上海开创国际海洋资源股份有限公司2025年度报告深度解读

年度报告关键信息

• 营业收入：2025年公司实现营业收入23.37亿元，同比增长0.90%，维持稳定增长态势。
• 归属于上市公司股东净利润：7,389.4万元，同比增长20.76%，盈利能力显著提升。
• 现金流量：经营活动现金流净额1.68亿元，较去年下降49.90%，需关注现金流波动原因。
• 净资产：归属于母公司股东的净资产23.19亿元，同比增长3.42%。
• 利润分配方案：拟每10股派发现金红利1.00元（含税），合计分红金额约2409.4万元，分红率达32.61%。
• 审计意见：致同会计师事务所出具标准无保留意见审计报告，财务报告真实、准确、完整。
• 主要业务板块：涵盖远洋捕捞、食品加工、渔货贸易、海上运输四大板块。
• 研发投入：本年度研发投入413.85万元，占营业收入比例仅0.18%，研发资本化比重为0%。
• 股东结构：控股股东为光明食品集团，实际控制人为上海市国有资产监督管理委员会。
• 重要合同：2025年7月与福建省马尾造船股份有限公司签订船舶设计建造合同，金枪鱼围网船项目推进。
• 主要风险提示：资源国渔业政策变动、汇率风险、商誉减值风险、市场拓展风险、海外政治环境风险等。

对股东和投资者影响较大的事项

1. 利润分配与分红政策

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，分红总额24,093,655.90元，分红比例为32.61%。近三年累计现金分红89,146,526.83元，分红政策稳定，有利于投资者回报。

2. 新建船舶及产业链扩展项目

公司2025年与福建省马尾造船股份有限公司签订两艘金枪鱼围网船建造合同，该项目用于替换老旧船舶，提升远洋捕捞产能。2024-2025年泛太渔业新船“JUNMETO”交付并将在2026年投入生产。此举将增强公司在全球金枪鱼产业链的竞争力，未来有望带来产量和收入的提升。

3. 业绩增长与成本结构变化

• 销售费用同比增加6602万元，主要因广告宣传及运输费用提高。
• 管理费用小幅增加，主要为保险费和专业服务费增长。
• 财务费用显著下降1705万元，汇兑损失减小。
• 非经常性损益贡献464.48万元，主要为政府补助等。

这些成本结构变化和业绩增长将直接影响公司利润表现和市场预期。

4. 主要客户与供应商依赖

前五名客户销售额占年度销售总额38.55%，前五名供应商采购额占年度采购总额30.15%。公司贸易业务较为集中，需关注贸易客户和供应商变动对业绩的影响。

5. 商誉与无形资产减值风险

收购西班牙ALBO公司形成商誉10,375.6万元，无形资产（品牌）8,578.2万元。每年需进行减值测试，若未来出现减值，将影响公司利润。

6. 境外业务与汇率风险

公司境外业务以美元、欧元结算，汇率波动对公司经营业绩影响显著。2025年末境外货币资金为1.06亿元，汇率变动将直接影响利润和现金流。

7. 政府补助与财税优惠

远洋捕捞业务获免征企业所得税，香港子公司低税率政策，政府补助本年度计入损益3666万元，对利润形成正面支撑。

8. 内部控制与治理

公司治理结构优化，取消监事会由审计委员会履职，内部控制体系经会计师事务所审计，获标准无保留意见，规范运作保障股东权益。

可能影响股价的风险因素

• 国际渔业政策变动可能影响捕捞配额和作业成本。
• 汇率波动风险，美元和欧元结算业务受国际市场影响。
• 商誉减值风险，若ALBO公司经营恶化，商誉减值将影响利润。
• 市场拓展能力不足，金枪鱼产品市场接受度和销售渠道建设需加强。
• 境外政治风险和罢工风险，可能导致生产船舶无法按计划捕捞、海外订单延迟，影响现金流和业绩。

其他值得关注的事项

• 2025年公司无重大诉讼、仲裁事项，无违规担保，无控股股东非经营性资金占用。
• 公司社会责任投入共计0.83万元，社会责任报告已披露。
• 公司主要子公司员工1077人，员工结构以生产人员为主。

总结

上海开创国际海洋资源股份有限公司2025年度报告显示，公司业绩稳步提升，分红政策持续稳定，产业链扩展及新船建造项目有望提升未来产能与收入。公司治理和财务稳健，但需关注商誉减值、汇率波动、国际渔业政策及境外风险等因素。投资者应结合公司发展战略、行业环境和上述风险因素综合判断公司价值及未来走势。

免责声明

本文章仅供参考，不构成投资建议。投资者需结合自身风险偏好和市场环境，自主决策。本报道根据公司年度报告内容整理，信息以公司公开披露为准，作者不对因本文内容引发的投资损失承担责任。

