证券代码：600299 证券简称：安迪苏 公告编号：2025-001 蓝星安迪苏股份有限公司 第九届董事会第三次会议 决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 蓝星安迪苏股份有限公司（以下简称"公司"）第九届董事会第三次会议于 2025 年 1 月 22 日以通讯表决的方式召开。董事会会议通知和材料于 2025 年 1 月 17 日以电子邮件方式发出。会议应参加表决董事 9 人，实际参加表决董事 9 人。 其中董事董大川先生因工作安排未能亲自参会，委托董事郝志刚先生代为参加会 议并行使表决权。本次会议符合《中华人民共和国公司法》和《蓝星安迪苏股份 有限公司章程》的有关规定。本次会议由公司董事长郝志刚先生召集，公司监事 和部分高管列席会议。 参加会议的董事表决通过以下议案： 1. 审议通过关于《向公司合资企业提供财务资助》的议案 《关于向公司合资企业提供财务资助的公告》（公告编号：2025-003）内容 详见上海证券交易所网站（www.sse.com.cn）、《中国证券报》和《证券日报》。 会议以 9 票同意，0 ...

关于中期分红方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要提示： 一、本次中期分红方案内容 基于对蓝星安迪苏股份有限公司（以下简称 "公司"）未来发展的信心，为 提升公司投资价值，与广大投资者共享公司经营发展成果，增强投资者获得感， 在确保公司持续稳健经营及长远发展的前提下，现拟定中期分红方案如下： 根据公司 2024 年三季度报表（未经审计），公司 2024 年度前三季度合并层面 实现归属于上市公司股东的净利润为人民币 1,003,279,525 元（未经审计），安迪 苏母公司层面截至 2024 年 9 月 30 日累计可供分配利润为人民币 468,369,058 元 （未经审计）。 为了与全体股东分享公司业绩成果，同时促进公司进一步发展，董事会在充 分考虑公司实际运营情况的基础上，建议以实施权益分派股权登记日的总股本为 基础，向全体股东每 10股派发现金股利 0.6元人民币（含税），预计总额为人民币 160,914,076 元人民币（含税），占公司 2024 前三季度归属于上市公司股东净利润 的 16.0 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 蓝星安迪苏股份有限公司（以下简称"公司"）第九届监事会第三次会议于 2025 年 1 月 22 日以通讯表决的方式召开。监事会会议通知和材料于 2025 年 1 月 17 日以电子邮件方式发出。会议应参加表决监事 3 人，实际参加表决监事 3 人。 本次会议的召集、召开符合《中华人民共和国公司法》和《蓝星安迪苏股份有限 公司章程》的有关规定。本次会议由监事会主席王岩先生主持。 参加会议的监事表决通过以下议案： 1. 审议通过关于《向公司合资企业提供财务资助》的议案 证券代码：600299 证券简称：安迪苏 公告编号：2025-002 蓝星安迪苏股份有限公司 第九届监事会第三次会议 决议公告 监事会认为，公司的全资子公司蓝星安迪苏营养集团有限公司本次向合资企 业提供财务资助主要为满足恺迪苏及其全资子公司经营和发展的资金需要，符合 公司整体利益。截至目前，本次财务资助风险处于合理可控范围内。公司本次提 供财务资助不存在显失公平以及损害公司和其他股东利益的情形。 《关于向公司合资企业提 ...

证券代码：600299 证券简称：安迪苏 公告编号：2025-003 蓝星安迪苏股份有限公司 关于向公司合资企业提供财务资助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 为满足合资企业 Calysseo Limited（恺迪苏有限公司）（以下简称"恺迪苏" 或"合资企业"）及其全资子公司恺迪苏（重庆）有限公司的经营和发展的 资金需要，蓝星安迪苏股份有限公司（以下简称"安迪苏"或"公司"）拟通过 其注册在香港的全资子公司蓝星安迪苏营养集团有限公司向合资企业恺迪苏 提供最高不超过 1,625 万美元（根据当期汇率计算折合人民币约 1.17 亿元） 的财务资助。主要条款如下：年利率为美元同期同业拆借利率+1.3%（目前 测算约为 3%），本财务资助截止日为 2026 年 6 月 30 日，可续期，上述额度 在期限范围内可以循环滚动使用。恺迪苏的其他股东需按持股比例提供同等 条件财务资助。 根据《上海证券交易所股票上市规则》的相关规定，本次交易不构成关联交 易。考虑到恺迪苏为公司重要合资企业，基于谨慎性原则， ...

