| 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 506,200 | 506,200 | 2025 | 年 5 月 | 28 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 1 月 15 日，公司召开第九届董事会第三十九次会议、 第九届监事会第三十七次会议审议通过了《关于回购注销 2020 年限制性股票激励计划部分限制性股票及调整回购价格的议案》 证券代码：600298 证券简称：安琪酵母 公告编号：2025-051 号 安琪酵母股份有限公司 关于限制性股票回购注销的实施公告 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。 重要内容提示： 回购注销原因：安琪酵母股份有限公司（以下简称公司） 2020 年限制性股票激励计划中的 4 名激励对象、2024 年限制性 股票激励计划中的 39 名激励对象因离职及工作调动等原因而不 再符合激励条件。 公司根据《安琪酵母股份有限公司 2020 年限制性股票激 励计划（草案 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported a revenue of 3.794 billion and a net profit of 370 million for Q1 2025, representing a year-on-year increase of 8.95% and 16.02% respectively [1][3] - The yeast business continues to show strong growth, contributing significantly to revenue, while the sugar business is undergoing adjustments [1] - Domestic revenue slightly decreased by 0.3% to 2.099 billion, while international revenue increased by 23% to 1.684 billion, indicating robust overseas performance [1] - The company has increased its distributor count by 1,399 to 24,211, with domestic and international distributors growing by 753 and 646 respectively [1] Financial Performance Summary - The gross margin improved by 1.31 percentage points to 25.97%, and the net margin increased by 0.72 percentage points to 10.20% [2] - The sales expense ratio rose by 0.74 percentage points to 5.58%, while the management expense ratio decreased by 0.20 percentage points to 3.49% [2] - The company expects revenue growth of 13%, 11%, and 8% for the years 2025, 2026, and 2027, respectively, with net profit growth of 19%, 15%, and 13% [2][8]

Core Viewpoint - Angel Yeast has established itself as the second-largest player in the global yeast industry after 39 years of development, but faces scrutiny regarding its growth potential due to slowing domestic business and underdeveloped emerging sectors [1][2]. Financial Performance - In 2024, Angel Yeast reported a revenue of 15.197 billion, marking an 11.86% increase from 2023's 13.585 billion [2]. - The net profit attributable to shareholders was 1.325 billion, reflecting a 4.07% increase compared to 2023's 1.273 billion [2]. - The net cash flow from operating activities reached 1.650 billion, up 24.38% from the previous year [2]. - By the end of 2024, the company's net assets stood at 10.829 billion, a 7.28% increase from 2023 [2]. Strategic Initiatives - The company is actively expanding into overseas markets and developing new product lines to break the perception of stagnation [2][25]. - Angel Yeast has initiated a project in Indonesia with an estimated investment of 880 million, aiming for an annual production capacity of 20,000 tons of yeast [15][16]. - The company is also focusing on the yeast protein sector, which was recently included in the new food raw material directory by the National Health Commission [17][21]. Market Challenges - The company faces challenges in market cultivation for its yeast protein products, leading to a 17.77% increase in sales expenses to 828 million in 2024 [18]. - The reliance on molasses as a key raw material has led to increased production costs, prompting the company to innovate with hydrolyzed sugar as a substitute [6][9]. Future Outlook - The chairman expressed confidence in the company's growth potential over the next 5 to 10 years, emphasizing the importance of international market expansion and innovative product development [25][28]. - The company aims to become the world's leading yeast enterprise and a top-tier biotechnology company, leveraging its market reputation and government support [28].

