Investment Rating - The report maintains a "Buy" rating for the company, considering the profit elasticity contributed by cost benefits [3][6]. Core Views - The company reported a revenue of 7.9 billion yuan for the first half of 2025, 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]. - The second quarter of 2025 saw a revenue of 4.1 billion yuan, reflecting an 11.2% year-on-year growth, with the main business segments showing stable growth [1][2]. - The gross profit margin increased by 2.3 percentage points to 26.2% in Q2 2025, primarily due to the decline in molasses costs and shipping fees [2]. Summary by Sections Financial Performance - For Q2 2025, the company achieved a net profit margin of 10.5%, with a year-on-year increase of 0.4 percentage points, despite a decrease in government subsidies impacting net profit [2]. - The company expects to maintain a revenue growth target of over 10% for the full year 2025, with contributions from overseas market expansion [2]. Profit Forecast - The profit forecasts for 2025-2027 have been slightly adjusted, with expected net profits of 1.64 billion, 1.92 billion, and 2.19 billion yuan respectively, reflecting year-on-year growth rates of 23.6%, 17.1%, and 14.4% [3]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 19, 16, and 14 times for 2025, 2026, and 2027 respectively, indicating that the valuation is at a historical low [3].

Group 1 - The food and beverage sector showed a rebound in the afternoon, with the Food ETF (515710) rising by 0.33% after a period of low volatility in the morning [1] - Major consumer goods stocks led the gains, with notable performances from liquor companies, including Angel Yeast surging over 7% and Yanjinpuzi rising over 4% [1] - The overall inventory pressure in the liquor industry is highlighted, with the total inventory of A-share listed liquor companies reaching 168.39 billion yuan by the end of 2024, a year-on-year increase of 12.9% [1][3] Group 2 - Despite a recent market rally, the food and beverage sector remains at a low valuation, presenting a potential opportunity for investment [3] - The current price-to-earnings ratio of the Food ETF (515710) is 19.96, which is at the 4.51% percentile of the past decade, indicating a favorable long-term investment value [3] - The white liquor sector faced significant challenges in Q2 due to the ongoing impact of the "drinking ban," leading to increased inventory levels and a downtrend in the short-term fundamentals [4] Group 3 - The Food ETF (515710) tracks the China Securities Index's segmented food and beverage industry index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5] - The upcoming launch of a new high-end beer by Xianlin Ecological Brewery, a subsidiary of Wuliangye, is seen as a strategic move to explore new market segments amid competitive pressures in the liquor industry [1][4]

Investment Rating - The investment rating for the company is "Accumulate" [2][6][19] Core Views - The company's profit margin continues to improve, with rapid growth in foreign revenue and a recovery in domestic growth, indicating stable performance growth is expected [3][12] - The company achieved a revenue of 7.899 billion yuan in H1 2025, a year-on-year increase of 10.10%, and a net profit attributable to the parent company of 799 million yuan, a year-on-year increase of 15.66% [12] - The target price for the company is set at 44.12 yuan, based on a 25X PE for 2025 [12][19] Financial Summary - Total revenue is projected to grow from 13.585 billion yuan in 2023 to 20.425 billion yuan in 2027, with a CAGR of approximately 9.6% [5][13] - Net profit attributable to the parent company is expected to increase from 1.273 billion yuan in 2023 to 2.048 billion yuan in 2027, reflecting a CAGR of about 10.6% [5][13] - The earnings per share (EPS) is forecasted to rise from 1.47 yuan in 2023 to 2.36 yuan in 2027 [5][13] Revenue Breakdown - In Q2 2025, the company reported a revenue of 4.105 billion yuan, a year-on-year increase of 11.19%, with a net profit of 429 million yuan, up 15.35% year-on-year [12] - Domestic revenue reached 2.31 billion yuan in Q2 2025, a year-on-year increase of 4.3%, while foreign revenue was 1.78 billion yuan, growing by 22.3% [12] - The revenue from the yeast and deep processing segment was 2.98 billion yuan, reflecting a year-on-year increase of 11.7% [12] Market Position and Strategy - The company is undergoing internal restructuring in the domestic market, which is expected to enhance sales recovery [12] - The company is actively expanding its overseas market presence, with a focus on yeast and yeast extract products, which have higher profit margins [12]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's main business is steadily expanding, with continuous optimization in profitability [5][6] - Revenue for H1 2025 reached 7.899 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 799 million yuan, up 16% [4] - The company is experiencing a downtrend in costs, leading to improved profitability, with Q2 2025 gross margin increasing by 2 percentage points to 26.19% [5] - The company is actively promoting strategic new products, such as yeast protein, leveraging existing channel resources for market introduction [6] Financial Performance - In Q2 2025, revenue was 4.105 billion yuan, a year-on-year increase of 11%, with net profit attributable to shareholders at 429 million yuan, up 15% [4] - The company achieved a sales and management expense ratio increase of 0.1 percentage points and 0.2 percentage points, respectively, leading to a net profit margin increase of 1 percentage point to 10.82% [5] - The company’s fermentation output for H1 2025 was 228,000 tons, a year-on-year increase of 12% [6] Future Earnings Forecast - The company expects continuous improvement in performance, with projected EPS for 2025-2027 at 1.81, 2.06, and 2.31 yuan, respectively [7] - The current stock price corresponds to a PE ratio of 20, 17, and 15 times for the years 2025, 2026, and 2027, respectively [7] Market Expansion - The company is expanding its overseas market presence, with Q2 2025 domestic and international revenues of 2.305 billion yuan and 1.778 billion yuan, respectively, showing year-on-year growth of 4% and 22% [6] - The number of overseas distributors increased by 315 to 6,343 by the end of H1 2025, indicating strong growth in international markets [6]

