Limoneira 公司是一家领先的农业企业，专注于柠檬和鳄梨的生产、销售和市场营销，已发布其年度 10-K 表格报告。该报告提供了公司财务表现、业务运营、战略举措以及在当前市场环境中面临的挑战的全面概述。
财务亮点
总净收入：1.597 亿美元，较上一个财政年度下降 17%，主要由于柠檬、鳄梨、葡萄酒葡萄和农场管理的农业收入减少。
营业（亏损）收入：-2040 万美元，较前一年的 -620 万美元有所增加，主要受收入减少和包装成本上升的影响。
净（亏损）收入：-1640 万美元，较前一年的 720 万美元大幅下降，受到投资收益减少和利息支出增加的影响。
归属于 Limoneira 公司的净（亏损）收入：-1600 万美元，较前一年的 770 万美元下降，反映出整体运营表现的下降。
每普通股基本净（亏损）收入：-0.93 美元，较前一年的 0.40 美元下降，因财政年度内发生净亏损。
业务亮点
农业业务运营：Limoneira 公司主要是一家农业企业，专注于水果的生产、销售和市场营销。该公司是美国最大的柠檬和鳄梨种植者之一，在加利福尼亚州、亚利桑那州、智利和阿根廷拥有大量农业种植。
收入细分：农业部门由四个可报告的运营细分组成：新鲜柠檬、柠檬包装、鳄梨和其他农业业务，包括橙子、特色柑橘、葡萄酒葡萄和农场管理服务。
地理表现：Limoneira 在加利福尼亚州的文图拉县和圣路易斯奥比斯波县、亚利桑那州的尤马县、智利的拉塞雷纳和阿根廷的胡胡伊都有农业种植。该公司还在加利福尼亚州圣保拉和亚利桑那州尤马运营包装厂。
销售单位：在 2025 财年，Limoneira 销售了 470 万箱柠檬和 740 万磅鳄梨。该公司还销售了 40.9 万箱橙子。
新生产发布：Limoneira 宣布与 Agromin Corporation 进行合资，以扩展有机废物回收计划，计划将商业规模的堆肥设施从 15 英亩扩展到 70 英亩。
未来展望：Limoneira 计划在 2027 财年前将鳄梨生产扩展 1000 英亩，以利用对鳄梨的强劲消费者需求趋势。该公司还打算继续其战略路线图，通过评估潜在的战略并购机会和推进非核心资产的货币化举措来创造长期股东价值。
战略举措
商业包装厂许可协议：Limoneira 公司已与 Sunkist Growers, Inc. 签署商业包装厂许可协议，协议自 2025 年 11 月 1 日生效，以增强其销售和市场营销运营。
房地产开发：该公司通过合资企业专注于房地产开发，例如 Harvest at Limoneira 和 LLCB II 项目，预计在未来五年内将产生显著的现金分配。
资本管理：截至 2025 年 10 月 31 日，该公司利用其循环信贷额度管理流动性，未偿还金额为 7250 万美元，剩余可用金额为 4160 万美元。它还从合资企业 Harvest at Limoneira 收到 1000 万美元的现金分配。Limoneira 每普通股支付 0.30 美元的股息，并维持优先股股息。该公司参与了股票补偿和交换活动，影响了额外的实收资本和库存股。
未来展望：Limoneira 计划继续利用其信贷设施和合资分配来支持资本支出和债务服务。该公司预计在未来五年内将从其房地产合资企业获得约 1.55 亿美元，这将支持其战略增长举措。此外，该公司正在评估新会计标准和税收立法对其财务战略的影响。
挑战与风险
农业业务运营：柑橘销售和市场营销业务与 Sunkist Growers, Inc. 的合并可能不会成功，可能会减少对销售和市场营销效果的控制。恶劣天气条件、自然灾害和气候变化对作物规模和质量构成重大风险。害虫和疾病的存在，如亚洲柑橘木虱和黄龙病，可能会带来额外的成本和损失。
市场风险：该公司对市场供应、价格和产品需求的波动敏感。柠檬市场的过剩供应和价格竞争，以及消费者偏好的变化，可能会对收入产生不利影响。
运营风险：商品成本（如燃料和纸张）和劳动力成本的增加可能会对经营结果产生负面影响。该公司还面临与水资源可用性和成本相关的风险，这对农业运营至关重要。
监管风险：移民法和环境法规的变化可能会影响劳动力的可用性并增加合规成本。该公司在房地产开发活动中也受到广泛监管，这可能会延迟或阻止项目的完成。
财务风险：该公司可能无法产生足够的现金流来偿还其债务义务，债务工具中的限制性契约可能会限制财务灵活性。
管理策略：管理层专注于扩展其 “一世界柑橘” 轻资产商业模式，通过增加第三方种植者的水果采购和降低投资风险来减轻风险。此外，管理层还通过投资灌溉改善和休耕协议来应对水资源短缺问题。
SEC 文件：Limoneira CO [ LMNR ] - 10-K -2025 年 12 月 23 日

LMNR

Limoneira 公司发布了年度 10-K 表格报告，强调总净收入减少 17%，降至 1.597 亿美元，净亏损为 1640 万美元。公司计划扩大鳄梨生产并探索战略合并。面临的挑战包括市场波动、运营成本和监管风险。Limoneira 旨在利用合资企业和信贷设施实现增长，重点关注房地产开发和战略举措，以提升股东价值

