Summary of Anqi Yeast Conference Call Company Overview - **Company**: Anqi Yeast - **Industry**: Yeast Production Key Points Industry and Market Dynamics - The yeast industry in China is experiencing a significant increase in production, with 2023 output at 190,000 tons and a projected growth to 540,000-550,000 tons in 2024, driven by capacity expansions from Anqi Yeast and Lesaffre [3][4] - Downstream demand is diversified, with baked goods, Chinese pastries, and alcoholic beverages accounting for 36%, 37%, and 26% of the market respectively [3][4] - The industry is moving towards a mature and stable phase, with a decrease in new registrations of small enterprises indicating a shift in market dynamics [4] Company Performance and Strategy - Anqi Yeast has rapidly expanded its production capacity since 2010, expected to reach 440,000 tons by 2024, making it the fastest-growing globally [3][4] - The company has invested over 7 billion yuan in capital expenditures from 2021 to 2024, with most projects nearing completion, leading to a forecasted decline in capital expenditures post-2025 [3][4] - International expansion is a key strategy, with operational factories in Egypt and Russia, and a new facility under construction in Indonesia [5][14] Cost Structure and Profitability - Raw material costs, particularly molasses, are expected to decline, with a projected 15% decrease in price to 1,100 yuan/ton by 2025 due to increased sugarcane planting [3][8] - Depreciation costs have significantly impacted profit margins in the past but are expected to decrease to below 1% in the coming years [9] - Shipping costs are on a downward trend, which, along with improved geopolitical conditions, is anticipated to enhance gross margins [10] Market Position and Competitive Advantage - Anqi Yeast maintains a high capacity utilization rate of 80%-90%, supported by a diverse demand structure that allows flexibility in product offerings [6] - The company has seen a notable increase in market share in Africa, with over 40% in regions like the Middle East and East Africa, attributed to competitive pricing and product differentiation [15][17] - Anqi Yeast's focus on R&D and product innovation, such as yeast protein technology, positions it favorably against competitors [17] Financial Outlook - For 2025, Anqi Yeast is projected to achieve over 15% revenue growth, with profits estimated at approximately 1.63 billion yuan [18] - The company is expected to benefit from a stable pricing environment and declining costs, making 2025 a favorable year for profit release [12][13] Risks and Considerations - The company faces challenges from fluctuating demand in the baking sector and competition from both domestic and international players [4][7] - Exchange rate fluctuations have a limited impact on overall profits, but ongoing geopolitical factors may introduce uncertainties [11] Conclusion Anqi Yeast is well-positioned for growth in the yeast production industry, with strategic international expansions, a strong market presence, and favorable cost dynamics contributing to a positive financial outlook for 2025.

安琪酵母股份有限公司 关于向专业投资者公开发行公司债券注册申请 获得中国证券监督管理委员会批复的公告 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 整性承担法律责任。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-013 号 安琪酵母股份有限公司（以下简称公司）于近日收到中国证 券监督管理委员会出具的《关于同意安琪酵母股份有限公司向专 业投资者公开发行公司债券注册的批复》（证监许可〔2025〕387 号），批复内容如下： 一、同意你公司向专业投资者公开发行面值总额不超过20亿 元公司债券的注册申请。 二、本次发行公司债券应严格按照报送上海证券交易所的募 集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，你公司在注 册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，你公司 如发生重大事项，应及时报告并按有关规定处理。 公司将按照法律法规相关规定和上述批复文件要求，在股东 大会授权范围内办理公开发行公司债券相关事项，并及时履行信 息披露义务。 特此公告。 安琪酵母股份有限公司董事会 20 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 35.64 CNY and a fair value of 46.87 CNY [3]. Core Views - The domestic supply-demand landscape is improving, and the company is expected to benefit from stable volume and price growth in its products by 2025 [8][55]. - The company has accelerated its overseas expansion, with a projected compound annual growth rate (CAGR) of 23.9% in overseas revenue from 2021 to 2024, and continued growth expected in 2025 [8][55]. - The company has completed a capital expenditure cycle, with limited domestic yeast capacity expansion in the short term, while focusing on overseas projects [8][55]. Summary by Sections Domestic Market - The yeast demand structure is primarily driven by baked goods and alcoholic beverages, with traditional yeast demand recovering and contributions from yeast extract (YE) expected to increase [14][21]. - The supply side shows limited capacity expansion in the short term, with the company positioned as a leader in the domestic market, holding a 55% market share by 2024 [31][34]. - The company is expected to achieve stable volume growth and price stability in its products due to improved supply-demand dynamics and limited competition from new entrants [55]. Overseas Market - The company has been rapidly expanding its overseas business, with significant growth in revenue expected to continue [8][55]. - Key advantages in overseas markets include high cost-performance of products, strong local channel networks, and leading technology in dry yeast and YE [8][55]. - The profitability of overseas operations is anticipated to improve due to an increase in YE's share and ramp-up of overseas production capacity [8][55]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 152.48 billion CNY, 175.56 billion CNY, and 199.70 billion CNY, with year-on-year growth rates of 12.3%, 15.1%, and 13.7% respectively [2][8]. - The net profit attributable to the parent company is expected to be 13.69 billion CNY, 16.29 billion CNY, and 18.83 billion CNY for the same period, with growth rates of 7.8%, 19.0%, and 15.6% respectively [2][8]. - The report maintains a "Buy" rating based on a target price of 46.87 CNY per share, corresponding to a price-to-earnings (P/E) ratio of 25 times for 2025 [8][55].

