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Fuzhou × × × × Fisheries Co., Ltd.


I. Overview
Company Name: Fuzhou × × × × Fisheries Ltd.
Legal representative: Lan certain
Registered capital: 3,109.7561 million
Paid-in capital: 3,109.7561 million
Date of establishment: December 17, 1999
Business Scope: Fuzhou × × × × Fisheries Co., Ltd. (hereinafter referred to as "× × fishing") is an enterprise engaged in offshore fishing, the main business of deep-sea fishing, cold storage and aquatic products, deep processing. The company now has an ocean-going fishing fleet of 14 ocean-going fishing vessels and three supply ships, 1-ton cold storage equipment, annual output of 30,000 tons of aquatic products, food processing equipment, with the largest room temperature longline deep-sea fishing fleet, is one of the few offshore fishing industry has a complete chain one. Fishing area covers the Western and Central Pacific high seas, the Indian Ocean on the high seas and the waters of Mozambique, 2009, the catches of nearly 8000 tons, the main species of shark, tuna, swordfish and yellowtail fish and other deep-sea demersal fish.
Second, industry overview and features
(A) the main business industry
The main business of deep-sea fishing, industry followed by agriculture → Fisheries → offshore fishing (fishing) from the macro to the subdivision. Deep-sea fishing refers to a country's citizens, legal persons and other organizations to the high seas and other countries' waters under the jurisdiction of fishing activities engaged in marine fishing and ancillary processing, supply and product transport. Offshore fishing (fishing) including ocean fisheries (fishing) and over the ocean fisheries (fishing).
(B) the industry regulator
1, the domestic industry regulator:
Our country involved in the fishery, VMS, ship inspection, marine and content management of marine fisheries, the current system is a "unified leadership and graded management", in accordance with the Fisheries Act, Fisheries Act Implementation Rules "," ocean fisheries management regulations "," fishing vessel, registration of fishing license regulations, the fishing vessel inspection regulations "a series of laws and regulations to manage. The State Council designated the Ministry of Agriculture, Fisheries Bureau is responsible for implementation of the Marine Fisheries Economics and Management, State Oceanic Administration, responsible for the implementation of integrated ocean management. Provincial level with the Office of Ocean and Fishery, city (prefecture) and county level with Ocean and Fishery Bureau, to be managed in accordance with the law as a government administrative department in charge of marine affairs and fisheries economy. Under the policy guidelines for countries to support strongly the development of offshore fisheries undertakings, the government and administrative departments at all levels of implementation of standardized management of ocean fisheries enterprises.
2, the operating management of international waters: regional management organizations, the management of the coastal State
Regional fisheries management organizations play a unique role in international cooperation to promote the conservation and management of fish stocks. These organizations represent the most realistic way to control cross-border or national jurisdiction shared between populations, areas under national jurisdiction and high seas or high seas stocks. Regional fisheries management organizations seek to promote within the competence of the target species of long-term sustainable use, and efforts to implement a wider range of fisheries management, ecosystem approach and consideration of biological diversity and to consider the adoption of the measures and target populations are the same or associated or dependent ecological system of the species. At present, international waters, fisheries organized as follows: "UN Convention" → five regional conservation and management organizations → coastal States and the 200-nautical-mile economic zone exclusive powers.
(C) industry policy
The offshore fishing is abroad and the high seas fishery resources to fishing, and then sold to domestic and international markets, export-oriented industries, and make full use of the fishery resources of the foreign as I used to belong to the state to actively support the development and support of industry. The State Council approved the overall plan for the development of "Our offshore fishing, offshore fishing as a key state support and encourage the industry, the National Fisheries Development 11th Five-Year Plan (2006-2010) clearly pointed out that to implement the" going out " strategy, and steady development of offshore fisheries, continue to promote the strategic restructuring of the offshore fishing industry, actively develop ocean fisheries, and to accelerate the development of oceanic fisheries.
(D) the development of the industry outlook
1, the prospects for the development of deep-sea fishing resources optimistic about the long-term
As environmental pollution and the offshore overfishing the waters of sovereign States face resource depletion, and countries to increase their offshore fishery resources management and protection of oceanic fishing the high seas fishing operations difficult, high barriers to entry, protect fishery resources, oceanic fishing production showed a rapid growth, with good prospects for development.
2, the international transfer of the pelagic fishing industry to accelerate the opportunities for the development of the pelagic fishing industry in China
Pelagic fishing as a traditional and emerging industries, the world engaged in ocean fishing for the United States, Japan, Norway, Spain, Korea and other countries and regions, the proportion is still more developed countries of the vessels fishing accounts for the global ocean fishing high. Pelagic fishing inputs of capital, technical level have higher requirements, but is still labor-intensive characteristics of large trawl fleet in developed countries labor costs account for about 35% -40% of production costs, as labor costs rise attention to the development of marine industry and developing countries since the 1990s accelerated the speed of the transfer of industries worldwide. Deep-sea fishing is an important part of the marine industry, with the advantages of green sustainable development
