Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - Anqi Yeast is a stable domestic food additive manufacturer with growth potential in its product tiers and international market expansion [2][4] - The yeast industry is influenced by raw material price fluctuations and heavy asset characteristics, but Anqi Yeast's increasing revenue scale and stable investment pace are smoothing the impact on profitability [2][6] - The current peak of the raw material price cycle for yeast has likely passed, indicating a potential new upward trend in profitability for Anqi Yeast [2][5] Summary by Sections Growth Potential - Anqi Yeast has a stable main business and growth potential in food additives, with investments in capacity expansion abroad enhancing its international market prospects [2][4] - The company has seen a significant decline in domestic molasses prices, with prices dropping below 1100 RMB/ton compared to over 1400 RMB/ton in the previous year [5] Capacity Expansion and Profitability - The cyclical nature of the yeast industry, characterized by the relationship between molasses prices and capacity expansion, has historically led to greater elasticity in profitability compared to revenue [4][14] - The company is expected to benefit from a new round of molasses price stabilization due to its investments in starch hydrolysis sugar production, which will help mitigate cost fluctuations [5][59] International Market and Strategic Positioning - Anqi Yeast's international market share has increased from over 15% in 2021 to approximately 19% by mid-2024, positioning it as the second-largest globally [6] - The company is diversifying its product offerings and exploring new categories, such as yeast extracts, while solidifying its traditional yeast market base [6][7] Financial Projections - The expected earnings per share (EPS) for Anqi Yeast are projected to be 1.58, 1.92, and 2.16 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23, 19, and 17 [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company, Angel Yeast, is positioned as a leader in the industry due to its technological barriers and global layout, being the largest YE supplier and the second-largest yeast supplier globally. The company has a significant market share in both domestic (55%) and global (over 19%) markets, supported by high R&D investment for high-value product development [4][5] - The industry is experiencing steady demand expansion, driven by health-conscious consumption trends that favor natural yeast over chemical additives. The global baking market has grown from $385.4 billion in 2018 to $492.9 billion in 2023, with a projected annual growth rate of 5%. The Chinese baking market is expected to grow at an annual rate of 6.2% by 2026 [5] - The company is expected to see earnings elasticity in 2025 due to a combination of long-term growth logic (industry growth and global expansion) and short-term catalysts (cost benefits and product upgrades) [4][8] Summary by Sections Company Overview - Latest closing price is ¥36.40, with a total market capitalization of ¥316 billion and a circulating market capitalization of ¥311 billion. The company has a debt-to-asset ratio of 45.0% and a price-to-earnings ratio of 24.76 [3] Financial Performance - For the first three quarters of 2024, the company achieved total revenue of ¥10.912 billion, representing a year-on-year growth of 13.05%. The projected revenues for 2024, 2025, and 2026 are ¥15.270 billion, ¥17.512 billion, and ¥19.609 billion, respectively, with growth rates of 12.43%, 14.69%, and 11.97% [5][9] - The forecasted net profit attributable to the parent company for 2024, 2025, and 2026 is expected to be ¥1.372 billion, ¥1.659 billion, and ¥1.994 billion, with growth rates of 8.04%, 20.89%, and 20.21% [9][11] Market Dynamics - The company is benefiting from a decline in molasses costs, which significantly impacts its gross margin. The molasses prices are expected to decrease further due to increased domestic sugarcane production and reduced downstream application scenarios [6][8] - The company is also focusing on product structure upgrades and strategic pricing adjustments to stimulate domestic market growth, while its overseas market continues to expand, with nearly 40% of revenue coming from international markets in the first three quarters of 2024, showing a year-on-year growth of 21.77% [8][9]

