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： | 回购方案首次披露日 | 2023/11/21 | | | --- | --- | --- | | 回购方案实施期限 | 12 个月 | 待 2023 年第三次临时股东大会审议通过后 | | 预计回购金额 | | 38,000 万元~48,000 万元 | | 回购价格上限 | | 45 元/股 | | 回购用途 | | □减少注册资本 | | | | √用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | 实际回购股数 | | 11,476,008 股 | | 实际回购股数占总股本比例 | | 1.3211% | | 实际回购金额 | | 39,607.41 万元 | | 实际回购价格区间 | | 30.01 元/股~36.54 元/股 | 一、回购审批情况和回购方案内容 证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-098 号 安琪酵母股份有限公司 关于股份回购实施结果暨股 ...

Investment Rating - The report has downgraded the investment rating of the company to "Accumulate" [6] Core Views - The company reported a total revenue of 7.175 billion yuan for the first half of 2024, an increase of 6.87% year-on-year, while the net profit attributable to the parent company decreased by 2.47% to 596 million yuan [3] - The overseas market for yeast sales has shown significant growth, with revenue from overseas sales reaching 2.824 billion yuan, a year-on-year increase of 17.89%, accounting for 39.36% of total revenue [3] - The gross margin for the yeast business has improved to 26.26%, up 0.75 percentage points year-on-year, while the gross margin for the packaging business has decreased by 7.36 percentage points to 7.9% [3] - Domestic sales growth was limited to 0.89%, with revenue from domestic sales amounting to 4.315 billion yuan [3] Summary by Sections Financial Performance - The company achieved a total revenue of 71.75 billion yuan in the first half of 2024, with a second-quarter revenue of 36.92 billion yuan, reflecting an 11.31% increase [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.57 yuan, 1.80 yuan, and 2.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.34, 16.84, and 14.79 [6][7] - The net profit for 2024 is estimated at 1.362 billion yuan, with a growth rate of 7.24% [7] Market Dynamics - The overseas market continues to expand, with significant contributions from the Egyptian factory, which saw a 13.56% increase in sales to 536 million yuan [3] - The domestic market's yeast sales growth remains sluggish, with a second-quarter revenue of 2.211 billion yuan, a 6.66% increase year-on-year [3] Cost and Margin Analysis - The gross margin for the yeast segment has improved, while the packaging segment has faced challenges, leading to a decline in its gross margin [3] - Financial and sales expense ratios have increased, contributing to a decrease in the net profit margin to 9.88% [3]

安琪酵母股份有限公司 2024 年第四次临时股东大会会议资料 2024 年 8 月 28 日 安琪酵母股份有限公司 2024 年第四次临时股东大会会议议程 ● 会议召开时间：2024 年 8 月 28 日 ● 现场会议时间：2024 年 8 月 28 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 2024 年 8 月 28 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 2024 年 8 月 28 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.关于对参股公司提供担保暨关联交易的议案 四、股东及股东代表对议案进行提问、发言； （一）主要内容 2022 年 7 月 13 日，公司召开第九届董事会第六次会议审议 通过了《设立湖北微琪生物科技有限公司的议案》。公司同北京 微构工场生物技术有限公司（简称北京微构）分别按 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 37.26, compared to the last closing price of 30.51 [1]. Core Insights - The company's Q2 performance met expectations, with a year-on-year improvement in gross margin. In H1 2024, the company achieved revenue of 7.175 billion, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 691 million, up 3.4% year-on-year [2][4]. - Q2 revenue reached 3.692 billion, reflecting an 11.3% year-on-year growth, while net profit attributable to shareholders was 372 million, a 17.7% increase year-on-year [2][4]. - The company experienced a recovery in domestic sales of its main yeast products, with Q2 yeast revenue growing by 12.2% year-on-year, and other products (including enzyme preparations and food raw materials) growing by 46.3% year-on-year, driven by rapid growth in emerging overseas markets [2][4]. Financial Summary - For H1 2024, the gross margin was stable, with a slight year-on-year decrease of 0.3 percentage points, while Q2 gross margin improved by 0.3 percentage points to 23.9% due to lower costs of molasses and raw materials, particularly overseas [2][5]. - The company forecasts revenues of 14.983 billion, 16.764 billion, and 18.709 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 10.32%, 11.89%, and 11.60% [4][5]. - The net profit attributable to shareholders is projected to be 1.407 billion, 1.568 billion, and 1.739 billion for the same years, with growth rates of 10.79%, 11.42%, and 10.95% respectively [4][5].

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-097 号 安琪酵母股份有限公司 关于召开 2024 年半年度业绩说明会的公告 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 08 月 26 日上午 10:00-11:30 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：2024 年 08 月 26 日（星期一）上午 10:00- 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 2024 年 08 月 19 日（星期一）至 08 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 2024 年 8 月 8 日 发布了公司 2024 年半年 ...

