Core Viewpoint - Tianma Technology Group Co., Ltd. is expected to report a net profit loss of 120 million to 180 million yuan for 2025 due to macroeconomic fluctuations, industry cyclical adjustments, and intensified market competition [1] Group 1: Financial Performance - The company's performance is significantly impacted by macroeconomic fluctuations, industry cyclical adjustments, and increased market competition, leading to a downward trend in sales prices for live and grilled eel [1] - The eel industry is currently in a downturn, with losses reported in both the farming and grilled eel food sectors [1] - The feed segment has experienced a decline in gross profit due to market structural adjustments and intensified competition, compounded by increased period expenses and asset impairment provisions [1] Group 2: Industry Position and Strategy - Despite the temporary fluctuations in annual performance, Tianma Technology has established a comprehensive industrial chain from seedling to food, which solidifies its leading position in the eel industry and enhances its core competitiveness [1] - The eel industry is undergoing a critical phase of structural optimization and value reassessment, where the company's full industrial chain synergy advantages will gradually become apparent [1] - Tianma Technology has built large-scale industrial clusters and two major breeding bases across eight provinces, forming a complete industrial ecosystem covering seedlings, feed, farming, processing, sales, and brand operation [1] Group 3: Market Expansion and Innovation - The company is advancing a "dual circulation" strategy in response to changes in the global eel trade landscape, having obtained direct export qualifications for live eels to Japan and South Korea, and successfully air-freighting live eels to Japan [2] - Tianma's eel products are now sold in over 70 countries and regions globally, with a continued diversification of export markets [2] - Domestically, brands such as "Eel Hall" and "Little Eel Hall" have successfully penetrated supermarkets, restaurants, e-commerce, and new retail channels, while also developing innovative products like hot pot eel slices and grilled eel skewers to meet domestic consumption scenarios [2] - The eel industry is experiencing a profound transformation from "resource dependence" to "technology-driven," from "export-led" to "balanced domestic and international," and from "raw material export" to "brand management" [2] - The company aims to optimize strategic layouts, expand sales channels for farming and processing products, explore innovative business models, and drive technological innovation to build new competitive advantages for future recovery and growth [2]

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]