安琪酵母：全年整体收入目标仍维持10%以上增速

Core Viewpoint - Anqiu Yeast reported an increase in financial expenses in Q3 due to the capitalization of certain projects and interest expenses related to project loans, alongside a revenue growth slowdown attributed to a reduction in non-core trading activities [1] Group 1: Financial Performance - The increase in financial expenses was primarily due to some projects being capitalized, leading to a portion of interest expenses being included in financial costs [1] - Q3 revenue growth did not meet budget targets, which also affected the expense ratio [1] Group 2: Revenue Outlook - Anqiu Yeast anticipates that Q4 will be the best performing quarter based on historical trends, maintaining an overall revenue growth target of over 10% for the year [1] Group 3: Market Strategy - The company indicated that the overall gross margin in overseas markets is higher than in the domestic market, with plans to focus capacity expansion overseas through factory construction, acquisitions, or partnerships [1] - Domestically, the strategy will involve expanding along the yeast industry chain, including stabilizing raw material supply and developing core products like YE and yeast protein [1] - The acquisition of Shengtong Sugar Industry in July provides access to abundant molasses resources, with potential for future factory construction and advantageous export positioning [1]