11月22日，安琪酵母在同一天连续发布了多则公告，涉及三项产能建设计划，合计投资超过15亿元。 具体来看，为增强酵母抽取物产品竞争力，安琪酵母柳州公司拟实施酵母抽取物复配智能制造项目，投资金额约为2.32亿元； 为保障海外酵母类产品供应，安琪酵母俄罗斯公司计划增加注册资本暨实施年产2.2万吨酵母生产线扩建项目，投资金额约为10.62亿元； 为保障食品原料产品供应，安琪酵母园区工厂计划实施年产6万吨食品原料柔性智能制造及配套项目，投资金额约为2.15亿元。 然而，近些年来，安琪酵母的毛利率却在持续下滑。Choice数据显示，在2017年-2024年期间，安琪酵母的毛利率为37.64%、36.32%、35.00%、34.00%、 27.34%、24.80%、24.19%、23.52%。 另外有研报指出，从2025年第三季度业绩来看，安琪酵母主业增速有所放缓，主要与国内需求疲软有关。另外，第三季度安琪酵母国内、国际市场营收分别 同比减少3.5%、同比增加17.7%，目前国内市场需求短期仍有待恢复，国际市场营收增速虽保持增长但增速略有下降。 ...

Core Viewpoint - Anqihome (600298.SH) plans to increase its registered capital and implement a production line expansion project in Russia, aiming for an annual production capacity of 22,000 tons of yeast, with an investment amount of 1.062 billion yuan [1] Group 1 - The investment is part of the company's strategy to accelerate its global production layout and build a regional supply chain [1] - This move is expected to enhance the company's overall competitiveness in the global yeast market [1]

Core Insights - Anqihome (600298.SH) announced plans to increase registered capital and implement a production line expansion project for yeast, aiming for an annual output of 22,000 tons [1] - The investment amount for this project is 1.062 billion yuan [1] - This investment is a strategic move to accelerate the company's global production layout and build a regional supply chain, enhancing its overall competitiveness in the global yeast market [1]