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 整性承担个别及连带责任。 重要内容提示: ?被担保人名称：安琪酵母（赤峰）有限公司 ?本次担保金额及已实际为其提供的担保余额：本次担保 发生金额为人民币 3 亿元，已实际为其提供的担保余额为 0。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-049 号 | 项目 | | | | --- | --- | --- | | | （经审计） | （未经审计） | | 资产总额 | 133,162.68 | 140,501.98 | | 负债总额 | 77,382.92 | 80,362.96 | | 净资产 | 55,779.76 | 60,139.01 | | 项目 | 2024 年度 | 2025 年第一季度 | | 营业收入 | 133,778.27 | 25,855.52 | | 净利润 | 9,427.49 | 4,305.27 | ?本次担保是否有反担保：否 ?对外担保逾期的累计数量：0 一、担保情况概述 召开第九届董事 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-049 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 整性承担个别及连带责任。 重要内容提示: 被担保人名称：安琪酵母（赤峰）有限公司 本次担保金额及已实际为其提供的担保余额：本次担保 发生金额为人民币 3 亿元，已实际为其提供的担保余额为 0。 本次担保是否有反担保：否 对外担保逾期的累计数量：0 一、担保情况概述 2025 年 4 月 8 日，安琪酵母股份有限公司（以下简称公司） 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 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Market Performance - The market rebounded last week, with the China Securities Index rising by 1.99% to 1650.47 points [1][2] - The Shanghai Composite Index increased by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (300308) up by 13.55% - Shanghai Jahwa (600315) up by 9.31% - AVIC Shenyang Aircraft (600760) up by 8.25% - CATL (300750) up by 7.24% - Beitaini (300957) up by 6.01% [2] - Other stocks such as Hisense Home Appliances (000921), EVE Energy (300014), and Stone Technology saw gains exceeding 5% [2] Year-to-Date Stock Performance - Since the beginning of 2025, Shanghai Jahwa has surged by 51.39%, leading the gains [3] - Marumi Bio (603983) follows with a 50.59% increase, while Xintai (002294) and Anji Technology have both risen over 30% [3] Market Outlook - Positive factors are emerging as the market stabilizes, with expectations for gradual recovery in investor sentiment and stock performance [4] - The domestic economy is on a steady recovery path, supported by ongoing policy efforts [4] - The current A-share market is viewed as being in a high cost-performance zone, indicating medium to long-term investment value [4] - However, short-term market movements may remain volatile unless strong driving factors emerge [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.794 billion yuan in Q1 2025, representing a year-on-year increase of 8.95%. The net profit attributable to the parent company was 370 million yuan, up 16.02% year-on-year, while the net profit excluding non-recurring items was 337 million yuan, an increase of 14.37% year-on-year [2][4]. Summary by Sections Company Performance - In Q1 2025, the revenue from yeast and deep-processed products was 2.773 billion yuan, a year-on-year increase of 13.17%. Revenue from sugar products was 157 million yuan, down 60.68%, while packaging products generated 95 million yuan, down 4.37%. Revenue from food ingredients and others was 758 million yuan, up 44.1% [8]. - Domestic revenue was 2.099 billion yuan, a slight decrease of 0.26% year-on-year, while international revenue reached 1.684 billion yuan, an increase of 22.94% year-on-year, indicating successful overseas business expansion [8]. Profitability - The net profit margin for Q1 2025 increased by 0.59 percentage points to 9.75%, and the gross profit margin rose by 1.31 percentage points to 25.97%. The operating expense ratio decreased by 0.47 percentage points to 12.77% [8]. - The improvement in gross margin is attributed to the decline in sugar molasses prices, suggesting a potential for enhanced profit release in subsequent quarters [8]. Future Outlook - The company is expected to enter a new profit growth cycle, with projected net profits for 2025, 2026, and 2027 estimated at 1.602 billion yuan, 1.844 billion yuan, and 2.077 billion yuan, respectively. Corresponding EPS for these years are forecasted to be 1.84 yuan, 2.12 yuan, and 2.39 yuan, with PE ratios of 20, 17, and 15 times [8].

