（编辑 任世碧） 证券日报网讯 新和成9月30日在互动平台回答投资者提问时表示，公司销售的蛋氨酸产品包括固体蛋氨 酸和液体蛋氨酸。与中石化镇海炼化合资合作的18万吨/年液体蛋氨酸（折纯）项目已试生产，目前已 成功产出合格产品。公司将持续通过技术开发和产品创新，不断研发功能性化学品，丰富精细"化工 +""生物+"平台的产品线，做优做专精细化工主业，不断提高核心竞争力。 ...

Group 1 - The company sells methionine products including solid methionine and liquid methionine [2] - The joint venture with Sinopec Zhenhai Refining & Chemical has successfully produced qualified products from an 180,000 tons/year liquid methionine (pure) project [2] - The company plans to continue developing functional chemicals through technological innovation and product development, enhancing its core competitiveness in the fine chemical sector [2]

Group 1 - The stock price of Andy Su (600299) closed at 9.8 yuan on September 12, 2025, reflecting a 0.2% increase from the previous week's 9.78 yuan, with a market capitalization of 26.39 billion yuan [1] - The company ranks 11th out of 169 in the chemical products sector and 709th out of 5153 in the A-share market [1] Group 2 - Andy Su will hold its third extraordinary general meeting of shareholders on September 25, 2025, to discuss several resolutions, including the cancellation of the supervisory board and amendments to the company's articles of association [2] - The meeting will be conducted both in-person and via online voting, with the record date set for September 18, 2025 [2] Group 3 - The company has received approval from the China Securities Regulatory Commission for its application to issue shares to specific targets, with the registration valid for 12 months from the date of approval [3] - The issuance will not change the company's control and has been approved by the Shanghai Stock Exchange [6] Group 4 - Andy Su plans to raise up to 3 billion yuan through the issuance of shares, which will be allocated to various projects, including a solid methionine project and special feed additive projects [5] - The funds will also be used for wastewater treatment and working capital [5]

安迪苏是一家全球领先的动物营养添加剂企业，主要从事动物营养添加剂的研发、生产及销售。公司股 票9月10日收盘价为9.79元/股。 核校：孙萍 募集资金净额将用于功能性产品项目（15万吨/年固体蛋氨酸项目）、特种产品项目（年产3.7万吨特种 产品饲料添加剂项目、布尔戈斯特种产品饲料添加剂项目）、可持续发展项目（丙烯酸废水处理和中水 回用项目）及补充流动资金。 公司表示，15万吨/年固体蛋氨酸项目将有效扩充中国蛋氨酸产能，优化产品结构及国内外产能布局， 是实施"双支柱"战略、巩固行业领导地位的关键举措。特种产品项目着重降本扩产，落实将特种产品作 为第二大收入驱动因素的战略规划。可持续发展项目旨在减少污染物和降低碳排放，实现节能减排目 标。 本次发行将增强公司资本实力，部分募集资金用于补充流动资金，可优化资产负债结构，缓解经营性现 金流压力，降低财务风险。从长期战略看，资金实力增强有助于公司在产业链布局、新业务开拓、技术 研发创新等方面实现优化，提升主营业务深度及广度。 ...

Core Viewpoint - The Shanghai Stock Exchange has approved the refinancing plan of Bluestar Adisseo Co., Ltd. (stock code: 600299) for a non-public issuance of shares, aiming to raise up to 3 billion yuan [1][3]. Financing Details - The total amount of funds to be raised is capped at 3 billion yuan, which will be allocated to various projects including functional products, specialty products, sustainable development projects, and to supplement working capital [3][4]. - The issuance will involve the issuance of domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share [4][5]. Project Allocation - The funds will be distributed across several projects: - Functional Products Project: Total investment of 493.2 million yuan, with 174.3 million yuan from the raised funds [4]. - Specialty Products Project: Total investment of 70 million yuan, with 25.7 million yuan from the raised funds [4]. - Sustainable Development Project: Total investment of 32.5 million yuan, with 10 million yuan from the raised funds [4]. - Supplementing Working Capital: 90 million yuan entirely from the raised funds [4]. Issuance Structure - The issuance will target no more than 35 specific investors, including qualified institutional investors and natural persons [5]. - The number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 804,570,381 shares [6]. Control and Governance - The controlling shareholder of the company is Bluestar Group, with the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.3-3.75 billion RMB for H1 2025, representing a year-on-year increase of 50%-70% [1][2] - The main products in the nutrition segment, including Vitamin A, Vitamin E, and solid methionine, have seen significant price increases, contributing to the expected profit growth [2][3] - The company anticipates stable high profitability due to favorable product supply dynamics and steady development in new materials and flavoring businesses [1][4] Summary by Sections Performance Forecast - For H1 2025, the company expects a net profit of 3.3-3.75 billion RMB, with a year-on-year growth of 50%-70% [1][2] - Q2 2025 is projected to yield a net profit of 1.42-1.87 billion RMB, reflecting a year-on-year increase of 6%-40% [1][2] Market Dynamics - The average market prices for key products in H1 2025 are projected to be 92,000 RMB/ton for Vitamin A, 119,000 RMB/ton for Vitamin E, and 22,000 RMB/ton for solid methionine, with significant year-on-year changes [2] - The report notes a recent decline in vitamin prices due to seasonal demand weakness, while methionine prices have slightly increased due to supply constraints [3] Profitability and Valuation - The company’s net profit forecasts for 2025-2027 are 6.6 billion, 7.2 billion, and 7.9 billion RMB, respectively, with year-on-year growth rates of 12%, 9%, and 10% [4][10] - The report assigns a target price of 23.65 RMB based on an 11x PE valuation for 2025, considering the company's early-stage projects and recent price declines [4][7]

