Core Viewpoint - The company reported a slight decrease in gross margin this year, primarily due to changes in channel structure and increased operational costs [2] Group 1: Gross Margin and Channel Structure - The company's gross margin has slightly decreased this year, influenced by the changing channel structure [2] - High-margin products in new media channels have seen a decline in cost-effectiveness due to significant expense investments, leading to a reduced share [2] - The offline snack channel has lower product gross margins, but its overall operational costs are also lower, resulting in an increasing share [2] Group 2: Cost and Raw Material Procurement - The key procurement cycle for the main raw material, anchovy, is not yet complete, leading to uncertainty in overall costs [2] - The company is actively developing overseas supply channels for raw materials to ensure price stability [2] - Other raw materials such as soybean, oil, and quail eggs are relatively stable, while konjac raw material prices are currently high but have a minimal impact on overall costs due to their smaller volume [2]

Core Points - The fishing season in the Bohai and Yellow Seas has officially resumed after a four-month moratorium, allowing fishermen to set sail for a new season of harvest [1][2] - Fishermen are experiencing significant catches, with reports of individual boats bringing in tens of thousands of pounds of fish in a single outing, indicating a successful start to the season [1][2] - The implementation of the seasonal fishing moratorium has played a crucial role in the recovery of fish stocks, leading to stable catch volumes and improved fishing conditions for local fishermen [2] Industry Summary - The seasonal fishing moratorium, in place for 30 years, has been effective in protecting marine resources, allowing fish populations to recover and ensuring sustainable fishing practices [2] - Recent data indicates that the overall catch volume in China's coastal waters has stabilized, with certain species like hairtail, anchovy, and crab maintaining steady yields, while others like mackerel and squid show increasing trends [2] - The moratorium not only supports the recovery of fish stocks but also contributes to the consistent supply of high-quality seafood, aligning with broader food security initiatives [2]