Core Viewpoint - The company, Meino Biological (301156.SZ), is currently focused on the research, production, and sales of feed additives and hydrolyzed protein feed materials, and does not plan to develop vaccines at this time [2]. Group 1: Company Focus - The company is concentrating on the development of feed additives and hydrolyzed protein feed materials [2]. - There is no current involvement in the research, production, or sales of vaccines [2]. - The company aims to continuously upgrade existing products based on industry policies, market trends, and customer needs [2]. Group 2: Future Development - The company is committed to researching and developing efficient, safe, and environmentally friendly feed additives and hydrolyzed protein feed materials and their application solutions [2].

Group 1: Financial Performance - The company achieved a revenue of 236 million CNY in the first half of 2025, representing a year-on-year growth of 13.69% [2] - The net profit attributable to shareholders reached 23.53 million CNY, with a year-on-year increase of 17.68% [5] - The net profit after deducting non-recurring gains and losses was 21.84 million CNY, showing a growth of 27.46% year-on-year [5] Group 2: Market Strategy - The company adheres to a market strategy of "deepening domestic and breaking into international markets" and a product strategy of "differentiated species and full nutrition" [3] - In the domestic market, the focus is on core customer development, particularly in the pig, dairy cow, and poultry sectors, while also expanding into aquaculture and beef markets [5] - Internationally, the company has increased efforts in market development, achieving rapid revenue growth in over ten countries including Vietnam, Russia, and Brazil [3] Group 3: Product Development - The company emphasizes innovation in feed additives and enzyme hydrolyzed protein raw materials, with a commitment to developing efficient, safe, and environmentally friendly products [4] - Two new patents were added in the first half of the year, and the company plans to enhance its R&D capabilities to continuously improve technological innovation [6] - A new corn protein processing project is expected to be completed and enter trial production this year, which will help alleviate the domestic protein resource shortage [4] Group 4: Risk Management - The company has established long-term partnerships with upstream suppliers to mitigate the impact of raw material price fluctuations, including locking in prices through long-term contracts [7] - The company has a diversified supply chain and conducts real-time market analysis to manage costs effectively [7] - The strategy includes expanding product applications across various fields such as ruminants, poultry, aquaculture, and pets to reduce risks associated with product category concentration [4]