Core Insights - Anqi Yeast, the world's second-largest yeast company, reported a revenue of approximately 7.899 billion yuan for the first half of 2025, representing a year-on-year growth of 10.1%, and a net profit of about 799 million yuan, up 15.66% year-on-year [1][2] - The company's stock surged by 6.79% on August 15, closing at 38.04 yuan per share, with a total market capitalization of approximately 33.024 billion yuan [1] - The growth in performance is attributed to effective channel and customer development, the introduction of new products and businesses, rapid growth in international operations, and an increase in brand value [2] Financial Performance - For the first half of 2025, Anqi Yeast achieved a net cash flow from operating activities of approximately 262 million yuan, a significant increase of 394.68% year-on-year [1][2] - As of June 30, 2025, the company's net assets were approximately 11.244 billion yuan, a growth of 3.84% from the end of the previous year, while total assets reached about 22.457 billion yuan, up 3.33% [2] Market Position and Product Range - Anqi Yeast specializes in the production and sale of various yeast products, including bread yeast, Chinese noodle yeast, and bio-feed additives, with a total production capacity exceeding 450,000 tons [2] - The company holds a 55% market share in the domestic market and over 20% globally, making it the second-largest yeast producer worldwide [2][3] International Expansion - Anqi Yeast's international revenue for the first half of 2025 was approximately 3.462 billion yuan, indicating strong growth in overseas markets [4] - The company is focusing on expanding its presence in underdeveloped markets, where it has a low market share, presenting significant growth potential [5][6] - The gross margin for overseas business was reported at 29.69%, compared to 19.87% for domestic operations, highlighting the profitability of international markets [5] Strategic Initiatives - The company plans to optimize production and sales scheduling to ensure order fulfillment and enhance its overseas business through targeted marketing strategies [5] - Anqi Yeast is also pursuing a strategy of localizing its operations in foreign markets by building local sales teams and leveraging local resources [6]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's main business is steadily expanding, with continuous optimization in profitability [5][6] - Revenue for H1 2025 reached 7.899 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 799 million yuan, up 16% [4] - The company is experiencing a downtrend in costs, leading to improved profitability, with Q2 2025 gross margin increasing by 2 percentage points to 26.19% [5] - The company is actively promoting strategic new products, such as yeast protein, leveraging existing channel resources for market introduction [6] Financial Performance - In Q2 2025, revenue was 4.105 billion yuan, a year-on-year increase of 11%, with net profit attributable to shareholders at 429 million yuan, up 15% [4] - The company achieved a sales and management expense ratio increase of 0.1 percentage points and 0.2 percentage points, respectively, leading to a net profit margin increase of 1 percentage point to 10.82% [5] - The company’s fermentation output for H1 2025 was 228,000 tons, a year-on-year increase of 12% [6] Future Earnings Forecast - The company expects continuous improvement in performance, with projected EPS for 2025-2027 at 1.81, 2.06, and 2.31 yuan, respectively [7] - The current stock price corresponds to a PE ratio of 20, 17, and 15 times for the years 2025, 2026, and 2027, respectively [7] Market Expansion - The company is expanding its overseas market presence, with Q2 2025 domestic and international revenues of 2.305 billion yuan and 1.778 billion yuan, respectively, showing year-on-year growth of 4% and 22% [6] - The number of overseas distributors increased by 315 to 6,343 by the end of H1 2025, indicating strong growth in international markets [6]

业绩概要： 安琪酵母 公告2025年上半年实现营收79亿，同比增10%，录得归母净利润8亿，同比增15.7%，扣非后净利润7.4 亿，同比增24.5%；据此计算，第二季度实现营收41亿，同比增11.2%，录得归母净利润4.3亿，同比增 15.4%，扣非后净利润4.1亿，同比增34.4%。25Q2业绩超预期。 点评与建议： 收入符合预期，经营呈积极变化。上半年，公司加快薄弱市场渠道覆盖，推行差异化服务策略，渠道和客 户开发取得显著成效，同时，新产品、新业务积极推进，战略新品酵母蛋白推广顺利，多个新品市场开拓 进展顺利。以产品来看，H1酵母及深加工业务实现营收57.5亿，同比增12.4%，制糖业务实现营收3.8亿， 同比下降34.6%，包装类产品营收1.9亿，同比下降0.5%，食品原料实现收入8.9亿，其他产品实现收入6.5 亿；渠道上，上半年净新增经销商569个，其中境内254个，境外315个。单季度，2Q酵母类产品实现营收 29.8亿，同比增11.7%，制糖业务收入2.3亿，同比增20%，包装产品收入约1亿，同比增3.6%。 群益证券(香港)有限公司顾向君近期对安琪酵母（600298）进行研究并发布了研究报告 ...

