北京市金杜律师事务所上海分所 关于蓝星安迪苏股份有限公司 2025 年第四次临时股东会 北京市金杜律师事务所上海分所（以下简称金杜）接受蓝星安迪苏股份有限公司 （以下简称安迪苏或公司）的委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理 委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香 港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规及规 范性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 12 月 1 日召 开的 2025 年第四次临时股东会（以下简称本次股东会），并就本次股东会相关事项出 具本法律意见书。 为出具本法律意见书，金杜律师审查了安迪苏提供的以下文件，包括但不限于： 1. 经安迪苏 2025 年第三次临时股东大会审议通过的《蓝星安迪苏股份有限公司 章程》（以下简称《公司章程》）； 2. 安迪苏 2025 年 10 月 31 日刊登于巨潮资讯网及上海证券交易所网站的《蓝星 安迪苏 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 12 月 1 日 证券代码：600299 证券简称：安迪苏 公告编号：2025-051 蓝星安迪苏股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： (二)股东会召开的地点：北京市朝阳区北土城西路 9 号蓝星大厦会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 147 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,310,475,745 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 86.1506 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，公司董事长郝志刚先生主持会议，采取现场 投票和网络投票相结合的表决方式。会议召集、召开程序符合《中华人民共和国 ...

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Core Points - Multiple listed companies received regulatory notices regarding suspected violations of information disclosure laws and regulations on November 28 [1][4][8][11][17] Group 1: Haide Co., Ltd. - Haide Co., Ltd. received a notice from the CSRC for suspected information disclosure violations, leading to an investigation of the company and its actual controller Wang Guangxi [1] - The company acknowledged historical non-operating fund occupation, which was fully returned by April 24, and has since implemented training and corrective measures to improve compliance and disclosure quality [1] Group 2: Tianfeng Securities - Tianfeng Securities also received a notice from the CSRC for suspected information disclosure violations and illegal financing [4] - The company stated that its operations are normal and it will cooperate with the investigation while adhering to disclosure obligations [4] Group 3: Yuanda Intelligent - Yuanda Intelligent received a preliminary penalty notice from the Liaoning Securities Regulatory Bureau for falsely recognizing elevator sales revenue using forged acceptance certificates, affecting multiple annual reports [8] - The bureau plans to issue a warning and impose a fine of 6 million yuan on the company [8] Group 4: Puli Pharmaceutical - Puli Pharmaceutical, which has been delisted, received a preliminary penalty notice for failing to disclose its 2024 annual report on time [11] - The company is facing a warning and a fine of 500,000 yuan from the Hainan Securities Regulatory Bureau [11] Group 5: ST Shenhua - ST Shenhua received an administrative penalty decision from the Liaoning Securities Regulatory Bureau for manipulating financial data from 2018 to 2021, resulting in false records in annual reports [17][18] - The company was fined 7 million yuan and received a warning, with penalties also proposed for other involved parties [17][18]

Core Insights - The animal nutrition industry is crucial for global food safety and health, facing challenges due to rising protein demand and limited resources, necessitating technological innovation and sustainable development [1][2] - Andy Su, a leader in the methionine sector, aims to transition towards sustainability, substitution, and efficiency, with technological innovation as a key driver for industry upgrades [1][2] Company Strategy - Andy Su's core product, "Rhodimet®," holds a nearly 30% global market share in 2024, supporting revenue and profit growth [2] - The company plans to enhance production capacity, with a 40,000-ton increase at its European base by year-end and a similar expansion at its Nanjing facility by the end of 2026 [2] - A new 150,000-ton solid methionine project in Quanzhou, Fujian, is set to begin trial operations next year [2] - Andy Su is expanding its high-value specialty products, targeting a 20% revenue contribution from new products over the next five years [2][3] Research and Development - The company invests at least 3% of its revenue annually in R&D, focusing on process optimization and new product development [3] - An innovation fund of €1 million is established every three years to address common industry challenges [3] - The company is exploring alternative protein sources and sustainable development trends, integrating ESG (Environmental, Social, and Governance) into its core strategy [3][4] Global Operations - Andy Su has adopted a strategy of "bringing in" and "going out," enhancing its production capacity in Nanjing and exporting products to Southeast Asia, South America, and India [5] - The company operates two major production bases in Europe and China, creating a complementary global supply system [5] - Future plans include optimizing the global supply network and enhancing service quality in key markets [5][6] Financial Performance and Investor Relations - Over the past decade, Andy Su has distributed a total of 4.6 billion yuan in dividends to investors [5] - The company emphasizes investor relations management and aims to communicate its strategic plans and growth prospects effectively [5][6]

