南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益32.53%，同类 排名1569/4189；近一年收益28.64%，同类排名1677/4188；成立以来收益151.47%。 12月31日，安迪苏跌1.11%，截至发稿，报8.91元/股，成交2054.82万元，换手率0.09%，总市值274.41 亿元。 资料显示，蓝星安迪苏股份有限公司位于北京市朝阳区北土城西路9号，成立日期1999年5月31日，上市 日期2000年4月20日，公司主营业务涉及动物营养添加剂的研发、生产与销售。主营业务收入构成为： 功能性产品76.07%，特种产品23.93%。 从安迪苏十大流通股东角度 数据显示，南方基金旗下1只基金位居安迪苏十大流通股东。南方中证500ETF（510500）三季度减持 11.12万股，持有股数587.66万股，占流通股的比例为0.22%。根据测算，今日浮亏损失约58.77万元。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年257天，现任基金资产总规模1702.51亿元，任职期间最佳基金回报 155.46%， ...

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 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]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [3]. Core Views - The company is a global leader in the methionine industry, with a robust development in specialty products. The forecasted net profit for 2025-2027 is expected to be 1.6 billion, 1.7 billion, and 2.1 billion yuan respectively, with growth rates of 29%, 11%, and 20% [3]. - The company is currently undervalued, with a reasonable valuation range for 2025 estimated between 27.6 billion and 29.1 billion yuan, and for 2026 between 30.3 billion and 33.2 billion yuan [3]. Summary by Sections Company Overview - The company is a leading global producer of animal nutrition additives, with production bases in Europe, the USA, China, and Thailand. Its main products include methionine, vitamins, and specialty products [9][15]. - The company has a strong backing from state-owned enterprises, enhancing its market position and credibility [15][22]. Methionine Market Dynamics - The methionine industry is characterized by high barriers to entry and strong demand growth. The global supply is stable, with limited new capacity expected, leading to a favorable supply-demand balance [9][15]. - The company is one of the few manufacturers capable of producing both solid and liquid methionine, with significant production capacities in both forms [9][32]. Specialty Products Development - Specialty products represent the company's second major business pillar, with a diverse product matrix that includes hundreds of products. The gross margin for specialty products is approximately 41% [9][37]. - The company is actively expanding its specialty product offerings through product localization, new product launches, and acquisitions [9][37]. Financial Performance and Forecast - The company's total revenue is projected to grow from 13.18 billion yuan in 2023 to 19.94 billion yuan in 2027, with a compound annual growth rate (CAGR) of 13.65% [3]. - The net profit is expected to rebound significantly in 2024, reaching approximately 1.2 billion yuan, driven by rising methionine prices and increased sales volumes [3][37]. Valuation and Investment Potential - The report highlights that the company's current valuation is low compared to its growth potential, with a projected P/E ratio decreasing from 20.96 in 2024 to 12.10 in 2027 [3]. - The company is well-positioned to capitalize on the growing demand for methionine and specialty products, making it an attractive investment opportunity [3].

Core Viewpoint - The approval of Andy Su's 3 billion yuan private placement aims to enhance production capacity and support sustainable development projects, reflecting the company's growth strategy in the animal nutrition sector [1][2]. Fundraising and Business Expansion - Andy Su plans to raise up to 3 billion yuan through a private placement to expand production capacity and supplement working capital [2]. - The funds will be allocated to functional products, special products, and sustainable development projects, with 1.743 billion yuan specifically earmarked for a solid methionine project [2][3]. - The company categorizes its main products into functional products (including methionine and vitamins) and special products (including feed additives) [2]. Market Demand and Growth - The global demand for methionine is projected to reach 1.7 million tons by 2024, with a compound annual growth rate (CAGR) of 4.4%, while China's demand is expected to grow from 280,000 tons in 2019 to 450,000 tons by 2024, with a CAGR of 10% [3]. - The company anticipates strong market absorption for its new production capacity due to this growing demand [3]. Financial Performance - In the first half of 2025, Andy Su reported a revenue increase of 17.23% to 8.512 billion yuan and a net profit increase of 21.82% to 740 million yuan [4]. - The sales of methionine continued to grow, driven by increased market penetration, with a 16% year-on-year increase in sales volume [4]. - The special products segment also saw a revenue increase of 9% to 2.04 billion yuan, supported by strong sales growth in ruminant and pig products [4]. Research and Development - The company is committed to increasing R&D investments in green production, biotechnology, and digital services, with R&D expenses reaching 172 million yuan in the first half of 2025 [5]. - Andy Su operates five global R&D centers with over 300 employees dedicated to research and innovation, which are crucial for supporting its dual pillar strategy [5].

