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Securities Times reporter Li Yingquan

The first semi-annual report of the Shanghai Stock Exchange was released. On the evening of July 22, Tianma Technology (603668) released its semi-annual report. The company achieved operating income of 3.009 billion yuan in the first half of the year, a year-on-year decrease of 9.81%; net profit attributable to the parent company was 56.0693 million yuan, a loss of 28.1161 million yuan in the same period last year, turning losses into profits year-on-year. The company also launched a mid-term dividend plan, intending to pay a cash dividend of 0.4 yuan (including tax) for every 10 shares, with a total cash dividend of 20.0934 million yuan (including tax).

Tianma Technology is one of the leading eel farming companies in China. It has built eight fishery industry clusters in Fujian, Guangdong, Guangxi, Jiangxi, Hubei, Hunan, Anhui and Zhejiang, and two 10,000-acre industrial bases in Baige Mountain, Fuqing, Fujian and Taishan, Guangdong.

The semi-annual report shows that in the first half of the year, the production capacity of Tianma Technology's breeding business was greatly released and continued its rapid growth trend. The amount of eels discharged from the pond exceeded 7,600 tons for the first time in the same period in history. The gross profit margin of the breeding end continued to maintain a high level. At the same time, the construction of the "Eel Ecological Breeding Base Construction Project (Phase II)" fundraising project was steadily promoted.

In terms of food business, Tianma Technology further released its food production capacity in the first half of the year, and the sales volume of grilled eels increased. The sales volume of grilled eels in the first half of the year has exceeded the sales volume of the whole year of last year, and the sales volume of grilled eels has entered a period of rapid growth. The company focuses on pre-prepared meals to upgrade its business model, and enters the layout from online and offline mainstream sales channels such as e-commerce, supermarkets, central kitchens and catering, and continuously expands downstream channels. It has established pre-prepared meal sales and supply centers in Fuzhou, Hangzhou, Shanghai, Langfang, Chongqing and other cities, forming a nationwide marketing network layout.

In terms of livestock and poultry breeding, Hualong Group, a subsidiary of Tianma Technology, is involved in livestock and poultry breeding business in the form of equity participation and controlling operation, and the breeding varieties are mainly broilers, ducks, laying hens, laying ducks, etc. During the reporting period, Hualong Group has built a complete broiler duck industry chain integrating breeding of breeding ducks, commercial duck breeding, deep processing of food, and cold chain logistics. The construction of the Xiaofengxian million-feather laying hen industrial base in Shaowu, Fujian has been efficiently promoted and has been partially put into operation.

In addition, Tianma Technology's feed business also showed signs of recovery. The company has increased the gross profit margin of its feed business by strengthening marketing, controlling raw material costs, and accelerating product structure adjustments. With the gradual recovery of downstream demand and the improvement of the utilization rate of new production capacity, the profitability of the feed side is expected to continue to improve.

According to the semi-annual report, Tianma Technology's operating income in the first half of this year decreased year-on-year, mainly due to the decline in pig feed sales in the current period. Due to the impact of non-epidemic in the third quarter of 2023, the number of breeding stocks decreased, and the farmers were obviously waiting to replenish their stocks, which led to a decline in pig feed sales. But at the same time, the company's operating costs fell more, mainly due to the decline in livestock and poultry feed sales in the current period, and the increase in sales revenue of eel farming with a higher gross profit margin.

Tianma Technology's 2023 annual report shows that the company achieved operating income of 7 billion yuan last year, a year-on-year decrease of 0.14%; the net profit attributable to shareholders of the listed company was -187.5542 million yuan, a year-on-year decrease of 243.94%; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -146.7583 million yuan, a year-on-year decrease of 226.51%.

The company suffered a large loss in 2023, mainly due to the impact of factors such as the sharp fluctuations in feed raw material prices, losses in the downstream aquaculture industry, continued intensification of supply chain risks, and weak terminal consumption during the reporting period. In terms of the entire eel industry chain, the company fully leverages the advantages of the entire industry chain, continuously consolidates its position as a leading enterprise in the entire eel industry chain, and firmly promotes the construction of eight fishery industry clusters, two 10,000-acre industrial bases, and a national-level modern agriculture (eel) high-tech industrial park.