Fujian Tianma Science and Technology Group Co., Ltd: history, ownership, mission, how it works & makes money

Founded in 2002, Fujian Tianma Science and Technology Group Co., Ltd. (listed on the Shanghai Stock Exchange as 603668) has grown from a domestic aquatic feed developer into a vertically integrated agribusiness with cross-border ambitions: in 2024 it produced approximately 3,210.26 tons of eel (1,940.87 tons exported, 1,269.39 tons sold domestically), invested RMB 33 billion in a new G8.6 panel line in Xiamen, and by mid‑2025 launched the branded Japanese eel line "Gohoubi Unagi" with a target of 5,000 tons sold by August 2026 through partnership with Asahi Shokuhin; the company's financials reflect that momentum-Q1 2025 net profit rose by 162.56% year‑over‑year and net profit for the nine months ended September 30, 2025 totaled CNY 70.78 million-while corporate governance shows active financing moves (controlling shareholder released 13.4 million pledged shares, re‑pledged 12 million, leaving 46.7 million pledged shares equal to 48.44% of the controlling stake, and 61.7 million pledged including associates, or 37.80% of combined holdings), supporting a market capitalization of around CNY 8.74 billion as of December 2025 and underscoring Tianma Tech's focus on innovation, specialized feeds, sustainability, and diversified revenue streams.

Fujian Tianma Science and Technology Group Co., Ltd (603668.SS): Intro

• Founded in 2002 to research, develop, produce and sell special aquatic compound feeds in China.
• Listed on the Shanghai Stock Exchange in 2017 under ticker 603668.SS.
• June 2024 - produced ~3,210.26 tons of eel (1,940.87 tons exported; 1,269.39 tons sold domestically).
• 2024 - invested RMB 33 billion in a new G8.6 panel production line in Xiamen, Fujian, scheduled for mass production H2 2024.
• 2025 - expanded into Japan with the branded eel line 'Gohoubi Unagi' via partnership with Asahi Shokuhin, targeting 5,000 tons by August 2026.
• May 2025 - reported a 162.56% year-over-year increase in Q1 net profit, driven by grilled eel product demand and higher eel-farming sales.

• Publicly traded entity: Shanghai Stock Exchange ticker 603668.SS.
• Ownership mix: institutional investors, public float, and management-held shares (typical listed-company structure; major holders disclosed in annual reports).
• Vertical integration across feed R&D, hatchery/farming support, processing and branded food products (e.g., grilled eel lines).

• Mission: advance aquaculture productivity and product value through specialized feeds, integrated production, and branded processed seafood.
• Strategic priorities: expand high-margin branded products (domestic & overseas), scale production capacity (panels and aquaculture), and export growth.

• R&D: formulation of specialized aquatic compound feeds to improve growth rates, feed conversion and disease resistance.
• Production: feed mills and eel farming operations producing juvenile and market-size eel; large-scale processing facilities for grilled and packaged eel products.
• Branding & Sales: B2B feed sales to aquaculture farms; B2C and B2B sales of processed eel (domestic retail, foodservice, and export markets such as Japan).
• Export logistics: established export channels - 1,940.87 tons exported in June 2024 indicates active international distribution.

• June 2024 eel production: 3,210.26 tons total (export 1,940.87 t; domestic 1,269.39 t).
• Japan market target: 5,000 tons of Gohoubi Unagi by August 2026.
• CapEx: RMB 33 billion invested in G8.6 panel line (Xiamen, 2024).
• Recent profitability: Q1 2025 net profit +162.56% YoY.

Fujian Tianma Science and Technology Group Co., Ltd (603668.SS): History

• Market capitalization (Dec 2025): CNY 8.74 billion.
• Listing: Shanghai Stock Exchange (ticker: 603668.SS), enabling broad public ownership.
• Primary businesses: aquaculture production, feed manufacturing, downstream processing, R&D in aquatic health.

• July 2025 shareholder pledge adjustment: controlling shareholder released 13.4 million shares from pledge and re-pledged 12.0 million shares to supplement working capital.
• Post-adjustment pledged shares (controlling shareholder): 46.7 million shares - representing 48.44% of that shareholder's holdings.
• Including associated parties: total pledged shares = 61.7 million, equal to 37.80% of combined holdings.
• All such financing activities are disclosed via regulatory filings on the SSE.

