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 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating a positive outlook for both domestic and international markets [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.9 billion yuan, a year-on-year increase of 10.1% [1] - The net profit attributable to shareholders reached 800 million yuan, up 15.7% year-on-year [1] - The net profit after deducting non-recurring items was 740 million yuan, reflecting a 24.5% year-on-year growth [1] - In Q2 2025, the company generated operating revenue of 2.98 billion yuan from yeast and deep processing products, representing an 11.7% increase [1] - The gross profit margin for H1 2025 was 26.1%, an increase of 1.8 percentage points year-on-year, with Q2 2025 gross profit margin at 26.2%, up 2.3 percentage points year-on-year [1] Market Dynamics - Domestic demand is expected to continue improving, while the overseas market is showing strong expansion [1] - The company is the largest YE supplier globally and the second-largest yeast supplier, with total yeast production capacity exceeding 450,000 tons and production bases in 16 cities worldwide [1] Profit Forecast and Investment Recommendation - The company forecasts EPS of 1.78 yuan, 2.07 yuan, and 2.39 yuan for 2025, 2026, and 2027 respectively, corresponding to dynamic PE ratios of 21x, 18x, and 16x [1] - The investment recommendation is to maintain a "buy" rating [1]

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]

Core Viewpoint - Anqi Yeast (600298) has shown strong revenue growth in Q2 2025, with a buy rating maintained by Zhongyou Securities, highlighting robust performance in overseas markets and a recovery in profit margins [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.899 billion yuan, net profit attributable to shareholders of 799 million yuan, and net profit excluding non-recurring items of 742 million yuan, representing year-on-year growth of 10.1%, 15.66%, and 24.49% respectively [2]. - For Q2 2025, the company reported operating revenue of 4.105 billion yuan, net profit attributable to shareholders of 429 million yuan, and net profit excluding non-recurring items of 405 million yuan, with year-on-year increases of 11.19%, 15.35%, and 34.39% respectively [2]. Business Segmentation - The core yeast business maintained double-digit growth, with revenue from yeast and deep processing reaching 5.754 billion yuan, a year-on-year increase of 12.38%. The low-margin sugar business was further divested, impacting overall revenue [3]. - Revenue from offline and online channels in the first half of 2025 was 5.740 billion yuan and 2.126 billion yuan, showing year-on-year growth of 19.23% and a decline of 8.52% respectively [3]. - Domestic and international revenue for the first half of 2025 was 4.404 billion yuan and 3.462 billion yuan, with year-on-year growth of 2.07% and 22.6% respectively, indicating strong overseas market performance [3]. Cost and Profitability - The gross margin for Q2 2025 recovered to 26.19%, with a net profit margin of 10.46%, reflecting a year-on-year increase of 2.27 and 0.38 percentage points respectively [4]. - The company’s gross margin and net profit margin for the first half of 2025 were 26.09% and 10.12%, showing year-on-year increases of 1.8 and 0.49 percentage points [4]. Earnings Forecast - The company maintains its revenue forecasts for 2025-2027 at 17.049 billion yuan, 18.882 billion yuan, and 20.668 billion yuan, representing year-on-year growth of 12.19%, 10.75%, and 9.46% respectively [5]. - The net profit forecasts for the same period are set at 1.651 billion yuan, 1.917 billion yuan, and 2.201 billion yuan, with year-on-year growth of 24.62%, 16.14%, and 14.80% respectively [5].

