Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported a revenue of 3.794 billion and a net profit of 370 million for Q1 2025, representing a year-on-year increase of 8.95% and 16.02% respectively [1][3] - The yeast business continues to show strong growth, contributing significantly to revenue, while the sugar business is undergoing adjustments [1] - Domestic revenue slightly decreased by 0.3% to 2.099 billion, while international revenue increased by 23% to 1.684 billion, indicating robust overseas performance [1] - The company has increased its distributor count by 1,399 to 24,211, with domestic and international distributors growing by 753 and 646 respectively [1] Financial Performance Summary - The gross margin improved by 1.31 percentage points to 25.97%, and the net margin increased by 0.72 percentage points to 10.20% [2] - The sales expense ratio rose by 0.74 percentage points to 5.58%, while the management expense ratio decreased by 0.20 percentage points to 3.49% [2] - The company expects revenue growth of 13%, 11%, and 8% for the years 2025, 2026, and 2027, respectively, with net profit growth of 19%, 15%, and 13% [2][8]

Core Viewpoint - Angel Yeast has established itself as the second-largest player in the global yeast industry after 39 years of development, but faces scrutiny regarding its growth potential due to slowing domestic business and underdeveloped emerging sectors [1][2]. Financial Performance - In 2024, Angel Yeast reported a revenue of 15.197 billion, marking an 11.86% increase from 2023's 13.585 billion [2]. - The net profit attributable to shareholders was 1.325 billion, reflecting a 4.07% increase compared to 2023's 1.273 billion [2]. - The net cash flow from operating activities reached 1.650 billion, up 24.38% from the previous year [2]. - By the end of 2024, the company's net assets stood at 10.829 billion, a 7.28% increase from 2023 [2]. Strategic Initiatives - The company is actively expanding into overseas markets and developing new product lines to break the perception of stagnation [2][25]. - Angel Yeast has initiated a project in Indonesia with an estimated investment of 880 million, aiming for an annual production capacity of 20,000 tons of yeast [15][16]. - The company is also focusing on the yeast protein sector, which was recently included in the new food raw material directory by the National Health Commission [17][21]. Market Challenges - The company faces challenges in market cultivation for its yeast protein products, leading to a 17.77% increase in sales expenses to 828 million in 2024 [18]. - The reliance on molasses as a key raw material has led to increased production costs, prompting the company to innovate with hydrolyzed sugar as a substitute [6][9]. Future Outlook - The chairman expressed confidence in the company's growth potential over the next 5 to 10 years, emphasizing the importance of international market expansion and innovative product development [25][28]. - The company aims to become the world's leading yeast enterprise and a top-tier biotechnology company, leveraging its market reputation and government support [28].

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于安琪酵母股份有限公司 2025 年第二次临时股东大会的法律意见书 致：安琪酵母股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》(以下简称"《股 东会规则》")等法律、法规及规范性文件和《安琪酵母股份有限公司章程》(以 下简称"《公司章程》")的规定，北京市通商律师事务所(以下简称"通商"或 "本所")接受安琪酵母股份有限公司(以下简称"公司")委托，指派本所律师出 席了公司于 2025 年 5 月 15 日召开的 2025 年第 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-050 号 安琪酵母股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 2025年第二次临时股东大会决议公告 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。 重要内容提示： 表决情况： (一)股东大会召开的时间：2025 年 5 月 15 日 (二)股东大会召开的地点：公司一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 850 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 392,800,391 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | 45.2199 | | 数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东大会由公司董事会召集，经半数以上董事推举，会议由董事肖明华 主持，采用现场投票和网络投票相结合的方式进行表决。本次会议的召开、召集、 决策程序符 ...

扫码进 生物基新材料群 备注：姓名+公司+职位 资料来源： 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文 不构成任何投资建议！转载请注明来源！ 据中国化学消息，近日，由中国化学十六化建承建的微琪生物年产 3万吨合成生物PHA可降解材料项目 （一期） 通过竣工验收，标志着全国首条万吨级PHA生产线正式交付。 据悉，微琪生物是由 微构工场 与 安琪酵母 分别按照60%和40%的出资比例设立，已于2022年9月 29日完成工商注册登记，注册资本1亿元。 微琪生物3万吨PHA生物可降解材料项目是 国内拟建产能中规模最大的PHA产线 ，也是中国首条万吨 级PHA生产线 。 该项目占地约200亩，总投资10.5亿元，2023年6月正式动工，分两期建设。此次竣工的 一期 项目 总投资 2.5 亿元。 一期1万吨达产达效后，每年可实现销售额3.7亿元、税收3400万元左右。 项目采用 最前沿的生物发酵技术和先进的智能制造系统 ，规划建设集全流程自动化生产线、综合集成 信息管控平台、实时协同优化的智能生产体系、精细化能效管控于一体的绿色、安全、高效的智能工 ...

