributes, enhancing profitability and growth certainty [3] - The integrated business model centered on the eel industry strengthens the company's resilience and growth potential, with expectations for improved operational quality as both aquaculture and food segments continue to expand [3]

Core Viewpoint - Tianma Technology (603668) responded to the Shanghai Stock Exchange's inquiry regarding its rapidly growing "consumable biological assets," particularly focusing on its eel assets, which total over 2.8 billion yuan and have not shown signs of impairment [1][2]. Group 1: Financial Performance and Asset Valuation - As of June 30, 2025, Tianma Technology reported a total inventory value of 3.593 billion yuan, with consumable biological assets valued at 2.844 billion yuan, representing a 27.76% increase from the end of 2024 and accounting for 59.21% of current assets [1]. - The company explained that the increase in consumable biological assets was primarily due to its strategic shift towards Japanese eel seedlings, with a total investment of 812 million yuan in eel seedlings during the first half of 2025, compared to only 166 million yuan for the entire year of 2024 [2]. - The company provided detailed calculations indicating that as of June 30, 2025, the cost of the eels in stock was 2.836 billion yuan, while the net realizable value was significantly higher at 5.822 billion yuan, suggesting no overall impairment [2]. Group 2: Customer and Supplier Relationships - Tianma Technology confirmed the existence of overlapping relationships between its customers and suppliers, particularly highlighting "Customer 1," which was the largest customer in both the eel farming and food business segments, with transaction amounts of 417 million yuan in 2024 and 349 million yuan in the first half of 2025 [3][4]. - The company disclosed that "Supplier 21" was the fourth largest supplier in its raw material business, with a transaction amount of 355 million yuan, indicating a significant reliance on this supplier for essential raw materials [3][4]. - Additionally, three other suppliers (Supplier 12, Supplier 15, Supplier 16) were identified as both customers and suppliers, involved in the feed business and live eel supply [5].

Core Viewpoint - Tianma Technology (603668.SH) reported significant revenue growth in its aquaculture and food businesses, but the fluctuation in gross margins raised concerns from the Shanghai Stock Exchange regarding the sustainability of this growth [1][2]. Group 1: Revenue Growth - In 2024, the aquaculture business achieved revenue of 821.35 million yuan, a year-on-year increase of 321.39%, with eel sales reaching 11512.19 tons, generating 790.74 million yuan, reflecting increases of 398.28% and 397.66% respectively [1]. - The food business generated revenue of 366.93 million yuan, up 109.31% year-on-year, with grilled eel sales of 3404.53 tons, marking a growth of 133.75% [1]. Group 2: Gross Margin Changes - The gross margin for the aquaculture business in 2024 was 25.75%, an increase of 4.48 percentage points from 2023, while the gross margin for eel farming decreased by 8.39 percentage points to 27.33% [2]. - The decline in eel farming gross margin was attributed to high stocking density due to delays in hatchery construction and increased costs from prolonged growth cycles [2]. - The food business gross margin was 21.52%, up 3.59 percentage points from 2023, with grilled eel gross margin increasing by 3.58 percentage points, primarily due to a higher proportion of self-sourced live eels and lower feed costs [2].

Core Insights - Tianma Technology is focused on building food bases such as Tianma Food, Haide Food, Tianma Furong Food, and Jiangxi Xilong Food, which are now fully operational [2] - The company has an annual production capacity of over 12,000 tons for grilled eel, establishing a comprehensive industry ecosystem centered around eel, including R&D, production, processing, sales, and services [2] - Tianma Technology has developed a traceable food safety system for grilled eel, ensuring a complete and effective closed-loop for the entire eel industry chain, providing safe, nutritious, and delicious food for consumers [2] - The company owns several well-known grilled eel brands, including "Eel Hall," "Eel Small Hall," "Cool Fresh," "Three Clear Dragons," and "Taste Eel Workshop" [2] - Recently, the company established a subsidiary in Japan and launched a new brand called "Reward Eel," with products exported to over 70 countries and regions across Europe, America, and Asia [2] - Tianma Technology is committed to creating a world-class food supply chain platform encompassing the entire industry chain [2]

