证券代码：600298 证券简称：安琪酵母 公告编号：2025-017 号 安琪酵母股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 3 月 31 日 14 点 00 分 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的 投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 召开地点：公司一楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 31 日 至 2025 年 3 月 31 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-015 号 二、监事会会议审议情况 （一）关于调整回购注销 2024 年限制性股票激励计划部分 限制性股票的议案 内容详见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调整回购注销 2024 年限制性股票 激励计划部分限制性股票的公告》（公告编号：2025-016 号）。 监事会出具了核查意见，内容详见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监事会关 于公司第九届监事会第三十九次会议相关事项的核查意见》。 安琪酵母股份有限公司 第九届监事会第三十九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 安琪酵母股份有限公司（以下简称公司）于2025年3月11日 以电话及邮件的方式发出召开第九届监事会第三十九次会议的 通知，会议于2025年3月14日上午在公司五楼会议室召开，本次 会议由监事会主席李林主持，会议应到监事3名，实到监事3名。 本次会议的召 ...

7 U 林 王 东 李 李 啸 2025 年 3 月 14 日 安琪酵母股 202 (本页无正文,为《安琪酵母股份有限公司监事会关于公司 第九届监事会第三十九次会议相关事项的核查意见》的签字页) 监事签字: 安琪酵母般份有限公司监事会 关于公司第九届监事会第三十九次会议 相关事项的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第1号 -- 规范运作》《上海证券交易所上市公司自 律监管指引第 7 号 -- 回购股份》等相关法律、法规和规范性文 件及《安琪酵母股份有限公司章程》的相关规定,安琪酵母股份 有限公司(以下简称公司)监事会对第九届监事会第三十九次会 议审议的《关于调整回购注销 2024年限制性股票激励计划部分 限制性股票的议案》进行了核查,并发表核查意见如下: 同意公司调整回购注销部分限制性股票。根据公司《2024年 限制性股票激励计划(草案)》相关规定,公司 39 名激励对象 因离职、工作调动等原因已不符合激励条件,其已获授但尚未解 除限售的限制性股票不得解除限售,同意公司对该部分激励对象 已获授但尚未解除限售的 4 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-014 号 安琪酵母股份有限公司 第九届董事会第四十一次会议决议公告 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。 一、董事会会议召开情况 安琪酵母股份有限公司（以下简称公司）于2025年3月11日 以电话及邮件的方式发出召开第九届董事会第四十一次会议的 通知。会议于2025年3月14日上午以现场和通讯相结合的方式在 公司五楼会议室召开。本次会议应参会董事11名，实际参会董事 11名，会议由董事长熊涛主持，公司监事会成员及高级管理人员 列席了会议。 本次会议的召集和召开符合《中华人民共和国公司法》《安 琪酵母股份有限公司章程》《安琪酵母股份有限公司董事会议事 规则》的有关规定，会议决议有效。 二、董事会会议审议情况 （一）关于调整回购注销 2024 年限制性股票激励计划部分 限制性股票的议案 内容详见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调整回购注销 2024 年限制性股票 激励计划部分限制性股票的公告》（公告编 ...

Summary of Anqi Yeast Conference Call Company Overview - **Company**: Anqi Yeast - **Industry**: Yeast Production Key Points Industry and Market Dynamics - The yeast industry in China is experiencing a significant increase in production, with 2023 output at 190,000 tons and a projected growth to 540,000-550,000 tons in 2024, driven by capacity expansions from Anqi Yeast and Lesaffre [3][4] - Downstream demand is diversified, with baked goods, Chinese pastries, and alcoholic beverages accounting for 36%, 37%, and 26% of the market respectively [3][4] - The industry is moving towards a mature and stable phase, with a decrease in new registrations of small enterprises indicating a shift in market dynamics [4] Company Performance and Strategy - Anqi Yeast has rapidly expanded its production capacity since 2010, expected to reach 440,000 tons by 2024, making it the fastest-growing globally [3][4] - The company has invested over 7 billion yuan in capital expenditures from 2021 to 2024, with most projects nearing completion, leading to a forecasted decline in capital expenditures post-2025 [3][4] - International expansion is a key strategy, with operational factories in Egypt and Russia, and a new facility under construction in Indonesia [5][14] Cost Structure and Profitability - Raw material costs, particularly molasses, are expected to decline, with a projected 15% decrease in price to 1,100 yuan/ton by 2025 due to increased sugarcane planting [3][8] - Depreciation costs have significantly impacted profit margins in the past but are expected to decrease to below 1% in the coming years [9] - Shipping costs are on a downward trend, which, along with improved geopolitical conditions, is anticipated to enhance gross margins [10] Market Position and Competitive Advantage - Anqi Yeast maintains a high capacity utilization rate of 80%-90%, supported by a diverse demand structure that allows flexibility in product offerings [6] - The company has seen a notable increase in market share in Africa, with over 40% in regions like the Middle East and East Africa, attributed to competitive pricing and product differentiation [15][17] - Anqi Yeast's focus on R&D and product innovation, such as yeast protein technology, positions it favorably against competitors [17] Financial Outlook - For 2025, Anqi Yeast is projected to achieve over 15% revenue growth, with profits estimated at approximately 1.63 billion yuan [18] - The company is expected to benefit from a stable pricing environment and declining costs, making 2025 a favorable year for profit release [12][13] Risks and Considerations - The company faces challenges from fluctuating demand in the baking sector and competition from both domestic and international players [4][7] - Exchange rate fluctuations have a limited impact on overall profits, but ongoing geopolitical factors may introduce uncertainties [11] Conclusion Anqi Yeast is well-positioned for growth in the yeast production industry, with strategic international expansions, a strong market presence, and favorable cost dynamics contributing to a positive financial outlook for 2025.

