Core Points - Company received approval from Shanghai Stock Exchange for a specific stock issuance [2] - The approval is valid for 12 months from the date of consent [2] - Company must adhere to the submitted application documents and issuance plan [2] Summary by Categories Company Actions - Company announced the receipt of approval for stock issuance to specific investors [2] - The issuance must be conducted in accordance with the submitted documents [2] Regulatory Compliance - The approval from Shanghai Stock Exchange is valid for 12 months [2] - Company is required to report any significant events to the exchange before the issuance is completed [2]

证券代码：600299 证券简称：安迪苏 公告编号：2025-043 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报告 上海证券交易所并按有关规定处理。" 公司董事会将根据上述批复文件和相关法律、法规的要求及公司股东会的授权， 在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披露义务。敬 请广大投资者注意投资风险。 特此公告。 蓝星安迪苏股份有限公司董事会 关于向特定对象发行股票申请获得中国证券监督管理委员 会同意注册批复的公告 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。 蓝星安迪苏股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日收到上海证券交 易所（以下简称"上交所"）出具的《关于同意蓝星安迪苏股份有限公司向特定对象发 行股票注册的批复》（ 证监许可〔2025〕1970 号），主要内容如下： "一、同意你公司向特定对象发行股票的注册申请。 蓝星安迪苏 ...

Core Viewpoint - The company received approval from the Shanghai Stock Exchange for a stock issuance to specific investors, indicating a strategic move to raise capital [1] Group 1 - The company, Andy Su (600299), announced on September 10 that it received a notice from the Shanghai Stock Exchange on September 9 [1] - The approval pertains to the company's application for the registration of a stock issuance to specific investors [1]

Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for a stock issuance to specific investors, which is valid for 12 months from the date of approval [1] Group 1 - The company received the approval on September 9, 2025, under the document number 1970 [1] - The approval allows the company to issue stocks to specific investors as per the submitted application [1] - The company is required to implement the issuance strictly according to the submitted documents and issuance plan [1] Group 2 - The company must complete the issuance-related matters within the stipulated timeframe as per the approval document and relevant laws and regulations [1] - The company is obligated to fulfill its information disclosure duties in a timely manner [1]

证券代码：600299 证券简称：安迪苏 公告编号：2025-042 蓝星安迪苏股份有限公司 关于召开2025年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第三次临时股东大会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关 规定执行。 (七)涉及公开征集股东投票权 (二)股东大会召集人：董事会 召开的日期时间：2025 年 9 月 25 日 14 点 00 分 召开地点：北京市朝阳区北土城西路 9 号蓝星大厦会议室 (五)网 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company reported a robust performance in the first half of 2025, achieving a revenue of 8.512 billion yuan, representing a year-over-year increase of 17.23%, and a net profit of 740 million yuan, up 21.82% year-over-year [3]. - The core business segments showed steady growth, with the functional products segment revenue increasing by 20% to 6.47 billion yuan, driven by the growth in methionine sales and an increase in market penetration of liquid methionine [3]. - The special products segment also saw a revenue increase of 9% to 2.04 billion yuan, attributed to strong sales growth in ruminant products outside of China and a rebound in aquatic product sales [3]. - The company is enhancing its methionine production capacity, with ongoing projects in Europe and China, including a new solid methionine plant in Quanzhou expected to be operational by 2027 [4]. Financial Performance Summary - The company’s EBITDA margin improved to 22% in the first half of 2025, benefiting from cost control and operational efficiency initiatives [3]. - The financial forecast for 2025-2027 estimates net profits of 1.637 billion, 1.852 billion, and 2.025 billion yuan, with corresponding EPS of 0.61, 0.69, and 0.75 yuan [5]. - The projected revenue for 2025 is 17.939 billion yuan, with a growth rate of 15.48% [6]. Company Overview - The company is recognized as the second-largest methionine producer globally, capable of producing both solid and liquid methionine, and is a leader in the animal nutrition and health industry [7].

