同时，在公司国内国外"双轨制"的经营策略下，天马科技不仅在国内打造"中国鳗谷"现代产业园，还积 极拓展海外市场。日本子公司"天马科技株式会社"已于报告期内设立，并推出自主品牌"犒赏鳗鱼"。公 司计划与日本食品批发巨头旭食品株式会社达成战略合作，进一步打通东亚高端市场。 公司方面表示，在技术革新与市场需求的双重驱动下，水产品消费逐渐从"温饱型"向"品质型"转变。公 司聚焦主业，稳步推进鳗鲡全产业链建设，养殖、食品两大业务正成为天马科技营收与利润增长的重要 引擎，公司也将继续向着"打造世界级全产业链食品供应链平台"的目标迈进。 在养殖业务方面，上半年天马科技实现收入约4.19亿元，同比增长14.02%。八大渔业产业集群及福建、 广东两大万亩产业基地产能加速释放，报告期内鳗鱼出池量达9502.51吨，刷新历史同期峰值，且养殖 端毛利率持续保持高位。 值得一提的是，公司打造"立足国内、辐射日韩、面向全球"的活鳗营销网络体系，通过鄂州花湖机场顺 利开通鲜活水产品空运专线，实现活鳗首飞韩国，进一步推动了公司全球化产业销售渠道的完善与优 化。 此外，报告期内，天马科技饲料业务整体保持稳健经营态势，公司通过优化业务结构、强化 ...

Group 1 - The core announcement from Tianma Technology indicates that by July 2025, the company expects to harvest approximately 1,356.65 tons of eels, with around 775.40 tons designated for export and 581.24 tons for internal use [2] - The sales price range for the eels is projected to be between 57,000 yuan per ton and 87,000 yuan per ton [2]

Core Points - In July 2025, the company reported an eel output of approximately 1,356.65 tons, with external sales accounting for about 775.40 tons and self-use for about 581.24 tons [1] - The output specifications mainly ranged from 1P to 4P, with sales prices between 57,000 yuan/ton and 87,000 yuan/ton [1] - Cumulatively, from January to July 2025, the company’s total eel output reached approximately 10,859.15 tons, with external sales of about 7,015.74 tons and self-use of about 3,843.41 tons [1] Summary by Category Eel Output in July 2025 - The company’s eel output for July 2025 was approximately 1,356.65 tons [1] - External sales were about 775.40 tons, while self-use accounted for approximately 581.24 tons [1] - The output specifications were primarily in the range of 1P to 4P, with sales prices between 57,000 yuan/ton and 87,000 yuan/ton [1] Cumulative Eel Output from January to July 2025 - The total eel output from January to July 2025 was approximately 10,859.15 tons [1] - External sales during this period were about 7,015.74 tons, and self-use was approximately 3,843.41 tons [1] - The specifications for this cumulative output were also mainly in the range of 1P to 4P, with sales prices ranging from 50,000 yuan/ton to 88,000 yuan/ton [1]

Core Insights - Tianma Technology (603668.SH) reported that in July 2025, the company harvested approximately 1,356.65 tons of eel, with 775.40 tons for export and 581.24 tons for self-use [1] - The sales price range for eels in July 2025 was between 57,000 yuan/ton and 87,000 yuan/ton [1] - From January to July 2025, the total eel harvested was approximately 10,859.15 tons, with 7,015.74 tons for export and 3,843.41 tons for self-use [1] - The sales price range for eels from January to July 2025 was between 50,000 yuan/ton and 88,000 yuan/ton [1] Summary by Category Production and Sales - In July 2025, the company harvested 1,356.65 tons of eel, with a significant portion (775.40 tons) allocated for export [1] - Cumulative eel harvest from January to July 2025 reached 10,859.15 tons, indicating a strong production capacity [1] Pricing - The sales price for eels in July 2025 ranged from 57,000 yuan/ton to 87,000 yuan/ton, reflecting market demand [1] - The price range for eels from January to July 2025 was slightly lower, between 50,000 yuan/ton and 88,000 yuan/ton, suggesting price fluctuations over the months [1]

