公司报告 | 半年报点评 安琪酵母（600298） 证券研究报告 收入增速环比提速，利润持续兑现 事件：2025H1 公司收入/归母净利润分别为 78.99/7.99 亿元（同比 +10.10%/+15.66%）；25Q2 公司收入/归母净利润分别为 41.05/4.29 亿元 （同比+11.19%/+15.35%）。 酵母主业保持较高增速，制糖业务有所增长。25Q2 公司酵母及深加工/制 糖/包装类产品/其他收入 29.81/2.28/0.99/3.22 亿元（同比+12%/+20%/+4% /-55%），食品原料收入 4.54 亿元，环比增长。上半年实现发酵产量 22.8 万吨，同比增长 11.8%。酵母主业继续保持较高增速，并贡献主要增量； 制糖业务有所增长，25 年 7 月公司公告拟以 5.06 亿元收购晟通糖业 55% 股权，晟通糖业业务以甜菜制糖业为核心，并承诺 25-27 年净利润达到 2 896/7586/9889 万元。 国外业务维持高增速，线上收入有所下降。25Q2 公司国内/国外收入分别 为 23.05/17.78 亿元（同比+4%/+22%），国内业务维持稳健增长，海外业务 维持高增速 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 7.899 billion yuan for H1 2025, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 799 million yuan, up 15.66% year-on-year, while the net profit excluding non-recurring items was 742 million yuan, reflecting a 24.49% increase [2][4] - In Q2 2025, the total revenue reached 4.105 billion yuan, with a year-on-year growth of 11.19%. The net profit attributable to shareholders was 429 million yuan, an increase of 15.35%, and the net profit excluding non-recurring items was 405 million yuan, up 34.39% [2][4] - The company experienced a significant increase in gross profit margin, which rose by 1.8 percentage points to 26.09% in H1 2025, attributed to the decline in core raw material prices [10] - The company is expected to see a gradual increase in profit elasticity due to cost benefits from falling sugar molasses prices, with projections for net profit attributable to shareholders of 1.633 billion yuan, 1.897 billion yuan, and 2.143 billion yuan for 2025, 2026, and 2027 respectively [10] Summary by Sections Financial Performance - For H1 2025, the company achieved total revenue of 78.99 billion yuan, a 10.1% increase year-on-year, and a net profit of 7.99 billion yuan, up 15.66% [2][4] - The Q2 2025 results showed total revenue of 41.05 billion yuan, a year-on-year increase of 11.19%, with net profit reaching 4.29 billion yuan, a 15.35% increase [2][4] Regional and Business Performance - Domestic revenue for H1 2025 was 44.04 billion yuan, a 2.07% increase year-on-year, while international revenue was 34.62 billion yuan, reflecting a 22.6% increase [10] - The revenue from yeast and deep processing products was 57.54 billion yuan, up 12.38% year-on-year, while sugar products revenue decreased by 34.64% [10] Profitability and Future Outlook - The company’s net profit margin improved by 0.49 percentage points to 10.12% in H1 2025, with expectations for continued profitability improvement driven by cost reductions [10] - The company is planning to expand its yeast protein production capacity, which is expected to generate effective orders starting in 2026 [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 7.899 billion yuan in H1 2025, representing a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 799 million yuan, up 15.66% year-on-year [1] - In Q2 2025, the company reported a revenue of 4.105 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 429 million yuan, up 15.35% year-on-year [1] - The company is experiencing recovery in domestic business and continued high growth in overseas markets, with Q2 revenue from domestic and international markets at 2.305 billion yuan and 1.778 billion yuan, respectively, showing year-on-year growth of 4.3% and 22.3% [3] Financial Performance Summary - The company maintained a gross margin of 26.19% in Q2, an increase of 2.27 percentage points year-on-year, driven by an increase in overseas business proportion and a decrease in molasses prices [3] - The company’s Q2 non-recurring net profit reached 405 million yuan, a year-on-year increase of 34.39% [1][3] - The company’s revenue is projected to grow from 13.585 billion yuan in 2023 to 20.694 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.4% [4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.83 yuan, 2.12 yuan, and 2.46 yuan, respectively, corresponding to price-to-earnings (P/E) ratios of 21X, 18X, and 15X [3][4]

