Zhanjiang Guolian Aquatic Products Co., Ltd. (Guolian Aquatic) (300094)

Individual Stock Analysis Report | Industry: Agricultural and Sideline Food Processing / Aquatic Food (Prepared Dishes) | Report Date: September 13, 2026 | As of the close on 2026-09-11 (Friday); weekly range is 2026-09-07 to 2026-09-11; for the dates of certain capital flow and shareholder data, see the annotations in each field (number of shareholders, etc., as of 2026-06-30, disclosed 2026-08-28; AAStocks moving-average anchor lags to 2026-08-21; Yahoo/Investing.com snapshots are actually from 2026-09-04)

This report was automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

In the first half of 2026, Guolian Aquatic (300094.SZ) achieved operating revenue of RMB 1.445 billion (YoY -12.47%) and net profit attributable to parent of RMB 10.0392 million (YoY +101.86%, versus a loss of RMB 540 million in the same period last year), turning profitable on the books; however, net profit attributable to parent excluding non-recurring items remained at -RMB 3.1741 million, and the turnaround relied mainly on gains from asset disposals (including a gain of RMB 10.17 million recognized on the transfer of Yichang Xiangyi assets for RMB 16 million), government subsidies of RMB 5.29 million, and expense compression (selling expenses YoY -32.26%, administrative expenses -12.69%), so the profitability foundation of the core business is not yet solid. More decision-relevant is that the company's full-year 2025 net profit attributable to parent posted a huge loss of RMB 1.631 billion (the largest loss since listing), year-end net assets attributable to parent were only RMB 95.3 million (versus -94.80% at the end of the prior year), the debt-to-asset ratio was approximately 96%, and in 2026H1 the debt-to-asset ratio was still 95.19%, with monetary funds of RMB 198 million (RMB 104 million restricted) against short-term interest-bearing debt of over RMB 1 billion — with net assets nearly exhausted and short-term debt pressure elevated, this is the most core factual constraint at present.

In terms of business structure, the company's strategy has shifted from a "full industry chain" to a "focus on processing." In 2025, the aquatic food segment accounted for approximately 97.7% of revenue, and the company explicitly stated that it "does not have an aquaculture business," although the feed business has not been fully divested (2026H1 still had RMB 9.5 million in feed industry revenue). As a "price-taker" for international shrimp prices, the company's gross margin is highly dependent on fluctuations in the prices of raw materials such as prawns; its downstream customer base is mainly large supermarkets and chain restaurants such as Walmart, Jetro, Saverway, as well as Haidilao and Xiabuxiabu, and under the B-end direct-sales model it has relatively weak bargaining power with large channels, with industry analysis suggesting it leans more toward the "providing capacity/processing" end, where profits are easily absorbed by the channel side.

Recent capital operations have been intensive. On August 20, 2026, controlling shareholder Xinyu Guotong planned to transfer 5.67% of shares (approximately RMB 148 million) by agreement to Yiyang High-tech Agricultural Development Co., Ltd., backed by Yiyang state-owned assets, at RMB 2.304 per share (a 20% discount to the previous trading day's closing price); after the transfer, Li Zhong and persons acting in concert would see their shareholding fall from 23.52% to 17.84%. The transaction still requires state-owned asset approval and Shenzhen Stock Exchange compliance review, and the background is that the controlling shareholder still has RMB 178 million in unpaid equity transaction proceeds from Xinying Food. On September 8, 2026, the board of directors reviewed and approved a supplementary proposal for a wholly owned subsidiary to sell real estate in Union City, California, USA, with the sale price reduced from USD 17 million to USD 15.1 million, still subject to review by an extraordinary shareholders' meeting on September 24; previously, on November 21, 2025, the company and relevant responsible persons were respectively issued a notice of criticism by the Shenzhen Stock Exchange and a warning letter by the Guangdong Securities Regulatory Bureau, involving occupation of funds and failure to timely disclose major events.

In the secondary market, as of the close on 2026-09-11, the share price was RMB 3.15, down 4.55% for the day, with the weekly gain erased to zero, and total market capitalization of approximately RMB 3.554 billion, ranking 3/6 by market capitalization in the fishery sector. The rebound from late August to early September was given back in two consecutive large bearish candles on 9/10 and 9/11, with the close falling below MA5 (3.33) and MA10 (3.22), barely standing above MA20 (3.08), the MACD red bar narrowing to near zero and approaching a death cross, and the short-term RSI falling below 50; the chip profit ratio fell back to 42.70%, with an average holding cost of RMB 3.17, resistance at RMB 3.35 above and support at RMB 2.92 below. Institutional participation is extremely low (public funds and ETFs together approximately 0.11%, with Northbound holdings near zero), incremental capital mainly comes from margin financing (margin balance rose from RMB 156 million to RMB 214 million within two weeks), and as of now there is no effective broker consensus coverage.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Deep-processing category mainly consisting of prepared dishes: bullfrog, flavored fish, crayfish, quick-boil, breaded, rice and noodle, prepared, hot pot and other series
• Primary aquatic processing category: raw/cooked headed, raw/cooked peeled shrimp, fish fillets and other series
• Global seafood selection category: Argentine red shrimp, Saudi shrimp, black tiger shrimp, Arctic sweet shrimp, New Zealand green mussels, cod, king crab, pangasius, etc.

2.3 Position in the Industry Chain Upstream and Downstream and Cost-Profit Structure

Guolian Aquatic is positioned as one of the few domestic marine food enterprises integrating global procurement, deep processing, and food R&D, with aquatic food as its main business and focusing on prepared dishes for business model upgrading. The company's strategy has shifted from a "full industry chain" to a "focus on processing," having successively divested upstream businesses such as seedlings, aquaculture, and feed — in 2025, the aquatic food segment accounted for approximately 97.7% of revenue, making it近似 a "pure processing" enterprise (Source: Sohu Finance Issue 36 teardown article, 2026-09-07; the company explicitly replied on the interactive platform on 2025-07-08 that it "does not have an aquaculture business"); however, the feed business has not been fully divested (2026H1 still had RMB 9.5 million in feed industry revenue).