Core Viewpoint - Blue Star Adisseo Co., Ltd. is seeking to raise funds through a specific stock issuance, with a total investment of 6.857 billion yuan for four projects and working capital, aiming for an internal rate of return between 13.57% and 25% [2][3]. Fundraising and Investment Projects - The total investment for the fundraising projects is 6.857 billion yuan, with a maximum of 3 billion yuan to be raised, allocated to four projects and 900 million yuan for working capital [2]. - The construction period for the four projects ranges from 15 to 26 months, with expected benefits from cost reductions and additional income from biogas [2]. Project Details - The first project is a solid methionine production project with an investment of approximately 493.23 million yuan, accounting for 100% of the total investment for this project [3][4]. - The second project involves a special feed additive with a total investment of 304.97 million yuan, with 60 million yuan sourced from the fundraising [11]. - The third project focuses on acrylic wastewater treatment and water reuse, with a total investment of 324.97 million yuan and 100 million yuan from the fundraising [15][19]. Cost Estimation and Reasonableness - The cost estimation for the solid methionine project is based on market prices and relevant cost estimation methods, ensuring its reasonableness [4][5]. - The unit construction cost for the solid methionine project is 3,593.25 yuan per square meter, which is within the range of similar projects in the region [7][12]. - The equipment costs for the projects are estimated based on supplier quotes and historical prices, ensuring that the pricing is reasonable [13][14]. Financial Justification - The financing scale is justified by the company's operational needs, cash flow, and projected funding gaps, with a future funding shortfall of approximately 5.566 billion yuan over the next three years [19].

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].

Macro News - The People's Bank of China will conduct a 400 billion yuan reverse repurchase operation on June 16, 2025, to maintain ample liquidity in the banking system, with a term of 6 months [1][6] - China has successfully conducted its first invasive brain-computer interface clinical trial, becoming the second country globally to enter the clinical trial phase after the United States [2][13] - The National Bureau of Statistics released various economic reports on June 16, including the monthly report on commodity residential sales price index and industrial production [2][12] Regulatory Updates - The State Council announced new regulations for individual business registration management, effective July 15, aimed at promoting high-quality development of individual businesses [4] - The Beijing Stock Exchange extended the exemption of bond trading fees until December 31, 2026, to stimulate market activity and reduce costs [4][5] - The China Securities Regulatory Commission has implemented new regulations to strengthen the supervision of program trading in the futures market, effective October 9, 2025 [7] Market Trends - The Guangzhou government proposed a consumption stimulus plan, including the removal of restrictions on real estate purchases and the promotion of sports consumption [5][10] - The food and beverage sector showed a structural market trend in May, with a focus on new channels and product categories [11] - The ice cream market is experiencing intense competition this summer, with companies preparing earlier and introducing new products [22] Company Developments - GAC Group committed to completing dealer rebate payments within two months to foster trust and cooperation with dealers [16] - Pop Mart Korea announced a temporary halt to offline sales of LABUBU products due to safety concerns [17] - AstraZeneca and CSPC Pharmaceutical Group have entered a strategic research collaboration to develop new oral candidate drugs for multiple chronic diseases [26]

Investment Rating - Industry rating is Neutral (maintained rating) [7] Core Viewpoints - The chemical raw materials and chemical products manufacturing industry grew by 9.5% in the first two months of the year [2][3] - The prices of DMF and urea have increased, with DMF prices rising by 6.1% and urea prices continuing to rise due to strong industrial demand [3][4] - The basic chemical sector underperformed the CSI 300 index, with a decline of 0.12% compared to a slight increase of 0.01% in the index [5][17] Summary by Sections Key News Tracking - In January-February, the industrial added value of large-scale industries increased by 5.9% year-on-year, with 36 out of 41 major industries showing growth [2][14] - The chemical raw materials and products manufacturing sector specifically saw a growth of 9.5% [2][14] Key Product Price Tracking - WTI oil price increased by 1.6% to $69.36 per barrel [3] - Significant price increases were noted in DMF (+6.1%), urea (+3.3%), and other chemical products [3][30] - The top five chemical products with the highest price increases included trichloroethylene (+11.7%) and hexafluoropropylene (+9.9%) [3][30] Sector Performance - The basic chemical sector's performance was ranked 11th among all sectors, with a decline of 0.12% [5][17] - Notable sub-sectors with significant weekly gains included other chemical raw materials (+10.18%) and polyester (+7.55%) [5][20] Focused Sub-industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants and phosphates [6] - Recommendations include companies like Juhua Co., Yuntianhua, and Wanhua Chemical for potential investment opportunities [6] Price and Spread Monitoring - Among 345 tracked chemical products, 77 saw price increases while 99 experienced declines [29] - The report highlights specific products with notable price changes, such as DMF and trichloroethylene [30][31]