Investment Rating - The industry is rated positively, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [19]. Core Insights - The report highlights a rebound in high-growth sectors driven by capital flow, with the food and beverage sector rising by 0.6% this week, ranking 26th among 31 sub-industries [11]. - The report emphasizes the importance of focusing on high-growth and undervalued recovery opportunities within the food and beverage sector [7]. Summary by Sections Sub-industry Ratings - No specific ratings for liquor, beverages, and food sub-industries, but several companies are recommended for investment: - Guizhou Moutai: Buy - Luzhou Laojiao: Buy - Shanxi Fenjiu: Hold - Jiansi Yuan: Hold - Yingjia Gongjiu: Hold - Dongpeng Beverage: Buy - Nongfu Spring: Buy - Mixue Group: Hold - Lihigh Food: Buy - Angel Yeast: Buy [3][18]. White Wine Sector - The white wine index increased by 0.38%, indicating a bottoming phase, with expectations for a local rebound despite ongoing policy and demand pressures [15]. - Guizhou Moutai's limited edition product sold out quickly, generating approximately 1.79 billion yuan in sales [5]. - The report suggests capitalizing on low valuation recovery opportunities in the white wine sector, recommending Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Jiansi Yuan [15]. Consumer Goods Sector - The snack and soft drink sectors have shown significant rebounds, attributed to previous valuation pressures and adjustments in mid-year expectations [16]. - Unified Enterprises reported a 10.6% revenue increase and a 33.2% net profit increase in H1 2025, exceeding market expectations [17]. - The report recommends focusing on high-growth snack and beverage companies, particularly Dongpeng Beverage, Mixue Group, and Nongfu Spring, while also considering undervalued stocks like Angel Yeast and Lihigh Food [16][17].

Core Insights - Yunnan Province has successfully exported 144 tons of inactive yeast to Spain, marking its first export of this product [1] - The demand for feed additives is growing due to the booming global livestock industry, prompting Yunnan enterprises to develop a new production line for feed-grade inactive yeast [1] - The inactive yeast is derived from molasses and is a high-quality feed additive that enhances animal immunity and promotes growth, aligning with European market demands for high-quality feed ingredients [1] Industry Developments - The establishment of the feed-grade inactive yeast production line is a strategic shift for Yunnan, moving from "sugar raw material output" to "bioproduct manufacturing," thus revitalizing the province's foreign trade [1] - In the first seven months of the year, Yunnan's yeast exports exceeded 200 million yuan, reaching 66 countries and regions globally [1]

安琪酵母最新一期业绩显示，截至2025一季报，公司营业总收入37.94亿元、同比增长8.95%，归属净利 润3.70亿元，同比增长16.02%，扣非净利润3.37亿元，同比增长14.37%，流动比率1.235、速动比率 0.647、资产负债率47.44%。 天眼查商业履历信息显示，安琪酵母股份有限公司，成立于1998年，位于宜昌市，是一家以从事食品制 造业为主的企业。企业注册资本86864.4671万人民币，实缴资本82408.0943万人民币。公司法定代表人 为熊涛。 金融界消息 截至2025年8月12日收盘，安琪酵母（600298）报收于35.36元，下跌0.45%，换手率 0.71%，成交量6.10万手，成交金额2.17亿元。 通过天眼查大数据分析，安琪酵母股份有限公司共对外投资了29家企业，参与招投标项目5000次，知识 产权方面有商标信息971条，专利信息789条，此外企业还拥有行政许可496个。 资金流向方面，今日主力资金净流出1527.64万元，占比成交额7.06%。其中，超大单净流出2397.88万 元、占成交额11.08%，大单净流入870.24万元、占成交额4.02%，中单净流出流入126 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Consumer** sector, particularly the implications of raw material price movements on relevant Hong Kong and China consumer stocks [1][7]. Key Raw Material Price Trends - **Palm Oil**: Prices have increased, with a **3.6% MoM** rise in July 2025 and a **17% YTD** increase [24]. - **Sugar**: Prices have stabilized, showing a **0.2% MoM** decrease in July 2025 and a **6% YTD** decline [20]. - **PET (Polyethylene Terephthalate)**: Prices increased by **1.2% MoM** in July 2025 but are down **9% YTD** [22]. - **Raw Milk**: Prices decreased to **Rmb3.03/kg**, down **0.2% MoM** and **8% YTD** [21]. - **Molasses**: Prices have dropped by approximately **20% YTD**, benefiting companies like Angel Yeast [3]. Company-Specific Insights - **Yili (600887.SS)**: Raw milk prices have declined steadily YTD, but are expected to stabilize towards the end of the year due to balanced supply-demand dynamics. This is anticipated to benefit net profit margins (NPM) as inventory provisions decrease in 2025 [2]. - **Angel Yeast (600298.SS)**: The decline in molasses prices is expected to provide an earnings upside if the average selling price (ASP) can be maintained [3]. - **Tingyi (0322.HK) and Uni-President China (0220.HK)**: Lower PET and sugar prices are expected to benefit beverage segment margins, but rising palm oil prices may negatively impact margins in the second half of 2025 [4]. - **Want Want (0151.HK)**: Increasing milk powder prices are likely to pressure margins, with plans to offset costs through raw milk substitution and efficiency improvements [5]. - **Beer Companies**: Companies in this sector are benefiting from lower barley costs, although the tailwinds from aluminum prices are diminishing [5]. - **Hengan (1044.HK)**: Pulp prices have increased since October 2024, which may pressure the tissue business [6]. Market Dynamics - Competitive dynamics in the beverage industry will be crucial for margin trends in the second half of 2025, particularly for Tingyi, where price hike benefits are expected to diminish [4]. - The overall sentiment in the China consumer sector remains in-line, with various companies facing different pressures and opportunities based on raw material price fluctuations [7]. Additional Insights - The average whole milk auction price was reported at **US$4,012 per MT** on August 6, 2025, reflecting an **8.3% MoM** decrease [19]. - The conference highlights the importance of monitoring raw material prices as they directly impact the profitability and operational strategies of consumer goods companies in China [1][7]. This summary encapsulates the critical insights from the conference call, focusing on raw material price trends and their implications for specific companies within the China consumer sector.

