Core Viewpoint - Andy Su, a leading global animal nutrition company, reported strong performance in Q1 2025, with significant revenue and profit growth driven by its dual pillar strategy focusing on methionine and specialty products [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 4.3 billion yuan, a year-on-year increase of 23% [1]. - Gross profit rose by 14% to 1.27 billion yuan, while net profit surged by 67.9% to 465 million yuan [1][3]. - The functional products segment generated revenue of 3.32 billion yuan, reflecting a 29% year-on-year growth, with methionine sales volume increasing by 24% [1][4]. Business Strategy - The company is implementing a "dual pillar" strategy to solidify its leadership in the methionine market while accelerating the development of specialty products [1][5]. - To meet global methionine demand, Andy Su plans to raise up to 3 billion yuan through a private placement to fund four core projects and enhance working capital [5][6]. Production Capacity and R&D Investment - The company is expanding its production capacity, with a new solid methionine project in Fujian province expected to produce 150,000 tons annually, set to commence operations in 2027 [5][6]. - R&D expenditures have been steadily increasing, totaling 1.858 billion yuan over the past five years, with a focus on green production, biotechnology, and digital services [2][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18]. Core Views - The company's revenue and net profit for the first quarter of 2025 showed significant year-on-year and quarter-on-quarter growth, with revenue reaching 4.299 billion yuan, a year-on-year increase of 22.99% and a quarter-on-quarter increase of 3.38%. The net profit attributable to shareholders was 465 million yuan, up 67.85% year-on-year and 131.19% quarter-on-quarter [1][7]. - The growth in the company's methionine business, which saw a 29% year-on-year increase in sales revenue, was driven by a 24% increase in liquid methionine sales volume and price increases implemented during the quarter [2][10]. - The company is implementing a "dual pillar" strategy, with steady growth in specialty products, which saw a 7% increase in revenue and a 5% increase in gross profit [2][17]. Summary by Sections Financial Performance - In Q1 2025, the company's gross profit increased by 14% to 1.27 billion yuan, with functional product sales revenue growing by 29% and specialty product sales revenue increasing by 7% [1][7]. - The gross margin for sales was 29.64%, a year-on-year decrease of 2.32 percentage points but a quarter-on-quarter increase of 0.43 percentage points. The net profit margin was 10.82%, up 2.90 percentage points year-on-year and 5.96 percentage points quarter-on-quarter [1][7]. Business Segments - The methionine segment's sales revenue grew by 29% year-on-year, supported by price increases and high production capacity utilization, which mitigated the impact of rising raw material costs [2][10]. - The vitamin segment performed well, with strong sales growth despite price pressures on vitamin A and robust demand for vitamin E [2][15]. - Specialty products showed stable growth, with notable increases in sales from specific product lines, including a 21% increase in selenium products and a 24% increase in palatability products [2][17]. Profit Forecasts - The company is expected to achieve net profits of 1.625 billion yuan, 1.795 billion yuan, and 2.040 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.0%, 10.4%, and 13.6% [3][18].

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 ...

Core Viewpoint - The company, Andisu, is undergoing significant capital operations, marking its largest since its reverse merger in 2015, with a focus on expanding its production capacity in the animal nutrition sector [1] Group 1: Company Overview - Andisu specializes in the research, production, and sales of animal nutrition additives, holding a leading position in the industry for several core products [3] - The company's product offerings are categorized into functional products, such as methionine and vitamins, and specialty products aimed at enhancing animal health and feed efficiency [3] Group 2: Investment Projects - The company plans to invest CNY 1.743 billion (approximately USD 246 million) in a solid methionine project with an annual capacity of 150,000 tons, accounting for 46.3% of the total fundraising amount [4] - The project will be located in Quanzhou, Fujian Province, and is expected to commence production in 2027 [4] - The liquid methionine production capacity at Andisu's Nanjing plant is currently the second largest globally, which will create synergies with the new solid methionine expansion [4] Group 3: Financial Performance - In 2024, Andisu is projected to achieve a revenue of CNY 15.53 billion (approximately USD 2.23 billion), representing a year-on-year growth of 17.83% [9] - The net profit attributable to shareholders is expected to reach CNY 1.204 billion (approximately USD 171 million), showing a dramatic increase of 2215% compared to 2023, although this is largely due to a low base effect from the previous year [9] - The company's net profit in 2023 was only CNY 52 million (approximately USD 7.4 million), a decline of nearly 96% from CNY 1.247 billion (approximately USD 178 million) in 2022 [9] Group 4: Market Dynamics - The methionine market is dominated by international giants, with a global market size projected to exceed 1.5 million tons by 2028, while the current domestic production rate is below 30% [3] - The industry has experienced a cyclical nature, with methionine prices significantly influenced by global capacity expansions, leading to an oversupply situation [10] - From 2016 to 2023, the average price of methionine in the domestic market decreased by 34% [10] Group 5: Cost and Profitability - The company's operating costs have risen sharply from CNY 7.465 billion (approximately USD 1.06 billion) in 2016 to CNY 13.669 billion (approximately USD 1.96 billion) in 2024 [12] - Despite efforts to optimize supply chain management, the pressure from rising costs, driven by high prices of key raw materials and global supply chain disruptions, has significantly impacted profitability [12] - The gross margin has decreased from 47.43% in 2016 to 21.38% in 2023, with a recovery to 30.21% anticipated in 2024 [10]