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 05 月 26 日 （星期一） 13:45-14:45 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/） 证券代码：600298 证券简称：安琪酵母 公告编号：2025-048 号 安琪酵母股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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 05 月 19 日 （星期一） 至 05 月 23 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）已于 2025 年 04 月 26 日发 布了公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公 司 ...

安琪酵母股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 5 月 15 日 安琪酵母股份有限公司 2025 年第二次临时股东大会会议议程 ● 会议召开时间：2025 年 5 月 15 日 ● 现场会议时间：2025 年 5 月 15 日下午 14:00 ● 网络投票时间：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票时间为 2025 年 5 月 15 日的 9:15-9:25、9:30-11:30、13:00-15:00；通过互联网投票平台的 投票时间为 2025 年 5 月 15 日的 9:15-15:00。 ● 会议召开地点：公司一楼会议室 ● 会议召开方式：现场投票与网络投票相结合的方式 一、致欢迎词，介绍会议出席人员情况，宣布会议开始； 二、选举监票人（两名股东代表和一名监事）； 三、审议会议议案： 1.关于变更公司股份总数及注册资本并修改《公司章程》有 关条款的议案； 2.关于修改公司《股东大会议事规则》有关条款的议案。 四、股东及股东代表对议案进行提问、发言； 五、股东及股东代表对议案进行书面表决； 六、股东代表、监事代表、律师共同负责计票、监票； 七、宣布现场表决 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - Demand is steadily recovering, with overseas markets continuing to show high growth [5][6] - The company reported Q1 2025 revenue of 3.794 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 370 million yuan, up 16% year-on-year [4] - The gross margin improved by 1 percentage point to 25.97% in Q1 2025, primarily due to a decrease in molasses costs and reduced shipping pressure [5] - The company is expanding its production capacity and enhancing its overseas business layout, with Q1 2025 revenue from yeast and deep processing products reaching 2.773 billion yuan, a 13% increase year-on-year [6] Summary by Sections Financial Performance - Q1 2025 revenue was 3.794 billion yuan, with a net profit of 370 million yuan, reflecting a 16% increase year-on-year [4] - The gross margin for Q1 2025 was 25.97%, an increase of 1 percentage point [5] - The net profit margin increased by 1 percentage point to 10.20% [5] Capacity and Market Expansion - The company is actively releasing production capacity, with significant contributions from the expansion of subsidiaries and ongoing projects [6] - Domestic revenue in Q1 2025 was 2.099 billion yuan, a slight decrease of 0.3%, while international revenue was 1.684 billion yuan, a 23% increase year-on-year [6] - The number of overseas distributors increased by 151 to 6,179 by the end of Q1 2025, indicating strong growth in international markets [6] Earnings Forecast - The company expects EPS for 2025, 2026, and 2027 to be 1.80 yuan, 2.06 yuan, and 2.31 yuan respectively, with corresponding PE ratios of 20, 18, and 16 times [7] - Revenue growth rates are projected at 10.3% for 2025, 9.5% for 2026, and 8.3% for 2027 [10]

