之 法律意见书 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 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 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 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"）接受安琪酵母股份有限公司 （以下简称"安琪酵母"或"公司"）委托，指派沈诚、朱怡静律师（以下简称 "经办律师"、"本所律师"）担任公司 2024 年限制性股票激励计划所涉本次 部分限制性股票回购注销（以下简称"本次回购注销"）实施涉及相关事项的专 项法律顾问，并出具本法律意见书。 本所及经办律师依据《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》"）、《上市公司股权激励 管理办法》（以下简称"《管理办法》"）、《律师事务所从事证券法律业 ...

| 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 506,200 | 506,200 | 2025 | 年 5 月 | 28 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 1 月 15 日，公司召开第九届董事会第三十九次会议、 第九届监事会第三十七次会议审议通过了《关于回购注销 2020 年限制性股票激励计划部分限制性股票及调整回购价格的议案》 证券代码：600298 证券简称：安琪酵母 公告编号：2025-051 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） 2020 年限制性股票激励计划中的 4 名激励对象、2024 年限制性 股票激励计划中的 39 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 2020 年限制性股票激 励计划（草案 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Core Insights - Yichang's state-owned enterprises (SOEs) have achieved significant milestones, including Anqi Yeast being recognized as a top-level smart factory and Xingfu Electronics becoming the first state-owned enterprise from Hubei to list on the Science and Technology Innovation Board, showcasing the effectiveness of state-owned enterprise reform in driving modernization in China [1][2] Group 1: Performance Metrics - In 2024, Yichang's state-owned enterprises reported total assets exceeding 700 billion yuan, with revenues of 186.1 billion yuan and profits of 8.462 billion yuan, accounting for 40.35% and 66.35% of Hubei's SOE totals, respectively [2] - Over the past three years, Yichang's state-owned enterprises contributed 612 million yuan in state-owned capital returns, marking a 150% increase compared to the previous three-year period [2] Group 2: Strategic Focus - Yichang's SOEs exhibit three key characteristics: focus on core business, empowerment through technology innovation, and market-oriented operations [2] - The focus on core business is exemplified by Anqi Group's commitment to yeast production, which has made it the second-largest yeast company globally, with a production capacity exceeding 450,000 tons [4] Group 3: Innovation and R&D - In 2024, Yichang's SOEs invested 4.084 billion yuan in R&D, with an 11% growth rate, surpassing the national average [6] - The R&D investment in Yichang's SOEs has increased from 47.52 million yuan in 2013 to 1.188 billion yuan in 2024, indicating a strong commitment to innovation [7] Group 4: Global Expansion - Yichang's SOEs are expanding globally, with Anqi Group establishing two overseas factories to enhance global supply capabilities, and Xingfa Group setting up ten overseas sales centers in key markets [11][13] - The export revenue of Yichang's enterprises has significantly increased, with Yihua Group's export earnings rising from 80,000 USD in 2000 to 708 million USD today [13] Group 5: Government Support and Policy - The local government plays a crucial role in supporting SOE reforms by providing a systematic framework that balances regulation and market freedom, fostering a conducive environment for growth [14] - Policies such as the "State-Owned Enterprise Core Business Management Measures" have been implemented to ensure SOEs focus on their primary business activities and avoid non-core investments [4][14]

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported a revenue of 3.794 billion and a net profit of 370 million for Q1 2025, representing a year-on-year increase of 8.95% and 16.02% respectively [1][3] - The yeast business continues to show strong growth, contributing significantly to revenue, while the sugar business is undergoing adjustments [1] - Domestic revenue slightly decreased by 0.3% to 2.099 billion, while international revenue increased by 23% to 1.684 billion, indicating robust overseas performance [1] - The company has increased its distributor count by 1,399 to 24,211, with domestic and international distributors growing by 753 and 646 respectively [1] Financial Performance Summary - The gross margin improved by 1.31 percentage points to 25.97%, and the net margin increased by 0.72 percentage points to 10.20% [2] - The sales expense ratio rose by 0.74 percentage points to 5.58%, while the management expense ratio decreased by 0.20 percentage points to 3.49% [2] - The company expects revenue growth of 13%, 11%, and 8% for the years 2025, 2026, and 2027, respectively, with net profit growth of 19%, 15%, and 13% [2][8]

Core Viewpoint - Angel Yeast has established itself as the second-largest player in the global yeast industry after 39 years of development, but faces scrutiny regarding its growth potential due to slowing domestic business and underdeveloped emerging sectors [1][2]. Financial Performance - In 2024, Angel Yeast reported a revenue of 15.197 billion, marking an 11.86% increase from 2023's 13.585 billion [2]. - The net profit attributable to shareholders was 1.325 billion, reflecting a 4.07% increase compared to 2023's 1.273 billion [2]. - The net cash flow from operating activities reached 1.650 billion, up 24.38% from the previous year [2]. - By the end of 2024, the company's net assets stood at 10.829 billion, a 7.28% increase from 2023 [2]. Strategic Initiatives - The company is actively expanding into overseas markets and developing new product lines to break the perception of stagnation [2][25]. - Angel Yeast has initiated a project in Indonesia with an estimated investment of 880 million, aiming for an annual production capacity of 20,000 tons of yeast [15][16]. - The company is also focusing on the yeast protein sector, which was recently included in the new food raw material directory by the National Health Commission [17][21]. Market Challenges - The company faces challenges in market cultivation for its yeast protein products, leading to a 17.77% increase in sales expenses to 828 million in 2024 [18]. - The reliance on molasses as a key raw material has led to increased production costs, prompting the company to innovate with hydrolyzed sugar as a substitute [6][9]. Future Outlook - The chairman expressed confidence in the company's growth potential over the next 5 to 10 years, emphasizing the importance of international market expansion and innovative product development [25][28]. - The company aims to become the world's leading yeast enterprise and a top-tier biotechnology company, leveraging its market reputation and government support [28].

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 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 北京市通商律师事务所 关于安琪酵母股份有限公司 2025 年第二次临时股东大会的法律意见书 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 5 月 15 日召开的 2025 年第 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-050 号 安琪酵母股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 2025年第二次临时股东大会决议公告 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： 表决情况： (一)股东大会召开的时间：2025 年 5 月 15 日 (二)股东大会召开的地点：公司一楼会议室 (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 | 850 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 392,800,391 | | 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 | 45.2199 | | 数的比例（%） | | (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。 本次股东大会由公司董事会召集，经半数以上董事推举，会议由董事肖明华 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 ...

扫码进 生物基新材料群 备注：姓名+公司+职位 资料来源： 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文 不构成任何投资建议！转载请注明来源！ 据中国化学消息，近日，由中国化学十六化建承建的微琪生物年产 3万吨合成生物PHA可降解材料项目 （一期） 通过竣工验收，标志着全国首条万吨级PHA生产线正式交付。 据悉，微琪生物是由 微构工场 与 安琪酵母 分别按照60%和40%的出资比例设立，已于2022年9月 29日完成工商注册登记，注册资本1亿元。 微琪生物3万吨PHA生物可降解材料项目是 国内拟建产能中规模最大的PHA产线 ，也是中国首条万吨 级PHA生产线 。 该项目占地约200亩，总投资10.5亿元，2023年6月正式动工，分两期建设。此次竣工的 一期 项目 总投资 2.5 亿元。 一期1万吨达产达效后，每年可实现销售额3.7亿元、税收3400万元左右。 项目采用 最前沿的生物发酵技术和先进的智能制造系统 ，规划建设集全流程自动化生产线、综合集成 信息管控平台、实时协同优化的智能生产体系、精细化能效管控于一体的绿色、安全、高效的智能工 ...