Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 10.912 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 13.5%. The net profit attributable to shareholders was 0.953 billion RMB, up 4.2% year-on-year [1]. - The yeast and deep processing segment showed significant recovery, with Q3 revenue reaching 2.592 billion RMB, a year-on-year increase of 17.8%. Domestic and international sales also grew, with domestic sales increasing by 20.7% and international sales by 30.2% [1]. - Profit margins have declined to historical lows, with a Q3 gross margin of 21.35%, down 3.6 percentage points year-on-year, attributed to changes in product structure and increased shipping costs [1]. - The company is expected to see revenue growth in the double digits in 2025, driven by domestic recovery in baking and noodle products, as well as planned capacity expansion in overseas markets [1]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 3.738 billion RMB, a year-on-year increase of 27.1%, and a net profit of 0.262 billion RMB, up 7.0% year-on-year [1]. - The adjusted net profit for Q3 was 0.243 billion RMB, reflecting a year-on-year increase of 22.7% [1]. Operational Analysis - The yeast and deep processing segment's revenue for Q3 was 2.592 billion RMB, with domestic and international sales at 2.269 billion RMB and 1.433 billion RMB, respectively [1]. - The company is focusing on localizing sales personnel and building marketing networks in key overseas markets to sustain high growth [1]. Profitability Metrics - The Q3 net profit margin was 7.0%, down 1.3 percentage points year-on-year, with a notable decrease in government subsidies received [1]. - The report anticipates improvements in profitability due to expected declines in molasses costs and shipping fees in the new sugar season [1]. Earnings Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 1.36 billion RMB, 1.65 billion RMB, and 1.91 billion RMB, respectively, with corresponding year-on-year growth rates of 7%, 22%, and 16% [2].

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) and raises the target price to 44 CNY [1][3]. Core Views - The company reported a revenue of 10.912 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 13.04%. The net profit attributable to shareholders was 0.953 billion CNY, up 4.23% year-on-year [1]. - In Q3 alone, the revenue reached 3.738 billion CNY, a significant increase of 27.14% year-on-year, while the net profit attributable to shareholders was 0.262 billion CNY, up 7.02% year-on-year [1]. - The domestic business continues to improve, and overseas markets maintain high growth, with Q3 revenue growth accelerating. The company added 754 domestic and 175 overseas distributors in Q3 [1]. - The gross margin decreased to 21.35% in Q3, down 3.63 percentage points year-on-year, primarily due to an increase in low-margin business and rising shipping costs [1]. - The company is expected to enter a period of operational growth over the next 2-3 years, supported by overseas expansion and cost reductions [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue was 10.912 billion CNY, with a year-on-year growth of 13.04%. The net profit attributable to shareholders was 0.953 billion CNY, reflecting a 4.23% increase [1]. - Q3 revenue was 3.738 billion CNY, showing a year-on-year increase of 27.14%, while the net profit attributable to shareholders was 0.262 billion CNY, up 7.02% year-on-year [1]. - The company’s gross margin for Q3 was 21.35%, down 3.63 percentage points year-on-year, attributed to a higher proportion of low-margin businesses and increased shipping costs [1][2]. Market Expansion - The company continues to see improvements in its domestic business while maintaining high growth in overseas markets. In Q3, domestic revenue was 2.27 billion CNY, up 20.7% year-on-year, and overseas revenue was 1.43 billion CNY, up 30.2% year-on-year [1]. - The overseas revenue proportion increased by 1.78 percentage points to 38.72%, benefiting from the expansion of new customers in regions such as the Middle East, Africa, Europe, and Asia-Pacific [1]. Future Outlook - The company is expected to experience operational growth over the next 2-3 years, driven by overseas capacity expansion and cost reductions. The domestic sugar molasses market is anticipated to enter a production increase phase, with prices decreasing significantly [1]. - The company plans to establish a joint venture in Indonesia to enhance its presence in Southeast Asia and is set to issue bonds to support its overseas capacity expansion [1].

