<p><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2025-09/kopi-C%20-%20Qian%20Hu.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2025-09/kopi-C%20-%20Qian%20Hu.png"/></p>
<p><em>千湖集团董事长叶国成正在引领公司超越其观赏鱼的根基，进入宠物配件、高科技水产养殖和食品安全包装领域。</em></p>
<p>在新加坡的松桂中，开车经过时，人们可能会怀疑自己是否仍在新加坡。</p>
<p>在这里，广袤的土地上，水产养殖场与园艺和农业食品企业并肩而立。其中包括千湖集团——在新加坡食品局（SFA）招标的农场空间中运营的少数几家公司之一。</p>
<p>尽管仍然广泛与观赏鱼相关联，千湖的商业模式已经远远超出了锦鲤和罗汉鱼。在过去十年中，千湖在向其他增长领域扩展方面采取了战略性和系统性的方式，从宠物配件到高科技水产养殖和包装。</p>
<p>这种多元化反映了在动荡的全球贸易环境中管理风险的深思熟虑的策略，同时也抓住了塑造宠物拥有和食品生产的长期趋势。</p>
<p>董事长叶国成直言不讳地表示：“千湖实际上有四个支柱：鱼、宠物配件、水产养殖和塑料。我们将自己视为一个在整个价值链中拥有专业知识的综合运营商。”</p>
<p><strong>超越传统业务</strong></p>
<p>如今，千湖仍然是观赏热带鱼贸易的主要参与者。凭借从养殖和检疫到出口超过 1000 种鱼类和品种的综合能力，它在包括日本、中国、英国、德国等 80 个城市和国家运营。</p>
<p>然而，叶国成也指出了几个关键的全球趋势，这些趋势正在影响千湖如何调整其关注点，以期望未来的增长。</p>
<p>“许多年轻父母宁愿养宠物而不是孩子，” 他分享道，这导致全球宠物产品和配件的增长。</p>
<p>在千湖，宠物配件业务在 2025 年上半年实现了 272,000 新元的部门利润，同比增长 81%，尽管其规模小于鱼类部门。</p>
<p>“配件提供类似年金的收入，没有活鱼的风险——没有死亡、没有检疫，且更易于扩展，” 叶国成指出。</p>
<p>接下来，他强调，自 2017 年以来，千湖不仅在新加坡运营水产养殖场，还在马来西亚和中国海南省运营。在新加坡，他们正在应用 AIoT（物联网人工智能）系统，利用水听器 “倾听” 喂食行为，并自动触发颗粒饲料喂食器。</p>
<p>通过这些效率提升，他提到生产力提高了多达 30%。毕竟，自动喂食意味着池塘可以在更少的人工干预下进行监控和管理，支持全天候优化。</p>
<p>除了喂食，千湖甚至正在开发用于疾病预测和生物量测量的人工智能工具，这可能进一步降低死亡率并提高产量。这些能力也可能商业化，向其他农民提供，创造新的收入来源。</p>
<p>最后，叶国成分享了千湖的塑料业务，过去主要供应工业塑料袋，现在已转向食品和医疗级包装，包括抗菌材料的开发。</p>
<p>这些材料在医疗保健和食品安全方面具有潜在应用，使业务与更广泛的卫生和可持续发展趋势保持一致，并使其在基本行业的长期需求中更具相关性。</p>
<p><strong>应对风险</strong></p>
<p>虽然这些发展暗示了千湖的增长领域，但叶国成也清楚公司面临的逆风。但对他来说，这些都是加大长期投资的信号。</p>
<p>鉴于新加坡水产养殖土地租赁的不确定性，通常为 20 年，可能延长 10 年，他已经在马来西亚、泰国和中国建立了产能。</p>
<p>这些海外农场作为迈向更具韧性的区域布局的垫脚石，确保无论国内政策如何变化都能保持连续性。</p>
<p>同样的心态适用于贸易紧张局势。由于千湖的许多配件在中国制造，暴露于美国关税是不可避免的。</p>
<p>叶国成并没有仅仅等待条件改善，而是扩大了公司的产品线，并将市场覆盖范围扩展到 30 个国家。这一策略的意图是缓冲公司在任何一个市场的突然变化，使其能够在需求最强劲的地方捕捉增长。</p>
<p>在运营方面，叶国成的重点是投资于韧性。企业资源规划系统在各子公司的推广使千湖能够显著削减库存。</p>
<p>尽管该系统需要前期投资和培训，但回报是一个更精简、更高效的运营，释放了现金并保持公司净现金为正——在一个冲击可能在一夜之间发生的行业中，这些都是至关重要的特征。</p>
<p><strong>长期、深思熟虑的心态</strong></p>
<p>财务数据反映了这种长期的计算。在 2025 财年上半年，千湖的收入保持在 3510 万新元，但净利润下降至 31,000 新元——比去年下降了 88%。按部门划分，观赏鱼利润同比下降 12%，塑料下降 23%，而配件则激增 81%。表面上，这些数字可能看起来令人沮丧。</p>
<p>但叶国成强调，这些数字指向的是一家正在转型的公司——将资源投入到新农场、新系统和新产品中。</p>
<p>2024 年全年也保持了相同的模式，千湖的收入为 7140 万新元，但净利润为 357,000 新元。对叶国成来说，这些利润率代表了建立更强大基础的成本。</p>
<p>正如他所指出的，像印度尼西亚农场或抗菌包装这样的新项目需要前期支出，才能带来回报。</p>
<p>“我们仍然保持现金正向，” Yap 强调，“但我们并不追求以牺牲可持续性为代价的快速增长。” 他坚持认为股息应 “基于结果，而非承诺”，这同样体现了这种理念：稳健的进展，而非空洞的保证。</p>
<p>Yap 的立场反映了他对波动性的深刻理解。多年来，千湖经历了疾病暴发、贸易中断和供应链冲击。每一次危机都加强了提前预见变化和在紧急之前投资能力的必要性。</p>
<p>如今，这种方法在公司的战略中显而易见：顺应全球宠物拥有率上升的配件、承诺提高效率和疾病控制的 AIoT 水产养殖技术，以及与健康和食品安全趋势相一致的包装创新。</p>
<p>正如 Yap 所说：“我们预见变化，做出经过计算的早期行动，并建立能力。确实，我们是从鱼开始的——但千湖的未来远不止于此。”</p>
<p><strong>关于千湖集团</strong></p>
