Core Viewpoint - The company reported stable revenue growth in Q3 2025, driven by increased penetration of liquid methionine and double-digit sales growth in specialty products, despite facing a challenging market environment [4][5]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 12.93 billion, a year-on-year increase of 14%, and a net profit attributable to shareholders of 990 million, a decrease of 1.3% [4]. - For Q3 2025, the company reported revenue of 4.42 billion, up 7.4% year-on-year and 4.9% quarter-on-quarter, while net profit attributable to shareholders was 250 million, down 37% year-on-year and 9% quarter-on-quarter [4]. Group 2: Product Performance - The revenue from functional products in Q3 2025 was 3.275 billion, an increase of 5.5% year-on-year, while specialty products generated revenue of 1.144 billion, up 13.3% year-on-year [5]. - The gross profit for functional and specialty products in Q3 2025 was 760 million and 420 million, respectively, both showing a slight decline of 1% year-on-year [5]. Group 3: Market Position and Expansion - The company is a leading global player in methionine production, with a focus on expanding capacity to meet global demand. A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027 [6]. - The company is also implementing a debottlenecking expansion project for its liquid methionine plant in Europe, which is set to be fully operational by the end of 2025, further solidifying its market leadership [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth potential [4][6]. Core Insights - The company achieved a revenue of 12.93 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14%. However, the net profit attributable to shareholders decreased by 1.3% to 990 million yuan [1]. - In Q3 2025, the company reported a revenue of 4.42 billion yuan, up 7.4% year-on-year and 4.9% quarter-on-quarter, but the net profit fell by 37% year-on-year to 250 million yuan [1][2]. - The growth in revenue is primarily driven by the increasing penetration of liquid methionine and double-digit sales growth in specialty products, which offset negative impacts from rising raw material prices and declining vitamin product prices [2][3]. Summary by Sections Financial Performance - For Q3 2025, functional products generated revenue of 3.275 billion yuan, up 5.5% year-on-year, while specialty products brought in 1.144 billion yuan, up 13.3% year-on-year [2]. - The gross profit for functional and specialty products in Q3 2025 was 760 million yuan and 420 million yuan, respectively, both showing a slight decline of 1% year-on-year [2]. Production Capacity and Market Position - The company is a global leader in methionine production, with ongoing capacity expansion to strengthen its market position. A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027 [3]. - The company is also expanding its liquid methionine production capacity in Europe, with plans to fully operationalize by the end of 2025 [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward due to various factors, with expected net profits of 1.318 billion yuan, 1.535 billion yuan, and 1.784 billion yuan for the respective years [4][5]. - The report provides an EPS forecast of 0.49 yuan for 2025, 0.57 yuan for 2026, and 0.67 yuan for 2027, reflecting the company's growth trajectory despite recent challenges [4][5].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [74]. Core Insights - The report highlights a rebound in prices for Vitamin A (VA) and Vitamin E (VE), with VA priced at 62.6 yuan/kg and VE at 49.5 yuan/kg, reflecting increases of 0.9 yuan/kg and 6.0 yuan/kg respectively [10][59][63]. - The polyurethane sector shows varied price movements, with pure MDI averaging 18,414 yuan/ton (+214 yuan/ton), polymer MDI at 14,293 yuan/ton (+7 yuan/ton), and TDI at 13,341 yuan/ton (-108 yuan/ton) [2][16]. - In the oil, coal, and gas olefin sector, ethane and propane prices are reported at 1,296 yuan/ton (-68 yuan/ton) and 3,934 yuan/ton (+157 yuan/ton) respectively, while the average price of polypropylene is 6,600 yuan/ton (-80 yuan/ton) [2][24]. - The coal chemical sector shows mixed results, with synthetic ammonia at 2,151 yuan/ton (-3 yuan/ton) and urea at 1,615 yuan/ton (+19 yuan/ton) [2][40]. - Key listed companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Chemical, and Andisu [2]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 18,414 yuan/ton, 14,293 yuan/ton, and 13,341 yuan/ton respectively, with corresponding gross profits of 5,400 yuan/ton, 2,279 yuan/ton, and 1,918 yuan/ton [2][16]. 2. Oil, Coal, and Gas Olefin Sector - Ethane and propane average prices are 1,296 yuan/ton and 3,934 yuan/ton, with theoretical profits for polyethylene production from ethane at 947 yuan/ton [2][24][33]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,151 yuan/ton, 1,615 yuan/ton, 3,943 yuan/ton, and 2,330 yuan/ton respectively, with gross profits of 121 yuan/ton, -69 yuan/ton, -151 yuan/ton, and 80 yuan/ton [2][40][44]. 4. Animal Nutrition Sector - VA and VE prices are reported at 62.6 yuan/kg and 49.5 yuan/kg, with recent increases noted [10][59][63].

Core Viewpoint - Blue Star Adisseo Co., Ltd. reported a stable revenue growth in Q3 2025, driven by increased penetration of liquid methionine and double-digit sales growth in specialty products, despite challenges from rising raw material prices and declining vitamin product prices [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of RMB 12.931 billion, representing a year-on-year growth of 14% [1]. - Gross profit reached RMB 3.6 billion, showing a 4% increase compared to the same period last year [1]. - In Q3 2025, the company maintained stable revenue growth, with gross profit margins impacted by a sharp decline in vitamin prices and adverse tariff policies [1]. Group 2: Business Segments - The methionine business continued to grow, primarily due to the increasing global market penetration of liquid methionine and stable production at factories, leading to further optimization of supply chain costs [1]. - The solid methionine business contributed minimally to performance, mainly due to significant increases in raw material costs, particularly caustic soda [1]. - The specialty products segment saw a sales increase of 13% to RMB 1.14 billion, driven by strong sales growth in ruminant products in North America and Europe, particularly a 26% increase in sales of Starmine [2].

