安琪酵母股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 3 日 （星期一）9:30-10:30 证券代码：600298 证券简称：安琪酵母 公告编号：2025-086 号 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 10 月 27 日 （星期一） 至 10 月 31 日 （星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司董事会秘书邮箱 gaolu@angelyeast.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 安琪酵母股份有限公司（以下简称公司）将于 2025 年 10 月 30 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 ...

Market Overview - The seasoning and fermentation sector increased by 0.11% on October 23, with Zhongjing Food leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Zhongjing Food (300908) closed at 29.40, up 2.08%, with a trading volume of 21,100 lots and a transaction value of 61.76 million yuan [1] - DR Qianhe Flavor (603027) closed at 8.92, up 1.48%, with a trading volume of 111,900 lots and a transaction value of 99.02 million yuan [1] - Hengshun Vinegar (600305) closed at 8.15, up 1.24%, with a trading volume of 99,700 lots and a transaction value of 80.83 million yuan [1] - Other notable stocks include Baoli Food (603170) at 14.22 (+0.85%), and Anding Yeast (600298) at 40.41 (+0.55%) [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 66.08 million yuan from institutional investors, while retail investors saw a net inflow of 59.87 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Detailed Capital Flow by Stock - Lianhua Holdings (600186) had a net inflow of 966,700 yuan from institutional investors, but a net outflow of 593,310 yuan from retail investors [3] - Baoli Food (603170) saw a net inflow of 379,400 yuan from institutional investors, but a significant net outflow of 205,650 yuan from speculative funds [3] - Zhongjing Food (300908) experienced a net outflow of 306,580 yuan from institutional investors, while retail investors contributed a net inflow of 485,630 yuan [3] - Hai Tian Flavor (603288) had a net outflow of 471,430 yuan from institutional investors, with retail investors contributing a net inflow of 650,170 yuan [3]

Group 1 - The artificial meat concept sector rose by 1.81%, ranking fifth among concept sectors, with 14 stocks increasing in value, including Shuangta Food, which hit the daily limit, and others like Suobao Protein and Haoxiangni showing gains of 6.33%, 3.53%, and 2.66% respectively [1][2] - The main inflow of funds into the artificial meat concept sector was 132 million yuan, with Shuangta Food receiving the highest net inflow of 98.69 million yuan, followed by Suobao Protein and Meiyingsen with net inflows of 46.11 million yuan and 16.86 million yuan respectively [2][3] - The net inflow ratios for Shuangta Food, Suobao Protein, and Meiyingsen were 31.69%, 11.94%, and 8.56% respectively, indicating strong investor interest in these stocks [3] Group 2 - Among the stocks in the artificial meat sector, the top performers included Shuangta Food with a daily increase of 9.98% and a turnover rate of 4.40%, while stocks like Haoxiangni and Dongbao Biological also showed positive performance with increases of 3.53% and 2.66% respectively [3][4] - Conversely, stocks such as Angel Yeast, Fuxiang Pharmaceutical, and Tangrenshen experienced declines of 0.91%, 0.57%, and 0.21% respectively, indicating mixed performance within the sector [1][4]

Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 0.61% on October 22, with ST Jiajia leading the drop [1][2]. Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% - The Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Individual Stock Performance - Notable gainers included: - Richen Co., Ltd. (603755) with a closing price of 32.13, up 1.87% on a trading volume of 16,100 shares and a turnover of 51.16 million yuan - Zhu Laoliu (920726) at 18.85, up 0.96% with a trading volume of 11,200 shares and a turnover of 2.13 million yuan - Notable decliners included: - ST Jiajia (002650) at 7.12, down 1.11% with a trading volume of 60,800 shares and a turnover of 44.05 million yuan - Zhongjing Food (300908) at 28.80, down 1.06% with a trading volume of 9,114 shares and a turnover of 2.63 million yuan [1][2]. Capital Flow Analysis - The seasoning and fermentation products sector saw a net outflow of 95.46 million yuan from institutional investors, while retail investors had a net inflow of 55.36 million yuan [2][3]. - The detailed capital flow for individual stocks showed: - Anqi Yeast (600298) had a net inflow of over 9.78 million yuan from institutional investors, but a net outflow of 17.45 million yuan from retail investors - ST Jiajia (002650) experienced a net outflow of 6.39 million yuan from institutional investors, with a net inflow of 4.41 million yuan from retail investors [3].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

证券代码：600298 证券简称：安琪酵母 公告编号：2025-085号 安琪酵母股份有限公司 关于日常关联交易进展的公告 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个别及连带责任。 2025年1月15日，安琪酵母股份有限公司（以下简称公司）召开第九届董事会第三十九次会议审议通过 了《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》。具体内容详见公司2025年 1月16日在《上海证券报》《中国证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn）上 披露的"2025-004号"公告。 2025年7月1日至9月30日，公司及控股子公司与关联方发生的关联交易具体情况如下： 单位：万元 币种：人民币 ■ 注1：因涉及关联方数量较多，且预计交易金额较小，未达到单独披露标准，故上表中所列关联方"湖北 安琪生物集团有限公司及其子公司"为简化披露，范围为安琪集团、安琪集团控制的除安琪酵母股份有 限公司及其子公司以外的其他子公司。 注2：2024年7月，公司高管覃先武不再担任湖北微琪生物科技有限公司（简称湖北 ...

