蓝星安迪苏股份有限公司 证券代码：600299 证券简称：安迪苏 公告编号：2025-050 关于召开 2025 年第三季度业绩说明会的公告 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： 蓝星安迪苏股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日披露公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日下午 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频直播和网络互动形式召开，公司将针对 2025 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 14 日 下午 15:00-16:00 1 董事长兼总经理（CEO）：郝志刚先生 独立董事：刘昕先生 副总经理兼 ...

证券代码：600299 证券简称：安迪苏 公告编号：2025-048 蓝星安迪苏股份有限公司 2025 年第三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 所发布的《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露 第十 四号——食品制造》的要求，现将公司 2025 年第三季度主要经营数据披露如下： 一、 2025 年第三季度主要经营数据 (一) 按产品类别： 单位：元 币种：人民币 | | 营业收入 | | | | | --- | --- | --- | --- | --- | | 分产品 2025 | 年第三季度 | 2024 年第三季度 | 同比变动 | (%) | | 功能性产品 | 3,275,298,626 | 3,105,903,653 | | 5.45 | | 特种产品 | 1,143,676,282 | 1,009,095,503 | | 13.34 | | 合计 | 4,418,974,908 | 4 ...

特此公告。 蓝星安迪苏股份有限公司董事会 证券代码：600299 证券简称：安迪苏 编号：2025-047 蓝星安迪苏股份有限公司 关于增补独立董事的公告 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。 为提升蓝星安迪苏股份有限公司（以下简称"公司"）内部治理水平，保 证董事会的规范运作，根据《蓝星安迪苏股份有限公司章程》规定，公司拟增 补一名独立董事。经公司提名委员会提名并审核通过独立董事候选人孙志祥女 士（简历附后）的任职资格，公司于 2025 年 10 月 30 日召开的第九届董事会第 九次会议审议并通过了关于《增补第九届董事会独立董事》的议案，增补孙志 祥女士为公司第九届董事会独立董事候选人，任期自股东会审议通过之日起至 第九届董事会任期届满之日止。孙志祥女士的任职资格尚需上海证券交易所审 核，尚需提交公司股东会审议。 | | 生于 1967 年，汉族，中国籍，复旦大学法学学士，复旦大学 | | --- | --- | | | 国际经济法学硕士，美国哈佛大学高级访问学者。孙女士从事 | | | 法律咨询工作超过 年，在 ...

证券代码：600299 证券简称：安迪苏 公告编号：2025-049 蓝星安迪苏股份有限公司 关于召开2025年第四次临时股东会的通知 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)股东会类型和届次 2025年第四次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 1 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)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 1 日 1 股东会召开日期：2025年12月1日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 至2025 年 12 月 1 日 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 东会召开当日的交易时间段，即 9:15-9 ...

证券代码：600299 证券简称：安迪苏 公告编号：2025-046 蓝星安迪苏股份有限公司 第九届董事会第九次会议 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"）第九届董事会第九次会议于 2025 年 10 月 30 日以通讯表决的方式召开。董事会会议通知和材料于 2025 年 10 月 27 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。 参加会议的董事表决通过以下议案： 1. 审议通过关于《2025 年第三季度报告》的议案 审计、风险及合规委员会委员由林兆荣先生（主任委员）、刘昕先生、孙岩 峰先生调整为林兆荣先生（主任委员）、孙志祥女士、孙岩峰先生。该议案 自股东会审议通过关于《增补第九届董事会独立董事》的议案后生效。 《2025 年第三季度报告》内容详见上海证券交易所网站：www.sse.com. ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 4,418,974,908, representing a year-on-year increase of 7.39%[3] - The total profit for the period was CNY 354,353,219, a decrease of 30.89% compared to the same period last year[3] - The net profit attributable to shareholders was CNY 250,201,793, down 36.77% year-on-year[3] - The basic earnings per share for the period was CNY 0.09, reflecting a decrease of 40.00% compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 reached CNY 12,931,042,871, an increase of 13.6% compared to CNY 11,375,947,704 in the same period of 2024[17] - Operating profit for the first three quarters of 2025 was CNY 1,375,934,261, slightly down from CNY 1,378,171,752 in 2024, indicating a stable performance[18] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 990,385,122, compared to CNY 1,003,279,525 in 2024, reflecting a decrease of 1.3%[18] - The company reported a comprehensive income total of CNY 1,857,785,945 for the first three quarters of 2025, significantly up from CNY 950,427,428 in 2024[19] Assets and Liabilities - Total assets at the end of the period amounted to CNY 25,174,272,502, an increase of 13.11% compared to the end of the previous year[4] - As of September 30, 2025, the total assets of the company reached RMB 