<p>味之素公司（Ajinomoto Co Inc (Adr) ((AJNMY))）已召开第四季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>味之素公司在最新的财报电话会议上语气乐观，庆祝创纪录的销售和业务利润，同时承认国内和某些业务线存在薄弱环节。管理层强调海外市场的强劲需求、生物制药和功能材料的贡献上升，以及对股东回报的明确承诺，尽管面临持续的重组成本，仍将 2025 财年视为另一个稳健增长的年份。</p>
<h2>创纪录的销售和业务利润</h2>
<p>味之素报告 2024 财年销售额为 1.530 万亿日元，同比增长 6%，业务利润为 1593 亿日元，增长 7.9%。高管们强调，这两个数字均为集团历史最高，突显其投资组合战略和定价举措在抵消成本压力方面的成功。</p>
<h2>强劲的海外表现</h2>
<p>调味品和食品部门在海外仍然是主要的增长引擎，在主要市场实现了稳健的销量和价值增长。管理层指出，核心烹饪品牌的国际需求帮助提升了整体收入，进一步巩固了味之素向日本以外的高增长地区转型的战略。</p>
<h2>生物制药服务和成分的增长</h2>
<p>公司将生物制药服务和成分部门标记为 2025 财年的主要利润驱动因素，得益于欧洲需求的强劲。预计与 AJICAP 相关的特许权使用费收入将带来额外的上行空间，管理层视其为高价值生物制药外包领域的结构性增长杠杆。</p>
<h2>积极的股东回报</h2>
<p>味之素通过 1000 亿日元的股票回购计划和计划将 2025 财年的股息从 8 日元提高到 48 日元，进一步加强了其资本回报故事。这一举措表明对现金流生成的信心，并旨在平衡增长投资与更具股东友好的分红结构。</p>
<h2>功能材料展望</h2>
<p>功能材料业务在 2025 财年有望实现两位数增长，受益于半导体和人工智能相关需求的有利条件。管理层预计电子材料的订单将增强利润率，强调该部门是持续数字和人工智能支出周期的受益者。</p>
<h2>某些部门利润下降</h2>
<p>尽管运营表现较好，但归属于所有者的利润因结构改革费用和与子公司及工厂出售相关的减值损失大幅下降。公司承认这些一次性成本在短期内造成拖累，但将其视为简化投资组合和提高资本效率的必要措施。</p>
<h2>日本冷冻食品部门的挑战</h2>
<p>日本的冷冻食品业务是一个显著的薄弱环节，受到高原材料成本和不利外汇影响的困扰。这些压力压缩了利润，促使味之素专注于产品组合升级和运营效率，以恢复其国内市场的盈利能力。</p>
<h2>结构改革的影响</h2>
<p>Althea 的出售和更广泛的结构改革费用对医疗保健及其他部门造成了重大压力，降低了 ROE 和 ROIC。管理层强调，这些措施是将资本重新分配到高回报业务的长期计划的一部分，即使以短期收益波动为代价。</p>
<h2>生物制药服务发货延迟</h2>
<p>味之素还报告了生物制药服务的发货延迟，这暂时对业务利润预测造成压力。公司表示需求依然强劲，并将延迟视为时间相关，而非基础业务结构性弱点的表现。</p>
<h2>2025 财年的指导和展望</h2>
<p>展望 2025 财年，味之素预计销售额为 1.618 万亿日元，同比增长 5.7%，业务利润为 1800 亿日元，增长 13%，即使在近期重组成本之后。公司旨在实现 19% 的 ROE，得益于高端产品的推出、冷冻食品的改善以及生物制药服务和成分的强劲利润增长，同时继续其增强的分红和回购计划。</p>
<p>味之素的财报电话会议描绘了一幅公司在创纪录的业绩与必要的投资组合清理之间取得平衡的图景，依靠海外增长和高价值部门推动下一阶段的扩张。对于投资者而言，关键信息非常明确：短期的重组和国内的逆风正在得到管理，而中期的故事仍然是有纪律的增长和不断上升的股东回报。</p>

2802

<p>味之素株式会社报告称，2024 财年的销售额创下 1.530 万亿日元的纪录，营业利润为 1593 亿日元，得益于强劲的海外需求和生物制药服务的增长。公司计划在 2025 财年进行 1000 亿日元的股票回购，并增加股息，预计销售额将达到 1.618 万亿日元，营业利润将增长 13%。尽管日本冷冻食品部门面临挑战以及重组成本，味之素对其增长战略和股东回报依然充满信心</p>

<p>Ajinomoto Co Inc (Adr) ((AJNMY)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>味之素公司（Ajinomoto Co Inc (Adr) ((AJNMY))）已召开第四季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Ajinomoto Co. Inc. struck an upbeat tone on its latest earnings call, celebrating record sales and business profits while acknowledging pockets of weakness at home and in select business lines. Management emphasized robust demand in overseas markets, rising contributions from Bio-Pharma and Functional Materials, and a clear commitment to shareholder returns, framing FY 2025 as another year of solid growth despite ongoing restructuring costs.</p>
<div class="lb-trans"><p>味之素公司在最新的财报电话会议上语气乐观，庆祝创纪录的销售和业务利润，同时承认国内和某些业务线存在薄弱环节。管理层强调海外市场的强劲需求、生物制药和功能材料的贡献上升，以及对股东回报的明确承诺，尽管面临持续的重组成本，仍将 2025 财年视为另一个稳健增长的年份。</p>
</div><h2>Record Sales and Business Profit</h2>
<div class="lb-trans"><h2>创纪录的销售和业务利润</h2>
</div><p>Ajinomoto reported FY 2024 sales of JPY 1.530 trillion, up 6% year-on-year, and business profit of JPY 159.3 billion, a 7.9% increase. Executives highlighted that both figures marked all-time highs for the group, underscoring the success of its portfolio strategy and pricing initiatives in offsetting cost pressures.</p>
