Group 1 - The company held its 17th temporary board meeting on July 24, 2025, via telecommunication, with all 9 directors participating in the voting [2][3] - The board approved the proposal for its wholly-owned subsidiary, Shanghai Kaichuang Ocean Fisheries Co., Ltd., to sign two shipbuilding contracts with Fujian Mawei Shipbuilding Co., Ltd., with a shipbuilding price of 183.75 million yuan per ship [3][7] - One of the shipbuilding contracts will take effect immediately, while the other will not take effect until the subsidiary decides within 80 working days after signing [3][11] Group 2 - The contracts are for the construction of two tuna purse seine fishing vessels to replace the dismantled Jin Hui 7 and the aging Jin Hui 6, enhancing the safety and fishing capabilities of the fleet [18] - The total shipbuilding price is 183.75 million yuan per vessel, which includes all costs and taxes related to the design and construction [13][15] - The delivery dates for the vessels are set for March 14, 2027, and April 14, 2027, with provisions for possible extensions [16]

Core Viewpoint - The announcement by Kaichuang International regarding the construction of two tuna purse seine fishing vessels signifies a strategic move to upgrade its fleet and enhance operational capabilities in the fishing industry [1][3]. Group 1: Contract Details - Kaichuang International's wholly-owned subsidiary, Kaichuang Ocean Fishing, signed contracts with Fujian Mawei Shipbuilding Co., Ltd. for the construction of two tuna purse seine fishing vessels, with a unit price of 183.75 million yuan, totaling 367.5 million yuan [1]. - The payment for the contracts is structured in six installments, starting with a 20% advance payment of 36.75 million yuan [1]. - One of the contracts becomes effective immediately upon meeting certain conditions, while the other can be activated within 80 working days after signing [2]. Group 2: Delivery and Arbitration - The delivery dates for the two vessels are set for March 14, 2027, and April 14, 2027, with potential extensions based on contract terms [2]. - Any disputes arising from the contracts will first be addressed through negotiation, and if unresolved, will be submitted to the Shanghai branch of the China Maritime Arbitration Commission [2]. Group 3: Company Overview and Financials - Kaichuang Ocean Fishing is the only subsidiary of Kaichuang International, primarily engaged in deep-sea fishing, seafood processing, and related trade, operating a fleet of 12 large tuna purse seiners and 2 large trawler processing vessels [3]. - In 2024, Kaichuang Ocean Fishing achieved a revenue of 1.2 billion yuan and a net profit of 5.74 million yuan [3]. - The construction of the new vessels is expected to replace aging ships, significantly improving safety and fishing technology, thereby enhancing the overall profitability of Kaichuang International [3].