Investment Rating - The investment rating for the Chinese consumer staples sector is generally positive, with multiple companies rated as "Outperform" [1]. Core Insights - In April 2025, five out of eight tracked industries maintained positive growth, two experienced negative growth, and one remained flat. The sectors with single-digit growth include dairy, food and beverage, soft drinks, condiments, and frozen foods. The declining sectors are mass and below liquor and sub-high-end and above liquor, while the beer industry remained flat. Compared to the previous month, six industries showed improved growth rates, while two saw a deterioration. Overall demand has not significantly increased or decreased [10][34]. Summary by Category Liquor Industry - **Sub-high-end and above liquor**: In April, revenue was 26.4 billion yuan, down 1.5% year-on-year. Cumulative revenue for January to April was 167 billion yuan, up 0.3% year-on-year. Inventory levels increased as demand entered a low season [4][14]. - **Mass and below liquor**: Revenue in April was 15 billion yuan, down 10.7% year-on-year, marking 15 consecutive months of negative growth. Cumulative revenue for January to April was 75.2 billion yuan, down 13.9% year-on-year [16]. Beer Industry - Revenue in April was 14 billion yuan, flat compared to the same period last year. Cumulative revenue for January to April was 60.6 billion yuan, down 0.2% year-on-year. The industry is preparing for the upcoming sales season with low inventory levels [5][19]. Condiments - Revenue in April was 36.3 billion yuan, up 2.3% year-on-year, with cumulative revenue for January to April at 155.4 billion yuan, growing 1.3% year-on-year. The industry is experiencing weak sales due to external consumption pressures [21]. Dairy Products - Revenue in April was 33.6 billion yuan, up 3.4% year-on-year, while cumulative revenue for January to April was 156 billion yuan, down 0.6% year-on-year. The industry showed positive growth due to a low base effect from the previous year [23]. Frozen Foods - Revenue in April was 6.7 billion yuan, up 1.5% year-on-year, with cumulative revenue for January to April at 43.1 billion yuan, up 1.3% year-on-year. The industry faces challenges due to lower consumer spending and increased competition [25]. Soft Drinks - Revenue in April was 50 billion yuan, up 2.7% year-on-year, with cumulative revenue for January to April at 235.6 billion yuan, up 2.3% year-on-year. The industry is entering its peak season with intensified competition [27]. Restaurant Sector - Revenue for listed restaurant companies in April was 13.4 billion yuan, up 3.1% year-on-year, with cumulative revenue for January to April at 57.1 billion yuan, up 2.6% year-on-year. The sector is seeing recovery, particularly in tea and Western fast food segments [29].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Views - The company has shown steady revenue growth with a 2024 revenue of 15.197 billion yuan, reflecting an 11.9% year-on-year increase. The net profit attributable to shareholders was 1.325 billion yuan, up 4.28% year-on-year [5][8] - The yeast business remains a strong growth driver, while the sugar business is being accelerated for divestment. In 2024, revenue from yeast and deep processing was 10.854 billion yuan, a 14.19% increase year-on-year, while the sugar segment saw a decline of 26.05% [6][8] - The company is experiencing a recovery in gross margin, with a gross margin of 23.52% in 2024, slightly down from the previous year. The gross margin for Q1 2025 improved to 25.97% [7][8] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 4.285 billion yuan, with a net profit of 371 million yuan, marking a 9.07% increase in revenue year-on-year [5] - For Q1 2025, the company reported revenue of 3.794 billion yuan, with a net profit of 370 million yuan, reflecting an 8.95% increase in revenue year-on-year [5] Revenue Breakdown - In 2024, the revenue breakdown was as follows: yeast and deep processing (10.854 billion yuan), sugar (1.265 billion yuan), packaging (0.409 billion yuan), food raw materials (1.437 billion yuan), and others (1.168 billion yuan) [6] - For Q1 2025, the revenue from yeast and deep processing was 2.773 billion yuan, while the sugar segment saw a significant decline to 157 million yuan [6] Profitability Metrics - The company’s gross margin for 2024 was 23.52%, with a net profit margin of 8.72%. In Q1 2025, the gross margin improved to 25.97% [7] - The company’s operating expenses were managed effectively, with sales, management, R&D, and financial expense ratios showing slight variations [7] Earnings Forecast - The revenue forecast for 2025 and 2026 has been adjusted to 17.049 billion yuan and 18.882 billion yuan, respectively, with expected year-on-year growth rates of 12.19% and 10.75% [8][10] - The net profit forecast for 2025 and 2026 is set at 1.651 billion yuan and 1.917 billion yuan, indicating a growth of 24.62% and 16.14% year-on-year [8][10]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Insights - The company has shown steady revenue growth with a 2024 revenue of 15.197 billion yuan, reflecting an 11.9% year-on-year increase. The net profit attributable to shareholders was 1.325 billion yuan, up 4.28% year-on-year [5][8] - The yeast business remains a strong growth driver, while the sugar business is being accelerated for divestment. In 2024, revenue from yeast and deep processing was 10.854 billion yuan, a 14.19% increase year-on-year, while the sugar segment saw a decline of 26.05% [6][8] - The company is experiencing a recovery in gross margin, with a gross margin of 23.52% in 2024, slightly down from the previous year. The first quarter of 2025 saw a gross margin of 25.97%, indicating a positive trend [7][8] Financial Performance Summary - For 2024, the company achieved a total revenue of 15.197 billion yuan, with a projected revenue of 17.049 billion yuan for 2025, representing a 12.19% growth. The net profit for 2025 is expected to be 1.651 billion yuan, a 24.62% increase [10][11] - The earnings per share (EPS) for 2025 is projected to be 1.90 yuan, with corresponding price-to-earnings (P/E) ratios of 19 for 2025, 16 for 2026, and 14 for 2027 [8][10]

