Group 1 - The current production capacity utilization rate for solid methionine is 30,000 tons, with an additional 70,000 tons expansion project mechanically completed [2] - The joint venture liquid methionine project with Sinopec, which has a capacity of 18,000 tons per year, is currently undergoing maintenance and will resume production afterward [2] - Future capacity release will be determined based on market conditions [2]

Core Viewpoint - The company Xinhecheng (002001) announced on November 6 that it has a current production capacity of 300,000 tons of solid methionine, with a 70,000-ton expansion project that has received environmental assessment approval and is progressing smoothly, with future capacity release to be aligned with market conditions [1] Group 1 - The current production capacity of solid methionine is 300,000 tons [1] - The expansion project of 70,000 tons has received environmental assessment approval [1] - The company plans to release additional capacity based on market conditions [1]

Financial Performance - In Q3 2025, the company achieved a revenue of 166.42 billion CNY, with a net profit attributable to shareholders of 55.41 billion CNY, reflecting a year-on-year revenue growth of 5.45% and a net profit increase of 33.37% [3] - The company has maintained steady growth through production and sales linkage, market expansion, and cost control measures [3] Product Development and Market Strategy - The company focuses on the "Chemical+" and "Biological+" strategies, targeting opportunities in nutrition products, new materials, flavoring agents, and active pharmaceutical ingredients [3] - In the human nutrition sector, the company offers a range of products including vitamins A, D3, E, C, coenzyme Q10, taurine, β-carotene, and lycopene, with a commitment to customized formulations for various applications [3] - The solid methionine production capacity is currently at 30,000 tons, with an expansion project underway [3] Strategic Partnerships and Projects - The company has partnered with Sinopec to establish a joint venture for a liquid methionine project, with a production capacity of 18,000 tons/year [3] - The nylon new materials project in Tianjin has commenced construction, focusing on an integrated production chain from adiponitrile to nylon 66 [4] Future Plans and Innovations - The company aims to enhance its core competitiveness in the new materials sector by developing high-performance polymers and key intermediates [4] - The company is expanding its flavor and fragrance segment, with plans for a new fragrance industrial park in Shandong [4] - The Heilongjiang base is focused on bio-fermentation products, with ongoing improvements in product lines and operational efficiency [4] International Expansion - Over 50% of the company's sales are from international markets, with established subsidiaries in regions including Hong Kong, Singapore, Germany, Mexico, Brazil, Japan, and Vietnam [6] - The company emphasizes overseas market expansion as part of its 2025 operational strategy [6] Employee Engagement and Incentives - The company is implementing a share buyback program with a total amount between 30 million to 360 million CNY, aimed at employee stock ownership plans to enhance motivation and align interests [6]

Core Viewpoint - Blue Star Adisseo Co., Ltd. reported a stable revenue growth in Q3 2025, driven by increased penetration of liquid methionine and double-digit sales growth in specialty products, despite challenges from rising raw material prices and declining vitamin product prices [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of RMB 12.931 billion, representing a year-on-year growth of 14% [1]. - Gross profit reached RMB 3.6 billion, showing a 4% increase compared to the same period last year [1]. - In Q3 2025, the company maintained stable revenue growth, with gross profit margins impacted by a sharp decline in vitamin prices and adverse tariff policies [1]. Group 2: Business Segments - The methionine business continued to grow, primarily due to the increasing global market penetration of liquid methionine and stable production at factories, leading to further optimization of supply chain costs [1]. - The solid methionine business contributed minimally to performance, mainly due to significant increases in raw material costs, particularly caustic soda [1]. - The specialty products segment saw a sales increase of 13% to RMB 1.14 billion, driven by strong sales growth in ruminant products in North America and Europe, particularly a 26% increase in sales of Starmine [2].

证券代码：600299 证券简称：安迪苏 公告编号：2025-048 蓝星安迪苏股份有限公司 2025 年第三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 所发布的《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露 第十 四号——食品制造》的要求，现将公司 2025 年第三季度主要经营数据披露如下： 一、 2025 年第三季度主要经营数据 (一) 按产品类别： 单位：元 币种：人民币 | | 营业收入 | | | | | --- | --- | --- | --- | --- | | 分产品 2025 | 年第三季度 | 2024 年第三季度 | 同比变动 | (%) | | 功能性产品 | 3,275,298,626 | 3,105,903,653 | | 5.45 | | 特种产品 | 1,143,676,282 | 1,009,095,503 | | 13.34 | | 合计 | 4,418,974,908 | 4 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][18] Core Views - The company has demonstrated strong resilience in its third-quarter performance, with a notable increase in net profit despite a decline in revenue [1][8] - The production of liquid methionine has successfully commenced, contributing to the company's growth potential [4][12] - The company is expected to benefit from the rising prices of methionine and the expansion of its production capacity, positioning it as a global leader in the industry [4][12] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 16,642 million yuan, a year-on-year increase of 5.45%, and a net profit of 5,321 million yuan, up 33.37% year-on-year [8] - The sales gross margin was 45.55%, and the net profit margin was 31.97%, indicating strong profitability [8] - In the third quarter alone, the company reported revenue of 5,541 million yuan, a year-on-year decrease of 6.66%, and a net profit of 1,717 million yuan, down 3.80% year-on-year [8] Methionine Production and Market Trends - The solid methionine market price reached 20,800 yuan per ton, with a year-to-date increase of 5.85% [4][12] - The company is expanding its methionine production capacity to 460,000 tons per year, which will rank it third globally [4][12] - The methionine industry has seen a significant increase in demand and prices since 2024, providing strong support for the company's revenue growth [4][12] Vitamin Business Performance - The prices of VA and VE have declined significantly, but the company's profitability remains stable, with a net profit margin of 58.00% for its vitamin subsidiary [5][16] - The company expects the vitamin business to maintain a steady profit level despite recent price fluctuations [5][16] Investment Recommendations - The report maintains the "Outperform the Market" rating, highlighting the company's strong operational performance and growth potential across various business segments [6][18] - The projected net profits for 2025-2027 are 6,792 million, 7,248 million, and 7,737 million yuan, respectively, with corresponding PE ratios of 10.6, 9.9, and 9.3 times [6][18]

Core Viewpoint - The company has successfully initiated trial production of its liquid methionine project in collaboration with Sinopec, aiming to enhance its product offerings and core competitiveness through continuous technological development and innovation [1] Group 1: Product Development - The company produces both solid and liquid methionine products [1] - The liquid methionine project has a capacity of 180,000 tons per year and has successfully produced qualified products during trial production [1] Group 2: Strategic Focus - The company plans to continuously develop functional chemicals and expand its product line within the fine chemical and biological sectors [1] - The focus remains on refining and specializing in the fine chemical main business to improve core competitiveness [1]

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]

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]