<p>味之素公司（Ajinomoto Co Inc (Adr) ((AJNMY))）已召開第四季度財報電話會議。以下是會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>味之素公司在最新的財報電話會議上語氣樂觀，慶祝創紀錄的銷售和業務利潤，同時承認國內和某些業務線存在薄弱環節。管理層強調海外市場的強勁需求、生物製藥和功能材料的貢獻上升，以及對股東回報的明確承諾，儘管面臨持續的重組成本，仍將 2025 財年視為另一個穩健增長的年份。</p>
<h2>創紀錄的銷售和業務利潤</h2>
<p>味之素報告 2024 財年銷售額為 1.530 萬億日元，同比增長 6%，業務利潤為 1593 億日元，增長 7.9%。高管們強調，這兩個數字均為集團歷史最高，突顯其投資組合戰略和定價舉措在抵消成本壓力方面的成功。</p>
<h2>強勁的海外表現</h2>
<p>調味品和食品部門在海外仍然是主要的增長引擎，在主要市場實現了穩健的銷量和價值增長。管理層指出，核心烹飪品牌的國際需求幫助提升了整體收入，進一步鞏固了味之素向日本以外的高增長地區轉型的戰略。</p>
<h2>生物製藥服務和成分的增長</h2>
<p>公司將生物製藥服務和成分部門標記為 2025 財年的主要利潤驅動因素，得益於歐洲需求的強勁。預計與 AJICAP 相關的特許權使用費收入將帶來額外的上行空間，管理層視其為高價值生物製藥外包領域的結構性增長槓桿。</p>
<h2>積極的股東回報</h2>
<p>味之素通過 1000 億日元的股票回購計劃和計劃將 2025 財年的股息從 8 日元提高到 48 日元，進一步加強了其資本回報故事。這一舉措表明對現金流生成的信心，並旨在平衡增長投資與更具股東友好的分紅結構。</p>
<h2>功能材料展望</h2>
<p>功能材料業務在 2025 財年有望實現兩位數增長，受益於半導體和人工智能相關需求的有利條件。管理層預計電子材料的訂單將增強利潤率，強調該部門是持續數字和人工智能支出週期的受益者。</p>
<h2>某些部門利潤下降</h2>
<p>儘管運營表現較好，但歸屬於所有者的利潤因結構改革費用和與子公司及工廠出售相關的減值損失大幅下降。公司承認這些一次性成本在短期內造成拖累，但將其視為簡化投資組合和提高資本效率的必要措施。</p>
<h2>日本冷凍食品部門的挑戰</h2>
<p>日本的冷凍食品業務是一個顯著的薄弱環節，受到高原材料成本和不利外匯影響的困擾。這些壓力壓縮了利潤，促使味之素專注於產品組合升級和運營效率，以恢復其國內市場的盈利能力。</p>
<h2>結構改革的影響</h2>
<p>Althea 的出售和更廣泛的結構改革費用對醫療保健及其他部門造成了重大壓力，降低了 ROE 和 ROIC。管理層強調，這些措施是將資本重新分配到高回報業務的長期計劃的一部分，即使以短期收益波動為代價。</p>
<h2>生物製藥服務發貨延遲</h2>
<p>味之素還報告了生物製藥服務的發貨延遲，這暫時對業務利潤預測造成壓力。公司表示需求依然強勁，並將延遲視為時間相關，而非基礎業務結構性弱點的表現。</p>
<h2>2025 財年的指導和展望</h2>
<p>展望 2025 財年，味之素預計銷售額為 1.618 萬億日元，同比增長 5.7%，業務利潤為 1800 億日元，增長 13%，即使在近期重組成本之後。公司旨在實現 19% 的 ROE，得益於高端產品的推出、冷凍食品的改善以及生物製藥服務和成分的強勁利潤增長，同時繼續其增強的分紅和回購計劃。</p>
<p>味之素的財報電話會議描繪了一幅公司在創紀錄的業績與必要的投資組合清理之間取得平衡的圖景，依靠海外增長和高價值部門推動下一階段的擴張。對於投資者而言，關鍵信息非常明確：短期的重組和國內的逆風正在得到管理，而中期的故事仍然是有紀律的增長和不斷上升的股東回報。</p>

