登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600298 证券简称：安琪酵母 公告编号：2025-037号 安琪酵母股份有限公司 2024年度业绩说明会召开情况的公告 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21日（星期一）上午9:30-11:30在上海证券交易所 上证路演中心（网址：http://roadshow.sseinfo.com/），以视频直播和网络文字互动方式召开了2024年度 业绩说明会。关于本次业绩说明会的召开事项，详见公司于2025年4月11日在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关于召开2024年度业绩说明会的公告》（2025- 034号）。现将召开情况公告如下： 一、业绩说明会召开情况 2025年4月21日，公司董事长熊涛、总经理肖明华、独立董事涂娟、财务负责人覃光新、董事会秘书高 路出席了本次业绩说明会，与投资者进行互动交流和沟通，就投资者关注的问题在信息披露允许的范围 内进行了回答 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-037 号 安琪酵母股份有限公司 2024 年度业绩说明会召开情况的公告 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 21 日（星期一）上午 9:30-11:30 在上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/），以视频直播和网络 文字互动方式召开了 2024 年度业绩说明会。关于本次业绩说明 会的召开事项，详见公司于 2025 年 4 月 11 日在上海证券交易所 网站（www.sse.com.cn）上披露的《安琪酵母股份有限公司关于 召开 2024 年度业绩说明会的公告》（2025-034 号）。现将召开 情况公告如下： 一、业绩说明会召开情况 2025 年 4 月 21 日，公司董事长熊涛、总经理肖明华、独立 董事涂娟、财务负责人覃光新、董事会秘书高路出席了本次业绩 说明会，与投资者进行互动交流和沟通，就投资者关注的问题在 信息披露允许的范围内 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to see a recovery in profit margins, with a positive outlook for long-term profit improvement [6] - In 2024, the company achieved total revenue of 15.197 billion yuan, a year-on-year increase of 11.86%, and a net profit attributable to shareholders of 1.325 billion yuan, a year-on-year increase of 4.07% [2][4] - The company anticipates net profits of 1.602 billion yuan, 1.844 billion yuan, and 2.077 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.84, 2.12, and 2.39 yuan [6] Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 4.285 billion yuan, a year-on-year increase of 8.98%, and a net profit of 371 million yuan, a year-on-year increase of 3.68% [2][4] - The revenue from yeast and deep processing products was 10.854 billion yuan, a year-on-year increase of 14.19%, with a significant increase in sales volume by 15.90% despite a slight decline in average prices [6] - The company’s gross profit margin for 2024 was 23.52%, down 0.67 percentage points year-on-year, while the net profit margin was 8.72%, down 0.65 percentage points year-on-year [6] Market and Product Insights - Domestic revenue reached 9.421 billion yuan, a year-on-year increase of 7.53%, while international revenue was 5.712 billion yuan, a year-on-year increase of 19.36% [6] - The company has actively expanded its marketing efforts, resulting in a slight increase in the number of domestic and international distributors [6] - The company’s sales expense ratio increased slightly due to proactive marketing strategies, while the cost optimization for raw materials began to show effects in Q4 2024 [6] Future Projections - The company expects to enter a new phase of profit growth as the high point of the current raw material price cycle has passed [6] - Forecasts for net profit in the coming years indicate a steady increase, with projected PE ratios decreasing from 18 in 2025 to 14 in 2027 [6]

Group 1 - The company held the 39th meeting of the 9th Board of Directors on January 15, 2025, to approve the proposal for confirming daily related party transactions for 2024 and estimating daily related party transactions for 2025 [1] - From January 1 to March 31, 2025, the company and its subsidiaries engaged in related party transactions with specific amounts detailed in the announcement [1] - The company indicated that the estimated daily related party transactions for 2025 may differ from actual transactions, allowing for adjustments among different related parties under the same control, not exceeding the estimated total amount [2] Group 2 - As of March 31, 2025, the cumulative amount of related party transactions did not exceed the previously estimated total amount [2] - The related party transaction amounts are unaudited and subject to confirmation by the annual audit results [2]