Investment Rating - The report gives a "Buy" rating for Angel Yeast (600298) for the first time [1]. Core Views - The yeast industry is experiencing steady growth, with Angel Yeast leading the domestic market. The company is expected to benefit from cost advantages and expanding overseas markets, with a projected increase in net profit and earnings per share (EPS) over the next few years [1][7]. Summary by Sections 1. Yeast Industry Overview - The global yeast industry is mature, with a stable growth rate of around 6%. In China, the yeast market reached 13.3 billion yuan in 2023, with a compound annual growth rate (CAGR) of 8.21% from 2021 to 2023, surpassing the global average [1][7]. - Traditional baking and noodle yeast demand exceeds 500,000 tons, while yeast extract (YE) is expected to inject new momentum into the industry due to health trends [1][7]. 2. Angel Yeast's Market Position - Angel Yeast has a significant market share in China, with a strong focus on research and development, and a differentiated product strategy. The company has established a robust overseas presence, with international revenue growing rapidly [1][7]. 3. Financial Outlook - The report forecasts Angel Yeast's net profit for 2024-2026 to be 13.66 billion yuan, 16.31 billion yuan, and 18.57 billion yuan, respectively, with year-on-year growth rates of 7.51%, 19.41%, and 13.87% [1][7]. - The EPS is projected to be 1.57 yuan, 1.88 yuan, and 2.14 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 22.27x, 18.65x, and 16.38x, indicating a favorable valuation compared to peers [1][7]. 4. Cost Structure and Raw Material Dependency - Sugar molasses accounts for approximately 30-40% of production costs, making it a critical factor influencing profitability. The supply of sugar molasses is expected to stabilize, potentially leading to a decrease in costs [1][7]. - The company has a flexible pricing mechanism and global procurement capabilities, which will help mitigate raw material price fluctuations [1][7]. 5. Overseas Expansion - Angel Yeast is expanding its overseas production capacity, with new facilities in Egypt, Russia, and Indonesia, which are expected to contribute significantly to revenue growth. The overseas market accounted for 35% of total revenue in 2023, with a CAGR of 26.09% from 2001 to 2023 [1][7].

Investment Rating - The report gives a "Buy" rating for Angel Yeast (600298) for the first time [1]. Core Views - The yeast industry is experiencing steady growth, with Angel Yeast leading the domestic market. The company is expected to benefit from cost advantages and expanding overseas markets, with a projected increase in net profit and earnings per share (EPS) over the next few years [1][7]. Summary by Sections 1. Yeast Industry Overview - The global yeast industry is mature, with a stable growth rate of around 6%, while China's yeast market has reached a scale of 13.3 billion yuan in 2023, with a CAGR of 8.21% from 2021 to 2023, surpassing the global average [1][7]. - Traditional baking and noodle yeast demand exceeds 500,000 tons, while yeast extract (YE) is expected to inject new momentum into the industry, with a market space of approximately 780,000 tons in 2023 [1][7]. 2. Angel Yeast's Market Position - Angel Yeast has a significant market share in China, with a strong focus on R&D and a differentiated product strategy. The company has established a robust overseas presence, with international revenue growing at a CAGR of 26.09% from 2001 to 2023, accounting for 35% of total revenue [1][7]. 3. Financial Outlook - The report forecasts Angel Yeast's net profit for 2024-2026 to be 13.66 billion yuan, 16.31 billion yuan, and 18.57 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 1.88 yuan, and 2.14 yuan. The current P/E ratios are 22.27x, 18.65x, and 16.38x, indicating a favorable valuation compared to peers [1][7].

