公司报告 | 季报点评 安琪酵母（600298） 证券研究报告 海外延续高增，利润增长明显 事件：25Q1-3 公司营业收入/归母净利润为 117.86/11.16 亿元（同比 +8.01%/+17.13%）。25Q3 公司营业收入/归母净利润为 38.87/3.17 亿元（同 比+4.00%/+21.00%）。 酵母主业有所增长，其他业务下滑。25Q3 公司酵母及深加工/制糖/包装类 产品/其他收入 26.45/2.56/0.73/3.42 亿元（同比+2%/-17%/-34%/-50%），食 品原料收入 5.61 亿元。酵母主业增长放缓，制糖业务/包装业务均有下滑。 国内业务承压，国外延续较高增长。25Q3 公司国内/国外收入分别为 21.9 0/16.87 亿元（同比-3.49%/+17.72%），国内业务承压，海外业务维持较高 增速，并贡献主要增量。25Q3 线下/线上收入分别为 26.90/11.87 亿元（同 比+8.06%/-2.12%）。25Q3 末经销商同比增加 1274 家至 24954 家，其中国 内/国外分别同比增加 585/689 家至 18419/6535 家，平均经销商收入分别 ...

Market Overview - The seasoning and fermentation sector experienced a decline of 0.83% on November 14, with Zhu Laoliu leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Key stocks in the seasoning and fermentation sector showed varied performance, with the following notable changes: - Zhu Laoliu (code: 920726) saw a significant drop of 12.31%, closing at 22.72 [2] - Other notable declines included Tianwei Food (-3.47%), Anji Food (-2.55%), and Baoli Food (-1.96%) [2] - The trading volume and turnover for several stocks were substantial, with Hai Tian Wei Ye recording a turnover of 7.02 billion yuan [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 146 million yuan from institutional investors, while retail investors saw a net inflow of 195 million yuan [2] - The capital flow for individual stocks indicated that: - Anqi Yeast had a net inflow of 675,200 yuan from institutional investors [3] - Zhu Laoliu faced a net outflow of 3.19 million yuan from institutional investors [3] - Retail investors showed a strong interest in stocks like Qianhe Flavor Industry, which had a net inflow of 34.86 million yuan [3]

Group 1 - The food and beverage industry is entering its most important sales window, with capital expenditure growth of 15.15% year-on-year in November 2025, indicating proactive market positioning by listed companies [1] - The industry is experiencing a structural recovery, with significant online sales growth in the liquor sector during the National Day and Mid-Autumn Festival, including over 100% year-on-year growth on JD's platform and a 58% increase on Douyin [1] - Institutional research activity has surged, with 202 total investigations in the food and beverage sector over the past three months, particularly in the snack and seasoning segments [1] Group 2 - Individual companies such as Chongqing Fuling Zhacai, Angel Yeast, and Xiangpiaopiao have been the focus of institutional attention, each receiving multiple investigations in the last three months [2] - Li Gao Food's third-quarter earnings call attracted 88 institutions, showcasing a nearly 40% year-on-year growth in new channel revenue, indicating strong growth momentum [2] Group 3 - Companies are innovating in products, channels, branding, and supply chain capabilities to capitalize on the consumption peak, with examples including Jiu Gui Jiu's successful product launch and Jin Zai Food's channel innovation strategy [3] - Yanjinpuzi is leveraging local sports events to enhance brand visibility and sales, while ensuring stable production orders in preparation for the upcoming peak season [3] Group 4 - Absolute Food is optimizing its supply chain and market dispatch mechanisms to address regional demand fluctuations and market changes, ensuring stable product supply [4] - Research indicates that product innovation and new channel development are key growth strategies for consumer goods companies, with expectations of a fundamental turning point and policy catalysts for traditional consumer categories [4]

Market Overview - The seasoning and fermentation sector increased by 0.6% compared to the previous trading day, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Richen Co., Ltd. (603755) closed at 38.45, up 3.36% with a trading volume of 23,900 lots and a transaction value of 90.49 million yuan [1] - Zhu Laoliu (920726) closed at 25.91, up 3.14% with a trading volume of 151,000 lots and a transaction value of 382 million yuan [1] - Anji Food (603696) closed at 14.11, up 2.47% with a trading volume of 323,300 lots and a transaction value of 450 million yuan [1] - Other notable stocks include: - Anding Yeast (600298) at 41.22, up 1.80% [1] - Qianhe Flavor (603027) at 9.97, up 1.22% [1] - Zhongju Gaoxin (600872) at 18.68, up 1.08% [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 105 million yuan from institutional investors, while retail investors saw a net inflow of 183 million yuan [2] - The detailed capital flow for individual stocks shows: - Lianhua Holdings (600186) had a net inflow of 19.75 million yuan from institutional investors [3] - Anji Food (603696) saw a net outflow of 17.27 million yuan from institutional investors [3] - Qianhe Flavor (603027) had a net outflow of 27.65 million yuan from institutional investors but a net inflow of 21.48 million yuan from retail investors [3]