Performance Summary - In H1 2025, the company achieved revenue of 7.9 billion yuan, a year-on-year increase of 10.1% [1] - The net profit attributable to shareholders was 799 million yuan, up 15.66% year-on-year [1] - The net profit excluding non-recurring items reached 742 million yuan, reflecting a 24.49% year-on-year growth [1] - In Q2 2025, revenue was 4.1 billion yuan, with a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders in Q2 was 429 million yuan, up 15.35% year-on-year [1] - The net profit excluding non-recurring items for Q2 was 405 million yuan, showing a significant year-on-year increase of 34.39% [1] Operational Analysis - Domestic demand is improving while overseas markets continue to grow significantly [2] - In Q2 2025, sales revenue from yeast and deep processing reached 2.98 billion yuan, a year-on-year increase of 11.7% [2] - The sales revenue for sugar, packaging, and other products in Q2 was 228 million, 99 million, and 776 million yuan respectively, with year-on-year increases of 20.1%, 3.6%, and 9.3% [2] - Domestic revenue in Q2 was 2.3 billion yuan, up 4.3% year-on-year, while international revenue was 11.78 billion yuan, reflecting a 22.3% year-on-year increase [2] Cost and Profitability Analysis - The gross margin in Q2 2025 was 26.2%, an increase of 2.3 percentage points year-on-year [3] - The improvement in gross margin is attributed to lower molasses costs and reduced raw material prices compared to Q1 [3] - The net profit margin attributable to shareholders in Q2 was 10.5%, up 0.38 percentage points year-on-year [3] - Government subsidies in H1 2025 amounted to 35 million yuan, a decrease of 62.4% year-on-year [3] Future Outlook - The company is optimistic about the recovery of domestic demand and the continuous expansion of overseas markets [4] - The main business of baking yeast is expected to continue its recovery, with derivative products driving structural upgrades [4] - The company anticipates further profit release in H2 2025 due to declining raw material costs [4] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.63 billion, 1.90 billion, and 2.17 billion yuan respectively, with year-on-year growth rates of 23%, 17%, and 14% [5] - Corresponding price-to-earnings ratios are projected to be 19x, 16x, and 14x for the respective years [5]

Core Insights - The company reported a revenue of 7.9 billion yuan for the first half of 2025, representing a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 800 million yuan, up 15.7% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.11 billion yuan, a year-on-year growth of 11.2%, and a net profit attributable to shareholders of 430 million yuan, increasing by 15.4% year-on-year [1] - The company experienced improvements in domestic revenue and continued growth in overseas markets [1] Revenue Breakdown - In Q2 2025, revenue from yeast and deep processing products reached 2.98 billion yuan, up 11.7% year-on-year; sugar products generated 230 million yuan, a 20.1% increase; packaging products brought in 100 million yuan, up 3.6%; food raw materials accounted for 454 million yuan, while other businesses contributed 322 million yuan, with food raw materials and other businesses combined growing by 9.3% year-on-year [1] - Regionally, domestic revenue in Q2 2025 was 2.31 billion yuan, a 4.3% increase year-on-year, while overseas revenue was 1.78 billion yuan, up 22.3% year-on-year [1] Profitability Improvement - The company achieved a gross margin of 26.2% in Q2 2025, an increase of 2.3 percentage points year-on-year, attributed to a decline in raw material costs and stable pricing [2] - The net profit margin attributable to shareholders and the net profit margin excluding non-recurring items increased by 0.4 percentage points and 1.7 percentage points to 10.5% and 9.9%, respectively [2] Future Outlook - The company is expected to maintain high growth in overseas business in the second half of 2025, with favorable raw material costs likely to continue benefiting the financial statements [2] - Revenue projections for 2025-2027 are 16.89 billion yuan, 18.67 billion yuan, and 20.54 billion yuan, representing year-on-year growth of 11.2%, 10.5%, and 10.0%, respectively; net profit projections are 1.57 billion yuan, 1.78 billion yuan, and 1.94 billion yuan, with year-on-year growth of 18.8%, 13.3%, and 9.0% [2]