• Ownership characteristics: diversified retail and institutional investor base due to SSE listing; active use of share pledges by controlling parties for liquidity and working capital management.
• Transparency: pledge adjustments and related-party totals are publicly filed per securities regulations.

Fujian Tianma Science and Technology Group Co., Ltd (603668.SS): Ownership Structure

• Tianma Tech is committed to advancing the aquaculture industry by providing specialized feed solutions for various aquatic species, enhancing the quality and sustainability of aquaculture practices.
• The company emphasizes innovation, investing in research and development to create high-quality, species-specific feeds that meet the evolving needs of the market.
• Sustainability is a core value, with efforts focused on developing feeds that promote healthy aquatic life and reduce environmental impact.
• Customer satisfaction drives the company's mission, aiming to deliver products that support the success and profitability of aquaculture businesses.
• Tianma Tech values integrity and transparency, maintaining open communication with stakeholders and adhering to ethical business practices.
• The company strives for continuous improvement, seeking to lead in the aquaculture feed industry through excellence in product quality and customer service.

• Core business: formulation, production and sale of aquaculture feeds (shrimp, fish, crab and other species) through direct sales, distributors and cooperative arrangements with large farms.
• R&D-driven product tiers: premium, standard and cost-effective feeds-higher-margin specialty and compound feeds for high-value species drive profitability.
• Vertical integration: upstream procurement of raw materials and quality-control labs lower input volatility and enhance margin stability.
• Value-added services: technical support, farm management consulting and feed-performance guarantees enhance customer retention and recurring revenue.

• Promoter/Founding shareholders: strategic controlling stake (institutional and founders) - typically largest single block supporting management continuity.
• Institutional investors and mutual funds: sizeable holdings providing liquidity and governance oversight.
• Retail/public float: listed shares available on Shanghai Stock Exchange (603668.SS) providing day-to-day market valuation.
• Employee and management ownership: incentive-driven holdings aligning interests with long-term performance.

• Concentrated controlling shareholder structure supports long-term strategic investments in R&D and sustainability initiatives.
• Public listing (603668.SS) increases transparency: periodic disclosures on operations, environmental initiatives and financial performance.
• Alignment of management incentives with shareholder returns via equity compensation and performance-based metrics.

Fujian Tianma Science and Technology Group Co., Ltd (603668.SS): Mission and Values

• Vertically integrated model: in-house R&D, raw-material sourcing, feed formulation, production, quality control and sales.
• Modern manufacturing base: main production facility located in Fuqing, Fujian, equipped with automated batching, extrusion and pelletizing lines to support high-volume, consistent feed output.
• Species coverage: product lines for eel, grouper, abalone and other marine and freshwater species, tailored for juvenile and grow-out stages.
• Market scope: sales channels serving coastal provinces in China and export customers in Southeast Asia.
• Industry collaboration: participates in associations such as the China Fisheries Association and regional aquaculture consortia to track trends and regulatory changes.
• R&D focus: nutritional optimization, growth-promotion, immunonutrition to improve feedconversion ratio (FCR) and disease resistance.
• Distribution & service: regional warehouses, logistics partnerships and technical support teams to ensure on-time delivery and on-farm guidance.

• Product sales: primary revenue from sale of compound feeds by species and growth stage (juvenile, grow-out, broodstock).
• Value-added services: technical consulting, on-farm feeding programs and customized formulation fees.
• Export sales: cross-border shipments to Southeast Asian aquaculture customers and distributors.
• Byproducts & toll manufacturing: contract manufacturing for third parties and sale of feed-related inputs.

• R&D-driven product differentiation - higher-margin specialty feeds (e.g., immune-enhancing, high-protein formulas) commanded premium pricing versus commodity feeds.
• Economies of scale - centralized procurement of raw materials and high-capacity production reduce per-unit cost.
• Quality control protocols - traceability from raw-material intake to finished product to reduce recalls and support brand reputation.
• Distribution efficiency - regional warehouses and logistics partnerships lower lead times and shrinkage, improving customer retention.

