o Offsetting negative impact from sharp selling price decrease in VA and VE and reduced margins arising from customs duties due to geopolitical tensions
Key projects on track
o 150KT powder methionine plant and DSA project in Quanzhou: more than 80% construction completed, targeting to start trial operation at the end of 2026
o 40KT Debottlenecking in EU Liquid OH-Methionine plant in Burgos Spain: now fully operational
o Project to internalize the esterification process to produce the key ruminant product in Burgos plant: start up delayed due to reinforcement of safety control, while continuity in supply secured
o Nanjing plant wastewater treatment project: being a bioprocess, in ramping-up phase with full commissioning phase expected in mid-2026
One-China Strategy recorded strong revenue growth in 2025 thanks to
o Continued double-digit volume growth in liquid methionine
o Strong volume growth in feed digestibility in poultry, swine and aqua business
o Offsetting difficult dairy market even though slightly recovering
2025 Cost competitiveness plan achieved CNY230mil recurring saving
FY2026 outlook
o Safety and sustainability remain Adisseo’s top priorities
o Volatility and uncertainty are prevailing, while market demand is expected to remain solid
o Adisseo is fully engaged to reinforce its leadership in the feed additive industry, while optimizing margins and pursuing investing in the future
Zhigang HAO, Chairman and CEO of Adisseo, said: “In 2025, global economy recorded limited growth, facing a lot of challenges including a volatile trade environment and deteriorating geopolitical risks. Despite severe market competition, Adisseo has managed to pursue its market penetration and has delivered double-digit growth (+11%) in revenue.
Our safety and sustainability efforts delivered strong outcomes in line with our unwavering commitment to “zero accident” target and continuous ESG improvement.
Thanks to our cost saving program, with CNY230 million recurring savings in 2025, our net profit level remained at solid level.
Looking forward, in a highly uncertain and challenging environment, Adisseo is well positioned and fully motivated to deliver solid business performance by leveraging its well-established leadership in animal nutrition and health and respond swiftly to unpredictable challenges and opportunities.”
Bluestar Adisseo Company (“Adisseo” or “the Company”) Board of Directors disclosed its FY2025 results.
I. Business Review: Revenues & Net Profit Attributable to Shareholders
Unit: CNY (billion)
FY2025
FY2024
YoY variance
Q4 2025
Q4 2024
YoY variance
Operating revenue
17.23
15.53
+11%
4.30
4.16
+3%
- Performance Products
12.91
11.62
+11%
3.16
3.12
+1%
- Specialty Products
4.32
3.91
+10%
1.14
1.04
+9%
Gross profit(in % of operating revenue)
4.88 28%
4.69 30%
+4% -2ppt
1.28 30%
1.21 29%
+5% +1ppt
- Performance Products
3.17
3.02
+5%
0.81
0.74
+9%
- Specialty Products
1.71
1.67
+2%
0.46
0.47
-2%
Recurring EBITDA(Recurring EBITDA margin)
3.45
20%
3.47
21%
-1%
-1ppt
0.79
19%
0.71
17%
+11%
+2ppt
Net profit attributable to shareholders (Net margin)
1.15
7%
1.20
8%
-4%
-1ppt
0.16
4%
0.25%
-18%
-1ppt
Recurring net profit attributable to shareholders(Recurring net margin)
1.22
7%
1.35
9%
-9%
-2ppt
0.24
6%
0.24
6%
-3%
+0ppt
Safety is and will remain Adisseo’s priority. The FY2025 TRIR landed at 0.05, an excellent record in our safety results.
Adisseo continues its journey on ESG improvement and has met its objectives on its 3 ESG KPIs including GHG intensity emission, energy and water consumption intensity.
Adisseo has been also recognized by extended and higher ratings from domestic and international rating agencies. It has been awarded Grade B for climate change by CDP and an overall ESG score of 55 in S&P Global Corporate Sustainability Assessment, outperforming 87% of peer companies in S&P evaluation.
As an illustration, the wastewater retreatment project in Nanjing, is in its ramping-up phase with its full commissioning phase expected in mid-2026.
In 2025, Adisseo recorded a double-digit yoy revenue growth (+11%, CNY17.23 billion), with gross profit increasing slightly (+4%, CNY4.88 billion), thanks to:
§ +13% volume growth in liquid methionine
§ +10% revenue growth from specialties
§ Offsetting negative impact from sharp selling price decrease in VA and VE and reduced margins arising from customs duties due to geopolitical tensions
Apart from Russia impacted by the sanctions, all regions realized at least market growth or better-than-market growth. Adisseo, a customer-centric company, will continue to invest in fast growing regions to meet customer needs and consolidate its leadership in global animal nutrition and health market.
In 2025, methionine business recorded continued growth driven by:
§ Outstanding sales performance in methionine with a new record for liquid methionine volume thanks to continuous penetration across the globe
§ Agile pricing management
§ Historic production record for liquid methionine plants with high reliability and optimized distribution costs
§ On-track European plant cost competitiveness project
The new 150KT powder methionine plant and DSA project in Quanzhou, completed more than 80% construction, and is targeting to start trial operation at the end of 2026.
The 40KT debottlenecking project in European liquid OH-Methionine plant in Burgos Spain is now fully operational.
