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]

Group 1 - The core point of the article is that Andy Su reported a revenue of 4.419 billion yuan for the third quarter, representing a year-on-year increase of 7.39%, while net profit decreased by 36.77% to 250 million yuan [1] - For the first three quarters, the company achieved a revenue of 12.931 billion yuan, reflecting a year-on-year growth of 13.67%, but net profit slightly declined by 1.29% to 990 million yuan [1]

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]

Core Viewpoint - The article highlights the role of Andisu in enhancing agricultural production capacity and food security in China through technological innovation and sustainable practices, aligning with national strategies during the "14th Five-Year Plan" period [1][2][9]. Group 1: Technological Innovation and Agricultural Development - Andisu focuses on optimizing production capacity, driving technological innovation, transforming into smart agriculture, and promoting ESG development to integrate into the modernization of agriculture [2]. - The company plays a leading role in ensuring food supply chain stability and actively promotes supply-side structural reforms in agriculture [5]. - Andisu's innovative nutritional solutions are widely applied across various livestock sectors, enhancing feed conversion rates and animal production levels [5][7]. Group 2: Sustainable Practices and ESG Commitment - The company adheres to a vision of providing high-quality food in an economic, safe, and sustainable manner, integrating sustainability into all operational processes [8]. - Andisu responds to national "dual carbon" goals by developing sustainable production processes to reduce environmental footprints and promoting low-carbon transformation [8]. - The company emphasizes employee welfare and community development, supporting farmers through knowledge sharing and technical training [8]. Group 3: Strategic Development and Market Position - 2025 marks both the conclusion of the "14th Five-Year Plan" and the 10th anniversary of Andisu's listing on the A-share market, reflecting significant growth driven by its "dual pillar" and "China integration" strategies [9][12]. - Andisu has established a world-class liquid methionine production base in Nanjing, addressing China's production gap in this area and reducing reliance on international food supply chains [11]. - The company is actively expanding its special products business and has launched a domestic special feed additive factory, enhancing its capability to ensure the supply of important agricultural products [11]. Group 4: Financial Strategy and Global Integration - Andisu is optimizing its capital structure and business layout through various financing methods, including targeted placements, to support the implementation of its strategic initiatives [12]. - The company leverages the Chinese capital market to integrate global resources and maintain its international leadership in the animal nutrition sector [12]. - Andisu's balanced and resilient manufacturing system, supported by a global network, enhances its delivery capabilities and promotes sustainable development in the animal nutrition industry [12].

现场播放沙钢成立50周年专题片，重温了沙钢从1975年以45万元自筹资金起步，从长江边的一家小轧钢厂，发展成为如 今年钢产量超4000万吨、总资产超3000亿元的大型跨国钢铁集团的奋斗历程。 张家港市委书记韩卫表示，50年，沙钢演绎了从"江边小厂"到"钢铁巨头"的精彩蝶变，实现了从"跟跑追赶"到"创新引 领"的转型跨越，彰显了从"造福桑梓"到"实业报国"的家国情怀。张家港市将一如既往当好企业发展的坚强后盾，靠前解 决企业诉求和难题，推动更多惠企政策"免申即享""直达快享"，全力支持沙钢和全市企业拓展事业版图、实现跨越发 展。 沙钢集团党委书记、董事长沈彬向所有为沙钢事业拼搏奉献的职工及家人，特别是建厂初期投身沙钢、奉献青春的老同 志，以及长期以来关心支持沙钢发展的各级党委政府、合作伙伴和社会各界朋友表示感谢。 转自：新华财经 10月8日，江苏沙钢集团在沙钢体育馆举行成立50周年庆祝大会。沙钢集团公司负责人、老同志代表、职工代表以及张家 港市相关领导等共同出席活动，回顾这家世界500强企业半个世纪的发展历程，展望未来高质量发展新蓝图。 （沙钢集团为企业老同志代表颁授纪念盘） 站在新的历史起点，沙钢将锚定"建设世 ...