安琪酵母股份有限公司 2025 年第五次临时股东会会议资料 2025 年 12 月 31 日 安琪酵母股份有限公司 2025 年第五次临时股东会会议议程 ● 会议召开时间：2025 年 12 月 31 日 ● 现场会议时间：2025 年 12 月 31 日下午 14:00 ● 网络投票时间：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票时间为 2025 年 12 月 31 日的 9:15-9:25、9:30-11:30、13:00-15:00；通过互联网投票平台的 投票时间为 2025 年 12 月 31 日的 9:15-15:00。 ● 会议召开地点：公司一楼会议室 ● 会议召开方式：现场投票与网络投票相结合的方式 一、致欢迎词，介绍会议出席人员情况，宣布会议开始； 二、选举监票人（两名股东代表）； 三、审议会议议案： 1.关于柳州公司实施酵母抽提物复配智能制造项目的议案； 2.关于园区工厂实施年产 6 万吨食品原料柔性智能制造及 配套项目的议案； 3.关于俄罗斯公司增加注册资本暨实施年产 2.2 万吨酵母 生产线扩建项目的议案； 4.关于变更注册资本及股份数并修订《公司章程》有关条款 的议案 ...

Market Overview - The seasoning and fermentation sector increased by 0.17% compared to the previous trading day, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 37.28, up 6.67% with a trading volume of 39,700 lots and a transaction value of 145 million [1] - Lianhua Holdings (600186) closed at 5.93, up 1.02% with a trading volume of 592,300 lots and a transaction value of 350 million [1] - ST Jiajia (002650) closed at 6.72, up 0.60% with a trading volume of 61,500 lots and a transaction value of 40.68 million [1] - Tianwei Food (603317) closed at 12.61, up 0.56% with a trading volume of 38,900 lots and a transaction value of 49.14 million [1] - Other notable stocks include Jieling Pickles (002507) at 13.16, up 0.38%, and Qianhe Flavor Industry (603027) at 9.81, up 0.20% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 162 million from institutional investors, while retail investors saw a net inflow of 113 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Richen Co., Ltd. had a net inflow of 20.38 million from institutional investors, but a net outflow of 17.56 million from retail investors [3] - Qianhe Flavor Industry saw a net inflow of 373,540 from institutional investors, but a net outflow of 295,030 from retail investors [3] - Other stocks like Jiajia Co. (002495) and Tianwei Food (603317) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]

Core Viewpoint - Hubei is transforming its rich agricultural resources into a "golden chain" that drives regional development and connects to global markets, showcasing a variety of high-quality agricultural products and innovative initiatives [1][4][12] Agricultural Production and Innovation - Hubei's grain production is projected to reach 557.07 billion jin in 2024, maintaining over 500 billion jin for 12 consecutive years, with rapeseed production surpassing 3 million tons for the first time [4] - The small lobster industry in Qianjiang is expected to achieve a comprehensive output value of 87 billion yuan in 2024, with a brand value of 52.72 billion yuan, leading the industry for seven consecutive years [4] - Enshi selenium tea is gaining international recognition, with a brand system that includes eight sub-brands, contributing to a total annual output value of 30.1 billion yuan for Enshi Yulu and 16.06 billion yuan for Lichuan Hong [5][6] Employment and Economic Impact - The small lobster industry has created employment for 220,000 residents in Qianjiang, accounting for about a quarter of the city's population [6] - In Hekou County, a cooperative model has led to over 600 households cultivating 10,000 acres of vegetables, achieving an average income of 87,000 yuan per household [6] Challenges and Strategic Responses - Despite significant achievements, challenges such as insufficient industry drive and weak brand effects persist [8] - Hubei is focusing on strengthening leading enterprises, building brands, and promoting new business formats through policy support and funding [8] Capital Empowerment - The successful listing of Yizhi Konjac on the Beijing Stock Exchange raised 154 million yuan, significantly increasing production capacity and revenue, with a 28.76% increase in revenue projected for 2024 [10] - Hubei's first seed industry stock, Kangnong Seed Industry, has made significant advancements in corn seed technology, with over 37 national plant variety protections [11] Future Outlook - Hubei's agricultural transformation reflects a response to natural gifts and modern demands, with a focus on leading enterprises, brand development, and capital empowerment [12] - The continuous improvement of industrial chains and value chains is expected to enhance Hubei's agricultural sector's role as a key driver of high-quality regional economic development [12]

