Core Viewpoint - Anqi Yeast reported a revenue increase of 8.01% year-on-year for the first three quarters of 2025, with total revenue reaching 11.786 billion yuan and a net profit of 1.116 billion yuan, reflecting a 17.13% increase [1] Revenue Summary - The company's overseas revenue maintained high growth, while domestic yeast and derivative products faced some pressure. Domestic revenue for the first three quarters of 2025 was 6.593 billion yuan, up 0.15% year-on-year, but down 3.49% in Q3 2025. In contrast, overseas revenue reached 5.15 billion yuan, up 20.96% year-on-year, with a 17.72% increase in Q3 2025 [2] - Excluding the sugar business, domestic revenue for the first three quarters of 2025 increased by 4.68%, with Q3 showing a decline of 1.35%. The yeast and deep processing products generated 8.398 billion yuan, up 8.91% year-on-year, while sugar products fell by 28.57% to 640 million yuan, and packaging products decreased by 12.65% to 268 million yuan. Food ingredients and others saw a significant increase of 26.51% to 2.437 billion yuan [2] Profit Summary - The cost advantage of molasses gradually manifested, but rising expenses impacted profit release. In Q3 2025, the net profit margin increased by 1.15 percentage points to 8.16%, and the gross profit margin rose by 3.08 percentage points to 24.43%. However, the sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio all increased, which negatively affected profit margins [3] - The significant improvement in gross profit margin is attributed to the full utilization of molasses in the 2024/2025 sugar season, leading to cost benefits. The company is expected to see continued improvement in long-term profitability, with projected net profits of 1.563 billion yuan, 1.882 billion yuan, and 2.208 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 22, 18, and 15 times [3]

Core Insights - The company reported a revenue of 11.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8% [1] - The net profit attributable to shareholders reached 1.12 billion yuan, up 17.1% year-on-year, while the net profit excluding non-recurring items was 970 million yuan, an increase of 15% [1] - In Q3 2025, the company achieved a revenue of 3.89 billion yuan, a 4% increase year-on-year, with a net profit of 320 million yuan, up 21% year-on-year [1] Revenue Breakdown - For the first three quarters of 2025, revenue from yeast and deep processing products was 8.4 billion yuan (+8.9%), sugar products 640 million yuan (-28.6%), and packaging products 270 million yuan (-12.7%) [1] - In Q3 2025, the revenue from these categories was 2.65 billion yuan (+2%), 260 million yuan (-17%), and 70 million yuan (-34%) respectively [1] - Domestic revenue in Q3 2025 was 2.19 billion yuan (-3.5%), while international revenue was 1.69 billion yuan (+17.7%) [1] Profitability and Cost Structure - The gross margin for the first three quarters was 25.5%, an increase of 2.3 percentage points year-on-year, while Q3 gross margin was 24.4%, up 3.1 percentage points [2] - The improvement in gross margin was attributed to a decline in molasses costs, reduced shipping costs, and continuous product structure improvement [2] - The net profit margin for Q3 2025 was 8.2%, an increase of 1.3 percentage points year-on-year [2] Market Outlook - The company is the largest YE supplier and the second-largest yeast supplier globally, with a total yeast production capacity exceeding 450,000 tons [2] - Domestic molasses prices are expected to decline, and expansion in Egypt and Russia will enhance overseas cost advantages [2] - The outlook for revenue growth remains positive due to improving domestic yeast market demand and successful overseas expansion [2] Earnings Forecast - EPS is projected to be 1.78 yuan, 2.10 yuan, and 2.43 yuan for 2025, 2026, and 2027 respectively, corresponding to dynamic PE ratios of 22x, 18x, and 16x [3] - The company maintains a "buy" rating based on these projections [3]

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside of 15% to 35% [10][15]. Core Insights - The company reported a revenue of RMB 11.79 billion for the first three quarters of 2025, representing an 8% year-on-year increase, with a net profit attributable to shareholders of RMB 1.12 billion, up 17.1% year-on-year [10]. - The third quarter saw a revenue of RMB 3.89 billion, a 4% year-on-year increase, and a net profit of RMB 320 million, which is a 21% increase year-on-year [10]. - The company has maintained a positive outlook for its overseas business while expecting some recovery in domestic demand [14]. Company Overview - The company operates in the food and beverage industry, with a market capitalization of RMB 31.997 billion as of November 5, 2025 [3]. - The major shareholder is Hubei Angel Yeast Group Co., Ltd., holding 38.10% of the shares [3]. Financial Performance - The company's product mix includes 71.52% from yeast and deep processing, 5.45% from sugar production, 2.28% from packaging products, 12.34% from food ingredients, and 8.41% from other products [5]. - For the first three quarters, the gross profit margin improved by 2.26 percentage points to 25.54% [14]. - The company expects net profits of RMB 1.64 billion, RMB 1.93 billion, and RMB 2.24 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23.6%, 18.1%, and 16% [14]. Market Position - The company's stock price as of November 5, 2025, was RMB 37.33, with a 12-month high of RMB 42.51 and a low of RMB 31.43 [3]. - Institutional investors hold 7.4% of the circulating A-shares, while general corporations hold 54.5% [6]. Future Outlook - The report anticipates continued growth in overseas markets and a gradual recovery in domestic demand, with the company exploring new business directions such as yeast protein and synthetic biology [14].

Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company has achieved a continuous high growth in performance, with a revenue of 11.786 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.01%. The net profit attributable to the parent company reached 1.116 billion yuan, up 17.13% year-on-year [1][3]. - In Q3 2025, the company reported a revenue of 3.887 billion yuan, a 4.00% increase year-on-year, while the net profit attributable to the parent company was 317 million yuan, reflecting a 21.00% year-on-year growth [1][3]. - The company is focusing on product innovation and international expansion to capture growth opportunities, particularly in the yeast and derived products segment [3]. Financial Performance Summary - For Q3 2025, the company's gross margin reached 24.43%, an increase of 3.08 percentage points year-on-year, attributed to an improved product mix and reduced costs [3]. - The company expects to achieve a minimum revenue growth target of 10% due to stock incentive plans, with projected EPS for 2025-2027 being 1.81, 2.10, and 2.43 yuan respectively, corresponding to P/E ratios of 23X, 19X, and 17X [3][4]. - The total revenue forecast for 2025 is 16.779 billion yuan, with a year-on-year growth rate of 10.4% [4].

Core Insights - The company reported a revenue of 11.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.0% [1] - The net profit attributable to shareholders reached 1.12 billion yuan, up 17.1% year-on-year, while the net profit excluding non-recurring items was 970 million yuan, reflecting a 15.0% increase [1] - In Q3 2025, the company achieved a revenue of 3.89 billion yuan, a 4.0% year-on-year growth, with a net profit of 320 million yuan, up 21.0% year-on-year [1] Revenue Breakdown - For Q3 2025, revenue from various product categories included: - Yeast and deep processing products: 2.64 billion yuan (+2.0% YoY) - Sugar products: 260 million yuan (-17.0% YoY) - Packaging products: 70 million yuan (-34.0% YoY) - Food raw materials and other products: 900 million yuan (+30.8% YoY) [1] - Revenue by region in Q3 2025 showed domestic revenue at 2.19 billion yuan (-3.5% YoY) and international revenue at 1.69 billion yuan (+17.7% YoY) [1] Financial Performance - The company's gross margin improved by 3.1 percentage points to 24.4% year-on-year in Q3 2025 [2] - Financial expenses increased significantly, with a financial expense rate up 1.4 percentage points to 2.2%, totaling 86 million yuan compared to 30 million yuan in Q3 2024 [2] - Other income increased due to government subsidies, contributing to a net profit margin of 8.2% in Q3 2025, up 1.1 percentage points year-on-year [2] Profit Forecast - The company is projected to achieve revenues of 16.67 billion yuan, 18.42 billion yuan, and 20.27 billion yuan for the years 2025 to 2027, with respective year-on-year growth rates of 9.7%, 10.5%, and 10.0% [3] - Expected net profits attributable to shareholders are forecasted at 1.55 billion yuan, 1.77 billion yuan, and 1.92 billion yuan for the same period, with year-on-year growth rates of 17.1%, 14.0%, and 8.3% [3]

证券代码：600298 证券简称：安琪酵母 公告编号：2025-088 号 安琪酵母股份有限公司 2025 年前三季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。 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 年前三季度与行业相关的定期经营数据（未经审计）披露如下： 一、主营业务相关经营情况 （一）产品类别 单位：万元 币种：人民币 | 产品类别 | 2025 年 1-9 月主营收入 | | --- | --- | | 酵母及深加工产品 | 839,817.61 | | 制糖产品 | 64,047.37 | | 包装类产品 | 26,755.57 | | 食品原料 | 144,887.69 | | 其他 | 98,812.45 | | 总计 | 1,174,320.69 | （二）销售渠道 | 渠道 | 2025 年 1-9 月主营收入 | | --- | --- | | 线下销售 | 843,009.67 | | 线上销售 ...

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]

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]

Main Business Performance - The total revenue for the first half of 2025 reached 786,634.57 million RMB, with the main contributors being yeast and deep processing products at 575,351.60 million RMB, sugar products at 38,417.11 million RMB, food ingredients at 88,806.18 million RMB, packaging products at 19,407.34 million RMB, and others at 64,652.34 million RMB [1] Sales Channels - Offline sales accounted for 574,010.16 million RMB, while online sales contributed 212,624.41 million RMB, indicating a significant portion of revenue generated through offline channels [1] Regional Distribution - Domestic revenue was 440,391.09 million RMB, while international revenue was 346,243.48 million RMB, showing a balanced distribution between domestic and foreign markets [1] Distributor Situation - The number of domestic distributors increased by 1,194 to a total of 18,246, while the number of international distributors rose by 316 to 6,343, indicating growth in the distribution network [1]

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 ...