Core Viewpoint - Company Anqi Yeast (600298) is experiencing growth driven by overseas markets, while domestic demand remains constrained due to demographic factors. The company is focusing on expanding its production capacity overseas while maintaining strategic opportunities in the domestic market [1][2][3]. Domestic Demand - Domestic demand is expected to grow at a low single-digit rate this year, influenced by factors such as an aging population. However, specific segments like small-packaged yeast are seeing double-digit growth [2]. Overseas Growth - The company has maintained over 20% growth in overseas markets in recent years, with regions like the Middle East, Africa, Southeast Asia, and Central Asia showing particularly high growth rates [3]. Production Capacity Planning - Future production capacity will primarily focus on overseas regions due to better raw material availability and market proximity. The company recently acquired Shengtong Sugar Industry to ensure stable raw material supply and reduce production costs [5]. Cost Structure - The main production raw material is molasses, which has a cyclical price influenced by various factors. The company anticipates that molasses prices will remain low in the coming years. Additionally, the company has developed hydrolyzed sugar as a substitute for molasses, currently accounting for about 30% of its raw material usage [10][13]. Competitive Landscape - The yeast industry is characterized by stable operations, with the company facing competition primarily from a few overseas firms. The competitive landscape remains relatively stable [12]. Second Growth Curve - The company is developing its second major product line, yeast extract, which has seen gradual growth since the establishment of its first production line in 2000. Other areas like synthetic biology and yeast protein are also being developed steadily [14][15]. Financial Performance - For the first half of 2025, the company reported a main revenue of 7.899 billion yuan, a year-on-year increase of 10.1%. The net profit attributable to shareholders was 799 million yuan, up 15.66% year-on-year [20]. Future Projections - The company aims to achieve a minimum revenue growth target of 10% as part of its stock incentive plan for 2025. The third quarter's performance is expected to align with the overall annual forecast [17]. Taxation and Financial Management - The overall corporate income tax rate for overseas operations is higher than that in China, but the company benefits from export tax rebates for its products in Egypt [18]. The company has maintained an asset-liability ratio below 50% in recent years, with targets set for 2025 and 2026 not exceeding 53% and 55%, respectively [19]. Market Development - The company sees significant growth potential for yeast extract in developed markets like Europe and North America, while in developing countries, market development is still needed due to local consumption levels [20].

Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 1.19% on September 24, with XD Haitian leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] - The main funds in the seasoning and fermentation products sector saw a net outflow of 94.34 million yuan, while retail investors had a net inflow of 122 million yuan [2] Group 2: Individual Stock Performance - The top-performing stocks in the sector included: - Richen Co., Ltd. (603755) with a closing price of 31.57, up 2.87% and a trading volume of 26,100 lots [1] - Baoli Food (603170) closed at 14.48, up 2.40% with a trading volume of 39,000 lots [1] - Jialong Co., Ltd. (002495) closed at 2.61, up 1.16% with a trading volume of 182,200 lots [1] - XD Haitian (603288) closed at 38.80, down 0.61% with a trading volume of 136,900 lots [2] - Other notable stocks included: - Anji Food (603696) closed at 11.92, up 0.25% with a trading volume of 66,300 lots [2] - Zhongjing Food (300908) closed at 29.68, up 0.44% with a trading volume of 13,600 lots [2]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

Summary of Angel Yeast Conference Call Company Overview - **Company**: Angel Yeast - **Industry**: Yeast production and distribution Key Points and Arguments Market Entry Strategy - Angel Yeast employs a differentiated competition strategy by maintaining a 10%-15% price gap with traditional brands like Lesaffre to penetrate markets [2][4] - The company focuses on large products or derivatives to break into markets in Europe, the US, Indonesia, and Brazil, while also developing localized products to meet regional customer needs [2][4] Distribution and Localization - The company replicates its domestic deep distribution model overseas, pushing for local sales personnel and incentivizing distributors through pricing and profit margins [2][6] - Joint ventures with local distributors, such as in Algeria, enhance market penetration, with local staff making up over 90% of overseas factory personnel [2][6] Brand Promotion and Awareness - Since 2021, Angel Yeast has increased its overseas media promotion and participation in international baking exhibitions to strengthen brand recognition [2][7] - The company organizes visits to bakers and clients to enhance brand influence through baking centers and international conferences [7] Competitive Landscape - The global yeast market is primarily dominated by Lesaffre and AB Mauri, with Lesaffre achieving over €3 billion in sales in 2023 and holding about 30% of the global market share [2][8] - Angel Yeast faces challenges in the US and European markets due to insufficient technical advantages and brand recognition compared to established competitors [11] Regional Market Dynamics - Southeast Asia, South Asia, and the Middle East are identified as core growth markets for Angel Yeast, with significant investments in expanding production capacity in Indonesia [2][12] - In the Philippines, Angel Yeast has established a strong market presence, while in Vietnam, it has gained opportunities due to competitors' capacity adjustments [13] Future Strategies - Angel Yeast plans to adopt a "build the market first, then build the factory" strategy, focusing on market maturity before expanding production capacity [3] - The company aims to enhance its product offerings, including high-quality yeast extract (YE) products, to penetrate higher-end markets in developed regions [17][18] Financial Performance - The Egyptian factory of Angel Yeast shows stable revenue growth and strong profitability, maintaining a margin of 20%-30% [16] Challenges and Opportunities - Chinese companies, including Angel Yeast, face high tariffs when exporting to India, but can leverage zero-tariff advantages by exporting from Indonesia [12] - The company is positioned to compete effectively in emerging markets, where it can capitalize on its cost and scale advantages against local and international competitors [13][18] Additional Important Insights - The company’s approach to deep distribution and localized strategies is crucial for its success in emerging markets, where competition is less entrenched compared to developed markets [17][18] - Angel Yeast's future growth will be driven by a combination of self-built factories and potential acquisitions, with careful consideration of market potential [17][18]

