Shandong Oriental Ocean Sci-Tech Co.,Ltd. (002086.SZ) announced that its major shareholder, Shenzhen Qianhai Guoyuan Private Securities Fund Management Co., Ltd. - Guoyuan Value Select No.1 Private Securities Investment Fund (referred to as "Guoyuan Fund"), has completed its previously disclosed share reduction plan. The fund sold a total of 58.74 million shares (3% of total shares), cashing out approximately 160 million yuan. After the reduction, Guoyuan Fund's stake decreased from 9.81% to 6.81%.
The company's control remains unaffected. Guoyuan Fund completed the reduction ahead of schedule. According to the announcement, the fund originally planned to reduce its holdings through centralized bidding and block trades between September 12, 2025 and December 11, 2025. The plan has now been fully executed.
Details show that through centralized bidding from September 17 to November 17, 2025, Guoyuan Fund sold 19.58 million shares (1% of total shares) at an average price of 2.83 yuan per share, with transaction prices ranging between 2.61 and 2.99 yuan. Through block trades from September 16 to 23, 2025, the fund sold 39.16 million shares (2% of total shares) at an average price of 2.72 yuan, with prices ranging from 2.60 to 2.85 yuan. The shares came from capital reserve conversion. The total cash proceeds amounted to about 160 million yuan.
Before the reduction, Guoyuan Fund held 192.18 million shares (9.81% stake). After the sale, its holding decreased to 133.44 million shares (6.81% stake), remaining a major shareholder with over 5% stake. All remaining shares are unrestricted.
The company stated that Guoyuan Fund is not a controlling shareholder, and the reduction won't affect control rights, equity structure, governance, or operations. Production and operations remain normal.
Financial reports show the company's performance declined in the first three quarters of 2025. Revenue reached 246 million yuan, down 0.78% year-on-year. Net profit attributable to shareholders was -105 million yuan, down 51.43%. Non-GAAP net profit was -111 million yuan, down 38.31%. In Q3 alone, revenue was 89.93 million yuan (-2.67% YoY), with net profit at -34.39 million yuan (-22.23% YoY).
The company attributed the profit decline to reduced gross margins in sea cucumber products, testing, and reagent kits. Sea cucumber sales revenue dropped 62.56% due to market conditions, reduced seedling sales, and increased processing of fresh sea cucumbers into dried products. Testing and reagent kit revenue fell 76.13%, mainly due to a key US customer losing major orders.
The company has been expanding into prepared sea cucumber dishes, but this business remains small-scale. In 2024, sea cucumber products generated 35.56 million yuan in revenue (10.45% of total). The company operates five advanced processing lines and plans to leverage its marine industry chain to develop functional products and enter the prepared food market. However, this segment currently cannot offset losses from main operations.
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