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于安琪酵母股份有限公司 2025 年第二次临时股东大会的法律意见书 致：安琪酵母股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》(以下简称"《股 东会规则》")等法律、法规及规范性文件和《安琪酵母股份有限公司章程》(以 下简称"《公司章程》")的规定，北京市通商律师事务所(以下简称"通商"或 "本所")接受安琪酵母股份有限公司(以下简称"公司")委托，指派本所律师出 席了公司于 2025 年 5 月 15 日召开的 2025 年第 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-050 号 安琪酵母股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 2025年第二次临时股东大会决议公告 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。 重要内容提示： 表决情况： (一)股东大会召开的时间：2025 年 5 月 15 日 (二)股东大会召开的地点：公司一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 850 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 392,800,391 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | 45.2199 | | 数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东大会由公司董事会召集，经半数以上董事推举，会议由董事肖明华 主持，采用现场投票和网络投票相结合的方式进行表决。本次会议的召开、召集、 决策程序符 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-049 号 安琪酵母股份有限公司 关于为控股子公司提供担保的公告 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 整性承担个别及连带责任。 重要内容提示: 被担保人名称：安琪酵母（赤峰）有限公司 本次担保金额及已实际为其提供的担保余额：本次担保 发生金额为人民币 3 亿元，已实际为其提供的担保余额为 0。 本次担保是否有反担保：否 对外担保逾期的累计数量：0 一、担保情况概述 2025 年 4 月 8 日，安琪酵母股份有限公司（以下简称公司） 召开第九届董事会第四十二次会议审议通过了《2025 年度为控 股子公司提供担保预计的议案》。2025 年 4 月 30 日，公司召开 2024 年年度股东大会审议通过了上述议案。内容详见上海证券 交 易 所 网 站 （ www.sse.com.cn ） 上 披 露 的 " 2025-023 号 " "2025-028 号""2025-046 号"公告。 公司预计 2025 年度对外担保（全部系对控股或全资子公司 及孙公司的担保）额度为人民币 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.794 billion yuan in Q1 2025, representing a year-on-year increase of 8.95%. The net profit attributable to the parent company was 370 million yuan, up 16.02% year-on-year, while the net profit excluding non-recurring items was 337 million yuan, an increase of 14.37% year-on-year [2][4]. Summary by Sections Company Performance - In Q1 2025, the revenue from yeast and deep-processed products was 2.773 billion yuan, a year-on-year increase of 13.17%. Revenue from sugar products was 157 million yuan, down 60.68%, while packaging products generated 95 million yuan, down 4.37%. Revenue from food ingredients and others was 758 million yuan, up 44.1% [8]. - Domestic revenue was 2.099 billion yuan, a slight decrease of 0.26% year-on-year, while international revenue reached 1.684 billion yuan, an increase of 22.94% year-on-year, indicating successful overseas business expansion [8]. Profitability - The net profit margin for Q1 2025 increased by 0.59 percentage points to 9.75%, and the gross profit margin rose by 1.31 percentage points to 25.97%. The operating expense ratio decreased by 0.47 percentage points to 12.77% [8]. - The improvement in gross margin is attributed to the decline in sugar molasses prices, suggesting a potential for enhanced profit release in subsequent quarters [8]. Future Outlook - The company is expected to enter a new profit growth cycle, with projected net profits for 2025, 2026, and 2027 estimated at 1.602 billion yuan, 1.844 billion yuan, and 2.077 billion yuan, respectively. Corresponding EPS for these years are forecasted to be 1.84 yuan, 2.12 yuan, and 2.39 yuan, with PE ratios of 20, 17, and 15 times [8].

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。 重要内容提示： 会议召开时间：2025 年 05 月 26 日 （星期一） 13:45-14:45 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 证券代码：600298 证券简称：安琪酵母 公告编号：2025-048 号 安琪酵母股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 05 月 19 日 （星期一） 至 05 月 23 日 （星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司董事会秘书邮箱 gaolu@angelyeast.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 安琪酵母股份有限公司（以下简称公司）已于 2025 年 04 月 26 日发 布了公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公 司 ...

安琪酵母股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 5 月 15 日 安琪酵母股份有限公司 2025 年第二次临时股东大会会议议程 ● 会议召开时间：2025 年 5 月 15 日 ● 现场会议时间：2025 年 5 月 15 日下午 14:00 ● 网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 5 月 15 日的 9:15-9:25、9:30-11:30、13:00-15:00；通过互联网投票平台的 投票时间为 2025 年 5 月 15 日的 9:15-15:00。 ● 会议召开地点：公司一楼会议室 ● 会议召开方式：现场投票与网络投票相结合的方式 一、致欢迎词，介绍会议出席人员情况，宣布会议开始； 二、选举监票人（两名股东代表和一名监事）； 三、审议会议议案： 1.关于变更公司股份总数及注册资本并修改《公司章程》有 关条款的议案； 2.关于修改公司《股东大会议事规则》有关条款的议案。 四、股东及股东代表对议案进行提问、发言； 五、股东及股东代表对议案进行书面表决； 六、股东代表、监事代表、律师共同负责计票、监票； 七、宣布现场表决 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - Demand is steadily recovering, with overseas markets continuing to show high growth [5][6] - The company reported Q1 2025 revenue of 3.794 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 370 million yuan, up 16% year-on-year [4] - The gross margin improved by 1 percentage point to 25.97% in Q1 2025, primarily due to a decrease in molasses costs and reduced shipping pressure [5] - The company is expanding its production capacity and enhancing its overseas business layout, with Q1 2025 revenue from yeast and deep processing products reaching 2.773 billion yuan, a 13% increase year-on-year [6] Summary by Sections Financial Performance - Q1 2025 revenue was 3.794 billion yuan, with a net profit of 370 million yuan, reflecting a 16% increase year-on-year [4] - The gross margin for Q1 2025 was 25.97%, an increase of 1 percentage point [5] - The net profit margin increased by 1 percentage point to 10.20% [5] Capacity and Market Expansion - The company is actively releasing production capacity, with significant contributions from the expansion of subsidiaries and ongoing projects [6] - Domestic revenue in Q1 2025 was 2.099 billion yuan, a slight decrease of 0.3%, while international revenue was 1.684 billion yuan, a 23% increase year-on-year [6] - The number of overseas distributors increased by 151 to 6,179 by the end of Q1 2025, indicating strong growth in international markets [6] Earnings Forecast - The company expects EPS for 2025, 2026, and 2027 to be 1.80 yuan, 2.06 yuan, and 2.31 yuan respectively, with corresponding PE ratios of 20, 18, and 16 times [7] - Revenue growth rates are projected at 10.3% for 2025, 9.5% for 2026, and 8.3% for 2027 [10]