• The company's actual procurement target is not generalized "raw materials," but aquatic raw materials: the core is prawns (Pacific white shrimp/white shrimp), as well as tilapia, crayfish, fish, bullfrog, etc., and also includes imported seafood (Argentine red shrimp, Saudi shrimp, black tiger shrimp, Arctic sweet shrimp, green mussels, cod, king crab, pangasius, etc.).
• Procurement network: a procurement system has been built in major raw material production areas for prawns and comprehensive aquatic products worldwide, including China, South America, Southeast Asia, and the Middle East; historically, the procurement team was stationed year-round in six major aquatic product exporting countries including Southeast Asia and South America, and it was said to have once been the Chinese enterprise with the largest procurement volume from high-quality prawn origins such as India and Ecuador (2016 annual report basis).
• Pricing power: the company is a "price-taker" for international shrimp prices. The global prawn market (with major producing countries such as Ecuador, India, and Vietnam continuing to expand production) is in a stage of oversupply, and raw material prices are under pressure; a decline in raw material costs directly improves gross margin, while a bottoming and rebound in prices narrows the cost advantage — this is the largest uncertainty for the company's profit (Source: Three Leather Craftsmen Report 2026-08-29 industry analysis; East Money Caifuhao 2026-08-21).
• Supplier concentration (relatively low, single source, earlier year, treat with caution): in 2019, the top five suppliers together procured RMB 529 million, accounting for 13.14% of total annual procurement (the largest supplier 3.45%), and related-party procurement was 0 (Sina Finance 2019 annual report). This data has a single source and an earlier year; please refer to the latest annual report for specifics.
• Key trade/cost variables: the China-Ecuador Free Trade Agreement took effect in May 2024, with about 90% of tariff lines gradually eliminating tariffs, and white shrimp within the concession scope; data from the Ministry of Agriculture and Rural Affairs show that in 2025 China imported 651,200 tons of Ecuadorian Pacific white shrimp, YoY -3.1%, but import value +2.1% ("volume down, value up") — tariff reductions may not remain in importers' profits (Source: East Money Caifuhao 2026-08-21, original self-media basis, single source only, not secondarily verified by official sources).
• Feed business cost structure (2019 annual report): among feed industry costs, "raw materials" accounted for 86.10%, labor 3.35%, utilities 2.41%, and other 8.15% — feed is highly sensitive to raw material (protein sources such as fishmeal and chicken meal) prices.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 semi-annual report (as of 2026-06-30, disclosed on the evening of August 27 / August 28, 2026), with data sources from China Securities Journal · CSI Net, Jiemian News, 21st Century Business Herald, Shanghai Securities News, and Stockstar, consistent across multiple parties. In 2026H1, net profit attributable to parent excluding non-recurring items was -RMB 3.1741 million, YoY +99.42% (still a small loss); in 2026Q2 single quarter, excluding non-recurring items -RMB 3.5779 million; gross margin 11.41% (substantially improved YoY, Stockstar said YoY +342%); debt-to-asset ratio 95.19% (YoY +32.04 percentage points); net assets per share RMB 0.09 (YoY -92.33%); basic EPS RMB 0.01; weighted ROE 10.01%; net cash flow from operating activities RMB 192 million, YoY +95.36%; period-end inventory only RMB 307 million, YoY -80.78%. The 2025 annual report data show: excluding non-recurring items -RMB 1.651 billion, basic EPS -RMB 1.45, weighted ROE -160.22%, gross margin -6.10%, debt-to-asset ratio 96%, net cash flow from operating activities RMB 106 million (+261%), with a large inventory write-down accrued that year (inventory write-down provision RMB 97.3099 million, provision ratio 18.04%), the main reason for the huge loss. 2024 EPS -RMB 0.65, weighted ROE -33.59%; 2023 EPS -RMB 0.47. 2022 net profit attributable to parent approximately -RMB 8 million.

In 2026H1, the company achieved a YoY turnaround to profit, mainly from business structure adjustment + gains from asset disposals + expense compression (selling expenses YoY -32.26%, administrative expenses -12.69%), and the Shanghai Securities News article explicitly stated that "gains from asset disposals effectively boosted current-period profit." However, net profit attributable to parent excluding non-recurring items remained a loss (-RMB 3.1741 million), so profit quality requires attention and the sustainability of the turnaround is doubtful. Full-year 2025 posted a huge loss of RMB 1.631 billion, mainly due to a large inventory write-down provision (inventory write-down provision RMB 97.3099 million, provision ratio 18.04%); the company's net assets were nearly exhausted, with year-end 2025 net assets attributable to parent of only RMB 95.3 million (versus -94.80% at the end of the prior year), and the debt-to-asset ratio was as high as over 95%, with short-term debt pressure rising. There is disagreement on the 2023 revenue basis (RMB 4.617 billion vs RMB 4.91 billion), suspected retrospective restatement/reclassification, marked here as uncertain basis.

3.2 Earnings Forecast

As of mid-September 2026, no new research reports published in 2025 or 2026 covering the company were retrieved; the East Money industry analysis page shows that 26E/27E/28E EPS growth rates and revenue growth rates are all "--", i.e., there is currently no broker consensus (no consensus), and the latest research report on that page is dated 2024-09-08. The available broker forecasts were all published in August-September 2024 or earlier and have already deviated substantially from actual results, so they cannot be used for current valuation: 1) Huaxin Securities on 2024-09-08 "Buy," forecasting EPS 2024/2025/2026 of RMB 0.03/0.04/0.08, corresponding to PE 109/66/35x; 2) Kaiyuan Securities on 2024-08-31 "Accumulate," forecasting 2024-2026 net profit attributable to parent of RMB 50/110/140 million, EPS RMB 0.05/0.09/0.13, corresponding to PE 53.6/26.7/19.9x; 3) Kaiyuan Securities on 2024-04-30 "Accumulate," forecasting 2024-2026 net profit attributable to parent of RMB 40/90/140 million, EPS RMB 0.03/0.08/0.12. The above forecasts are severely inconsistent with actual 2024 net profit attributable to parent of -RMB 742 million. The Investing.com page mentions "5 analyst models" and "target price," but does not give specific target price values; Simply Wall St does not list analyst forward target prices. In summary, it is expressed as "no effective institutional consensus currently available," and old forecast numbers are not cited.

