According to the Huatai Securities Research Report, the results of the EU's preliminary anti-dumping ruling against China's exports of lysine were pre-disclosed, and the tax rate was 58.3% to 84.8%. The EU accounts for about 27% of domestic lysine exports in 2023. The imposition of anti-dumping duties is expected to have some impact on exports in the short term. However, considering that China is the main producer of lysine in the world, overseas companies have limited supply, and leading amino acid companies have a high concentration and strong seller voice, anti-dumping duties are expected to gradually spread to EU aquaculture companies in the future, and may have a short-term export grab effect. In the medium to long term, risks such as trade frictions may accelerate the deployment of domestic companies to go overseas. In the context of food security, reduction and substitution of soybean meal, export growth in Asia, Africa and Latin America, and optimization of the competitive landscape are still expected to help the amino acid boom.