证券代码：600298 证券简称：安琪酵母 公告编号：2025-079 号 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法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 安琪酵母（宜昌高新区）有限公司 | | --- | --- | --- | | | 本次担保金额 | 22,500 万元 | | 担保对象 | 实际为其提供的担保余额 | 5,979.15 万元 | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 306,000 万元 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 28.26% | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司最 | | | 近一期经 ...

Market Overview - The seasoning and fermentation sector experienced a decline of 1.67% on August 27, with Jialong Co. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances included: - Anji Food (603696) rose by 3.57% to close at 12.48, with a trading volume of 328,800 shares and a turnover of 404 million yuan [1] - Jialong Co. (002495) fell by 3.57% to close at 2.70, with a trading volume of 328,000 shares and a turnover of 90.18 million yuan [2] - Qianhe Flavor (603027) decreased by 3.53% to close at 12.57, with a trading volume of 217,400 shares and a turnover of 278 million yuan [2] Capital Flow - The seasoning and fermentation sector saw a net outflow of 429 million yuan from institutional investors, while retail investors contributed a net inflow of 399 million yuan [2] - The capital flow for individual stocks showed: - Baoli Food (603170) had a net inflow of 257,040 yuan from institutional investors [3] - Jialong Co. (002495) experienced a net outflow of 219,740 yuan from institutional investors [3] - Qianhe Flavor (603027) faced a significant net outflow of 30.56 million yuan from institutional investors [3]

Core Insights - The latest data reveals that 27 private equity firms with over 10 billion yuan in assets have appeared in the top ten shareholders of 94 A-share listed companies, with a total holding value of 34.731 billion yuan [1] Group 1: Private Equity Holdings - In Q2, 18 companies saw increased holdings from these private equity firms, while 47 companies maintained their positions, and 10 companies experienced reduced holdings [2] - Notably, Gao Yi Asset Management reduced its stake in Hikvision (002415) by 12 million shares but still holds a significant value of 9.373 billion yuan [2] - Gao Yi Asset also increased its positions in Longbai Group (002601), Angel Yeast (600298), and Yun Aluminum (000807) by 8 million, 3.5 million, and 8.4 million shares respectively [2] Group 2: Industry Focus - The concentrated holdings of private equity firms are primarily in five sectors: electronics, pharmaceuticals, computers, machinery, and basic chemicals, with the number of heavy stocks being 15, 13, 10, 8, and 7 respectively [3] - The electronics sector is particularly favored, with firms like Dazhongquan Investment and Shanghai Ruijun Asset Management making significant investments in companies like Shengyi Technology (600183) and Yangjie Technology (300373) [3] - The pharmaceutical sector also attracted attention, with new investments in companies like Taiji Group (600129) and increased holdings in companies like Fuyuan Pharmaceutical (601089) [3] Group 3: Market Trends and Insights - The movements of these private equity firms serve as a market barometer, reflecting their insights into global macro changes and China's economic transition [4] - The focus on sectors such as electronics and pharmaceuticals aligns with government support for new productivity and technological innovation [4] - The overall market sentiment is positive, with a mild improvement in the macroeconomic environment and increased investor risk appetite, supported by liquidity in the market [5]

Market Overview - The seasoning and fermentation sector increased by 0.17% on August 26, with ST Jiajia leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - ST Jiajia (002650) closed at 6.86, up 5.05% with a trading volume of 107,000 shares and a turnover of 72.48 million yuan [1] - Hengshun Vinegar Industry (600305) closed at 8.45, up 2.67% with a trading volume of 441,500 shares and a turnover of 376 million yuan [1] - Qianhe Flavor Industry (603027) closed at 13.03, up 1.48% with a trading volume of 277,800 shares and a turnover of 364 million yuan [1] - Other notable stocks include: - Jialong Co., Ltd. (002495) at 2.80, up 1.08% [1] - Zhongjing Food (300908) at 32.65, up 0.49% [1] - Haidilao (603288) at 41.07, down 0.07% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 50.60 million yuan from institutional investors and 36.69 million yuan from retail investors, while individual investors saw a net inflow of 87.30 million yuan [2] - The capital flow for individual stocks shows: - Haidilao (603288) had a net inflow of 12.83 million yuan from institutional investors [3] - Qianhe Flavor Industry (603027) had a net inflow of 10.38 million yuan from institutional investors [3] - Hengshun Vinegar Industry (600305) had a net inflow of 9.70 million yuan from institutional investors [3]