Financial Performance - The company's revenue for Q3 2024 reached CNY 3,737,624,177.49, representing a 27.14% increase compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 262,036,403.67, reflecting a 7.02% increase year-over-year[4]. - The basic earnings per share (EPS) for the quarter was CNY 0.30, up 7.14% from CNY 0.28 in the previous year[5]. - Total operating revenue for the first three quarters of 2024 reached RMB 10,912,241,955.49, an increase of 12.97% compared to RMB 9,653,844,277.91 in the same period of 2023[21]. - Operating profit for the first three quarters of 2024 was RMB 1,156,802,643.93, slightly up from RMB 1,119,678,609.86 in 2023[21]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was RMB 953,163,892.67, compared to RMB 914,504,782.73 in 2023, reflecting a growth of 4.22%[22]. - Net profit for the first three quarters of 2024 was CNY 681,857,855.01, representing a significant increase of 22.73% from CNY 555,360,076.86 in the previous year[30]. - The company's operating profit increased to CNY 700,315,111.24, up 16.67% from CNY 600,200,249.24 in the same period last year[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 20,912,297,879.99, an increase of 8.32% from the end of the previous year[5]. - The total assets of Angel Yeast Co., Ltd. increased to CNY 15.69 billion as of September 30, 2024, compared to CNY 13.46 billion at the end of 2023, representing a growth of approximately 16.5%[27]. - The company's total current assets reached CNY 10.71 billion, up from CNY 8.69 billion, indicating a growth of about 23.2%[27]. - Total liabilities reached approximately ¥9.98 billion, compared to ¥8.69 billion, indicating a growth of about 14.9%[19]. - The total liabilities of the company rose to CNY 7.76 billion, up from CNY 5.63 billion, which is an increase of about 37.9%[28]. Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,118,850,057.14, a decrease of 2.69% compared to the previous year[5]. - The company reported a net cash flow from operating activities of RMB 1,118,850,057.14 for the first three quarters of 2024, a decrease from RMB 1,149,804,853.20 in 2023[24]. - Cash flow from operating activities generated a net amount of CNY 881,838,050.73, down 27.5% from CNY 1,216,118,904.74 in the same period of 2023[32]. - The net cash flow from financing activities was CNY 535.73 million, slightly down from CNY 542.57 million in the previous period[25]. - Cash flow from financing activities resulted in a net outflow of CNY 718,798,882.06, an improvement from a net outflow of CNY 873,718,148.74 in the same period last year[33]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Yichang Angel Biotechnology Co., Ltd. for CNY 20.89 million, enhancing its market position[6]. - Long-term equity investments increased by 42.01% compared to the previous year, primarily due to additional investments in Hubei Weiqi Biotechnology Co., Ltd.[10]. - Cash paid for investments increased by 1033.33% year-on-year, mainly due to significant investments in Hubei Hongyu New Packaging Co., Ltd. and time deposits[11]. - The company reported an increase in investment income to CNY 546,474,139.13, up from CNY 350,831,050.45 in the previous year[30]. Expenses - Cash flow from investing activities showed a net inflow of CNY 205,270,470.32, compared to a net outflow of CNY 172,835,062.01 in the previous year[32]. - Research and development expenses for the first three quarters of 2024 amounted to RMB 435,573,259.77, slightly higher than RMB 427,376,426.87 in 2023[21]. - Sales expenses increased to RMB 580,502,191.53 in the first three quarters of 2024, compared to RMB 507,807,752.88 in the same period of 2023[21]. - The company recorded a financial expense of RMB 44,734,794.90 in the first three quarters of 2024, significantly up from RMB 7,344,286.31 in 2023[21]. - The interest expenses increased to CNY 100,030,850.41, compared to CNY 68,003,444.72 in the same period of 2023[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 83,826[14]. - The company's equity attributable to shareholders increased to approximately ¥10.43 billion from ¥10.09 billion, reflecting a growth of about 3.4%[19]. - The company's equity increased to CNY 7.93 billion from CNY 7.83 billion, showing a growth of approximately 1.1%[28].

安琪酵母股份有限公司 第九届监事会第三十五次会议决议公告 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。 证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-117 号 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2024年10月19日 以电话及邮件的方式发出召开第九届监事会第三十五次会议的 通知，会议于2024年10月29日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监事会议事 规则》等有关法律、法规的规定，会议决议有效。 二、监事会会议审议情况 （一）2024 年第三季度报告 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 2024 年第三季度报告》。 监事会核查意见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 第三十五次会议相关事项的 ...

安琪酵母股份有限公司监事会 关于公司第九届监事会第三十五次会议 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 九届监事会第三十五次会议审议的相关事项进行了核查,并 发表核查意见如下: 一、关于2024年第三季度报告的核查意见 我们认为本次同一控制下企业合并追溯调整财务数据, 符合企业会计准则等相关规定,追溯调整后的财务数据能够 (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三十五次会议相关事项的核查意见》的 签字页) 我们认为公司 2024年第三季度报告的编制与审议程序 符合法律、法规、《安琪酵母股份有限公司章程》和公司各 项管理制度的规定。报告的内容和格式符合中国证券监督管 理委员会和上海证券交易所的各项规定,所包含的信息能从 各个方面真实地反映出公司 2024年第三季度的经营管理和 ...

