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]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - Anqi Yeast is a stable domestic food additive manufacturer with growth potential in its product tiers and international market expansion [2][4] - The yeast industry is influenced by raw material price fluctuations and heavy asset characteristics, but Anqi Yeast's increasing revenue scale and stable investment pace are smoothing the impact on profitability [2][6] - The current peak of the raw material price cycle for yeast has likely passed, indicating a potential new upward trend in profitability for Anqi Yeast [2][5] Summary by Sections Growth Potential - Anqi Yeast has a stable main business and growth potential in food additives, with investments in capacity expansion abroad enhancing its international market prospects [2][4] - The company has seen a significant decline in domestic molasses prices, with prices dropping below 1100 RMB/ton compared to over 1400 RMB/ton in the previous year [5] Capacity Expansion and Profitability - The cyclical nature of the yeast industry, characterized by the relationship between molasses prices and capacity expansion, has historically led to greater elasticity in profitability compared to revenue [4][14] - The company is expected to benefit from a new round of molasses price stabilization due to its investments in starch hydrolysis sugar production, which will help mitigate cost fluctuations [5][59] International Market and Strategic Positioning - Anqi Yeast's international market share has increased from over 15% in 2021 to approximately 19% by mid-2024, positioning it as the second-largest globally [6] - The company is diversifying its product offerings and exploring new categories, such as yeast extracts, while solidifying its traditional yeast market base [6][7] Financial Projections - The expected earnings per share (EPS) for Anqi Yeast are projected to be 1.58, 1.92, and 2.16 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23, 19, and 17 [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company, Angel Yeast, is positioned as a leader in the industry due to its technological barriers and global layout, being the largest YE supplier and the second-largest yeast supplier globally. The company has a significant market share in both domestic (55%) and global (over 19%) markets, supported by high R&D investment for high-value product development [4][5] - The industry is experiencing steady demand expansion, driven by health-conscious consumption trends that favor natural yeast over chemical additives. The global baking market has grown from $385.4 billion in 2018 to $492.9 billion in 2023, with a projected annual growth rate of 5%. The Chinese baking market is expected to grow at an annual rate of 6.2% by 2026 [5] - The company is expected to see earnings elasticity in 2025 due to a combination of long-term growth logic (industry growth and global expansion) and short-term catalysts (cost benefits and product upgrades) [4][8] Summary by Sections Company Overview - Latest closing price is ¥36.40, with a total market capitalization of ¥316 billion and a circulating market capitalization of ¥311 billion. The company has a debt-to-asset ratio of 45.0% and a price-to-earnings ratio of 24.76 [3] Financial Performance - For the first three quarters of 2024, the company achieved total revenue of ¥10.912 billion, representing a year-on-year growth of 13.05%. The projected revenues for 2024, 2025, and 2026 are ¥15.270 billion, ¥17.512 billion, and ¥19.609 billion, respectively, with growth rates of 12.43%, 14.69%, and 11.97% [5][9] - The forecasted net profit attributable to the parent company for 2024, 2025, and 2026 is expected to be ¥1.372 billion, ¥1.659 billion, and ¥1.994 billion, with growth rates of 8.04%, 20.89%, and 20.21% [9][11] Market Dynamics - The company is benefiting from a decline in molasses costs, which significantly impacts its gross margin. The molasses prices are expected to decrease further due to increased domestic sugarcane production and reduced downstream application scenarios [6][8] - The company is also focusing on product structure upgrades and strategic pricing adjustments to stimulate domestic market growth, while its overseas market continues to expand, with nearly 40% of revenue coming from international markets in the first three quarters of 2024, showing a year-on-year growth of 21.77% [8][9]