Core Viewpoint - Angel Yeast, a leading global yeast company, is accelerating its international expansion by investing in a new yeast production project in Indonesia, with a total investment of 880 million RMB and an annual production capacity of 20,000 tons of yeast [1][2]. Group 1: Investment and Expansion - The Indonesian subsidiary of Angel Yeast plans to invest 880 million RMB to establish a yeast production project with a planned capacity of 18,800 tons per year for dry yeast and approximately 2,000 tons per year for fresh yeast [1]. - The project is expected to take 24 months to complete and is scheduled to commence production in 2027 [1]. - Angel Yeast has a significant stake of 80% in the Indonesian joint venture, with the remaining 20% held by a local partner [1]. Group 2: Market Position and Strategy - Angel Yeast is the largest YE supplier globally and the second-largest yeast supplier, with a total production capacity exceeding 400,000 tons and a domestic market share of 55% and a global market share of 19% [2]. - The company has been expanding internationally since 2010, establishing factories in countries such as Egypt and Russia, and continues to expand its production capacity [2]. - The decision to accelerate international expansion is influenced by slowing growth in the domestic market and high domestic prices for molasses, which account for 59.94% of production costs [2]. Group 3: Future Outlook and Revenue Growth - In the first three quarters of 2024, Angel Yeast's overseas revenue reached 4.257 billion RMB, representing a year-on-year growth of 21.77% and accounting for 39% of its main business revenue [3]. - The company aims to enhance its overseas market development, improve user service levels, and strengthen overseas channel construction to maintain high growth in international business [3]. - Angel Yeast plans to focus on the baking yeast market trends, enhance product development, and optimize customer service to improve market responsiveness [3].

证券代码：600298 证券简称：安琪酵母 公告编号：2025-012 号 安琪酵母股份有限公司 关于印尼公司实施年产 2 万吨酵母项目的公告 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 整性依法承担法律责任。 重要内容提示： ●项目名称：印尼公司实施年产 2 万吨酵母项目 （三）2025 年 2 月 28 日，本项目已经公司第九届董事会 第四十次会议审议批准，11 票同意、0 票反对、0 票弃权。 （四）2025 年 2 月 28 日，本项目已经公司第九届监事会 第三十八次会议审议批准，3 票同意、0 票反对、0 票弃权。 （五）根据《安琪酵母股份有限公司章程》《上海证券交 易所股票上市规则》的相关规定，本项目在获得公司董事会审 议批准后，尚需提交公司股东大会审议。 （六）本项目不属于关联交易和重大资产重组事项。 二、印尼公司基本情况 2024 年 11 月 15 日，公司召开 2024 年第六次临时股东大 会审议通过了《关于在印度尼西亚设立子公司的议案》。印尼 公司已于 2025 年 2 月 17 日获得印度尼西亚共和国法律部长批 准允 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-011 号 二、监事会会议审议情况 （一）关于福优公司实施年产 13 万吨微生物菌剂绿色制造 项目的议案 2024 年 7 月 22 日，公司召开第九届监事会第三十一次会议 审议通过了《关于与广西双柳美琪生物科技有限公司设立合资公 司的议案》。合资公司湖北福优农业科技有限公司（以下简称福 优公司）于 2024 年 9 月 10 日成立，注册资本 1 亿元，法定代表 人唐德洪，广西双柳美琪生物科技有限公司持股 65%，公司持股 35%。 福优公司拟投资 19,117.55 万元实施年产 13 万吨微生物菌 剂绿色制造项目，预计建设周期 10 个月，2026 年上半年投产， 具体情况以实际为准。本项目的实施有助于提升微生物菌剂相关 产品核心竞争力，增强上市公司持续盈利能力和综合竞争力，持 续推动公司稳健发展，不存在损害上市公司和股东利益的情况。 安琪酵母股份有限公司 第九届监事会第三十八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召 ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-010 号 安琪酵母股份有限公司 第九届董事会第四十次会议决议公告 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。 一、董事会会议召开情况 安琪酵母股份有限公司（以下简称公司）于2025年2月25日 以电话及邮件的方式发出召开第九届董事会第四十次会议的通 知。会议于2025年2月28日以现场和通讯相结合的方式在公司五 楼会议室召开。本次会议应参会董事11名，实际参会董事11名， 会议由董事长熊涛主持，公司监事会成员及高级管理人员列席了 会议。 本次会议的召集和召开符合《中华人民共和国公司法》《安 琪酵母股份有限公司章程》《安琪酵母股份有限公司董事会议事 规则》的有关规定，会议决议有效。 同意提交公司董事会审议。 2024 年 7 月 22 日，公司召开第九届董事会第三十二次会议 审议通过了《关于与广西双柳美琪生物科技有限公司设立合资公 司的议案》。合资公司湖北福优农业科技有限公司（以下简称福 优公司）于 2024 年 9 月 10 日成立，注册资本 1 亿元，法 ...

Group 1 - The core point of the article is that Angel Yeast (600298) announced plans for its subsidiary PT ANGEL YEAST BUDI INDONESIA to invest in a yeast production project with an annual capacity of 20,000 tons [1] - The total estimated investment for the project is 880 million yuan, indicating a significant commitment to expanding production capacity [1] - The expected construction period for the project is 24 months, with production anticipated to commence in 2027 [1]