格隆汇2月12日丨安迪苏(600299.SH)公布2025年中期权益分派实施公告，本次利润分配以方案实施前的 公司总股本3,079,779,257股为基数，每股派发现金红利0.051元(含税)，共计派发现金红利157,068,742.11 元(含税)。 本次权益分派股权登记日为：2026年2月26日，除权除息日为：2026年2月27日。 ...

本次权益分派股权登记日为：2026年2月26日，除权除息日为：2026年2月27日。 格隆汇2月12日丨安迪苏(600299.SH)公布2025年中期权益分派实施公告，本次利润分配以方案实施前的 公司总股本3,079,779,257股为基数，每股派发现金红利0.051元(含税)，共计派发现金红利157,068,742.11 元(含税)。 ...

每股分配比例 A 股每股现金红利0.051元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/2/26 | － | 2026/2/27 | 2026/2/27 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 证券代码：600299 证券简称：安迪苏 公告编号：2026-006 蓝星安迪苏股份有限公司 2025年中期权益分派实施公告 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： 本次利润分配方案经公司 2026 年 1 月 30 日的第九届董事会第十二次会议审 议通过。根据 2024 年年度股东会的授权，本次中期分红方案无需提交股东会审议。 二、 分配方案 1. 发放年度：2025年中期 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. ...

Core Viewpoint - The report from Kaiyuan Securities indicates a strong price support for methionine and vitamins due to various factors including downstream stocking demand and supply constraints, suggesting potential price rebounds in the near future [1][2][4]. Methionine Market - Methionine prices have reached 18.50 CNY/kg as of January 2026, with major domestic factories halting orders at 18.0 CNY/kg due to strong pricing strategies during the Spring Festival stocking period [2]. - The average market prices for solid and liquid methionine in 2025 were 21.68 CNY/kg and 16.49 CNY/kg, reflecting year-on-year increases of 1.6% and 3.0% respectively [2]. - Domestic methionine export volume in 2025 was 319,000 tons, up 22.7% year-on-year, while imports were 182,000 tons, up 13.8% year-on-year, resulting in a net export of 137,000 tons [2]. Supply and Demand Dynamics - Global methionine production capacity is 2.6 million tons, with China accounting for 1.07 million tons (41% of global capacity) [3]. - Major companies like Evonik, Adisseo, and New Hope account for 74% of the global market share, indicating a high industry concentration [3]. - The global demand for methionine is expected to grow at a stable rate of 5%-6% annually, driven by its essential role in animal nutrition and other applications [3]. Vitamin Market - The vitamin market is experiencing increased supply-demand imbalances, with current prices at historical lows, prompting manufacturers to adopt a firm pricing stance [4]. - As of February 9, 2025, the market prices for various vitamins were reported, with significant historical percentile rankings indicating low pricing levels [4]. - The price of feed-grade vitamin E (VE) was raised by 15% on February 5, with subsequent increases in export prices from major manufacturers [4]. Investment Recommendations - Given the current low prices of methionine and vitamins, along with cost support and stable demand growth, companies with cost and scale advantages are expected to see profit recovery [5]. - Recommended stocks include methionine producers like New Hope (002001.SZ) and Hebang Biotechnology (603077.SH), as well as vitamin producers like New Hope and Zhenhua Co. (603067.SH) [5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the prices of methionine and vitamins are currently at historical lows, with expectations for a rebound in prices supported by cost factors and stable demand growth. Companies with cost and scale advantages are likely to see profit recovery [6] Summary by Sections Methionine - Since January 2026, methionine prices have rebounded due to strong pricing attitudes from factories amid downstream stocking for the Spring Festival, with prices reaching 18.50 CNY/kg. The average prices for solid and liquid methionine in February 2026 are 18.50 CNY/kg and 14.30 CNY/kg, respectively, reflecting year-on-year declines of 15.5% and 7.7% [4][9] - The domestic export volume of methionine in 2025 was 319,000 tons, up 22.7% year-on-year, while imports were 182,000 tons, up 13.8% year-on-year. The net export volume increased by 37,000 tons year-on-year [4] - Global methionine production capacity is 2.6 million tons, with China accounting for 1.07 million tons (41%). The top three companies (Evonik, ADM, and New Hope Liuhe) hold a 74% market share [12][14] Vitamins - The report indicates that the supply-demand imbalance for vitamins has intensified, with current prices at historical lows. Manufacturers are maintaining a firm pricing stance due to low inventory levels among distributors and increased export demand [5] - As of February 9, 2026, the market prices for various vitamins are as follows: VA (60.5 CNY/kg), VE (57.0 CNY/kg), VD3 (195.0 CNY/kg), and VB6 (107.5 CNY/kg), with historical percentiles indicating low pricing levels [8] - The report notes that the price of vitamin E has seen a rebound due to factors such as low inventory and increased demand from downstream sectors [5] Investment Recommendations - The report recommends focusing on companies with strong positions in methionine (e.g., New Hope Liuhe, Hebang Biotechnology) and vitamins (e.g., New Hope Liuhe, Zhenhua Co., Ltd.) as potential beneficiaries of the expected price recovery [6]

