Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18]. Core Views - The company's revenue and net profit for the first quarter of 2025 showed significant year-on-year and quarter-on-quarter growth, with revenue reaching 4.299 billion yuan, a year-on-year increase of 22.99% and a quarter-on-quarter increase of 3.38%. The net profit attributable to shareholders was 465 million yuan, up 67.85% year-on-year and 131.19% quarter-on-quarter [1][7]. - The growth in the company's methionine business, which saw a 29% year-on-year increase in sales revenue, was driven by a 24% increase in liquid methionine sales volume and price increases implemented during the quarter [2][10]. - The company is implementing a "dual pillar" strategy, with steady growth in specialty products, which saw a 7% increase in revenue and a 5% increase in gross profit [2][17]. Summary by Sections Financial Performance - In Q1 2025, the company's gross profit increased by 14% to 1.27 billion yuan, with functional product sales revenue growing by 29% and specialty product sales revenue increasing by 7% [1][7]. - The gross margin for sales was 29.64%, a year-on-year decrease of 2.32 percentage points but a quarter-on-quarter increase of 0.43 percentage points. The net profit margin was 10.82%, up 2.90 percentage points year-on-year and 5.96 percentage points quarter-on-quarter [1][7]. Business Segments - The methionine segment's sales revenue grew by 29% year-on-year, supported by price increases and high production capacity utilization, which mitigated the impact of rising raw material costs [2][10]. - The vitamin segment performed well, with strong sales growth despite price pressures on vitamin A and robust demand for vitamin E [2][15]. - Specialty products showed stable growth, with notable increases in sales from specific product lines, including a 21% increase in selenium products and a 24% increase in palatability products [2][17]. Profit Forecasts - The company is expected to achieve net profits of 1.625 billion yuan, 1.795 billion yuan, and 2.040 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.0%, 10.4%, and 13.6% [3][18].

蓝星安迪苏股份有限公司 公司《关于延长公司向特定对象发行 A 股股票股东大会决议有效期的议案》和 《关于提请股东大会延长授权董事会及其授权人士全权办理本次向特定对象发行 A 股 股票具体事宜的议案》尚需提交股东大会审议通过。 关于延长公司向特定对象发行 A 股股票股东大会决议有 效期及相关授权有效期的公告 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 4 月 28 日召开公司第九届 董事会第六次会议、第九届监事会第五次会议，审议通过了《关于延长公司向特定对 象发行 A 股股票股东大会决议有效期的议案》和《关于提请股东大会延长授权董事会 及其授权人士全权办理本次向特定对象发行 A 股股票具体事宜的议案》。现将相关情 况公告如下： 公司于 2024 年 6 月 26 日召开 2023 年年度股东大会，审议通过了《公司向特定对 象发行 A 股股票预案》《提请股东大会授权董事会及其授权人士全权办理本次向特定 对象发行 A 股股票具体事宜的提案报告》等本次发行相关议案。根据上 ...

证券代码：600299 证券简称：安迪苏 公告编号：2025-022 蓝星安迪苏股份有限公司 第九届监事会第五次会议 决议公告 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（简称"安迪苏"或"公司"）第九届监事会第五次会 议于 2025 年 4 月 28 日以通讯表决的方式召开。监事会会议通知和材料于 2025 年 4 月 23 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》 （以下简称"《公司章程》"）的有关规定。本次会议由监事会主席王岩先生召集 和主持。 参加会议的监事表决通过以下议案： 1. 审议通过关于《2025 年第一季度报告》的议案 《2025 年第一季度报告》内容详见上海证券交易所网站：www.sse.com.cn。 公司监事会根据上海证券交易所《上海证券交易所上市公司自律监管指南第 1 号——公告格式》和《上海证券交易所股票上市规则》的有关要求，对董事 会编制的公司《2025 年第一季度报 ...

蓝星安迪苏股份有限公司 第九届董事会第六次会议 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"）第九届董事会第六次会议于 2025 年 4 月 28 日以通讯表决的方式召开。董事会会议通知和材料于 2025 年 4 月 24 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。 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，公司部分高管列席会议。 证券代码：600299 证券简称：安迪苏 公告编号：2025-021 参加会议的董事表决通过以下议案： 1. 审议通过关于《2025 年第一季度报告》的议案 《2025 年第一季度报告》内容详见上海证券交易所网站：www.sse.com.cn。 审计、风险及合规委员会审议通过该议案。 会议以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了议案。 2. 审议通过关于《开展外汇套期保值业务》的议案 《关于开展外汇套期保值业务的公告》内 ...

