长江商报消息 ●长江商报记者 徐靓丽 持续加大品牌投入，安琪酵母业绩稳健增长。 公司持续加大品牌投入，深化精准营销，围绕酵母、酵母抽提物、酵母蛋白等核心业务加强传播。"安 琪"品牌价值持续提升至202.68亿元，品牌强度达到914，两项指标均蝉联国内食品加工制造类目第一 位，成功入围工信部首批中国消费名品名单。 报告期内，安琪酵母申请专利92件，其中发明专利61件，获得专利授权49件。截至2025年6月30日，公 司共申请专利1625件。 海外收入维持高速增长 安琪酵母（600298.SH）近日发布2025年半年度报告，2025年上半年公司实现营收约79.0亿元，同比上 升10.1%；归母净利润7.99亿元，同比上升15.7%。 近年来，安琪酵母积极"出海"，通过拓展国际市场来提升其全球竞争力。2025年第二季度，安琪酵母海 外收入同比增长22.3%，延续高增长态势。 品牌价值超200亿 安琪酵母是全球第二大酵母公司，公司在湖北宜昌、广西柳州和崇左、内蒙古赤峰等地以及两个海外国 家建有16个酵母工厂，酵母系列产品总产能超过45万吨，在国内市场占比55%，全球的市场占比超 20%，产品出口170多个国家和地区。 ...

Summary of Anqi Yeast Conference Call Company Overview - The conference call focuses on Anqi Yeast, a company significantly impacted by production capacity cycles and raw material costs, particularly molasses, which accounts for 40%-50% of raw material costs [2][3]. Key Points and Arguments 1. **Profitability Influences**: Anqi Yeast's profitability is significantly affected by molasses prices and transportation costs, leading to cyclical profit changes [2][3]. 2. **Strategies to Mitigate Costs**: The company is implementing strategies such as building factories near molasses production sites, exploring alternatives like hydrolyzed sugar, and attempting to acquire upstream sugar factories to manage raw material costs [2][5]. 3. **Capital Expenditure and Depreciation**: During the 14th Five-Year Plan, Anqi Yeast underwent large-scale capacity migration, resulting in high fixed asset investments and increased depreciation costs. As the domestic market saturates, the focus is shifting to overseas markets, leading to a slowdown in capital expenditures [2][6]. 4. **Global Molasses Price Trends**: Global molasses prices have significantly declined since 2023 and are expected to continue decreasing over the next 1-2 years due to slowed yeast production expansion and increased sugarcane and beet planting areas [2][7]. 5. **Profit Margin Improvement**: The decline in molasses prices is anticipated to enhance Anqi Yeast's profit margins, with a projected turning point in profitability expected between Q4 2024 and Q1 2025, leading to an increase in ROE for 1-2 years [2][7]. 6. **Market Growth**: The company maintains a business structure with 80% B-end and 20% C-end, relying on capacity release and order conditions for growth. Despite a slowdown in the domestic market, overseas markets are expected to grow at 15%-20% annually [3][7]. 7. **Core Products and New Growth Points**: Anqi Yeast's core products include yeast, yeast extracts, and yeast protein, with ongoing investments in marketing and capacity building. New product launches in the sports yeast protein sector are expected to drive revenue growth [3][8]. Additional Important Insights - **Cyclical Revenue Growth**: Anqi Yeast's revenue growth typically ranges from 10% to 20%, but profit growth shows significant cyclical fluctuations, influenced by capital expenditure and raw material costs [3]. - **Long-term Investment Value**: The company is viewed as a long-term investment opportunity due to the expected decline in raw material prices, which will positively impact profit margins and ROE, alongside stable growth potential from overseas market expansion [7][8]. - **Product Line Diversification**: The company is diversifying its product line with derivatives for animal feed and other synthetic biological products, contributing to a clearer main business structure and a gradient growth model [8].

Group 1: Performance Growth Driven by Price Increases - Companies in the A-share market are experiencing performance growth due to rising product prices, particularly in the non-ferrous and chemical sectors [1] - Western Mining (601168) reported a revenue of 31.619 billion yuan, a 27% increase year-on-year, and a net profit of 1.869 billion yuan, a 15% increase, driven by an 8% increase in copper production and an 11% increase in copper prices [2] - Cangge Mining (000408) achieved a revenue of 1.678 billion yuan, a 4.74% decrease, but a net profit of 1.8 billion yuan, a 38.8% increase, with a gross margin of 61.84% for potassium chloride and 30.53% for lithium carbonate [2][3] Group 2: Impact of Raw Material Price Increases - Some downstream companies reported that rising raw material prices negatively impacted their performance, leading to a decrease in gross margins [4] - Hanwei Technology noted a significant decline in net profit by 87.86% due to increased material costs outpacing product price increases [5] - YS Technology mentioned that while raw material prices are rising, they maintain a safety stock, which mitigates the overall impact on the company [5] Group 3: Strategies to Mitigate Raw Material Price Risks - Xizi Clean Energy (002534) employs strategies such as maintaining steel inventory and using futures hedging to manage raw material price risks [6] - Companies are optimizing product structures and processes to enhance competitiveness and stabilize costs amid raw material price fluctuations [6] Group 4: Positive Outlook on Overseas Markets - Companies are optimistic about overseas market developments, with noticeable price increases for overseas products [7] - Angel Yeast (600298) reported higher gross margins overseas compared to domestic markets, attributing this to significant investments in local sales subsidiaries and favorable cost structures [8] - Huagong Technology (000988) is actively pursuing a global strategy, establishing multiple overseas bases and reporting significant growth in export orders from Europe, North America, and the Middle East [9]

Core Viewpoint - Yichang's GDP is projected to grow by 6.5% in 2024, surpassing 600 billion yuan for the first time, marking a significant economic milestone for the city [1][3] Group 1: Economic Growth and Development Strategies - Yichang has successfully transitioned from a traditional industrial city to a leading economic hub in Hubei province through strategic government initiatives and market interactions [3][4] - The "Four Major" promotion mechanism has been implemented to drive high-quality development, focusing on major strategies, industries, projects, and activities [4][6] - The city has adopted a "3+2" leading industry system, emphasizing modern chemical new materials, life health and food, and new energy and high-end equipment, while also developing big data and cultural tourism [6][7] Group 2: Infrastructure and Transportation - Yichang is enhancing its transportation infrastructure as part of the "Hub Empowerment" strategy, which includes the construction of high-speed rail and bridges to improve connectivity [10][13] - The city is expected to see a 18% increase in transportation fixed asset investment in 2024, with over 40% allocated to high-speed rail projects [11] - Yichang Port achieved a throughput of 149 million tons in 2024, ranking first in Hubei province, indicating significant improvements in water transport capabilities [11] Group 3: Industrial Transformation and Innovation - The city is focusing on integrating its chemical industry with new energy battery materials and high-end equipment manufacturing, creating a comprehensive industrial chain [7][9] - Yichang's approach to industrial upgrading is based on leveraging existing resources and enhancing traditional advantages rather than starting anew [6][9] - The "Five Ones" industrial chain招商 mechanism promotes collaboration between government and enterprises, enhancing the city's manufacturing capabilities and global reach [7][9]