Incident: On September 2, the company received the “Review Center Opinion Notice Letter on Guangdong Yiduoli Biotechnology Co., Ltd.'s application to issue shares to specific targets” issued by the Shenzhen Stock Exchange. The Shenzhen Stock Exchange's issuance and listing review agency reviewed the company's application documents for issuing shares to specific targets and found that the company met the issuance conditions, listing conditions, and information disclosure requirements. The specific review opinions are based on the “Audit Center's Opinion Implementation Letter”. The Shenzhen Stock Exchange will then report it to the China Securities Regulatory Commission for the relevant registration procedures in accordance with regulations. The fixed increase plan has been adjusted, and all funds raised will be used to supplement working capital and repay bank loans. The company has adjusted its issuance plan. The issuance target has been reduced to one of the controlling shareholder Jin Dadi, and the total amount of capital raised has been reduced accordingly to no more than 100.1 million yuan (including principal amount). After deducting the issuance fee, all of it will be used to supplement working capital and repay bank loans. A fixed increase in capital raised can help ease the company's capital pressure, optimize capital structure, reduce financial expenses, and enhance profitability. The capital raised by this fixed increase has the following effects on the company: 1) Meet the company's business model and future growth demand for working capital, and strengthen the implementation of the company's strategy. The company's biomedicine, biological agriculture and animal husbandry fields are still in a period of rapid development. Downstream demand has increased markedly, the company's business is developing rapidly, and working capital requirements are large. 2) Relieve the company's capital pressure and meet the company's demand for cash flow. The company's interest-bearing debt accounts for a high proportion of total debt, and the pressure to repay debt is high. There are also arrangements to distribute cash dividends and the need to maintain basic operating capital. Raising capital can help ease capital pressure. 3) Optimize the capital structure and reduce financial expenses. The company's balance ratio is higher than the industry average, and a large amount of interest-bearing debt increases the company's financial costs, leading to high financial expenses of the company. The capital raised this time will be used to repay bank loans and supplement working capital, which can effectively reduce the company's balance ratio level, increase the speed ratio level, optimize the company's capital structure, and reduce financial expenses, thereby enhancing the company's profitability and industry competitiveness, and promoting the company's continuous, stable and healthy development. The company's three major businesses all have growth points in the future, and there is plenty of room. 1) The anti-rival business is expected to occupy a large market share in the 5-10 billion anti-rival market in the next 5 years due to its early layout and first-mover advantage and channel advantages. 2) The production capacity of sex hormones is expected to start producing benefits in the following year. This part of the business has a high threshold, high demand, and strong profitability. 3) The non-feed enzyme preparation production line (15,000 tons of food grade enzyme preparations) has been completed and put into operation, and the products are expected to be replaced domestically. Investment suggestion: The company is a domestic leader in biological enzyme preparations. It has the entire industry chain from phytosterols to finished APIs. In the future, it will increase its international layout and forward-looking layout of alternative products. With its first-mover advantage and its own channel advantages, the company is expected to quickly seize this blue ocean market. The company's 2020-2022 EPS is expected to be 0.42, 0.59, and 0.76 yuan, and the corresponding PE is 34.8 times, 25.0 times, and 19.4 times, respectively, maintaining the “recommended” rating. Risk warning: downstream aquaculture industry epidemics, natural disasters, cyclical fluctuations in sales, bad debts on accounts receivable, project investment falling short of expectations, market development falling short of expectations