25,174,272,502, an increase from RMB 22,257,398,577 as of December 31, 2024, representing a growth of approximately 8.6%[13] - The company's current assets totaled RMB 7,319,268,891, up from RMB 6,395,939,923, indicating an increase of about 14.4% year-over-year[14] - Total liabilities increased to RMB 8,229,869,392 from RMB 6,687,616,587, representing a growth of about 23%[15] - The company's long-term borrowings rose significantly to RMB 1,889,718,377 from RMB 925,558,489, indicating an increase of approximately 104%[15] - The non-current assets totaled RMB 17,855,003,611, up from RMB 15,861,458,654, reflecting an increase of about 12.5%[14] - The company's equity remained stable at RMB 2,681,901,273, unchanged from the previous period[15] Cash Flow - The company reported a net cash flow from operating activities of CNY 2,284,431,324 for the year-to-date, showing a 2.86% increase[3] - Cash flow from operating activities for the first three quarters of 2025 was CNY 2,284,431,324, slightly higher than CNY 2,220,971,908 in 2024[22] - The company incurred a net cash outflow from investing activities of CNY 2,069,867,110 in the first three quarters of 2025, compared to CNY 1,177,816,244 in 2024, indicating increased investment activities[22] - Cash inflow from financing activities in the first three quarters of 2025 was CNY 946,425,940, a significant increase from CNY 266,097,772 in 2024[22] - Net cash flow from financing activities was $215,369,677, a significant improvement compared to a net outflow of $(722,744,647) in the previous period[23] - Total cash and cash equivalents at the end of the period reached $1,759,751,219, up from $1,334,456,897 year-over-year[23] - The net increase in cash and cash equivalents was $526,115,384, compared to $329,229,338 in the prior year[23] - Cash outflows from financing activities totaled $731,056,263, down from $988,842,419 in the previous period[23] - The impact of exchange rate changes on cash and cash equivalents was $96,181,493, compared to $8,818,321 in the prior year[23] Market Conditions and Strategy - The company plans to continue investing in business growth and R&D innovation despite facing a challenging market environment[8] - The increase in revenue was primarily driven by the rising penetration of liquid methionine and double-digit sales growth in specialty products[8] - The company experienced adverse impacts from rising raw material prices, tariff policies, and a sharp decline in vitamin product prices[8] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 282,051,876, a decrease from CNY 300,385,838 in 2024, suggesting a potential shift in focus[17] Other Financial Metrics - The weighted average return on net assets was 1.48%, a decrease of 3.29 percentage points from the previous year[4] - The cash and cash equivalents increased to RMB 1,759,751,219 from RMB 1,265,778,795, reflecting a growth of approximately 39%[13] - Accounts receivable rose to RMB 2,093,738,151, compared to RMB 1,969,896,420, marking an increase of about 6.3%[14] - Inventory levels increased to RMB 2,476,884,888 from RMB 2,428,174,242, which is an increase of approximately 2%[14] - The company reported a significant increase in other receivables, which rose to RMB 167,468,982 from RMB 90,753,937, marking an increase of approximately 84.5%[14] - The total equity attributable to shareholders of the parent company rose to CNY 16,912,994,342 in 2025, up from CNY 15,542,390,570 in 2024, indicating improved shareholder value[16]

安迪苏公告，第三季度营收为44.19亿元，同比增长7.39%；净利润为2.5亿元，下降36.77%。前三季度 营收为129.31亿元，同比增长13.67%；净利润为9.9亿元，下降1.29%。 ...