Core Points - The company will hold a half-year performance briefing on August 19, 2025, from 09:30 to 10:30 [2][3][5] - The briefing will be conducted via video live streaming and online interaction at the Shanghai Stock Exchange Roadshow Center [2][4] - Investors can submit questions for the briefing from August 12 to August 18, 2025, through the Roadshow Center website or via email [2][6] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [2][5] - The company plans to release its half-year report on August 15, 2025, to provide comprehensive insights into its operational and financial performance [2] - The company aims to address common investor concerns during the briefing [3][4] Participation Information - Investors can participate in the briefing by logging into the Roadshow Center website [4][5] - The company will respond to questions raised by investors during the session [3][6] - Contact information for inquiries includes the company secretary's email and phone number [6]

Meeting Details - The shareholders' meeting was held on August 11, 2025, at the company's first-floor conference room [1] - The meeting was attended by shareholders representing 46.1554% of the total shares [1] - The meeting was convened by the board of directors and chaired by Chairman Xiong Tao, utilizing a combination of on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with significant support from shareholders, including: - Proposal 1: 99.9415% approval from A-shareholders [1] - Proposal 2: 99.6188% approval from A-shareholders [1] - Proposal 3: 99.8446% approval from A-shareholders [1] - Proposal 4: 99.8525% approval from A-shareholders [1] Legal Compliance - The meeting's procedures, including the convening and voting processes, complied with the Company Law, Shanghai Stock Exchange listing rules, and the company's articles of association [1][2] - The legal opinions were provided by lawyers Liu Yuxin and Chen Ting, confirming the legality and validity of the meeting and its resolutions [2]

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 中国北京建国门外大街 1 号国贸写字楼 2 座 12 -15 层 100004 北京市通商律师事务所 关于安琪酵母股份有限公司 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 8 月 11 日召开的 2025 年第三次临时股东会(以下简称"本次 会议")，并就本次会议的相关事项出具本法律意见书。 本法律意见书仅供公司本次会议之目的使用，本所律师同意将本法律意见书 随公司本次会议其他信息披露资料一并公告，并依法对本法律意见书承 ...

证券日报网讯 8月11日晚间，安琪酵母发布公告称，公司2025年第三次临时股东会于2025年8月11日召 开，审议通过了《关于公司实施无血清细胞培养基核心技术攻关工程项目的议案》等多项议案。 （文章来源：证券日报） ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-071 号 安琪酵母股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 08 月 19 日 （星期二） 09:30-10:30 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/） 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 08 月 12 日 （星期二） 至 08 月 18 日 （星 期一）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）将于 2025 年 08 月 15 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 ...

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： 证券代码：600298 证券简称：安琪酵母 公告编号：2025-072 号 安琪酵母股份有限公司 2025年第三次临时股东会决议公告 (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 | 1,256 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 400,692,824 | | 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 | | | 份总数的比例（%） | 46.1554 | (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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 本次股东会由公司董事会召集，会议由董事长熊涛主持，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》《上市公司股东会规则》和《公司章程》的规 定。 二、 议案审议情况 (一) 股东会召开 ...