Tianma Technology clarifies 2025 semi-annual report with Shanghai Stock Exchange

Fujian Tianma Technology Group Co., Ltd. has issued a comprehensive response to the Shanghai Stock Exchange's regulatory inquiry regarding its 2025 semi-annual report. The company reported a significant increase in its aquaculture and food business revenues, with aquaculture reaching 419 million yuan, up 14.02%, and food business revenue hitting 401 million yuan, a 72.40% increase. This growth is primarily attributed to increased eel farming and roasted eel production volumes.

The report also addressed the increase in consumable biological assets, particularly eels, which reached 2.844 billion yuan, a 27.76% rise from the end of 2024, constituting 59.21% of current assets. The company clarified its inventory count methods, which include regular sorting and sampling processes to ensure accuracy. Despite market fluctuations, the company performed impairment tests and recognized impairment provisions of 4.4395 million yuan for certain biological assets, indicating timely and sufficient provisioning.

Rongcheng Certified Public Accountants, as the company’s auditor, confirmed the reasonableness of the disclosed financial information. Their audit procedures included extensive interviews with management, analysis of sales and costs, sample checks of contracts and supporting documents for both domestic and international revenues, and inventory observations for biological assets. These measures validated the accuracy of the company’s revenue recognition policies, the growth drivers, and the adequacy of impairment provisions.