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-121 号 安琪酵母股份有限公司 2024 年前三季度与行业相关的定期经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十四号 —食品制造》的相关要求，安琪酵母股份有限公司现将 2024 年 前三季度与行业相关的定期经营数据（未经审计）披露如下： 一、主营业务相关经营情况 （一）产品类别 （二）销售渠道 单位：万元 币种：人民币 | 渠道 | 2024 年 1-9 月主营收入 | | --- | --- | | 线下销售 | 730,384.39 | | 线上销售 | 353,694.50 | | 总计 | 1,084,078.89 | 单位：万元 币种：人民币 产品类别 2024 年 1-9 月主营收入 酵母及深加工产品 771,144.52 制糖产品 89,664.85 包装类产品 30,631.45 其他 192,638.07 总计 1,084,078.89 (三) 地区分布 单位:万元 币种: ...

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-119 号 安琪酵母股份有限公司 关于变更回购股份用途并注销的公告 拟注销股份数量：8 股。 本次变更回购股份用途并注销事项尚需提交公司股东大 会审议通过后实施。 安琪酵母股份有限公司（以下简称公司）于2024年10月29 日召开第九届董事会第三十七次会议和第九届监事会第三十五 次会议审议通过了《关于变更回购股份用途并注销的议案》。公 司拟对已回购但尚未使用的8股股份变更用途并予以注销，具体 情况如下： 一、回购股份方案及实施情况 公司于 2023 年 11 月 20 日召开第九届董事会第二十三次会 议和第九届监事会第二十二次会议，并于 2023 年 12 月 6 日召开 2023 年第三次临时股东大会，审议通过了《关于回购公司股份 方案的议案》，同意公司以总额不低于人民币 3.8 亿元（含）且 不超过人民币 4.8 亿元（含）的自有资金以集中竞价交易方式回 购公司股份，回购价格不超过 45 元/股（含），用于实施员工持 股计划或股权激励计划。回购股份实施期限为股东大会审议通过 最终回购方案之日起 12 个月内。上述具体内容详见 2023 年 ...

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-118 号 一、本次追溯调整原因 2024 年 3 月 15 日，公司召开第九届董事会独立董事专门会 议第二次会议、第九届董事会审计委员会第十五次会议、第九届 董事会第二十七次会议、第九届监事会第二十六次会议审议通过 了《关于收购宜昌安琪生物农业科技有限公司股权的议案》，同 意公司以人民币 2,089 万元的价格收购控股股东湖北安琪生物 集团有限公司（以下简称安琪集团）所持的宜昌安琪生物农业科 技有限公司（以下简称生物农业公司）100%的股权。具体内容详 见上海证券交易所网站（www.sse.com.cn）上披露的"临 2024- 036 号"公告。 2024 年 3 月 27 日，上述收购事宜完成，生物农业公司完成 工商变更登记，成为公司全资子公司，纳入公司合并报表范围。 公司与生物农业公司合并前后均受安琪集团控制且该控制 并非暂时性的，因此公司对生物农业公司的合并为同一控制下企 业合并。根据《企业会计准则第 2 号——长期股权投资》《企业 会计准则第 20 号——企业合并》《企业会计准则第 33 号——合 并财务报表》及其相关指南、解释等 ...

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-116 号 安琪酵母股份有限公司 第九届董事会第三十七次会议决议公告 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 2024 年 10 月 29 日，公司召开第九届董事会审计委员会第 二十次会议对本议案进行审议（7 票同意，0 票反对，0 票弃权）， 重点审阅了财务信息，并取得了事前认可，同意提交公司董事会 审议。 安琪酵母股份有限公司（以下简称公司）于2024年10月19日 以电话及邮件的方式发出召开第九届董事会第三十七次会议的 通知。会议于2024年10月29日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》等有关法律、法规的规定，会议决议有效。 二、董事会会议审议情况 （一）2024 年第三季度报告 ...

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-120 号 安琪酵母股份有限公司 关于召开 2024 年第六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 2024 年第六次临时股东大会 (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 股东大会召开日期：2024年11月15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 至 2024 年 11 月 15 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。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 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 ...