1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of the basic chemical industry's weekly data, covering price and profit changes in multiple sectors such as polyurethane, oil - gas - olefin, coal - chemical, and animal nutrition, and also tracks the stock price performance and profitability of related listed companies [1][2][8]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: - **Stock Price Changes**: The basic chemical index decreased by 2.1% in the past week, increased by 9.0% in the past month, 17.6% in the past three months, 48.7% in the past year, and 10.4% since the beginning of 2026. Among the related listed companies, New Hope Liuhe Co., Ltd. (002001.SZ) had a 6.8% increase in the past week, while other companies such as Wanhua Chemical Group Co., Ltd. (600309.SH) and Baofeng Energy Group Co., Ltd. (600989.SH) had varying degrees of decline [8]. - **Profitability**: The report provides the total market value, stock price, net profit attributable to the parent company, PE, and PB of related listed companies from 2024A to 2027E [8]. - **Industry Chain Data**: - **Polyurethane Industry Chain**: This week, the average prices of pure MDI, polymer MDI, and TDI were 17,500 yuan/ton, 13,900 yuan/ton, and 14,377 yuan/ton respectively. The corresponding weekly changes were - 43 yuan/ton, + 36 yuan/ton, and + 292 yuan/ton, and the gross margins were 4,097 yuan/ton, 1,497 yuan/ton, and 2,345 yuan/ton respectively [2][8]. - **Oil - Gas - Olefin Industry Chain**: The average prices of ethane, propane, steam coal, and naphtha were 1,277 yuan/ton, 4,399 yuan/ton, 520 yuan/ton, and 4,137 yuan/ton respectively, with weekly changes of - 139 yuan/ton, + 51 yuan/ton, 0 yuan/ton, and + 63 yuan/ton. The theoretical profits of polyethylene production through different processes and polypropylene production through different processes also had corresponding changes [2][8]. - **Coal - Chemical Industry Chain**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,119 yuan/ton, 1,758 yuan/ton, 4,004 yuan/ton, and 2,511 yuan/ton respectively, with weekly changes of - 65 yuan/ton, + 13 yuan/ton, + 41 yuan/ton, and - 69 yuan/ton. The corresponding gross margins also changed [2]. - **Animal Nutrition Industry Chain**: The average prices of VA, VE, solid methionine, and liquid methionine were 61.4 yuan/kg, 55.9 yuan/kg, 18.2 yuan/kg, and 14.3 yuan/kg respectively, with weekly changes of - 0.1 yuan/kg, + 0.9 yuan/kg, + 0.3 yuan/kg, and + 0.1 yuan/kg [2][9]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: The report does not elaborate on the basic chemical index trend but focuses on the performance data of the index and related companies [8]. - **Polyurethane Plate**: Analyzes the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [16][19]. - **Oil - Gas - Olefin Plate**: Discusses the price trends of raw materials such as ethane, propane, natural gas, and crude oil, as well as the profitability of different processes for producing polyethylene and polypropylene [23][31][38]. - **Coal - Chemical Plate**: Covers the price and gross margin trends of coal - coking products and traditional coal - chemical products, as well as some new materials [40][45][52]. - **Animal Nutrition Plate**: Analyzes the price trends of VA, VE, solid methionine, and liquid methionine [57][59][63].

Core Viewpoint - The company has approved the use of idle raised funds for cash management, allowing for the investment of up to 2.1 billion yuan in low-risk financial products to enhance liquidity and returns [1][2]. Group 1: Cash Management Approval - The company's board approved the use of up to 2.1 billion yuan of temporarily idle raised funds for cash management, focusing on safe and liquid financial products [1]. - The approved financial products include structured deposits, agreed deposits, notice deposits, large certificates of deposit, and income certificates, with a validity period of 12 months from the board's approval [1]. Group 2: Implementation and Returns - The company signed agreements with Industrial Bank and China Merchants Bank for structured deposit products, fully redeeming the cash management funds and recovering the principal of 2.1 billion yuan [2]. - The company earned a total return of 2.7978 million yuan from these cash management activities, with 1.9531 billion yuan used to replace self-raised funds for investment projects and issuance costs [2]. - The company has adhered to the authorized limits and timelines for cash management, with no overdue amounts reported [2].

