Core Viewpoint - Anqi Yeast (600298) has shown strong revenue growth in Q2 2025, with a buy rating maintained by Zhongyou Securities, highlighting robust performance in overseas markets and a recovery in profit margins [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.899 billion yuan, net profit attributable to shareholders of 799 million yuan, and net profit excluding non-recurring items of 742 million yuan, representing year-on-year growth of 10.1%, 15.66%, and 24.49% respectively [2]. - For Q2 2025, the company reported operating revenue of 4.105 billion yuan, net profit attributable to shareholders of 429 million yuan, and net profit excluding non-recurring items of 405 million yuan, with year-on-year increases of 11.19%, 15.35%, and 34.39% respectively [2]. Business Segmentation - The core yeast business maintained double-digit growth, with revenue from yeast and deep processing reaching 5.754 billion yuan, a year-on-year increase of 12.38%. The low-margin sugar business was further divested, impacting overall revenue [3]. - Revenue from offline and online channels in the first half of 2025 was 5.740 billion yuan and 2.126 billion yuan, showing year-on-year growth of 19.23% and a decline of 8.52% respectively [3]. - Domestic and international revenue for the first half of 2025 was 4.404 billion yuan and 3.462 billion yuan, with year-on-year growth of 2.07% and 22.6% respectively, indicating strong overseas market performance [3]. Cost and Profitability - The gross margin for Q2 2025 recovered to 26.19%, with a net profit margin of 10.46%, reflecting a year-on-year increase of 2.27 and 0.38 percentage points respectively [4]. - The company’s gross margin and net profit margin for the first half of 2025 were 26.09% and 10.12%, showing year-on-year increases of 1.8 and 0.49 percentage points [4]. Earnings Forecast - The company maintains its revenue forecasts for 2025-2027 at 17.049 billion yuan, 18.882 billion yuan, and 20.668 billion yuan, representing year-on-year growth of 12.19%, 10.75%, and 9.46% respectively [5]. - The net profit forecasts for the same period are set at 1.651 billion yuan, 1.917 billion yuan, and 2.201 billion yuan, with year-on-year growth of 24.62%, 16.14%, and 14.80% respectively [5].

太平洋8月18日发布研报称，给予安琪酵母（600298.SH）买入评级，目标价格为46.0元。评级理由主要 包括：1）Q2海外延续高增表现，H1顺利达成增长目标；2）毛利率逐季改善明显，扣非表现超预期； 3）国内需求有望继续恢复，海外延续高增，原材料成本进入下行周期，业绩弹性恢复可期。风险提 示：食品安全风险；行业竞争加剧；原材料成本上涨风险；内部调整不及预期。 （文章来源：每日经济新闻） ...

Core Viewpoint - Anqi Yeast (600298) has shown strong overseas growth and better-than-expected profit recovery, leading to an upgraded target price of 46.0 CNY and a "buy" rating from Pacific Securities [1] Financial Performance - In H1 2025, Anqi Yeast achieved total revenue of 7.899 billion CNY, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 799 million CNY, up 15.66% [2] - Q2 2025 revenue reached 4.105 billion CNY, reflecting an 11.19% year-on-year growth, with a net profit of 429 million CNY, up 15.35% [2] - The gross profit margin for H1 2025 was 26.09%, improving by 1.81 percentage points year-on-year, while Q2 gross profit margin was 26.19%, up 2.27 percentage points [3] Cost and Profitability - The decline in raw material costs, particularly for molasses, has contributed to the improvement in gross margins, with a projected 15% decrease in molasses costs for the 2024/2025 season [3] - The net profit margin for Q2 2025 increased by 0.56 percentage points to 10.82%, with a non-GAAP net profit margin of 9.86%, up 1.70 percentage points year-on-year [3] Market Outlook - Domestic demand is expected to continue recovering, while overseas markets, particularly in the Middle East, Africa, and Asia-Pacific, are projected to maintain high growth [4] - The company aims for a revenue growth target of 10% for 2025, supported by new production facilities in Egypt and Russia [4] - The overall profitability is anticipated to improve significantly this year, with a focus on the recovery of yeast demand and declining shipping costs [4] Earnings Forecast - Revenue projections for 2025-2027 are 16.87 billion CNY, 18.77 billion CNY, and 20.85 billion CNY, respectively, with corresponding net profits of 1.60 billion CNY, 1.89 billion CNY, and 2.12 billion CNY [5] - The company is assigned a price-to-earnings ratio of 25 times for 2025, leading to a target price of 46.0 CNY [5]

