Homey Aquatic reports mixed Q3 results amid segment shifts, profit decline

Shandong Homey Aquatic Development (SSE:600467) reported varied performance across its business segments for the third quarter of 2025. Cold and prepared foods saw increases, with production up 9.91% to 15,076.85 tons and sales up 9.28% to 15,365.29 tons compared to the same period in 2024. Inventory for this segment increased by 28.24% to 1,117.73 tons. Fishing products also grew, with production rising 20.00% to 54,642.73 tons and sales up 12.79% to 55,236.38 tons, although inventory soared by 141.19% to 11,373.38 tons.

Sea cucumber processed products experienced a substantial 91.39% increase in production to 276.87 tons, but sales declined by 7.67% to 145.63 tons, with inventory up 134.47% to 193.74 tons. Fresh sea cucumbers saw production and sales both increase by 11.73% to 3,584.79 tons, maintaining zero inventory. The company’s overall operating revenue for the first nine months of 2025 was down 3.73% to CNY 935,791,257.21, and net profit attributable to shareholders decreased by 8.45% to CNY 27,031,861.18.

Despite the decline in net profit, net profit attributable to shareholders, excluding non-recurring gains and losses, surged by 149.57% to CNY 15,160,919.26, primarily due to a 9.45% decrease in operating costs and a 50.33% reduction in non-recurring losses. However, the net cash flow from operating activities significantly decreased by 62.20% to CNY 94,695,376.29, mainly due to a 47.04% increase in cash paid for goods and services.