安琪酵母股份有限公司 关于为控股子公司提供担保的公告 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。 重要内容提示: ?被担保人名称：安琪酵母（赤峰）有限公司 ?本次担保金额及已实际为其提供的担保余额：本次担保 发生金额为人民币 3 亿元，已实际为其提供的担保余额为 0。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-049 号 | 项目 | | | | --- | --- | --- | | | （经审计） | （未经审计） | | 资产总额 | 133,162.68 | 140,501.98 | | 负债总额 | 77,382.92 | 80,362.96 | | 净资产 | 55,779.76 | 60,139.01 | | 项目 | 2024 年度 | 2025 年第一季度 | | 营业收入 | 133,778.27 | 25,855.52 | | 净利润 | 9,427.49 | 4,305.27 | ?本次担保是否有反担保：否 ?对外担保逾期的累计数量：0 一、担保情况概述 召开第九届董事 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-049 号 安琪酵母股份有限公司 关于为控股子公司提供担保的公告 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。 重要内容提示: 被担保人名称：安琪酵母（赤峰）有限公司 本次担保金额及已实际为其提供的担保余额：本次担保 发生金额为人民币 3 亿元，已实际为其提供的担保余额为 0。 本次担保是否有反担保：否 对外担保逾期的累计数量：0 一、担保情况概述 2025 年 4 月 8 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四十二次会议审议通过了《2025 年度为控 股子公司提供担保预计的议案》。2025 年 4 月 30 日，公司召开 2024 年年度股东大会审议通过了上述议案。内容详见上海证券 交 易 所 网 站 （ www.sse.com.cn ） 上 披 露 的 " 2025-023 号 " "2025-028 号""2025-046 号"公告。 公司预计 2025 年度对外担保（全部系对控股或全资子公司 及孙公司的担保）额度为人民币 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Market Performance - The market rebounded last week, with the China Securities Index rising by 1.99% to 1650.47 points [1][2] - The Shanghai Composite Index increased by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (300308) up by 13.55% - Shanghai Jahwa (600315) up by 9.31% - AVIC Shenyang Aircraft (600760) up by 8.25% - CATL (300750) up by 7.24% - Beitaini (300957) up by 6.01% [2] - Other stocks such as Hisense Home Appliances (000921), EVE Energy (300014), and Stone Technology saw gains exceeding 5% [2] Year-to-Date Stock Performance - Since the beginning of 2025, Shanghai Jahwa has surged by 51.39%, leading the gains [3] - Marumi Bio (603983) follows with a 50.59% increase, while Xintai (002294) and Anji Technology have both risen over 30% [3] Market Outlook - Positive factors are emerging as the market stabilizes, with expectations for gradual recovery in investor sentiment and stock performance [4] - The domestic economy is on a steady recovery path, supported by ongoing policy efforts [4] - The current A-share market is viewed as being in a high cost-performance zone, indicating medium to long-term investment value [4] - However, short-term market movements may remain volatile unless strong driving factors emerge [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.794 billion yuan in Q1 2025, representing a year-on-year increase of 8.95%. The net profit attributable to the parent company was 370 million yuan, up 16.02% year-on-year, while the net profit excluding non-recurring items was 337 million yuan, an increase of 14.37% year-on-year [2][4]. Summary by Sections Company Performance - In Q1 2025, the revenue from yeast and deep-processed products was 2.773 billion yuan, a year-on-year increase of 13.17%. Revenue from sugar products was 157 million yuan, down 60.68%, while packaging products generated 95 million yuan, down 4.37%. Revenue from food ingredients and others was 758 million yuan, up 44.1% [8]. - Domestic revenue was 2.099 billion yuan, a slight decrease of 0.26% year-on-year, while international revenue reached 1.684 billion yuan, an increase of 22.94% year-on-year, indicating successful overseas business expansion [8]. Profitability - The net profit margin for Q1 2025 increased by 0.59 percentage points to 9.75%, and the gross profit margin rose by 1.31 percentage points to 25.97%. The operating expense ratio decreased by 0.47 percentage points to 12.77% [8]. - The improvement in gross margin is attributed to the decline in sugar molasses prices, suggesting a potential for enhanced profit release in subsequent quarters [8]. Future Outlook - The company is expected to enter a new profit growth cycle, with projected net profits for 2025, 2026, and 2027 estimated at 1.602 billion yuan, 1.844 billion yuan, and 2.077 billion yuan, respectively. Corresponding EPS for these years are forecasted to be 1.84 yuan, 2.12 yuan, and 2.39 yuan, with PE ratios of 20, 17, and 15 times [8].