业绩简评 8 月 7 日公司发布半年报，24H1 实现营收 71.75 亿元，同比+6.86%； 实现归母净利润 6.91 亿元，同比+3.21%；扣非归母净利润 5.96 亿 元，同比-2.5%。其中，24Q2 实现营收 36.92 亿元，同比+11.31%； 实现归母净利润 3.72 亿元，同比+17.65%；扣非归母净利润 3.01 亿元，同比+7.32%，扣非略超预期。 经营分析 主业需求稳定，海外高增拉动。1）分业务看，24Q2 酵母及深加工 销售收入为 26.70 亿元，同比+12.24%,较 Q1 明显提速，预计主要 系烘焙面食、酵母及其衍生品改变价格策略后恢复稳健增长，保健 品降幅收窄。24Q2 制糖/包装/其他 产品销 售收 入 分 别 为 1.90/0.95/7.1 亿元，同比-40.07%/-17.05%/+46.42%，贸易糖等 类业务加速剥离，进一步聚焦主业。2）分区域看，24Q2 国内/国 外业务实现收入 20.31/14.54 亿元，同比-2.04%/+19.01%，海外 市场持续推进渠道下沉及二次开发，维持此前高增长态势。 成本下行叠加结构改善，低基数下毛利率改善。1）24Q2 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook for its performance relative to the market [7]. Core Insights - The company reported a revenue of 7.175 billion yuan for the first half of 2024, representing a year-on-year growth of 6.9%. The net profit attributable to shareholders was 691 million yuan, up 3.2% year-on-year, while the non-recurring net profit decreased by 2.5% [7]. - In Q2 2024, the company achieved a revenue of 3.69 billion yuan, a year-on-year increase of 11.3%, and a net profit of 370 million yuan, up 17.7% year-on-year, exceeding expectations [7]. - The report forecasts net profits for 2024-2026 to be 1.37 billion, 1.57 billion, and 1.86 billion yuan, respectively, with growth rates of 8%, 14.5%, and 18.4% [7]. - The company is expected to enhance its global position in the yeast industry through product expansion, overseas penetration, and capacity expansion [7]. Financial Summary - The total revenue for 2023 was 13.581 billion yuan, with projections of 15.621 billion for 2024, 17.506 billion for 2025, and 19.640 billion for 2026, reflecting a growth trajectory [9]. - The gross profit margin for Q2 2024 was reported at 23.9%, a slight increase of 0.3 percentage points year-on-year, supported by a decline in raw material costs [7]. - The company’s net profit margin for Q2 2024 was 10.1%, up 0.5 percentage points year-on-year, while the non-recurring net profit margin was 8.2%, down 0.3 percentage points [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 38.39 [6][5]. Core Views - The company's Q2 2024 performance exceeded expectations, with revenue and net profit showing significant year-on-year growth, driven by improved domestic demand and strong overseas market performance [2][3]. - The company is expected to benefit from the recovery in core business demand, accelerated penetration of derivative products, and ongoing growth in overseas markets, which will enhance its growth momentum [2][3]. - Cost pressures are anticipated to ease due to declining raw material prices, which will further strengthen the company's cost control capabilities [2][4]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 718 million, a year-on-year increase of 6.9%, and a net profit of RMB 69 million, up 3.2% [2]. - In Q2 2024, revenue reached RMB 370 million, with a year-on-year growth of 11.3%, and net profit increased by 17.3% [2]. - The company's gross margin improved in Q2 2024, rising by 0.3 percentage points to 23.9%, attributed to faster revenue growth from higher-margin products [4]. Product and Market Analysis - The company's revenue from yeast and deep-processed products, sugar, packaging, and other products for H1 2024 was RMB 5.12 billion, with notable growth in small packaging products and continued demand for yeast extract [3]. - Domestic revenue for H1 2024 was RMB 4.31 billion, a slight increase of 0.9%, while overseas revenue grew by 17.9% to RMB 2.82 billion [3]. - The company added 884 new distributors by the end of Q2 2024, including 321 overseas distributors, indicating strong market expansion efforts [3]. Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be RMB 1.60, RMB 1.80, and RMB 2.07 respectively, reflecting an upward revision from previous estimates [5][6]. - The expected revenue growth rates for the next few years are 10.22% for 2024, 11.09% for 2025, and 10.43% for 2026 [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company's revenue and profit showed improvement quarter-on-quarter, with the main business growth accelerating, particularly in international markets compared to domestic demand, which is still recovering gradually [3]. - The company reported a slight revenue beat, with H1 2024 revenue at 7.175 billion yuan, up 6.86% year-on-year, and net profit attributable to shareholders at 691 million yuan, up 3.21% year-on-year [4]. - The report highlights that the cost pressure from molasses is expected to continue to ease, which may stabilize profitability [3]. Financial Summary - H1 2024 revenue: 7.175 billion yuan, +6.86% YoY; net profit: 691 million yuan, +3.21% YoY; Q2 2024 revenue: 3.692 billion yuan, +11.30% YoY; net profit: 372 million yuan, +17.26% YoY [4]. - The company forecasts EPS for 2024-2026 to be 1.58, 1.79, and 2.13 yuan respectively, with a target price of 38.88 yuan [4][6]. - The gross margin for Q2 2024 improved by 0.3 percentage points to 23.9%, attributed to lower raw material costs and improved business structure [4]. Business Performance - Revenue from yeast and deep processing/sugar/packaging/other businesses in Q2 2024 grew by 12.2%, -40.1%, -17.1%, and +46.4% YoY respectively [4]. - Domestic and international revenues grew by 6.6% and 19.0% YoY respectively, with offline and online revenues increasing by 13.0% and 7.6% YoY [4]. - The report indicates that the domestic market for baking yeast still faces price competition, while international markets are expanding [4].