Core Insights - The seasoning and fermentation sector experienced a slight increase of 0.07% on November 12, with Tianwei Food leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - Tianwei Food (603317) closed at 13.45, up 4.18% with a trading volume of 144,100 shares and a transaction value of 1.93 billion [1] - ST Jiajia (002650) closed at 7.69, up 3.92% with a trading volume of 114,600 shares and a transaction value of 87.25 million [1] - An Ding Yeast (600298) closed at 40.49, up 2.07% with a trading volume of 96,300 shares and a transaction value of 389 million [1] - Other notable performances include Zhongjing Food (300908) at 31.08, up 1.30%, and Jialong Co. (002495) at 2.91, up 0.34% [1] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 171 million from institutional investors, while retail investors contributed a net inflow of 205 million [2][3] - The detailed capital flow indicates that ST Jiajia had a net inflow of 7.89 million from institutional investors, while Tianwei Food experienced a net outflow of 9.96 million [3] - Retail investors showed significant interest in several stocks, with notable inflows into Tianwei Food and Jialong Co. despite overall sector outflows [3]

Core Viewpoint - Anqi Yeast's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 14.00% and a recent 5-day increase of 8.41%, indicating potential investor interest and market volatility [1][2]. Company Overview - Anqi Yeast Co., Ltd. is located at 168 Chengdong Avenue, Yichang City, Hubei Province, established on March 25, 1998, and listed on August 18, 2000. The company primarily engages in the development, production, and operation of yeast, yeast derivatives, and related biological products [1]. - The main business revenue composition includes yeast and related industries at 90.62%, other at 7.89%, and packaging materials at 4.07% [1]. Financial Performance - For the period from January to September 2025, Anqi Yeast achieved an operating income of 11.786 billion yuan, representing a year-on-year growth of 8.01%. The net profit attributable to shareholders was 1.116 billion yuan, reflecting a year-on-year increase of 17.13% [2]. - Since its A-share listing, Anqi Yeast has distributed a total of 3.961 billion yuan in dividends, with 1.341 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Anqi Yeast had 60,500 shareholders, a decrease of 5.29% from the previous period. The average circulating shares per person increased by 5.59% to 14,161 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 19.6933 million shares, a decrease of 17.2149 million shares from the previous period. New shareholder entries include Huatai-PineBridge CSI Major Consumption ETF with 7.6885 million shares [3]. Market Activity - On November 12, Anqi Yeast's stock rose by 2.02%, reaching 40.47 yuan per share, with a trading volume of 177 million yuan and a turnover rate of 0.52%. The total market capitalization stood at 35.13 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 5, where it recorded a net buy of -136 million yuan [1].