Core Viewpoint - Andy Su is a leading global producer of animal nutrition additives, with a strong focus on research, production, and sales, and a differentiated strategy based on a "dual pillar" approach [1] Group 1: Business Performance - In Q3 2025, Andy Su reported revenue of 12.931 billion yuan, ranking 3rd in the industry, surpassing the industry average of 3.571 billion yuan and the median of 1.238 billion yuan [2] - The company's net profit for the same period was 999.2 million yuan, ranking 4th in the industry, above the industry average of 539 million yuan and the median of 124 million yuan [2] - Functional products accounted for 76.07% of total revenue, while specialty products made up 23.93% [2] Group 2: Financial Ratios - As of Q3 2025, Andy Su's debt-to-asset ratio was 32.69%, higher than the previous year's 28.81% and the industry average of 28.46% [3] - The gross profit margin for Q3 2025 was 27.87%, down from 30.58% in the previous year and below the industry average of 28.77% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.46% to 32,200 [5] - The average number of circulating A-shares held per shareholder increased by 1.48% to 83,300 [5] Group 4: Strategic Insights - Andy Su is recognized as a global leader in the methionine industry, with ongoing expansion projects in Quanzhou, and plans to enhance solid methionine production capacity [6] - The specialty products segment is expected to contribute 20% of its revenue from new products by 2026, with further growth anticipated through acquisitions [6] - The company is projected to achieve net profits of 1.6 billion, 1.7 billion, and 2.1 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 29%, 11%, and 20% [6] Group 5: Market Outlook - The company is expected to maintain its leadership in the methionine market, with ongoing projects to enhance production capacity in both solid and liquid methionine [7] - The diversification of specialty products is a key focus, with initiatives aimed at improving feed digestibility and localizing production [7] - Revenue projections for 2025, 2026, and 2027 are estimated at 17.288 billion, 19.026 billion, and 20.552 billion yuan, respectively, with net profits of 1.714 billion, 1.944 billion, and 2.216 billion yuan [7]

Core Insights - The company reported a revenue of 12.931 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.67% [1] - The net profit attributable to shareholders was 990 million yuan, showing a year-on-year decline of 1.29% [1] - The basic earnings per share stood at 0.37 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 27.87%, down 2.72 percentage points year-on-year [2] - The net profit margin was 7.67%, a decrease of 1.15 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 26.83%, down 2.39 percentage points year-on-year and 0.32 percentage points quarter-on-quarter [2] - The net profit margin for Q3 was 5.67%, down 3.96 percentage points year-on-year and 0.89 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 2.043 billion yuan, an increase of 48.795 million yuan year-on-year [2] - The expense ratio was 15.80%, a decrease of 1.73 percentage points from the previous year [2] - Sales expenses increased by 12.77%, while management expenses decreased by 1.73%, R&D expenses decreased by 6.10%, and financial expenses decreased by 56.75% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 32,200, a decrease of 477 from the end of the first half of the year, representing a decline of 1.46% [2] - The average market value per shareholder decreased from 791,600 yuan to 783,400 yuan, a decline of 1.04% [2] Company Overview - The company, Blue Star Adisseo Co., Ltd., is located in Beijing and was established on May 31, 1999, with its listing date on April 20, 2000 [3] - The main business involves the research, production, and sales of animal nutrition additives, with functional products accounting for 76.07% and specialty products for 23.93% of revenue [3] - The company is classified under the basic chemicals industry, specifically in food and feed additives [3]

独立董事候选人声明与承诺 本人孙志祥，巳充分了解并同意由提名人蓝星安迪苏股份有 限公司董事会提名为蓝星安迪苏股份有限公司第九届董事会独 立董事候选人。本人公开声明， 本人具备独立董事任职资格， 保 证不存在任何影响本人担任蓝星安迪苏股份有限公司独立董事 独立性的关系， 具体声明并承诺如下： 一 、本人具备上市公司运作的基本知识， 熟悉相关法律、 行 政法规、部门规章及其他规范性文件，具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人巳经参加培训并取得证券交易所认可的相关培训证明 材料。 二、 本人任职资格符合下列法律 、行政法规和 部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； (八)中国证监会《证券基金经营机构董事、监事、高级管 理人员及从业人员监督管理办法》等的相关规定(如适用); （二） 《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会 《上市公司独立董事管理办法》、上海证 券交易所自律 监管规则以及公司章程有关独立董事任职资格 和 条件的相关规定； （四）中共中夹纪委、中共中夹组织部《关于 ...

独立董事提名人声明与承诺 提名人蓝星安迪苏股份有限公司董事会，现提名孙志祥为蓝 星安迪苏股份有限公司第九届董事会独立董事候选人，并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、 有无重大失信等不良记录等情况。被提名人已同意出任蓝星安迪 苏股份有限公司第九届董事会独立董事候选人（参见该独立董事 候选人声明）。提名人认为，被提名人具备独立董事任职资格， 与蓝星安迪苏股份有限公司之间不存在任何影响其独立性的关 系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共 ...

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 ...

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 ...