<div class="lb-trans"><p>味之素报告 2024 财年销售额为 1.530 万亿日元，同比增长 6%，业务利润为 1593 亿日元，增长 7.9%。高管们强调，这两个数字均为集团历史最高，突显其投资组合战略和定价举措在抵消成本压力方面的成功。</p>
</div><h2>Strong Overseas Performance</h2>
<div class="lb-trans"><h2>强劲的海外表现</h2>
</div><p>The Seasonings &amp; Foods segment overseas remained a key growth engine, delivering solid volume and value gains across major markets. Management noted that international demand for core culinary brands helped lift overall revenue, reinforcing Ajinomoto’s shift toward higher-growth regions outside Japan.</p>
<div class="lb-trans"><p>调味品和食品部门在海外仍然是主要的增长引擎，在主要市场实现了稳健的销量和价值增长。管理层指出，核心烹饪品牌的国际需求帮助提升了整体收入，进一步巩固了味之素向日本以外的高增长地区转型的战略。</p>
</div><h2>Bio-Pharma Services &amp; Ingredients Growth</h2>
<div class="lb-trans"><h2>生物制药服务和成分的增长</h2>
</div><p>The company flagged the Bio-Pharma Services &amp; Ingredients segment as a major profit driver for FY 2025, supported by strong European demand. Additional upside is expected from AJICAP-related royalty income, which management sees as a structural growth lever in the high-value biopharma outsourcing space.</p>
<div class="lb-trans"><p>公司将生物制药服务和成分部门标记为 2025 财年的主要利润驱动因素，得益于欧洲需求的强劲。预计与 AJICAP 相关的特许权使用费收入将带来额外的上行空间，管理层视其为高价值生物制药外包领域的结构性增长杠杆。</p>
</div><h2>Positive Shareholder Returns</h2>
<div class="lb-trans"><h2>积极的股东回报</h2>
</div><p>Ajinomoto stepped up its capital-return story with a JPY 100 billion share repurchase program and a planned dividend increase of JPY 8 to JPY 48 for FY 2025. The move signals confidence in cash-flow generation and aims to balance growth investments with a more shareholder-friendly payout profile.</p>
<div class="lb-trans"><p>味之素通过 1000 亿日元的股票回购计划和计划将 2025 财年的股息从 8 日元提高到 48 日元，进一步加强了其资本回报故事。这一举措表明对现金流生成的信心，并旨在平衡增长投资与更具股东友好的分红结构。</p>
</div><h2>Functional Materials Outlook</h2>
<div class="lb-trans"><h2>功能材料展望</h2>
</div><p>The Functional Materials business is positioned for double-digit growth in FY 2025, aided by favorable conditions in semiconductors and AI-related demand. Management expects stronger orders for electronic materials to lift margins, highlighting this segment as a beneficiary of the ongoing digital and AI spending cycle.</p>
<div class="lb-trans"><p>功能材料业务在 2025 财年有望实现两位数增长，受益于半导体和人工智能相关需求的有利条件。管理层预计电子材料的订单将增强利润率，强调该部门是持续数字和人工智能支出周期的受益者。</p>
</div><h2>Profit Decrease in Certain Segments</h2>
<div class="lb-trans"><h2>某些部门利润下降</h2>
</div><p>Despite higher operating performance, profit attributable to owners fell sharply due to structural reform expenses and impairment losses linked to the sale of subsidiaries and plants. The company acknowledged these one-off costs as a near-term drag but framed them as necessary to streamline its portfolio and improve capital efficiency.</p>
<div class="lb-trans"><p>尽管运营表现较好，但归属于所有者的利润因结构改革费用和与子公司及工厂出售相关的减值损失大幅下降。公司承认这些一次性成本在短期内造成拖累，但将其视为简化投资组合和提高资本效率的必要措施。</p>