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]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3]. Core Views - The company reported a strong performance in Q2 2025, with revenue and net profit attributable to shareholders increasing by 11.19% and 15.35% year-on-year, respectively. The domestic sales improved sequentially, while overseas markets continued to show strong growth [1][6]. - The company is expected to see continued improvement in profitability in H2 2025, driven by domestic sales recovery and ongoing expansion in overseas markets, particularly in the Middle East and Southeast Asia [1][6]. - The projected net profit for 2025-2027 is estimated at 1.65 billion, 1.85 billion, and 2.05 billion yuan, with corresponding EPS of 1.90, 2.13, and 2.36 yuan, respectively [1][6]. Financial Performance - For H1 2025, the company achieved a total revenue of 7.899 billion yuan, a year-on-year increase of 10.1%, and a net profit of 799 million yuan, up 15.66% year-on-year. The Q2 figures were 4.105 billion yuan in revenue and 429 million yuan in net profit, reflecting a strong performance [1][6][8]. - The gross margin improved to 26.19% in Q2 2025, an increase of 2.27 percentage points year-on-year, primarily due to lower raw material costs [1][6]. - The company’s total revenue for 2023 is projected at 13.581 billion yuan, with a growth rate of 6%, and is expected to reach 19.999 billion yuan by 2027, with a growth rate of 9% [2][14][15]. Market Expansion - The company is actively expanding its overseas market presence, with a new subsidiary established in Indonesia to enhance its market share [1][6]. - The overseas revenue for H1 2025 was 3.462 billion yuan, representing a year-on-year growth of 22.59%, indicating strong demand in international markets [1][6]. Cost Management - The company has effectively managed costs, leading to a stable expense ratio and improved net profit margin, which reached 10.5% in Q2 2025, an increase of 0.38 percentage points year-on-year [1][6].

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：2025-077 号 安琪酵母股份有限公司 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》安琪酵母股份有限公司现将 2025 年半年度与行业 相关的定期经营数据披露如下： 一、主营业务相关经营情况 （一）产品类别 （三）地区分布 单位：万元 币种：人民币 2025 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。 单位：万元 币种：人民币 | 产品类别 | 2025 年 1-6 月主营收入 | | --- | --- | | 酵母及深加工产品 | 575,351.60 | | 制糖产品 | 38,417.11 | | 包装类产品 | 19,407.34 | | 食品原料 | 88,806.18 | | 其他 | 64,652.34 | | 总计 | 786,634.57 | （二）销售渠道 单位：万元 币种：人民币 渠道 2025 年 1-6 月主营收入 线下销售 574,010.16 线上销售 212,624.4 ...

Core Insights - The company reported Q1 2025 results with revenue of 3.79 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 370 million yuan, up 16.0% year-on-year [1] Revenue Breakdown - In Q1 2025, overseas revenue continued to grow, with a quarter-on-quarter increase compared to Q4 2024 - By product: - Yeast and deep processing products generated revenue of 2.77 billion yuan, up 13.2% year-on-year - Sugar products generated revenue of 160 million yuan, down 60.7% year-on-year - Packaging products generated revenue of 100 million yuan, down 4.4% year-on-year - Food ingredients and other products generated revenue of 760 million yuan, up 44.1% year-on-year [2] - By region: - Domestic revenue was 2.10 billion yuan, down 0.3% year-on-year - Overseas revenue was 1.68 billion yuan, up 22.9% year-on-year, continuing the growth trend with improved quarter-on-quarter growth compared to Q4 2024 [2] Profitability and Cost Management - The company achieved a gross margin of 26.0%, an increase of 1.3 percentage points year-on-year, primarily due to a decrease in molasses costs - The selling, administrative, research and development, and financial expense ratios changed year-on-year as follows: - Selling expenses: +0.7 percentage points - Administrative expenses: -0.2 percentage points - Research and development expenses: -0.5 percentage points - Financial expenses: -0.5 percentage points, mainly due to increased foreign exchange gains - Asset impairment losses decreased by 0.5 percentage points year-on-year, mainly due to increased inventory write-downs - The net profit margin attributable to shareholders and the net profit margin excluding non-recurring items increased by 0.6 and 0.4 percentage points to 9.8% and 8.9%, respectively [2] Future Outlook - For 2025, the company expects overseas business growth to exceed 20%, continuing the previous growth trend - The overseas market still has significant growth potential, and with the expansion of overseas subsidiaries' production capacity, the company anticipates sustained growth - On the cost side, favorable raw material costs are expected to continue reflecting positively in the financial statements - Projected revenues for 2025-2027 are 16.89 billion, 18.67 billion, and 20.54 billion yuan, with year-on-year growth rates of 11.2%, 10.5%, and 10.0%, respectively - Projected net profits attributable to shareholders for 2025-2027 are 1.56 billion, 1.76 billion, and 1.91 billion yuan, with year-on-year growth rates of 17.7%, 13.1%, and 8.2%, respectively [3]

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 2025 年第一季度与行业相关的定期经营数据披露如下： 一、主营业务相关经营情况 （一）产品类别 证券代码：600298 证券简称：安琪酵母 公告编号：2025-044 号 安琪酵母股份有限公司 2025 年第一季度与行业相关的定期经营数据公告 单位：万元 币种：人民币 渠道 2025 年 1-3 月主营收入 线下销售 270,697.34 线上销售 107,603.45 总计 378,300.79 （三）地区分布 单位：万元 币种：人民币 | 区域 | 2025 年 1-3 月主营收入 | | --- | --- | | 国内 | 209,852.12 | | 国外 | 168,448.67 | | 总计 | 378,300.79 | 二、经销商情况 单位：个 | 区域 | 期末经销商数量 | 较期初增加数量 | 较期初减少数量 | | --- | --- | --- | ...