Investment Rating - The report maintains a "Buy" rating for the company [20][99]. Core Views - The methionine industry is experiencing a significant recovery, and the company is expected to benefit from this trend [99]. - The company has a stable financial condition and strong profitability, with a notable increase in earnings projected for 2024-2026 [99]. - The company is positioned as a global leader in the methionine market, with ongoing capacity expansion and a focus on specialty products [99]. Summary by Sections Company Overview - The company has over 80 years of development history and is a leader in the methionine industry, with a global business layout [28][36]. - The company has implemented a "dual pillar" strategy to strengthen its leadership in methionine while accelerating the development of specialty products [36][37]. Financial Performance - In 2023, the company faced challenges with a revenue of 13.18 billion yuan, down 9.26% year-on-year, and a net profit of 52 million yuan, down 95.82% year-on-year [6]. - However, in the first three quarters of 2024, the company reported a revenue of 11.38 billion yuan, up 18.32% year-on-year, and a net profit of 1.003 billion yuan, an increase of 10.37 billion yuan year-on-year [6][99]. - The company’s gross margin has remained above 30% in recent years, although it faced pressure in 2022-2023 due to declining methionine prices and rising energy costs [9][99]. Industry Analysis - The methionine market is expected to see improved supply-demand dynamics, with prices likely to rise in the medium to long term [57][99]. - The company has increased its market share from 23% in 2012 to 28% in 2023, supported by capacity expansions in Europe and China [36][38]. Future Outlook - The company is projected to achieve net profits of 1.359 billion yuan in 2024, 1.520 billion yuan in 2025, and 1.750 billion yuan in 2026, with significant growth rates anticipated [99]. - The company is expected to benefit from ongoing reforms within its parent company, China National Chemical Corporation, which aims to enhance resource synergy [99].

Investment Rating - The report gives a rating of "Outperform" for the company, indicating a positive outlook compared to the market [54]. Core Views - The company is expected to benefit from a stable demand for methionine, driven by the growth in the livestock industry and increasing meat consumption globally [10][9]. - The report highlights the company's strong brand recognition and competitive advantages in product quality and pricing, which are expected to support its market position [23][53]. - The projected revenue growth for the company is based on favorable market conditions and the introduction of new products, with an estimated revenue of 156.90 billion, 165.51 billion, and 174.65 billion for 2024-2026 [66][54]. Summary by Sections Investment Rating - The company is rated "Outperform" with a target price range of 12.42 to 13.50, reflecting a potential upside from the current price [54]. Market Demand and Growth - The global demand for methionine is projected to grow due to increased meat consumption, particularly in developing countries, where per capita meat consumption is still low compared to developed nations [10]. - The report notes that the livestock sector accounts for 90% of methionine usage, emphasizing its critical role in animal nutrition [9]. Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 19.01% in revenue for 2024, with a gradual decline in growth rates in subsequent years [70]. - The estimated net profit for the company is projected to be 14.51 billion, 16.05 billion, and 17.90 billion for 2024-2026, with corresponding diluted EPS of 0.54, 0.60, and 0.67 [54][66]. Competitive Position - The company holds a leading position in the methionine market, with significant production capacity and a strong brand presence compared to its peers [53]. - The report identifies key competitors and highlights the company's advantages in terms of production experience and customer service [25][53]. Valuation - The report employs both absolute and relative valuation methods, concluding that the company's stock is reasonably valued at a price-to-earnings (PE) ratio of 23-25 based on its growth prospects [54][72].

蓝星安迪苏股份有限公司 蓝星安迪苏股份有限公司 2024 年第三季度线上投资者沟通会及业绩说明会会议记录 一、会议时间： 公司分别于 2024 年 11 月 13 日和 11 月 14 日组织召开了 2024 年第三季度线 上投资者沟通会和业绩说明会。 二、参会人员或机构: 通过上交所上证路演中心线上提问的投资者及参与 Teams 线上会议的投资 机构。其中，通过 Teams 线上会议参会的机构投资者名单详见附件。 重要提示：参会机构名单根据参会单位提供的注册信息整理后列示。公司 无法保证参会机构单位名称的完整性、准确性，敬请投资者注意。 三、公司参会人员： 董事长兼总经理（CEO）：郝志刚先生 独立董事：臧恒昌先生 副总经理兼首席运营官：Frederic Jacquin 先生 首席财务官：Virginie Cayatte 女士 董事会秘书：蔡昀女士 四、线上会议平台： 上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/）及 Teams 线上会议。 公司就投资者普遍关注的问题进行回答。沟通内容如下： 1. 如何看待国内企业纷纷规划建设蛋氨酸产能，公司的成本优势体现在哪 ...