Group 1 - The core point of the news is the announcement of the resolutions from the annual general meeting of Angel Yeast Co., Ltd. held on April 30, 2025, where all proposed resolutions were approved without any objections [2][9][10] - The meeting was attended by 10 out of 11 directors, with the chairman presiding over the meeting, and the voting method combined both on-site and online participation [2][3][9] - All resolutions, including the annual financial report, profit distribution plan, and the appointment of auditors, were passed unanimously [4][5][6][9] Group 2 - The company announced the third unlock period for its 2020 restricted stock incentive plan, allowing 2,654,600 shares to be listed and traded starting from May 9, 2025 [13][15][26] - The conditions for unlocking the third restricted period have been met, and the company will proceed with the necessary procedures for the eligible participants [24][27] - The legal opinion confirms that the company has complied with all relevant regulations and procedures regarding the stock incentive plan [27]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The first quarter of 2025 showed a slight decline in the food and beverage index by 0.5%, ranking 13th among 28 sub-industries, underperforming the CSI 300 by approximately 0.1 percentage points. Other liquor categories (+2.2%), dairy products (+1.4%), and snacks (+1.4%) performed relatively well [10][12] - The food and beverage sector's revenue grew by 4.6% year-on-year in Q1 2025, a slight decrease from 6.6% in Q4 2024. Profit increased by 0.3%, a significant improvement from the -13.0% in Q4 2024. The liquor segment saw a revenue growth of 1.7% in Q1 2025, slightly up from 1.2% in Q4 2024, indicating resilience in consumption during the Spring Festival [10][11] - The report highlights a divergence in performance within the liquor industry, with high-end liquor and leading real estate liquor brands maintaining stable performance, while some mid-range brands experienced significant declines. The report anticipates a gradual recovery in liquor consumption as economic policies take effect [10][11] Summary by Sections Weekly Insights - The report notes a pressured tone in Q1 results but indicates a month-on-month improvement. The food and beverage index's performance is under scrutiny, with specific attention to the liquor sector's resilience [10][12] Market Performance - The food and beverage sector underperformed the broader market, with a 0.5% decline in the index. The report identifies leading stocks and those that lagged behind, emphasizing the need for strategic focus on top-performing companies [10][12] Upstream Data - Some upstream raw material prices have decreased, with specific data on dairy and meat prices indicating fluctuations that could impact the overall cost structure for food and beverage companies [17][23] Liquor Industry News - Notable developments include the pre-sale of Moutai's 2025 Dragon Boat Festival gift box and the launch of new products by Qingdao Beer, reflecting ongoing innovation and market engagement within the liquor sector [41][42] Memorandum - The report includes a memorandum highlighting significant upcoming events, such as the unlocking of restricted shares for Angel Yeast on May 9, which could influence market dynamics [43]

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

证券代码：600298 证券简称：安琪酵母 公告编号：2025-046 号 安琪酵母股份有限公司 2024年年度股东大会决议公告 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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 4 月 30 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 | 809 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 391,877,728 | | 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 | 45.1136 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情 况等。 本次股东大会由公司董事会召集，董事长熊涛主持，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、决策程序符合《公司法》《上 海证券交易所股票上市规则》《上市 ...