舆情管理制度 第一章 总 则 蓝星安迪苏股份有限公司 第一条 为提高蓝星安迪苏股份有限公司（以下简称"公司"）应对各类舆情的能力，建立 快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、公司商业信誉及 正常生产经营活动造成的影响，切实保护投资者合法权益，根据相关法律、法规、 规范性文件及《蓝星安迪苏股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 结合公司实际情况，制订本制度。 第二章 舆情管理的组织体系及其工作职责 1 第二条 公司建立日常舆情监测工作机制，主要对媒体报道及网络舆情进行监测，及时 全面准确掌握与公司有关的舆情动态，研判和评估风险，发现敏感舆情的倾向性问 题，及时、有针对性地开展预防及处置工作，并将各类舆情的信息和处理情况及时 上报领导层，并在必要时做好向资本市场和公司所属证监局的信息上报及与上海证 券交易所的信息沟通工作。 第三条 公司设立新闻发言人制度，并对常设新闻发言人和潜在临时新闻发言人提前培 训以准备应对突发事件。新闻发言人、临时新闻发言人及企业传播团队负责对媒体 的采访接待与沟通事宜，就舆情处理进展情况等及时、准确、恰当答复记者问询； 邀请相关负责人接受媒体采访或 ...

Financial Performance - The company's operating revenue for Q1 2025 reached CNY 4,298,951,797, representing a year-on-year increase of 22.98% compared to CNY 3,495,509,970 in the same period last year[4] - Net profit attributable to shareholders increased by 67.85% to CNY 464,790,261 from CNY 276,900,085 in the previous year[4] - Basic and diluted earnings per share rose by 70.00% to CNY 0.17, up from CNY 0.10 in the same period last year[4] - Operating profit for Q1 2025 was RMB 623,402,799, compared to RMB 366,986,816 in Q1 2024, representing a growth of 70%[16] - The net profit for the first quarter of 2025 reached CNY 465,149,689, a significant increase of 68.1% compared to CNY 276,718,688 in the same period of 2024[17] - The total comprehensive income for the first quarter of 2025 was CNY 776,664,211, compared to CNY 61,170,866 in the first quarter of 2024, indicating a substantial growth[17] - The company reported a net profit margin improvement, with operating profit margin increasing from 10.5% in Q1 2024 to 14.5% in Q1 2025[16] Cash Flow and Assets - Net cash flow from operating activities improved by 47.11% to CNY 942,772,818, compared to CNY 640,870,412 in the previous year[4] - Cash and cash equivalents increased to RMB 1,608,270,356 as of March 31, 2025, from RMB 1,265,778,795 at the end of 2024, a rise of 27%[11] - The cash and cash equivalents at the end of the first quarter of 2025 totaled CNY 1,608,270,356, an increase from CNY 1,144,733,698 at the end of the first quarter of 2024[20] - The company incurred operating expenses of CNY 3,527,370,194 in the first quarter of 2025, which is an increase from CNY 2,934,858,083 in the same period of 2024[19] - Total assets at the end of the reporting period were CNY 23,295,937,931, reflecting a 4.67% increase from CNY 22,257,398,577 at the end of the previous year[5] - Non-current assets totaled RMB 16,033,405,820 as of March 31, 2025, slightly up from RMB 15,861,458,654 at the end of 2024[12] Liabilities and Equity - Total liabilities increased to RMB 7,110,405,806 from RMB 6,687,616,587, reflecting a growth of 6%[13] - Shareholders' equity rose to RMB 16,185,532,125, compared to RMB 15,569,781,990, an increase of 4%[13] Operational Highlights - Total operating costs for Q1 2025 were RMB 3,701,557,755, up from RMB 3,088,259,444 in Q1 2024, reflecting a 20% increase[16] - Sales revenue from goods and services received cash amounted to CNY 4,412,697,311, an increase of 25.2% compared to CNY 3,524,989,271 in the previous year[19] - The company received government subsidies amounting to CNY 13,908,307, primarily related to its Nanjing factory[6] - Non-operating losses totaled CNY 2,690,937, mainly due to asset disposal losses and fair value changes of financial assets[6] Future Outlook - The company plans to continue focusing on strong business performance and strict working capital management to sustain growth[4] - The company plans to continue investing in new technologies and market expansion to drive future growth[20] - The company’s total assets increased significantly, reflecting ongoing market expansion and investment strategies[20] Shareholder Information - Shareholder structure shows that China BlueStar (Group) Co., Ltd. holds 85.77% of the shares, totaling 2,300,179,161 shares[8]

证券代码：600299 证券简称：安迪苏 公告编号：2025-025 蓝星安迪苏股份有限公司 2025 年一季度主要经营数据公告 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"安迪苏"或"公司"）根据上海证券交 易所相关行业信息披露指引要求的要求，现将公司 2025 年一季度主要经营数据 披露如下： 一、 主要产品销售情况 营业收入分产品情况 单位:元 币种:人民币 | | | | | 主营业务分产品情况 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | 营业收入 | 营业成本 | 毛利率 | 营业收 入比上 | 营业成 本比上 | | 毛利率比上年增减 | | | | | | | | | （%） | | | | | | 年增减 | 年增减 | | | | 功能性产品 | 3,318,731,133 | 2,452,653,060 | 26% | 29% | 32% | 减少 | 2 个百分点 | | 特种产品 ...

