国信证券发布安琪酵母研报：深耕中国酵母市场，全球布局逐渐深化

Group 1 - The company is the leader in the Chinese yeast industry and the second-largest yeast enterprise globally [1] - The yeast industry exhibits an oligopolistic structure with cyclical fluctuations in raw material costs [1] - The company has established a global production and R&D system, creating core competitive barriers [1] Group 2 - Cost reductions are expected to release profit elasticity, with overseas markets and yeast extract (YE) serving as dual growth engines [1]