2025-04-25-深交所-中_鲁Ｂ_2024年年度报告（英文版）_188页_1mb

Shandong Zhonglu Oceanic Fisheries Co., Ltd. 2024 Annual Report Summary

Core Content Overview

This document is the 2024 Annual Report of Shandong Zhonglu Oceanic Fisheries Co., Ltd., published on April 26, 2025. It provides a comprehensive overview of the company's operations, financial performance, corporate governance, and future development prospects.

Key Information and Definitions

• The report is prepared in Chinese and English, with the Chinese version taking precedence in case of discrepancies.
• The company's financial report is declared true, accurate, and complete by the principal, the person in charge of accounting, and the accounting supervisor.
• The company does not plan to distribute cash dividends, bonus shares, or convert reserves into share capital in 2024.
• The company is Shandong Zhonglu Oceanic Fisheries Co., Ltd., with the legal representative being Wang Huan.
• The accounting firm is Shangkuai Certified Public Accountants (special general partnership), located in Shanghai.
• The Company's registered address is Unit 2501, Building 1, 31 Xianxialing Road, Laoshan District, Qingdao, Shandong, with a postal code of 266061.
• The controlling shareholder is Shandong Guotou, which acquired shares through judicial auction and court ruling in 2006 and became the controlling shareholder by 2022 with a 47.25% stake.

Key Financial Indicators

Main Businesses and Performance

1. Long Range Fishing

• The company operated 27 distant-water fishing boats in 2024, including 14 ultra-low temperature tuna longliners, 9 tuna seiners, 2 trawlers, and 2 squid fishing boats.
• Longline Fishing saw an increase in production due to effective planning and coordination.
• Purse Seine Fishing (Atlantic and Western & Central Pacific) achieved significant growth with new vessels.
• Squid Jigging declined due to the suspension of two vessels in February 2024.
• Trawlers saw successful replacement of older vessels.

2. Maritime Transportation

• The company operates 8 large maritime vessels with advanced equipment, providing standard services for the transport of aquatic products, meat, poultry, vegetables, and fruits.
• These vessels serve major ports in the Western-central Pacific, Indian Ocean, Atlantic, and North/South America.
• Emphasis on safety, stability, and staff development was placed on improving leadership and operational efficiency.

3. Cold Storage Processing and Trading

• The segment processes over 20 tuna species, including yellowfin, bluefin, longfin, swordfin, redfin, and blackfin tuna, into products like slices, chops, and plates.
• Products are mainly exported to Japan, the EU, and South Korea.
• The company has obtained HACCP, EU, BRC, MSC, SEDEX, and IFS certifications.
• It promotes "tourism + promotion" marketing and develops "brand + innovation" strategies.

Industry Overview and Future Prospects

• China has strictly controlled distant-water fisheries, with the number of fishing vessels kept below 3,000 and output around 2.3 million metric tons.
• The tuna market in China is expected to grow due to rising demand and improved consumption concepts.
• The company is part of China's "Belt and Road" initiative and contributes to the development of a strong marine country.
• It has a well-established industrial chain and is a leading enterprise in the Shandong overseas fishing industry.
• The company's core competitiveness includes:
  • A diversified business model covering overseas fishing, deep processing, trading, cold storage logistics, and marine transportation.
  • A long history in overseas fishing, with early entry and professional expertise.
  • Strong international cooperation and market coverage.
  • Advanced refrigeration and processing facilities.
  • Strategic alignment with national and regional marine development policies.

Risks and Challenges

• The Company's net profits (before and after nonrecurring items) have been negative in the last three years.
• There are uncertainties regarding the company's sustainable operation ability.
• Challenges include:
  • Rising human resource costs.
  • Shortage of skilled crew members.
  • Gaps in technological support compared to advanced countries.
• The company is advised to increase R&D investment, accelerate transformation and upgrading, and enhance core competitiveness to respond to industry changes.

Nonrecurring Items

• The company reported nonrecurring items in 2024, including:
  • Gains/losses from asset disposal: -54,820.53 RMB
  • Government subsidies: 9,882,970.64 RMB
  • Fair value changes: -135,804.65 RMB
  • Trustee income: 1,698,113.20 RMB
  • Other non-operating items: -2,409.17 RMB
• The net effect of these items was 9,990,954.84 RMB in 2024.

Corporate Governance and Compliance

• The report includes compliance with Chinese and international accounting standards, with no significant differences noted.
• The company's financial data is consistent across different reporting periods and standards.
• The report is available on the stock exchange website and CNINFO.
• It is stored at the Company’s Board Office.

Summary of Key Points

• The company is a leading overseas fishing enterprise in China.
• It has a diverse and integrated business model.
• Financial performance in 2024 showed growth in revenue but a decline in net profits.
• Nonrecurring items significantly impacted financial results.
• Risks include low profitability and long-term challenges in human resources and technology.
• The company is strategically aligned with national and regional marine development goals.