本报记者 许林艳 作为保障人类食品安全与健康的关键环节，动物营养行业紧密关联着全球数十亿人的"餐桌安全"。在全球蛋白需求不断攀 升的背景下，土地、能源等有限资源与生产供给之间的矛盾日益突出，这就要求行业必须通过技术创新与模式革新破解发展瓶 颈，在保障蛋白供应的同时实现可持续发展。 安迪苏董事长兼总经理郝志刚在接受《证券日报》记者采访时表示："动物营养行业的未来发展，必然朝着可持续化、替 代化与高效化方向转型，技术创新将成为破解供需矛盾、引领行业升级的核心驱动力。" 蓝星安迪苏股份有限公司（以下简称"安迪苏"）在动物营养添加剂领域已深耕多年，业务覆盖所有动物品种及养殖关键环 节。 夯实传统业务地位 在家禽、生猪的玉米—豆粕型基础饲料中，蛋氨酸作为动物自身无法合成的必需氨基酸，是饲料配方中的"营养短板"。实 践证明，在饲料中科学添加人工合成的蛋氨酸，不仅能显著提升动物体内蛋白质合成效率、促进生长，还能有效改善动物健康 水平，是动物饲料中的"生长密钥"。 作为全球蛋氨酸领域的领军企业，安迪苏的核心产品"罗迪美®"凭借形态稳定、运输便捷等核心优势，成为市场主流选 择，持续为公司营收和利润增长提供强劲支撑。数据显示，2 ...

Core Insights - The company, Andisu, focuses on the research, production, and sales of animal nutrition additives, aiming to promote a more efficient, safer, and sustainable livestock industry [1] - Andisu has maintained a global leading position in the methionine market, with functional products as its core competitive advantage [1] Company Strategy - The company has adopted a strategy of "going out" and "bringing in," which has facilitated sustainable development over the past decade [1] - Andisu has integrated global resources by introducing advanced European technology and high-quality production capacity into China [1] Production Capacity - The production capacity of the Nanjing plant has increased from 170,000 tons to 350,000 tons, making it the largest and lowest-cost single liquid methionine production base globally [1] ESG Commitment - The company places a strong emphasis on ESG (Environmental, Social, and Governance) principles, recognizing their importance in creating long-term value for the enterprise [1]