Core Viewpoint - The article discusses the impact of Chinese chefs on the Japanese cuisine industry, highlighting how the rise of Chinese-run Japanese restaurants has altered perceptions of authentic Japanese food and affected local businesses in Japan [4][9]. Group 1: Japanese Culinary Certification - The Japanese Ministry of Agriculture, Forestry and Fisheries (MAFF) introduced a culinary certification to deter Chinese chefs, but it has not effectively restricted their presence in the market [4][5]. - As of last September, there were only 23 gold-certified chefs globally, most of whom are not Chinese [5]. Group 2: Salmon Supply Chain - Norway's salmon export to Japan increased from 2 tons in 1980 to 45,000 tons by 2000, largely due to successful marketing strategies that alleviated Japanese concerns about parasites [12]. - The reliance on imported salmon is significant, as Japan's domestic salmon production is minimal, with only 2 tons annually from Hokkaido [14]. Group 3: Seafood Imports - Japan's seafood supply heavily depends on imports, with 70% of eel sourced from China by 2024, and 44.1% of Japan's seafood imports coming from China, Chile, the USA, and Russia [17][20]. - The Japanese seafood industry faces challenges due to reliance on foreign sources, which can be affected by international regulations and trade agreements [20]. Group 4: Restaurant Profitability - Japanese restaurants in New York reportedly have a net profit margin of 12% to 15%, which is higher than that of Chinese restaurants [24]. - A Chinese sushi chain listed in Hong Kong achieved a net profit margin of 15.1% in 2022, comparable to the peak performance of Haidilao [27]. Group 5: Cultural and Culinary Adaptation - Japanese cuisine has adapted by emphasizing cultural narratives and presentation, creating a high perceived value despite the reliance on imported ingredients [30][33]. - The "artisan spirit" in Japanese cuisine has shifted focus from raw materials to cultural experiences, allowing for significant pricing power [33][34]. Group 6: Food Authenticity Issues - Instances of food mislabeling have emerged, such as a restaurant claiming to serve Japanese eel while sourcing from China, highlighting the blurred lines of authenticity in the food industry [39][40]. - The article notes that Chinese production capabilities have led to a significant share of high-end food products, including foie gras and truffles, being produced in China [42].

Core Viewpoint - The article discusses how Chinese chefs have significantly influenced the Japanese cuisine market, leading to a transformation in the perception and consumption of Japanese food globally, while Japan struggles to maintain its culinary heritage and market share [5][10]. Group 1: Japanese Culinary Certification and Market Dynamics - In 2016, Japan's Ministry of Agriculture, Forestry and Fisheries introduced a certification to deter Chinese chefs, but it failed to restrict their presence in the market [5][6]. - The certification has only produced 23 gold-certified chefs globally, with most being non-Japanese [6]. - The Japanese culinary industry is facing challenges as it loses market share to Chinese restaurants that innovate traditional dishes [10]. Group 2: Salmon Supply Chain and Globalization - Norway's salmon production has dramatically increased from 2 tons in 1980 to 45,000 tons by 2000, largely due to successful marketing strategies aimed at Japanese consumers [14]. - The reliance on imported ingredients is evident, with Japan's domestic salmon production being minimal compared to imports from Norway [17][21]. - By 2024, 70% of eel supply in Japan is expected to come from China, highlighting the shift in sourcing seafood [20]. Group 3: Economic Aspects of Japanese Cuisine - Japanese restaurants in New York reportedly have a net profit margin of 12% to 15%, which is higher than that of Chinese restaurants [29]. - The article notes that Japanese cuisine is one of the few profitable sectors in the global restaurant industry, with high consumer spending [30]. - The simplicity of Japanese cooking techniques allows for lower operational costs, but high raw material costs can limit profit margins [33]. Group 4: Cultural and Marketing Strategies - Japanese restaurants leverage cultural narratives and aesthetics to enhance the perceived value of their dishes, creating a significant premium on pricing [40][41]. - The article emphasizes the importance of branding and presentation in Japanese cuisine, which allows for higher profit margins despite the reliance on imported ingredients [37][40]. - In contrast, Chinese restaurants are adopting standardized operations to increase efficiency and profitability, moving away from traditional culinary practices [44][45]. Group 5: Challenges and Adaptations - Instances of food fraud in Japan, such as mislabeling imported products as local, indicate the pressures faced by the industry to maintain authenticity while competing with cheaper imports [58][59]. - The article highlights the ongoing struggle within Japan to balance traditional culinary practices with the realities of global supply chains and market competition [55].

