Chuangkai International (600097) Limit-Up Analysis: Performance Growth and Theme Drivers

Chuangkai International (600097) is a deep-sea fishing SOE controlled by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC). Its core businesses include the tuna industry chain, deep-sea fishing, and food processing [0]. On November 17, 2025, the stock rose to the limit at 13.29 yuan, with an increase of 10.02%, a turnover of 307 million yuan, and a turnover rate of 9.61% [1]. In terms of performance, from January to September 2025, revenue was 1.7 billion yuan, and net profit was 60.5173 million yuan, a year-on-year increase of 269.47% [0]; the core driving factors are the explosive growth of the krill business (198% year-on-year increase in catch volume) and the steady growth of the tuna business (16%) [0]. Corporate governance optimization is significant: the supervisory board was canceled and replaced by an audit committee, the independent director system was strengthened, operating cash flow increased by 896.69% year-on-year to 126 million yuan, and the asset-liability ratio dropped to 29.18% [0]. In addition, the stock is a component of the SOE reform index [3] and benefits from the linkage effect of the agriculture, forestry, animal husbandry, and fishery sectors [0].

Cross-domain correlation: SOE reform policy dividends (such as Futu Niu Niu SOE reform component stocks [3]), combined with the company’s operational improvements (performance + governance) and niche market demand (krill business), created resonance and drove the limit-up. Deep implication: SOEs can achieve performance reversal and market recognition by focusing on high-growth niche areas and governance reforms. Systematic impact: Provides a transformation reference for other SOEs, proving that niche business + governance optimization is an effective path for SOE growth.

Risk points: A high turnover rate of 9.61% indicates short-term volatility risk [1]; reliance on fishing business is vulnerable to weather and regulatory policy changes [0]. Opportunity window: Potential for continuous expansion of the krill business [0], deepening dividends of SOE reform [3], and extension opportunities for the pre-made food concept [0]. Priority assessment: Focus on turnover rate fluctuations in the short term and krill business growth in the long term.

Chuangkai International (600097)'s limit-up is a comprehensive result of performance reversal, business growth, governance optimization, and theme-driven factors. The market’s attention to SOE reform and niche high-growth businesses has increased, but short-term volatility needs to be noted. This report provides objective analysis and does not constitute investment advice.