Core Viewpoint - The article highlights the evolution of the pufferfish industry in China, emphasizing its transformation from a dangerous delicacy to a safe and high-value food source, supported by strict regulations and innovative farming practices [2][5][12]. Industry Development - The Chinese government has implemented a licensing system for pufferfish farming and processing, allowing the fish to return to the dining table as a "safe and non-toxic ingredient" [2][5]. - The pufferfish industry has established a complete supply chain, including seedling research, healthy farming, slaughtering, processing, and retail, with a recent B-round financing of 30 million yuan and a market expectation of over 100 billion yuan [2][12]. Safety Measures - The "three-step toxin control method" ensures the safety of pufferfish, which includes genetic control, farming control, and centralized slaughtering [5][6]. - The company has developed two low-toxicity pufferfish species for farming, focusing on eliminating toxic food sources and ensuring proper slaughtering practices [5][6]. Technological Innovation - The company has filed multiple patents and developed a traceability system for pufferfish, allowing consumers to access information about the fish's farming and processing history [6][12]. - Innovations in processing techniques, such as the "fish skin softening and de-spiking method," have improved the dining experience and reduced waste in restaurants [8][12]. Market Potential - The pufferfish market is still in its early stages, with less than 10% penetration in high-end dining, indicating significant growth potential [7][12]. - The company aims to expand its product offerings, including over 100 ready-to-eat pufferfish dishes and various processed products, targeting both B2B and B2C channels [8][12]. Economic Impact - The pufferfish farming model has shown high economic returns, with potential earnings of 40,000 to 60,000 yuan per acre, contributing to rural revitalization and GDP growth [9][10]. - The company is collaborating with local farmers and cooperatives, enhancing productivity and efficiency through smart aquaculture practices [10][11]. Future Outlook - The company plans to establish a national-level breeding farm and processing facilities in various provinces, aiming to create a trillion-yuan industry cluster [11][12]. - The pufferfish industry is projected to grow significantly, with legal farming output expected to increase from 230 million yuan in 2017 to 1 billion yuan by 2024 [12].