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 05 月 26 日 （星期一） 13:45-14:45 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/） 证券代码：600298 证券简称：安琪酵母 公告编号：2025-048 号 安琪酵母股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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 05 月 19 日 （星期一） 至 05 月 23 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"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）已于 2025 年 04 月 26 日发 布了公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公 司 ...

安琪酵母股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 5 月 15 日 安琪酵母股份有限公司 2025 年第二次临时股东大会会议议程 ● 会议召开时间：2025 年 5 月 15 日 ● 现场会议时间：2025 年 5 月 15 日下午 14:00 ● 网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 5 月 15 日的 9:15-9:25、9:30-11:30、13:00-15:00；通过互联网投票平台的 投票时间为 2025 年 5 月 15 日的 9:15-15:00。 ● 会议召开地点：公司一楼会议室 ● 会议召开方式：现场投票与网络投票相结合的方式 一、致欢迎词，介绍会议出席人员情况，宣布会议开始； 二、选举监票人（两名股东代表和一名监事）； 三、审议会议议案： 1.关于变更公司股份总数及注册资本并修改《公司章程》有 关条款的议案； 2.关于修改公司《股东大会议事规则》有关条款的议案。 四、股东及股东代表对议案进行提问、发言； 五、股东及股东代表对议案进行书面表决； 六、股东代表、监事代表、律师共同负责计票、监票； 七、宣布现场表决 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - Demand is steadily recovering, with overseas markets continuing to show high growth [5][6] - The company reported Q1 2025 revenue of 3.794 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 370 million yuan, up 16% year-on-year [4] - The gross margin improved by 1 percentage point to 25.97% in Q1 2025, primarily due to a decrease in molasses costs and reduced shipping pressure [5] - The company is expanding its production capacity and enhancing its overseas business layout, with Q1 2025 revenue from yeast and deep processing products reaching 2.773 billion yuan, a 13% increase year-on-year [6] Summary by Sections Financial Performance - Q1 2025 revenue was 3.794 billion yuan, with a net profit of 370 million yuan, reflecting a 16% increase year-on-year [4] - The gross margin for Q1 2025 was 25.97%, an increase of 1 percentage point [5] - The net profit margin increased by 1 percentage point to 10.20% [5] Capacity and Market Expansion - The company is actively releasing production capacity, with significant contributions from the expansion of subsidiaries and ongoing projects [6] - Domestic revenue in Q1 2025 was 2.099 billion yuan, a slight decrease of 0.3%, while international revenue was 1.684 billion yuan, a 23% increase year-on-year [6] - The number of overseas distributors increased by 151 to 6,179 by the end of Q1 2025, indicating strong growth in international markets [6] Earnings Forecast - The company expects EPS for 2025, 2026, and 2027 to be 1.80 yuan, 2.06 yuan, and 2.31 yuan respectively, with corresponding PE ratios of 20, 18, and 16 times [7] - Revenue growth rates are projected at 10.3% for 2025, 9.5% for 2026, and 8.3% for 2027 [10]

Investment Rating - The investment rating for the Chinese consumer staples sector is generally positive, with multiple companies rated as "Outperform" [1]. Core Insights - In April 2025, five out of eight tracked industries maintained positive growth, two experienced negative growth, and one remained flat. The sectors with single-digit growth include dairy, food and beverage, soft drinks, condiments, and frozen foods. The declining sectors are mass and below liquor and sub-high-end and above liquor, while the beer industry remained flat. Compared to the previous month, six industries showed improved growth rates, while two saw a deterioration. Overall demand has not significantly increased or decreased [10][34]. Summary by Category Liquor Industry - **Sub-high-end and above liquor**: In April, revenue was 26.4 billion yuan, down 1.5% year-on-year. Cumulative revenue for January to April was 167 billion yuan, up 0.3% year-on-year. Inventory levels increased as demand entered a low season [4][14]. - **Mass and below liquor**: Revenue in April was 15 billion yuan, down 10.7% year-on-year, marking 