Core Viewpoint - The company plans to utilize the net proceeds from fundraising for functional product projects, specialty product projects, sustainable development projects, and to supplement working capital [1] Group 1: Fundraising Utilization - The net proceeds will be allocated to a 150,000 tons/year solid methionine project, a 37,000 tons/year specialty feed additive project, and a wastewater treatment and water reuse project [1] - The solid methionine project aims to expand China's methionine production capacity and optimize product structure and capacity layout [1] - The specialty product projects focus on cost reduction and capacity expansion, positioning specialty products as the second major revenue driver [1] Group 2: Sustainable Development - The sustainable development projects aim to reduce pollutants and lower carbon emissions, contributing to energy conservation and emission reduction goals [1] Group 3: Financial Strength and Strategic Outlook - The fundraising will enhance the company's capital strength, optimize the asset-liability structure, alleviate operational cash flow pressure, and reduce financial risks [1] - Strengthened financial capabilities will support the company's optimization in industry chain layout, new business development, and technological innovation [1] Group 4: Company Overview - The company, Andisu, is a global leader in animal nutrition additives, focusing on the research, production, and sales of these additives [1] - The company's stock closed at 9.79 yuan per share on September 10 [1]

Group 1 - The core point of the news is that Andy Su's stock price dropped by 5.01% to 10.05 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 0.60%, resulting in a total market capitalization of 26.953 billion CNY [1] - Andy Su, established on May 31, 1999, and listed on April 20, 2000, is based in Beijing and specializes in the research, production, and sales of animal nutrition additives. The revenue composition of its main business includes 76.07% from functional products and 23.93% from specialty products [1] Group 2 - From the perspective of major fund holdings, Morgan Fund has a significant position in Andy Su, with the Morgan Quantitative Multi-Factor Mixed Fund (005120) holding 15,400 shares, accounting for 0.96% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 8,160.41 CNY [2] - The Morgan Quantitative Multi-Factor Mixed Fund (005120) was established on January 19, 2018, with a latest scale of 15.5269 million CNY. Year-to-date returns are 23.1%, ranking 3,438 out of 8,254 in its category; the one-year return is 48.11%, ranking 2,732 out of 8,037; and since inception, the return is 46.29% [2] - The fund manager, He Zhihao, has been in position for 4 years and 210 days, managing total assets of 15.43 billion CNY, with the best fund return during his tenure being 52.51% and the worst being -34.95% [2]

Core Viewpoint - The article highlights the top "profit kings" and "growth kings" in the A-share market for 2024, showcasing companies with significant net profits and growth rates, while also noting their plans for cash dividends [2][4]. Group 1: Top "Profit Kings" - The top "profit kings" in the A-share market for 2024 include China Petroleum, China Mobile, China National Offshore Oil Corporation, Kweichow Moutai, China Shenhua, CATL, Sinopec, COSCO Shipping, China State Construction, and BYD, excluding financial stocks [2]. - China Petroleum achieved a net profit of 164.68 billion yuan in 2024, a year-on-year increase of 2.0%, while China National Offshore Oil Corporation reported a net profit of 137.936 billion yuan, up 11.4% year-on-year [4]. - Kweichow Moutai's total operating revenue reached 174.144 billion yuan, growing by 15.66% year-on-year, with a net profit of 86.228 billion yuan, an increase of 15.38%. The company plans to distribute a cash dividend of 276.24 yuan per 10 shares, totaling 64.7 billion yuan for the year [4]. Group 2: Top "Growth Kings" - The top "growth kings" for 2024 include Zhengdan Co., Guangxi Energy, Siterwell, North China Pharmaceutical, Andisu, China National Machinery, Sanxiang Impression, Demingli, Huguang Co., and Qicai Chemical, excluding financial stocks and loss-recovering companies [2]. - Andisu, a leader in animal nutrition additives, reported operating revenue of 15.534 billion yuan, a year-on-year increase of 17.83%, and a net profit of 1.204 billion yuan, surging by 2208.66% [5]. - Andisu plans to enhance its R&D investment and innovate to expand its product portfolio, with a focus on growth in its methionine product line and resilience in its vitamin business [5]. Group 3: Overall Market Performance - As of April 30, 2024, 5,403 A-share companies had disclosed their annual reports, with 4,030 reporting positive net profits and 2,568 showing year-on-year growth [7]. - In the first quarter of 2025, 5,398 companies released their reports, with 4,078 reporting positive net profits and 2,955 showing year-on-year growth [7]. - Significant performance recovery was noted in sectors such as agriculture, non-bank finance, electronics, transportation, automotive, home appliances, telecommunications, retail, food and beverage, public utilities, and non-ferrous metals [7].