证券代码：600298 证券简称：安琪酵母 公告编号：2025-074 号 安琪酵母股份有限公司 的专项报告 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、募集资金基本情况 （一）募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准安琪酵母股份有限 公司非公开发行股票的批复》"证监许可[2022]653号"核准， 公司非公开发行股票数量为36,651,936股，每股面值人民币 人民币1,409,999,977.92元，扣除各项发行费用10,230,727.81 元（不含增值税）后，实际募集资金净额为人民币 经大信会计师事务所（特殊普通合伙）审验并于2022年6月 集资金总额1,409,999,977.92元，募集资金扣除保荐、承销等 费用后的1,402,676,438.04元已于2022年6月7日存入公司募集 资金监管账户。截至2022年6月7日止，募集资金在各银行账户 的存储情况如下： 开户银行 账户 币种 截止日余额（元） 广发银行股份有限公司 宜昌分行营业部 招商银行股份有限公司 宜昌分行营业部 中国建 ...

安琪酵母股份有限公司总经理工作细则 （2025 年 8 月修订稿） 第一章 总则 第一条 为了进一步完善安琪酵母股份有限公司(以下简称 公司或本公司)法人治理结构,规范经理层等高级管理人员的经 营管理行为,促进公司持续健康发展，保障公司、股东、债权人 及其他利益相关方的合法权益，根据《中华人民共和国公司法》 《上市公司治理准则》等法律、行政法规、规范性文件和《安琪 酵母股份有限公司章程》 （以下简称《公司章程》 ）的有关规定， 制定本细则。 第二条 本细则所称高级管理人员包括：总经理、副总经理、 董事会秘书、财务负责人以及《公司章程》规定的其他高级管理 人员。 第三条 公司总经理由董事会聘任或解聘，向董事会负责， 主持公司日常生产经营和管理工作，负责贯彻落实股东会、董事 会决议。 第四条 总经理等高级管理人员应当严格按照法律、行政法 规、规范性文件和《公司章程》的规定，忠实、诚信、勤勉地履 行职责，切实维护公司利益。 第二章 高级管理人员的任职资格与任免程序 第五条 公司总经理、董事会秘书由董事长提名，董事会聘 任或解聘；公司副总经理、财务负责人由总经理提名，董事会聘 — 1 — 任或解聘。 副总经理在总经理 ...

智通财经APP讯，安琪酵母(600298.SH)披露2025年半年度报告，报告期公司实现营收78.99亿元，同比 增长10.10%;归属于上市公司股东的净利润7.99亿元，同比增长15.66%;扣非净利润7.42亿元，同比增长 24.49%;基本每股收益0.94元。 经营活动产生的现金流量净额变动原因说明：较上年同期增加394.68%，主要原因是销售商品收到的回 款增加。 ...

Core Insights - Anqihome Yeast (600298.SH) reported a revenue of 7.899 billion yuan for the first half of 2025, representing a year-on-year growth of 10.10% [1] - The net profit attributable to shareholders reached 799 million yuan, marking a year-on-year increase of 15.66% [1] - The net profit after deducting non-recurring items was 742 million yuan, showing a year-on-year growth of 24.49% [1] - Basic earnings per share stood at 0.94 yuan [1] Financial Performance - Revenue: 7.899 billion yuan, up 10.10% year-on-year [1] - Net Profit: 799 million yuan, up 15.66% year-on-year [1] - Net Profit (excluding non-recurring items): 742 million yuan, up 24.49% year-on-year [1] - Basic Earnings per Share: 0.94 yuan [1] Cash Flow - The net cash flow from operating activities increased by 394.68% compared to the same period last year, primarily due to an increase in cash received from sales [1]

格隆汇8月14日丨安琪酵母(600298.SH)公布半年度报告，2025年上半年，公司实现营业收入78.99亿元，同比增长10.10%；归属于上市公司股东的净利润7.99亿元，同比增长15.66%。提 ...