蓝星安迪苏股份有限公司 关于开展外汇套期保值业务的公告 证券代码：600299 证券简称：安迪苏 公告编号： 2025-023 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： 公司于 2025 年 4 月 28 日召开第九届董事会第六次会议，审议通过了《关 于开展外汇套期保值业务的议案》，同意公司及下属公司开展外汇套期保值业务。 现将情况公告如下： 一、交易情况概述 (一) 交易目的 公司及下属公司的主要经营活动范围位于法国、西班牙、美国和中国等， 主要交易货币为欧元、美元及人民币，日常经营过程中涉及大量贸易项下外汇 资金收付的外币业务。为有效规避和防范外汇市场风险，防止汇率大幅波动对 公司生产经营造成不利影响，公司持续监控汇率风险，并拟结合衍生金融工具 的使用，开展外汇套期保值业务。公司将以真实的业务为基础开展相关外汇套 期保值业务，不进行投机和套利交易。 (二) 交易金额 公司及下属公司根据生产经营情况，拟开展外汇套期保值业务，在授权额 度使用期限内的任一时间点，外汇套期保值业务规模均不超过 10 亿欧元。额度 ...

1 可持续发展报告 2024 www.adisseo.com 本文件由安迪苏发布，旨在帮助利益相关方全面了解 安迪苏在实现可持续发展目标过程中，在环境、社会 和治理领域所做的贡献、采取的行动及取得的成果。 报告主体和缩写术语 蓝星安迪苏股份有限公司。 为便于表述，将以"安迪苏" 、"公司"或"我们/我们的"表示。 安迪苏的母公司"中 国蓝星（集团）股份有限公司"简称为"中国蓝星 "。 (2-1) 报告范围 本报告涵盖2024年1月1日至2024年12月31日期间， 公司合并财务报表范围内的所有全球子公司。 您可 以在我们的2024年度报告中查看子公司清单。 (2-2) 安迪苏是《责任关怀全球宪章》 的签署者，致力于在产品的全生 命周期内进行安全管理，推动产 品在提升生活质量方面的积极 作用，并强化其对可持续发展的 贡献。 联系我们 蓝星安迪苏股份有限公司 地址：北京市朝阳区北土城西路9号 电话：+86 10 61958802 邮箱：InvestorService@adisseo.com 关于报告 报告期与频率 我们的报告期为2024年1月1日至2024年12月31日， 与公司财务报告的期间一致。 为了保持信息 ...

Core Viewpoint - The company, Andisu, is undergoing significant capital operations, marking its largest since its reverse merger in 2015, with a focus on expanding its production capacity in the animal nutrition sector [1] Group 1: Company Overview - Andisu specializes in the research, production, and sales of animal nutrition additives, holding a leading position in the industry for several core products [3] - The company's product offerings are categorized into functional products, such as methionine and vitamins, and specialty products aimed at enhancing animal health and feed efficiency [3] Group 2: Investment Projects - The company plans to invest CNY 1.743 billion (approximately USD 246 million) in a solid methionine project with an annual capacity of 150,000 tons, accounting for 46.3% of the total fundraising amount [4] - The project will be located in Quanzhou, Fujian Province, and is expected to commence production in 2027 [4] - The liquid methionine production capacity at Andisu's Nanjing plant is currently the second largest globally, which will create synergies with the new solid methionine expansion [4] Group 3: Financial Performance - In 2024, Andisu is projected to achieve a revenue of CNY 15.53 billion (approximately USD 2.23 billion), representing a year-on-year growth of 17.83% [9] - The net profit attributable to shareholders is expected to reach CNY 1.204 billion (approximately USD 171 million), showing a dramatic increase of 2215% compared to 2023, although this is largely due to a low base effect from the previous year [9] - The company's net profit in 2023 was only CNY 52 million (approximately USD 7.4 million), a decline of nearly 96% from CNY 1.247 billion (approximately USD 178 million) in 2022 [9] Group 4: Market Dynamics - The methionine market is dominated by international giants, with a global market size projected to exceed 1.5 million tons by 2028, while the current domestic production rate is below 30% [3] - The industry has experienced a cyclical nature, with methionine prices significantly influenced by global capacity expansions, leading to an oversupply situation [10] - From 2016 to 2023, the average price of methionine in the domestic market decreased by 34% [10] Group 5: Cost and Profitability - The company's operating costs have risen sharply from CNY 7.465 billion (approximately USD 1.06 billion) in 2016 to CNY 13.669 billion (approximately USD 1.96 billion) in 2024 [12] - Despite efforts to optimize supply chain management, the pressure from rising costs, driven by high prices of key raw materials and global supply chain disruptions, has significantly impacted profitability [12] - The gross margin has decreased from 47.43% in 2016 to 21.38% in 2023, with a recovery to 30.21% anticipated in 2024 [10]