Summary of Conference Call Company and Industry - The conference call pertains to a company in the agricultural and food production industry, specifically focusing on sugar and related products. Key Points and Arguments 1. **Raw Material Cost Trends**: The company anticipates a decline in raw material costs, particularly sugar molasses, from approximately 1,500 RMB per ton in 2023 to below 1,200 RMB in 2024, representing a decrease of over 20% [1][2][3]. 2. **Profitability Outlook for 2025**: The company projects double-digit growth in both revenue and profit for 2025, with a stable revenue growth rate of 10-15% expected [2][3]. 3. **Pricing Strategy**: Currently, there are no plans for price increases in either domestic or international markets. The company is assessing its operational strategies before making any pricing decisions [3][4]. 4. **International Market Dynamics**: The company has been increasing prices in international markets due to insufficient production capacity domestically, leading to a supply-demand imbalance [4][5]. 5. **Sugar Molasses Usage**: The company is transitioning to using 100% sugar molasses in certain production facilities, reducing reliance on hydrolyzed sugar, which is expected to optimize costs [7][9]. 6. **Market Cycles**: Historical data suggests that sugar prices follow a 3-4 year cycle, indicating that the current downtrend may continue for another 1-2 years before stabilizing [5][8]. 7. **Overseas Revenue Contribution**: The company has seen significant growth in overseas markets, particularly in Africa, where it holds nearly 30% market share. The growth is attributed to competitive pricing and service capabilities [14][18]. 8. **E-commerce Growth**: The company is experiencing growth in its e-commerce segment, driven by increased consumer spending during economic downturns, particularly in small packaging products [15][16]. 9. **Production Capacity**: Most of the domestic production capacity expansions have already been implemented, with future growth plans being communicated through official reports [16][19]. 10. **Cost Structure**: The company does not have a significant cost advantage over smaller competitors due to regulatory compliance and operational standards required of a publicly listed company [21][22]. Other Important Content - The company is cautious about future procurement strategies, particularly regarding sugar molasses, and is monitoring market conditions closely [11][12]. - There is an emphasis on maintaining operational efficiency and avoiding waste in production processes [12][20]. - The company is not currently planning any major changes in product offerings or market strategies, focusing instead on optimizing existing operations and responding to market demands [20][23]. This summary encapsulates the key insights and strategic outlook discussed during the conference call, highlighting the company's focus on cost management, market dynamics, and growth opportunities in both domestic and international markets.

证券代码：600298 证券简称：安琪酵母 公告编号：2025-009 号 安琪酵母股份有限公司 关于高管人员辞职的公告 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。 近日，安琪酵母股份有限公司（以下简称公司）董事会收到 公司副总经理刘劲松递交的书面辞职申请书。刘劲松因工作调动 原因辞去公司副总经理职务，辞职后将不再担任公司任何职务。 根据《中华人民共和国公司法》《安琪酵母股份有限公司章程》 等有关规定，刘劲松的辞职申请书自送达公司董事会之日起生效。 截至本公告披露日，刘劲松因参与公司 2020 年和 2024 年限 制性股票激励计划合计持有公司股份 60,000 股，包含 19,800 股 无限售流通股和 40,200 股已获授但尚未解除限售的限售股。根 据公司限制性股票激励计划的相关规定，刘劲松所持的 10,200 股限售股可于 2025 年完成解锁，所持的 30,000 股限售股将按要 求进行回购注销。 辞职后，刘劲松将严格遵守《上市公司董事、监事和高级管 理人员所持本公司股份及其变动管理规则》《上海证券交易所上 市 ...

上海市锦天城律师事务所 关于安琪酵母股份有限公司 2024 年限制性股票激励计划回购注销部分限制性股票事项 之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于安琪酵母股份有限公司 2024 年限制性股票激励计划 回购注销部分限制性股票事项之 法律意见书 致：安琪酵母股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"）接受安琪酵母股份有限公司 （以下简称"安琪酵母"或"公司"）委托，指派沈诚、朱怡静律师（以下简称 "经办律师"、"本所律师"）担任公司 2024 年限制性股票激励计划所涉本次 回购注销部分限制性股票事项（以下简称"本次回购注销"）的专项法律顾问， 并出具本法律意见书。 为出具本法律意见书，本所特作如下声明： 1．本所及经办律师已依据上述规定及《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循勤 ...

