On July 14th, Tianma Technology (603668. SH) disclosed its semi annual performance forecast for 2026. The announcement shows that the company expects to achieve a net profit attributable to shareholders of the listed company of 10.5 million to 15.5 million yuan during the reporting period; Deducting non net profit of 6.8 million yuan to 11.8 million yuan.

Tianma Technology stated in the announcement that during the reporting period, due to the combined effects of macroeconomic fluctuations, industry cyclical adjustments, and the high yield of Japanese eel seedlings, eel prices continued to operate at a low level, putting pressure on the overall operation and profitability of the company. However, by improving the quality and efficiency of the main feed industry and implementing a dual track layout for aquaculture and food production, we have made efforts in multiple areas, and our business resilience continues to emerge.

In the first half of 2026, the company's special water feed business achieved year-on-year growth in revenue, mainly due to the continuous innovation and development of market channels, as well as the synchronous optimization and adjustment of product structure and business structure. To further enhance the competitiveness of its main business, the company has built a supply chain finance platform to provide supporting financial services for distributors and breeders, helping to consolidate market stickiness in the special water feed sector. In terms of livestock and poultry feed business, the company maintains a stable operating trend, providing ballast support for the overall revenue scale.

On the breeding side, Tianma Technology mainly relies on self use. Although the industry is still at the bottom of the cycle, prices have shown a stable upward trend. Affected by multiple factors such as macroeconomic fluctuations, changes in the international fishmeal trade pattern, and the rising cost of comprehensive eel farming, the price of live eels has rebounded from a low level, but the increase is still difficult to fully cover the continuously rising raw material costs. The price fluctuations of exported products such as roasted eels are also quite obvious.

It is reported that the Eel Industry Working Committee of the China Fisheries Association has responded to industry calls and previously proposed a package of measures to stabilize the market, including raising the minimum purchase price for eels, assisting in strengthening eel seedling control and production capacity regulation; The Japanese eel industry also analyzed that as the local eel consumption peak season approaches, coupled with factors such as concentrated orders from domestic processing plants and full capacity operation in China, domestic live eel prices are expected to bottom out and rebound.

Recently, as the Japanese Eel Festival approaches, the company's export orders for live eels have continued to increase. On the food side, although fluctuations in raw material prices and the need to boost terminal consumption have put some pressure on gross profit margins, the company's eel processing orders have maintained stable growth, driving steady revenue growth. The Eel Industry Working Committee of the China Fisheries Association has also proposed in previous market stabilization measures to expand new consumption scenarios and establish a long-term domestic sales development mechanism, which coincides with the layout of Tianma Technology's dual track operation at home and abroad. At present, the company's food sector is accelerating the dual track layout of domestic and foreign markets, and the new Japanese brand eel products continue to sell well, providing additional support for the overall business resilience of the company.

Looking ahead, as the peak season for eel consumption in Japan continues to drive export order recovery and industry stabilization measures gradually take effect, live eel prices have stabilized and rebounded. Coupled with the diversified channel layout of special water feed and the continuous deepening of food dual track operation, Tianma Technology is expected to gradually overcome the pressure of the bottom of the cycle, and the operational resilience of the entire industry chain coordinated development will be further highlighted, providing strong support for the company to overcome cycles and achieve long-term stable development.