3.3 Valuation Level and Institutional Ratings

The company is in a loss/marginal-profit state, so PE is meaningless. The 2025 annual report review (CSI Net, comparison benchmark is the 2026-04-29 closing price) shows PE(TTM) approximately -2.09x (loss, meaningless); PB(LF) approximately 35.75x; PS(TTM) approximately 1.07x. CFI (2026-01-23) shows the share price at RMB 3.90, price-to-book ratio 3.79x, and P/E "--" (due to loss), noting "2025-09-30 earnings per share -RMB 1.30." PB differs greatly on different dates for the same stock (3.79 vs 35.75), because year-end 2025 net assets attributable to parent were only RMB 95.3 million (versus -94.80% at the end of the prior year), with net assets nearly exhausted, making the PB metric extremely unstable, and valuation reference should primarily use PS. As of the close on 2026-09-11, the share price was RMB 3.15, total market capitalization RMB 3.554 billion, ranking 3/6 by market capitalization in the fishery sector, and tradable market capitalization RMB 3.482 billion. Simply Wall St (Spanish-language page, market cap CN¥3.2b) shows PS approximately 1x, and its DCF model "fair value" estimate is CN¥2.44, below the then share price of CN¥2.81, a single-model estimate for reference only; this source lists peer average of approximately 4.6x and CN Food industry approximately 1.7x, a single source only and to be treated with caution. Yahoo Finance shows trailing 12-month earnings per share of -RMB 1.01, trailing P/E "--", and 52-week range RMB 2.36–5.80. Total share capital approximately 1.128 billion shares, tradable A shares approximately 1.106 billion (CFI). Valuation summary: relative valuation should be anchored on PS(TTM) of approximately 1.0–1.1x, significantly below the average of food/aquatic peers (note that comparable company selection varies greatly and there are single-source limitations). Uncertainties to note include: institutional forecasts have all failed and there is no new coverage in 2025-2026; there is no current target price (the only available target price is Guotai Junan's RMB 6.00 in 2022, which is invalid); there is disagreement on the 2023 revenue basis (RMB 4.617 billion vs RMB 4.91 billion), suspected restatement; the PB basis is unstable (3.79 vs 35.75), because net assets are approaching zero, so valuation metrics should primarily use PS and note the date; the turnaround includes non-recurring gains and losses, 2026H1 excluding non-recurring items was still a loss, and the turnaround depends on gains from asset disposals, with doubtful sustainability. Data dates: financials = 2026 semi-annual report (as of 2026-06-30, disclosed 2026-08-27); price/market cap = as of 2026-09-11; 2025 annual report = as of 2025-12-31 (disclosed 2026-04-30).

4. Recent News and Announcements

4.1 Announcement on Resolutions of the 28th Meeting of the Sixth Board of Directors (2026-09-08)

On 2026-09-08, the company published the announcement on resolutions of the 28th meeting of the sixth board of directors (Announcement No. 2026-062/063), reviewing and approving the "Supplementary Proposal on the Sale of Assets by a Wholly Owned Subsidiary" and the "Proposal on Convening the Fifth Extraordinary Shareholders' Meeting of 2026." Sources: Securities Daily Online, Sina Finance, 10jqka.

4.2 Progress Announcement on the Sale of California, USA Real Estate by a Wholly Owned Subsidiary (disclosed 2026-09-09)

Wholly owned subsidiary Liancheng Investments, LLC plans to sell its real estate at 2910 Faber Street (Faber Street No. 2910), Union City, California, USA, to LBA-Logistics. for USD 15.1 million (RMB 101.3423 million). Previously, on 2026-07-15 and 2026-08-03 (board of directors/extraordinary shareholders' meeting), the asset sale proposal had been approved, with the original price of USD 17 million (RMB 115.4470 million); this reduction is explained as "changes in U.S. market interest rate expectations, and due diligence finding differences between supporting facilities and actual usable area versus expectations," with payment method also adjusted. The transaction does not constitute a related-party transaction or a major asset restructuring, and after review by the board of directors still needs to be submitted to the shareholders' meeting for review, without requiring approval from other departments. Announcement No. 2026-062. Source: Stockstar. Note: there is a date typo in the announcement body (stating "disclosed on July 16, 2025 under Announcement No. 2026-045"), which should be July 2026, a flaw in the original text.

4.3 Notice on Convening the Fifth Extraordinary Shareholders' Meeting of 2026 (disclosed 2026-09-08)

The company will hold the Fifth Extraordinary Shareholders' Meeting of 2026 at 15:00 on 2026-09-24 (on-site meeting), with the record date 2026-09-17, to review the "Supplementary Proposal on the Sale of Assets by a Wholly Owned Subsidiary," and registration deadline 2026-09-22 17:30. Announcement No. 2026-063. Sources: Stockstar, Sina Finance, Sohu.