安琪酵母股份有限公司 关于向专业投资者公开发行公司债券注册申请 获得中国证券监督管理委员会批复的公告 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。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-013 号 安琪酵母股份有限公司（以下简称公司）于近日收到中国证 券监督管理委员会出具的《关于同意安琪酵母股份有限公司向专 业投资者公开发行公司债券注册的批复》（证监许可〔2025〕387 号），批复内容如下： 一、同意你公司向专业投资者公开发行面值总额不超过20亿 元公司债券的注册申请。 二、本次发行公司债券应严格按照报送上海证券交易所的募 集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，你公司在注 册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，你公司 如发生重大事项，应及时报告并按有关规定处理。 公司将按照法律法规相关规定和上述批复文件要求，在股东 大会授权范围内办理公开发行公司债券相关事项，并及时履行信 息披露义务。 特此公告。 安琪酵母股份有限公司董事会 20 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 35.64 CNY and a fair value of 46.87 CNY [3]. Core Views - The domestic supply-demand landscape is improving, and the company is expected to benefit from stable volume and price growth in its products by 2025 [8][55]. - The company has accelerated its overseas expansion, with a projected compound annual growth rate (CAGR) of 23.9% in overseas revenue from 2021 to 2024, and continued growth expected in 2025 [8][55]. - The company has completed a capital expenditure cycle, with limited domestic yeast capacity expansion in the short term, while focusing on overseas projects [8][55]. Summary by Sections Domestic Market - The yeast demand structure is primarily driven by baked goods and alcoholic beverages, with traditional yeast demand recovering and contributions from yeast extract (YE) expected to increase [14][21]. - The supply side shows limited capacity expansion in the short term, with the company positioned as a leader in the domestic market, holding a 55% market share by 2024 [31][34]. - The company is expected to achieve stable volume growth and price stability in its products due to improved supply-demand dynamics and limited competition from new entrants [55]. Overseas Market - The company has been rapidly expanding its overseas business, with significant growth in revenue expected to continue [8][55]. - Key advantages in overseas markets include high cost-performance of products, strong local channel networks, and leading technology in dry yeast and YE [8][55]. - The profitability of overseas operations is anticipated to improve due to an increase in YE's share and ramp-up of overseas production capacity [8][55]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 152.48 billion CNY, 175.56 billion CNY, and 199.70 billion CNY, with year-on-year growth rates of 12.3%, 15.1%, and 13.7% respectively [2][8]. - The net profit attributable to the parent company is expected to be 13.69 billion CNY, 16.29 billion CNY, and 18.83 billion CNY for the same period, with growth rates of 7.8%, 19.0%, and 15.6% respectively [2][8]. - The report maintains a "Buy" rating based on a target price of 46.87 CNY per share, corresponding to a price-to-earnings (P/E) ratio of 25 times for 2025 [8][55].

