海上鲜位于舟山港附近，舟山港为中国最大的保税燃油港口之一，亦为一个油品贸易和物流中心。 浙江为中国鱿鱼捕捞量最高的省份，全国约70%的鱿鱼产量来自该省。因此，冷冻鱿鱼为公司海鲜自营 的主要产品。 此外，公司在中国境内进行渔船用燃油的批发销售。公司主要购买船用燃油，并销售予中国国内的 中小型渔船。公司销售的船用燃油包括轻质循环油、轻质燃油、稀释沥青、工业白油(即国内船用燃 油)。自2023年11月起公司主要在舟山港舟山保税燃油区内从事保税燃油贸易，无需实物交付。 近日，宁波海上鲜信息技术股份有限公司（下称"海上鲜"）再次递表港交所，拟主板上市，独家保 荐机构为Sunny Fortune。这是公司在2024年6月12日递表港交所失效后的再一次递表。 IPO日报注意到，冷冻鱿鱼为海上鲜海鲜自营的主要产品，公司7 年零 4 个月里估值增长了 约 109 倍，小米集团创办人、董事长兼首席执行官雷军等人控制的杭州顺赢持有10.66%的股份。 招股书显示，成立于2015年的海上鲜是中国主要面向海洋渔业数字解决方案和服务的供应商。 公司成立不久后即推出了智能HSX APP，经过多年的运营与迭代，HSX APP已借助高通量卫星 ...

Financial Data and Key Metrics Changes - In Q3 2025, consolidated volume was 4.3 billion gallons, down 4% year-over-year, and consolidated gross profit declined 7% to $250 million [12][18] - Operating expenses were $181 million, down 7% year-over-year, reflecting effective cost management [18][20] - Adjusted effective tax rate for Q3 was 27%, slightly higher year-over-year, with expectations for Q4 to remain in the range of 26%-28% [19][20] Business Line Data and Key Metrics Changes - Aviation volume was 1.8 billion gallons, down 4% year-over-year, but gross profit increased by 11% to $143 million due to strong performance in Europe and government sales [12][14] - Land volumes declined 8% year-over-year, with gross profit at $81 million, down 20% due to unfavorable market conditions and recent business exits [15][16] - Marine volumes increased 3% year-over-year, but gross profit decreased 32% due to lower profit contributions and market volatility [16][17] Market Data and Key Metrics Changes - The aviation segment showed resilience with strong cash flow generation, while the marine segment faced challenges from low prices and volatility [21][23] - The land segment is undergoing a strategic focus to improve profitability and streamline operations following recent exits from non-core markets [16][25] Company Strategy and Development Direction - The company is sharpening its focus on core businesses and has announced leadership changes to enhance strategic execution [4][10] - The acquisition of Universal Trip Support Services is expected to enhance service offerings and drive growth in the aviation segment [13][14] - The company aims to improve operational efficiencies and drive shareholder returns through disciplined expense management and strategic investments [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leadership team and the company's ability to navigate market challenges and capitalize on growth opportunities [5][10] - The company anticipates continued gross profit growth in aviation supported by the recent acquisition, while land and marine segments are expected to face headwinds [14][17] - Future M&A opportunities are being explored as interest rates decline, with a focus on core business activities [34][35] Other Important Information - The company generated $116 million in operating cash flow and $102 million in free cash flow in Q3, maintaining a strong liquidity profile [20][23] - The company has returned $214 million to shareholders through buybacks and dividends since the beginning of 2024, exceeding its target [24] Q&A Session Summary Question: What is needed to turn around unfavorable market conditions in the land segment? - Management is exploring strategies to improve transportation efficiencies and is evaluating long-term viability of certain markets [28][30] Question: How will the earnings accretion from the latest acquisition flow in the first year? - The earnings accretion is expected to be ratable over the first 12 months, with potential synergies realized in the following two years [32][33] Question: How is the company balancing divestitures and potential M&A opportunities? - The company is focused on restructuring the land segment while actively looking for additional M&A opportunities as interest rates decline [34][35] Question: What other areas are being targeted for cost efficiencies? - The company is implementing a global finance transformation initiative aimed at generating cost savings and improving operational efficiency [36][38]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated volume was 4.3 billion gallons, down 4% year over year, and gross profit declined 7% to $250 million [11][19] - Operating expenses were $181 million, down 7% year over year, reflecting effective cost management [17][21] - Interest expense increased to $26 million, up approximately 8% year over year [18] Business Line Data and Key Metrics Changes - Aviation volume was 1.8 billion gallons, down 4% year over year, but gross profit increased by 11% to $143 million due to strong performance in Europe and government sales [11][12] - Land volumes declined 8% year over year, with gross profit at $81 million, down 20% due to unfavorable market conditions [13][14] - Marine volumes increased 3% year over year, but gross profit decreased 32% due to lower profit contributions and market volatility [15][16] Market Data and Key Metrics Changes - The aviation segment showed resilience with growth in government and business aviation activities, while the marine segment faced challenges from low bunker prices and volatility [6][16] - The land segment is focusing on core profitable activities after exiting non-core businesses in Brazil and the UK [15][20] Company Strategy and Development Direction - The company is sharpening its focus on core businesses and has announced leadership changes to enhance strategic direction [4][9] - The acquisition of Universal Trip Support Services is expected to enhance service offerings and drive growth in the aviation segment [12][19] - The company aims to improve financial returns and earnings predictability through portfolio reshaping and operational efficiencies [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leadership team and their ability to navigate market cycles and uncertainties [5][9] - The company anticipates continued growth in aviation gross profit supported by the recent acquisition and strong performance in Europe [12][19] - Management acknowledged challenges in the land segment but is focused on strategies to improve profitability [30][31] Other Important Information - The company generated $116 million in operating cash flow and $102 million in free cash flow in Q3 2025, maintaining a strong liquidity profile [19][22] - The adjusted effective tax rate for Q3 was 27%, with expectations for Q4 to remain consistent [18][19] Q&A Session Summary Question: What is needed to turn around unfavorable market conditions in the land segment? - Management is exploring strategies to manage delivery costs and evaluating long-term viability of certain markets [27][28][30] Question: How will the earnings accretion from the latest acquisition flow in the first year? - The contribution is expected to be ratable over the first 12 months, with additional synergies realized in the following two years [31][32] Question: How is the company balancing divestitures and potential M&A opportunities? - The company is actively looking at opportunities while focusing on restructuring and integrating the recent acquisition [33][34] Question: What other areas are being targeted for cost efficiencies? - The company is implementing a global finance transformation initiative aimed at generating long-term cost benefits [36][37]