证券研究报告|公司点评报告 [Table_Date] 2025 年 8 月 18 日 [Table_Title] 海外高增+成本下行，利润表现亮眼 [Table_Title2] 安琪酵母(600298) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600298 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 39.40/28.57 | | 目标价格： | | 总市值(亿) | 330.24 | | 最新收盘价： | 38.04 | 自由流通市值(亿) | 330.24 | | | | 自由流通股数(百万) | 865.97 | [Table_Summary] 事件概述 公司发布半年报，上半年公司实现营收 78.99 亿元，同比+10.1%；归母净利润 7.99 亿元，同比+15.66%； 扣非归母净利润 7.42 亿元，同比+24.49%。 25Q2 公司实现营收 41.05 亿元，同比+11.19%；归母净利润 4.29 亿元，同比+15.32%；扣非归母净利润 4.05 亿元，同比+34.55%。 分析判断 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company achieved a revenue of 7.99 billion yuan in net profit for the first half of 2025, reflecting a year-on-year growth of 15.66% [5]. - The core yeast business continues to show robust growth, with a revenue increase of 12.38% in the yeast and deep processing segment [6]. - The overseas market has maintained a high growth rate, with a year-on-year increase of 22.6% in foreign revenue [6]. - The company has optimized its sugar business by acquiring a 55% stake in Shengtong Sugar Industry, enhancing its upstream raw material control and overall competitiveness [6]. Financial Performance - For the first half of 2025, the company reported a gross margin of 26.09% and a net profit margin of 10.12%, both showing improvements compared to the previous year [7]. - The projected revenues for 2025 to 2027 are 170.49 billion yuan, 188.82 billion yuan, and 206.68 billion yuan, respectively, with corresponding net profits of 16.51 billion yuan, 19.17 billion yuan, and 22.01 billion yuan [8][10]. - The earnings per share (EPS) are forecasted to be 1.90 yuan, 2.21 yuan, and 2.54 yuan for the years 2025, 2026, and 2027, respectively [8][10].

安琪酵母最新股价报39.08元，较前一交易日上涨1.04元。盘中最高触及39.26元，最低37.93元，成交量 为287030手，成交金额达11.10亿元。 8月18日主力资金净流出920.27万元，近五日累计净流出8295.29万元。 风险提示：市场有风险，投资需谨慎。汇率波动、原材料价格变化、食品安全等因素可能对公司经营产 生影响。 来源:金融界 该公司主要从事酵母及酵母衍生物产品的研发、生产和销售，产品广泛应用于烘焙、发酵、调味品等领 域。作为国内酵母行业的重要企业，安琪酵母在食品工业领域占据重要位置。 最新披露的中报数据显示，高毅资产旗下产品在二季度增持安琪酵母350万股，期末持股数达3500万 股，持股市值升至12.31亿元。有研报指出，公司毛利率受益于糖蜜成本下降而明显改善，新榨季糖蜜 价格下降幅度可期。 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The white liquor sector is entering a low base period for operations, and the dividend yield advantage is becoming evident. The performance of mass-market products is showing differentiation, with a focus on the potential of new business models [4][14] - The food and beverage sector has shown signs of recovery, with expectations for improved revenue and profit performance in the second half of 2025 due to a low base effect [4][16] Summary by Sections White Liquor Sector - The implementation of the "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" has impacted normal consumption scenarios, but recent media corrections may help restore some consumption [4][14] - The overall sales volume in the white liquor industry has declined year-on-year, with high-end brands experiencing manageable declines while mid-range brands have seen more significant drops [4][14] - The stock price declines for major brands like Kweichow Moutai and Wuliangye have been substantial, with maximum declines of -47.48% and -65.98% respectively since 2021 [5][15] - The expected dividend yields for major brands in 2025 are competitive with other sectors, indicating a potential for investment [6][17] Mass-Market Products - Companies like Angel Yeast and Weilong have shown robust performance, with Angel Yeast reporting a revenue increase of 10.1% year-on-year in the first half of 2025 [18][29] - Weilong's new product lines have performed well, and the company is focusing on expanding its product categories and improving operational efficiency [18][20] - The mass-market segment is entering a reporting period, with companies like Anqi Yeast and Weilong showing positive growth trends [18][21] Industry Performance - The food and beverage sector index has shown a slight increase of +0.48% in the recent week, but it has underperformed compared to the CSI 300 index [8][21] - Year-to-date, the food and beverage sector has faced challenges, with a cumulative decline of -6.11%, indicating a lag in recovery compared to other sectors [21][22] - The highest performing sub-sectors this week included seasoning and fermentation products, with a notable increase of +2.19% [21][25]