Investment Rating - The report maintains a positive outlook on the liquor sector, suggesting a focus on optional consumption and service consumption price performance, particularly in the context of the recent recovery in trading sentiment [1][7]. Core Insights - The liquor industry is currently experiencing a gradual decline in its economic climate, with expectations hinging on actual consumption performance validating recent policy implementations [1][7]. - The report highlights that the price stability of premium liquor, particularly the slight recovery in the price of Feitian Moutai, is positively impacting channel profits and asset expectations [1][8]. - The report anticipates that the upcoming performance period will primarily focus on clearing inventory, with expectations for improved feedback from channels and liquor companies as the spring festival approaches [8]. Summary by Sections Liquor Sector - The liquor sector's PE-TTM is approximately 20X, positioned at the 13th percentile over the past three years and the 8th percentile over the past five years, indicating it is still in a cyclical bottom range [2][8]. - The report suggests focusing on cyclical stocks with potential catalysts, including national brands like Luzhou Laojiao and Shanxi Fenjiu, as well as high-end brands like Guizhou Moutai and Wuliangye, which are expected to benefit from robust consumer demand [2][8]. Soft Drinks - The soft drink sector is showing signs of recovery, with categories like sugar-free tea, energy drinks, and protein drinks experiencing strong growth [3][9]. - East Peak's annual report indicates a revenue of 15.839 billion yuan for 2024, a year-on-year increase of 40.6%, and a net profit of 3.327 billion yuan, up 63.1% [3][9]. Snacks - The snack industry continues to thrive, with new channels and product innovations driving growth, despite market expectations of a slowdown in Q1 [10]. - The report highlights the potential for high growth in 2025 through category exploration and channel expansion, recommending companies like Weilang and Yanjin Puzhou [10]. Restaurant Chains - The restaurant chain sector is stabilizing at the bottom, with the seasoning segment performing relatively well due to the trend of restaurant chain standardization [11]. - The report suggests that as restaurant consumption policies strengthen, related sectors may see significant performance elasticity and valuation improvements, recommending stocks like Angel Yeast and Qingdao Beer [11].

Investment Rating - The report gives a "Buy" rating for Angel Yeast (600298) for the first time [1]. Core Views - The yeast industry is experiencing steady growth, with Angel Yeast leading the domestic market. The company is expected to benefit from cost advantages and expanding overseas markets, with a projected increase in net profit and earnings per share (EPS) over the next few years [1][7]. Summary by Sections 1. Yeast Industry Overview - The global yeast industry is mature, with a stable growth rate of around 6%. In China, the yeast market reached 13.3 billion yuan in 2023, with a compound annual growth rate (CAGR) of 8.21% from 2021 to 2023, surpassing the global average [1][7]. - Traditional baking and noodle yeast demand exceeds 500,000 tons, while yeast extract (YE) is expected to inject new momentum into the industry due to health trends [1][7]. 2. Angel Yeast's Market Position - Angel Yeast has a significant market share in China, with a strong focus on research and development, and a differentiated product strategy. The company has established a robust overseas presence, with international revenue growing rapidly [1][7]. 3. Financial Outlook - The report forecasts Angel Yeast's net profit for 2024-2026 to be 13.66 billion yuan, 16.31 billion yuan, and 18.57 billion yuan, respectively, with year-on-year growth rates of 7.51%, 19.41%, and 13.87% [1][7]. - The EPS is projected to be 1.57 yuan, 1.88 yuan, and 2.14 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 22.27x, 18.65x, and 16.38x, indicating a favorable valuation compared to peers [1][7]. 4. Cost Structure and Raw Material Dependency - Sugar molasses accounts for approximately 30-40% of production costs, making it a critical factor influencing profitability. The supply of sugar molasses is expected to stabilize, potentially leading to a decrease in costs [1][7]. - The company has a flexible pricing mechanism and global procurement capabilities, which will help mitigate raw material price fluctuations [1][7]. 5. Overseas Expansion - Angel Yeast is expanding its overseas production capacity, with new facilities in Egypt, Russia, and Indonesia, which are expected to contribute significantly to revenue growth. The overseas market accounted for 35% of total revenue in 2023, with a CAGR of 26.09% from 2001 to 2023 [1][7].

Investment Rating - The report gives a "Buy" rating for Angel Yeast (600298) for the first time [1]. Core Views - The yeast industry is experiencing steady growth, with Angel Yeast leading the domestic market. The company is expected to benefit from cost advantages and expanding overseas markets, with a projected increase in net profit and earnings per share (EPS) over the next few years [1][7]. Summary by Sections 1. Yeast Industry Overview - The global yeast industry is mature, with a stable growth rate of around 6%, while China's yeast market has reached a scale of 13.3 billion yuan in 2023, with a CAGR of 8.21% from 2021 to 2023, surpassing the global average [1][7]. - Traditional baking and noodle yeast demand exceeds 500,000 tons, while yeast extract (YE) is expected to inject new momentum into the industry, with a market space of approximately 780,000 tons in 2023 [1][7]. 2. Angel Yeast's Market Position - Angel Yeast has a significant market share in China, with a strong focus on R&D and a differentiated product strategy. The company has established a robust overseas presence, with international revenue growing at a CAGR of 26.09% from 2001 to 2023, accounting for 35% of total revenue [1][7]. 3. Financial Outlook - The report forecasts Angel Yeast's net profit for 2024-2026 to be 13.66 billion yuan, 16.31 billion yuan, and 18.57 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 1.88 yuan, and 2.14 yuan. The current P/E ratios are 22.27x, 18.65x, and 16.38x, indicating a favorable valuation compared to peers [1][7].