Limoneira Company, a leading agribusiness firm specializing in the production, sales, and marketing of lemons and avocados, has released its annual Form 10-K report. The report provides a comprehensive overview of the company's financial performance, business operations, strategic initiatives, and the challenges it faces in the current market environment.
<div class="lb-trans">Limoneira 公司是一家领先的农业企业，专注于柠檬和鳄梨的生产、销售和市场营销，已发布其年度 10-K 表格报告。该报告提供了公司财务表现、业务运营、战略举措以及在当前市场环境中面临的挑战的全面概述。
</div>Financial Highlights
<div class="lb-trans">财务亮点
</div>Total Net Revenues: $159.7 million, reflecting a 17% decrease from the previous fiscal year primarily due to decreased agribusiness revenue from lemons, avocados, wine grapes, and farm management.
<div class="lb-trans">总净收入：1.597 亿美元，较上一个财政年度下降 17%，主要由于柠檬、鳄梨、葡萄酒葡萄和农场管理的农业收入减少。
</div>Operating (Loss) Income: $(20.4) million, compared to $(6.2) million in the prior year, driven by decreased revenues and increased packing costs.
<div class="lb-trans">营业（亏损）收入：-2040 万美元，较前一年的 -620 万美元有所增加，主要受收入减少和包装成本上升的影响。
</div>Net (Loss) Income: $(16.4) million, a significant decline from $7.2 million in the previous year, impacted by lower equity in earnings of investments and increased interest expense.
<div class="lb-trans">净（亏损）收入：-1640 万美元，较前一年的 720 万美元大幅下降，受到投资收益减少和利息支出增加的影响。
</div>Net (Loss) Income Attributable to Limoneira Company: $(16.0) million, compared to $7.7 million in the prior year, reflecting the overall decline in operating performance.
<div class="lb-trans">归属于 Limoneira 公司的净（亏损）收入：-1600 万美元，较前一年的 770 万美元下降，反映出整体运营表现的下降。
</div>Basic Net (Loss) Income Per Common Share: $(0.93), down from $0.40 in the previous year, due to the net loss incurred during the fiscal year.
<div class="lb-trans">每普通股基本净（亏损）收入：-0.93 美元，较前一年的 0.40 美元下降，因财政年度内发生净亏损。
</div>Business Highlights
<div class="lb-trans">业务亮点
</div>Agribusiness Operations: Limoneira Company is primarily an agribusiness company with operations in fruit production, sales, and marketing. The company is one of the largest growers of lemons and avocados in the United States, with significant agricultural plantings in California, Arizona, Chile, and Argentina.
