（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]

Core Insights - The Nanjing Jiangbei New Materials Science and Technology Park is actively promoting innovation and development in the new materials industry, having signed 10 technology projects and inaugurated 4 innovation centers during the New Materials Industry Innovation Development Conference [2][4]. Group 1: Innovation Ecosystem - The park has established a deep integration of "industry, academia, research, finance, and application," creating a robust innovation ecosystem to support high-quality development in the new materials sector [2][3]. - The newly formed New Materials Industry Innovation Alliance includes 12 new members, enhancing collaborative efforts in research and development [4]. Group 2: Market Opportunities - The chemical new materials industry is evolving towards high-tech leadership, rapid product iteration, and broad demand coverage, driven by the growth of strategic emerging industries such as robotics and new energy vehicles [3][4]. - The demand for high-end chemical new materials is increasing, providing unprecedented market opportunities for innovation [3]. Group 3: Project Development - The Jiangbei New Materials Science and Technology Park is set to complete a pilot test base for new materials by October this year, which will facilitate the transition of research outcomes from the lab to production [5][6]. - The park has signed several high-tech projects, including those focused on organic OLED materials and semiconductor electronic chemicals, indicating a strong focus on advanced technology [7][8]. Group 4: Support and Services - The park has implemented comprehensive support services for enterprises, including streamlined approval processes and dedicated service teams, which have significantly accelerated project initiation and construction [8]. - The park's infrastructure, such as public utility corridors, and its proactive service approach have encouraged companies to pursue new projects with confidence [7][8].

Group 1: Market Overview - The chemical market experienced an upward trend this week, with the Shenwan Chemical Index rising by 2.36%, outperforming the CSI 300 Index by 0.98% [1] - Benefiting from rising prices of new energy materials and Oracle's substantial orders, AI materials and certain new energy chemical materials performed strongly [1] - The potassium fertilizer sector also showed good performance, while some market funds shifted towards solid-state batteries, leading to positive results for related stocks [1] Group 2: Industry Developments - In the basic chemical industry, POE production capacity is being gradually released, with Shenghong Petrochemical's 100,000 tons/year POE project successfully launched and Dingjide's POE expected to start production by September 30 [1] - New Hecun and Sinopec's joint venture has successfully produced qualified products from its 180,000 tons/year liquid methionine project [1] - The current price-to-book (PB) ratio for basic chemicals is at a historical percentile of 31% since 2010, indicating good value in the sector [1] Group 3: Oil Market Dynamics - OPEC+ has "principally agreed" to increase production in October, marking a strategic shift towards market share rather than price defense, with Saudi Arabia aiming to reclaim sales volume lost to U.S. shale oil producers [3] - This decision may weaken the long-standing safety net of idle production capacity that could buffer against unexpected supply shocks in the global oil market [3] Group 4: AI Industry Insights - Oracle's stock surged over 27% following its Q1 earnings report, which, despite not meeting expectations, highlighted strong growth prospects in AI, with a significant deal with OpenAI leading to a remaining performance obligation of $455 billion, a year-on-year increase of approximately 359% [2] - Broadcom is set to design and produce AI chips for OpenAI starting in 2026, causing its stock to rise by 9.4%, while Nvidia's stock fell by 2.70% due to increased competition concerns [2] - TSMC reported a year-on-year sales increase of 33.8% in August, indicating continued strong demand in the AI sector [2]

Core Viewpoint - The company has successfully produced qualified products from its joint venture with Sinopec, focusing on a liquid methionine project with an annual capacity of 180,000 tons [2] Group 1: Company Developments - The company announced the establishment of a joint venture with Sinopec to create Ningbo Zhenhai Refining New and Cheng Biotechnology Co., Ltd. [2] - The liquid methionine project is currently undergoing maintenance, expected to last 3-4 weeks, with future progress dependent on market demand and trial production results [2] Group 2: Project Details - The liquid methionine project has an annual production capacity of 180,000 tons [2] - The company has successfully produced qualified products from the liquid methionine project [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 11.1 billion yuan, representing a year-on-year growth of 12.76% [3] - The net profit attributable to shareholders reached 3.603 billion yuan, with a year-on-year increase of 63.46% [3] - The non-recurring net profit grew by 70.50% year-on-year [3] - Revenue from the nutrition products, flavor and fragrance, and new materials segments increased by 7.78%, 9.35%, and 43.75% respectively [3] Group 2: Project Developments - The company has established a joint venture with Sinopec to build an 18,000-ton/year liquid methionine project, which has successfully produced qualified products [3] - The Tianjin nylon new materials project is currently in the approval stage, with plans to commence construction in 2027 [3] - The black soil base is focusing on bioproducts, including vitamin C, coenzyme Q10, and various amino acids [4] Group 3: Strategic Focus and Future Plans - The company aims to enhance its product matrix in nutrition, flavor and fragrance, high polymer new materials, and active pharmaceutical ingredients [4] - Future capital expenditure plans include expanding the PPS project and developing a fragrance project on newly acquired land [4] - The company plans to distribute a cash dividend of 6.12 billion yuan for the first half of 2025, subject to shareholder approval [4] Group 4: Market Position and Competitive Strategy - The company focuses on fine chemicals and innovation-driven development, leveraging its chemical and biological platforms [5] - It has achieved domestic production of key products such as vitamin E, vitamin A, PPS, and methionine, contributing to industry transformation [5] - The company emphasizes technological innovation, global layout, and digitalization to enhance its competitive edge [5]

