Angel Yeast (600298) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 3.89 billion, up 4.00% year-over-year; year-to-date revenue was RMB 11.79 billion, up 8.01% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 317 million, up 21.00% year-over-year; year-to-date net profit was RMB 1.12 billion, up 17.13% year-over-year.

• Operating cash flow for the first nine months was RMB 2.22 billion, up 98.25% year-over-year.

Financial highlights

• Gross margin improved as net profit growth outpaced revenue growth.

• Basic and diluted EPS for Q3 were RMB 0.37, up 23.33% year-over-year; year-to-date EPS was RMB 1.30, up 16.07%.

• Total assets at Q3-end were RMB 24.32 billion, up 11.92% from the previous year-end.

• Shareholders’ equity increased 6.90% to RMB 11.58 billion.

Outlook and guidance

• Management highlighted strong sales recovery and improved profitability, supported by increased government subsidies and investment returns.