开创国际2025年度报告深度解读：业绩增长、分红方案及业务亮点

报告要点梳理

• 归属于上市公司股东的净利润同比增长20.76%，达73,894,019.42元。
• 公司拟每10股派发1.00元现金红利，总计24,093,655.90元，分红方案尚需股东大会审议。
• 南极磷虾捕捞量同比大幅提升97.16%，带动磷虾销售收入同比增长13.86%。
• 经营活动产生的现金流量净额为167,990,623.18元，同比下降49.90%。
• 金枪鱼销售收入同比下降3.57%，但整体营业收入同比增长0.9%。
• 公司主要业务包括远洋捕捞（金枪鱼、南极磷虾）、水产品加工（西班牙ALBO及国内岱山加工厂）、海上冷藏运输及水产品贸易。
• 公司股东结构稳定，控股股东为上海远洋渔业有限公司，光明食品集团间接持股42.83%。
• 北京小间科技及一致行动人减持公司股份，合计持股降至2.90%。
• 审计机构已出具标准无保留意见审计报告。
• 公司无退市风险警示或终止上市情形。

详细解读与投资者关注点

业绩表现

净利润实现显著增长：公司2025年度归属于上市公司股东的净利润达73,894,019.42元，同比增长20.76%。扣除非经常性损益后净利润为69,249,173.69元，同比增长15.95%。受益于南极磷虾捕捞量大幅提升（同比增长97.16%），磷虾销售收入同比增加13.86%，成为业绩增长的重要驱动力。

营业收入保持稳步增长：2025年度营业收入为2,336,503,042.69元，同比增长0.90%。金枪鱼销售收入出现3.57%的下滑，但整体收入仍受磷虾业务增长带动保持正增长。

现金流状况需关注：经营活动产生的现金流量净额为167,990,623.18元，较2024年下降49.90%。尽管业绩增长，但现金流波动或需投资者关注其背后原因及未来改善措施。

股东及分红

分红方案明确：公司拟以2025年12月31日总股本240,936,559股为基数，每10股派发现金红利1.00元（含税），总计24,093,655.90元。剩余未分配利润结转以后年度分配。本次分红方案尚需股东大会审议，若获通过将直接利好股东回报。

股东结构稳定：控股股东上海远洋渔业有限公司持股42.26%，光明食品集团间接持股42.83%。北京小间科技及一致行动人减持股份后合计持股降至2.90%，减持行为或对短期股价造成影响，但公司整体控股权结构未发生重大变化。

业务亮点

• 远洋捕捞：金枪鱼围网船队11艘全负荷运营，金枪鱼捕捞量88,560.73吨，同比提升。
• 南极磷虾：与江苏深蓝远洋渔业合作，磷虾捕捞量70,091.50吨，同比几乎翻倍。
• 加工及贸易：西班牙ALBO罐头业务市场占有率高，国内岱山加工厂主要出口鱼柳。贸易业务持续拓展国际市场，依托全产业链优势。
• 冷藏运输：运输船队承担冷冻金枪鱼运输，人员及物资转运，并积极拓展其他运输业务。

风险与合规

审计意见无保留，合规风险低：致同会计师事务所出具标准无保留意见审计报告，公司无退市风险警示或终止上市情形，经营合规性良好。

投资者须知与潜在股价影响

• 业绩增长、分红方案利好股价：净利润增长及分红方案若获通过将提升投资者信心，对公司股价形成正面支撑。
• 磷虾捕捞量大幅提升：南极磷虾业务爆发式增长为公司未来持续增长提供新动能，若业绩持续释放，有望进一步推升公司估值。
• 现金流状况需关注：经营现金流下降，需持续关注后续改善情况，否则或影响估值稳定性。
• 股东减持行为：北京小间科技及一致行动人大幅减持，短期或对股价有一定压力，但控股权结构稳定。

结语

开创国际2025年度报告体现了公司业绩稳步增长、磷虾业务爆发和分红方案利好等多重亮点。但现金流波动及股东减持需关注后续影响。整体看，报告内容对股价有较强的正面影响，值得投资者关注。

免责声明

本文章仅为信息解读，不构成投资建议。投资者应结合自身情况与风险偏好独立判断，必要时请咨询专业投资顾问。公司年度报告请参考官方公告及完整报告文本。

Kaichuang International 2025 Annual Report Deep Dive: Performance Growth, Dividend Plan, and Business Highlights

