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 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]

人民财讯7月31日电，7月30日，天马科技（603668）集团在日本东京举行"犒赏鳗鱼"新品牌发布会，并 正式宣布成立日本分公司"天马科技株式会社"，成为首个在日本本土注册公司并拥有自主鳗鱼品牌的中 国鳗鱼企业，并将和日本食品批发巨头旭食品株式会社达成战略合作，从2025年夏天开始在日本全国的 超市、便利店、百货店等陆续开始销售。 ...