Group 1 - The food and beverage sector continues to rise, with the Food ETF (515710) showing a maximum intraday increase of 1.28% and currently up 0.64% [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor brands such as Tianwei Food up over 3% and Yangyuan Beverage up over 2% [1] - Guizhou's government has introduced multiple consumption expansion measures related to liquor, aiming to boost production and consumption during peak holiday seasons [2][3] Group 2 - Analysts highlight that Guizhou's consumption expansion policy aims to deeply integrate liquor consumption with industrial upgrades and cultural promotion, rather than just short-term sales boosts [3] - The food and beverage sector is currently at a historical low valuation, with the Food ETF's underlying index PE ratio at 21.21 times, indicating a favorable long-term investment opportunity [3] - Future projections suggest that the liquor industry may see improvements in financial reports by 2026, with a gradual recovery in demand expected as policy impacts diminish [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end liquor stocks and nearly 40% in other beverage and food segments [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Core Insights - The Ministry of Industry and Information Technology (MIIT) of China has released two significant documents regarding the development of biological manufacturing, focusing on high-performance bioreactors and pilot-scale platforms, which aim to advance this emerging productive force in the industry [2][11]. Summary by Sections High-Performance Bioreactors - On November 4, MIIT published a notice listing the selected units for the innovation tasks related to high-performance bioreactors, with 9 key bioreactors and 23 leading universities, research institutes, and enterprises included in the list [2][4]. - Notable participants include companies and institutions such as Womei Biotech, the Chinese Academy of Sciences Tianjin Institute of Industrial Biotechnology, and East China University of Science and Technology [2][5]. Pilot-Scale Platforms - On November 10, MIIT announced the first batch of units selected for the biological manufacturing pilot-scale capability construction platform, comprising 43 units [2][8]. - Among these, 12 units received ratings of four stars or above, including Tianjin University Frontier Research Institute of Synthetic Biology and Beijing University of Chemical Technology Qinhuangdao Bohai Biological Industry Research Institute [3][9]. Key Participants - The list of selected units for high-performance bioreactors includes various leading organizations such as: - Womei Biotech - East China University of Science and Technology - Dibeier Biotechnology - Chutian Technology [5][6]. - The pilot-scale platform includes institutions like: - Beijing Zhaoyan Biotechnology Co., Ltd. - Tianjin University - Chinese Academy of Sciences Tianjin Institute of Industrial Biotechnology [9][10].

Market Overview - The seasoning and fermentation sector increased by 0.15% on November 11, with Zhu Laoliu leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Zhu Laoliu (code: 920726) saw a significant rise of 29.97%, closing at 26.15 with a trading volume of 159,300 shares and a turnover of 367 million yuan [1] - Other notable performers included: - Richen Co. (code: 603755) up 2.47%, closing at 38.18 with a turnover of 106 million yuan [1] - Anji Food (code: 603696) up 2.22%, closing at 14.26 with a turnover of 539 million yuan [1] - ST Jiajia (code: 002650) up 2.21%, closing at 7.40 with a turnover of approximately 7.93 million yuan [1] Capital Flow - The seasoning and fermentation sector experienced a net inflow of 19.65 million yuan from institutional investors, while retail investors saw a net inflow of 23.39 million yuan [2] - However, speculative funds recorded a net outflow of 43.04 million yuan [2] Individual Stock Capital Flow - Lianhua Holdings (code: 600186) had a net inflow of 52.83 million yuan from institutional investors, while it faced a net outflow of 21.91 million yuan from speculative funds [3] - Hengshun Vinegar (code: 600305) saw a net inflow of 9.28 million yuan from institutional investors, with a net outflow of 12.13 million yuan from speculative funds [3] - Tianwei Food (code: 603317) experienced a net outflow of 2.03 million yuan from institutional investors, but a net inflow of 12.81 million yuan from retail investors [3]

Core Viewpoint - Anqi Yeast reported a revenue increase of 8.01% year-on-year for the first three quarters of 2025, with total revenue reaching 11.786 billion yuan and a net profit of 1.116 billion yuan, reflecting a 17.13% increase [1] Revenue Summary - The company's overseas revenue maintained high growth, while domestic yeast and derivative products faced some pressure. Domestic revenue for the first three quarters of 2025 was 6.593 billion yuan, up 0.15% year-on-year, but down 3.49% in Q3 2025. In contrast, overseas revenue reached 5.15 billion yuan, up 20.96% year-on-year, with a 17.72% increase in Q3 2025 [2] - Excluding the sugar business, domestic revenue for the first three quarters of 2025 increased by 4.68%, with Q3 showing a decline of 1.35%. The yeast and deep processing products generated 8.398 billion yuan, up 8.91% year-on-year, while sugar products fell by 28.57% to 640 million yuan, and packaging products decreased by 12.65% to 268 million yuan. Food ingredients and others saw a significant increase of 26.51% to 2.437 billion yuan [2] Profit Summary - The cost advantage of molasses gradually manifested, but rising expenses impacted profit release. In Q3 2025, the net profit margin increased by 1.15 percentage points to 8.16%, and the gross profit margin rose by 3.08 percentage points to 24.43%. However, the sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio all increased, which negatively affected profit margins [3] - The significant improvement in gross profit margin is attributed to the full utilization of molasses in the 2024/2025 sugar season, leading to cost benefits. The company is expected to see continued improvement in long-term profitability, with projected net profits of 1.563 billion yuan, 1.882 billion yuan, and 2.208 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 22, 18, and 15 times [3]