证券代码：600298 证券简称：安琪酵母 公告编号：2025-084 号 安琪酵母股份有限公司 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 2025 年 4 月 8 日，公司召开第九届董事会第四十二次会议审议通过了《2025 年度为控股子公司提供担保预计的议案》。2025 年 4 月 30 日，公司召开 2024 年年度股东大会审议通过了上述议案。内容详见上海证券交易所网站 （www.sse.com.cn）上披露的"2025-023 号""2025-028 号""2025-046 号" 公告。 公司预计 2025 年度对外担保（全部系对控股或全资子公司及孙公司的担保） 额度为人民币 30 亿元，其中对资产负债率高于 70%的子公司提供担保额度 14 亿 元，各子公司在总额度 14 亿元内相互调剂，担保额度有效期限为 2024 年年度股 东大会审议通过之日（2025 年 4 月 30 日）起 12 个月内，此次担保在公司预计 额度内。 被担保人类型 法人 ...

Group 1 - The company announced that four individuals in its 2024 restricted stock incentive plan no longer meet the incentive conditions due to resignation and job transfers [1] - As per the relevant provisions of the draft plan, the company will repurchase and cancel all restricted stocks granted to these individuals that have not yet been released from restrictions, totaling 80,000 shares [1] - The cancellation date for these shares is set for September 24, 2025 [1]

Core Viewpoint - Anqihome Co., Ltd. is repurchasing and canceling a portion of its restricted stock due to the departure and job transfers of certain incentive recipients [1][2]. Group 1: Repurchase and Cancellation Details - The company held its 10th Board of Directors' fourth meeting on July 24, 2025, where it approved the repurchase and cancellation of 80,000 shares of restricted stock from four incentive recipients who no longer meet the incentive conditions [2]. - The repurchase is based on the company's 2024 Restricted Stock Incentive Plan and follows the relevant regulations [2]. - After the cancellation, the remaining restricted stock will total 10,908,000 shares [2]. Group 2: Legal and Compliance Aspects - A legal opinion was issued confirming that the repurchase and cancellation have obtained necessary approvals and have fulfilled information disclosure obligations [3]. - The public notice period for creditors has been completed without any claims for debt repayment or guarantees [2][3]. - The company is required to complete subsequent legal procedures and continue fulfilling its information disclosure obligations [3].

证券代码：600298 证券简称：安琪酵母 公告编号：2025-083 号 安琪酵母股份有限公司 关于限制性股票回购注销的实施公告 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： 回购注销原因：安琪酵母股份有限公司（以下简称公司） 2024 年限制性股票激励计划中的 4 名激励对象因离职及工作调 动等原因而不再符合激励条件。 公司根据《安琪酵母股份有限公司 2024 年限制性股票激 励计划（草案）》（以下简称《2024 年激励计划》）相关规定， 决定将上述激励对象已获授但尚未解除限售的全部限制性股票 进行回购注销。 本次注销股份的有关情况： | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 80,000 | 80,000 | 2025 | 年 9 | 月 | 24 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 7 月 24 日，公司召开第十届董事会第四次会议，审 议通过了《关于回购注销 2024 ...

上海市锦天城律师事务所 关于安琪酵母股份有限公司 2024 年限制性股票激励计划部分限制性股票回购注销实施 事项 之 法律意见书 关于安琪酵母股份有限公司 2024 年限制性股票激励计划 部分限制性股票回购注销实施事项之 法律意见书 致：安琪酵母股份有限公司 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 上海市锦天城律师事务所 法律意见书 2．为出具本法律意见书，本所律师审查了公司提供的与出具本法律意见书 相关的文件资料，并对有关问题进行了必要的核查和验证。公司保证：其向本所 律师提供的信息和文件资料（包括但不限于原始书面资料、副本资料和口头信息 等）均是真实、准确、完整和有效的，该等资料副本或复印件均与其原始资料或 原件一致，所有文件的签名、印章均是真实的，不存在虚假记载、误导性陈述或 重大遗漏； 3．对与出具本法律意见书相关而又无法得到独立证据支持的事实，本所律 师依赖政府有关部门、其他有关机构出具的证明文件发表法律意见； 4．经办律师本所 ...

Core Viewpoint - Company is actively expanding its overseas market presence and maintaining strong product quality as its core competitive advantage, while also developing its domestic market for yeast extract products. Group 1: Overseas Operations - The company's overseas operating model is consistent with its domestic market, utilizing a distributor agency system and expanding sales channels to achieve a distributor density close to that of the domestic market [2][7]. - The company confirms its agents through trade shows and direct communication, with agents being either yeast sellers or from related food ingredient industries [3]. - The company has a competitive advantage in overseas markets primarily due to product quality, channel development, and service, rather than low pricing [4][8]. Group 2: Market Potential - Yeast is a global product with established usage habits in overseas markets, and the company is gradually increasing its market share [5]. - The domestic yeast extract market is still in the development stage, with significant growth potential as the usage ratio in the seasoning industry is currently low [6]. - The company believes there is still considerable growth space in overseas markets, as its overall market share remains low [7]. Group 3: Production and Capacity - The company has achieved a balance between production and sales after years of capacity expansion, which is expected to support future market development [9]. - The company is investing in Indonesia due to its advantageous location for market access and raw material sourcing [10]. - The majority of the production from the company's two overseas factories is still exported [11]. Group 4: European Market - The European market is one of the fastest-growing regions for the company, with established sales channels for yeast extracts and plans for localizing production and expanding product categories [13]. Group 5: Financial Performance - For the first half of 2025, the company reported a main revenue of 7.899 billion yuan, a year-on-year increase of 10.1%, and a net profit of 799 million yuan, up 15.66% year-on-year [18]. - The company has received positive ratings from 29 institutions in the last 90 days, with 24 buy ratings and 5 hold ratings, indicating strong market confidence [18].

