Core Viewpoint - Angel Yeast Co., Ltd. is set to hold its 2024 annual performance briefing on April 21, 2025, to provide insights into its operational results and financial status for the year [2][3][5]. Group 1: Meeting Details - The meeting will take place on April 21, 2025, from 9:30 AM to 11:30 AM [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible via video live stream and online interaction [2][4]. - Investors can submit questions from April 14 to April 18, 2025, through the Roadshow Center website or via the company's board secretary email [6]. Group 2: Participation and Interaction - The briefing will allow for interactive communication, where the company will address common investor concerns within the scope of information disclosure [3][4]. - Key personnel participating in the meeting include the Chairman, General Manager, and Financial Officer [5]. Group 3: Contact Information - Investors can contact the company for inquiries through the board secretary, Gao Lu, at the provided email or phone number [6].

证券代码：600298 证券简称：安琪酵母 公告编号：2025-034 号 安琪酵母股份有限公司（以下简称公司）已于 2025 年 4 月 10 日 发布了公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 21 日（星 期一）9:30-11:30 举行 2024 年度业绩说明会，就投资者关心的问题进 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 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 4 月 21 日（星期一）上午 9:30-11:30 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 4 月 14 日（星期一）至 4 月 18 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" ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 44.74 RMB [7][8]. Core Views - The company is expected to achieve a revenue of over 16.73 billion RMB in 2025, representing a year-on-year growth of over 10% [4]. - The company anticipates profit elasticity in 2025 due to a decline in molasses costs and a decrease in shipping fees, which are expected to offset previous cost pressures [4][3]. - The domestic business is expected to maintain resilience, while overseas business continues to grow, particularly in developing countries [2][4]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 15.2 billion RMB and a net profit attributable to the parent company of 1.32 billion RMB, reflecting a year-on-year increase of 11.9% and 4.1% respectively [1]. - The gross margin for 2024 decreased by 0.7 percentage points to 23.5%, impacted by increased shipping costs and depreciation, despite a drop in molasses prices [3]. Market Performance - The company's revenue from yeast products, sugar, packaging, and other segments in 2024 was 10.85 billion RMB, 1.27 billion RMB, 410 million RMB, and 2.6 billion RMB respectively, showing varied growth rates across segments [2]. - Domestic revenue reached 9.42 billion RMB, up 7.5% year-on-year, while international revenue grew by 19.4% to 5.71 billion RMB [2]. Future Outlook - The company expects to see improved performance in 2025, with a projected EPS of 1.79 RMB, reflecting a 17.35% increase from 2024 [4][6]. - The anticipated target price of 44.74 RMB corresponds to a PE ratio of 25x for 2025, based on comparable company analysis [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in net profit for the years 2025 to 2027 being 26%, 15%, and 14% respectively, corresponding to PE ratios of 18x, 16x, and 14x [4] Core Insights - The company reported a revenue of 15.197 billion RMB for 2024, representing an 11.90% year-on-year growth, and a net profit attributable to shareholders of 1.325 billion RMB, which is a 4.28% increase year-on-year [1] - The fourth quarter of 2024 saw a revenue of 4.285 billion RMB, with a year-on-year growth of 9.07%, and a net profit of 371 million RMB, reflecting a 3.60% increase year-on-year [1] - The yeast business showed improved demand with a revenue growth of over 20% in Q4, with total revenue from yeast and deep processing products reaching 10.85 billion RMB, a 14.2% increase year-on-year [2] - The company expects a 10% revenue growth target for 2025, driven by the recovery in domestic demand and expansion in overseas markets [3] Summary by Sections Financial Performance - For 2024, the company achieved a gross margin of 23.5%, with a slight year-on-year decrease of 0.7 percentage points, while the gross margin for Q4 was 24.2%, showing a 1.1 percentage point improvement [3] - The company’s net profit margin for 2024 was 8.7%, which is at a historical low, down by 0.4 percentage points year-on-year [3] Revenue Breakdown - The revenue from the yeast and deep processing products for 2024 was 10.85 billion RMB, with a year-on-year growth of 14.2%, while the sugar segment saw a decline of 26.1% [2] - Domestic revenue for 2024 was 9.421 billion RMB, up 7.5% year-on-year, while international revenue reached 5.712 billion RMB, a 19.4% increase [2] Future Projections - The company projects net profits of 1.67 billion RMB, 1.91 billion RMB, and 2.18 billion RMB for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [4] - The report highlights the potential for significant improvement in profitability in 2025 due to lower costs and optimized operations [3]