English Version

Shanghai KaiChuang International Marine Resources 2025 Annual Report – Investor Focus

Key Highlights

• Revenue: RMB 2.34 billion in 2025, up 0.90% YoY, showing stable growth.
• Net Profit: RMB 73.89 million attributable to shareholders, up 20.76% YoY, with significant improvement in profitability.
• Operating Cash Flow: RMB 167.99 million, down 49.90% from last year; investors should pay attention to cash flow changes.
• Net Assets: RMB 2.32 billion attributable to shareholders, up 3.42% YoY.
• Dividend Policy: Proposed cash dividend of RMB 1.00 per 10 shares (pre-tax), totaling RMB 24.09 million, payout ratio of 32.61%.
• Audit Opinion: Standard unqualified opinion by Grant Thornton, confirming financial report accuracy and completeness.
• Main Business Segments: Offshore fishing, food processing, fish trade, maritime transport.
• R&D Investment: RMB 4.14 million, only 0.18% of revenue, with 0% capitalization ratio.
• Shareholder Structure: Controlled by Bright Food Group, ultimate controller is Shanghai SASAC.
• Major Contracts: Signed shipbuilding contract with Fujian Mawei Shipyard in July 2025, advancing tuna purse seine vessel projects.
• Risk Factors: Changes in resource country fishery policies, exchange rate risk, goodwill impairment risk, market expansion risk, and overseas political risks.

Investor-Relevant, Price-Sensitive Events

1. Dividend Policy

The company plans a cash dividend of RMB 1.00 per 10 shares, total payout RMB 24.09 million, payout ratio 32.61%. Over three years, cumulative cash dividend RMB 89.15 million, indicating stable shareholder returns.

2. Shipbuilding and Industry Chain Expansion

In July 2025, the company signed contracts for two new tuna purse seine vessels, replacing aging ships and boosting offshore fishing capacity. The “JUNMETO” vessel, delivered in December 2025, will begin production in 2026. This expansion will strengthen the company’s position in the global tuna supply chain and may drive future revenue growth.

3. Earnings Growth and Cost Structure Changes

• Sales expenses increased by RMB 66.02 million, mainly due to higher advertising and transport costs.
• Management expenses rose slightly, mainly insurance and professional service fees.
• Finance costs dropped significantly by RMB 17.05 million, with lower exchange losses.
• Non-recurring gains contributed RMB 4.64 million, mainly from government subsidies.

These changes affect profit performance and market expectations directly.

4. Customer and Supplier Concentration

Top five customers accounted for 38.55% of total sales; top five suppliers accounted for 30.15% of total procurement. Trade business is concentrated, and shifts in these relationships could impact performance.

5. Goodwill and Intangible Asset Impairment Risk

Goodwill from ALBO acquisition stands at RMB 103.76 million, brand intangible assets RMB 85.78 million. Annual impairment tests required; future impairment would impact profit.

6. Overseas Business and FX Risk

Significant overseas business settled in USD/EUR; end-2025 overseas cash RMB 106 million. Exchange rate movements directly impact profits and cash flow.

7. Government Subsidies and Tax Benefits

Offshore fishing business is exempt from corporate income tax; HK subsidiary enjoys lower tax rates. Government subsidies contributed RMB 36.66 million to profit this year.

8. Governance and Internal Controls

Optimized governance, replaced Supervisory Board with Audit Committee; internal controls audited and passed, ensuring shareholder protection.

Risks That May Affect Share Price

• International fishery policy changes may impact quotas and operating costs.
• FX risk due to USD/EUR settlement for overseas business.
• Goodwill impairment risk if ALBO performance deteriorates.
• Market expansion capability needs improvement; tuna product market acceptance and sales channels require strengthening.
• Overseas political risk and strike risk could cause delayed production/shipments, affecting cash flow and profits.

Other Noteworthy Points

• No major litigation or arbitration, no illegal guarantees, no non-operational funds occupied by controlling shareholders in 2025.
• Social responsibility investment totaled RMB 8,300; sustainability report disclosed.
• Main subsidiary staff number: 1,077, mostly production staff.

Summary

The 2025 annual report shows steady performance improvement, stable dividend policy, and industry chain expansion via new shipbuilding projects. Governance and financials are robust, but investors should closely monitor goodwill impairment, FX volatility, international fishery policy, and overseas risks. Investors are encouraged to assess company value and prospects in light of these factors.

Disclaimer

This article is for reference only and does not constitute investment advice. Investors should make independent decisions based on their own risk preferences and market conditions. Information is compiled from the company’s public disclosures; the author accepts no liability for investment losses arising from the article content.

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