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]