登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn/网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 ■ 2.2主要财务数据 1.3董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 第二节 公司基本情况 2.1公司简介 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 安琪酵母股份有限公司董事会 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预计未来会有重大影响的事项 □适用 √不适用 2025年8月13日 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [8][12]. Core Insights - The company achieved a revenue of 7.9 billion RMB in the first half of 2025, representing a year-on-year increase of 10%, with a net profit attributable to shareholders of 800 million RMB, up 15.7% year-on-year [9]. - The second quarter of 2025 saw revenues of 4.1 billion RMB, a 11.2% increase year-on-year, and a net profit of 430 million RMB, reflecting a 15.4% year-on-year growth [9]. - The company is experiencing significant growth in overseas markets, with a 22.6% increase in international revenue, while domestic revenue grew by 2.1% [12]. Summary by Sections Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry, with a market capitalization of 30.53 billion RMB as of August 14, 2025 [3]. Recent Ratings - The company has consistently received "BUY" ratings in recent reports, with the latest rating issued on April 11, 2025 [4]. Financial Performance - The gross profit margin improved by 1.8 percentage points to 26.09% in the first half of 2025, driven by lower production costs and strong growth in higher-margin overseas markets [12]. - The company plans to expand its product offerings, particularly in yeast protein, which is expected to enhance long-term growth opportunities [12]. Revenue Breakdown - The revenue from yeast and deep processing accounted for 73.14% of total revenue, while sugar and packaging products contributed 4.88% and 2.47%, respectively [4]. Future Projections - The report forecasts net profits of 1.64 billion RMB, 1.93 billion RMB, and 2.24 billion RMB for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 1.89 RMB, 2.23 RMB, and 2.59 RMB [12][14].

国内主业烘焙酵母需求持续复苏，同时衍生品业务有望驱动结构升级，低毛利的贸易类业务逐步剥离。 海外市场预计随着本土化运营策略执行，借助性价比优势，持续提升市占率。原材料成本环比持续下 降，预计H2 进一步释放利润空间。 8 月14 日公司发布半年报，25H1 实现营收79.00 亿元，同比+10.10%；实现归母净利润7.99 亿元，同比 +15.66%；扣非归母净利润7.42 亿元，同比+24.49%。其中，25Q2 实现营收41.05 亿元，同比+11.19%； 实现归母净利润4.29 亿元，同比+15.35%；扣非归母净利润4.05 亿元，同比+34.39%，扣非显著超预 期。 经营分析 国内需求改善，海外延续高增长。1）分业务看，25Q2 酵母及深加工销售收入为29.81 亿元，同比 +11.7%，预计烘焙面食酵母环比Q1 改善实现个位数增长，YE 延续双位数高增长态势。25Q2 制糖/包 装/其他产品销售收入分别为2.28/0.99/7.76 亿元，同比+20.1%/+3.6%/+9.3%，制糖和包装业务均有回 暖。2）分区域看，25Q2 国内/ 国外业务实现收入23.05/117.78 亿元， 同比 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3]. Core Views - The company reported a strong performance in Q2 2025, with revenue and net profit attributable to shareholders increasing by 11.19% and 15.35% year-on-year, respectively. The domestic sales improved sequentially, while overseas markets continued to show strong growth [1][6]. - The company is expected to see continued improvement in profitability in H2 2025, driven by domestic sales recovery and ongoing expansion in overseas markets, particularly in the Middle East and Southeast Asia [1][6]. - The projected net profit for 2025-2027 is estimated at 1.65 billion, 1.85 billion, and 2.05 billion yuan, with corresponding EPS of 1.90, 2.13, and 2.36 yuan, respectively [1][6]. Financial Performance - For H1 2025, the company achieved a total revenue of 7.899 billion yuan, a year-on-year increase of 10.1%, and a net profit of 799 million yuan, up 15.66% year-on-year. The Q2 figures were 4.105 billion yuan in revenue and 429 million yuan in net profit, reflecting a strong performance [1][6][8]. - The gross margin improved to 26.19% in Q2 2025, an increase of 2.27 percentage points year-on-year, primarily due to lower raw material costs [1][6]. - The company’s total revenue for 2023 is projected at 13.581 billion yuan, with a growth rate of 6%, and is expected to reach 19.999 billion yuan by 2027, with a growth rate of 9% [2][14][15]. Market Expansion - The company is actively expanding its overseas market presence, with a new subsidiary established in Indonesia to enhance its market share [1][6]. - The overseas revenue for H1 2025 was 3.462 billion yuan, representing a year-on-year growth of 22.59%, indicating strong demand in international markets [1][6]. Cost Management - The company has effectively managed costs, leading to a stable expense ratio and improved net profit margin, which reached 10.5% in Q2 2025, an increase of 0.38 percentage points year-on-year [1][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company reported a significant improvement in profitability, with a 10.1% year-on-year increase in revenue to 78.99 billion yuan for the first half of 2025, and a 15.66% increase in net profit to 7.99 billion yuan [2][8]. - The second quarter of 2025 saw a revenue of 41.05 billion yuan, reflecting an 11.19% year-on-year growth, and a net profit of 4.29 billion yuan, up 15.35% year-on-year [2][8]. - The report highlights a strong performance in both domestic and international markets, with domestic revenue growing by 4.29% and international revenue by 22.28% in Q2 2025 [8][9]. Financial Performance Summary - The company’s total revenue is projected to grow from 151.97 billion yuan in 2024 to 212.80 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [4]. - The net profit is expected to increase from 1.325 billion yuan in 2024 to 2.206 billion yuan in 2027, reflecting a CAGR of 16.1% [4]. - Earnings per share (EPS) are forecasted to rise from 1.53 yuan in 2024 to 2.54 yuan in 2027, indicating a strong growth trajectory [4]. Market Dynamics - The report notes that the company has expanded its distribution channels, adding 214 domestic and 164 international distributors in Q2 2025, which supports revenue growth [8][9]. - Cost reductions in raw materials and shipping have contributed to a significant increase in gross margin, which reached 26.19% in Q2 2025, up 2.27 percentage points year-on-year [8][9]. - The company is expected to continue benefiting from favorable cost dynamics and operational improvements, with a projected net profit margin increase to 10.82% in Q2 2025 [8][9].