Core Insights - Tianma Technology (603668.SH) has reported strong performance in the first half of 2025, with a net profit of 60.217 million yuan, an increase of 7.4% year-on-year [1] - The company leads the nation in the quantity of Japanese and American eel fry and stock, with significant growth in its smart aquaculture and health food segments [1][2] - The revenue from the "farming + food" business has increased to 27.58%, up 7.64 percentage points from the previous year [1] Financial Performance - The health food segment achieved approximately 401 million yuan in revenue, a substantial increase of 72.4% year-on-year, with grilled eel sales reaching about 3,661.36 tons, up 71.98% [1][2] - The aquaculture segment generated approximately 419 million yuan in revenue, reflecting a year-on-year growth of 14.02% [2] Market Expansion - Tianma Technology has established five food bases and created a brand matrix including "Eel Hall" and "Eel Small Hall," exporting products to over 70 countries and regions [2] - The company has launched a new brand "Reward Eel" in Tokyo, Japan, to better align with international consumer markets [2] Strategic Initiatives - The company has implemented a dual-track strategy for domestic and international operations, establishing a modern industrial park in China and expanding into overseas markets [3] - Tianma Technology plans to collaborate with Asahi Foods, a major Japanese food wholesaler, to penetrate the high-end East Asian market [3] Industry Trends - The consumption of aquatic products is shifting from "subsistence" to "quality-oriented," driven by technological innovation and market demand [3] - The company aims to build a world-class full industrial chain food supply platform, with aquaculture and food segments becoming key growth drivers [3]

Core Insights - Tianma Technology (603668.SH) has reported impressive results in the first half of 2025, with multiple operational metrics reaching historical highs [1] - The company's net profit attributable to shareholders reached 60.22 million yuan, a year-on-year increase of 7.40% [1] - The company leads the nation in the quantity of Japanese and American eel fry and has achieved record outputs in smart aquaculture and grilled eel sales [1] Group 1: Financial Performance - In the aquaculture segment, Tianma Technology achieved revenue of approximately 419 million yuan, reflecting a year-on-year growth of 14.02% [2] - The revenue from the health food business surged to about 401 million yuan, marking a significant year-on-year increase of 72.40% [2] - Grilled eel sales reached approximately 3,661.36 tons, with a year-on-year growth of 71.98%, both production and sales hitting historical highs [2] Group 2: Business Strategy and Market Position - The company has established a comprehensive marketing network for live eels, successfully launching air freight routes for fresh aquatic products, including the first flight of live eels to South Korea [1] - Tianma Technology has built five major food bases and developed a brand matrix that includes "Eel Hall" and "Eel Small Hall," with products exported to over 70 countries and regions [2] - The company is focusing on a dual-track strategy, developing both domestic and international markets, including the establishment of a subsidiary in Japan and plans for strategic cooperation with major Japanese food wholesalers [3] Group 3: Industry Trends and Future Outlook - The company is adapting to market trends, shifting from a "subsistence" to a "quality" consumption model in seafood, driven by technological innovation and market demand [3] - Tianma Technology aims to build a world-class full industrial chain food supply platform, with aquaculture and food segments becoming key growth drivers for revenue and profit [3]

Core Insights - The Guangdong food industry is experiencing a transformation through the integration of artificial intelligence and data management, enhancing productivity and efficiency [1][4][5] - The "2025 Food Season" initiative aims to stimulate domestic demand and promote the transformation of the food industry in Guangdong [3][4] Group 1: Industry Development - Guangdong's food industry is projected to generate nearly 900 billion yuan in revenue by 2024, ranking among the top in the country [2] - The province has established a "One Area, One Belt, All-Around Support" industrial development framework, with major cities like Guangzhou, Foshan, and Dongguan each exceeding 100 billion yuan in food industry scale [2] - As of now, there are 25 provincial food industrial pilot counties, with 48% of the counties recognized for their innovative and competitive practices [2] Group 2: Technological Integration - The application of AI across the food production chain is set to optimize resource allocation and improve management efficiency [4][5] - Notable advancements include the establishment of a digital intelligent demonstration factory by Jianlibao in Foshan, which has improved capacity utilization by 16% and reduced costs by 14% [4] - Hai Tian's factory has been recognized as a world-class "Lighthouse Factory," utilizing an "AI electronic nose" to standardize flavor profiles in soy sauce production [5] Group 3: Regional Specialization - Different pilot counties are developing unique industrial paths, such as Meizhou's focus on selenium-rich and longevity foods, generating over 3 billion yuan annually [2] - Chaozhou's production of salted chicken has established a complete industry chain, capturing over 80% of the national market share for its products [2] - Huizhou's Borou County has transitioned from raw material sales to a comprehensive industry chain, supported by a 5 billion yuan investment in agricultural processing [3]