Core Viewpoint - The article discusses the evolution and current state of Japanese cuisine, particularly in relation to the influence of Chinese chefs and the sourcing of ingredients, highlighting the challenges faced by traditional Japanese culinary practices in a globalized market [4][6]. Group 1: Japanese Culinary Certification and Market Dynamics - The Japanese Ministry of Agriculture, Forestry and Fisheries (MAFF) introduced a certification system for Japanese cuisine to combat the rise of Chinese-run Japanese restaurants, which have created fusion dishes that deviate from traditional Japanese cuisine [4][5]. - As of last year, there were only 23 certified gold-level chefs globally, with most being non-Japanese, indicating a struggle for traditional Japanese chefs to maintain their market share [5][6]. Group 2: Ingredient Sourcing and Globalization - The article highlights that while Chinese sushi restaurants may not use Japanese-sourced salmon, Japanese restaurants often rely on Norwegian salmon, which has become a staple in Japan since the 1980s [8][9]. - Japan's domestic seafood production is limited, with significant reliance on imports for various seafood, including 70% of its eel supply coming from China by 2024 [13][16]. Group 3: Economic Viability of Japanese Cuisine - Japanese restaurants in New York reportedly have a net profit margin of 12% to 15%, making them more profitable than Chinese restaurants, which have a margin below 12% [20]. - A Chinese self-service Japanese restaurant chain that went public in Hong Kong in 2022 reported a net profit margin of 15.1%, comparable to peak levels of other successful dining chains [23]. Group 4: Cultural and Culinary Value - The article discusses how Japanese cuisine has shifted focus from raw materials and cooking techniques to cultural and experiential value, allowing for significant price premiums [26][27]. - The "artisan spirit" in Japanese cuisine emphasizes the process and presentation, which has created a unique market positioning despite the reliance on imported ingredients [24][29]. Group 5: Challenges and Adaptations - The article notes instances of food fraud in Japan, such as mislabeling imported produce as locally sourced, reflecting the pressures of maintaining authenticity in a competitive market [37][39]. - The rise of Chinese culinary standards and practices in Japanese cuisine has led to a transformation in how Japanese food is prepared and marketed, often prioritizing efficiency and scalability over traditional methods [29][30].

Core Insights - The article discusses the monitoring of seafood prices and sales in Qingdao, highlighting the stability of prices and slight variations in sales volume across different markets [1][2][3] Price Monitoring and Sales Data - Qingdao has selected 7 representative seafood production and sales units for emergency price monitoring, including 3 large supermarkets and 3 farmers' markets [1] - Overall seafood prices remained stable compared to the previous week, with slight increases in sales volume in supermarkets due to promotions and freshness [1] - The export volume of eel increased slightly due to higher customer order demand, while there was no export volume for pomfret this week [1] Fish Retail Prices - The average price of hairtail in farmers' markets is 13.33 yuan (500g), down 6.98% from last week, while in supermarkets it is 21.5 yuan, up 18.13% [2] - The average price of mackerel in farmers' markets is 11.5 yuan, up 2.95%, while in supermarkets it remains stable at 17.83 yuan [2] - Total sales volume of hairtail in farmers' markets is 1130 jin, down 8.13%, while supermarket sales increased by 297% [2] Shrimp and Dried Seafood Prices - The average price of sea shrimp in farmers' markets is 34.33 yuan, up 1.96%, while in supermarkets it is 27.87 yuan, stable [2] - The average price of dried shrimp in farmers' markets is 35 yuan, stable, while in supermarkets it is 57.3 yuan, also stable [2] Shellfish Retail Prices - The average price of oysters in farmers' markets is 7 yuan, up 2.49%, while in supermarkets it is 7.9 yuan, up 0.38% [3] - Total sales volume of oysters in farmers' markets increased by 8.56%, while supermarket sales rose by 251% [3]

