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]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600298 证券简称：安琪酵母 公告编号：2025-078号 安琪酵母股份有限公司 2025年半年度业绩说明会召开情况的公告 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。 安琪酵母股份有限公司（以下简称公司）于2025年8月19日（星期二）9:30-10:30在上海证券交易所上证 路演中心（网址：http://roadshow.sseinfo.com/），以视频直播和网络文字互动方式召开了2025年半年度 业绩说明会。关于本次业绩说明会的召开事项，详见公司于2025年8月12日在上海证券交易所网站 （www.sse.com.cn）上披露的《安琪酵母股份有限公司关于召开2025年半年度业绩说明会的公告》 （2025-071号）。现将召开情况公告如下： 问题2：管理层好，请问如何看待上半年业绩，国内个位数增长，国外取得双位数增长，未来预期如 何？国内消费环境会更差吗？海外收入增速能否持续？ 一、业绩说明会召开情况 2025年8月19日，公司董事长熊涛、总经理肖明华、独 ...

Core Viewpoint - Anqi Yeast's net profit attributable to shareholders for the first half of the year reached 799 million yuan, representing a year-on-year increase of 15.66% [1] - The company achieved a net profit of 429 million yuan in Q2, with a year-on-year growth of 15.32% [1] Financial Performance - The company's revenue increased by 10.1% year-on-year to 7.899 billion yuan, driven by significant improvements in channel and customer development [1] - The strong profit performance is attributed to high overseas growth and declining costs [1] Strategic Initiatives - Short-term growth is expected from the strategic new product yeast protein and increased penetration in overseas markets [1] - Long-term growth will be supported by capacity expansion, technological innovation, and a transition towards health-oriented products [1] Future Outlook - The company aims to become a "global benchmark enterprise in yeast" and is optimistic about its sustained and steady growth [1] - The target is to achieve the status of "the largest yeast company globally and an internationally leading biotechnology company" [1] - The investment rating remains at "buy" [1]

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 ...

格隆汇8月18日｜华福证券研报指出，安琪酵母Q2国内收入恢复增长，利润弹性进一步释放。分区域 看，25H1国内/海外营收44.04/34.62亿元，同比+2.07%/+22.60%；国内/海外经销商数量分别净增254/315 家。25Q2国内/海外别实现营收23.05/17.78亿元，同比+4.29%/+22.28%；经销商数量分别净增214/164 家。上半年海外市场营收快增主要系渠道有效拓展，公司持续加强海外子公司建设，积极开发非洲、欧 洲、东南亚市场。分渠道看，25H1公司线上/线下渠道收入分别同比-8.52%/+19.23%；25Q2线上/线下渠 道销售分别同比-12.08%/+22.80%。公司积极把握海外市场发展机遇，加速开拓海外市场，通过加强海 外子公司建设，推进销售人员本土化，实现渠道下沉；国内销售伴随组织结构调整结束转好，战略新品 酵母蛋白打开下游应用空间，H2收入端有望维持稳健增长。维持"买入"评级。 ...

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。 ...

Group 1 - The demand for health-related products is increasing in China due to rising living standards and health awareness among residents [1] - Anqi Nutri, a subsidiary of Angel Yeast, is focusing on developing yeast-based nutritional products, including yeast protein powder, which has been included in the new food raw material directory by the end of 2023 [1] - The global sports nutrition market is projected to reach $25.191 billion by 2026, up from $18.56 billion in 2022, driven by the growth of fitness enthusiasts [1] Group 2 - The "silver economy" targeting the elderly and children is expected to exceed 10 trillion yuan by 2025, with health care accounting for 35% of this market [2] - Anqi Nutri is actively developing innovative products for the elderly and children, leveraging the advantages of yeast protein over traditional soy and whey proteins [2] - The reliance on imported raw materials for protein products, such as whey and soy protein, presents an opportunity for yeast protein to serve as a domestic alternative, potentially reducing costs [2] Group 3 - The average monthly cost of whey protein has increased significantly, with isolated whey protein rising by 55% and concentrated whey protein by 31% compared to the previous year, impacting profitability for related companies [3] - Anqi Nutri is promoting the use of yeast protein as a substitute for whey protein, highlighting its comparable essential amino acid profile and cost advantages [3] - The maturation of technology and industry is facilitating the entry of yeast protein and other supplements into the consumer market, which is seen as a positive factor for the health industry during its transition period [3]

Group 1: Guizhou Moutai and Chongqing Beer - Guizhou Moutai reported a total revenue of 91.094 billion yuan for the first half of 2025, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [1] - Chongqing Beer experienced a slight revenue decline of 0.24% to 8.839 billion yuan, with a net profit decrease of 4.03% to 865 million yuan, while maintaining a sales volume of 1.8008 million kiloliters, a 0.95% increase [1] Group 2: Wei Long and Angel Yeast - Wei Long reported total revenue of 3.483 billion yuan for the first half of 2025, an increase of 18.5%, with a net profit of 736 million yuan, also up 18.5% [3] - Angel Yeast achieved a revenue of 7.899 billion yuan, a 10.10% increase, and a net profit of 799 million yuan, reflecting a growth of 15.66% [5] Group 3: Jinlongyu and Master Kong - Jinlongyu's revenue for the first half of 2025 was 115.682 billion yuan, a 5.67% increase, with a net profit of 1.756 billion yuan, up 60.07% [5] - Master Kong reported a revenue of 40.092 billion yuan, a decrease of 2.7%, but a net profit of 2.271 billion yuan, an increase of 20.5% [7] Group 4: Budweiser and Step by Step - Budweiser's response to market changes indicated a significant increase in the number of new distributors compared to those eliminated, reflecting a normal dynamic optimization of its distribution system [6] - Step by Step reported a revenue of 2.129 billion yuan, a 24.45% increase, and a net profit of 201 million yuan, marking a turnaround from losses [10] Group 5: Wanchen Group - Wanchen Group plans to acquire 49% of Nanjing Wanyou for 1.379 billion yuan, aiming to enhance its core team and improve long-term development [11]

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]