merrymegaways| Meinong Bio suddenly

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The original title Meinong biology came out of the blue

Source Fukai Finance and Economics

Author | Xin mentality

Typesetting | October 1st

As soon as it inadvertently became the biggest gainer in A-shares this week, Meinong itself was a little confused.

On the evening of May 10, Meinong Bio issued an announcement of abnormal fluctuations in stock trading. There were no or expected major changes in the company's recent production and operation and internal and external business environment, and the company's production and operation was normal.MerrymegawaysThere are no major matters that should be disclosed but not disclosed by the company, the controlling shareholder and the actual controller, and there are no major matters in the planning stage.

Data show that this week's top ten cattle stocks are Meinong Biology, Lily, Langyuan shares, colorful Chemistry (rights protection), Jimin Medical Care, Azure Biology, Tailin Biology, Xichang Electric Power, Star Lake Science and Technology, and Polaroid. Among them, "20CM", which rose the most, rose by the daily limit of 63 per cent a week for two consecutive trading days on May 9 and May 10.Merrymegaways.05%.

The domestic market is shrinking continuously.

In February last year, Meinong Biology said in a survey conducted by the agency that the company's development in the next 2-3 years would mainly rely on endogenous development. At the market level, overseas has a lot of room for market growth. Meinong, as a feed additive enterprise in China, has the advantage of the whole industry chain and the advantage of scale in terms of resources. At the same time, American farmers have laid a good foundation for international market development in the early development process, and American farmers have established sales networks in dozens of countries such as Vietnam, Russia and Bangladesh. American farmers will further expand the international market along "Belt and Road Initiative".

Judging from the performance in 2023, Meinong Bio is right that it achieved overseas income last year.Merrymegaways4.9 billion yuan, an increase of 23.14 percent over the 121 million yuan in 2022.

Meinong Biology said that the company has been committed to the exploration and development of the international market and has laid a good foundation for the international market for more than 20 years. At present, the company has established sales networks in Vietnam, Russia, Thailand, Myanmar, the Philippines, Japan, South Korea, Pakistan, Bangladesh, Egypt, Jordan, Turkey, Brazil and other countries and regions. In the future, the company will focus on continuously expanding the international market along "Belt and Road Initiative" and enhance the company's influence and market position in the international market.

Correspondingly, the domestic market revenue scale of Meinong Bio has continuously shrunk. At present, the company has domestic customers in more than 20 provinces, municipalities and autonomous regions. Representing clients include Muyuan shares (002714.SZ), Haida Group (002311.SZ), Wofeng shares (603609.SH), New Hope shares (000876.SH), Tongwei shares (600438.SH), Tiankang Biological shares (002100.SH), Lihua shares (300761.SZ), Boen Group (001366.SZ), Dekang Agriculture and Animal Husbandry (02419.HK), Cofco Jiakang (01610.HK), Giant Star Agriculture and Animal Husbandry (603477.SH), Jingji Zhinong (000048.SH), Oriental Hope, Guilin Liyuan and other well-known feed production and breeding enterprises. However, Fukai Finance and Economics noted that the domestic income of Meinong Biology reached 420 million yuan in 2021, 362 million yuan in 2022 and 355 million yuan in 2023, showing a continuous decline.

The main products are uneven in cold and warm.

In an institutional survey conducted at the beginning of last year, Meinong also said that at the product level, in the next 2-3 years, it will focus on pig products, break through ruminant products, and distribute poultry, aquatic and pet products, which will become the second growth curve for American farmers.

In the management review of the board of directors in 2023, Meinong Bio said that in terms of functional feed additives, ruminant flavoring agents were effective in improving the palatability of ruminant feed, and the new products were widely recognized by customers after they were put on the market, and their performance increased rapidly. new products such as rumen amino acids, rumen choline and rumen lysine have been introduced to the market one after another. The newly listed acidity regulators and intestinal health products better meet the needs of pigs, poultry and other customers for digestion, bacteriostasis and intestinal health. The market response is good, and a large number of benchmark customers are obtained.

However, Fukai Finance noted that the company's functional feed additive business had performed poorly in recent years. In 2021, the business sector achieved revenue of 350 million yuan, accounting for 64.15% of the revenue. In 2022, the revenue of the business sector decreased to 287 million yuan, and the revenue share decreased to 59.33%. In 2023, the revenue of the business sector dropped to 280 million yuan, and the revenue share further decreased to 55.42%.

As China is a country lacking feed protein resources, and more than 80% of the main feed protein raw materials such as soybean meal and fish meal are imported, the state encourages all aspects to expand the supply sources of feed protein resources. As a result, the business of American agricultural biology in this area has also been improved.

Relevant data show that in 2022, China's aquaculture industry consumed a total of 79 million tons of protein, with import sources of 36.57 million tons (46.3%). In 2023, China produced 26532 tons of enzymatic hydrolyzed protein, an increase of 15.4% over the same period last year.

Meinong Biology said that the company's subsidiary Chengdu Meiyide developed, produced and sold a new high of enzymatic protein feed raw materials, with revenue up 29.38% from 2022. In 2023, the company cooperated steadily with domestic group customers such as superstar, iron horseman, Cofco, Huanshan, Anyou, Zhengneng, Special Drive, etc., while in overseas markets, customers such as Vietnam, Thailand, the Philippines and other customers were invited to visit the company for further close cooperation.

Data show that Meinong's business of enzymatic hydrolyzed protein feed raw materials has increased from 64.1034 million yuan in revenue in 2021, accounting for 11.74% of revenue, to 64.4546 million yuan in 2022, accounting for 13.34% of revenue, and 83.3902 million yuan in 2023, accounting for 16.53% of revenue.