2802

<p>味之素株式會社報告稱，2024 財年的銷售額創下 1.530 萬億日元的紀錄，營業利潤為 1593 億日元，得益於強勁的海外需求和生物製藥服務的增長。公司計劃在 2025 財年進行 1000 億日元的股票回購，並增加股息，預計銷售額將達到 1.618 萬億日元，營業利潤將增長 13%。儘管日本冷凍食品部門面臨挑戰以及重組成本，味之素對其增長戰略和股東回報依然充滿信心</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))）已召開第四季度財報電話會議。以下是會議的主要亮點。</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>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</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財報電話會議上語氣樂觀，慶祝創紀錄的銷售和業務利潤，同時承認國內和某些業務線存在薄弱環節。管理層強調海外市場的強勁需求、生物製藥和功能材料的貢獻上升，以及對股東回報的明確承諾，儘管面臨持續的重組成本，仍將 2025 財年視為另一個穩健增長的年份。</p>
</div><h2>Record Sales and Business Profit</h2>
<div class="lb-trans"><h2>創紀錄的銷售和業務利潤</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>味之素報告 2024 財年銷售額為 1.530 萬億日元，同比增長 6%，業務利潤為 1593 億日元，增長 7.9%。高管們強調，這兩個數字均為集團歷史最高，突顯其投資組合戰略和定價舉措在抵消成本壓力方面的成功。</p>
</div><h2>Strong Overseas Performance</h2>
<div class="lb-trans"><h2>強勁的海外表現</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>調味品和食品部門在海外仍然是主要的增長引擎，在主要市場實現了穩健的銷量和價值增長。管理層指出，核心烹飪品牌的國際需求幫助提升了整體收入，進一步鞏固了味之素向日本以外的高增長地區轉型的戰略。</p>
</div><h2>Bio-Pharma Services &amp; Ingredients Growth</h2>
<div class="lb-trans"><h2>生物製藥服務和成分的增長</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>公司將生物製藥服務和成分部門標記為 2025 財年的主要利潤驅動因素，得益於歐洲需求的強勁。預計與 AJICAP 相關的特許權使用費收入將帶來額外的上行空間，管理層視其為高價值生物製藥外包領域的結構性增長槓桿。</p>
</div><h2>Positive Shareholder Returns</h2>
<div class="lb-trans"><h2>積極的股東回報</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>味之素通過 1000 億日元的股票回購計劃和計劃將 2025 財年的股息從 8 日元提高到 48 日元，進一步加強了其資本回報故事。這一舉措表明對現金流生成的信心，並旨在平衡增長投資與更具股東友好的分紅結構。</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>功能材料業務在 2025 財年有望實現兩位數增長，受益於半導體和人工智能相關需求的有利條件。管理層預計電子材料的訂單將增強利潤率，強調該部門是持續數字和人工智能支出週期的受益者。</p>
</div><h2>Profit Decrease in Certain Segments</h2>
<div class="lb-trans"><h2>某些部門利潤下降</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>儘管運營表現較好，但歸屬於所有者的利潤因結構改革費用和與子公司及工廠出售相關的減值損失大幅下降。公司承認這些一次性成本在短期內造成拖累，但將其視為簡化投資組合和提高資本效率的必要措施。</p>
</div><h2>Challenges in Japan’s Frozen Foods Segment</h2>
<div class="lb-trans"><h2>日本冷凍食品部門的挑戰</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>日本的冷凍食品業務是一個顯著的薄弱環節，受到高原材料成本和不利外匯影響的困擾。這些壓力壓縮了利潤，促使味之素專注於產品組合升級和運營效率，以恢復其國內市場的盈利能力。</p>
</div><h2>Impacts of Structural Reforms</h2>
<div class="lb-trans"><h2>結構改革的影響</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 的出售和更廣泛的結構改革費用對醫療保健及其他部門造成了重大壓力，降低了 ROE 和 ROIC。管理層強調，這些措施是將資本重新分配到高回報業務的長期計劃的一部分，即使以短期收益波動為代價。</p>
</div><h2>Delays in Bio-Pharma Services Shipments</h2>
<div class="lb-trans"><h2>生物製藥服務發貨延遲</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>味之素還報告了生物製藥服務的發貨延遲，這暫時對業務利潤預測造成壓力。公司表示需求依然強勁，並將延遲視為時間相關，而非基礎業務結構性弱點的表現。</p>
</div><h2>Guidance and Outlook for FY 2025</h2>
<div class="lb-trans"><h2>2025 財年的指導和展望</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 財年，味之素預計銷售額為 1.618 萬億日元，同比增長 5.7%，業務利潤為 1800 億日元，增長 13%，即使在近期重組成本之後。公司旨在實現 19% 的 ROE，得益於高端產品的推出、冷凍食品的改善以及生物製藥服務和成分的強勁利潤增長，同時繼續其增強的分紅和回購計劃。</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>味之素的財報電話會議描繪了一幅公司在創紀錄的業績與必要的投資組合清理之間取得平衡的圖景，依靠海外增長和高價值部門推動下一階段的擴張。對於投資者而言，關鍵信息非常明確：短期的重組和國內的逆風正在得到管理，而中期的故事仍然是有紀律的增長和不斷上升的股東回報。</p>
</div>

味之素株式會社對 2025 財年的展望表示充滿信心