</div><h2>Challenges in Japan’s Frozen Foods Segment</h2>
<div class="lb-trans"><h2>日本冷冻食品部门的挑战</h2>
</div><p>Japan’s Frozen Foods business was a notable weak spot, suffering from high raw material costs and adverse foreign exchange effects. These pressures compressed profit, prompting Ajinomoto to focus on product mix upgrades and operational efficiencies to restore profitability in its home market.</p>
<div class="lb-trans"><p>日本的冷冻食品业务是一个显著的薄弱环节，受到高原材料成本和不利外汇影响的困扰。这些压力压缩了利润，促使味之素专注于产品组合升级和运营效率，以恢复其国内市场的盈利能力。</p>
</div><h2>Impacts of Structural Reforms</h2>
<div class="lb-trans"><h2>结构改革的影响</h2>
</div><p>The sale of Althea and broader structural reform expenses weighed heavily on the Healthcare and Others segment, reducing both ROE and ROIC. Management stressed that these actions are part of a longer-term plan to reallocate capital toward higher-return businesses, even at the cost of short-term earnings volatility.</p>
<div class="lb-trans"><p>Althea 的出售和更广泛的结构改革费用对医疗保健及其他部门造成了重大压力，降低了 ROE 和 ROIC。管理层强调，这些措施是将资本重新分配到高回报业务的长期计划的一部分，即使以短期收益波动为代价。</p>
</div><h2>Delays in Bio-Pharma Services Shipments</h2>
<div class="lb-trans"><h2>生物制药服务发货延迟</h2>
</div><p>Ajinomoto also reported shipment delays in Bio-Pharma Services, which temporarily pressured business profit projections. The company indicated that demand remains intact and characterized the delays as timing-related rather than indicative of structural weakness in the underlying business.</p>
<div class="lb-trans"><p>味之素还报告了生物制药服务的发货延迟，这暂时对业务利润预测造成压力。公司表示需求依然强劲，并将延迟视为时间相关，而非基础业务结构性弱点的表现。</p>
</div><h2>Guidance and Outlook for FY 2025</h2>
<div class="lb-trans"><h2>2025 财年的指导和展望</h2>
</div><p>Looking ahead to FY 2025, Ajinomoto forecasts sales of JPY 1.618 trillion, up 5.7%, and business profit of JPY 180 billion, a 13% rise, even after recent restructuring costs. The company aims to reach a 19% ROE, supported by premium product launches, improvements in frozen foods, and strong profit gains in Bio-Pharma Services and Ingredients, while continuing its enhanced dividend and buyback program.</p>
<div class="lb-trans"><p>展望 2025 财年，味之素预计销售额为 1.618 万亿日元，同比增长 5.7%，业务利润为 1800 亿日元，增长 13%，即使在近期重组成本之后。公司旨在实现 19% 的 ROE，得益于高端产品的推出、冷冻食品的改善以及生物制药服务和成分的强劲利润增长，同时继续其增强的分红和回购计划。</p>
</div><p>Ajinomoto’s earnings call painted a picture of a company balancing record performance with necessary portfolio cleanup, leaning on overseas growth and high-value segments to drive the next leg of expansion. For investors, the key message was clear: near-term restructuring and domestic headwinds are being managed, while the medium-term story remains one of disciplined growth and rising shareholder returns.</p>
<div class="lb-trans"><p>味之素的财报电话会议描绘了一幅公司在创纪录的业绩与必要的投资组合清理之间取得平衡的图景，依靠海外增长和高价值部门推动下一阶段的扩张。对于投资者而言，关键信息非常明确：短期的重组和国内的逆风正在得到管理，而中期的故事仍然是有纪律的增长和不断上升的股东回报。</p>
</div>

味之素株式会社对 2025 财年的展望表示充满信心