Summary of Key Points Core Viewpoint - The recent performance disclosures of A-share listed companies have prompted brokerages to actively conduct research and provide updated ratings, aiming to offer valuable references for investors [1]. Rating Adjustments - As of August 25, brokerages have collectively raised ratings for 28 stocks and lowered ratings for 40 stocks, with 296 stocks receiving initial coverage [1]. - Among the stocks with upgraded ratings, 3 received a "strongly recommended" rating, including Wanhua Chemical, which was upgraded from "hold" to "strongly recommended" by China Merchants Securities [1]. - Other notable upgrades include the ratings for Sankeshu and Ninebot, both raised to "strongly recommended" by their respective brokerages [1]. - In total, 18 stocks had their ratings upgraded from "hold" to "buy," and several others saw similar upward adjustments [1]. Target Prices - Brokerages have set target prices for 8 of the 28 stocks with upgraded ratings, such as: - Fuchuang Precision: Target price of 74.23 CNY/share, latest closing price 68.69 CNY/share [2]. - Jiufeng Energy: Target price of 36.82 CNY/share, latest closing price 28.71 CNY/share [2]. - Lait Light: Target price of 36.07 CNY/share, latest closing price 26.75 CNY/share [2]. Downward Rating Adjustments - Brokerages have lowered ratings for 40 stocks, with 24 of these downgraded from "buy" to "hold" [2]. - Other downgrades include 5 stocks from "strongly recommended" to "recommended" and 4 from "strongly recommended" to "hold" [2]. Distribution of Ratings - A total of 924 stocks received a "buy" rating, with Kweichow Moutai leading at 31 ratings, followed by Huali Group with 29 ratings [3]. - The electronic industry has the highest number of stocks rated "buy" at 121, followed by the pharmaceutical and mechanical equipment industries [3]. Coverage Expansion - Brokerages are expanding their research coverage, with 296 stocks receiving initial ratings this month, including Aisxu Co., Beiqi Blue Valley, and others [3]. Importance of Brokerage Ratings - Brokerage ratings provide professional references for investors, helping them identify quality stocks and mitigate investment risks [4]. - The systematic analysis of stocks by brokerages aids in improving market information asymmetry and encourages listed companies to enhance governance and operational efficiency [4].

Group 1 - The article highlights the recent investment activities of several prominent private equity firms in the A-share market, particularly focusing on consumer stocks and other sectors [1][4][11] - The investment by the Ge family in Kuaijishan marks a rare shift towards consumer stocks, as they have previously favored technology and growth sectors [2][3][4] - Kuaijishan's stock price saw a significant increase of 93.19% in Q2, rising from approximately 11 CNY per share to a peak of 26.39 CNY [4][6] Group 2 - Ge Weidong holds 4.97 million shares of Kuaijishan, valued at approximately 99 million CNY, while his sister holds 13.80 million shares valued at around 275 million CNY [2][3] - High Yi Asset's Feng Liu has entered the top ten shareholders of Taiji Group with 20 million shares, valued at 426 million CNY, while also increasing stakes in Longbai Group and Angel Yeast [8][9] - Taiji Group reported a significant decline in revenue and net profit for the first half of the year, with total revenue of 5.658 billion CNY, down 27.63%, and net profit of 139 million CNY, down 71.94% [9][10] Group 3 - Ningquan Asset, led by Yang Dong, has newly invested in Tianhao Energy, holding 14.56 million shares valued at 74 million CNY, and increased its position in Zhouming Technology [11][12] - Rui Jun Asset's Dong Chengfei has newly invested in Yangjie Technology and Rabbit Baby, with holdings valued at 133 million CNY and 59 million CNY respectively [11][13] - Renqiao Asset's Xia Junjie has increased holdings in New Classic and Su Keng Agricultural Development, with total shares valued at 44 million CNY and 140 million CNY respectively [11][14]