Group 1 - The core viewpoint of the articles highlights the strong performance of Andisu in the first half of 2025, with a 17% year-on-year increase in revenue to 8.51 billion yuan and a 22% increase in net profit attributable to shareholders to 740 million yuan [1][2] - The sales of methionine business grew by 16% year-on-year, driven by the increasing market penetration of liquid methionine, despite challenges from regional price declines and rising raw material costs [1][2] - The special products business saw a 9% increase in revenue to 2.04 billion yuan and a 7% increase in gross profit to 830 million yuan, attributed to strong sales growth in ruminant products and a rebound in aquatic product sales [1][2] Group 2 - The "China Integration Strategy" has successfully driven strong sales growth in the first half of 2025, with double-digit growth in liquid methionine and significant orders in the aquatic market [2] - Andisu announced a refinancing plan to raise no more than 3 billion yuan to support investment projects, which has been approved by the Shanghai Stock Exchange and is currently in the registration process with the China Securities Regulatory Commission [2] - The company implemented a mid-term and annual dividend plan with an overall payout ratio of 40.08%, distributing 161 million yuan as mid-term dividends and 322 million yuan as annual dividends to shareholders [2]

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Group 1 - The core point of the news is that Andy Su's stock price dropped by 5.01% to 10.05 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 0.60%, resulting in a total market capitalization of 26.953 billion CNY [1] - Andy Su, established on May 31, 1999, and listed on April 20, 2000, is based in Beijing and specializes in the research, production, and sales of animal nutrition additives. The revenue composition of its main business includes 76.07% from functional products and 23.93% from specialty products [1] Group 2 - From the perspective of major fund holdings, Morgan Fund has a significant position in Andy Su, with the Morgan Quantitative Multi-Factor Mixed Fund (005120) holding 15,400 shares, accounting for 0.96% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 8,160.41 CNY [2] - The Morgan Quantitative Multi-Factor Mixed Fund (005120) was established on January 19, 2018, with a latest scale of 15.5269 million CNY. Year-to-date returns are 23.1%, ranking 3,438 out of 8,254 in its category; the one-year return is 48.11%, ranking 2,732 out of 8,037; and since inception, the return is 46.29% [2] - The fund manager, He Zhihao, has been in position for 4 years and 210 days, managing total assets of 15.43 billion CNY, with the best fund return during his tenure being 52.51% and the worst being -34.95% [2]

Core Viewpoint - The recent financial report of Andisu (600299) shows a significant increase in revenue and net profit for the first half of 2025, indicating a positive growth trajectory despite some challenges in quarterly performance [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 8.512 billion yuan, a year-on-year increase of 17.23% - The net profit attributable to shareholders was 740 million yuan, up 21.82% year-on-year - In Q2 2025, revenue was 4.213 billion yuan, reflecting an 11.89% increase year-on-year, while net profit decreased by 16.72% to 275 million yuan - The gross margin was 28.41%, down 9.41% year-on-year, while the net margin improved to 8.71%, an increase of 4.12% year-on-year - Total sales, management, and financial expenses amounted to 1.195 billion yuan, accounting for 14.03% of revenue, a decrease of 8.77% year-on-year [1]. Cash Flow and Receivables - The cash flow per share was 0.54 yuan, up 17.82% year-on-year - The accounts receivable were notably high, with accounts receivable to net profit ratio reaching 172.91%, indicating potential liquidity concerns [1][2]. Investment Returns - The company's return on invested capital (ROIC) for the previous year was 7.28%, which is considered average - The net profit margin was 7.76%, suggesting that the added value of products or services is also average - Historical data shows a median ROIC of 8.03% over the past decade, with a significant drop to 0.68% in 2023, indicating inconsistent investment returns [2]. Business Model and Strategy - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying drivers [2]. - Andisu has a history of mergers and acquisitions to expand its business, with significant milestones including joining the Bluestar Group in 2006 and multiple overseas acquisitions in recent years - The company aims to continue its acquisition strategy to enhance its product line and strengthen its dual-pillar development strategy [4]. Product Development - The company is focusing on the development of its single-cell protein product, "Faikang," which is positioned as a sustainable alternative to animal protein - The Chongqing factory is the first in the world to utilize disruptive fermentation technology for large-scale production, with ongoing development and government support - The factory has begun stable operations since Q2 2024, with significant orders fulfilled in early 2025, indicating progress in market expansion [4].