Core Viewpoint - Anqi Yeast (600298) has shown strong overseas growth and better-than-expected profit recovery, leading to an upgraded target price of 46.0 CNY and a "buy" rating from Pacific Securities [1] Financial Performance - In H1 2025, Anqi Yeast achieved total revenue of 7.899 billion CNY, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 799 million CNY, up 15.66% [2] - Q2 2025 revenue reached 4.105 billion CNY, reflecting an 11.19% year-on-year growth, with a net profit of 429 million CNY, up 15.35% [2] - The gross profit margin for H1 2025 was 26.09%, improving by 1.81 percentage points year-on-year, while Q2 gross profit margin was 26.19%, up 2.27 percentage points [3] Cost and Profitability - The decline in raw material costs, particularly for molasses, has contributed to the improvement in gross margins, with a projected 15% decrease in molasses costs for the 2024/2025 season [3] - The net profit margin for Q2 2025 increased by 0.56 percentage points to 10.82%, with a non-GAAP net profit margin of 9.86%, up 1.70 percentage points year-on-year [3] Market Outlook - Domestic demand is expected to continue recovering, while overseas markets, particularly in the Middle East, Africa, and Asia-Pacific, are projected to maintain high growth [4] - The company aims for a revenue growth target of 10% for 2025, supported by new production facilities in Egypt and Russia [4] - The overall profitability is anticipated to improve significantly this year, with a focus on the recovery of yeast demand and declining shipping costs [4] Earnings Forecast - Revenue projections for 2025-2027 are 16.87 billion CNY, 18.77 billion CNY, and 20.85 billion CNY, respectively, with corresponding net profits of 1.60 billion CNY, 1.89 billion CNY, and 2.12 billion CNY [5] - The company is assigned a price-to-earnings ratio of 25 times for 2025, leading to a target price of 46.0 CNY [5]

证券研究报告|公司点评报告 [Table_Date] 2025 年 8 月 18 日 [Table_Title] 海外高增+成本下行，利润表现亮眼 [Table_Title2] 安琪酵母(600298) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600298 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 39.40/28.57 | | 目标价格： | | 总市值(亿) | 330.24 | | 最新收盘价： | 38.04 | 自由流通市值(亿) | 330.24 | | | | 自由流通股数(百万) | 865.97 | [Table_Summary] 事件概述 公司发布半年报，上半年公司实现营收 78.99 亿元，同比+10.1%；归母净利润 7.99 亿元，同比+15.66%； 扣非归母净利润 7.42 亿元，同比+24.49%。 25Q2 公司实现营收 41.05 亿元，同比+11.19%；归母净利润 4.29 亿元，同比+15.32%；扣非归母净利润 4.05 亿元，同比+34.55%。 分析判断 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company achieved a revenue of 7.99 billion yuan in net profit for the first half of 2025, reflecting a year-on-year growth of 15.66% [5]. - The core yeast business continues to show robust growth, with a revenue increase of 12.38% in the yeast and deep processing segment [6]. - The overseas market has maintained a high growth rate, with a year-on-year increase of 22.6% in foreign revenue [6]. - The company has optimized its sugar business by acquiring a 55% stake in Shengtong Sugar Industry, enhancing its upstream raw material control and overall competitiveness [6]. Financial Performance - For the first half of 2025, the company reported a gross margin of 26.09% and a net profit margin of 10.12%, both showing improvements compared to the previous year [7]. - The projected revenues for 2025 to 2027 are 170.49 billion yuan, 188.82 billion yuan, and 206.68 billion yuan, respectively, with corresponding net profits of 16.51 billion yuan, 19.17 billion yuan, and 22.01 billion yuan [8][10]. - The earnings per share (EPS) are forecasted to be 1.90 yuan, 2.21 yuan, and 2.54 yuan for the years 2025, 2026, and 2027, respectively [8][10].