证券代码：600298 证券简称：安琪酵母 公告编号：2025-036 号 安琪酵母股份有限公司 关于独立董事任期届满辞职的公告 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。 独立董事蒋春黔、刘信光、孙燕萍在担任公司独立董事期间 恪尽职守、勤勉尽责，在推动公司规范运作和健康发展方面发挥 了积极作用。公司董事会对3名独立董事任职期间对公司发展所 做出的贡献表示衷心感谢！ 特此公告。 安琪酵母股份有限公司董事会 2025年4月19日 近日，安琪酵母股份有限公司（以下简称公司）董事会收到 独立董事蒋春黔、刘信光、孙燕萍的书面辞职申请书。因在公司 连续担任独立董事将满6年，根据《上市公司独立董事管理办法》 相关规定，申请辞去公司独立董事及董事会相关专门委员会的职 务，辞职后将不再担任公司任何职务。经确认，3名独立董事不 存在需提请股东和债权人注意的情况或事项。截至本公告披露日， 也不存在应当履行而未履行的承诺事项，未持有公司股票。 独立董事蒋春黔、刘信光、孙燕萍的辞职将导致公司董事会、 董事会专门委员会中独立董事占比不符合相关规定 ...

Group 1 - The company reported a decline in gross profit margin by one percentage point compared to the previous year, influenced by various factors including factory costs, expense ratios, and market sales prices [1] - The new factory's capacity is not fully saturated but has generally met expectations, with high depreciation costs impacting gross margin [1] - The company plans to adopt flexible pricing strategies based on regional and market operations, rather than strictly following competitors [2] Group 2 - The company is restructuring its internal framework to improve efficiency by consolidating related business units, which is expected to save costs and human capital [2] - The company sees significant growth potential in its food raw materials business, despite lower profit margins compared to competitors in the yeast sector [2] - The company is expanding its international presence, with two overseas production bases accounting for 20% of total capacity and 40% of revenue, aiming to mitigate raw material cost fluctuations and transportation expenses [3] Group 3 - The company is building a factory in Indonesia as part of its internationalization strategy, leveraging local partnerships due to the country's large population [3] - The depreciation schedule for the new factory is still under development as it is currently in the construction phase [3]

当前股价：33.76 元 证券研究报告 | 公司点评报告 2025 年 04 月 17 日 安琪酵母（600298.SH） Q4 收入稳健，海外快速增长 消费品/食品饮料 公司发布 2024 年度报告，24 年实现收入/归母净利润/扣非归母净利润分别为 152.0/13.2/11.7 亿，同比+11.9%/+4.3%/+5.8%。展望 25 年，公司以稳为主， 收入目标增速 10%，海外增速预计快于国内，产能上埃及、俄罗斯二期扩建及 普洱项目基本完成，15 万吨粮食仓储、印尼项目建设筹备中，为中长期提供有 力支撑。利润端，原料价格同比略降，费用精细化管理优化费率。我们调整 25-26 年收入预测为 167/183 亿，归母净利润分别 14.6 亿/16.8 亿，25-26 年 EPS 分 别为 1.68/1.94 元，对应 25 年 20x，维持"增持"评级。 增持（维持） 基础数据 | 总股本（百万股） | 869 | | --- | --- | | 已上市流通股（百万股） | 854 | | 总市值（十亿元） | 29.3 | | 流通市值（十亿元） | 28.8 | | 每股净资产（MRQ） | 12. ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Core Insights - The company reported a revenue of 15.197 billion in 2024, representing a year-on-year growth of 11.86%, and a net profit attributable to shareholders of 1.325 billion, up 4.07% year-on-year [1] - The company plans to distribute a dividend of 0.55 per share, with a total distribution amount of 477 million, resulting in a dividend payout ratio of 36% [1] - The company aims for a revenue growth of over 10% in 2025 [1] Financial Performance - In Q4 2024, the company achieved a revenue of 4.285 billion, a year-on-year increase of 9%, and a net profit of 371 million, up 3.6% year-on-year [1] - The gross margin for the year was 23.52%, a decrease of 0.67 percentage points, primarily due to high raw material costs and an increase in low-margin business [3] - The net profit margin for the year was 8.72%, down 0.64 percentage points, mainly due to the decline in gross margin [3] Product and Market Analysis - The company's yeast and deep processing products generated a revenue of 10.854 billion in 2024, with a year-on-year growth of 14.19% [2] - Domestic and international markets achieved revenues of 9.421 billion and 5.712 billion respectively, with year-on-year growth rates of 7.5% and 19.36% [2] - The sugar products segment saw a revenue decline of 26.05%, attributed to a decrease in trading business, with a negative gross margin [2][3] Future Outlook - The company has slightly adjusted its profit forecasts for 2025-2026, now predicting net profits of 1.55 billion and 1.8 billion respectively, with year-on-year growth rates of 17% for both years [1] - The company expects to benefit from a decrease in molasses costs in 2025, which may lead to an improvement in gross margins [3] - The company maintains a positive long-term outlook, anticipating further growth in the yeast industry and expansion in overseas markets [1]