20250703-环球富盛理财-美农生物-301156.SZ-深耕饲料添加剂和酶解蛋白饲料原料业务_重点突破海外市场_3页_397kb

Meadorn Animal Nutrition (301156.CN) is a high-tech enterprise founded in 1997, specializing in feed additives and enzymatically hydrolyzed protein feed materials. Its products include functional feed additives, nutritional feed additives, and enzymatic hydrolysis. In 2024, the company's feed additive revenue continued to grow.

The company uses enzymatic proteins to reduce reliance on imported feed proteins like soy and fish meal, offering better protein efficiency and animal health benefits. Achievements include large-scale production of enzymatic soy and cottonseed proteins, and the launch of a corn enzymatic protein project, with the first phase expected completion by 2025.

With a presence in over 40 countries since 2024, overseas business now accounts for 38% of revenue, a 25% increase and +9 percentage points from the prior year. The company's market position in international markets is strengthened by its focus on "Belt and Road" countries amid the global expansion.

Key risks include the cyclical nature of the pig farming industry, intense competition, and volatility in raw material prices.