ANGEL YEAST(SH:600298) Guan Cha Zhe Wang·2025-07-25 13:48Core Viewpoint - Angel Yeast (600298.SH) announced plans to acquire a 55% stake in Hohhot Tongtang Technology Co., Ltd. (Shengtong Sugar Industry) for 506 million yuan, aiming to enhance its sugar production capabilities and optimize its industrial structure [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing 55% of Shengtong Sugar Industry from Zheng Jianchen at a price of 2.30 yuan per share, totaling 506 million yuan [1]. - Shengtong Sugar Industry, established in 2017, focuses on beet sugar production and has an annual production capacity of 125,000 tons of edible sugar and 35,000 tons of molasses [1][2]. - The valuation report indicates that the total equity of Shengtong Sugar Industry is assessed at 919 million yuan, reflecting a 63.8% appreciation [1]. Group 2: Strategic Implications - Post-acquisition, Shengtong Sugar Industry will become a subsidiary of Angel Yeast, contributing to the company's consolidated financial statements and supporting the development of its sugar segment and downstream industries [2]. - The acquisition is expected to enhance Angel Yeast's sustainable profitability and overall competitiveness in the market [2]. Group 3: Performance Commitment - The acquisition agreement includes a performance guarantee, requiring Shengtong Sugar Industry to achieve a combined net profit and unlevered free cash flow of no less than 173 million yuan from 2025 to 2027 [2]. - If performance targets are not met, the commitment party must provide cash compensation; conversely, exceeding targets will result in rewards for Angel Yeast [2].