In 2025, the specialties business delivered yoy +10% growth in revenue (CNY4.32 billion), thanks to:
§ Strong Ruminant sales in North America and European markets, notably on Smartamine® line(+20%)
§ Contribution from Norfeed driven by strong growth in Phytogenics
§ Positive trend in Palatability with strong growth in LATAM (+20%)
§ Resilient growth in feed digestibility despite negative FX exposure and continuous price pressure because of new competitors’ entrance
This is offsetting lower-than-expected contribution from animal resilience products and feed integrity products due to phasing-out strategy, negative impact from tariffs, raw material costs and challenging but recovering China dairy market.
The project to internalize esterification process to produce the key ruminant product also in Burgos plant has delayed its start-up due to reinforcement of safety control, but continuity in supply of the product has been secured.
Regarding the vitamins business, revenues and gross profit were negatively impacted by the sharp price decrease particularly in Vitamin A & E while portfolio vitamins contribution has been strong. Adisseo manages production volumes with agility and sourcing optimization to protect margins.
One-China Strategy recorded strong revenue growth in 2025 thanks to:
§ Continued double-digit volume growth in liquid methionine
§ Strong volume growth in feed digestibility in Poultry, Swine and Aqua businesses
§ offsetting the negative impact arising from the still difficult Chinese dairy market even though slightly recovering
Nanjing plant reached record production, safety and cost competitiveness levels.
Thanks to the brand-new Specialties Blending facility in Nanjing, 23 locally produced tailor-made specialty products were launched in China market in 2025.
FeedKind® plant in Chongqing has been shut down to allow the implementation of technical upgrades to reach design capacities but still pending for financing. Negative financial impact has been fully reflected in the accounts. Adisseo, with the other shareholders, are actively working to find solutions and the plant also initiated the process with support from local government to search for potential interim arrangement.
2025 Cost competitiveness plan achieved recurring savings of CNY230 million, thanks to several initiatives launched in 2025:
- Renegotiation of strategic raw material contracts in the European platforms
- A structured approach in China to reduce raw material energy consumption and increase operational efficiency in Nanjing plant
- Green Belt projects resulting from worldwide Lean Six Sigma training program, which contributed significantly to reinforce the continuous improvement mindset through the whole Company
G&A expenses have thus realized y-o-y decrease of 5% in 2025 despite recruitment and inflation, while investment in sales and distribution has been pursued in line with sales growth and research & innovation.
Recurring EBITDA remained stable in 2025 at CNY3.45 billion, representing a 20%recurring EBITDA margin, despite one-off asset impairment factors due to notably lack of adequate financing allowingjoint venture to continue its developmentas well as obsolete spare parts and some fixed assets with no value for future economic benefits.
Recurring net profit attributable to shareholders in 2025 stood at CNY1.22 billion, representing a stable net margin of 7%.
II. Cash-flow and Net Debt
Cash position as of 31 December 2025 landed at CNY4.273 billion, significantly increased compared to 31 December 2024, driven by:
§ Positive cash flow generated from operating activities
§ Strict working capital management
§ Optimized increase in CNY debt financing to finance key projects
§ Funds raised through private placement
§ Offset by accelerated CAPEX investment notably in the powder methionine plant project in Quanzhou
III. Major Financing Activities Update
The Private Placement Refinancing was completed with total raised funds of CNY3bn with an issue price of CNY7.54 per share. The registration procedures at CSDC of the 397,877,984 newly issued shares of the Company have been completed on December 26, 2025.
Such shares will be listed and traded on the Shanghai Stock Exchange starting from the next trading day after the expiration of the 6-month lock-up period.
Leveraging its solid results, the Company has announced the distribution of an interim dividend of CNY0.51/10 shares (totaling CNY157mil) on 30thJan 2026.
IV. FY2025 Outlook
Sustainability and safety will remain Adisseo’s top priorities.
Volatility and uncertainty are prevailing in the context of increasing geopolitical pressure on trade.
Market demand is expected to remain solid in a highly competitive environment with new methionine capacities entering the market. Adisseo is fully engaged to reinforce its leadership in the feed additive industry, while optimizing margins and pursuing investing in the future.
Solid operational dynamics is being pursued with:
§ Increased methionine production capacity with high operational performance across plants allowing to pursue volume growth in methionine
§ Production platforms in China and Europe allowing to optimize agile global supply costs including tariffs and non-trade barriers
§ Competitiveness enhancement programs particularly in less performing plants and businesses
§ Acceleration of specialties dynamic with proactive price portfolio management to drive profitability and on schedule launching of new products launches such as Enzymes & Dairy products to boost growth
§ Acceleration of Research & Innovation efforts, such as establishment of industry pilots in both China and Europe, allowing delivering continuous process improvement and sustainable & innovative products solutions
§ Continuous operational excellence and cost control measures leveraging digital capabilities
-End-
About Adisseo
Adisseo is one of the world's leading experts in feed additives. The group relies on its 5 research centers and its production sites based in Europe, the U.S.,China and Thailand to design, produce, and market nutritional solutions for sustainable animal feed. With more than 2,900 employees, it serves around 4,200 customers in over 110 different countries and regions through its global distribution network. In 2024, Adisseo recorded an operating revenue of CNY15.53 billion.
Adisseo is one of the main subsidiaries of China National BlueStar, a leader in the Chinese chemical industry with more than 12,000 employees and a turnover of CNY39.7 billion in 2024.