Third, the main business
(A) business structure
× × Fisheries main business was fishing, offshore fishing and aquatic Holdings wholly owned subsidiary of Fuzhou × × Industrial Co., Ltd., engaged in refrigerated warehousing services, through an indirect holding Sun Company Fuzhou × × Food Co., Ltd., engaged in the processing of aquatic products business, is one of the few offshore fishing industry chain has a complete one.
1, deep-sea fishing business
× × fisheries have a "Ministry of Agriculture, offshore fishing business credentials, currently has a 10 room temperature longline offshore fishing boats, four trawl deep-sea fishing boats, offshore fishing fleet of three supply transport ship, ocean-going fishing vessels The team has a gross tonnage of 4,826 tons, the total power of the host 8,058.3 kilowatts. Expected by the end of 2011, the company's ocean-going fishing vessels will reach about 30.
2, cold storage warehousing operations
A wholly owned subsidiary × × Co., engaged in refrigerated warehousing services, the company has 10,000 square meters of cold storage in accordance with the highest standards of production in the EU, in addition to the priority to the needs of × × Fisheries shipped back to catch the frozen storage, but also for Fuzhou other local offshore fishing companies to provide services.
3, aquatic products processing business
Holding company Sun × × food in aquatic products processing business has an annual output of 30,000 tons of aquatic products processing equipment, mainly relying on × × fisheries, the source of products for processing. The company received the HACCP inspection certificate for the highest standards of product complies with exported to the U.S. standard.
(B) the business model
A production model: The company mainly longline way for offshore fishing, offshore fishing vessels, a single vessel operating cycle for about 2 years, the early processing of fishing products in the fishing boat, and then placed in a vessel equipped with cold storage to store by tender Transportation. Single vessel once the work is completed, a major overhaul.
Sales model: offshore fishing sales model is generally divided into two types: The traders mode and non-traders mode. Traders mode, the fishing companies or products sold directly at the port to the traders, and complete the trade settlement, or as directed by the traders will be delivered to the specified consignee, and traders to settle the account. The mode of non-traders, fishing companies and demand customers a contract of sale, the product delivered to customers or its own delivery and billings. The company's current sales to non-traders mode.
Procurement: oceanic fishing away from the land, the long cycle of fishing, the fuel required in the production process, and fisheries need supplies and personnel on board living materials require the dealer procurement and completion of supplies through the supply ships at sea, a small amount of other material procurement by the company directly to manufacturers in order to carry on board.
(C) industrial policy
The ocean fishing industry is our policy to support and encourage the development of industry can be seen, from the company to enjoy preferential tax policies and various subsidies. × × Fisheries corporate income tax, customs duties and VAT are exempt from the 2009 to enjoy all types of government grants to 2.3868 million yuan, 7.0957 million yuan in 2008, 2.72 million yuan in 2007, accounting for a smaller net profit of the company over the same period the proportion of
IV., The advantage
u trade advantage. Company in which the deep-sea fishing industry is part of the national maritime strategy, the country's 12th Five-Year Plan, the strong support of the marine economy.
u scale advantages. Expected by the end of 2011 × × fisheries fishing boats will reach 30, is the largest private enterprises in the deep-sea fishing industry.
u the whole industry chain advantages. The company very complete industrial chain. Fishing from upstream to downstream processing, both to ensure food quality and control costs.
u base advantage. Mao Tower, the company has established a deep processing base, and increase the supply of upstream resources and processing capabilities.
u experience advantage. Company founding team has a wealth of deep-sea fishing and marine food processing experience.
, Profitability and return on investment forecast
Units (million)

Project 2011 2012e 2013e
Operating income 2,776,069,438,143,900
Total profit of 130,783,001,859,710
Net profit 13078 30 018 59710

Note: the above projections assume that Indonesia and Mao tower project successfully carried out, and fishing boats are delivered as scheduled
Two companies involved in offshore fishing industry, income tax exemption.
× × fisheries listing broker for the letter, the accounting firm Continental Songde law firm as a Beijing Ding stone law firm. Accountants and brokers admission a long time, have done a lot of normative work. 2012 third quarter is expected to report material. The company expects 2011 will achieve a net profit of more than 9000 million.
The Fuzhou × × × × Fisheries Ltd. engaged in ocean-going fishing business is a China actively promote the development and support of industry, the company has a complete offshore fishing industry chain, strong profitability, the development of faster, there is a strong competition in the market force. The assumptions listed PE of 50 times, then the investment rate of return of about 8 times.
Sixth, the investment program
n invested about 10 million yuan, all for the equity transfer.
n prices for investment in fisheries × × 2011 forecast a net profit of 10.7 times the valuation of 90 million yuan, accounting for 0.924% of the fully diluted shares, valued at about $ 1 billion in corporate investment.
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