ANGEL YEAST(SH:600298) Xin Lang Cai Jing·2025-10-31 15:45Core Viewpoint - Anqi Yeast is a leading player in the yeast industry, ranking second in both revenue and net profit among its peers, with significant investment value due to its full industry chain advantages [1][2]. Group 1: Company Overview - Anqi Yeast was established on March 25, 1998, and listed on the Shanghai Stock Exchange on August 18, 2000, with its headquarters in Yichang, Hubei Province [1]. - The company is the third largest yeast producer globally, focusing on the development, production, and operation of yeast and related biological products [1]. Group 2: Financial Performance - As of Q3 2025, Anqi Yeast reported a revenue of 11.786 billion yuan, ranking second in the industry, while the industry leader, Haitian Flavoring, achieved 21.628 billion yuan [2]. - The net profit for the same period was 1.151 billion yuan, also placing Anqi Yeast second in the industry, compared to Haitian Flavoring's 5.33 billion yuan [2]. Group 3: Financial Ratios - The asset-liability ratio for Anqi Yeast in Q3 2025 was 48.85%, an increase from 47.72% in the previous year, significantly higher than the industry average of 20.91% [3]. - The gross profit margin for Q3 2025 was 25.54%, up from 23.28% year-on-year, but still below the industry average of 34.44% [3]. Group 4: Management and Shareholder Information - The chairman, Xiong Tao, has extensive management experience in the chemical industry, while the general manager, Xiao Minghua, saw a salary increase of 172,500 yuan year-on-year, reaching 824,500 yuan in 2024 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 5.29% to 60,500, while the average number of circulating A-shares held per shareholder increased by 5.59% to 14,200 [5]. Group 5: Market Outlook and Analyst Ratings - Analysts from Kaiyuan Securities maintain a "buy" rating, citing cost reductions and profit elasticity, while adjusting the net profit forecast for 2025-2027 to 1.543 billion, 1.969 billion, and 2.408 billion yuan respectively [5]. - Guosheng Securities also maintains a "buy" rating, slightly lowering profit forecasts for 2025-2027 to 1.6 billion, 1.88 billion, and 2.18 billion yuan, highlighting steady performance in the yeast and deep processing sectors [6].