Core Viewpoint - The company is addressing investor concerns regarding its stock price decline following a capital increase, emphasizing the strategic importance of the capital raise for long-term growth and market competitiveness [2]. Group 1: Capital Increase and Strategic Importance - The company plans to issue A-shares to no more than 35 qualified investors, based on a careful decision aligned with its long-term development strategy and funding needs [2]. - The capital increase aims to optimize the company's capital structure, enhance financial stability, and seize market opportunities, thereby improving long-term competitiveness [2]. - The implementation of the fundraising project is closely tied to the company's core business and market demand, representing a significant step in strengthening its main operations [2]. Group 2: Market Dynamics and Trading Volume - The company has increased its investment efforts in recent years, leading to a growing asset and business scale, which in turn raises daily operational funding needs [2]. - Due to a high ownership concentration, with major shareholders holding 85.77% of shares, the company's trading volume is limited, which the capital increase aims to address by expanding the circulating share base [2]. - The company is committed to fair and transparent practices in the capital increase process, adhering to regulatory requirements and ensuring that all major decisions prioritize long-term development and shareholder interests [2]. Group 3: Regulatory Compliance and Investor Rights - The pricing of the capital increase will comply with regulatory guidelines, ensuring that the issue price is not lower than 80% of the average trading price over the previous 20 trading days [2]. - The company emphasizes the protection of minority investors' rights and has established a robust governance structure and information disclosure mechanism to ensure equal access to information and participation [2]. - The capital increase plan takes into account market conditions, industry trends, and the company's actual needs, aiming to attract strategic investors and support business growth for greater shareholder value [2].

Core Viewpoint - The company acknowledges the impact of multiple factors on its stock price, including market competition, liquidity preferences, and short-term trading behaviors, which have led to disappointing short-term stock price trends [2] Industry Summary - The global animal nutrition additive industry is expected to face short-term supply-demand pressures due to the initial production phase of new product lines [2] - The company aims to become a leader in the global animal nutrition and health industry by leveraging its technological expertise and global layout [2] Company Strategy - The company plans to maintain operational flexibility to quickly respond to market changes, including adjusting production rhythms to match market demand [2] - The company will continue to optimize its global supply network to address challenges from tariffs and supply chain changes while seizing local market opportunities [2] - Efforts will be made to enhance the cost competitiveness of its solid methionine and vitamin A production platforms in Europe [2] - The company will optimize its product portfolio and service capabilities to accelerate the development of specialty products [2] Market Outlook - The company anticipates strong market demand in the fourth quarter, but new capacities for methionine and vitamins will lead to increased market competition, posing challenges to its business [2] - The company is committed to supporting business growth and improving profitability while making sustained investments for future growth [2]

