Core Viewpoint - The document outlines the legal opinions and supplementary legal advice provided by King & Wood Mallesons regarding Blue Star Adisseo Co., Ltd.'s issuance of A-shares to specific targets, emphasizing compliance with Chinese laws and regulations [1][2][3]. Group 1: Issuance Details - The issuance includes projects such as a 150,000 tons/year solid methionine project and a 37,000 tons/year specialty feed additive project, among others [4][5]. - The company has not yet obtained the necessary overseas investment filing for the Burgos specialty feed additive project [4][5]. Group 2: Legal Compliance - The law firm confirms that it only provides opinions on Chinese legal matters and does not assess non-legal professional matters such as finance or accounting [3][4]. - The supplementary legal opinion is an integral part of the previously issued legal documents and maintains the same assumptions and premises [2][4]. Group 3: Overseas Investment - The overseas investment project is to be implemented by the company's subsidiary in Spain, focusing on specialty feed additives [7][8]. - The company has submitted the necessary overseas investment filing to the Ministry of Commerce, and there are no significant legal uncertainties expected regarding this process [10][12]. Group 4: Financial Assistance - The company has provided financial assistance to its joint venture, Calysseo, to support the construction of a facility for producing single-cell protein, which is strategically aligned with its core business [15][16]. - The financial assistance provided does not constitute a related party transaction under the Shanghai Stock Exchange rules [17][18].

Core Viewpoint - The company, Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd. (Xinghuo Technology), has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its cash flow from investment activities, which has shown continuous outflows over the past three years [1][2]. Investment Activities - The net cash flow from investment activities for the years 2022 to 2024 was -789 million, -859 million, and -864 million yuan respectively, indicating a consistent cash outflow [1]. - The cash payments for investments during the same period were 1.579 billion, 2.412 billion, and 1.8 billion yuan [1]. Major Investment Projects - The company has detailed its major investment projects, including the acquisition of 99.22% of Ningxia Yipin Biotechnology Co., Ltd. for a total transaction price of 5.376 billion yuan, with 4.585 billion yuan paid through share issuance and 791.6384 million yuan in cash [3][4]. - The decision to use self-owned funds for the cash payment of the acquisition was approved by the board of directors, adhering to the company's investment decision-making procedures [4]. Financial Performance - The company reported operating revenues of 1.601 billion, 1.606 billion, and 1.605 billion yuan for the years 2022 to 2024, with net profits attributable to the parent company of 120.579 million, 75.997 million, and 108.141 million yuan respectively [6]. - The net cash flow from operating activities increased from 211.975 million yuan in 2022 to 239.776 million yuan in 2024, indicating improved operational efficiency [19]. Cash Management and Investment Strategy - As of the end of 2024, the company had a cash balance of 1.759 billion yuan, a year-on-year increase of 23.97%, with interest income of 13 million yuan [9]. - The company has established a risk management system and a comprehensive financial management policy to control investment risks, including a clear approval process for investment products [8]. Debt and Financing - The company’s long-term borrowings stood at 1.721 billion yuan and short-term borrowings at 1.008 billion yuan at the end of 2024, with interest expenses of 110 million yuan [9]. - The company has been reducing its bank loan balance over the years, with a total bank borrowing of 3.391 billion yuan at the end of 2024, down from 4.188 billion yuan in 2022 [19]. Acquisition and Goodwill - The company acquired 100% of Sichuan Jiuling Pharmaceutical Technology Co., Ltd. in 2019, resulting in goodwill of 198 million yuan, which has been subject to impairment testing due to declining profitability in subsequent years [20][23].

公开资料显示，美农生物成立于1997年，专业从事饲料添加剂的研发、生产和销售，深耕行业超过27 年，产品广泛应用于猪、反刍、家禽、水产等动物。在提高动物采食量、消化能力，维护动物肠道健 康，促进动物生长，提升奶品质，节约饲料资源等方面发挥重要作用。（全景网） 更多业绩说明会详情，请点击：https://rs.p5w.net/html/146179.shtml 美农生物财务总监周茜回复：公司净利润同比下降，主要受境内市场竞争加剧、对外投资收益下降、补 助类收益下降等因素影响；公司虽然境内业务有所下滑，但境外业务依然保持稳健发展势头。公司坚持 国际化战略，业务已覆盖亚洲、欧洲、非洲、南美洲等40多个国家及地区，境外营收同比增长25%。 2025年公司将继续加大对境外市场的投入，扩大先发优势，推动境外市场业务持续增长。同时，对于境 内市场持续推进产品的研发与创新，不断提升新技术、新产品、新方案，保持领先的产品和技术服务竞 争力。子公司乐陵美农建设的年产10万吨的玉米蛋白精加工项目正在有序推进中，一期工程有望在2025 年建成投产，将促进公司产品结构的优化，为公司拓展新的收入利润增长点。 5月19日，美农生物（301 ...

