Core Viewpoint - Tianma Technology (603668.SH) anticipates a net profit loss of 120 million to 180 million yuan for 2025 due to macroeconomic fluctuations and industry cyclical adjustments, yet maintains its leading position and core competitiveness in the global eel industry [1] Group 1: Short-term Challenges and Long-term Strengths - Despite short-term performance pressures, the overall operational foundation of the company remains solid, with steady growth in aquaculture and food businesses, achieving historical highs in live eel output and grilled eel product sales [2] - As the only A-share listed company covering the entire eel industry chain in China, Tianma Technology has established large-scale industrial clusters and two major breeding bases across eight provinces, forming a complete industrial ecosystem from seedling to food [2] - The company is actively adjusting its seedling structure to capitalize on the price window for Japanese eel seedlings, establishing a new breeding pattern focused on Japanese eel, which positions it to maintain high output levels in the future [2] Group 2: Dual Market Strategy and Brand Development - Tianma Technology is advancing its "domestic and international dual circulation" strategy, having obtained direct export qualifications for live eels to Japan and South Korea, and launched its own brand "Reward Eel" in Tokyo, enhancing its international influence and brand premium [3] - The company's eel products are now sold in over 70 countries and regions globally, with a diversified export market [3] - Domestically, brands like "Eel Hall" and "Little Eel" have successfully penetrated supermarkets, restaurants, e-commerce, and new retail channels, while innovating products to meet domestic consumption scenarios [3] Group 3: Industry Upgrade and Value Reassessment - The eel industry is undergoing a profound transformation from "resource dependence" to "technology-driven," and from "export-led" to "balanced domestic and international focus," with Tianma Technology transitioning from "scale expansion" to "structural optimization" [4] - With the deepening trend of domestic consumption upgrades and continuous exploration of the domestic market, the company is expected to play a leading role in the new growth cycle of the industry [4] - The company aims to enhance its core competitiveness and solidify its leading position through strategic layout optimization, channel expansion, and innovation in operations and technology, preparing for future recovery and growth [4]