• Feed conversion ratio (FCR) improvements achieved with new formulations.
• Gross margin by product line (commodity vs specialty feeds).
• R&D ROI: incremental revenue attributable to new products and formulations.
• Inventory turnover and production utilization rates.

• Collaborations with academic institutions and industry associations (e.g., China Fisheries Association) for trials and technology transfer.
• Distributor and dealer networks for market penetration and after-sales technical support.
• Participation in regional aquaculture trade shows and product demonstration farms to drive adoption.

Fujian Tianma Science and Technology Group Co., Ltd (603668.SS): How It Works

• Primary revenue engine: sale of specialized aquatic compound feeds, particularly eel feeds and allied formulations sold to commercial farms and distributors.
• High-margin strategy: species-specific, high-quality formulations enable premium pricing versus commodity feeds.
• Brand & export expansion: launch of the 'Gohoubi Unagi' brand in Japan (July 2025) to capture higher-value international eel product markets and boost overseas revenue.
• Operational diversification: investment in a G8.6 display panel production line (Xiamen, Fujian) to create a new revenue stream outside aquaculture.
• Vertical integration and partnerships: joint projects with eel farms, feed distributors, and cold-chain/processing partners to capture downstream value and stabilize demand.

• R&D & formulation: proprietary species-specific feed recipes increase feed conversion efficiency for clients, justifying premium pricing and repeat orders.
• Production & supply chain: feed plants produce compound feeds at scale; logistics and distributor networks ensure market penetration across farming regions.
• Branding & processing: branded eel products (e.g., Gohoubi Unagi) move the company into higher-value retail/export channels with better margins than bulk feed sales.
• Capital projects: the G8.6 panel line represents a strategic capex to diversify revenue - expected to contribute incremental sales once ramped.
• Partnerships & contracts: long-term supply agreements with farms and co-investments reduce demand volatility and improve working-capital predictability.

• International expansion (Japan) via Gohoubi Unagi - expected incremental export revenue starting H2 2025 onward.
• Scaling of eel feed sales - core driver of current profitability and cash generation.
• Successful commissioning and ramp-up of the G8.6 panel line - diversifies income and reduces concentration risk.
• Maintaining premium pricing through quality and species-specific formulations to protect margins against raw-material volatility.

Fujian Tianma Science and Technology Group Co., Ltd (603668.SS): How It Makes Money

• Founded in Fujian province with roots in integrated aquaculture, processing, and sales of eel and other aquaculture products.
• Publicly listed on the Shanghai Stock Exchange (603668.SS); as of December 2025 major shareholders include institutional investors and founder-linked entities (free float supports liquidity).

• Produce high-quality, sustainable aquaculture products (primarily farmed eel) while expanding downstream processing and branded sales.
• Invest in technology and facilities to increase yield, product quality and value-add (processing, deep-processing and B2B/B2C channels).
• See: Mission Statement, Vision, & Core Values (2026) of Fujian Tianma Science and Technology Group Co., Ltd.

• Live and processed eel sales (domestic wholesale and retail, and export markets, notably Japan).
• Value-added processed products (vacuum-packed, frozen, ready-to-cook eel products).
• Technology-enabled breeding and farming services, licensing of farming techniques and feed supply.
• Sales from proprietary brands and distribution agreements in international markets.

• Vertical integration: breeding - grow-out farms - processing plants - distribution (reduces input costs and improves margin control).
• Capital investment in automation and production scale (e.g., G8.6 panel production line) to improve throughput and product consistency.
• Quality and sustainability programs to meet export standards (traceability, certifications, and environmental controls).

• Market capitalization: approximately CNY 8.74 billion (Dec 2025), reflecting a strong niche position in the aquaculture sector.
• Significant foothold in Japan - targeting the world's largest market for farmed eel products to capture higher-margin export revenues.
• Investment in advanced production lines (G8.6) and sustainability aligns with global demand for responsible aquaculture.
• Q1 2025 financial performance showed a 162.56% increase in net profit, signaling robust near-term growth.