安琪酵母 20251221 摘要 安琪酵母国内酵母主业市场份额达 55%，C 端产品市占率 80%-90%， 但渗透空间有限，预计国内酵母业务保持个位数增长，YE 和酵母蛋白等 新兴衍生品推动整体国内市场维持个位数增速。 公司自 2013 年起在印尼建厂，通过产线和产能本地化更好地辐射海外 市场，海外市场收入增速显著快于国内，预计未来能维持 20%以上的增 速，成为未来收入增长的重要引擎。 糖蜜是安琪酵母生产的关键原材料，占总成本 30%-40%。糖蜜价格受 甘蔗种植面积和单产影响，目前价格下探幅度超出预期，有助于提升明 年的毛利率和利润表现。 酵母发酵方法具有操作简单、发酵速度快、风味丰富等优点，在安全性 和效果上优于老面发酵和化学蓬松发酵，是综合来看的最优选择。 YE（酵母抽提物）可替代食盐和味精，用于增鲜、降盐，减少 35%左 右食盐用量，被广泛应用于调味品、方便食品及肉制品等领域，毛利率 接近品牌消费品水平。 Q&A 安琪酵母公司在收入端的主要推荐逻辑是什么？ 安琪酵母公司的收入端可以分为海外市场和国内市场。海外市场目前占公司总 收入的 35%左右，未来扩展方向主要集中在中东、北非和东南亚地区，这些地 ...

Core Points - The company reported a significant increase in net profit attributable to shareholders, rising by 83.92% year-on-year, primarily due to a substantial reduction in financial expenses and an increase in the reversal of bad debt provisions [5] - However, the net cash flow from operating activities decreased by 133.86% year-on-year, mainly due to a decline in sales volume of refined sugar and an 8.83% decrease in the selling price, leading to reduced revenue and sales collections [5] - The company plans to issue shares to specific targets as part of its development strategy, which has been approved by the board and shareholders [9][10] Financial Data Summary - The company's cash and cash equivalents decreased by 69.61% from the beginning of the year, primarily due to the repayment of bank loans [5] - Prepayments increased by 95.50% from the beginning of the year, mainly due to an increase in advance payments for agricultural materials [5] - Inventory decreased by 33.31% from the beginning of the year, attributed to increased sales of refined sugar [6] - Accounts payable decreased by 61.48% from the beginning of the year, as payments for sugarcane were completed at the end of the 2024/2025 sugar production season [6] - Long-term borrowings decreased by 49.72% from the beginning of the year, mainly due to a reduction in bank loans [6] - Financial expenses decreased by 38.33% year-on-year, primarily due to a reduction in interest-bearing liabilities and lower borrowing rates [7] - Credit impairment losses decreased by 133.15% year-on-year, mainly due to the reversal of bad debt provisions for accounts receivable [8] Shareholder Information - The company’s major shareholder, Guangnong Group, released 50,005,900 shares from pledge, accounting for 12.49% of the total share capital [13] - The company’s actual controller remains Guangxi State-owned Assets Supervision and Administration Commission, even after the transfer of 33% equity held by Guangnong Group to Guangxi Guokong Capital Operation Group [14] Audit and Compliance - The company has renewed its contract with the accounting firm, Crowe Horwath, for the 2025 financial year, ensuring compliance with auditing standards [18][29] - The third-quarter financial report was not audited, indicating a need for careful monitoring of financial practices [16] Upcoming Events - The company will hold its fourth extraordinary general meeting of 2025 on November 14, 2025, to discuss various proposals, including the increase of daily related transactions with its controlling shareholder [34][58]

Group 1 - The core engine of the agricultural sugar and livestock fertilizer circular economy project in Beinan City, Heilongjiang Province, is the sugar processing project by Saibei Sugar Industry, which is advancing rapidly with a total investment of 596 million yuan [2] - The project will have a processing capacity of 600,000 tons of sugar beets annually, producing 85,000 tons of high-quality white sugar and 25,000 tons of molasses, with an expected annual output value exceeding 626 million yuan [2] - The project is a benchmark for implementing new productive forces and plays a crucial role in the "2+1" leading industries of Beinan, promoting the coordinated development of primary, secondary, and tertiary industries [2] Group 2 - The steady progress of the Saibei Sugar Industry project will strengthen the processing transformation hub of the "agriculture-sugar-livestock-fertilizer" circular industry chain, injecting sustainable new momentum into the high-quality development of the local economy [3] - A modern agricultural industrial cluster based on resource endowment, innovation-driven, and green circular economy is rapidly emerging in Beinan [3]

Core 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].

Core Viewpoint - Angel Yeast is accelerating its upstream expansion by acquiring a 55% stake in Hohhot Shengtong Sugar Technology Co., Ltd. for 506 million yuan, despite a significant drop in the company's profit commitment for 2025 [1][4]. Group 1: Acquisition Details - The acquisition price of 506 million yuan is based on a valuation of 919 million yuan for Shengtong Sugar, reflecting a 63.80% increase over its net asset value of 561 million yuan [6]. - Shengtong Sugar's projected net profit for 2024 is 82.66 million yuan, but the commitment for 2025 is only 28.96 million yuan, indicating a 65% decline [1][5]. - The acquisition is expected to enhance Angel Yeast's production capacity and optimize its industrial structure, contributing to its long-term profitability and competitiveness [3][4]. Group 2: Strategic Importance - The acquisition aligns with Angel Yeast's strategy of vertical integration within the industry, as Shengtong Sugar is a well-supported entity by local government policies [3]. - Shengtong Sugar has a production capacity of 125,000 tons of edible sugar and 35,000 tons of molasses, which is a key raw material for yeast production [3]. - The expansion of Shengtong Sugar's planting area will further increase its molasses production capacity, benefiting Angel Yeast's operations [3]. Group 3: Financial Performance and Projections - Shengtong Sugar's revenue for 2024 is projected to be 602 million yuan, with a net profit of 82.66 million yuan, while the first quarter of 2025 is expected to generate 173.0 million yuan in revenue and 1.76 million yuan in net profit [4][5]. - The performance commitments for Shengtong Sugar from 2025 to 2027 are set at 28.96 million yuan, 75.86 million yuan, and 98.89 million yuan, respectively, with penalties for underperformance and rewards for exceeding targets [4].