Group 1: Company Strategy and Product Development - The company adopts a "segmented species, comprehensive nutrition" product development strategy, establishing a diverse product system to enhance competitive advantages in a challenging market [2][3] - Various comprehensive solutions are provided to meet different customer needs, such as improving animal feed intake and maintaining gut health [3] - The company focuses on continuous product innovation and development, particularly in the fields of feed additives and enzymatic protein feed materials [4][7] Group 2: Market Position and Growth Opportunities - The company has a global market presence, covering various animal categories including pigs, poultry, ruminants, and aquaculture [4] - International market revenue increased by 25% year-on-year, while domestic market revenue has faced challenges for three consecutive years [6][9] - The company plans to expand its product applications in ruminants and aquaculture to mitigate risks associated with the cyclical nature of the pig farming industry [5][9] Group 3: Financial Performance and Management - In Q1 2025, the company reported revenue of 99.85 million, a year-on-year increase of 1.99%, while net profit decreased by 5.4% [6][9] - The company emphasizes cash flow management through inventory optimization and accounts receivable recovery, aiming to enhance operational cash flow [5][9] - R&D investment decreased by 4.93%, but the number of R&D personnel increased by 7.25%, indicating a focus on maintaining technological advantages [8][10] Group 4: Future Outlook and Risk Management - The company acknowledges uncertainties in the market, such as competition and raw material price fluctuations, but views these as both challenges and opportunities [4][9] - The company is committed to enhancing its operational quality and creating sustainable returns for investors through improved communication and engagement [6][9] - The company is advancing a corn protein processing project with an annual capacity of 100,000 tons, expected to be operational by 2025, to optimize product structure and create new revenue streams [9][10]

Core Points - The company announced a cash dividend distribution of 0.12 CNY per share (before tax) for the fiscal year 2024, totaling approximately 321.83 million CNY [1][4][5] - The dividend distribution plan was approved at the annual shareholders' meeting held on March 24, 2025 [1] - The key dates for the dividend distribution include the record date on May 19, 2025, the ex-dividend date on May 20, 2025, and the payment date also on May 20, 2025 [1] Dividend Distribution Details - The total number of shares for the dividend calculation is based on the company's total share capital of 2,681,901,273 shares [1] - The company will not issue bonus shares or increase capital through the dividend distribution [2] - The cash dividends will be distributed directly by the company to shareholders registered with the China Securities Depository and Clearing Corporation [2][4] Taxation Information - Individual shareholders holding shares for more than one year will be exempt from personal income tax on the dividend income [3] - For shares held for one month or less, the full dividend income will be subject to a 20% personal income tax [3] - For shares held between one month and one year, 50% of the dividend income will be included in taxable income, resulting in a 10% effective tax rate [3] Payment Process - The dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [1][4] - The company will not withhold personal income tax at the time of dividend distribution; instead, the actual tax liability will be calculated based on the holding period [4] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.108 CNY per share [5]

证券代码：600299 证券简称：安迪苏 公告编号：2025-025 蓝星安迪苏股份有限公司 2025 年一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 易所相关行业信息披露指引要求的要求，现将公司 2025 年一季度主要经营数据 披露如下： 一、 主要产品销售情况 营业收入分产品情况 单位:元 币种:人民币 | | | | | 主营业务分产品情况 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | 营业收入 | 营业成本 | 毛利率 | 营业收 入比上 | 营业成 本比上 | | 毛利率比上年增减 | | | | | | | | | （%） | | | | | | 年增减 | 年增减 | | | | 功能性产品 | 3,318,731,133 | 2,452,653,060 | 26% | 29% | 32% | 减少 | 2 个百分点 | | 特种产品 ...

饲料级维生素 D3（胆钙化醇）全球市场总体规模 据 QYResearch 调研团队最新报告"全球饲料级维生素 D3 （胆钙化醇）市场报告 2025-2031 "显示， 预计 2031 年全球饲料级维生素 D3 （胆钙 化醇）市场规模将达到 0.7 亿美元 ，未来几年年复合增长率 CAGR 为 3.5% 。 全球 饲料级维生素 D3 （胆钙化醇） 市场前 8 强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研 数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内饲料级维生素 D3 （胆钙化醇）生产商主要包括浙江花园高科、新和成、海盛制药、金达 威、帝斯曼、浙江医药、天新药业、 Fermenta 等。 2024 年，全球前五大厂商占有大约 91.0% 的市场份额。 就产品类型而言，目前维生素 D3 粉是最主要的细分产品，占据大约 77.7% 的份额。 就产品应用而言，目前反刍动物饲料是最主要的需求来源，占据大约 43.8% 的份额。 主要驱动因素: 维生素 D3 对动物正常的钙磷代谢至关重要，而钙磷代谢对骨骼发育、生长和整体健康至关重要。随着全球畜牧业和水产 ...

Core Viewpoint - The company, Meino Biological, specializes in the research, production, and sales of feed additives and enzymatic protein feed materials, focusing on enhancing animal nutrition and health while improving feed efficiency and reducing costs [4][5][6]. Company Overview - Meino Biological is a high-tech enterprise engaged in the development, production, and sales of feed additives and enzymatic protein feed materials, with a product strategy of "divided by species and type, full-process nutrition" [4]. - The company's products are widely used in various animal husbandry sectors, including pigs, ruminants, poultry, and aquaculture, providing tailored solutions for different growth stages of animals [4]. Main Products and Applications - Functional feed additives include flavoring agents and acid regulators, aimed at improving feed quality and promoting animal growth [5]. - Nutritional feed additives consist of amino acids, vitamins, trace minerals, and enzyme preparations, with a competitive edge in controlled-release technology to enhance nutrient absorption [6]. - Enzymatic plant protein feed materials improve protein content and digestibility while reducing anti-nutritional factors, contributing to overall animal health and production performance [7]. Financial Data and Indicators - The company has undergone adjustments in accounting data, indicating a need for retrospective adjustments or restatements for previous years [8]. - The financial indicators for the recent three years are disclosed, with no significant discrepancies from previously reported quarterly or semi-annual reports [8]. Important Developments - In 2024, the company registered two invention patents and 16 utility model patents, enhancing its innovation capabilities [10]. - The establishment of wholly-owned subsidiaries in Shanghai and Le Ling, with registered capitals of 5 million and 100 million yuan respectively, indicates expansion efforts [10]. - The company participated in drafting several industry standards for feed additives, reflecting its commitment to industry leadership and quality standards [10].