4.4 Controlling Shareholder's Agreement Transfer of Shares and Yiyang State-Owned Assets Taking a Stake (announcement 2026-08-20)

Controlling shareholder Xinyu Guotong Investment Management Co., Ltd. signed a "Share Transfer Agreement" with Yiyang High-tech Agricultural Development Co., Ltd., transferring by agreement 64,022,179 shares (5.67% of total share capital) at a transfer price of RMB 2.304 per share (equal to 80% of the closing price on the trading day before signing, a 20% discount), for total consideration of RMB 147,507,100 (approximately RMB 148 million). The transferee, High-tech Agriculture, is 100% held by Hunan Qingxi Cultural Tourism Development Group Co., Ltd., with the actual controller being the State-owned Assets Supervision and Administration Commission of the Yiyang Municipal People's Government, and the source of funds is self-owned or self-raised. After the transfer, Li Zhong and persons acting in concert will see their shareholding fall from 265,317,797 shares (23.52%) to 201,295,618 shares (17.84%); High-tech Agriculture will hold 5.67%, becoming the third-largest shareholder (after Xinyu Guotong and its concert party Guanlian International Investment). Transaction background: Xinyu Guotong had previously acquired 100% equity of the company's subsidiary Guangdong Xinying Food Technology Co., Ltd. through a debt-assumption acquisition, and as of the agreement signing date still had RMB 178 million (precise figure in the announcement: RMB 178.0796 million) in equity transaction proceeds unpaid, and the company stated that introducing High-tech Agriculture this time could "accelerate the controlling shareholder's payment of the remaining amount," i.e., the controlling shareholder selling shares to recover funds to repay its debt to the listed company. Uncertainty note: transfer registration can only be processed after approval by the state-owned asset regulatory authority and compliance review by the Shenzhen Stock Exchange, and whether it can ultimately be completed is uncertain; the transferee undertakes not to reduce holdings within 12 months after transfer registration. Announcement No. 2026-056. Sources: Securities Times, Cailian Press, Stockstar, 10jqka F10, Beiqing Net.

4.5 2026 Semi-Annual Report (disclosed on the evening of 2026-08-27)

In the first half of 2026, operating revenue was RMB 1.445 billion, YoY -12.47%; net profit attributable to parent was RMB 10.0392 million, turning profitable YoY (prior-year same period loss of RMB 540 million, YoY +101.86%); net profit excluding non-recurring items was -RMB 3.1741 million (YoY loss reduction 99.42%); net cash flow from operating activities RMB 192 million, YoY +95.36%; basic EPS RMB 0.0089; weighted ROE 10.01%; plans no cash dividend, no bonus shares, and no capital reserve conversion. Debt-to-asset ratio 95.19%, monetary funds RMB 198 million (RMB 104 million restricted), and total short-term interest-bearing debt of over RMB 1 billion. Q2 single-quarter revenue RMB 654 million (YoY -21.97%), net profit attributable to parent RMB 5.7154 million. Main reasons for the turnaround: operating costs YoY -25.94%, gross margin recovering to 11.41%; the prior-year same period accrued asset impairment of RMB 278 million while the current period was only RMB 14.53 million; recognition of gains from asset disposals of RMB 10.17 million (including the transfer of Yichang Xiangyi assets for RMB 16 million) + government subsidies of RMB 5.29 million. Excluding non-recurring items still a loss, the core business profitability foundation is not solid. Sources: Stockstar, CSI Net, Shanghai Securities News · CSI Net, Sing Tao Financial News.

4.6 2026 First Quarter Report (disclosed on the evening of 2026-04-29)

In Q1 2026, operating revenue was RMB 791 million, YoY -2.67%; net profit attributable to parent RMB 4.3239 million, YoY -28.27%; net profit excluding non-recurring items only RMB 403,800, YoY -85.62%; net cash flow from operating activities RMB 106 million, YoY +256.41%. Sources: National Business Daily, Cailian Press.

4.7 2025 Annual Results Forecast (disclosed 2026-01-30, Announcement No. 2026-004)

Estimated 2025 net profit attributable to parent of -RMB 1.6 billion to -RMB 1.3 billion (prior-year same period -RMB 742.4549 million), with widened loss; net profit excluding non-recurring items of -RMB 1.6 billion to -RMB 1.3 billion. Actual 2025 annual report data (according to Cailian Press/announcement): net profit attributable to parent -RMB 1.631 billion, the largest loss since listing; 2025 revenue RMB 3.19 billion (YoY -6.45%); year-end 2025 net assets attributable to parent only RMB 95.2954 million, debt-to-asset ratio approximately 96%. Sources: East Money, Stockstar, Cailian Press.

4.8 2025 Third Quarter Report (2025-10-28/29)

In the first three quarters of 2025, operating revenue was RMB 2.582 billion (YoY -14.29%), net loss attributable to parent approximately RMB 800 million (-RMB 799.8 million), basic EPS -RMB 0.71. Sources: Zhitong Finance, East Money F10 major events reminder.

4.9 Sale of Xinying Food Equity (Related-Party Transaction, Reviewed and Approved December 2025)

On 2025-12-08 the board of directors and on 2025-12-24 the fourth extraordinary shareholders' meeting reviewed and approved the transfer of 100% equity of wholly owned subsidiary Guangdong Xinying Food Technology Co., Ltd. to controlling shareholder Xinyu Guotong (debt-assumption acquisition). The transferee should pay the company a total of RMB 315.4326 million (equity consideration RMB 34.7465 million + debt of the target company to the company under debt assumption RMB 280.6861 million). The funds have not yet been fully paid (as of the agreement signing date in August 2026, RMB 178 million remained unpaid). Sources: East Money F10, Sina Finance.

4.10 Transfer of Yichang Xiangyi Assets (May 2026)

In May 2026, idle industrial assets of Yichang Xiangyi were transferred for RMB 16 million. Sources: Stockstar financial report express, Shanghai Securities News. Note: single description, not separately cross-verified against the original announcement.

4.11 Subsidiary Zhanjiang Guomei Aquatic Increases Capital and Expands Shares to Introduce Strategic Investment (announced July 2025, signing completed 2025-08-05)

In July 2025, it was announced that wholly owned subsidiary Zhanjiang Guomei Aquatic Products Co., Ltd. would increase capital and expand shares, introducing a strategic investment of RMB 95 million from Zhanjiang Ocean No. 1 Private Equity Investment Partnership (the first sub-fund of the Zhanjiang Ocean Ranch Industry Fund), with signing completed on 2025-08-05 (the first implemented project of Guangdong's "industrial fund + chain leader enterprise" model). Source: Beiqing Net/Suqian Net. Note: this item is from a single source (reprint type), and it is recommended to verify against the original company announcement.