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 承担个别及连带责任。 2025年1月15日，安琪酵母股份有限公司（以下简称公司） 召开第九届董事会第三十九次会议审议通过了《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》。具体内 容详见公司2025年1月16日在《上海证券报》《中国证券报》《证 券时报》及上海证券交易所网站（www.sse.com.cn）上披露的 "2025-004号"公告。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-085 号 安琪酵母股份有限公司 关于日常关联交易进展的公告 | 关联交 | 关联方 | 2025 年 | 2025 年 7-9 月 | 2025 年 | | --- | --- | --- | --- | --- | | 易类别 | | 预计金额 | 发生额 | 累计发生额 | | | 湖北安琪生物集团有限公司 | 11,068.59 | 1907.35 | 5,944.73 | | 向关联 | 及其子公司 | | | | | 方购买 | 其中：安琪乳业（宜昌）有 ...

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

Core Insights - The seasoning and fermentation sector experienced a decline of 1.55% on October 17, with Angel Yeast leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Sector Performance - The following companies in the seasoning and fermentation sector reported their closing prices and percentage changes: - ST Jiajia: 6.97, 0.00% - Qianhe Flavor: 11.66, -0.34% - Baoli Food: 14.46, -0.34% - Tianwei Food: 11.54, -0.52% - Richen Co.: 31.00, -0.61% - Hengshun Vinegar: 8.06, -0.62% - Zhongjing Food: 28.82, -0.69% - Jialong Co.: 2.62, -0.76% - Fuling Pickles: 12.85, -1.00% - Anji Food: 11.88, -1.16% [1] Capital Flow - The seasoning and fermentation sector saw a net outflow of 154 million yuan from main funds, while retail investors contributed a net inflow of 154 million yuan [2] - The following companies reported their capital flow: - Angel Yeast: 40.69, -2.42% - Zhu Laoliu: 18.28, -2.25% - Lianhua Holdings: 5.65, -1.91% - Haitian Flavor: 39.08, -1.73% - Zhongju Gaoxin: 18.40, -1.23% - Anji Food: 11.88, -1.16% - Fuling Pickles: 12.85, -1.00% - Jialong Co.: 2.62, -0.76% - Zhongjing Food: 28.82, -0.69% - Hengshun Vinegar: 8.06, -0.62% [2]

Market Overview - The seasoning and fermentation sector increased by 0.26% on October 16, with Qianhe Flavor Industry leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Qianhe Flavor Industry (603027) closed at 11.70, up 0.95% with a trading volume of 73,800 shares and a turnover of 85.97 million yuan [1] - Haitian Flavor Industry (603288) closed at 39.77, up 0.71% with a trading volume of 114,900 shares and a turnover of 456 million yuan [1] - Tianwei Food (603317) closed at 11.60, up 0.69% with a trading volume of 40,500 shares and a turnover of 46.85 million yuan [1] - Hengshun Vinegar (600305) closed at 8.11, up 0.37% with a trading volume of 88,800 shares and a turnover of 71.93 million yuan [1] - ST Jiajia (002650) closed at 6.97, up 0.29% with a trading volume of 80,000 shares and a turnover of 56.31 million yuan [1] - Other notable performances include Zhongju High-tech (600872) at 18.63, up 0.11%, and Jialong Co. (002495) at 2.64, down 1.12% [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 97.25 million yuan from institutional investors, while retail investors saw a net inflow of 75.91 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow by Stock - Baoli Food (603170) had a net inflow of 3.31 million yuan from institutional investors, while retail investors saw a net outflow of 5.69 million yuan [3] - Qianhe Flavor Industry (603027) experienced a net inflow of 0.58 million yuan from institutional investors, but a net outflow of 3.64 million yuan from retail investors [3] - Haitian Flavor Industry (603288) had a net outflow of 1.02 million yuan from institutional investors, with retail investors contributing a net inflow of 0.56 million yuan [3] - Hengshun Vinegar (600305) faced a significant net outflow of 12.81 million yuan from institutional investors, while retail investors had a net inflow of 14.96 million yuan [3]