研报掘金丨华福证券：维持安琪酵母“买入”评级，利润弹性进一步释放

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]