证券代码：600298 证券简称：安琪酵母 临 2024-091 号 安琪酵母股份有限公司 2024 年半年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 年半年度与行业相关的定期经营数据披露如下： 一、报告期主营业务相关经营情况 （一）产品类别 单位:个 | 区域 | 报告期末 经销商数量 | 报告期内 增加数量 | 报告期内 减少数量 | | --- | --- | --- | --- | | 国内 | 17,549 | 1,257 | 694 | | 国外 | 5.688 | 323 | 2 | | 总计 | 23,237 | 1.580 | 696 | 单位：万元 币种：人民币 | 渠道 | 本期营业收入 | | --- | --- | | 线下销售 | 481,445.27 | | 线上销售 | 232,432.59 | | 总计 | 713,877.86 | (三) 地 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[10]. - The company's operating revenue for the first half of the year reached ¥7,174,617,778, representing a year-on-year increase of 6.86%[16]. - The net profit attributable to shareholders of the listed company was ¥691,127,489, an increase of 3.21% compared to the same period last year[16]. - The net profit after deducting non-recurring gains and losses was ¥595,973,732, showing a decrease of 2.50% year-on-year[16]. - The basic earnings per share for the first half of the year was ¥0.80, up 2.56% from ¥0.78 in the same period last year[17]. - The company's net profit for the first half of 2024 reached ¥708,798,924.99, an increase from ¥698,630,427.19 in the same period of 2023, representing a growth of approximately 1.7%[114]. - The total profit for the first half of 2024 was ¥856,012,559.66, an increase from ¥811,536,468.95 in the first half of 2023, representing a growth of approximately 5.5%[114]. - The company reported a significant increase in sales from its major subsidiaries, with the highest operating income of RMB 61,839.09 million from a subsidiary in Dehong[44]. Market Expansion and Product Development - User data indicates a 20% increase in active customers, reaching 500,000 by the end of June 2024[10]. - The company plans to launch two new product lines in Q3 2024, targeting a 10% market share in the new segments[10]. - Market expansion efforts include entering three new provinces in China by the end of 2024[10]. - The company is focusing on technological innovation to remain competitive in the yeast industry, emphasizing research and development[46]. - The company launched several new products, including cold-resistant dry yeast and traditional liquor yeast, enhancing its product competitiveness[32]. Research and Development - The company is investing RMB 100 million in R&D for new technologies aimed at enhancing product quality and efficiency[10]. - The company has applied for 89 patents in the first half of 2024, including 48 invention patents, and has a total of over 1,444 patent applications, with 260 valid domestic invention patents[28]. - The company has completed 69 out of 124 national and provincial research projects, receiving 2 national and 36 provincial science and technology awards[27]. - Research and development expenses amounted to CNY 295,308,307.69 in the first half of 2024, up from CNY 284,025,990.83 in the same period of 2023, reflecting a growth of approximately 3.99%[113]. Financial Position and Assets - The total assets at the end of the reporting period were ¥20,479,367,261, reflecting a year-on-year increase of 6.08%[16]. - The net assets attributable to shareholders of the listed company increased to ¥10,178,897,173, a rise of 0.84% compared to the end of the previous year[16]. - The total assets as of the end of the reporting period were CNY 15,315,941,214.18, compared to CNY 13,457,934,624.29 at the end of the previous year, marking an increase of about 13.78%[112]. - Total liabilities increased to CNY 7,429,547,475.36 from CNY 5,626,565,847.59, representing a growth of approximately 32.03%[112]. Cash Flow and Financing - The net cash flow from operating activities was negative at -¥88,999,225, a significant decline of 128.95% compared to the previous year[16]. - The net cash flow from financing activities increased by 51.68%, amounting to ¥668,599,450.10, mainly due to increased cash received from borrowings[35]. - The company's cash flow from operating activities showed a net increase of 326,217,098.53 RMB, down from 860,290,049.28 RMB in the previous year, highlighting a decrease in operational efficiency[121]. - Cash inflow from financing activities totaled 4,923,809,731.86 RMB, up from 3,909,834,000.00 RMB, marking an increase of about 25.8%[119]. Environmental and Sustainability Initiatives - The management highlighted a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company has implemented a comprehensive monitoring system for wastewater and air emissions, ensuring real-time data reporting to regulatory authorities[63]. - The company reduced carbon emissions by 105.635 kilotons in the first half of 2024 through various measures, including the use of clean energy and carbon reduction technologies[68]. - The company has established a mechanism for environmental hazard inspections before major holidays and events, ensuring compliance with environmental standards[66]. Shareholder and Corporate Governance - The annual shareholder meeting was held on April 10, 2024, with 41 shareholders representing 359,034,828 shares, accounting for 41.85% of the total shares[49]. - No profit distribution or capital reserve transfer is planned for the first half of 2024, with no dividends or stock bonuses proposed[51]. - The company completed the repurchase and cancellation of 82,500 restricted shares on April 22, 2024[52]. - The company has committed to not transferring or entrusting any shares held prior to the IPO for 36 months from the date of issuance[74]. Risk Management - The company faces market competition risks due to increasing concentration in the yeast industry, necessitating adjustments in sales strategies[45]. - The company is exposed to foreign exchange risks, particularly in export activities, and is enhancing its research on international trade and exchange rate policies[45]. - The company plans to optimize its raw material procurement strategies to mitigate risks associated with price fluctuations, particularly for molasses[46]. Compliance and Regulatory Matters - The company has not faced any administrative penalties related to environmental issues during the reporting period[64]. - The company has established criteria for determining when construction in progress can be transferred to fixed assets, focusing on readiness for use[164]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete view of its financial status as of June 30, 2024[137].