<p>千湖成立于 1998 年，是一家综合性的观赏鱼服务提供商——提供涉及来自世界各地的 1000 多种观赏鱼的分销服务，以及包括宠物食品和药物在内的各种水族箱配件的制造和分销。</p>
<p>2017 年，集团启动了其水产养殖业务，在中国海南省养殖无抗生素的可食用鱼苗。它还从海南向东南亚出口可食用鱼和海鲜，并从世界其他地区进口其他可食用鱼和海鲜到中国。其两个养殖场占地总面积为 10,000 平方米，拥有超过 200 个水箱，用于养殖多种可食用鱼和海鲜。</p>
<p>欲了解更多信息，请访问 https://www.qianhu.com/。</p>
<p><strong>关于 kopi-C：公司专栏</strong></p>
<p>kopi-C 是 SGX Research 与 Beansprout（https://growbeansprout.com）合作推出的常规专栏，Beansprout 是一个获得 MAS 许可的投资顾问平台，专注于对 SGX 上市领先公司的高管进行采访。这些访谈是对高级管理层的介绍，旨在帮助投资者更好地了解这些公司的管理者。</p>
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仟湖鱼业集团

<p>仟湖鱼业集团在主席叶国成的领导下，正从观赏鱼的根基多元化发展到宠物配件、高科技水产养殖和食品安全包装。该公司报告称，宠物配件的利润同比增长了 81%，同时在水产养殖中实施了人工智能技术以提高效率。尽管面临贸易紧张和土地租赁不确定性等挑战，仟湖仍在马来西亚、泰国和中国扩展其业务以增强韧性。2025 财年上半年，收入保持稳定，为 3510 万新元，但净利润大幅下降，反映出持续的战略投资</p>

<p><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2025-09/kopi-C%20-%20Qian%20Hu.png" alt="" original-src="https://api2.sgx.com/sites/default/files/2025-09/kopi-C%20-%20Qian%20Hu.png"/></p>
<p><em>Qian Hu Chairman Yap Kok Cheng is steering the company beyond its ornamental fish roots into pet accessories, high-tech aquaculture, and food-safe packaging.</em></p>
<div class="lb-trans"><p><em>千湖集团董事长叶国成正在引领公司超越其观赏鱼的根基，进入宠物配件、高科技水产养殖和食品安全包装领域。</em></p>
</div><p>Driving through Sungei Tengah, one could be forgiven for wondering if they were still in Singapore.</p>
<div class="lb-trans"><p>在新加坡的松桂中，开车经过时，人们可能会怀疑自己是否仍在新加坡。</p>
</div><p>Here, on seemingly boundless plots of land, aquaculture farms sit alongside horticulture and agri-food businesses. Amongst them is Qian Hu Corporation—one of a small handful of companies operating on Singapore Food Agency (SFA) tendered farm spaces.</p>
<div class="lb-trans"><p>在这里，广袤的土地上，水产养殖场与园艺和农业食品企业并肩而立。其中包括千湖集团——在新加坡食品局（SFA）招标的农场空间中运营的少数几家公司之一。</p>
</div><p>While still widely associated with ornamental fish, Qian Hu's business model has evolved far beyond koi and luohan fish. Over the past decade, Qian Hu has been strategic and systematic in branching into other areas of growth, from pet accessories to high-tech aquaculture and packaging.</p>
<div class="lb-trans"><p>尽管仍然广泛与观赏鱼相关联，千湖的商业模式已经远远超出了锦鲤和罗汉鱼。在过去十年中，千湖在向其他增长领域扩展方面采取了战略性和系统性的方式，从宠物配件到高科技水产养殖和包装。</p>
</div><p>This diversification reflects a calculated approach to managing risk in a volatile global trade environment, all while tapping into long-term trends that are shaping both pet ownership and food production.</p>
<div class="lb-trans"><p>这种多元化反映了在动荡的全球贸易环境中管理风险的深思熟虑的策略，同时也抓住了塑造宠物拥有和食品生产的长期趋势。</p>
</div><p>Chairman Yap Kok Cheng puts it plainly, “Qian Hu is really four pillars: fish, pet accessories, aquaculture, and plastics. We see ourselves as an integrated operator with expertise across the value chain.”</p>