Key Points Summary

• Net profit attributable to shareholders grew by 20.76% to RMB 73,894,019.42.
• The company plans to pay a cash dividend of RMB 1.00 per 10 shares, totaling RMB 24,093,655.90. The proposal awaits shareholder approval.
• Antarctic krill catch volume surged by 97.16% YoY, driving krill sales revenue up 13.86%.
• Net operating cash flow was RMB 167,990,623.18, down 49.90% YoY.
• Tuna sales revenue declined by 3.57% YoY, but overall revenue grew 0.9%.
• Main business lines include distant-water fishing (tuna, Antarctic krill), seafood processing (Spain’s ALBO and domestic Daishan plant), cold-chain marine transport, and seafood trade.
• Shareholding structure is stable, with Shanghai Ocean Fisheries Co. as controlling shareholder and Bright Food Group holding 42.83% indirectly.
• Beijing Xiaojian Technology and its concerted actors reduced holdings to 2.90% of total shares.
• The audit firm issued a standard unqualified opinion.
• No delisting risk warning or termination of listing conditions.

Detailed Analysis & Investor Focus

Performance

Significant Net Profit Growth: Net profit attributable to shareholders reached RMB 73,894,019.42, up 20.76% YoY. Excluding non-recurring items, net profit was RMB 69,249,173.69, up 15.95%. The surge in Antarctic krill catch (up 97.16% YoY) drove a 13.86% increase in krill sales revenue, providing a major boost to earnings.

Steady Revenue Growth: 2025 revenue was RMB 2,336,503,042.69, up 0.90% YoY. While tuna sales revenue fell by 3.57%, overall revenue remained positive due to krill business growth.

Cash Flow Fluctuations: Net operating cash flow dropped sharply by 49.90% YoY to RMB 167,990,623.18. This warrants investor attention for underlying causes and future improvement.

Shareholders & Dividend

Clear Dividend Plan: The company proposes to pay a cash dividend of RMB 1.00 (tax included) per 10 shares based on the total share capital as of December 31, 2025 (240,936,559 shares), totaling RMB 24,093,655.90. The undistributed profits will be carried forward. The proposal awaits shareholder meeting approval; if passed, it will enhance shareholder returns.

Stable Shareholding Structure: Shanghai Ocean Fisheries Co. holds 42.26%; Bright Food Group holds 42.83% indirectly. Beijing Xiaojian Technology and its concerted actors reduced holdings to 2.90%, which may put short-term pressure on the share price, but overall control remains unchanged.

Business Highlights

• Distant-water Fishing: 11 tuna purse seine vessels operating at full capacity, tuna catch reached 88,560.73 tons, up YoY.
• Antarctic Krill: Cooperation with Jiangsu Deep Blue Fisheries, krill catch reached 70,091.50 tons, nearly doubling YoY.
• Processing & Trade: Spain’s ALBO canned tuna has high market share, Daishan plant mainly exports fish fillets. Trade business continues expansion into international markets, leveraging full industry chain advantages.
• Cold-chain Transport: Fleet handles frozen tuna, crew, and supplies transfer, and expands other transport business.

Risk & Compliance

Unqualified Audit Opinion, Low Compliance Risk: The audit firm issued a standard unqualified opinion. No delisting risk warning or termination of listing conditions—compliance is solid.

Investor Notes & Potential Share Price Impact

• Profit Growth and Dividend Plan are Positive: If the dividend is approved, it will boost investor confidence and support the share price.
• Krill Business Surges: Explosive growth in krill catch represents new momentum for future performance. Sustained results could further boost valuation.
• Cash Flow Needs Monitoring: Operating cash flow declined sharply; investors should watch for improvement or risk to valuation stability.
• Shareholder Reduction: Reduction by Beijing Xiaojian Technology and its concerted actors may cause short-term price pressure, but control remains stable.

Conclusion

Kaichuang International’s 2025 report shows steady profit growth, a booming krill business, and a clear dividend plan—multiple positives for investors. Cash flow volatility and shareholder reduction need monitoring. Overall, the report has strong positive price-sensitive content and warrants investor attention.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should make independent judgments based on their own situation and risk preferences. Please refer to official disclosures and the full annual report for details.

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