Core Viewpoint - Anqi Yeast's Q2 domestic revenue has shown recovery growth, with profit elasticity further released, indicating positive market dynamics and strategic initiatives in both domestic and overseas markets [1] Group 1: Financial Performance - In H1 2025, domestic and overseas revenue reached 44.04 billion and 34.62 billion yuan, respectively, with year-on-year growth of 2.07% and 22.60% [1] - In Q2 2025, domestic and overseas revenue was 23.05 billion and 17.78 billion yuan, respectively, with year-on-year growth of 4.29% and 22.28% [1] Group 2: Distributor Growth - The number of domestic and overseas distributors increased by 254 and 315, respectively, in H1 2025 [1] - In Q2 2025, the number of domestic and overseas distributors grew by 214 and 164, respectively [1] Group 3: Market Expansion Strategy - The significant growth in overseas market revenue is attributed to effective channel expansion and the strengthening of overseas subsidiaries, particularly in Africa, Europe, and Southeast Asia [1] - The company is actively seizing opportunities in overseas markets by enhancing subsidiary construction and localizing sales personnel, which facilitates deeper market penetration [1] Group 4: Channel Performance - In H1 2025, online and offline channel revenues decreased by 8.52% and increased by 19.23% year-on-year, respectively [1] - In Q2 2025, online and offline channel sales decreased by 12.08% and increased by 22.80% year-on-year, respectively [1] Group 5: Future Outlook - Domestic sales are expected to improve following the completion of organizational restructuring, with strategic new products like yeast protein opening up downstream application spaces [1] - The company anticipates maintaining steady revenue growth in H2 2025 [1]

国海证券研报指出，安琪酵母2025H1实现归母净利润8.0亿元，同比+15.7%；其中2025Q2实现归母净利 润4.3亿元，同比+15.4%。2025H1公司酵母系列产品收入同比增长12.4%，高于整体营收增速。2025Q2 分品类来看，公司酵母及深加工/制糖/包装/其他业务分别实现营收29.8/2.3/1.0/7.8亿元，同比分别 +11.7%/+20.1%/+3.6%/+9.3%。2025Q2分地区来看，国内/国外实现营收23.1/17.8亿元，同比 +4.3%/+22.3%，国内市场稳健增长，海外业务实现全面增长。公司持续加强海外子公司建设，推进营 销人员本土化，新兴市场客户开发成效显著。现金流改善明显，2025H1公司实现经营性净现金流2.62亿 元，同比大幅增长。由于公司上半年扣非利润快速增长，该行上调盈利预测，维持"买入"评级。 ...

开源证券8月18日发布研报称，给予安琪酵母（600298.SH）买入评级。评级理由主要包括：1）国际市 场保持快速增长，国内营收略有改善；2）毛利率受益糖蜜成本下降明显改善；3）新榨季糖蜜价格下降 幅度可期。风险提示：汇率波动风险、降价风险、食品安全风险、国际需求下降风险。 （文章来源：每日经济新闻） ...