Report Industry Investment Rating No relevant content provided Core Viewpoints of the Report - The average prices of pure MDI, polymer MDI, and TDI in the polyurethane sector this week were 18,200 yuan/ton, 14,286 yuan/ton, and 13,449 yuan/ton respectively, with week-on-week changes of +286 yuan/ton, -207 yuan/ton, and +134 yuan/ton. Their respective gross profits were 5,099 yuan/ton, 2,184 yuan/ton, and 2,211 yuan/ton, with week-on-week changes of +383 yuan/ton, -110 yuan/ton, and +105 yuan/ton [2]. - In the oil, gas, and olefin sector, the average prices of ethane, propane, steam coal, and naphtha this week were 1,364 yuan/ton, 3,777 yuan/ton, 531 yuan/ton, and 3,937 yuan/ton respectively, with week-on-week changes of +21 yuan/ton, +15 yuan/ton, +16 yuan/ton, and -0 yuan/ton. The average price of polyethylene was 7,441 yuan/ton, a week-on-week decrease of 78 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 892 yuan/ton, 1,593 yuan/ton, and 15 yuan/ton respectively, with week-on-week changes of -56 yuan/ton, -96 yuan/ton, and -51 yuan/ton. The average price of polypropylene was 6,680 yuan/ton, a week-on-week decrease of 120 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were 16 yuan/ton, 1,289 yuan/ton, and -113 yuan/ton respectively, with week-on-week changes of -86 yuan/ton, -122 yuan/ton, and -78 yuan/ton [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,154 yuan/ton, 1,596 yuan/ton, 3,907 yuan/ton, and 2,410 yuan/ton respectively, with week-on-week changes of -21 yuan/ton, -0 yuan/ton, -21 yuan/ton, and -19 yuan/ton. Their respective gross profits were 140 yuan/ton, -83 yuan/ton, -168 yuan/ton, and 154 yuan/ton, with week-on-week changes of -55 yuan/ton, -14 yuan/ton, +25 yuan/ton, and -6 yuan/ton [2]. - The chemical blue-chip companies mentioned in the report are Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Adisseo [2]. Summary According to Relevant Catalogs 1. Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: The basic chemical index had a week-on-week increase of 2.1%, a month-on-month increase of 1.8%, a three-month increase of 7.8%, a one-year increase of 21.9%, and a year-to-date increase of 23.0% as of October 24, 2025. Among the related companies, Baofeng Energy had a week-on-week increase of 7.0%, a month-on-month increase of 8.6%, a three-month increase of 11.8%, a one-year increase of 15.9%, and a year-to-date increase of 12.1%. Satellite Chemical had a week-on-week increase of 2.8%, a month-on-month decrease of 1.7%, a three-month decrease of 0.3%, a one-year increase of 0.3%, and a year-to-date increase of 0.0%. Hualu Hengsheng had a week-on-week increase of 0.9%, a month-on-month decrease of 0.8%, a three-month increase of 3.1%, a one-year increase of 6.0%, and a year-to-date increase of 16.6%. New Hope Liuhe had a week-on-week increase of 0.3%, a month-on-month increase of 0.2%, a three-month increase of 5.5%, a one-year decrease of 1.0%, and a year-to-date increase of 10.0%. Wanhua Chemical had a week-on-week decrease of 0.1%, a month-on-month decrease of 3.0%, a three-month decrease of 0.6%, a one-year decrease of 21.5%, and a year-to-date decrease of 12.7% [8][10]. - **Related Company Profit Tracking**: As of the closing price on October 24, 2025, the total market capitalization of Wanhua Chemical was 192.4 billion yuan, with net profits attributable to the parent company of 13 billion yuan in 2024A, 13.5 billion yuan in 2025E, 16.5 billion yuan in 2026E, and 19 billion yuan in 2027E. Baofeng Energy had a total market capitalization of 132.7 billion yuan, with net profits attributable to the parent company of 6.3 billion yuan in 2024A, 12.4 billion yuan in 2025E, 14.1 billion yuan in 2026E, and 14.9 billion yuan in 2027E. Satellite Chemical had a total market capitalization of 61.4 billion yuan, with net profits attributable to the parent company of 6.1 billion yuan in 2024A, 6.6 billion yuan in 2025E, 8 billion yuan in 2026E, and 9.8 billion yuan in 2027E. Hualu Hengsheng had a total market capitalization of 52.8 billion yuan, with net profits attributable to the parent company of 3.9 billion yuan in 2024A, 4.3 billion yuan in 2025E, 4.7 billion yuan in 2026E, and 5.1 billion yuan in 2027E. New Hope Liuhe had a total market capitalization of 71.4 billion yuan, with net profits attributable to the parent company of 5.9 billion yuan in 2024A, 6 billion yuan in 2025E, 6.9 billion yuan in 2026E, and 7.3 billion yuan in 2027E. Adisseo had a total market capitalization of 25.4 billion yuan, with net profits attributable to the parent company of 1.2 billion yuan in 2024A, 1.6 billion yuan in 2025E, 1.7 billion yuan in 2026E, and 2.1 billion yuan in 2027E [8][10]. - **Polyurethane Industry Chain**: The average price of pure MDI this week was 18,200 yuan/ton, with a week-on-week increase of 286 yuan/ton and a seven-year