Core Viewpoint - The article discusses the evolution and current state of Japanese cuisine, particularly focusing on the influence of Chinese chefs and the sourcing of ingredients, highlighting the challenges faced by traditional Japanese culinary practices in the global market [5][8][10]. Group 1: Japanese Culinary Certification and Market Dynamics - In 2016, Japan's Ministry of Agriculture, Forestry and Fisheries introduced a certification for Japanese cuisine chefs aimed at regulating the influx of Chinese chefs, but it has not effectively limited their presence [5][8]. - The certification has three levels, with the highest requiring not only cooking skills but also cultural etiquette, yet only 23 gold-certified chefs exist globally, most of whom are not Chinese [5][6]. - The rise of Chinese-run Japanese restaurants has led to a significant shift in the perception and authenticity of Japanese cuisine, with many traditional dishes being adapted or reinterpreted [8][10]. Group 2: Ingredient Sourcing and Globalization - Norway's salmon export to Japan increased dramatically from 2 tons in 1980 to 45,000 tons by 2000, indicating a shift in Japanese dietary habits towards imported seafood [10][11]. - Japan relies heavily on imports for seafood, with 70% of its eel supply coming from China by 2024, and a significant portion of other seafood sourced from various countries [16][20]. - The article highlights the challenges Japan faces in maintaining its culinary identity while being dependent on foreign ingredients, leading to a potential crisis in its traditional food culture [20][21]. Group 3: Economic Aspects of Japanese Cuisine - Japanese restaurants in New York reportedly have a net profit margin of 12% to 15%, which is higher than that of Chinese restaurants [22][24]. - The article notes that the simplicity of Japanese cooking techniques allows for high raw material costs, but the cultural and experiential aspects create significant added value, leading to higher pricing [25][30]. - The trend of standardization and scalability in Chinese-run Japanese restaurants contrasts with the traditional "artisan spirit" of Japanese cuisine, allowing for rapid replication and increased profitability [32][33]. Group 4: Cultural and Ethical Concerns - Instances of mislabeling and sourcing issues have emerged, such as a restaurant in Hangzhou falsely claiming to use Japanese ingredients while sourcing locally [34][36]. - The article discusses the ethical implications of ingredient sourcing, including cases of fraud where imported goods are misrepresented as local products to command higher prices [43][46]. - The cultural significance of Japanese cuisine is being challenged by these practices, raising questions about authenticity and consumer trust in the culinary market [20][30].

Group 1 - The Japanese Ministry of Agriculture, Forestry and Fisheries (MAFF) introduced the "Overseas Japanese Cuisine Cooking Skills Certification Guidelines" in 2016, primarily aimed at discouraging Chinese chefs [1] - Many Chinese Japanese restaurants have created new dishes that deviate from traditional Japanese cuisine, leading to a loss of business for local Japanese establishments [2] - The certification exam has three levels: gold, silver, and bronze, with the gold level requiring the highest standards in culinary skills and cultural etiquette [3] Group 2 - As of September last year, there were only 23 global gold-certified chefs, most of whom were not Japanese [4] - The Japanese have been focused on targeting Chinese chefs, but they may overlook the broader issue of their own market share being threatened [5] - The rise of Chinese chefs in the Japanese cuisine sector reflects a larger trend where Japan's culinary reputation is being challenged [6] Group 3 - The salmon served in Chinese Japanese restaurants is often not air-freighted from Japan, while Japanese restaurants typically source their salmon from Norway [7] - Norway's salmon export to Japan increased dramatically from 2 tons in 1980 to 45,000 tons by 2000, indicating a significant shift in Japanese dietary habits [11] - The reliance on imported seafood is evident, with Japan importing a large portion of its seafood, including salmon, eels, and crabs from various countries [20] Group 4 - The Japanese restaurant industry has recognized the challenges posed by modern aquaculture and has adapted by enhancing the cultural aspects of dining experiences [32] - The "artisan spirit" in Japanese cuisine has shifted focus from raw materials and cooking techniques to cultural and experiential value, creating significant pricing power [36] - Chinese Japanese restaurants have adopted standardized and scalable operations, allowing for rapid replication and increased profitability [41] Group 5 - The Japanese seafood market has faced issues with food fraud, such as mislabeling imported products as locally sourced [56] - The reliance on imports has led to a situation where Japanese consumers are increasingly aware of the origins of their food, prompting a shift in purchasing behavior [59] - The global trend of sourcing high-quality ingredients from China has resulted in significant market changes, with China becoming a leading producer of various gourmet foods [48][49]