Angel Yeast (600298) Q2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 7.90 billion in H1 2025, up 10.10% year-over-year; net profit attributable to shareholders reached RMB 799 million, up 15.66% year-over-year.

• International business saw comprehensive growth, with overseas subsidiaries and local market development contributing significantly.

• Strategic new products, such as yeast protein, advanced in market penetration, and production capacity increased by 11.8% year-over-year.

• Brand value rose to RMB 20.27 billion, ranking first in the domestic food processing sector.

• No major litigation, bankruptcy, or regulatory penalties occurred during the period.

Financial highlights

• Operating income: RMB 7,899 million, up 10.10% year-over-year; operating profit: RMB 1,011 million, up 18.15%.

• Net profit attributable to shareholders: RMB 799 million, up 15.66% year-over-year; basic EPS: RMB 0.94, up 17.50%.

• Cash flow from operating activities: RMB 262 million, up 394.68% year-over-year, mainly due to increased sales collections.

• Gross margin: 26.1% (calculated from segment data).

• R&D expenses: RMB 306 million, up 3.65% year-over-year.

Outlook and guidance

• Will continue to expand international markets, promote new product launches, and enhance digital and intelligent management.

• Plans to further optimize cost control, supply chain, and production efficiency.

• No interim dividend or capital increase from reserves proposed for the half-year.