4.12 Shenzhen Stock Exchange Notice of Criticism (2025-11-21)

On 2025-11-21, the Shenzhen Stock Exchange issued a notice of criticism, with targets including the company itself, controlling shareholder Xinyu Guotong, actual controller/chairman/general manager Li Zhong, and financial director Fan Chunhua. Violation types: failure to perform other duties in accordance with law, occupation of funds. Source: East Money F10 "Violation Penalties" section. Note: this is an official exchange disciplinary item with high credibility; it is recommended that the report verify the wording and date of the penalty against the original Shenzhen Stock Exchange text when citing.

4.13 Warning Letter Issued by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission (2025-11-21)

On 2025-11-21, the Guangdong Regulatory Bureau of the China Securities Regulatory Commission issued a warning letter, with targets including the company itself, Li Zhong, financial director Fan Chunhua, board secretary (information disclosure officer) Liang Yongzhen, and controlling shareholder Xinyu Guotong. Violation types: failure to timely disclose major events of the company, occupation of funds. In addition, the ChiNext Company Management Department of the Shenzhen Stock Exchange issued a regulatory letter to board secretary Liang Yongzhen. Source: East Money F10 "Violation Penalties" section. Note: this is an official regulatory bureau disciplinary item with high credibility; it is recommended that the report verify the wording and date of the penalty against the original Guangdong Regulatory Bureau text when citing.

4.14 Announcement on Abnormal Stock Trading Fluctuations (2025-11-19, Announcement No. 2025-058)

From 2025-11-19 to 11-20, the cumulative deviation of closing price gains over three consecutive trading days exceeded 30%, triggering an announcement on abnormal stock trading fluctuations. The company stated that "operating conditions are normal, there are no material matters that should be disclosed but have not been disclosed, and the controlling shareholder and actual controller did not buy or sell shares during the abnormal fluctuation period." During the same period, it appeared on the Dragon and Tiger List (2025-11-19 purchases RMB 554.4 million/sales RMB 486.1 million; 2025-11-20 purchases RMB 142.9 million/sales RMB 309.9 million, daily turnover exceeding 30%). Sources: Cailian Press, Sina Finance announcement list, East Money F10.

4.15 Weekly Capital Flow Report (September 7-September 11, 2026)

For the week ended 2026-09-11, main funds recorded a total net inflow of RMB 4.8543 million, hot money recorded a net outflow of RMB 9.0615 million, and retail investors recorded a net inflow of RMB 4.2072 million; the weekly closing price was RMB 3.15 (weekly gain 0.00%). Total market capitalization approximately RMB 3.554 billion, ranking 3/6 by market capitalization in the fishery sector. Source: Stockstar weekly review (published 2026-09-13).

4.16 Executive Shareholding Increase (2026-03-23)

On 2026-03-23, director Li Xianfeng increased holdings by 4,000 shares at an average price of RMB 3.15 (auction trading). Sources: Sohu Securities F10 "Insider" section, East Money F10 major events reminder.

4.17 Data Timing and Uncertainty Notes

This section's minutes are as of approximately September 13, 2026 (based on the publication date of Stockstar's 9.7-9.11 weekly review on 2026-09-13, and the September 8 board announcement). Uncertainties to note: 1) The latest entry on the Sina Finance VIP announcement list page still remains at 2025-12-31 ("proposed annual report disclosure"), suspected to be a caching/sorting issue on that page, contradicting the existence of new announcements in September (2026-062/063); refer to the original announcements on Cninfo/Shenzhen Stock Exchange. 2) The Yiyang state-owned asset share transfer transaction has not yet completed transfer registration, depending on state-owned asset approval and Shenzhen Stock Exchange compliance confirmation, and there are variables; the RMB 2.304 per share is a 20% discount pricing, do not misinterpret it as the current market price. 3) The semi-annual report's net profit attributable to parent was positive but excluding non-recurring items it was still -RMB 3.1741 million, mainly relying on gains from asset disposals and government subsidies; please do not describe "turning profitable" as the core business improving. 4) Some items are single-source (the subsidiary's RMB 95 million strategic investment introduction, the RMB 16 million Yichang Xiangyi asset transfer, the specific wording of Shenzhen Stock Exchange/Guangdong Regulatory Bureau penalties, etc.), and it is recommended to verify against official announcements/regulatory documents. 5) Stock prices, capital flows, market capitalization, etc., are data compiled by financial portals and may lag or differ in basis; financial figures should be based on company disclosure announcements. In addition, this task did not retrieve the latest institutional consensus earnings forecasts/target prices for full-year 2026 or 2027; if the report requires this section, separate research is needed.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of the close on 2026-09-11, Guolian Aquatic closed at RMB 3.15, down 4.55% for the day, with the weekly net gain erased to zero. In terms of drivers, there was a rapid rebound of about two weeks from late August to early September; after intraday highs of RMB 3.58 on 9/9, two consecutive large bearish candles (9/10 -5.44%, 9/11 -4.55%) gave back gains, and the close has fallen below MA5 (3.33) and MA10 (3.22), barely standing above MA20 (3.08), with moving averages shifting from bullish alignment to tangled; the MACD red bar has narrowed to near zero and is approaching a death cross, short-term RSI has fallen below 50, and momentum has clearly weakened. From the chip perspective, the average holding cost of 3.17 is slightly above the current price, the profit ratio has fallen back to 42.70%, with 3.35 above as chip resistance and 2.92 below as chip support. The capital side shows structural risks: over the past 6 trading days, turnover rate was 8.02%~12.35%, daily turnover RMB 282 million~RMB 452 million, which is high turnover, but lacks long-term locked positions; incremental capital mainly comes from margin financing (margin balance rose from RMB 156 million to RMB 214 million within two weeks), institutional participation is extremely low (public funds/ETFs together about 0.11%, Northbound holdings near zero), and volatility is easily amplified during declines. Fundamentals are only background for the technical picture: 2025 net profit attributable to parent -RMB 1.631 billion, debt-to-asset ratio 96.00%, 2026H1 net profit attributable to parent +RMB 10.0392 million turned profitable but excluding non-recurring items remained negative, and there were no broker ratings within 90 days. Overall, in the short term it is at a key decision point after a rebound giveback: RMB 3.05~3.11 is the core watershed determining strength or weakness.