Key Points - The core viewpoint of the news is that Angel Yeast Co., Ltd. has reported significant growth in its financial performance for the first half of 2025, with notable increases in revenue, net profit, and cash flow, despite some capital outflows from major investors [1][2][3]. Trading Information Summary - On August 15, 2025, Angel Yeast's stock closed at 38.04 yuan, up 6.79%, with a turnover rate of 5.07% and a trading volume of 434,700 shares, amounting to a total transaction value of 1.661 billion yuan [1]. - The capital flow on the same day showed a net outflow of 85.9675 million yuan from major investors, accounting for 5.18% of the total transaction value, and a net outflow of 57.7664 million yuan from retail investors, while retail investors saw a net inflow of 144 million yuan, representing 8.66% of the total transaction value [1][3]. Performance Disclosure Summary - For the first half of 2025, Angel Yeast reported total assets of approximately 22.46 billion yuan, a 3.33% increase from the end of the previous year. The net assets attributable to shareholders increased by 3.84% to approximately 11.24 billion yuan [1]. - The operating revenue reached approximately 7.90 billion yuan, reflecting a year-on-year growth of 10.10%. The total profit amounted to approximately 1.01 billion yuan, up 18.15% year-on-year, while the net profit attributable to shareholders was approximately 799.36 million yuan, an increase of 15.66% [1][2]. - The net profit after deducting non-recurring gains and losses was approximately 741.95 million yuan, marking a 24.49% increase year-on-year. The net cash flow from operating activities surged by 394.68% to approximately 262.26 million yuan [1][3]. - The weighted average return on equity was 7.11%, up by 0.35 percentage points, with basic earnings per share at 0.94 yuan, a 17.50% increase, and diluted earnings per share at 0.93 yuan, up 16.25% [1]. Company Announcement Summary - The Board of Directors of Angel Yeast held its fifth meeting on August 13, 2025, where multiple resolutions were passed, including the approval of the half-year report and the general manager's work report for the first half of 2025 [2][3]. - A fourth extraordinary general meeting of shareholders is scheduled for September 12, 2025, to review amendments to various company regulations, including the management of fundraising and the remuneration of directors and senior executives [3].

Company Insights - Feng Liu, a well-known fund manager, has increased his stake in Angel Yeast, holding 35 million shares as of the end of Q2, making him the third-largest shareholder [1] - Compared to the end of Q1, Feng Liu added 3.5 million shares of Angel Yeast, with a total holding value of approximately 1.231 billion yuan [1] - Angel Yeast is the second-largest yeast company globally, with core businesses including yeast and deep-processing products, as well as vitamin additives, supported by a global production layout and technological barriers [1] - The company's half-year report shows a revenue of approximately 7.899 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of approximately 799 million yuan, up 15.66% year-on-year [1] Market Trends - The A-share market has seen over 300 stocks double in value this year, with the Shanghai Composite Index reaching a new high not seen in nearly four years [1] - The total market capitalization of A-shares has reached 108.87 trillion yuan, increasing by 15.11 trillion yuan this year [1] - New account openings in the A-share market reached 1.9636 million in July, a year-on-year increase of 70.54% [1] - Institutional participation in the current market rally is high, with significant inflows from leveraged and insurance funds [1] - Insurance funds have made 27 stake acquisitions this year, surpassing the total of 20 from the previous year [1]

Investment Rating - The report maintains a "Recommended" rating for the company [4][5] Core Views - The company reported a revenue increase of 10.1% year-on-year for H1 2025, reaching 7.9 billion yuan, with a net profit of 0.8 billion yuan, up 15.7% year-on-year [1] - The second quarter of 2025 saw a revenue of 4.1 billion yuan, reflecting an 11.2% year-on-year growth, and a net profit of 0.43 billion yuan, up 15.4% year-on-year [1] - The company is experiencing a robust growth in domestic revenue and a strong overseas performance, with Q2 overseas revenue increasing by 22.3% year-on-year [2] Revenue and Profitability - Domestic revenue for Q2 2025 was 2.31 billion yuan, up 4.3% year-on-year, while overseas revenue was 1.78 billion yuan, up 22.3% year-on-year [2] - The company’s gross margin for Q2 2025 was 26.2%, an increase of 2.3 percentage points year-on-year, attributed to a higher proportion of low-cost raw materials [3] - The net profit margin for Q2 2025 was 10.5%, up 0.4 percentage points year-on-year, while the non-GAAP net profit margin was 9.9%, up 1.7 percentage points year-on-year [3] Future Outlook - The company expects continued revenue growth driven by domestic structural adjustments and overseas capacity expansion, projecting double-digit growth [3] - Profitability is anticipated to improve further due to a downward trend in raw material costs and the completion of capacity expansion [3] - Revenue forecasts for 2025-2027 are 16.91 billion, 18.75 billion, and 20.65 billion yuan, with corresponding net profits of 1.58 billion, 1.84 billion, and 2.12 billion yuan [4]