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： 安琪酵母股份有限公司（以下简称公司）于2025年1月15日 召开第九届董事会第三十九次会议及第九届监事会第三十七次 会议，分别审议通过了《关于回购注销2024年限制性股票激励计 划部分限制性股票的议案》。根据公司《2024年限制性股票激励 计划（草案）》（以下简称《激励计划》）的规定，同意公司回购 注销2024年度限制性股票激励计划（以下简称本激励计划）中已 不符合激励条件的34名激励对象持有的423,000股限制性股票， 现将有关事项公告如下： 证券代码：600298 证券简称：安琪酵母 公告编号：2025-007 号 安琪酵母股份有限公司 关于回购注销 2024 年限制性股票激励计划 部分限制性股票的公告 3.2024 年 6 月 27 日至 2024 年 7 月 6 日，公司将本激励计 划拟激励对象名单在公司内部进行了公示。在公示时限内，公司 监事会未收到任何组织或个人对本次拟激励对象提出的异议。 2024 年 7 月 13 日，公司披露了《安琪酵母股份有 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-002 号 安琪酵母股份有限公司 第九届董事会第三十九次会议决议公告 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 安琪酵母股份有限公司（以下简称公司）于2025年1月10日 以电话及邮件的方式发出召开第九届董事会第三十九次会议的 通知。会议于2025年1月15日以现场和通讯相结合的方式在公司 五楼会议室召开。本次会议应参会董事11名，实际参会董事11名， 会议由董事长熊涛主持，公司监事会成员及高级管理人员列席了 会议。 本次会议审议了相关议案并进行了逐项表决，其中议案一、 议案二关联董事熊涛、肖明华、周琳、郑念、王悉山回避表决。 本次会议的召集和召开符合《中华人民共和国公司法》《安琪酵 母股份有限公司章程》《安琪酵母股份有限公司董事会议事规则》 的有关规定，会议决议有效。 二、董事会会议审议情况 （一）关于 2024 年度日常关联交易确认及 2025 年度日常关 联交易预计的议案 2025 年 1 月 15 日，公司召开第九届董事会独 ...

关于回购注销 2020 年限制性股票激励计划 部分限制性股票及调整回购价格的公告 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。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-006 号 安琪酵母股份有限公司 重要内容提示： 安琪酵母股份有限公司（以下简称公司）于2025年1月15日 召开第九届董事会第三十九次会议及第九届监事会第三十七次 会议，分别审议通过了《关于回购注销2020年限制性股票激励计 划部分限制性股票及调整回购价格的议案》。根据公司《2020年 限制性股票激励计划（草案）修订稿》（以下简称《激励计划》） 的规定，同意公司回购注销2020年度限制性股票激励计划（以下 简称本激励计划）中已不符合激励条件的4名激励对象持有的 18,200股限制性股票；同时因公司2020年度、2021年度、2022 年度、2023年度利润分配方案均已实施完毕，同意将本激励计划 授予限制性股票的回购价格调整为22.30527元/股。现将有关事 限制性股票回购数量：18,200 股 限制性股票回购价格：22.30527 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-003 号 安琪酵母股份有限公司 第九届监事会第三十七次会议决议公告 本公司监事会及全体监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）关于 2024 年度日常关联交易确认及 2025 年度日常关 联交易预计的议案 内容详见上海证券交易所网站（www.sse.com.cn）上披露的 《安琪酵母股份有限公司关于 2024 年度日常关联交易确认及 2025 年度日常关联交易预计的公告》（公告编号：2025-004 号）。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）关于拟转让安琪酵母(湖北自贸区)有限公司全部股权 暨关联交易的议案 为进一步整合战略资源，聚焦酵母主业发展，公司拟转让安 琪酵母（湖北自贸区）有限公司（简称湖北自贸区公司）全部股 权给控股股东湖北安琪生物集团有限公司的全资子公司安琪生 物科技有限公司（简称安琪生物科技公司）。 公司和安琪生物科技公司委托中水致远资产评估有限公司 对本次交易涉及的湖北自贸区公司股东权益在 2024 年 12 月 31 日的市场 ...

安琪酵+ (本页无正文,为《安琪酵母股份有限公司监事会关于公 司第九届监事会第三十七次会议相关事项的核查意见》的签字 页) 监事签字: 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第1号 -- 规范运作》《上海证券交易所上市公 司自律监管指引第 7号 -- 回购股份》等相关法律、法规和规 范性文件及《安琪酵母股份有限公司章程》的相关规定,安琪 酵母股份有限公司(以下简称公司)监事会对第九届监事会第 三十七次会议审议的相关事项进行了核查,并发表核查意见如 下: 一、关于回购注销 2020年限制性股票激励计划部分限制 性股票及调整回购价格的议案 同意公司回购注销部分限制性股票。根据公司《2020年限 制性股票激励计划(草案)修订稿》相关规定,公司 4名激励 对象因离职、调动等原因已不符合激励条件,其已获授但尚未 解除限售的限制性股票不得解除限售,同意公司对该部分激励 对象已获授但尚未解除限售的 18,200 股限制性股票进行回购 注销。本次回购注销事项符合《上市公司股权激励管理办法》 及公司《2020年限制性股票激励计划(草案)修订稿》 ...