各位朋友大家好非常高兴又和大家见面了对第一次观看我们业绩沟通视频的朋友们我先自我介绍一下我是阿尼苏的董事长兼总经理郝志刚欢迎大家观看阿尼苏2024年第三季度业绩沟通视频和以前一样今天和我一起做本次业绩沟通的高管团队包括阿尼苏集团首席荧官Frederick Jack Quinn以及阿尼苏集团的首席财务官Virginia Katz 我们将向您逐一介绍我们的业务亮点业绩表现以及对未来几个季度的业务展望2024年三季度 延续了上半年良好的市场表现这主要受益于我们在产能扩充研发创新和主位运营等方面的持续投入以帮助我们成功捕捉市场机会取得了非常强劲的业绩表现同时呢我们坚定不移致力于通过持续投资推动业务的增长这也表明我们对业务长期发展的潜力充满了信心安全和可持续发展一直是我们管理的重中之重 我们在2024年三季度将PRR控制在了极地的零点一三 为历史的最佳表现2024年三季度我们取得了强劲的业绩增长营业收入实现了同比双位数的增长毛利润和毛利率均取得了大幅度的提升这主要归功于单算业务的优异表现维生素A产品价格的反弹以及在中国和美国的乳液市场非常低迷的情况下依然取得了稳定发展的特种产品业务 下面我将时间交给弗洛德里克和魏征涅为 ...

Investment Rating - The report assigns a "Buy-A" rating to Adisseo (600299 SH) for the first time [1] Core Views - Strong growth in methionine sales and significant improvement in operational efficiency are key drivers [1] - The company's Q3 2024 revenue reached 4 125 billion yuan up 25 23% YoY and 9 28% QoQ with net profit of 396 million yuan up 683 55% YoY and 19 65% QoQ [1] - Gross margin improved to 29 21% up 12 61 percentage points YoY while net margin reached 9 63% up 11 69 percentage points YoY [1] Business Performance Methionine Business - Methionine revenue grew 31% YoY in Q3 2024 with liquid methionine sales hitting a quarterly record and solid methionine achieving double-digit growth [1] - Domestic methionine average price in Q3 2024 was 20 69 yuan/kg up 15 8% YoY but down 4 37% QoQ [1] - The company is progressing with the construction of a 150 000-ton solid methionine plant in Quanzhou Fujian [1] Specialty Products - Specialty products revenue grew 10% YoY in Q3 2024 with gross profit up 20% [1] - The European 30 000-ton specialty product capacity expansion project is in the ramp-up phase [1] - A 37 000-ton specialty feed additive plant in Nanjing is expected to complete mechanical construction by end of 2024 [1] Operational Efficiency - The company expects to reduce recurring costs by 178 million yuan in 2024 [1] - It has permanently closed the solid methionine production line at its Comantre France plant and optimized vitamin A production efficiency [1] Financial Projections - Revenue is forecasted to grow to 14 903/16 273/17 549 billion yuan in 2024/2025/2026 representing YoY growth of 13 0%/9 2%/7 8% [1] - Net profit is projected to reach 1 372/1 554/1 672 billion yuan in 2024/2025/2026 with YoY growth of 2529 4%/13 3%/7 6% [1] - EPS is estimated at 0 51/0 58/0 62 yuan for 2024/2025/2026 with P/E ratios of 22 6/20 0/18 6x [1] Valuation Metrics - The company's P/E ratio is projected at 22 6/20 0/18 6x for 2024/2025/2026 [1] - P/B ratio is forecasted at 1 9/1 8/1 7x for the same period [1] - ROE is expected to improve to 8 7%/9 1%/9 0% in 2024/2025/2026 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights strong sales of methionine, with significant year-on-year and quarter-on-quarter improvements in Q3 performance [2][3] - The company achieved a revenue of 11.376 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.32% [2] - The net profit attributable to shareholders reached 1.003 billion yuan, a substantial recovery from a loss of 34 million yuan in the same period last year [2] - The report anticipates continued growth in revenue and profit for the years 2024 to 2026, with projected revenues of 15.317 billion yuan, 16.979 billion yuan, and 18.031 billion yuan respectively [6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.115 billion yuan, up 25.23% year-on-year and 9.28% quarter-on-quarter [3] - The net profit for Q3 was 396 million yuan, compared to a loss of 680 million yuan in the same quarter last year, marking a quarter-on-quarter increase of 19.65% [3] - The operating cash flow for the quarter was 990 million yuan, reflecting a strong operational performance [3] Product Performance - The methionine segment saw a significant increase in both volume and price, with a revenue growth of 31% year-on-year and a gross profit increase of 296% [3] - The average price of 99% methionine in Q3 2024 was 20.69 yuan per kilogram, showing a year-on-year increase of 15.8% [3] - The vitamin A and E segments also experienced substantial price increases, contributing to improved profitability [3] Future Outlook - The company is expanding its production capacity, with ongoing construction of a 150,000-ton/year solid methionine plant in Quanzhou and a 37,000-ton/year specialty feed additive plant in Nanjing [6] - The report projects that the company will benefit from the favorable market conditions for its main products, methionine and vitamins, and maintain its leading position in the industry [6]