quantile of 25%. Its gross profit was 5,099 yuan/ton, with a week-on-week increase of 383 yuan/ton and a seven-year quantile of 73%. The average price of polymer MDI was 14,286 yuan/ton, with a week-on-week decrease of 207 yuan/ton and a seven-year quantile of 21%. Its gross profit was 2,184 yuan/ton, with a week-on-week decrease of 110 yuan/ton and a seven-year quantile of 45%. The average price of TDI was 13,449 yuan/ton, with a week-on-week increase of 134 yuan/ton and a seven-year quantile of 31%. Its gross profit was 2,211 yuan/ton, with a week-on-week increase of 105 yuan/ton and a seven-year quantile of 67% [8][10]. - **Oil, Gas, and Olefin Industry Chain**: - **Raw Material Prices**: The average price of ethane this week was 26 cents/gallon (1,364 yuan/ton), with a week-on-week increase of 0.41 cents/gallon (21 yuan/ton) and a ten-year quantile of 63% (74%). The average price of propane was 532 dollars/ton (3,777 yuan/ton), with a week-on-week increase of 2 dollars/ton (15 yuan/ton) and a ten-year quantile of 45% (51%). The average price of NYMEX natural gas was 3.4 dollars/mmbtu (1,252 yuan/ton), with a week-on-week increase of 0.38 dollars/mmbtu (138 yuan/ton) and a ten-year quantile of 78% (79%). The average price of Brent crude oil was 63 dollars/barrel (3,282 yuan/ton), with a week-on-week increase of 1 dollar/barrel (69 yuan/ton) and a ten-year quantile of 41% (49%). The average price of naphtha was 555 dollars/ton (3,937 yuan/ton), with a week-on-week change of -0 dollars/ton (-0 yuan/ton) and a ten-year quantile of 43% (52%). The average price of steam coal was 531 yuan/ton, with a week-on-week increase of 16 yuan/ton and a ten-year quantile of 61%. The average price of methanol was 2,276 yuan/ton, with a week-on-week decrease of 29 yuan/ton and a ten-year quantile of 26% [8][10]. - **Profit Comparison of Oil, Gas, and Coal Routes**: For polyethylene production, the profit of ethane cracking was 892 yuan/ton, with a week-on-week decrease of 56 yuan/ton, a decrease of 475 yuan/ton compared to the beginning of the year, and a decrease of 907 yuan/ton year-on-year. The profit of naphtha cracking was 15 yuan/ton, with a week-on-week decrease of 51 yuan/ton, a decrease of 60 yuan/ton compared to the beginning of the year, and a decrease of 60 yuan/ton year-on-year. The profit of MTO was -77 yuan/ton, with a week-on-week increase of 2 yuan/ton, an increase of 320 yuan/ton compared to the beginning of the year, and an increase of 320 yuan/ton year-on-year. The profit of CTO was 1,593 yuan/ton, with a week-on-week decrease of 96 yuan/ton, an increase of 392 yuan/ton compared to the beginning of the year, and a decrease of 265 yuan/ton year-on-year. For polypropylene production, the profit of PDH was 16 yuan/ton, with a week-on-week decrease of 86 yuan/ton, a decrease of 332 yuan/ton compared to the beginning of the year, and an increase of 401 yuan/ton year-on-year. The profit of naphtha cracking was -113 yuan/ton, with a week-on-week decrease of 78 yuan/ton, a decrease of 254 yuan/ton compared to the beginning of the year, and an increase of 338 yuan/ton year-on-year. The profit of MTO was -381 yuan/ton, with a week-on-week decrease of 24 yuan/ton, an increase of 106 yuan/ton compared to the beginning of the year, and a decrease of 93 yuan/ton year-on-year. The profit of CTO was 1,289 yuan/ton, with a week-on-week decrease of 122 yuan/ton, an increase of 177 yuan/ton compared to the beginning of the year, and a decrease of 84 yuan/ton year-on-year [8][10]. 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend**: No specific content provided - **2.2 Polyurethane Sector**: Analyzed the price trends and price - spread relationships of pure MDI, polymer MDI, and TDI [17][20] - **2.3 Oil, Gas, and Olefin Sector**: Analyzed the price trends of domestic steam coal, naphtha, crude oil, propane, ethane, and natural gas, as well as the profitability of different routes for producing polyethylene and polypropylene [24][25][33] - **2.4 Coal Chemical Sector**: Analyzed the price trends and gross profit situations of synthetic ammonia, urea, DMF, acetic acid, coke, methanol, and other products [40][45][50] - **2.5 Animal Nutrition Sector**: Analyzed the price trends of solid and liquid methionine, VA, and VE [62][66][68]