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 ...

Main Business Performance - The total revenue for the first half of 2025 reached 786,634.57 million RMB, with the main contributors being yeast and deep processing products at 575,351.60 million RMB, sugar products at 38,417.11 million RMB, food ingredients at 88,806.18 million RMB, packaging products at 19,407.34 million RMB, and others at 64,652.34 million RMB [1] Sales Channels - Offline sales accounted for 574,010.16 million RMB, while online sales contributed 212,624.41 million RMB, indicating a significant portion of revenue generated through offline channels [1] Regional Distribution - Domestic revenue was 440,391.09 million RMB, while international revenue was 346,243.48 million RMB, showing a balanced distribution between domestic and foreign markets [1] Distributor Situation - The number of domestic distributors increased by 1,194 to a total of 18,246, while the number of international distributors rose by 316 to 6,343, indicating growth in the distribution network [1]

证券代码：600298 证券简称：安琪酵母 公告编号：2025-074 号 安琪酵母股份有限公司 的专项报告 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、募集资金基本情况 （一）募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准安琪酵母股份有限 公司非公开发行股票的批复》"证监许可[2022]653号"核准， 公司非公开发行股票数量为36,651,936股，每股面值人民币 人民币1,409,999,977.92元，扣除各项发行费用10,230,727.81 元（不含增值税）后，实际募集资金净额为人民币 经大信会计师事务所（特殊普通合伙）审验并于2022年6月 集资金总额1,409,999,977.92元，募集资金扣除保荐、承销等 费用后的1,402,676,438.04元已于2022年6月7日存入公司募集 资金监管账户。截至2022年6月7日止，募集资金在各银行账户 的存储情况如下： 开户银行 账户 币种 截止日余额（元） 广发银行股份有限公司 宜昌分行营业部 招商银行股份有限公司 宜昌分行营业部 中国建 ...

安琪酵母股份有限公司总经理工作细则 （2025 年 8 月修订稿） 第一章 总则 第一条 为了进一步完善安琪酵母股份有限公司(以下简称 公司或本公司)法人治理结构,规范经理层等高级管理人员的经 营管理行为,促进公司持续健康发展，保障公司、股东、债权人 及其他利益相关方的合法权益，根据《中华人民共和国公司法》 《上市公司治理准则》等法律、行政法规、规范性文件和《安琪 酵母股份有限公司章程》 （以下简称《公司章程》 ）的有关规定， 制定本细则。 第二条 本细则所称高级管理人员包括：总经理、副总经理、 董事会秘书、财务负责人以及《公司章程》规定的其他高级管理 人员。 第三条 公司总经理由董事会聘任或解聘，向董事会负责， 主持公司日常生产经营和管理工作，负责贯彻落实股东会、董事 会决议。 第四条 总经理等高级管理人员应当严格按照法律、行政法 规、规范性文件和《公司章程》的规定，忠实、诚信、勤勉地履 行职责，切实维护公司利益。 第二章 高级管理人员的任职资格与任免程序 第五条 公司总经理、董事会秘书由董事长提名，董事会聘 任或解聘；公司副总经理、财务负责人由总经理提名，董事会聘 — 1 — 任或解聘。 副总经理在总经理 ...

Core Points - The document outlines the information disclosure management measures for Angel Yeast Co., Ltd, aiming to standardize disclosure behavior and protect investors' rights [1][2][3] - The measures apply to various stakeholders, including the board of directors, senior management, and major shareholders [1][2] - The principles of information disclosure emphasize timeliness, accuracy, completeness, and fairness [2][3] Group 1: Basic Principles of Information Disclosure - The company must disclose information in a timely manner, ensuring it is true, accurate, complete, and clear [2][3] - Information must be disclosed simultaneously to all investors, without prior leaks to any individual or entity [2][3] - The company can voluntarily disclose information relevant to investors' decision-making, provided it does not conflict with legally required disclosures [2][3] Group 2: Information Disclosure Documents - Required disclosure documents include periodic reports, temporary reports, prospectuses, and acquisition reports [2][3][7] - Annual reports must be completed within four months after the fiscal year-end, while interim reports must be completed within two months after the first half of the fiscal year [7][8] - The content of annual and interim reports must include key financial data, shareholder information, and significant events affecting the company [8][9] Group 3: Management of Information Disclosure - The chairman of the board is primarily responsible for information disclosure management, with the securities department coordinating the execution of these measures [33][34] - The board secretary is responsible for organizing and managing the information disclosure work, ensuring compliance with legal requirements [34][35] - All departments and subsidiaries must report significant events to the board secretary for timely disclosure [36][37] Group 4: Legal Responsibilities and Penalties - Company directors and senior management are responsible for the truthfulness, accuracy, completeness, and timeliness of disclosed information [62][63] - Violations of disclosure regulations may lead to legal consequences, including penalties for responsible individuals [63][64] - The company must maintain strict confidentiality regarding undisclosed significant information and prevent leaks [50][51]

Core Viewpoint - The document outlines the foreign exchange and interest rate risk management system of Angel Yeast Co., Ltd, aiming to standardize and enhance the management of these risks to ensure asset safety and compliance with relevant laws and regulations [1][2]. Section Summaries Purpose - The purpose of the system is to regulate the foreign exchange and interest rate risk management work of the company, ensuring asset safety and compliance with laws and regulations [1]. Scope - The risk management activities are limited to major settlement currencies used in the company's international business, including but not limited to USD, EUR, RUB, and EGP. The company will utilize various financial instruments to manage these risks [2]. Roles and Responsibilities - The financial department's risk management team, led by the financial manager, is responsible for drafting transaction plans, which include transaction types, limits, and methods. The plans must be approved by the general manager after review by the responsible leader [3][4]. Business Authorization - The decision-making bodies for risk management include the shareholders' meeting, board of directors, and management. Transactions exceeding 30% of the company's audited total revenue must be approved by the shareholders' meeting [4]. Management Principles - The risk management activities must align with the company's operational principles, focusing on hedging to minimize risks. Speculative trading is prohibited, and all activities must be managed centrally by the financial department [5]. Additional Provisions - The company must conduct transactions only with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China. The company is required to establish its own trading accounts for these activities [5].