Core Insights - The modern livestock industry is increasingly demanding diverse animal nutrition, leading to higher requirements for feed performance, which traditional standardized products can no longer meet [1] - Additive premix feed fills the market gap with flexible formulation design and precise nutritional supply, improving feed utilization, reducing farming costs, and enhancing animal growth performance and product quality [1] Industry Overview - Additive premix feed consists of two or more nutritional feed additives mixed with carriers or diluents, including compound premix feed, trace element premix feed, and vitamin premix feed [3] - The production of additive premix feed in China has experienced fluctuations, with production reaching 542.6 million tons in 2019, a decrease of 16.9% year-on-year, and recovering to 594.5 million tons in 2020, a growth of 9.6% [1][8] - In 2021, production increased to 663.1 million tons, a year-on-year growth of 11.54%, but fell to 652.2 million tons in 2022 due to various factors, including the pandemic [1][8] - In 2023, production rebounded to 709.1 million tons, an increase of 8.7% year-on-year, but is expected to decline to 695.1 million tons in 2024 due to adjustments in pig production capacity and reduced livestock inventory [1][8] Industry Policies - The industry has seen a series of supportive and regulatory policies aimed at promoting standardization and efficiency, such as the 2024 "Green Sword Protect Grain Safety" enforcement action focusing on illegal production and sales of feed additives [4][6] - The 2025 Feed Quality Safety Supervision Work Plan emphasizes the inspection of banned substances and illegal additives in various feed products, including premix feeds [4][6] Industry Chain - The upstream of the additive premix feed industry includes feed raw materials like soybeans, corn, and fish meal, while the midstream involves the production of various types of premix feeds [6] - The downstream application includes livestock farming sectors such as pig, poultry, and aquaculture [6] Market Dynamics - The additive premix feed market is characterized by a clear competitive structure, with leading companies like New Hope, Tongwei, and Da Bei Nong forming the first tier, while other companies like Haida Group and Zhengbang Technology represent the second tier [10][12] - The market is expected to consolidate further, with smaller companies facing challenges due to limited innovation and sales channels [10][12] Future Trends - The industry is moving towards precise product functionality and value enhancement, focusing on tailored formulations for different livestock species and growth stages [16] - Technological advancements will drive the integration of biotechnology and smart manufacturing, optimizing formulation structures and improving production processes [17] - A comprehensive service model will emerge, extending beyond product provision to include technical support and real-time monitoring for farmers [18]

蓝星安迪苏股份有限公司 2025 年第四次临时股东会会议资料 蓝星安迪苏股份有限公司 会议资料 二零二五年十二月一日 1 蓝星安迪苏股份有限公司 2025 年第四次临时股东会会议资料 蓝星安迪苏股份有限公司 2025 年第四次临时股东会 2025 年第四次临时股东会 重要提示： 现场会议时间：2025 年 12 月 1 日（星期一）下午 14:00 会议地点：北京市朝阳区北土城西路 9 号蓝星大厦会议室 主持人：董事长郝志刚 参加会议人员： | | | | 议程 | | | --- | --- | | 时间 | 内容 | | 14:00-14:10 | 会议议程介绍 | | 1 | 主持人宣布会议开始并致欢迎辞 | | 2 | 董事会秘书宣读投票规则和注意事项 | | 3 | 推举计票人和监票人 | | 14:10-14:20 | 与会者审议以下议案 | | 1 | 增补独立董事 | | 14:20-15:00 | 股东提问&回答及现场表决 | | 1 | 股东提问及投票表决 | | 2 | 统计并宣布现场投票结果 | | 3 | 律师宣读法律意见书 | | 4 | 董事、董事会秘书签字 | | 5 | 会议 ...

记者了解到，在本届进博会专场签约仪式上，中国中化与来自沙特阿拉伯、阿曼、哈萨克斯坦、法国、 日本、韩国、比利时、马来西亚、莫桑比克、泰国等10余个国家和地区的近20家企业签订采购合作协 议，在原油与成品油、食品和农产品、化工产品、化工装备、服务贸易等多个领域深化合作，采购总额 达144亿美元，较2024年增长约8亿美元。通过与海外多家产业链上游伙伴深化合作，持续助力增强全球 产业链供应链韧性，为加快培育新质生产力提供坚实支撑。 记者11月5日从中国中化控股有限公司(以下简称"中国中化")获悉，随着第八届中国国际进口博览会(以 下简称"进博会")开幕，中国中化组织旗下5家海外企业参展，并举办进博会专场签约活动，持续扩大经 贸"朋友圈"，与全球合作伙伴深化互利共赢协作，共享中国市场发展机遇。 同时，中国中化组织旗下瑞士先正达、德国克劳斯玛菲、挪威埃肯、法国安迪苏（600299）以及意大利 百得安轮胎(Prometeon)五家海外企业参展，为中国市场带来"AI+"农业科技、生物育种、绿色植保、土 壤健康、动物营养、化工新材料、智能装备、高端轮胎等领域新产品、新技术、新服务。在本届进博会 上，五家海外企业与中国客户签 ...