5.3 Short-Term Outlook (Next Week, Scenario Projection, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario projection based on historical prices and publicly available data, does not constitute investment advice, and does not constitute any buy or sell instruction; the assigned weights are subjective experiential judgments, not statistical probabilities.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, about 60% (subjective heuristic weight, based on current technical and capital-flow patterns, not statistical probability)): Price fluctuates repeatedly within RMB 3.05~3.40. Trigger conditions: turnover remains at the current neutral level of around RMB 280 million, volume ratio returns to around 1, and main funds' single-day net inflow/outflow both within ±RMB 20 million. Technical basis: MA5/MA10 have just been broken but MA20 (3.08) still supports, MACD is above the 0 axis near the zero line (bulls have not fully given up but momentum is decaying), and the chip profit ratio has fallen back to 42.70% (neither high nor oversold). If so, daily turnover is likely to fall within 6%~10%
• Weaker downside (medium weight (subjective heuristic weight, not statistical probability)): Breaks below RMB 3.05~3.11 and fails to close back above, next target RMB 2.87~2.92. Trigger conditions: single-day turnover expands to above RMB 400 million while price closes bearish (heavy-volume selloff) / main funds net outflow exceeding RMB 20 million for two consecutive days / margin balance quickly falls back from RMB 214 million (leverage retreat) / overall weakness in the aquatic · prepared dishes sector. Technical basis: two consecutive large bearish candles on 9/10 and 9/11 (-5.44%, -4.55%), MACD red bar near the zero axis, short-term RSI already below 50, and short-term momentum has weakened
• Rebound strengthening (lower weight (subjective heuristic weight, not statistical probability)): Recovers RMB 3.30~3.40 and challenges RMB 3.49~3.58. Trigger conditions: substantive catalyst appears (such as a company announcement or sector thematic rally), and single-day turnover returns above RMB 400 million with main funds' single-day net inflow exceeding RMB 20 million. Technical basis: since 8/25 it has been in the "holding zone," the golden cross above the 0 axis on 8/27 has not yet confirmed a death cross, and the three consecutive upward attacks from 9/7–9/9 indicate there is still absorptive capacity above; however, new incremental capital is needed, and relying only on existing capital makes it difficult to establish

③ Capital and Liquidity Background

Over the past 6 trading days (as of 2026-09-11), the turnover rate was 8.02%~12.35%, and daily turnover was RMB 282 million~RMB 452 million; for a tradable market capitalization of about RMB 3.5 billion, this is high turnover, and although the order book is not necessarily thin, chips change hands at high frequency and long-term locked positions are lacking. On margin trading, the margin balance was RMB 214 million on 9/10 (about 5.74%~5.85% of tradable market capitalization; Sina said "below the 50th percentile level of the past year"), rising from RMB 156 million to RMB 214 million within two weeks, with margin financing being the main marginal increment of this rebound; securities lending balance was only RMB 145,000 (43,900 shares), almost negligible; over the past 10 days, margin financing recorded net inflows on 7 days (Jiufang basis). If prices continue to decline, the reverse pressure from leveraged positions deserves attention. Shareholder structure (as of 2026-06-30, disclosed with the interim report on 2026-08-28, lagging about 2.5 months, and the structure may have changed during the period): number of shareholders 52,365 (down 10.78% from 58,690 as of 2026-03-31), average shares per household about 21,544; the top ten shareholders together held 297 million shares, accounting for 26.35% of total share capital, among which Xinyu Guotong Investment Management 14.00%, Guanlian International Investment 6.89%, Li Zhong 1.59%, Li Guotong 1.04%, Chen Han 1.04%; the shareholders of the above two investment companies are the same Li Zhong/Li Guotong/Chen Han, forming a concert-party relationship, with the family group totaling about 24.56%; institutional participation is extremely low — public funds and ETFs together only about 1.24 million shares (0.11%, and almost all passive index funds), and among the top ten tradable shareholders only QFII Goldman Sachs 0.30% and BARCLAYS BANK PLC 0.22% (2026-03-31); Northbound holdings are near zero (only 2,618 shares as of 2026-06-30, whereas it once held 9.216 million shares as of 2024-09-30). Also note the controlling shareholder's pledge ratio of 18.43% (208 million shares, 12 pledges, as of 2026-08-28). Conclusion: no mainstream institutions are on the register, and counterparties are mainly retail investors, hot money, and margin financing — this type of structure tends to amplify volatility during declines and lacks stable buying during rebounds. Shareholder data has a quarterly-level lag; please refer to the latest disclosure.

Volume confirmation signals (calibrated to this stock's own range, do not apply generic thresholds): using the recent daily turnover range of RMB 280 million~RMB 450 million as the benchmark — if single-day turnover continuously stays above RMB 400 million and the turnover rate returns above 10% while price stabilizes above RMB 3.30, this can be viewed as a confirmation signal of capital re-entry; conversely, if turnover continuously shrinks below RMB 200 million (halving from the RMB 452 million on 9/7), it is more likely to indicate stock-game trading and doubtful rebound sustainability.

④ Points to Watch (Observation Ideas Only, Not Operating Instructions)

• Watch RMB 3.05~3.11 (the overlapping zone of MA20 and Jiufang's "long-short dividing point"): whether it can close and hold above is the primary watershed for judging short-term strength; this level includes single-source algorithmic output and is not fully independently verified.
• Watch the RMB 3.30~3.40 resistance band (overlap of MA5/MA10 and chip resistance 3.35): whether it can be effectively recovered and held determines whether the upside space of RMB 3.49~3.58 opens.
• Watch turnover and turnover rate: whether daily turnover can remain above RMB 280 million, whether it expands above RMB 400 million, and whether the turnover rate falls back below 6% (shrinking volume) or rises above 10% (expanding volume), used to validate the direction of the above scenarios.
• Watch marginal changes in leveraged funds: whether the margin balance continues to rise from RMB 214 million (9/10) or quickly falls back, as an observation indicator of incremental capital inflows/outflows and amplified downside pressure.
• The above are all observation ideas, not operating instructions, and do not constitute buy or sell recommendations.

