Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) with a target price of 44 CNY, indicating a potential upside of over 30% from the current price of 33.69 CNY [2][3][7]. Core Views - The report emphasizes that Angel Yeast is entering a new profit cycle, driven by significant cost reductions and a peak in depreciation, which will lead to at least two years of profit improvement. The company is positioned to become the global leader in the yeast industry, with substantial growth opportunities in emerging markets [2][7][8]. Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 15,197 million CNY, with a year-on-year growth rate of 11.9%. By 2027, revenue is expected to reach 21,307 million CNY, growing at a rate of 11.3% [3]. - **Net Profit Forecast**: The net profit attributable to shareholders is forecasted to be 1,325 million CNY in 2024, increasing to 2,179 million CNY by 2027, with a compound annual growth rate (CAGR) of 16.2% in the final year [3]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.52 CNY in 2024 to 2.51 CNY in 2027, reflecting a strong upward trend [3]. - **Valuation Ratios**: The price-to-earnings (PE) ratio is projected to decrease from 22 in 2024 to 13 by 2027, indicating improving valuation as earnings grow [3]. Profit Cycle Analysis - **Cost and Depreciation Dynamics**: The report highlights that the profit cycle is influenced by cost fluctuations and production cycles. A significant reduction in sugar molasses costs is anticipated, with a projected decline of over 15% in 2025, which will enhance profit margins [7][10]. - **Profit Margin Outlook**: The net profit margin is expected to improve, with a target of reaching 12% in the current cycle, compared to historical peaks of 15% [7][9]. Long-term Growth Drivers - **Global Market Expansion**: Angel Yeast currently holds a 20% global market share, but its overseas market share is below 10%. The company is focused on expanding its presence in developing countries, which presents significant growth potential [8][9]. - **Overseas Revenue Growth**: The report notes that overseas revenue has been growing at a compound annual growth rate (CAGR) of 26.5% from 2022 to 2024, driven by strategic reforms and market penetration efforts [8][9]. Investment Recommendations - The report suggests that the current price offers a good entry point for investors, given the expected improvement in profitability and the long-term growth potential in both domestic and international markets [7][9].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 16.69 billion, 19.14 billion, and 21.84 billion RMB respectively, reflecting growth rates of +26%, +15%, and +14% [5] Core Insights - The company's Q1 2025 performance showed a revenue of 3.794 billion RMB, up 8.95% year-on-year, and a net profit attributable to shareholders of 370 million RMB, up 16.02% year-on-year, indicating that the performance met expectations [2] - The main business continues to grow steadily, with the sugar business being gradually divested. Yeast and deep processing products generated 2.773 billion RMB in revenue, a 13.2% increase year-on-year, while the sugar segment saw a significant decline in revenue by 60.7% [3] - Cost reductions have led to improved net profit margins, with a net margin of 9.75%, up 0.59 percentage points year-on-year, driven by a decrease in raw material costs and better product mix [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 3.794 billion RMB, with a year-on-year growth of 8.95%, and a net profit of 370 million RMB, reflecting a 16.02% increase [2] - The company’s gross margin improved to 25.97%, up 1.31 percentage points year-on-year, due to lower procurement costs and increased efficiency [4] Business Segments - The yeast and deep processing segment generated 2.773 billion RMB in revenue, up 13.2% year-on-year, while the sugar segment's revenue fell by 60.7% to 1.57 billion RMB [3] - Domestic revenue slightly decreased by 0.3% to 2.099 billion RMB, while international revenue increased by 22.9% to 1.684 billion RMB, indicating strong overseas market growth [3] Future Projections - The company expects net profits to grow significantly over the next few years, with projections of 16.69 billion RMB in 2025, 19.14 billion RMB in 2026, and 21.84 billion RMB in 2027, corresponding to PE ratios of 18x, 15x, and 13x respectively [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 44 CNY, indicating a potential