4 月 9 日公司发布 2024 年年报，24 年实现营收 151.97 亿元，同 比增长 11.90%；实现归母净利润 13.25 亿元，同比增长 4.28%； 扣非归母净利润 11.70 亿元，同比增长 5.79%。其中，24Q4 实现 营收 42.85 亿元，同比增长 9.07%；实现归母净利润 3.71 亿元， 同比增长 3.60%；扣非归母净利润 3.30 亿元，同比增长 12.01%， 业绩符合预期。 Q4 酵母主业需求改善，收入增长 20%+。1）分业务看，24 年酵母 及深加工产品 / 制 糖 / 包 装 / 其 他 分 别 实 现 收 入 108.5/4.1/12.7/26.1 亿元，同比+14.2%/-26.1%/-2.8%/+36.4%； Q4 分别同比+20.8%/-40.4%/+1.4%/+18.2%。2）分量价来看，24 年 酵母主业实现销量 40.4 万吨，同比+15.9%，吨价同比-1.5%主要 系竞争加剧、促销活动增加、产品结构调整所致。3）分地区来看， 24 年国内/国外收入分别为 94.21/57.12 亿元，同比+7.5%/19.4%， 单 Q4 国内/海外分别同比+8 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 44 yuan [2]. Core Views - The company reported a revenue of 15.197 billion yuan for 2024, representing a year-on-year increase of 11.86%. The net profit attributable to shareholders was 1.325 billion yuan, up 4.07% year-on-year [2]. - The fourth quarter (Q4) showed stable performance with a revenue of 4.285 billion yuan, an increase of 8.98% year-on-year, and a net profit of 371 million yuan, up 3.68% year-on-year [2]. - The company is actively divesting its sugar trading business, which has impacted overall revenue performance, while the yeast and deep processing segments continue to show strong growth [2][6]. Summary by Sections Financial Performance - In Q4, the revenue breakdown by product showed yeast at 3.143 billion yuan (up 20.84%), sugar at 368 million yuan (down 40.40%), packaging at 103 million yuan (up 1.35%), and other businesses at 679 million yuan (up 18.25%) [6]. - The gross margin for Q4 was 24.15%, an increase of 1.14 percentage points year-on-year, attributed to lower sugar molasses costs and reduced shipping expenses [6]. - The company plans to distribute a cash dividend of 0.55 yuan per share, totaling 477 million yuan, which is 36.05% of the net profit [2]. Market Outlook - The company aims for a revenue growth target of over 10% for 2025, with overseas markets becoming the core growth engine, supported by capacity expansion [6]. - The report indicates that the domestic market is currently facing weak demand, but the medium-term operational outlook remains positive [6]. Earnings Forecast - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.75 yuan, 2.16 yuan, and 2.51 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 16, and 14 [7]. - The projected net profit for 2025 is 1.519 billion yuan, reflecting a year-on-year growth of 14.7% [7]. Valuation - The current market capitalization is approximately 30.368 billion yuan, with a circulating market value of 29.873 billion yuan [3]. - The report suggests that the recent market cap decline provides a good opportunity for investment, maintaining the target price of 44 yuan, which corresponds to a PE of about 25 for 2025 [6].

独立董事候选人声明与承诺 本人 22 ,已充分了解并同意由提名人安琪酵母股份有 限公司董事会提名为安琪酵母股份有限公司第十届董事会独立 董事候选人。本人公开声明,本人具备独立董事任职资格,保证 不存在任何影响本人担任安琪酵母股份有限公司独立董事独立 性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加上海证券交易所举办的第八十期主板独立董事资 格培训,并取得独立董事资格证书。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求: (七)中国人民银行《股份制商业银行独立董事和外部监事 制度指引》等的相关规定; (八)中国证监会《证券基金经营机构董事、监事、高级管 理人员及从业人员监督管理办法》等的相关规定; (九)《银行业金融机构董事(理事)和高级管理人员任职 资格管理办法》《保险公司董事、监事和高级管理人员任职资格 管理规定》《保险机构独立董事管理办法》等的相关规定; (十)其他法律法规、部门规章、规范性文件和上海证券交 易所规 ...

安琪酵母股份有限公司 二〇二四年度 审计报告 致同会计师事务所 (特殊普通合伙) 目 录 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-105 | hornton t 1 1 1 审计报告 致同审字(2025)第 420A008306号 安琪酵母股份有限公司全体股东: 一、审计意见 我们审计了安琪酵母股份有限公司(以下简称"安琪酵母公司")财务 报表,包括2024年12月31日的合并及公司资产负债表,2024年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了安琪酵母公司 2024年 12月 31日的合并及公司财务状况以及 2024年度的合并及公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分 ...

安琪酵母股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"比码用于证明该审计报告是否由具有执业许可的会计师事务所出具 。 "进行全 Grant Thornton 药信 内部控制审计报告 致同审字(2025)第 420A008307号 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 Grant Thornton 致同 安琪酵母股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了安琪酵母股份有限公司(以下简称"安琪酵母公司")2024年 12 月 31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立 ...

安琪酵母股份有限公司 2024 年度独立董事孙燕萍述职报告 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 本人孙燕萍，女，43 岁，硕士研究生、注册会计师。曾就 职于湖北证监局、凯迪生态环境科技股份有限公司、湖北高投 产控投资股份有限公司。现任湖北宏泰集团有限公司资本运营 部总经理、安琪酵母股份有限公司独立董事。 （二）独立性说明 报告期内，本人任职符合《上市公司独立董事管理办法》 等规则对独立董事独立性的要求，不存在影响独立性的情况。 二、独立董事年度履职情况 （一）出席董事会及股东大会情况 报告期内，公司共召开 14 次董事会，7 次股东大会。作为 独立董事，出席董事会 14 次，股东大会 1 次，审慎行使表决权， 作为安琪酵母股份有限公司（以下简称公司）的独立董事， 2024 年度本人严格按照《公司法》《证券法》《上市公司独立董 事管理办法》等法律法规和《公司章程》的规定和要求，积极 出席公司各项会议，认真审议各项议案，忠实履行独立董事职 责，维护公司整体利益和全体股东尤其是中小股东的合法权益。 现将 2024 年度主要工作报告如下： 对各项议案均投了赞成票，无反对、弃权的情形。对因工 ...