The above scenario projection is based on 2026-09-11 closing data and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee future actual trends, and do not constitute buy or sell recommendations. Please combine the latest market information to make independent judgments and bear investment risks yourself. Also note: the number of shareholders and top ten shareholder data are as of 2026-06-30 and disclosed 2026-08-28, with a lag of about 2.5 months, and the structure may have changed; the support/resistance levels provided by Jiufang Zhitou (3.11, 2.92, 2.79, etc.) are single-source, opaque algorithmic outputs and could not be independently reproduced; AAStocks moving-average anchors and RSI values lag to 2026-08-21; Bollinger Band values were not obtained this time, and the chip bands in the text are proxy anchors, not BOLL itself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

• Net assets nearly exhausted and short-term debt pressure: year-end 2025 net assets attributable to parent were only RMB 95.3054 million (versus -94.80% at the end of the prior year), 2026H1 debt-to-asset ratio still reached 95.19% (YoY +32.04 percentage points), monetary funds were only RMB 198 million of which RMB 104 million was restricted, while total short-term interest-bearing debt exceeded RMB 1 billion, and net assets per share were only RMB 0.09 (YoY -92.33%). If operating cash flow or the pace of asset disposals falls short of expectations, debt repayment and going-concern pressure will directly intensify.
• Turnaround depends on non-recurring gains and losses, excluding non-recurring items still a loss: 2026H1 net profit attributable to parent of RMB 10.0392 million mainly came from gains on asset disposals (including RMB 10.17 million recognized on the transfer of Yichang Xiangyi assets for RMB 16 million) and government subsidies of RMB 5.29 million; net profit attributable to parent excluding non-recurring items was -RMB 3.1741 million, 2026Q2 single-quarter excluding non-recurring items was -RMB 3.5779 million, and 2026Q1 excluding non-recurring items was only RMB 403,800 (YoY -85.62%), so the core business profitability foundation is not solid and the sustainability of the turnaround is doubtful; "turning profitable" does not equal the core business improving.
• International shrimp price (raw material price) fluctuation risk: the company is a "price-taker" for international shrimp prices, with core raw materials being Pacific white shrimp, etc.; major global prawn producing countries (Ecuador, India, Vietnam, etc.) continue to expand production, creating oversupply; a decline in raw material prices directly improves gross margin, while a bottoming and rebound in prices narrows the cost advantage. The 2025 inventory write-down provision of RMB 97.3099 million (provision ratio 18.04%) is a direct reflection of losses from declining raw material prices, and this is the largest uncertainty for the company's profit.
• Controlling shareholder arrears and equity transfer completion risk: controlling shareholder Xinyu Guotong's debt-assumption acquisition of 100% equity of Guangdong Xinying Food should pay the company a total of RMB 315 million, and as of the agreement signing date in August 2026, RMB 178 million remained unpaid; its transfer of 5.67% shares to Yiyang High-tech Agriculture (RMB 2.304 per share, 20% discount, total consideration approximately RMB 148 million) still requires approval by the state-owned asset regulatory authority and compliance review by the Shenzhen Stock Exchange before transfer registration, and whether it can ultimately be completed is uncertain; if the transaction is blocked, the path for clearing the arrears may change.
• Historical compliance and governance risk: on November 21, 2025, the company, controlling shareholder Xinyu Guotong, actual controller Li Zhong, and financial director Fan Chunhua were criticized by the Shenzhen Stock Exchange, and on the same day the company, Li Zhong, Fan Chunhua, board secretary Liang Yongzhen, and Xinyu Guotong were issued warning letters by the Guangdong Regulatory Bureau, involving occupation of funds and failure to timely disclose major events; in addition, the controlling shareholder's pledge ratio was 18.43% (208 million shares, 12 pledges, as of 2026-08-28), and the combination of governance flaws and share pledges may affect market confidence and financing capacity.
• Asset sale proposal not yet finalized: the sale price of the California, USA Union City real estate by wholly owned subsidiary Liancheng Investments has been reduced from USD 17 million to USD 15.1 million (RMB 101.3423 million), with the announcement explaining changes in U.S. market interest rate expectations and due diligence finding differences in supporting facilities and actual usable area versus expectations; this supplementary proposal still needs review by the extraordinary shareholders' meeting on September 24, 2026, and if not approved or if the buyer's performance changes, the timing of related collections and profit/loss recognition may change.
• Continued revenue contraction and weak channel bargaining power: 2026H1 revenue YoY -12.47%, Q2 single quarter YoY -21.97%, 2025 revenue YoY -6.45%, and revenue is still contracting; downstream is mainly direct sales to large chain supermarkets and chain restaurants, with weak bargaining power against channels and long export payment terms (historical credit policy was within 6 months for long-term cooperative major customers and about 3 months for other export customers). Industry analysis notes that "the party closer to the end consumer and holding the brand and channels absorbs profit, while the party that only provides capacity absorbs cost," and the company leans more toward the processing capacity end, with profit space squeezed from both sides.
• Lack of institutional coverage and fragile chip structure: the earnings forecasts by Huaxin Securities and Kaiyuan Securities in August-September 2024 (for example, forecasting 2024 net profit attributable to parent of RMB 50 million) were severely inconsistent with the actual 2024 result of -RMB 742 million and are no longer usable; there was no new research coverage in 2025-2026, no broker consensus, and no effective target price; in the shareholder structure, public funds and ETFs together account for only about 0.11%, Northbound holdings are near zero (only 2,618 shares as of 2026-06-30), and counterparties are mainly retail investors, hot money, and margin financing; recently the margin balance rose from RMB 156 million to RMB 214 million within two weeks, volatility is easily amplified during declines, and rebounds lack stable buying.