Market Overview - The seasoning and fermentation sector saw a slight increase of 0.04% on September 19, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 30.75, up 3.33% with a trading volume of 50,500 shares and a turnover of 152 million yuan [1] - ST Jiajia (002650) closed at 6.49, up 1.41% with a trading volume of 57,400 shares and a turnover of 37.19 million yuan [1] - Tianwei Food (603317) closed at 11.72, up 0.69% with a trading volume of 41,100 shares and a turnover of 47.95 million yuan [1] - Other notable stocks include Zhongju Gaoxin (600872) at 18.80, up 0.59%, and Anqi Yeast (600298) at 39.63, up 0.35% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 98.62 million yuan from institutional investors, while retail investors saw a net inflow of 7.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Anqi Yeast (600298) had a net inflow of 7.01 million yuan from institutional investors, but a net outflow of 30.54 million yuan from retail investors [3] - Richen Co., Ltd. (603755) saw a net inflow of 5.98 million yuan from institutional investors and a net outflow of 13.68 million yuan from retail investors [3] - Jiagang Co., Ltd. (002495) had a net inflow of 5.39 million yuan from retail investors, despite a net outflow from institutional investors [3]

Investment Rating - The report provides a positive investment rating for the low-alcohol and beverage sectors, recommending specific companies based on their performance and market positioning [2]. Core Insights - The report emphasizes the structural recovery in the consumer goods sector, highlighting the importance of channel dynamics and product innovation in driving growth [2][25]. - It identifies key players in the beer segment, such as Yanjing Beer and Zhujiang Beer, which are expected to outperform due to their strong regional presence and operational efficiency [2][11]. - The report also notes the challenges faced by the seasoning and food supply sectors, particularly due to weak downstream demand, but suggests potential for recovery as the restaurant industry stabilizes [2][26]. Summary by Sections Beer Sector - The beer sector experienced a revenue of 41.73 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [7]. - Major companies like Qingdao Beer and China Resources Beer showed mixed performance, with Qingdao Beer achieving a revenue increase of 1.9% [11][12]. - The report highlights the impact of channel structure on revenue performance, with companies like Yanjing and Zhujiang benefiting from a higher proportion of non-immediate sales channels [11][12]. Yellow Wine Sector - The yellow wine sector reported a revenue of 1.93 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.4% [26]. - Kuaijishan, a leading player, achieved a double-digit growth rate of 11% in the same period, driven by its high-end and youth-oriented strategies [26][27]. - The report indicates a trend of market share concentration among leading companies, with Kuaijishan and Guyue Longshan capturing a larger portion of the market [31]. Seasoning and Food Supply Sector - The seasoning and food supply sector faced revenue pressure due to weak restaurant demand, but companies that successfully launched new products or expanded channels showed resilience [2][26]. - The report suggests that a recovery in restaurant demand could lead to increased supply chain needs, benefiting leading companies in the sector [2][26]. Beverage Sector - The beverage sector is highlighted for its high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its national presence [2]. - The report recommends focusing on companies that are effectively navigating the competitive landscape and capitalizing on emerging consumer trends [2][26].

Market Overview - The seasoning and fermentation sector experienced a decline of 1.2% on September 18, with Zhongjing Food leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - The following stocks in the seasoning and fermentation sector showed notable performance: - Richen Co. (603755) increased by 5.98% to close at 29.76, with a trading volume of 59,400 shares and a turnover of 175 million yuan [1] - Anji Food (603696) rose by 1.85% to 12.64, with a trading volume of 151,400 shares and a turnover of 191 million yuan [1] - Other stocks such as Haidilao (603288) and Angel Yeast (600298) saw declines of 1.24% and 1.25%, respectively [1][2] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 132 million yuan from institutional investors, while retail investors experienced a net inflow of 64.11 million yuan [2] - The following stocks had significant capital flow: - Lianhua Holdings (600186) had a net inflow of 27.66 million yuan from institutional investors [3] - Richen Co. (603755) saw a net inflow of 11.91 million yuan from institutional investors [3] - ST Jiada (002650) experienced a net outflow of 4.49 million yuan from institutional investors [3]

Group 1 - National Development Bank's Guangxi branch provided a manufacturing loan of 100 million yuan to Angel Yeast (Liuzhou) Co., Ltd., supporting the company's high-quality and sustainable development [1] - Angel Yeast Co., Ltd. specializes in yeast and deep-processed products, which are widely used in baking, fermentation, food seasoning, and animal and plant nutrition, exporting to over 170 countries and regions globally [1] - Angel Yeast (Liuzhou) Co., Ltd. is recognized as a high-tech enterprise in the autonomous region and has received various accolades, including "specialized, refined, distinctive, and innovative" small and medium-sized enterprises and a model intelligent factory in Guangxi [1] Group 2 - The National Development Bank's Guangxi branch has maintained a strong cooperative relationship with Angel Yeast (Liuzhou) Co., Ltd., providing tailored financial services to support the company's development [2] - The bank successfully helped the company apply for 2 million yuan in interest subsidies, effectively reducing financing costs and alleviating liquidity pressure, allowing the company to focus on technological innovation and market expansion [1][2] - The bank plans to continue implementing the central government's economic policies, focusing on financial services for the real economy, particularly in manufacturing and other key sectors [2]