<div class="lb-trans"><p>董事长叶国成直言不讳地表示：“千湖实际上有四个支柱：鱼、宠物配件、水产养殖和塑料。我们将自己视为一个在整个价值链中拥有专业知识的综合运营商。”</p>
</div><p><strong>Beyond the legacy business</strong></p>
<div class="lb-trans"><p><strong>超越传统业务</strong></p>
</div><p>Today, Qian Hu remains a major player in the ornamental tropical fish trade. With integrated capabilities from farming and quarantine to export of more than 1000 species and varieties, it operates across 80 cities and countries including Japan, China, the UK, Germany, and others.</p>
<div class="lb-trans"><p>如今，千湖仍然是观赏热带鱼贸易的主要参与者。凭借从养殖和检疫到出口超过 1000 种鱼类和品种的综合能力，它在包括日本、中国、英国、德国等 80 个城市和国家运营。</p>
</div><p>Yet Yap also notes several key global trends that are informing how Qian Hu has refined its focus as it eyes future growth.</p>
<div class="lb-trans"><p>然而，叶国成也指出了几个关键的全球趋势，这些趋势正在影响千湖如何调整其关注点，以期望未来的增长。</p>
</div><p>&#34;A lot of young parents rather have pets than children,&#34; he shares, which as a result is driving global growth in pet products and accessories.</p>
<div class="lb-trans"><p>“许多年轻父母宁愿养宠物而不是孩子，” 他分享道，这导致全球宠物产品和配件的增长。</p>
</div><p>At Qian Hu, the pet accessories business delivered S$272,000 in segment profit for the first half of 2025—a 81% year‑on‑year rise—despite being smaller than the fish segment.</p>
<div class="lb-trans"><p>在千湖，宠物配件业务在 2025 年上半年实现了 272,000 新元的部门利润，同比增长 81%，尽管其规模小于鱼类部门。</p>
</div><p>“Accessories provide annuity‑like revenue without the risks of live fish—no mortality, no quarantines, and easier scalability,” Yap points out.</p>
<div class="lb-trans"><p>“配件提供类似年金的收入，没有活鱼的风险——没有死亡、没有检疫，且更易于扩展，” 叶国成指出。</p>
</div><p>Next, he highlights how, since 2017, Qian Hu has been operating aquaculture farms not just in Singapore, but also in Malaysia and China’s Hainan province. In Singapore, they’re applying AIoT (Artificial Intelligence of Things) systems that utilise hydrophones to “listen” to feeding behaviours and trigger pellet feeders automatically.</p>
<div class="lb-trans"><p>接下来，他强调，自 2017 年以来，千湖不仅在新加坡运营水产养殖场，还在马来西亚和中国海南省运营。在新加坡，他们正在应用 AIoT（物联网人工智能）系统，利用水听器 “倾听” 喂食行为，并自动触发颗粒饲料喂食器。</p>
</div><p>Through these efficiency improvements, he cites up to 30% productivity gains. After all, automated feeding means ponds can be monitored and managed with less manual labour, supporting round-the-clock optimisation.</p>
<div class="lb-trans"><p>通过这些效率提升，他提到生产力提高了多达 30%。毕竟，自动喂食意味着池塘可以在更少的人工干预下进行监控和管理，支持全天候优化。</p>
</div><p>Beyond feeding, Qian Hu is even developing AI tools for disease prediction and biomass measurement, which could in turn lower mortality rates and enhance yield. These capabilities may also be commercialised to other farmers, creating new revenue streams.</p>