15 consecutive months of negative growth. Cumulative revenue for January to April was 75.2 billion yuan, down 13.9% year-on-year [16]. Beer Industry - Revenue in April was 14 billion yuan, flat compared to the same period last year. Cumulative revenue for January to April was 60.6 billion yuan, down 0.2% year-on-year. The industry is preparing for the upcoming sales season with low inventory levels [5][19]. Condiments - Revenue in April was 36.3 billion yuan, up 2.3% year-on-year, with cumulative revenue for January to April at 155.4 billion yuan, growing 1.3% year-on-year. The industry is experiencing weak sales due to external consumption pressures [21]. Dairy Products - Revenue in April was 33.6 billion yuan, up 3.4% year-on-year, while cumulative revenue for January to April was 156 billion yuan, down 0.6% year-on-year. The industry showed positive growth due to a low base effect from the previous year [23]. Frozen Foods - Revenue in April was 6.7 billion yuan, up 1.5% year-on-year, with cumulative revenue for January to April at 43.1 billion yuan, up 1.3% year-on-year. The industry faces challenges due to lower consumer spending and increased competition [25]. Soft Drinks - Revenue in April was 50 billion yuan, up 2.7% year-on-year, with cumulative revenue for January to April at 235.6 billion yuan, up 2.3% year-on-year. The industry is entering its peak season with intensified competition [27]. Restaurant Sector - Revenue for listed restaurant companies in April was 13.4 billion yuan, up 3.1% year-on-year, with cumulative revenue for January to April at 57.1 billion yuan, up 2.6% year-on-year. The sector is seeing recovery, particularly in tea and Western fast food segments [29].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Views - The company has shown steady revenue growth with a 2024 revenue of 15.197 billion yuan, reflecting an 11.9% year-on-year increase. The net profit attributable to shareholders was 1.325 billion yuan, up 4.28% year-on-year [5][8] - The yeast business remains a strong growth driver, while the sugar business is being accelerated for divestment. In 2024, revenue from yeast and deep processing was 10.854 billion yuan, a 14.19% increase year-on-year, while the sugar segment saw a decline of 26.05% [6][8] - The company is experiencing a recovery in gross margin, with a gross margin of 23.52% in 2024, slightly down from the previous year. The gross margin for Q1 2025 improved to 25.97% [7][8] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 4.285 billion yuan, with a net profit of 371 million yuan, marking a 9.07% increase in revenue year-on-year [5] - For Q1 2025, the company reported revenue of 3.794 billion yuan, with a net profit of 370 million yuan, reflecting an 8.95% increase in revenue year-on-year [5] Revenue Breakdown - In 2024, the revenue breakdown was as follows: yeast and deep processing (10.854 billion yuan), sugar (1.265 billion yuan), packaging (0.409 billion yuan), food raw materials (1.437 billion yuan), and others (1.168 billion yuan) [6] - For Q1 2025, the revenue from yeast and deep processing was 2.773 billion yuan, while the sugar segment saw a significant decline to 157 million yuan [6] Profitability Metrics - The company’s gross margin for 2024 was 23.52%, with a net profit margin of 8.72%. In Q1 2025, the gross margin improved to 25.97% [7] - The company’s operating expenses were managed effectively, with sales, management, R&D, and financial expense ratios showing slight variations [7] Earnings Forecast - The revenue forecast for 2025 and 2026 has been adjusted to 17.049 billion yuan and 18.882 billion yuan, respectively, with expected year-on-year growth rates of 12.19% and 10.75% [8][10] - The net profit forecast for 2025 and 2026 is set at 1.651 billion yuan and 1.917 billion yuan, indicating a growth of 24.62% and 16.14% year-on-year [8][10]