Summary of Conference Call Company and Industry - The conference call pertains to a company in the agricultural and food production industry, specifically focusing on sugar and related products. Key Points and Arguments 1. **Raw Material Cost Trends**: The company anticipates a decline in raw material costs, particularly sugar molasses, from approximately 1,500 RMB per ton in 2023 to below 1,200 RMB in 2024, representing a decrease of over 20% [1][2][3]. 2. **Profitability Outlook for 2025**: The company projects double-digit growth in both revenue and profit for 2025, with a stable revenue growth rate of 10-15% expected [2][3]. 3. **Pricing Strategy**: Currently, there are no plans for price increases in either domestic or international markets. The company is assessing its operational strategies before making any pricing decisions [3][4]. 4. **International Market Dynamics**: The company has been increasing prices in international markets due to insufficient production capacity domestically, leading to a supply-demand imbalance [4][5]. 5. **Sugar Molasses Usage**: The company is transitioning to using 100% sugar molasses in certain production facilities, reducing reliance on hydrolyzed sugar, which is expected to optimize costs [7][9]. 6. **Market Cycles**: Historical data suggests that sugar prices follow a 3-4 year cycle, indicating that the current downtrend may continue for another 1-2 years before stabilizing [5][8]. 7. **Overseas Revenue Contribution**: The company has seen significant growth in overseas markets, particularly in Africa, where it holds nearly 30% market share. The growth is attributed to competitive pricing and service capabilities [14][18]. 8. **E-commerce Growth**: The company is experiencing growth in its e-commerce segment, driven by increased consumer spending during economic downturns, particularly in small packaging products [15][16]. 9. **Production Capacity**: Most of the domestic production capacity expansions have already been implemented, with future growth plans being communicated through official reports [16][19]. 10. **Cost Structure**: The company does not have a significant cost advantage over smaller competitors due to regulatory compliance and operational standards required of a publicly listed company [21][22]. Other Important Content - The company is cautious about future procurement strategies, particularly regarding sugar molasses, and is monitoring market conditions closely [11][12]. - There is an emphasis on maintaining operational efficiency and avoiding waste in production processes [12][20]. - The company is not currently planning any major changes in product offerings or market strategies, focusing instead on optimizing existing operations and responding to market demands [20][23]. This summary encapsulates the key insights and strategic outlook discussed during the conference call, highlighting the company's focus on cost management, market dynamics, and growth opportunities in both domestic and international markets.

证券代码：600298 证券简称：安琪酵母 公告编号：2025-009 号 安琪酵母股份有限公司 关于高管人员辞职的公告 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。 近日，安琪酵母股份有限公司（以下简称公司）董事会收到 公司副总经理刘劲松递交的书面辞职申请书。刘劲松因工作调动 原因辞去公司副总经理职务，辞职后将不再担任公司任何职务。 根据《中华人民共和国公司法》《安琪酵母股份有限公司章程》 等有关规定，刘劲松的辞职申请书自送达公司董事会之日起生效。 截至本公告披露日，刘劲松因参与公司 2020 年和 2024 年限 制性股票激励计划合计持有公司股份 60,000 股，包含 19,800 股 无限售流通股和 40,200 股已获授但尚未解除限售的限售股。根 据公司限制性股票激励计划的相关规定，刘劲松所持的 10,200 股限售股可于 2025 年完成解锁，所持的 30,000 股限售股将按要 求进行回购注销。 辞职后，刘劲松将严格遵守《上市公司董事、监事和高级管 理人员所持本公司股份及其变动管理规则》《上海证券交易所上 市 ...

安琪酵+ (本页无正文,为《安琪酵母股份有限公司监事会关于公 司第九届监事会第三十七次会议相关事项的核查意见》的签字 页) 监事签字: 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第1号 -- 规范运作》《上海证券交易所上市公 司自律监管指引第 7号 -- 回购股份》等相关法律、法规和规 范性文件及《安琪酵母股份有限公司章程》的相关规定,安琪 酵母股份有限公司(以下简称公司)监事会对第九届监事会第 三十七次会议审议的相关事项进行了核查,并发表核查意见如 下: 一、关于回购注销 2020年限制性股票激励计划部分限制 性股票及调整回购价格的议案 同意公司回购注销部分限制性股票。根据公司《2020年限 制性股票激励计划(草案)修订稿》相关规定,公司 4名激励 对象因离职、调动等原因已不符合激励条件,其已获授但尚未 解除限售的限制性股票不得解除限售,同意公司对该部分激励 对象已获授但尚未解除限售的 18,200 股限制性股票进行回购 注销。本次回购注销事项符合《上市公司股权激励管理办法》 及公司《2020年限制性股票激励计划(草案)修订稿》 ...