H1 2025: net profit increased by +22% to CNY740 million thanks to positive business dynamic

Zhigang HAO, Chairman and CEO of Adisseo, said: “I’m pleased to share that we continued the growth momentum in the second quarter and achieved solid yoy profitable growth in H1 2025. 

I’m very proud of our safety and sustainability performance, which is our unwavering priority. We will continue to invest in innovative and green technology to improve sustainability excellence.

We remain the unequivocal global leader in animal nutrition solutions and recorded strong growth in both performance products and specialties. The margin was impacted by the price pressure of performance products, partially compensated by the double-digit volume growth in revenue, high OEE level across main plants, and on-going effective implementation of competitiveness enhancement program.

While there is still uncertainty on the macros notably due to tariffs and supply chain challenges, we are confident to pursue our growth leveraging our well-established brand awareness, industry leadership and global industrial set-up and distribution network.”

Bluestar Adisseo Company (“Adisseo” or “the Company”) Board of Directors disclosed its H1 2025 results.

1. Business Review: Revenues & Net Profit Attributable to Shareholders

Safety is and will remain Adisseo’s priority. In Q2 2025, Adisseo continued its excellent safety performance. The H1 2025 TRIR landed at 0. 

Adisseo is monitoring tightly its process safety which is also best-in-class in H1 2025. 

Adisseo was awarded as “Outstanding Listed Company” in Sustainability Excellence and received an A from Huazheng ESG rating rewarding its commitment to sustainability. 

In H1 2025, Adisseo’s sustainability performance is on track for GHG emission reduction and energy intensity consumption, while water consumption was challenged by the maintenance shutdowns. Special actions are to be implemented to control the water consumption intensity. 

As an illustration, the Nanjing plant wastewater treatment project has delivered mechanical completion and is currently undergoing trial production.

In H1 2025, revenue recorded a yoy double-digit growth of +17% to reach CNY8.51 billion and gross profit continued yoy growth by +6% to CNY2.42 billion, driven by:

• Strong volume growth of methionine and agile price management

• Contributions from Vitamins

• Sustained growth in Specialties

• Continuous benefits from cost competitiveness plan

In H1 2025, methionine business has achieved continued growth in revenue (+9%) thanks to: 

• Significant volume growth in liquid methionine (+16% in H1, +9% in Q2) thanks to its continued penetration 

The profit margin has been impacted by decreasing prices in some regions, high raw material prices and impact of tariffs, which was partially offset by 

• Agile allocation of volumes to higher margin regions 

• High plant reliability with high yield in main plants

The new 150KT powder methionine plant in Quanzhou is progressing smoothly, CAPEX expenditure and schedule are on track. The supporting sulfuric acid project (DSA) has also started on-site construction.

Debottlenecking in EU Liquid Methionine plant is in progress, targeting full completion by end of 2025.

For Vitamins, sales and gross profit contributions from Vitamin A & E increased compared with last year thanks to volume growth, despite strong downward pressure on price especially in Q2, likely to worsen in the coming quarter.

In H1 2025, the specialty business continued its yoy revenue (+9%) and gross profit (+7%) growth, thanks to the solid dynamics contributed by the continued growth in Q2 in Ruminants (except for China) and Swine, and strong recovery in Aqua:

• Strong Ruminant sales in North America and European market (Smartamine® +29%)

• Double digit growth in Palatability (+12%)

• Outstanding growth in Norfeed business (+18%)

This is offsetting the lower-than-expected contribution from animal resilience products and challenging China dairy market.

The project to internalize esterification process to produce the key ruminant product is ongoing with start-up expected in 2026.

In H1 2025, One-China Strategy progressed successfully and recorded strong revenue growth thanks to:

• Double-digit growth in liquid methionine thanks to continuous penetration and effective pricing management 

• Double-digit growth in monogastric and aqua business

• Contribution from FeedKind® business: more sizable orders in Aqua market, continued trial sales in pet market with more companies starting their application in dry petfood

• Offsetting difficult dairy market

• Technical maintenance of Nanjing plant has smoothly completed in Q2 with excellent yield and reliability

• Phase I of Nanjing Specialties Blending facility successfully delivered, operation smoothly to supply China market with 8 new tailor-made products introduced

2025 Cost competitiveness plan has been pursued, especially European Plant Optimization, dedicated task force on transportation cost management and Digitalization application across main plants.

Continued robust EBITDA ratio (22%) in H1 2025 was contributed by continuous close monitoring and implementation of effective cost competitiveness program despite on-going investment in R&I, liquid dosing installations, business development in specialties to support future growth and innovation 

H1 2025 net profit attributable to shareholders landed at CNY740 million, with an increase of +22% yoy thanks to strong business growth as well as positive increased interest income thanks to settlement of the anti-dumping duties.The net profit margin increased by +1ppt to 9%.

2. Cash-flow and Net Debt

Cash position as of 30 June 2025 landed at CNY1.46 billion, increased compared to 31 December 2024, driven by:

• Positive cash flow generated from operating activities, and the settlement of anti-dumping deposit

• Strict working capital management 

• Offset by continuous CAPEX investment for future growth and payment of dividend

3. Major Financing Activities Update

To support its investment program, Adisseo announced in 2024 a private placement refinancing plan to raise up to CNY3bn. The project has obtained its approval from Shanghai Stock Exchange on 7^th of August 2025 and is now in the process of filing for CSRC registration phase. 

Besides, Adisseo implemented interim dividend and final dividend distribution plan, representing a total pay-out ratio of 40.08%.

• Interim dividend of CNY161 million has been distributed to shareholders on the 28^th of March

• Final dividend of CNY322 million has been distributed on the 20^th of May

4. H2 2025 Outlook

Sustainability and safety will remain Adisseo’s top priorities. 

In H2 2025, volatility and uncertainty are increasing, notably due to the recent changes in the U.S. trade policies. 

Market demand is expected to remain solid but new capacity for methionine & vitamins will enter the market in H2. This will create some challenges to Adisseo, but we will continue to manage with agility and are fully engaged in delivering growth, optimizing margins and pursuing strategic investments for the future.

Sustainable and solid operational dynamics is being pursued with: 

• Strong operational performance across plants thanks to the smooth execution of technical shutdowns in methionine plants. 

• Continuous proactive supply management, especially on regions impacted by tariffs. 

• Competitiveness enhancement program of powder methionine and Vitamin A platform in EU. 

• Acceleration of specialties dynamics, leveraging the full range of services and product offerings

• Contribution from operational excellence and cost control measures

• Well-positioned international set-up, including dual platforms, international teams and global marketing coverage, allowing for continuous optimization of supply to address tariff and supply chain fluctuation and to capture global market demand and local opportunities

Adisseo is also exploring all possible solutions and implementing the defined action plans in a swift and agile way to mitigate potential headwinds which could arise from longer-than expected full-scale industrialization of disruptive FeedKind® technology.

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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. 

Adisseo is listed on the Shanghai Stock Exchange. 

Adisseo Corporate websites: www.adisseo.com; www.bluestar-adisseo.com

Adisseo’s press contact

In China: Yun CAI, yun.cai@adisseo.com