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-086 号 安琪酵母股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 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 | 待 2023 年第三次临时股东大会审议通过后 12 个月 | | | 预计回购金额 | 38,000 万元 | 万元~48,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 10,944,008 | 股 | | 累计已回购股数占总股本比例 | 1.2599% | | | 累计已回购金额 | 38,002.43 | 万元 | | 实际回购价格区间 | 31.50 元/股 | 元/股~36.54 | 一、回购股份的基本情况 公司于 2023 年 11 月 20 ...

证券代码：600298 证券简称：安琪酵母 临 2024-084 号 安琪酵母股份有限公司 第九届监事会第三十一次会议决议公告 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。 （二）关于与广西双柳美琪生物科技有限公司设立合资 公司的议案 公司拟出资 3,500 万元（股权占比 35%）与广西双柳美 琪生物科技有限公司设立合资公司湖北博田生态农业有限 公司（最终以工商登记为准），注册资本 10,000 万元，预计 下半年完成注册，具体时间以实际进度为准。 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7月19 日以电话及邮件的方式发出召开第九届监事会第三十一次 会议的通知，会议于2024年7月22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）关于对参股公司提供担保暨关联交 ...

重要内容提示： ●被担保对象：湖北微琪生物科技有限公司（简称微 琪公司），过去 12 个月内，安琪酵母股份有限公司（简称 公司）总工程师覃先武担任微琪公司董事，是公司关联方。 本次担保金额及已实际为其提供的担保余额：公司拟 按持股比例为微琪公司提供额度为人民币 0.6 亿元的担保。 截止本公告日，除本次拟担保事项外，已实际为其提供的 担保余额为人民币 0 元。 ●至本次关联交易为止，过去 12 个月内，除已履行相 关程序的日常关联交易外，公司及控股子公司与关联方微 琪公司未发生跟本次相同交易类别的关联交易。 本次担保是否有反担保：否 证券代码：600298 证券简称：安琪酵母 临 2024-085 号 安琪酵母股份有限公司 关于对参股公司提供担保暨关联交易的公告 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 性和完整性承担法律责任。 对外担保逾期的累计数量：否 ●本次担保暨关联交易未构成重大资产重组。 ●本次担保暨关联交易事项尚需提交公司股东大会审 议。 一、担保情况暨关联交易概述 （一）主要内容 2022 年 7 月 13 日，公司召开第九届董事 ...

安琪酵母股份有限公司 第九届董事会第三十二次会议决议公告 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 安琪酵母股份有限公司（以下简称公司）于2024年7月 19日以电话及邮件的方式发出召开第九届董事会第三十二 次会议的通知。会议于2024年7月22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。 本次会议审议了相关议案并进行了逐项表决，其中议 案一表决时关联董事熊涛、肖明华、周琳、郑念、王悉山 回避表决。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》的有关规定。 证券代码：600298 证券简称：安琪酵母 临 2024-083 号 二、董事会会议审议情况 内容详见上海证券交易所网站（www.sse.com.cn）上 披露的"临 2024-085 号"。 表决结果：6 票同意，0 票反对，0 票弃权，5 票回避。 本 ...