upside of over 30% from the current price of 33.69 CNY [2][3][7]. Core Views - The report emphasizes that the company is entering a new profit cycle, driven by significant cost reductions and a peak in depreciation, which will lead to at least two years of profit improvement. The company is positioned to become the global leader in the yeast market, with substantial growth opportunities in developing countries [2][7][8]. - The report highlights the company's strong pricing power, which allows it to increase prices during cost-up cycles, and the expected decline in sugar molasses costs, which will enhance profit margins [8][9][22]. Financial Summary - Projected total revenue (in million CNY) for the years 2024 to 2027 is as follows: 15,197 (2024), 17,110 (2025), 19,138 (2026), and 21,307 (2027), with year-on-year growth rates of 11.9%, 12.6%, 11.9%, and 11.3% respectively [3]. - The projected net profit (in million CNY) for the same period is: 1,325 (2024), 1,519 (2025), 1,876 (2026), and 2,179 (2027), with growth rates of 4.3%, 14.7%, 23.4%, and 16.2% respectively [3]. - Earnings per share (EPS) are forecasted to be 1.52 CNY (2024), 1.75 CNY (2025), 2.16 CNY (2026), and 2.51 CNY (2027) [3]. Profit Cycle Analysis - The report discusses the profit cycle, indicating that the company is at the bottom of its profit cycle, with a clear path for improvement over the next two years due to falling costs and a peak in depreciation [8][9][14]. - The report quantifies the potential for profit improvement, estimating that gross margins could increase by at least 2.5 percentage points due to favorable sugar molasses pricing [8][9][10]. Long-term Growth Drivers - The company is expected to benefit from accelerated overseas expansion, with a current global market share of approximately 20%, and significant growth potential in emerging markets [8][9][10]. - The report outlines the company's strategy for overseas market penetration, which includes establishing local subsidiaries and leveraging competitive pricing and service advantages [8][9][10]. Investment Recommendations - The report suggests that the current price offers a good entry point for investors, given the expected improvement in profit margins and the long-term growth potential in both domestic and international markets [8][9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 3.794 billion and a net profit of 370 million, representing a year-on-year growth of 8.95% and 16.02%, respectively, slightly exceeding previous expectations [7] - The overseas market showed a strong growth of 22.94% year-on-year, while the domestic market experienced a slight decline of 0.26% due to organizational adjustments [7] - The company is expected to see a significant improvement in March, with a projected year-on-year growth rate of nearly 20% [7] - The main business remains stable, with a focus on the gradual divestment of the sugar business [7] - Cost advantages continue to be realized, with a decrease in raw material prices contributing to improved gross and net profit margins [7] - The outlook for 2025 indicates domestic growth driven by food ingredients and related derivatives, with greater potential in international markets [7] - The company maintains a pricing strategy that adapts to market changes without initiating price cuts [7] - The impact of organizational adjustments is expected to be nearly eliminated, with most business units returning to normal operations [7] Financial Summary - Projected total revenue for 2023 is 13.585 billion, with a year-on-year growth of 5.78% [1] - Projected net profit for 2023 is 1.273 billion, with a year-on-year decline of 3.67% [1] - Earnings per share (EPS) for 2023 is projected at 1.47 yuan [1] - The company expects net profits to grow to 1.559 billion in 2025, representing a year-on-year increase of 17.74% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 18.77, 15.66, and 13.71, respectively [1]

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。 根据上海证券交易所《上市公司行业信息披露指引第十四号 ——食品制造》的相关要求，安琪酵母股份有限公司现将 2025 年第一季度与行业相关的定期经营数据披露如下： 一、主营业务相关经营情况 （一）产品类别 证券代码：600298 证券简称：安琪酵母 公告编号：2025-044 号 安琪酵母股份有限公司 2025 年第一季度与行业相关的定期经营数据公告 单位：万元 币种：人民币 渠道 2025 年 1-3 月主营收入 线下销售 270,697.34 线上销售 107,603.45 总计 378,300.79 （三）地区分布 单位：万元 币种：人民币 | 区域 | 2025 年 1-3 月主营收入 | | --- | --- | | 国内 | 209,852.12 | | 国外 | 168,448.67 | | 总计 | 378,300.79 | 二、经销商情况 单位：个 | 区域 | 期末经销商数量 | 较期初增加数量 | 较期初减少数量 | | --- | --- | --- | ...