Core Viewpoint - Anqi Yeast's stock price has shown a significant increase this year, with a year-to-date rise of 25.80%, and recent trading activity indicates a mixed sentiment among investors [1][2]. Group 1: Stock Performance - As of December 23, Anqi Yeast's stock price was 44.66 yuan per share, with a market capitalization of 38.767 billion yuan [1]. - The stock has experienced a 10.00% increase over the last five trading days, a 10.24% increase over the last 20 days, and a 13.75% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -136 million yuan on March 5 [1]. Group 2: Financial Performance - For the period from January to September 2025, Anqi Yeast achieved an operating income of 11.786 billion yuan, representing a year-on-year growth of 8.01%, and a net profit attributable to shareholders of 1.116 billion yuan, up 17.13% year-on-year [2]. - The company has distributed a total of 3.961 billion yuan in dividends since its A-share listing, with 1.341 billion yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Anqi Yeast had 60,500 shareholders, a decrease of 5.29% from the previous period, with an average of 14,161 circulating shares per shareholder, an increase of 5.59% [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 19.6933 million shares, and Southern CSI 500 ETF, holding 8.8364 million shares, both showing a decrease in holdings compared to the previous period [3].

Group 1 - The seasoning and fermentation products sector experienced a short-term surge on December 22, with significant stock price increases [2] - Anji Food reached its daily limit increase, indicating strong market interest and investor confidence [2] - Other companies in the sector, including Angel Yeast, Qianhe Flavor, Zhongjing Food, Haitian Flavor, and Baoli Food, also saw their stock prices rise [2]

Summary of Anqi Yeast Conference Call Company Overview - Anqi Yeast holds a 55% market share in the domestic yeast industry, with a C-end product market share of 80%-90% [2][3] - The company has established a factory in Indonesia since 2013, which has significantly contributed to its overseas market growth, expected to maintain over 20% growth [2][3] Industry Insights - The domestic yeast business is projected to grow at a single-digit rate due to limited penetration space, while emerging products like Yeast Extract (YE) and yeast protein will help sustain this growth [2][3] - Molasses, a key raw material for Anqi Yeast, constitutes 30%-40% of total costs. The recent decline in molasses prices is expected to enhance gross margins and profit performance [2][5] Key Points on Products and Market - Yeast fermentation methods are preferred due to their simplicity, speed, and flavor richness, outperforming traditional methods [2][6] - YE can replace salt and MSG, reducing salt usage by approximately 35%, and is widely used in seasonings, convenience foods, and meat products, achieving gross margins close to branded consumer goods [2][9] Financial Performance - Anqi Yeast's revenue is split between domestic (65%) and overseas markets (35%). The overseas market is expected to grow significantly, particularly in regions with high demand for Chinese baked goods [3][23] - The company anticipates overall revenue growth of 10%-15%, driven by traditional baked goods and emerging product categories [3][23] Supply Chain and Cost Structure - The sugarcane planting area is declining, but yield is expected to improve, stabilizing sugar production at around 10.58 million tons annually, with molasses supply around 3.53 million tons [4][12] - Molasses is the largest demand driver for yeast, with its market share increasing significantly since 2015 due to environmental regulations affecting small alcohol plants [13][14] Competitive Landscape - The global yeast industry is valued at approximately 25.4 billion RMB, with a CAGR of 6%. Anqi Yeast holds a 19% market share, making it the second-largest player globally [16][17] - The company has a strong competitive edge due to its early market entry, extensive distribution network, and technological capabilities [21][22] Future Outlook - Anqi Yeast's profit margins are expected to improve due to falling molasses prices, with projections indicating a revenue growth of 10.8% this year and 10%-12% next year, reaching around 18.7 billion RMB [24][26] - The company is optimistic about its profit outlook, driven by stable competition and reduced raw material costs [26]

生物制造是一种新兴的生产技术，通过生物过程来合成或加工产品，与传统的化学或物理制造方法相 比，具有绿色、高效、可再生等特点，在医药、食品、化工等领域应用前景广阔。2025年，中国政府工 作报告将生物制造、量子科技、具身智能、6G等产业列入重点发展的未来产业。 工信部提到，各地工业和信息化主管部门要指导列入名单的平台聚焦相应服务领域，持续加大资源投入 力度，强化软硬件建设和专业人才培养，不断提升平台对外开放和中试服务水平；同时合理确定服务价 格并严格按照已公示标准及范围收费，认真履行知识产权保护等责任和义务，不得无故拒绝其他单位和 个人的中试服务需求。指导有生物制造中试服务需求的单位和个人，按名单列明的单位名称、服务领 域、地址、联系方式等信息，向相关平台寻求中试服务。 同时，各地工业和信息化主管部门要组织列入名单的平台按照《制造业中试平台重点方向建设要点 (2025版)》《储备中试平台基本条件和管理要求》等填报有关信息，推荐符合条件的平台进入工信部中 试平台储备库，纳入制造业中试平台梯度培育体系。 湖北正加速迈向全国生物制造产业高地。 近日，工业和信息化部办公厅印发生物制造中试能力建设平台名单(第一批)，43 ...