这是半佛仙人的第1807篇原创 1 你大概率知道安琪酵母这个名字，毕竟已经成了生活的一部分。 早餐的包子皮、中午的披萨边、下午的薯片渣、蘸饺子的酱油汁、夜宵摊的啤酒沫。 在实现元宇宙之前，我们已经活在了安琪酵母宇宙。 但你根本不知道这个听起来很平常的公司，有多恐怖。 他们掌握了全球酵母产能的五分之一，按照市场份额算，他们排第二。 蒸馒头酿啤酒？ 那只是人家的新手村任务。 这家公司真正的厉害的是，用酵母打一场"蛋白战争"。 你以为寄希望于大豆蛋白？ 不，那是农耕文明的产物。 你以为还能多养牛造更多乳清蛋白？ 不不不。 碳排放指标逼着你少放牛。 这么说吧，安琪酵母参与的这场蛋白战争，已不止于商业，而是涉及到了人类传承万年的 生存模式。 以后历史书上讲到2 1世纪人类怎么吃饭，安琪酵母或许是一个绕不开的名字。 每天产的鸡蛋，能摊出绕地球三圈的鸡蛋灌饼。 每年出栏的肉鸡够给全国所有人炫半年的疯狂星期四了。 但翻开养殖场饲料账本，仔细看，满本都写着四个字。 进，口，依，赖。 肉不会从天上掉下来，喂养这些禽畜的豆粕，每十斤可能就有八斤半是外国大豆变的。 以为吃的是国产肉蛋奶？ 它不只是卖酵母，而是为人类破解蛋白供给困境的 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm addresses the implementation of the repurchase and cancellation of part of the restricted stock under the 2024 incentive plan of Angel Yeast Co., Ltd. [1] Group 1: Decision and Disclosure Procedures - The company has completed the necessary decision-making and disclosure procedures for the repurchase and cancellation of restricted stocks, including approvals from the 37th and 39th meetings of the board [5] - The company has publicly disclosed the repurchase plan and confirmed that no creditors have claimed debts during the public notice period of 45 days [5][6] Group 2: Details of the Repurchase and Cancellation - The repurchase and cancellation involve 488,000 shares of restricted stock due to 39 incentive targets no longer meeting the conditions for incentives [6] - After the repurchase, the remaining restricted stocks under the incentive plan will total 10,988,000 shares [6] - The repurchase is expected to be completed by May 28, 2025, and the company will proceed with the necessary capital reduction registration after the cancellation [6] Group 3: Legal Conclusions - The law firm concludes that the company has fulfilled its disclosure obligations and complied with relevant regulations regarding the repurchase and cancellation of restricted stocks [6]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 16.69 billion, 19.14 billion, and 21.84 billion RMB respectively, reflecting growth rates of +26%, +15%, and +14% [5] Core Insights - The company's Q1 2025 performance showed a revenue of 3.794 billion RMB, up 8.95% year-on-year, and a net profit attributable to shareholders of 370 million RMB, up 16.02% year-on-year, indicating that the performance met expectations [2] - The main business continues to grow steadily, with the sugar business being gradually divested. Yeast and deep processing products generated 2.773 billion RMB in revenue, a 13.2% increase year-on-year, while the sugar segment saw a significant decline in revenue by 60.7% [3] - Cost reductions have led to improved net profit margins, with a net margin of 9.75%, up 0.59 percentage points year-on-year, driven by a decrease in raw material costs and better product mix [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 3.794 billion RMB, with a year-on-year growth of 8.95%, and a net profit of 370 million RMB, reflecting a 16.02% increase [2] - The company’s gross margin improved to 25.97%, up 1.31 percentage points year-on-year, due to lower procurement costs and increased efficiency [4] Business Segments - The yeast and deep processing segment generated 2.773 billion RMB in revenue, up 13.2% year-on-year, while the sugar segment's revenue fell by 60.7% to 1.57 billion RMB [3] - Domestic revenue slightly decreased by 0.3% to 2.099 billion RMB, while international revenue increased by 22.9% to 1.684 billion RMB, indicating strong overseas market growth [3] Future Projections - The company expects net profits to grow significantly over the next few years, with projections of 16.69 billion RMB in 2025, 19.14 billion RMB in 2026, and 21.84 billion RMB in 2027, corresponding to PE ratios of 18x, 15x, and 13x respectively [5]