Any entity in the visual world can be hierarchically grouped based on shared characteristics and mapped to fine-grained sub-categories. While Multi-modal Large Language Models (MLLMs) achieve strong performance on coarse-grained visual tasks, they often struggle with Fine-Grained Visual Recognition (FGVR). Adapting general-purpose MLLMs to FGVR typically requires large amounts of annotated data, which is costly to obtain, leaving a substantial performance gap compared to contrastive CLIP models dedicated for discriminative tasks. Moreover, MLLMs tend to overfit to seen sub-categories and generalize poorly to unseen ones. To address these challenges, we propose Fine-R1, an MLLM tailored for FGVR through an R1-style training framework: (1) Chain-of-Thought Supervised Fine-tuning, where we construct a high-quality FGVR CoT dataset with rationales of "visual analysis, candidate sub-categories, comparison, and prediction", transition the model into a strong open-world classifier; and (2) Triplet Augmented Policy Optimization, where Intra-class Augmentation mixes trajectories from anchor and positive images within the same category to improve robustness to intra-class variance, while Inter-class Augmentation maximizes the response distinction conditioned on images across sub-categories to enhance discriminative ability. With only 4-shot training, Fine-R1 outperforms existing general MLLMs, reasoning MLLMs, and even contrastive CLIP models in identifying both seen and unseen sub-categories, showing promise in working in knowledge-intensive domains where gathering expert annotations for all sub-categories is arduous. Code is available at https://github.com/PKU-ICST-MIPL/FineR1_ICLR2026.