证券代码：301156 证券简称：美农生物 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会  | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观电话会议 | | | 其他（请文字说明其他活动内容） | | 参与单位名称及 | 线上参与"2024 年度网上业绩说明会"的投资者 | | 人员姓名 | | | 时间 | 2025 年 5 月 19 日 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待 | 董事长兼总经理：洪伟 财务总监：周茜 | | 人员姓名 | 董事会秘书：张维娓 | | | 独立董事：向川 | | | 保荐代表：吴彦栋 | | | 本次活动主要交流内容如下： | | | 1、公司提出"分种分品、全程营养"产品开发战略，并构 | | | 建了丰富的产品体系，在市场竞争日益激烈的情况，公司 | | 投资者关系活动 | 如何让客户清晰认知到这一战略下产品体系的独特优势， | | 主要内容介绍 | 相较于竞争对手，公司产品能为客户带来哪些更具差异化 | ...

Group 1: International Market Development - The company has established a sales network in over 40 countries and regions, including Vietnam, Russia, Thailand, and Brazil, by the end of 2024 [3][10] - International market business revenue grew by over 25% year-on-year in 2024, with overseas business accounting for over 38% of total revenue [3][9] - The company aims to enhance its international market influence and position through increased investment and product launches along the "Belt and Road" initiative [3][9] Group 2: Competitive Advantages - The company has over 20 years of experience in international market development, establishing a unique brand image and a comprehensive sales network [4] - A high-quality, professional international team provides comprehensive services to overseas distributors and customers, enhancing brand value and differentiation [4] - The company actively participates in global exhibitions and forums to strengthen its brand presence in international markets [4] Group 3: Corn Protein Processing Project - The company is investing in a corn protein processing project with an annual capacity of 100,000 tons, addressing the domestic shortage of feed protein resources [5][6] - The project is expected to enhance the nutritional value and functionality of corn protein products, aligning with national industry policies [5][6] - Upon full completion, the project will provide a diverse product range, mitigating market volatility risks and expanding revenue growth opportunities [6][7] Group 4: Product Strategy and Market Focus - The company’s product strategy emphasizes "diversified nutrition" and focuses on pigs, ruminants, poultry, and aquaculture [12] - In 2024, the revenue breakdown for main products was 60.93% for functional feed additives, 19.97% for nutritional feed additives, and 12.84% for enzymatic protein feed materials, with growth rates of 6.77% and 9.81% respectively [11] - The company plans to enhance its product line and market presence through increased R&D investment and the introduction of high-value products [12]

Group 1: Sales and Market Performance - The "Spring Action" initiative has significantly boosted employee motivation and increased market visits, resulting in a substantial growth in sales volume for major products compared to the previous year [1] - The company has seen a notable increase in sales volume across various feed types in the first quarter [1] - The recent rise in fish prices has positively influenced the stocking enthusiasm among farmers, leading to increased demand for aquaculture feed [2] Group 2: Accounts Receivable Management - The company has faced significant impacts from accounts receivable over the past two years, with a large balance affecting net profit due to increased credit impairment losses [2] - From 2024, the company has implemented strict management of accounts receivable, utilizing systematic credit limits based on customer assessments to improve collection rates and reduce financial risks [2] - Enhanced recovery management measures have been established to ensure timely payments from customers, including legal collection efforts and new execution methods [2] Group 3: Industry Outlook and Product Focus - The company maintains an optimistic outlook for the aquaculture feed industry in 2025, with a projected 4.03% year-on-year increase in total aquatic product output in January-February [2] - Key focus areas include high-value specialty aquaculture feeds, with significant price increases expected for certain species in 2025 [3] - The company is also prioritizing functional feeds that meet the growing demand for safe and green products, aligning with sustainable development trends [3] Group 4: Competitive Landscape - The aquaculture feed industry is experiencing accelerated differentiation, with a "2+N" market structure where leading companies are solidifying their advantages through scale and technology [4] - Competition is shifting towards technology and brand development, with increased emphasis on innovation and consumer demand for traceable products [4] - The company has set ambitious technical goals for 2025, aiming for a 10% increase in growth speed and a 50% reduction in feed loss [4] Group 5: Strategic Goals and International Expansion - The company aims to become a leading global aquaculture feed enterprise, focusing on specialty feeds and sustainable practices [5] - Plans for international expansion include a production base in Vietnam, with an initial capacity of 100,000 tons of high-end aquaculture feed expected to be operational by Q3 2025 [7] - The company is exploring partnerships and acquisitions to enhance its market position and develop new profit growth points [5] Group 6: Raw Material Price Trends - In Q1 2025, soybean prices surged due to various market factors, with expectations of a price range of 2,700-3,400 RMB/ton for the year [7] - Fishmeal prices are on the rise due to reduced domestic production and increased international prices, with the company well-positioned with sufficient inventory [7] Group 7: Technological Innovations - The company is actively pursuing collaborations in underwater robotics to provide comprehensive solutions for aquaculture [8] - Ongoing discussions for potential acquisitions are in progress, with a focus on enhancing operational capabilities and market reach [8]