<div class="lb-trans"><p>除了喂食，千湖甚至正在开发用于疾病预测和生物量测量的人工智能工具，这可能进一步降低死亡率并提高产量。这些能力也可能商业化，向其他农民提供，创造新的收入来源。</p>
</div><p>Finally, Yap shares how Qian Hu's plastics business, which used to supply mainly industrial plastic bags, has since pivoted to food and medical-grade packaging, including the development of antimicrobial materials.</p>
<div class="lb-trans"><p>最后，叶国成分享了千湖的塑料业务，过去主要供应工业塑料袋，现在已转向食品和医疗级包装，包括抗菌材料的开发。</p>
</div><p>These have potential applications in both healthcare and food safety, aligning the business with broader hygiene and sustainability trends, and making it more relevant to long-term demand in essential sectors.</p>
<div class="lb-trans"><p>这些材料在医疗保健和食品安全方面具有潜在应用，使业务与更广泛的卫生和可持续发展趋势保持一致，并使其在基本行业的长期需求中更具相关性。</p>
</div><p><strong>Navigating risks</strong></p>
<div class="lb-trans"><p><strong>应对风险</strong></p>
</div><p>While these developments hint at areas of growth for Qian Hu, Yap is also well aware of the headwinds facing the company. But to him, these are signals to double down on long-term investments.</p>
<div class="lb-trans"><p>虽然这些发展暗示了千湖的增长领域，但叶国成也清楚公司面临的逆风。但对他来说，这些都是加大长期投资的信号。</p>
</div><p>Given the uncertainties surrounding Singapore’s aquaculture land leases, which typically run for 20 years with a possible 10-year extension, he is already building capacity in Malaysia, Thailand, and China.</p>
<div class="lb-trans"><p>鉴于新加坡水产养殖土地租赁的不确定性，通常为 20 年，可能延长 10 年，他已经在马来西亚、泰国和中国建立了产能。</p>
</div><p>These overseas farms serve as stepping stones toward a more resilient regional footprint that ensures continuity regardless of policy shifts at home.</p>
<div class="lb-trans"><p>这些海外农场作为迈向更具韧性的区域布局的垫脚石，确保无论国内政策如何变化都能保持连续性。</p>
</div><p>The same mindset applies to trade tensions. With many of Qian Hu’s accessories manufactured in China, exposure to U.S. tariffs has been unavoidable.</p>
<div class="lb-trans"><p>同样的心态适用于贸易紧张局势。由于千湖的许多配件在中国制造，暴露于美国关税是不可避免的。</p>
</div><p>Rather than simply wait for conditions to improve, Yap has broadened the company’s product lines and extended its market reach to 30 countries. The intention of this strategy is to cushion the company against abrupt changes in any one market, positioning it to capture growth wherever demand is strongest.</p>
<div class="lb-trans"><p>叶国成并没有仅仅等待条件改善，而是扩大了公司的产品线，并将市场覆盖范围扩展到 30 个国家。这一策略的意图是缓冲公司在任何一个市场的突然变化，使其能够在需求最强劲的地方捕捉增长。</p>
</div><p>Operationally too, Yap’s focus is on investing for resilience. The rollout of an enterprise resource planning system across subsidiaries has allowed Qian Hu to slash inventories significantly.</p>
<div class="lb-trans"><p>在运营方面，叶国成的重点是投资于韧性。企业资源规划系统在各子公司的推广使千湖能够显著削减库存。</p>
