研报掘金丨国海证券：维持安琪酵母“买入”评级，海外业务实现全面增长

Core Viewpoint - Anqi Yeast achieved a net profit of 800 million yuan in H1 2025, representing a year-on-year increase of 15.7% [1] Financial Performance - In Q2 2025, the company reported a net profit of 430 million yuan, up 15.4% year-on-year [1] - Revenue from yeast products grew by 12.4% year-on-year, surpassing the overall revenue growth rate [1] Revenue Breakdown - In Q2 2025, revenue by product category was as follows: yeast (2.98 billion yuan, +11.7%), deep processing (230 million yuan, +20.1%), sugar (100 million yuan, +3.6%), and packaging/other (780 million yuan, +9.3%) [1] Regional Performance - In Q2 2025, domestic revenue was 2.31 billion yuan (+4.3% year-on-year) while international revenue reached 1.78 billion yuan (+22.3% year-on-year), indicating robust domestic growth and comprehensive overseas expansion [1] Operational Improvements - The company significantly improved its cash flow, achieving an operating net cash flow of 262 million yuan in H1 2025, a substantial year-on-year increase [1] Future Outlook - Due to the rapid growth in non-recurring profits in the first half of the year, the firm has raised its profit forecast and maintained a "buy" rating [1]