CNFC Overseas Fisheries reports losses, asset value declines in 2024

** CNFC Overseas Fisheries (SZSE:000798) reported a net loss of CNY -104.01 million attributable to shareholders in 2024, alongside key details from its annual financial report and related announcements. While revenue increased 22.05% year-over-year to CNY 4.93 billion, significant challenges including high operating costs, market fluctuations and continued international pressures led to the unsatisfactory outcome. The company highlighted ongoing efforts to restructure its operations and develop new avenues for sustainable and compliant growth. Furthermore, the board has resolved not to distribute any dividends for the year. The company also disclosed it had net losses exceed one-third of its equity, a situation requiring shareholder approval. Further complicating matters, the company reported an outstanding debt of CNY 11.88 million from previous transactions that are unlikely to be collected. Offsetting these liabilities, the company achieved substantial revenues and strategic partnerships that are projected to support future revenue earnings and operational improvements.