业绩概要： 安琪酵母 公告2025年上半年实现营收79亿，同比增10%，录得归母净利润8亿，同比增15.7%，扣非后净利润7.4 亿，同比增24.5%；据此计算，第二季度实现营收41亿，同比增11.2%，录得归母净利润4.3亿，同比增 15.4%，扣非后净利润4.1亿，同比增34.4%。25Q2业绩超预期。 点评与建议： 收入符合预期，经营呈积极变化。上半年，公司加快薄弱市场渠道覆盖，推行差异化服务策略，渠道和客 户开发取得显著成效，同时，新产品、新业务积极推进，战略新品酵母蛋白推广顺利，多个新品市场开拓 进展顺利。以产品来看，H1酵母及深加工业务实现营收57.5亿，同比增12.4%，制糖业务实现营收3.8亿， 同比下降34.6%，包装类产品营收1.9亿，同比下降0.5%，食品原料实现收入8.9亿，其他产品实现收入6.5 亿；渠道上，上半年净新增经销商569个，其中境内254个，境外315个。单季度，2Q酵母类产品实现营收 29.8亿，同比增11.7%，制糖业务收入2.3亿，同比增20%，包装产品收入约1亿，同比增3.6%。 群益证券(香港)有限公司顾向君近期对安琪酵母（600298）进行研究并发布了研究报告 ...

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].

Performance Summary - In H1 2025, the company achieved revenue of 7.9 billion yuan, a year-on-year increase of 10.1% [1] - The net profit attributable to shareholders was 799 million yuan, up 15.66% year-on-year [1] - The net profit excluding non-recurring items reached 742 million yuan, reflecting a 24.49% year-on-year growth [1] - In Q2 2025, revenue was 4.1 billion yuan, with a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders in Q2 was 429 million yuan, up 15.35% year-on-year [1] - The net profit excluding non-recurring items for Q2 was 405 million yuan, showing a significant year-on-year increase of 34.39% [1] Operational Analysis - Domestic demand is improving while overseas markets continue to grow significantly [2] - In Q2 2025, sales revenue from yeast and deep processing reached 2.98 billion yuan, a year-on-year increase of 11.7% [2] - The sales revenue for sugar, packaging, and other products in Q2 was 228 million, 99 million, and 776 million yuan respectively, with year-on-year increases of 20.1%, 3.6%, and 9.3% [2] - Domestic revenue in Q2 was 2.3 billion yuan, up 4.3% year-on-year, while international revenue was 11.78 billion yuan, reflecting a 22.3% year-on-year increase [2] Cost and Profitability Analysis - The gross margin in Q2 2025 was 26.2%, an increase of 2.3 percentage points year-on-year [3] - The improvement in gross margin is attributed to lower molasses costs and reduced raw material prices compared to Q1 [3] - The net profit margin attributable to shareholders in Q2 was 10.5%, up 0.38 percentage points year-on-year [3] - Government subsidies in H1 2025 amounted to 35 million yuan, a decrease of 62.4% year-on-year [3] Future Outlook - The company is optimistic about the recovery of domestic demand and the continuous expansion of overseas markets [4] - The main business of baking yeast is expected to continue its recovery, with derivative products driving structural upgrades [4] - The company anticipates further profit release in H2 2025 due to declining raw material costs [4] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.63 billion, 1.90 billion, and 2.17 billion yuan respectively, with year-on-year growth rates of 23%, 17%, and 14% [5] - Corresponding price-to-earnings ratios are projected to be 19x, 16x, and 14x for the respective years [5]

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].