<div class="lb-trans">农业业务运营：Limoneira 公司主要是一家农业企业，专注于水果的生产、销售和市场营销。该公司是美国最大的柠檬和鳄梨种植者之一，在加利福尼亚州、亚利桑那州、智利和阿根廷拥有大量农业种植。
</div>Revenue Segments: The agribusiness division is comprised of four reportable operating segments: fresh lemons, lemon packing, avocados, and other agribusiness, which includes oranges, specialty citrus, wine grapes, and farm management services.
<div class="lb-trans">收入细分：农业部门由四个可报告的运营细分组成：新鲜柠檬、柠檬包装、鳄梨和其他农业业务，包括橙子、特色柑橘、葡萄酒葡萄和农场管理服务。
</div>Geographical Performance: Limoneira has agricultural plantings throughout Ventura and San Luis Obispo Counties in California, Yuma County in Arizona, La Serena in Chile, and Jujuy in Argentina. The company also operates packinghouses in Santa Paula, California, and Yuma, Arizona.
<div class="lb-trans">地理表现：Limoneira 在加利福尼亚州的文图拉县和圣路易斯奥比斯波县、亚利桑那州的尤马县、智利的拉塞雷纳和阿根廷的胡胡伊都有农业种植。该公司还在加利福尼亚州圣保拉和亚利桑那州尤马运营包装厂。
</div>Sales Units: In fiscal year 2025, Limoneira sold 4.7 million cartons of lemons and 7.4 million pounds of avocados. The company also sold 409,000 cartons of oranges.
<div class="lb-trans">销售单位：在 2025 财年，Limoneira 销售了 470 万箱柠檬和 740 万磅鳄梨。该公司还销售了 40.9 万箱橙子。
</div>New Production Launches: Limoneira announced a joint venture with Agromin Corporation to expand an organic waste recycling program, planning to expand from a 15-acre to a 70-acre commercial-scale composting facility.
<div class="lb-trans">新生产发布：Limoneira 宣布与 Agromin Corporation 进行合资，以扩展有机废物回收计划，计划将商业规模的堆肥设施从 15 英亩扩展到 70 英亩。
</div>Future Outlook: Limoneira plans to expand its avocado production by 1,000 acres through fiscal year 2027, reflecting a strategy to capitalize on robust consumer demand trends for avocados. The company also intends to continue its strategic roadmap to create long-term stockholder value by evaluating potential strategic merger and acquisition opportunities and advancing initiatives to monetize non-core assets.
<div class="lb-trans">未来展望：Limoneira 计划在 2027 财年前将鳄梨生产扩展 1000 英亩，以利用对鳄梨的强劲消费者需求趋势。该公司还打算继续其战略路线图，通过评估潜在的战略并购机会和推进非核心资产的货币化举措来创造长期股东价值。
</div>Strategic Initiatives
<div class="lb-trans">战略举措
</div>Commercial Packinghouse License Agreement: Limoneira Company has entered into a Commercial Packinghouse License Agreement with Sunkist Growers, Inc., effective November 1, 2025, to enhance its sales and marketing operations.
<div class="lb-trans">商业包装厂许可协议：Limoneira 公司已与 Sunkist Growers, Inc. 签署商业包装厂许可协议，协议自 2025 年 11 月 1 日生效，以增强其销售和市场营销运营。
</div>Real Estate Development: The company is focusing on real estate development through joint ventures, such as the Harvest at Limoneira and LLCB II projects, which are expected to generate significant cash distributions over the next five years.
<div class="lb-trans">房地产开发：该公司通过合资企业专注于房地产开发，例如 Harvest at Limoneira 和 LLCB II 项目，预计在未来五年内将产生显著的现金分配。
</div>Capital Management: The company utilized its revolving credit facility to manage liquidity, with $72.5 million outstanding and $41.6 million available as of October 31, 2025. It also received a $10 million cash distribution from its joint venture, Harvest at Limoneira. Limoneira paid $0.30 per common share in dividends and maintained preferred stock dividends. The company engaged in stock compensation and exchange activities, impacting additional paid-in capital and treasury stock.
