Group 1: Report Basics - The report is about a research on Meinong Bio-tech, belonging to the agriculture, animal husbandry, feed, and fishery industry, with a research date of September 23, 2025 [1][16] - The listed company's reception staff includes the board secretary Zhang Weiwei and the head of the international marketing center, Hu Yanlingjun [16] Group 2: Research Institutions - The research institutions include securities companies such as Huatai Securities, Caitong Securities, Yuekai Securities, Huaxin Securities, and others like Hong Kong Dongjian International Securities, Xiaofeng Fund, and Fuzhijia Investment [17] - The proportion of securities companies among the research institutions is 46%, others 38%, law firms 8%, and investment companies 8% [20] Group 3: Core Views - The company adheres to the market strategy of "deeply cultivating the domestic market and breaking through the international market" and aims to become a globally leading animal nutrition technology company [23] - The company has a rich product line, a mature overseas dealer management model, and a set of core technologies, and it will continue to invest in international market development and new product R & D [23][27] Group 4: Company Business Analysis International Business - The company's international business has a first - mover advantage, with a sales network covering more than 40 countries and regions. It will continue to expand the international market through a two - pronged approach of "going out" and "digging deep" [23][25] - The overseas business income has maintained a growth rate of over 20% and accounts for nearly 40% of the total revenue. It adopts a sales model of "mainly distribution, supplemented by direct sales" [25] - The company has a mature overseas dealer management and selection model and manages exchange - rate risks through foreign exchange hedging [26] Core Technologies - The company has mastered core technologies such as formulation technology, preparation technology, and enzymatic hydrolysis technology, and continuously optimizes the process path design [27] Product Layout - The company's products include functional feed additives, nutritional feed additives, and enzymatic hydrolysis plant protein feed raw materials. It will launch corn - related products after the "100,000 - ton corn protein finishing project" is put into production [28][30] Talent Management - The company has built a "dual - wheel drive" talent management system of "internal self - cultivation and external talent introduction" and launched an equity incentive project and the "Meinong Academy" [30][31] Project Investment - The "100,000 - ton corn protein finishing project" is in line with national policies, which can improve the utilization rate of corn protein and create greater commercial value. Product prices will be determined by multiple factors [31][33][34]

Group 1: Company Overview and Market Strategy - The company aims to become a global leader in animal nutrition technology, with a market strategy focused on "deepening domestic and breaking through internationally" [2] - The company has established a sales network covering over 40 countries and regions across Asia, Europe, Africa, South America, and Oceania, leveraging a distributor-centric model for international market expansion [3][4] - The company has maintained a growth rate of over 20% in its overseas business, with overseas revenue accounting for nearly 40% of total revenue [4] Group 2: International Market Expansion Initiatives - The company plans to focus on markets along the "Belt and Road" initiative, utilizing localized operations and technological innovation to build a competitive edge [3] - Key initiatives include developing new markets, deepening existing market value, and enhancing product lines based on customer needs [3] - The company emphasizes participation in international industry exhibitions to increase visibility and strengthen its international market image [3] Group 3: Financial Management and Risk Control - The company has developed a mature overseas distributor selection and management model over 20 years, focusing on credit policies and risk management [5] - It closely monitors macroeconomic conditions and adjusts sales strategies to mitigate risks, including currency risk through hedging [5] Group 4: Core Technologies and Product Development - The company has established a robust R&D system, focusing on core technologies such as formulation, preparation, and enzymatic technologies [6][7] - It aims to develop high-efficiency, safe, and environmentally friendly feed additives and enzymatic protein feed materials, with a focus on meeting diverse customer needs [8] - The upcoming "annual production of 100,000 tons of corn protein processing project" will introduce new products to alleviate domestic protein resource shortages [9][10] Group 5: Talent Management and Organizational Development - The company implements a dual-driven talent management system, focusing on internal development and external recruitment to support sustainable growth [8] - Initiatives include a stock incentive program and the establishment of "Meinong Academy" for comprehensive talent development [8]

Core Insights - Guangdong is a significant region for aquaculture in China, with a focus on the production of the unique "Crispy Fish" variety, which has seen steady growth in both domestic and international markets [1] - The local aquaculture industry has achieved a dual breakthrough with average yields exceeding 7,000 pounds per acre and increased product value through advanced animal nutrition techniques [1][2] - The integration of precise nutritional formulas, smart monitoring, and high-density farming has addressed industry challenges and enhanced the overall value chain of aquaculture in Zhongshan [1][4] Group 1: Nutritional Precision and Farming Techniques - Farmers in Zhongshan have adopted precise nutritional management, achieving an average yield of over 7,000 pounds per acre by understanding the nutritional needs of grass carp at different growth stages [2][3] - The region has developed a tiered production chain for grass carp, supplying over 30% of the national fry stock and focusing on different weight categories for market demands [2] - The use of big data and IoT devices allows for real-time monitoring and dynamic adjustments in feeding strategies, reducing feed costs by 15%-20% and minimizing environmental impact [3] Group 2: Innovative Farming Models - The introduction of a "high-end puffed feed + high-density farming" model has provided new pathways for efficiency and profitability in Zhongshan's grass carp aquaculture [4] - High-density farming practices have been implemented, with over 700 fry per acre, leading to yields exceeding 8,000 pounds per acre while maintaining fish health through scientific management [5] - A comprehensive service system has been established to support farmers, addressing common industry challenges and facilitating resource integration from fry cultivation to feed production and fish sales [5]