Investment banks Morgan Stanley and Barclays have taken shares in China National Fisheries Corporation (CNFC) after the firm’s profits spiked in 2025.
CNFC, which also lists Goldman Sachs and UBS as shareholders, saw its net profits soar 180 percent last year to CNY 83.7 million (USD 12.5 million, EUR 10.8 million).
The firm’s fishing revenue hit CNY 2.3 billion (USD 345 million, EUR 299 million), marking a year-over-year increase of 29.3 percent. Revenue from tuna fishing rose 30 percent to CNY 777 million (USD 116 million, EUR 101 million), while revenue from squid fishing was up 35 percent to CNY 888 million (USD 133.2 million, EUR 115.4 million).
The firm’s share of total revenue contributed by fishing operations rose from 37.6 to 55.3 percent of CNFC’s overall earnings in 2025.
Despite the positive results and buy-in from major banks, CNFC remains heavily indebted. As of the end of 2025, the company's liabilities reached CNY 4.4 billion (USD 660 million, EUR 570 million), with a debt-to-asset ratio as high as 72.9 percent. CNFC has often relied on government subsidies designed to support the development of China’s distant-water fleet and processing facilities in order to turn a profit.
Some of the firm’s vessels have also recently been accused of engaging in illegal fishing activities, especially fishing for squid off the coast of South America.
“Vessels linked to CNFC were implicated in some of the worst fisheries and labor abuses,” the Environmental Justice Foundation (EJF) said in a February report.