Group 1 - The company, Angel Yeast, announced on the evening of September 22 that it has not experienced any overdue guarantee situations [2]

证券代码：600298 证券简称：安琪酵母 公告编号：2025-084 号 安琪酵母股份有限公司 关于为控股子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 2025 年 4 月 8 日，公司召开第九届董事会第四十二次会议审议通过了《2025 年度为控股子公司提供担保预计的议案》。2025 年 4 月 30 日，公司召开 2024 年年度股东大会审议通过了上述议案。内容详见上海证券交易所网站 （www.sse.com.cn）上披露的"2025-023 号""2025-028 号""2025-046 号" 公告。 公司预计 2025 年度对外担保（全部系对控股或全资子公司及孙公司的担保） 额度为人民币 30 亿元，其中对资产负债率高于 70%的子公司提供担保额度 14 亿 元，各子公司在总额度 14 亿元内相互调剂，担保额度有效期限为 2024 年年度股 东大会审议通过之日（2025 年 4 月 30 日）起 12 个月内，此次担保在公司预计 额度内。 被担保人类型 法人 ...

Group 1 - The company announced that four individuals in its 2024 restricted stock incentive plan no longer meet the incentive conditions due to resignation and job transfers [1] - As per the relevant provisions of the draft plan, the company will repurchase and cancel all restricted stocks granted to these individuals that have not yet been released from restrictions, totaling 80,000 shares [1] - The cancellation date for these shares is set for September 24, 2025 [1]

Core Viewpoint - Anqihome Co., Ltd. is repurchasing and canceling a portion of its restricted stock due to the departure and job transfers of certain incentive recipients [1][2]. Group 1: Repurchase and Cancellation Details - The company held its 10th Board of Directors' fourth meeting on July 24, 2025, where it approved the repurchase and cancellation of 80,000 shares of restricted stock from four incentive recipients who no longer meet the incentive conditions [2]. - The repurchase is based on the company's 2024 Restricted Stock Incentive Plan and follows the relevant regulations [2]. - After the cancellation, the remaining restricted stock will total 10,908,000 shares [2]. Group 2: Legal and Compliance Aspects - A legal opinion was issued confirming that the repurchase and cancellation have obtained necessary approvals and have fulfilled information disclosure obligations [3]. - The public notice period for creditors has been completed without any claims for debt repayment or guarantees [2][3]. - The company is required to complete subsequent legal procedures and continue fulfilling its information disclosure obligations [3].

证券代码：600298 证券简称：安琪酵母 公告编号：2025-083 号 安琪酵母股份有限公司 关于限制性股票回购注销的实施公告 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。 重要内容提示： 回购注销原因：安琪酵母股份有限公司（以下简称公司） 2024 年限制性股票激励计划中的 4 名激励对象因离职及工作调 动等原因而不再符合激励条件。 公司根据《安琪酵母股份有限公司 2024 年限制性股票激 励计划（草案）》（以下简称《2024 年激励计划》）相关规定， 决定将上述激励对象已获授但尚未解除限售的全部限制性股票 进行回购注销。 本次注销股份的有关情况： | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 80,000 | 80,000 | 2025 | 年 9 | 月 | 24 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 7 月 24 日，公司召开第十届董事会第四次会议，审 议通过了《关于回购注销 2024 ...

上海市锦天城律师事务所 关于安琪酵母股份有限公司 2024 年限制性股票激励计划部分限制性股票回购注销实施 事项 之 法律意见书 关于安琪酵母股份有限公司 2024 年限制性股票激励计划 部分限制性股票回购注销实施事项之 法律意见书 致：安琪酵母股份有限公司 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 上海市锦天城律师事务所 法律意见书 2．为出具本法律意见书，本所律师审查了公司提供的与出具本法律意见书 相关的文件资料，并对有关问题进行了必要的核查和验证。公司保证：其向本所 律师提供的信息和文件资料（包括但不限于原始书面资料、副本资料和口头信息 等）均是真实、准确、完整和有效的，该等资料副本或复印件均与其原始资料或 原件一致，所有文件的签名、印章均是真实的，不存在虚假记载、误导性陈述或 重大遗漏； 3．对与出具本法律意见书相关而又无法得到独立证据支持的事实，本所律 师依赖政府有关部门、其他有关机构出具的证明文件发表法律意见； 4．经办律师本所 ...