Investment Rating - The investment rating for Angel Yeast is maintained as BUY with a target price of RMB 38.39, indicating a potential upside of 24% from the closing price of RMB 30.87 as of August 12, 2024 [8][9]. Core Insights - Angel Yeast reported 2Q24 earnings that exceeded expectations, with revenue and net profit showing significant year-on-year growth of 11.3% and 17.3% respectively. The company is expected to resume growth momentum due to increased demand in its main business and improved overseas performance [3][4]. - The gross profit margin (GPM) for 2Q24 rose by 0.3 percentage points year-on-year to 23.9%, attributed to faster revenue growth from high-margin products and declining molasses prices, which are expected to reduce cost pressures [5][6]. - The company has revised its earnings forecasts upward, projecting EPS of RMB 1.60, RMB 1.80, and RMB 2.07 for 2024, 2025, and 2026 respectively, reflecting a positive outlook on domestic demand recovery and overseas market expansion [5][6]. Revenue and Profit Performance - For 1H24, Angel Yeast's revenue reached RMB 7,180 million, with attributable net profit of RMB 690 million, marking a year-on-year increase of 6.9% and 3.2% respectively. The overseas revenue grew by 17.9% year-on-year, while domestic revenue saw a modest increase of 0.9% [3][4]. - The performance of various product segments showed mixed results, with yeast and deep processing products increasing by 8.8% year-on-year, while sugar and packaging segments experienced declines of 26.5% and 12.8% respectively [4]. Financial Projections - The financial outlook for Angel Yeast includes projected revenues of RMB 14,969 million, RMB 16,629 million, and RMB 18,364 million for 2024, 2025, and 2026 respectively, indicating a steady growth trajectory [7][13]. - The company’s net profit is expected to reach RMB 1,390 million, RMB 1,565 million, and RMB 1,799 million for the same years, reflecting a positive growth trend [7][13].

Group 1: Financial Performance - In Q2, the company achieved revenue of 3.692 billion CNY, a quarter-on-quarter increase of 6.02% [1] - The net profit attributable to shareholders reached 372 million CNY, with a quarter-on-quarter growth of 16.64% [1] - The improvement in performance is attributed to a focus on customer value and demand, as well as the expansion into new markets [1] Group 2: Business Strategy - The company aims to maintain the sustainability of operational improvements by accelerating the establishment of a new business growth pattern [1] - There will be an increased effort in channel penetration to achieve deeper market coverage [1] Group 3: Product Applications - The main downstream applications of yeast extract include snacks and condiments, which are considered more natural and safer compared to traditional synthetic food additives [3] Group 4: Construction and Expansion - Domestic manufacturing projects are actively progressing, with strict adherence to accounting standards for the transfer of construction projects [3] - The company plans to adjust market strategies flexibly for different overseas regions to ensure sustained growth in international markets [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [4]. Core Views - The company continues to show strong growth in overseas markets, with a notable recovery in profit margins. The revenue and net profit for the first half of 2024 were reported at 7.175 billion and 691 million yuan, respectively, reflecting year-on-year increases of 6.86% and 3.21% [1]. - The yeast business remains robust, with new product developments contributing to growth. The total fermentation output reached 204,000 tons in the first half of 2024, marking an 11.5% increase year-on-year [1]. - The company is expanding its international presence, with a significant increase in the number of distributors, which rose by 1,912 to 23,237 by the end of Q2 2024 [1]. - Profitability is recovering, with gross and net profit margins improving by 0.28 and 0.36 percentage points to 23.92% and 10.26%, respectively [1]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 14.967 billion, 16.493 billion, and 18.165 billion yuan, with expected year-on-year growth rates of 10% for each year [2]. - The forecasted net profit for the same period is 1.327 billion, 1.457 billion, and 1.576 billion yuan, with growth rates of 5%, 10%, and 8% respectively [2]. - Key financial metrics include a projected PE ratio of 20X for 2024, decreasing to 17X by 2026 [2]. Financial Data and Valuation - The company's total revenue for 2023 is estimated at 13.581 billion yuan, with a growth rate of 5.74% [3]. - The net profit for 2023 is projected at 1.270 billion yuan, reflecting a decrease of 3.86% compared to the previous year [3]. - The company’s market capitalization is approximately 26.816 billion yuan, with a current share price of 30.87 yuan [4].

证券代码：600298 证券简称：安琪酵母 公告编号：2024-096 号 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 2024 年第四次临时股东大会 至 2024 年 8 月 28 日 安琪酵母股份有限公司 关于召开 2024 年第四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。 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股 东大会召开当日的交易时间段，即 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股东大会召开当日的 9:15-15:00。 股东大会召开日期：2024年8月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (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：2024 年 8 月 28 日 14 点 00 分 召开地点：公司一楼会议室 (五) ...

安琪酵母股份有限公司 2024 年限制性股票激励计划激励对象名单 （截至授予日） | | | 获授限制性 | 占本激励计划 | 占授予时公 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 股票数量 | 授予限制性股 | 司股本总额 | | | | （万股） | 票总数的比例 | 比例 | | 王悉山 | 董事、副总经理 | 3 | 0.26% | 0.0035% | | 覃先武 | 总工程师、食品（质 | 3 | 0.26% | 0.0035% | | | 量）安全总监 | | | | | 吴朝晖 | 副总经理 | 3 | 0.26% | 0.0035% | | 刘劲松 | 副总经理 | 3 | 0.26% | 0.0035% | | 杜支红 | 副总经理 | 3 | 0.26% | 0.0035% | | 覃光新 | 财务负责人、总经理 | 3 | 0.26% | 0.0035% | | | 助理 | | | | | 高路 | 董事会秘书、总经理 | 3 | 0.26% | 0.0035% | | | 助理 | | | | | | 核心技术人员、管理骨干 | 1, ...