关于使用闲置募集资金进行现金管理的进展公告 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。 | 区间 31 | 天结 | 公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 构性存款（产 | | | | | | | | | | 品代码： | | | | | | | | | | NBJ11829） | | | | | | | | | | 兴业银行企业 | | 兴业银行 | | | | | | | | 金融人民币结 | | 泉州分行 | 174,300.00 | 2026/1/5 | 2026/2/3 | 1.67% | 174,300.00 | 231.27 | | 构性存款产品 | | | | | | | | | 公司在以上现金管理产品到期，募集资金按期收回后，其中人民币 195,311.22 万元用于置换预先投入募投项目的自筹资金及已支付发行费用的自 筹资金，剩余资金将在授权的期限和额度内再次开展现金管理。公司使用闲置募 集资金 ...

Group 1 - Andy Su's stock price dropped by 5.01%, reaching 9.11 CNY per share, with a trading volume of 1.26 billion CNY and a turnover rate of 0.50%, resulting in a total market capitalization of 28.057 billion CNY [1] - The company, Blue Star Andy Su Co., Ltd., is located in Beijing and was established on May 31, 1999, with its stock listed on April 20, 2000. Its main business involves the research, production, and sales of animal nutrition additives [1] - The revenue composition of the company's main business includes functional products at 76.07% and specialty products at 23.93% [1] Group 2 - Among the top ten circulating shareholders of Andy Su, a fund under Huatai-PineBridge ranked first, with the Huatai-PineBridge CSI Major Consumer ETF (159928) increasing its holdings by 1.7545 million shares to a total of 5.0846 million shares, representing 0.19% of circulating shares [2] - The Huatai-PineBridge CSI Major Consumer ETF (159928) was established on August 23, 2013, with a latest scale of 20.892 billion CNY. Year-to-date, it has incurred a loss of 1.83%, ranking 5427 out of 5580 in its category; over the past year, it has gained 0.58%, ranking 4226 out of 4286 [2] - The fund manager, Guo Beibei, has a cumulative tenure of 10 years and 187 days, with total fund assets of 58.053 billion CNY. The best fund return during her tenure is 157.74%, while the worst return is -63.31% [2]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [66]. Core Insights - The report highlights strong price support from factories, with solid methionine prices rebounding [1]. - The average prices for various chemical products are provided, showing fluctuations in pricing and profitability across different segments [2]. - The report identifies key listed companies in the chemical sector, including Wanhua Chemical, Baofeng Energy, and others [2]. Summary by Sections 2.1 Basic Chemical Index Trends - The report includes a weekly overview of the basic chemical index trends, indicating overall market movements [10]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are reported as 17,543, 13,864, and 14,085 CNY/ton respectively, with changes of -171, -36, and +110 CNY/ton [2]. - The gross margins for these products are 4,171, 1,493, and 2,363 CNY/ton, reflecting changes of -332, -196, and -15 CNY/ton [2]. 2.3 Oil, Coal, and Olefin Sector - Average prices for ethane, propane, thermal coal, and naphtha are reported as 1,416, 4,349, 520, and 4,074 CNY/ton respectively, with increases of +147, +52, +0, and +171 CNY/ton [2]. - The average price for polyethylene is 7,162 CNY/ton, showing a rise of +62 CNY/ton [2]. - The theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene production are reported as 694, 1,438, and -245 CNY/ton, with respective changes of -161, +41, and -127 CNY/ton [2]. 2.4 Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,184, 1,745, 3,962, and 2,579 CNY/ton respectively, with changes of -27, +5, +68, and -21 CNY/ton [2]. - The gross margins for these products are 199, 72, -92, and 445 CNY/ton, reflecting changes of -21, +1, +10, and -8 CNY/ton [2]. 2.5 Animal Nutrition Sector - Average prices for VA, VE, solid methionine, and liquid methionine are reported as 61.5, 55.1, 17.9, and 14.2 CNY/kg respectively, with changes of -0.7, +0.6, +0.3, and +0.0 CNY/kg [2].