国金证券8月15日发布研报称，给予安琪酵母（600298.SH，最新价：35.62元）买入评级。评级理由主 要包括：1）国内需求改善，海外延续高增长；2）看好国内需求改善，海外市场持续扩张，成本下行盈 利弹性可期。风险提示：食品安全风险；新品放量不及预期；市场竞争加剧等风险。 （文章来源：每日经济新闻） ...

Core Insights - The company reported a revenue of 7.9 billion yuan for the first half of 2025, representing a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 800 million yuan, up 15.7% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.11 billion yuan, a year-on-year growth of 11.2%, and a net profit attributable to shareholders of 430 million yuan, increasing by 15.4% year-on-year [1] - The company experienced improvements in domestic revenue and continued growth in overseas markets [1] Revenue Breakdown - In Q2 2025, revenue from yeast and deep processing products reached 2.98 billion yuan, up 11.7% year-on-year; sugar products generated 230 million yuan, a 20.1% increase; packaging products brought in 100 million yuan, up 3.6%; food raw materials accounted for 454 million yuan, while other businesses contributed 322 million yuan, with food raw materials and other businesses combined growing by 9.3% year-on-year [1] - Regionally, domestic revenue in Q2 2025 was 2.31 billion yuan, a 4.3% increase year-on-year, while overseas revenue was 1.78 billion yuan, up 22.3% year-on-year [1] Profitability Improvement - The company achieved a gross margin of 26.2% in Q2 2025, an increase of 2.3 percentage points year-on-year, attributed to a decline in raw material costs and stable pricing [2] - The net profit margin attributable to shareholders and the net profit margin excluding non-recurring items increased by 0.4 percentage points and 1.7 percentage points to 10.5% and 9.9%, respectively [2] Future Outlook - The company is expected to maintain high growth in overseas business in the second half of 2025, with favorable raw material costs likely to continue benefiting the financial statements [2] - Revenue projections for 2025-2027 are 16.89 billion yuan, 18.67 billion yuan, and 20.54 billion yuan, representing year-on-year growth of 11.2%, 10.5%, and 10.0%, respectively; net profit projections are 1.57 billion yuan, 1.78 billion yuan, and 1.94 billion yuan, with year-on-year growth of 18.8%, 13.3%, and 9.0% [2]

Group 1 - The company held its fifth meeting of the tenth board of directors on August 13, 2025, to review and approve the 2025 semi-annual report and summary [3][5][40] - The board unanimously approved the general manager's report on the company's operational performance for the first half of 2025 and plans for the second half [5][6] - The company reported that there were no significant changes in its operational situation during the reporting period [3][5] Group 2 - The company raised a total of approximately RMB 1.41 billion through a non-public stock issuance, with a net amount of approximately RMB 1.40 billion after deducting issuance costs [41][42] - As of June 30, 2025, the company had used approximately RMB 1.40 billion of the raised funds, with a remaining balance of approximately RMB 9.33 million [43][45] - The company did not utilize any raised funds for temporary working capital or invest in related products during the reporting period [50][51] Group 3 - The company revised its "Board Meeting Rules" to align with current operational practices, including terminology updates and structural adjustments [65] - The revised rules will be submitted for approval at the upcoming shareholders' meeting [65][66] - The company announced the fourth temporary shareholders' meeting scheduled for September 12, 2025, to discuss various approved proposals [67][68] Group 4 - The company disclosed its semi-annual operating data related to the industry, including product categories, sales channels, and regional distribution [85] - The company is committed to transparency and compliance with industry disclosure guidelines [85]

安琪酵母股份有限公司（以下简称公司）第十届董事会第五 次会议通知于2025年8月3日以邮件的方式发出。本次会议于2025 年8月13日在公司五楼会议室召开，由董事长熊涛主持，通过现 场与通讯相结合的方式进行记名发言和投票表决，应参会董事11 名，实际参会董事11名，公司部分高级管理人员列席了会议。 本次会议的召集和召开程序符合《中华人民共和国公司法》 《安琪酵母股份有限公司章程》及《安琪酵母股份有限公司董事 会议事规则》的有关规定。会议审议了以下议案并进行了逐项表 决，其中议案七审议表决时关联董事回避表决，非关联董事一致 通过，其他议案全票通过，本次会议决议合法有效，具体表决结 果如下： 二、董事会会议审议情况 （一）2025 年半年度报告及摘要 证券代码：600298 证券简称：安琪酵母 公告编号：2025-073 号 安琪酵母股份有限公司 第十届董事会第五次会议决议公告 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。 一、董事会会议召开情况 第十届董事会审计与风险委员会第二次会议对本议案进行 审议（7 票同意，0 票反对 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-076 号 安琪酵母股份有限公司 关于召开2025年第四次临时股东会的通知 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。 重要内容提示： 召开地点：公司一楼会议室 (五) 网络投票的系统、起止日期和投票时间。 ? 股东会召开日期：2025年9月12日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一) 股东会类型和届次 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 12 日 14 点 00 分 (七) 涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东会审议议案及投票股东类型 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 12 日 至2025 年 9 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...