Group 1: Investment Activities of Notable Private Equity Firms - The Ge family, led by Ge Weidong, has made a rare investment in consumer stocks, specifically entering the shareholder list of Huangjiu brand Kuaijishan [1][5] - Gao Yi Asset's Feng Liu has newly invested in Taiji Group, holding 20 million shares valued at 426 million yuan, while also increasing positions in Longbai Group and Angel Yeast [1][11] - Ningquan Asset, managed by Yang Dong, has entered the shareholder list of clean energy company Tianhao Energy, holding 14.56 million shares valued at 74 million yuan [1][13] - Rui Jun Asset's chief researcher Dong Chengfei has newly invested in power semiconductor company Yangjie Technology and decorative board leader Tubao, while reducing holdings in Chipongwei [1][14] - Renqiao Asset's Xia Junjie has increased positions in New Classics and Su Kuan Agricultural Development, holding 2.29 million shares valued at 44 million yuan and 14.22 million shares valued at 140 million yuan respectively [1][15] Group 2: Financial Performance of Kuaijishan - Kuaijishan reported a revenue of 817 million yuan for the first half of the year, representing a year-on-year growth of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [1][7] - The stock price of Kuaijishan surged from approximately 11 yuan per share to a peak of 26.39 yuan per share during the second quarter, resulting in an overall increase of 93.19% [1][5] Group 3: Financial Performance of Taiji Group - Taiji Group reported total revenue of 5.658 billion yuan for the first half of the year, a year-on-year decline of 27.63%, with a net profit of 139 million yuan, down 71.94% [1][11]

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

Core Viewpoint - The company is expected to enter a profit release cycle starting in 2025, driven by favorable cost and capacity dynamics, alongside potential price increases due to demand recovery [2][3]. Group 1: Profit Release Cycle - Historical profit release cycles have shown that the company generally outperforms the food and beverage sector, with significant profit elasticity observed in 2009, 2016-2018, and 2020 [1]. - The three historical profit release cycles indicate that profit elasticity is primarily driven by faster price increases while sugar molasses costs remain low or decline [1]. - The company’s net profit margin increased by 6.8 percentage points in 2009, 10.7 percentage points from 2015-2017, and 3.6 percentage points in 2020, highlighting the correlation between cost management and pricing strategies [1]. Group 2: Future Outlook - The company anticipates maintaining double-digit revenue growth, with domestic demand stabilizing and overseas market expansion contributing to high growth rates [2]. - The sugar molasses price is expected to decline due to supply expansion, weak downstream demand, and falling corn prices, with recent bids in Guangxi dropping to 1000-1100 RMB per ton [2]. - The company is entering a favorable cycle where both cost and capacity pressures are expected to ease, potentially leading to price increases if demand recovers [2]. Group 3: Investment Recommendations - The company maintains previous profit forecasts, expecting net profits of 1.64 billion, 1.92 billion, and 2.19 billion RMB for 2025-2027, representing year-on-year growth of 23.6%, 17.1%, and 14.4% respectively [3]. - The current price-to-earnings ratio is projected at 21, 18, and 16 times for the respective years, indicating that the company is still at a historically low valuation [3]. - The company is positioned at a fundamental turning point, suggesting a strategic opportunity for investment during this valuation bottom [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is expected to enter a profit release cycle starting in 2025, driven by favorable cost and capacity dynamics, alongside potential price increases due to demand recovery [3][4]. - Historical profit release cycles have shown that the company typically outperforms the food and beverage sector during these periods, with significant profit elasticity contributing to excess returns [1][14]. Summary by Sections Stock Price Review - The company has historically demonstrated excess returns during profit release cycles, particularly noted in years such as 2009, 2016-2018, and 2020, attributed to faster profit elasticity release compared to the sector [1][14]. Profit Cycle Review - The report highlights three historical profit release cycles: 1. In 2009, net profit margin increased by 6.8 percentage points, driven by accelerated overseas revenue growth and a decline in costs [2][19]. 2. From 2015 to 2017, the company experienced a cumulative net profit margin increase of 10.7 percentage points, aided by reduced depreciation pressure and proactive price increases amidst a favorable demand environment [2][33]. 3. In 2020, a strong demand for small packaging products led to a 3.6% increase in net profit margin, primarily due to proactive pricing strategies [2][51]. Current Outlook - The company is expected to maintain double-digit revenue growth, with domestic demand stabilizing and overseas markets showing high growth potential [3][4]. - The cost cycle is anticipated to benefit from a decline in sugar molasses prices, with projections indicating a significant drop to 1000-1100 RMB/ton by January 2025 [3][4]. - The production capacity cycle is nearing the end of its investment phase, which is expected to alleviate depreciation pressure post-2023 [3][4]. - Historical trends suggest that the company can increase prices in response to demand recovery, particularly in a balanced capacity environment [3][4]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.64 billion, 1.92 billion, and 2.19 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 23.6%, 17.1%, and 14.4% [4][5]. - The current price-to-earnings (P/E) ratios for the forecasted years are 21, 18, and 16 times, indicating that the stock is still trading at historically low valuations [4][5].