Group 1 - The core viewpoint of the articles highlights the strong performance of Andisu in the first half of 2025, with a 17% year-on-year increase in revenue to 8.51 billion yuan and a 22% increase in net profit attributable to shareholders to 740 million yuan [1][2] - The sales of methionine business grew by 16% year-on-year, driven by the increasing market penetration of liquid methionine, despite challenges from regional price declines and rising raw material costs [1][2] - The special products business saw a 9% increase in revenue to 2.04 billion yuan and a 7% increase in gross profit to 830 million yuan, attributed to strong sales growth in ruminant products and a rebound in aquatic product sales [1][2] Group 2 - The "China Integration Strategy" has successfully driven strong sales growth in the first half of 2025, with double-digit growth in liquid methionine and significant orders in the aquatic market [2] - Andisu announced a refinancing plan to raise no more than 3 billion yuan to support investment projects, which has been approved by the Shanghai Stock Exchange and is currently in the registration process with the China Securities Regulatory Commission [2] - The company implemented a mid-term and annual dividend plan with an overall payout ratio of 40.08%, distributing 161 million yuan as mid-term dividends and 322 million yuan as annual dividends to shareholders [2]

Core Viewpoint - The company has demonstrated robust growth in its financial performance and is actively pursuing various projects to enhance its market presence and product offerings [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of 11.1 billion yuan, a year-on-year increase of 12.76% - Total profit reached 4.229 billion yuan, reflecting a 56.68% increase compared to the previous year - Net profit attributable to shareholders was 3.603 billion yuan, up 63.46% year-on-year [1] Project Progress - The liquid methionine project, a joint venture with Sinopec, has entered trial production, with plans for maintenance in early September - The new materials segment generated revenue of 1.038 billion yuan, a 43.75% increase, driven by demand in the new energy sector - The Tianjin nylon new materials project is in the approval stage, with production expected to start in 2027 - The flavor and fragrance segment reported revenue of 2.105 billion yuan in the first half of 2025, with ongoing efforts to optimize product structure [2] Business Strategy and Market Expansion - The company is enhancing production capacity in the nutrition sector and expanding into cutting-edge biotechnology, including amino acids and new materials - Products are being exported to over 100 countries, with an export ratio of 58.04% in the first half of 2025 - Future investment will focus on the new materials sector, including the Tianjin nylon project and new biopharmaceutical products in the vitamin segment [3] Shareholder Returns - The company maintains a stable profit distribution policy, with cumulative dividends amounting to 15.5 billion yuan, representing 30% to 50% of annual net profit - A cash dividend of 2 yuan per 10 shares is proposed for the first half of 2025, totaling 612 million yuan, pending shareholder approval [3]

Financial Performance - The company achieved a revenue of 11.1 billion CNY, representing a year-on-year growth of 12.76% [3] - The total profit reached 4.2 billion CNY, marking a significant increase of 56.68% compared to the previous year [3] - Net profit attributable to shareholders was 3.6 billion CNY, reflecting a growth of 36.03% [3] Business Segments - The liquid methionine project is in trial production, with a capacity of 180,000 tons/year, and is expected to undergo maintenance for 3-4 weeks [3] - The new materials segment generated a revenue of 1.038 billion CNY, up 43.75% year-on-year, driven by demand in new energy and high-end manufacturing [4] - The fragrance and flavor segment reported a revenue of 2.105 billion CNY, with plans for product optimization and expansion [4] Strategic Initiatives - The company is focusing on international expansion, with exports accounting for 58.04% of total sales, reaching over 100 countries [6] - Future investments will prioritize new materials, including the nylon project in Tianjin, expected to commence production in 2027 [6] - The company plans to distribute cash dividends of 6.12 CNY per share, totaling 1.5 billion CNY, subject to shareholder approval [8] Market Outlook - The company aims to enhance its competitive edge through innovation and a focus on sustainable development, aligning with the "anti-involution" policy to foster a healthy market environment [8] - The strategic focus will remain on fine chemicals, health nutrition, new materials, and raw pharmaceutical ingredients [6]

Core Insights - The company reported a revenue of 11.1 billion yuan for the first half of 2025, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 3.6 billion yuan, up 63% year-on-year [1] - In Q2 2025, the company achieved a revenue of 5.7 billion yuan, a 6% increase year-on-year and a 4% increase quarter-on-quarter, with a net profit of 1.7 billion yuan, reflecting a 29% year-on-year growth but an 8% decline quarter-on-quarter [1] Business Analysis - The nutrition and flavor segments showed positive revenue and profit growth, driving the company's strong performance. The nutrition segment generated 7.2 billion yuan in revenue, an 8% increase year-on-year, with a gross margin of 48%, up 12 percentage points year-on-year. The flavor segment reported revenue of 2.1 billion yuan, a 9% increase year-on-year, with a gross margin of 54%, up 4 percentage points year-on-year [2] - The company is actively seizing market opportunities in nutrition, new materials, and flavors while maintaining its market advantages in existing products. It is also promoting the market expansion of new products such as HA series and tryptophan [2] - Project construction is progressing steadily, with the company’s overseas expansion efforts advancing. The liquid methionine project in partnership with Sinopec is in trial production, and the Tianjin nylon new materials project has completed compliance approvals [2] - The company is enhancing its international digital layout, accelerating localization of sales and R&D overseas, and has established management systems for overseas operations, including pilot recruitment from overseas universities [2] Profit Forecast, Valuation, and Rating - The company is a leader in the vitamin sector, with the nutrition segment beginning to scale up and new projects continuing to advance, supporting long-term growth. The forecasted net profits attributable to shareholders for 2025-2027 are 6.598 billion, 7.073 billion, and 7.411 billion yuan, respectively, with corresponding PE ratios of 11.42, 10.65, and 10.17 times. The rating is maintained at "Buy" [3]