股票代码: 600298 1986-2025 0 Angel安琪 o Angels A 安琪酵母股份有限公司 ANGEL YEAST CO. LTD. 地址:湖北省宜昌市城东大道168号 邮编：443003 电话:400 887 3298 电子邮箱:angel@angelyeast.com 公司网站：www.angelyeast.com 官方微信 官方商城 股票代码: 600298 1986-2025 2024 安琪酵母股份有限公司 可持续发展报告 致利益相关方的一封信 尊敬的各利益相关方: 安琪酵母始终坚信企业的高质量发展离不开与社会的共 生共荣。过去一年,安琪酵母在加速全球化布局、营业 收入突破 150亿元的同时,坚持将可持续发展理念融入 战略决策与日常运营。此次发布的首份以"可持续发展 报告"命名的专项报告,旨在让您更加全面、深入地了 解安琪酵母在可持续发展方面的履责实践与成效。 绿色发展·环保也是竞争力 在全球倡导可持续发展与我国实施"双碳"战略的大背 景下,安琪酵母深知,一个企业要想发展,除了提高它 的产品价格竞争力和非价格竞争力以外,还应加上环 境竞争力,唯有迅速实施绿色发展,才能提高环境竞 争力 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-041 号 安琪酵母股份有限公司 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。 安琪酵母股份有限公司（以下简称公司）于 2025 年 4 月 25 日召开第九届董事会第四十三次会议，审议通过了《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》。根据《中华人民共和国公司法》《上市公司章程 指引》《上海证券交易所股票上市规则》《上市公司独立董 事管理办法》有关规定，结合公司实际情况，拟对《公司章 程》部分条款进行修改。现将相关事项说明如下： 一、变更公司股份总数及注册资本 2024 年 7 月 19 日，公司召开 2024 年第三次临时股东大 会，审议通过了《关于回购注销部分限制性股票及调整回购 价格的议案》。公司于 2024 年 10 月 9 日完成了对朱坤林、 马少平、毕俊、王东等 4 名股权激励异动对象的限制性股票 的回购注销，注销股份数 25,100 股，本次注销完成后公 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-043 号 安琪酵母股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大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 5 月 15 日 14 点 00 分 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。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 15 日 至2025 年 5 月 15 日 股东大会召开当日的交易时间段，即 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股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-039 号 安琪酵母股份有限公司 第九届监事会第四十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 安琪酵母股份有限公司（以下简称公司）于2025年4月15日 以邮件的方式发出召开第九届监事会第四十一次会议的通知，会 议于2025年4月25日上午在公司五楼会议室召开，本次会议由监 事会主席李林主持，会议应到监事3名，实到监事3名。 监事会出具了核查意见，内容详见上海证券交易所网站 （www.sse.com.cn）上披露的《安琪酵母股份有限公司监事会关 于公司第九届监事会第四十一次会议相关事项的核查意见》。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）2025 年第一季度报告 内容详见上海证券交易所网站（www.sse.com.cn）上披露的 《安琪酵母股份有限公司 2025 年第一季度报告》。 监事会出具了核查意见，内容详见上海证券交易所网站 （www.sse.com.cn）上披露的《安琪酵母股份有限公司监事会 ...

安琪酵母般份有限公司监事会 关于公司第九届监事会第四十一次会议 相关事项的核查意见 安琪酵 作事会 (本页无正文,为《安琪酵母股份有限公司监事会关于公司 第九届监事会第四十一次会议相关事项的核查意见》的签字页) 监事签字: 我们一致同意公司为 650 名符合解除限售条件的激励对象 办理解除限售事宜。 二、2025年第一季度报告 我们认为公司 2025年第一季度报告的编制与审议程序符合 法律、法规及《安琪酵母股份有限公司章程》和公司各项管理制 度的规定。报告的内容和格式符合中国证监会和上海证券交易所 的各项规定,所包含的信息能从各个方面真实地反映出公司2025 年第一季度的经营管理和财务状况。 我们一致同意公司《2025年第一季度报告》。 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第1 号 -- 规范运作》等相关法律、法规和规范性文 件及《安琪酵母股份有限公司章程》的相关规定,安琪酵母股份 有限公司(以下简称公司)监事会对第九届监事会第四十一次会 议审议的相关事项进行了核查,并发表核查意见如下: 一、2020年限制性股票激励计划第三 ...