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8. Conclusion and Outlook

In terms of growth logic, the company's core highlight lies in marginal repair after "slimming down and strengthening the body": after divesting upstream businesses such as seedlings, aquaculture, and feed, the aquatic food processing core business accounts for nearly 98%, 2026H1 gross margin recovered to 11.41% (Stockstar said YoY +342%), operating costs YoY -25.94%, net cash flow from operating activities RMB 192 million (YoY +95.36%), period-end inventory fell to RMB 307 million (YoY -80.78%), and selling and administrative expenses were compressed simultaneously. Coupled with a series of asset and equity operations including the strategic investment by Yiyang state-owned assets, the introduction of RMB 95 million in strategic investment into Zhanjiang Guomei Aquatic, the sale of California, USA real estate, and idle assets of Yichang Xiangyi, the company's cash flow and asset structure are being passively improved, and the business framework of prepared dishes and global seafood selection remains complete. However, it should be noted that 2026H1 revenue YoY -12.47% and Q2 single-quarter revenue YoY -21.97%, with revenue still contracting, and the current repair comes more from passive improvement on the cost and expense side rather than demand expansion.

In terms of risks and uncertainties, the company's profit quality and financial safety cushion constitute the main contradiction: 2026H1 excluding non-recurring items still posted a loss of RMB 3.1741 million, and the turnaround depends on gains from asset disposals and government subsidies; year-end 2025 net assets attributable to parent were only RMB 95.3 million, PB was as high as over 35x while PS(TTM) was about 1.07x, and valuation metrics anchored on net assets are nearly invalid, PE is meaningless due to losses, and the dynamic PE of 176.99 results from annualizing the thin profit of 2026H1 and should not be used as a normal valuation. International shrimp prices are the largest variable for the company's profit; continued production expansion and oversupply among major global prawn producing countries pressure raw material prices, and the tariff reduction dividend from the China-Ecuador Free Trade Agreement may not remain at the importer stage; downstream, bargaining power against large supermarkets and chain restaurants is weak, export payment terms are long, and profit space is squeezed from both sides. In addition, the progress of recovering the controlling shareholder's RMB 178 million arrears, whether the Yiyang state-owned asset stake can complete transfer registration, whether the September 24 extraordinary shareholders' meeting can approve the supplementary proposal for the U.S. real estate sale, and the disciplinary records from the exchange and the CSRC all constitute governance and execution risks that require continuous tracking.

Overall, Guolian Aquatic is in a transition stage of "financial clearing + business focus." The book turnaround and cash flow improvement in 2026H1 provide certain marginal repair signals, but the core business has not yet achieved profit excluding non-recurring items, net assets are approaching zero, short-term debt exceeds RMB 1 billion, there is no institutional consensus coverage, and incremental capital is mainly margin financing, placing both fundamentals and technicals in a state of high volatility and low safety cushion. Follow-up focus should be on three points: first, whether the core business gross margin and profit excluding non-recurring items can turn positive continuously, verifying the sustainability of the turnaround; second, the actual implementation of capital operations such as the controlling shareholder's repayment of arrears and the transfer registration of the state-owned asset stake; third, the direction choice between the RMB 3.05~3.11 support zone and the RMB 3.30~3.40 resistance zone. This report does not constitute any buy or sell recommendation.

Data Sources

• Guolian Aquatic (sz300094)
• Guolian Aquatic (300094)_Stock Overview_Stock Price_Real-time Quotes_Chart_News_Stock Reviews_Financial Reports_FinScope-AI Makes Investing Simpler
• Guolian Aquatic (300094.SZ) - Company Overview
• Guolian Aquatic (300094.SZ)
• Guolian Aquatic (300094) September 11 main funds net sell of RMB 16.2791 million - Stockstar
• Guolian Aquatic (300094) Weekly Review: up 0.00% this week, main funds total net inflow RMB 4.8543 million - Stockstar
• Guolian Aquatic (300094) September 10 main funds net sell of RMB 25.1910 million - Stockstar
• Guolian Aquatic (300094)_Stock Quotes, Quotes Homepage_CFI
• Guolian Aquatic (300094.SZ) Stock Price, News, Quotes and Records - Yahoo Finance
• Guolian Aquatic (300094.SZ) - U.S. Stocks
• Guolian Aquatic: 2025 Annual Report Summary_Jiufang Zhitou
• Guolian Aquatic (300094) 2025 Management Discussion and Analysis
• Guolian Aquatic: 2024 Annual Report Summary _ Guolian Aquatic (300094) _ Announcement Body - Guolian Aquatic: 2024 Annual Report Summary View PDF Original
• Guolian Aquatic (300094) 2026 Semi-Annual Management Discussion and Analysis - Stockstar - Guolian Aquatic (300094) 2026 Semi-Annual Management Discussion and Analysis
• Guolian Aquatic (300094) - F10 Data - Compass Quotes Network
• 300094 Guolian Aquatic
• Guolian Aquatic: 2025 Annual Report Summary - Home >
• 300094 Guolian Aquatic - Core Themes
• Guolian Aquatic (300094)
• Guolian Aquatic (300094) Business Clarification Related Board Secretary Q&A_Stockstar
• [[Announcement] Guolian Aquatic: Company and Great Wall Securities Co., Ltd. Reply to the "Letter on Requesting Preparation for the Issuance Review Committee Meeting" - (3) The company's seasonal sales result in a relatively high period-end accounts receivable balance](https://cfi.cn/p20180709002438.html#4)
• Guolian Aquatic - N | Bank Loan Financing | 121.35
• [Guolian Aquatic (300094)_Company Announcements_Guolian Aquatic: Announcement on Reply to Shenzhen Stock Exchange Annual Report Inquiry Letter_Sina Finance_Sina - Accounts receivable export invoice financing term 3-4 months; as of May 17, 2023, the above accounts receivable export invoice financing had been fully repaid; bank loan financing handled with pledged accounts receivable belongs to revolving accounts receivable borrowing, with financing revolving within