</div><p>While the system required upfront investment and training, the payoff is a leaner, more efficient operation that frees up cash and keeps the company net cash positive—vital traits in an industry where shocks can happen overnight.</p>
<div class="lb-trans"><p>尽管该系统需要前期投资和培训，但回报是一个更精简、更高效的运营，释放了现金并保持公司净现金为正——在一个冲击可能在一夜之间发生的行业中，这些都是至关重要的特征。</p>
</div><p><strong>A long-term, calculated mindset</strong></p>
<div class="lb-trans"><p><strong>长期、深思熟虑的心态</strong></p>
</div><p>The financials reflect this long-term calculus. In the first half of FY2025, Qian Hu’s revenue held steady at S$35.1 million, but net profit slipped to S$31,000—an 88% decline from the previous year. By segment, ornamental fish profits fell 12% year-on-year, plastics dropped 23%, while accessories surged 81%. On the surface, these numbers may appear discouraging.</p>
<div class="lb-trans"><p>财务数据反映了这种长期的计算。在 2025 财年上半年，千湖的收入保持在 3510 万新元，但净利润下降至 31,000 新元——比去年下降了 88%。按部门划分，观赏鱼利润同比下降 12%，塑料下降 23%，而配件则激增 81%。表面上，这些数字可能看起来令人沮丧。</p>
</div><p>But Yap emphasises that these numbers point to a company in the middle of transition—channelling resources into new farms, new systems, and new products.</p>
<div class="lb-trans"><p>但叶国成强调，这些数字指向的是一家正在转型的公司——将资源投入到新农场、新系统和新产品中。</p>
</div><p>The same pattern holds for the full year 2024, when Qian Hu booked S$71.4 million in revenue but S$357,000 in net profit. For Yap, these margins represent the cost of building a stronger foundation.</p>
<div class="lb-trans"><p>2024 年全年也保持了相同的模式，千湖的收入为 7140 万新元，但净利润为 357,000 新元。对叶国成来说，这些利润率代表了建立更强大基础的成本。</p>
</div><p>As he points out, new ventures like the Indonesia farm or antimicrobial packaging require upfront expenditure before they can deliver returns.</p>
<div class="lb-trans"><p>正如他所指出的，像印度尼西亚农场或抗菌包装这样的新项目需要前期支出，才能带来回报。</p>
</div><p>“We remain cash-positive,” Yap emphasises, “But we’re not pursuing rapid growth at the expense of sustainability.” His insistence that dividends be “based on results, not promises” underscores the same ethos: measured progress, not empty assurances.</p>
<div class="lb-trans"><p>“我们仍然保持现金正向，” Yap 强调，“但我们并不追求以牺牲可持续性为代价的快速增长。” 他坚持认为股息应 “基于结果，而非承诺”，这同样体现了这种理念：稳健的进展，而非空洞的保证。</p>
</div><p>Yap’s stance reflects a deep familiarity with volatility. Over the years, Qian Hu has endured disease outbreaks, trade disruptions, and supply chain shocks. Each crisis has reinforced the need to anticipate change early and to invest in capabilities before they become urgent.</p>
<div class="lb-trans"><p>Yap 的立场反映了他对波动性的深刻理解。多年来，千湖经历了疾病暴发、贸易中断和供应链冲击。每一次危机都加强了提前预见变化和在紧急之前投资能力的必要性。</p>
