Chicken essence, chicken powder: small products, big market. Chicken essence and chicken powder are upgraded products of the traditional flavoring MSG. In developed countries such as Europe and the US, consumption of chicken essence and chicken powder products already accounts for more than 80% of the total amount of umami condiments, while our country is still less than 10%. The China Condiments Association expects a compound annual growth rate of 25% over the next 3-5 years. It has core technology and stable profitability. The company is one of the very few domestic enterprises that have achieved self-sufficiency in key semi-finished products such as chicken paste. It has its own exclusive formula, strong cost control and transfer capabilities, and its gross margin remains stable. Differentiation of competition and flattening of sales. Although the market share of chicken essence and chicken powder is far lower than that of Taitale and Knorr, the company has implemented a differentiated strategy: product pricing - focusing on the price range of 12-20 yuan/kg and the mid-range catering market; the market - focusing on Central China, North China, Northeast China, and South China. Furthermore, a flat sales model has been implemented to further cultivate second-tier and third-tier cities. As of the end of June 2010, 55 marketing branches and 668 first-level distributors have been formed (88 in 2006). The company plans to reach 1,500 first-level dealers within 3-5 years and develop a household consumer market with high potential for piloting. The fund-raising project is expected to initially ease production capacity bottlenecks. The fund-raising projects are mainly aimed at: 20,000 tons of chicken essence and chicken powder project, technology research and development center, and marketing network construction. It will increase the company's production capacity from the current 12,000 tons to 32,000 tons, initially easing the bottleneck in production capacity. It is expected to be completed by the end of 11 years. Profit forecasting and valuation discussions. Earnings per share for 2010 to 2012 are expected to be $0.58, $0.76, and $1.15, respectively. The chicken essence and chicken powder industry is an emerging condiment industry. Growth is better than traditional varieties, and Jialong has outstanding marketing capabilities. High growth can be expected in the future. The price-earnings ratio of 30X to 35X in '11 is reasonable, and the corresponding value range is 22.8 yuan to 26.6 yuan. Risk warning: fierce market competition, fluctuations in raw materials, etc.