<div class="lb-trans">资本管理：截至 2025 年 10 月 31 日，该公司利用其循环信贷额度管理流动性，未偿还金额为 7250 万美元，剩余可用金额为 4160 万美元。它还从合资企业 Harvest at Limoneira 收到 1000 万美元的现金分配。Limoneira 每普通股支付 0.30 美元的股息，并维持优先股股息。该公司参与了股票补偿和交换活动，影响了额外的实收资本和库存股。
</div>Future Outlook: Limoneira plans to continue leveraging its credit facilities and joint venture distributions to support capital expenditures and debt service. The company anticipates receiving approximately $155 million from its real estate joint ventures over the next five years, which will support its strategic growth initiatives. Additionally, the company is evaluating the impact of new accounting standards and tax legislation on its financial strategies.
<div class="lb-trans">未来展望：Limoneira 计划继续利用其信贷设施和合资分配来支持资本支出和债务服务。该公司预计在未来五年内将从其房地产合资企业获得约 1.55 亿美元，这将支持其战略增长举措。此外，该公司正在评估新会计标准和税收立法对其财务战略的影响。
</div>Challenges and Risks
<div class="lb-trans">挑战与风险
</div>Agribusiness Operations: The merger of citrus sales and marketing operations into Sunkist Growers, Inc. may not be successful, potentially reducing control over sales and marketing effectiveness. Adverse weather conditions, natural disasters, and climate change pose significant risks to crop size and quality. The presence of pests and diseases, such as the Asian Citrus Psyllid and Huanglongbing, could impose additional costs and losses.
<div class="lb-trans">农业业务运营：柑橘销售和市场营销业务与 Sunkist Growers, Inc. 的合并可能不会成功，可能会减少对销售和市场营销效果的控制。恶劣天气条件、自然灾害和气候变化对作物规模和质量构成重大风险。害虫和疾病的存在，如亚洲柑橘木虱和黄龙病，可能会带来额外的成本和损失。
</div>Market Risks: The company is sensitive to fluctuations in market supply, prices, and demand for its products. Excess supply and price competition in the lemon market, along with changes in consumer preferences, could adversely affect revenues.
<div class="lb-trans">市场风险：该公司对市场供应、价格和产品需求的波动敏感。柠檬市场的过剩供应和价格竞争，以及消费者偏好的变化，可能会对收入产生不利影响。
</div>Operational Risks: Increases in commodity costs, such as fuel and paper, and labor costs could negatively impact operating results. The company also faces risks related to water availability and costs, which are critical for agricultural operations.
<div class="lb-trans">运营风险：商品成本（如燃料和纸张）和劳动力成本的增加可能会对经营结果产生负面影响。该公司还面临与水资源可用性和成本相关的风险，这对农业运营至关重要。
</div>Regulatory Risks: Changes in immigration laws and environmental regulations could impact labor availability and increase compliance costs. The company is also subject to extensive regulation in its real estate development activities, which could delay or prevent project completion.
<div class="lb-trans">监管风险：移民法和环境法规的变化可能会影响劳动力的可用性并增加合规成本。该公司在房地产开发活动中也受到广泛监管，这可能会延迟或阻止项目的完成。
</div>Financial Risks: The company may be unable to generate sufficient cash flow to service its debt obligations, and restrictive covenants in debt instruments could limit financial flexibility.
<div class="lb-trans">财务风险：该公司可能无法产生足够的现金流来偿还其债务义务，债务工具中的限制性契约可能会限制财务灵活性。
</div>Management Strategies: Management is focusing on expanding its One World of Citrus asset-lighter business model to mitigate risks by increasing third-party grower fruit sourcing and reducing investment risk. Additionally, management is addressing water scarcity issues by investing in irrigation improvements and fallowing agreements.
<div class="lb-trans">管理策略：管理层专注于扩展其 “一世界柑橘” 轻资产商业模式，通过增加第三方种植者的水果采购和降低投资风险来减轻风险。此外，管理层还通过投资灌溉改善和休耕协议来应对水资源短缺问题。
</div>SEC Filing: Limoneira CO [ LMNR ] - 10-K - Dec. 23, 2025
<div class="lb-trans">SEC 文件：Limoneira CO [ LMNR ] - 10-K -2025 年 12 月 23 日
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Limoneira 公司 SEC 10-K 年度报告