</div><p>Today, that approach is visible across the company’s strategy: accessories that ride the global rise of pet ownership, AIoT aquaculture technologies that promise efficiency and disease control, and packaging innovations that align with health and food safety trends.</p>
<div class="lb-trans"><p>如今，这种方法在公司的战略中显而易见：顺应全球宠物拥有率上升的配件、承诺提高效率和疾病控制的 AIoT 水产养殖技术，以及与健康和食品安全趋势相一致的包装创新。</p>
</div><p>As Yap puts it: “We anticipate change, make calculated early moves, and build capabilities. Sure, we started with fish—but the future of Qian Hu is much bigger than that.”</p>
<div class="lb-trans"><p>正如 Yap 所说：“我们预见变化，做出经过计算的早期行动，并建立能力。确实，我们是从鱼开始的——但千湖的未来远不止于此。”</p>
</div><p><strong>About Qian Hu Corporation</strong></p>
<div class="lb-trans"><p><strong>关于千湖集团</strong></p>
</div><p>Incorporated in 1998, Qian Hu is an integrated ornamental fish service provider – providing a spectrum of services involving distribution of well over 1,000 species and varieties of ornamental fish from all around the world as well as the manufacturing and distribution of a wide range of aquarium accessories, including pet foods and medications.</p>
<div class="lb-trans"><p>千湖成立于 1998 年，是一家综合性的观赏鱼服务提供商——提供涉及来自世界各地的 1000 多种观赏鱼的分销服务，以及包括宠物食品和药物在内的各种水族箱配件的制造和分销。</p>
</div><p>In 2017, the Group kick-started its aquaculture business, farming antibiotic-free edible fish fingerlings in Hainan Province, China. It also deals in the export of edible fish and seafood from Hainan to Southeast Asia, and the import of other edible fish and seafood from the rest of the world into China. Its two farms occupy a combined land area of 10,000 square metres and have more than 200 tanks to rear a host of edible fish and seafood.</p>
<div class="lb-trans"><p>2017 年，集团启动了其水产养殖业务，在中国海南省养殖无抗生素的可食用鱼苗。它还从海南向东南亚出口可食用鱼和海鲜，并从世界其他地区进口其他可食用鱼和海鲜到中国。其两个养殖场占地总面积为 10,000 平方米，拥有超过 200 个水箱，用于养殖多种可食用鱼和海鲜。</p>
</div><p>For more information, please visit https://www.qianhu.com/.</p>
<div class="lb-trans"><p>欲了解更多信息，请访问 https://www.qianhu.com/。</p>
</div><p><strong>About kopi-C: the Company brew</strong></p>
<div class="lb-trans"><p><strong>关于 kopi-C：公司专栏</strong></p>
</div><p>kopi-C is a regular column by SGX Research in collaboration with Beansprout ( https://growbeansprout.com), a MAS-licensed investment advisory platform, that features C-level executives of leading companies listed on SGX. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.</p>
<div class="lb-trans"><p>kopi-C 是 SGX Research 与 Beansprout（https://growbeansprout.com）合作推出的常规专栏，Beansprout 是一个获得 MAS 许可的投资顾问平台，专注于对 SGX 上市领先公司的高管进行采访。这些访谈是对高级管理层的介绍，旨在帮助投资者更好地了解这些公司的管理者。</p>
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kopi-C 与仟湖鱼业集团 - 宠物、包装和人工智能：仟湖鱼业集团如何为未来重塑自身