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

⚫⚫⚫ Seethe last page for disclaimerAPPENDIX 1Summary➢The company has a diverse product range that is widely used in various fields of animal husbandry, includingpig farming, ruminant farming, poultry farming, and aquaculture. Founded in 1997, Menon Animal Nutritionis a high-tech enterprise specialising inresearch, development, production and sales of feed additives andenzymatically hydrolysed protein feed materials. The company has four major bases: Shanghai Menon,Chengdu Meiyide, Suzhou Menon and Leling Menon (under construction). Its product range includesfunctional feed additives, nutritional feed additives and enzymatically hydrolysed protein feed materials. Thecompany's functional feed additive products include seasonings, attractants (sweeteners and flavourings),and acidity regulators. Nutritiousfeed additives include slow-release nitrogen sources, rumen amino acids,rumen vitamins and coated zinc oxide. In 2024, the company's revenue from feed additives continued togrow, further strengthening its market position.➢Using enzymatic protein feed materials reduces dependence on imported protein sources. A severe shortageof domestic feed protein resources has led to high levels of dependence on imported sources, such assoybeans and fishmeals. Compared with traditional protein sources, enzymatic protein feed materials havegradually gained recognition and application within the feed and breeding industries due to their advantagesin terms of protein digestion and absorption efficiency, as wellas their ability to improve animal physiologicalfunctions. They have become an important protein source for young animals (such as piglets, chicks andcalves) and animals with a high demand for protein and energy (such as white-feathered broiler chickens andaquatic products). Thecompany uses synthetic biology technology to modify and screen microorganisms toobtain unique, scalable enzyme species for production applications. The company'swholly ownedsubsidiary,Chengdu Meiyide, has achieved large-scale production of enzymatic hydrolysed soy protein and enzymatichydrolysed cottonseed protein. In 2024, the company successfully launched the corn enzymatic proteinproject. The first phase of the 'Corn Protein Precision Processing Project with an Annual Output of 100,000Tons' is expected to be completed and operational by 2025.➢The advantages of being an early mover in the international market are clear, and the company's overseasmarket share and influence are expected to grow further. Currently, it has sales networks in over 40 countriesand regions, including Vietnam, Russia,Thailand, Myanmar, the Philippines, Japan, South Korea, Pakistan,Bangladesh, Egypt, Jordan and Turkey. In 2024, overseas business accounted for 38% of the company's totalbusiness, which is a9-percentagepoint increase compared to 2023 and a 25% year-on-year increase. Thanksto its forward-looking global strategy, the company is focusing on breaking into markets in countries alongthe Belt and Road Initiative, building a significant first-mover advantage through local operational networksand technological innovation. Going forward, the company plans to increase its investment in theinternational market, expand its territory, and strengthen its position and influence in the global arena.➢Risk warning. The cycle of pig farming industry, market competition, fluctuations in raw material prices, etc. 2 SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingOutperform跑赢大市Neutral中性Underperform跑输大市DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization of the issuermentioned in this Research Report.(4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuer mentioned in thisResearch Report within the preceding 12 months.(5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in thisResearch Report.(6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned inthis Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal Prosperity Financial Company Limitedand/or its subsidiaries.DISCLAIMERThis Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity Financial CompanyLimited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies covered in research reports,includ