Core Viewpoint - Company Anqi Yeast (600298) is experiencing growth driven by overseas markets, while domestic demand remains constrained due to demographic factors. The company is focusing on expanding its production capacity overseas while maintaining strategic opportunities in the domestic market [1][2][3]. Domestic Demand - Domestic demand is expected to grow at a low single-digit rate this year, influenced by factors such as an aging population. However, specific segments like small-packaged yeast are seeing double-digit growth [2]. Overseas Growth - The company has maintained over 20% growth in overseas markets in recent years, with regions like the Middle East, Africa, Southeast Asia, and Central Asia showing particularly high growth rates [3]. Production Capacity Planning - Future production capacity will primarily focus on overseas regions due to better raw material availability and market proximity. The company recently acquired Shengtong Sugar Industry to ensure stable raw material supply and reduce production costs [5]. Cost Structure - The main production raw material is molasses, which has a cyclical price influenced by various factors. The company anticipates that molasses prices will remain low in the coming years. Additionally, the company has developed hydrolyzed sugar as a substitute for molasses, currently accounting for about 30% of its raw material usage [10][13]. Competitive Landscape - The yeast industry is characterized by stable operations, with the company facing competition primarily from a few overseas firms. The competitive landscape remains relatively stable [12]. Second Growth Curve - The company is developing its second major product line, yeast extract, which has seen gradual growth since the establishment of its first production line in 2000. Other areas like synthetic biology and yeast protein are also being developed steadily [14][15]. Financial Performance - For the first half of 2025, the company reported a main revenue of 7.899 billion yuan, a year-on-year increase of 10.1%. The net profit attributable to shareholders was 799 million yuan, up 15.66% year-on-year [20]. Future Projections - The company aims to achieve a minimum revenue growth target of 10% as part of its stock incentive plan for 2025. The third quarter's performance is expected to align with the overall annual forecast [17]. Taxation and Financial Management - The overall corporate income tax rate for overseas operations is higher than that in China, but the company benefits from export tax rebates for its products in Egypt [18]. The company has maintained an asset-liability ratio below 50% in recent years, with targets set for 2025 and 2026 not exceeding 53% and 55%, respectively [19]. Market Development - The company sees significant growth potential for yeast extract in developed markets like Europe and North America, while in developing countries, market development is still needed due to local consumption levels [20].

证券研究报告 食品饮料 报告日期：2025 年 09 月 22 日 白酒深度调整，大众品关注低估值的行业龙头 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 相关阅读 饮料行业周报》2025.09.09 《中报圆满收官，关注基本面稳健的标 的—食品饮料行业周报》2025.09.01 《白酒持续出清，关注成长板块估值修 复—食品饮料行业周报》2025.08.26 华龙证券研究所 摘要： 盐津铺子、百润股份、海天味业、安琪酵母。 风险提示：食品安全风险；消费复苏不及预期；成本上行；业绩 增速不及预期；行业竞争加剧；宏观经济政策出台和落地不及预 期的风险；第三方数据统计偏差风险。 | 股票代码 | 股票简称 | 2025/09/19 | | | EPS（元） | | | | PE | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2024A | 2025E | 2026 ...

Core Viewpoint - Company is actively expanding its overseas market presence and maintaining strong product quality as its core competitive advantage, while also developing its domestic market for yeast extract products. Group 1: Overseas Operations - The company's overseas operating model is consistent with its domestic market, utilizing a distributor agency system and expanding sales channels to achieve a distributor density close to that of the domestic market [2][7]. - The company confirms its agents through trade shows and direct communication, with agents being either yeast sellers or from related food ingredient industries [3]. - The company has a competitive advantage in overseas markets primarily due to product quality, channel development, and service, rather than low pricing [4][8]. Group 2: Market Potential - Yeast is a global product with established usage habits in overseas markets, and the company is gradually increasing its market share [5]. - The domestic yeast extract market is still in the development stage, with significant growth potential as the usage ratio in the seasoning industry is currently low [6]. - The company believes there is still considerable growth space in overseas markets, as its overall market share remains low [7]. Group 3: Production and Capacity - The company has achieved a balance between production and sales after years of capacity expansion, which is expected to support future market development [9]. - The company is investing in Indonesia due to its advantageous location for market access and raw material sourcing [10]. - The majority of the production from the company's two overseas factories is still exported [11]. Group 4: European Market - The European market is one of the fastest-growing regions for the company, with established sales channels for yeast extracts and plans for localizing production and expanding product categories [13]. Group 5: Financial Performance - For the first half of 2025, the company reported a main revenue of 7.899 billion yuan, a year-on-year increase of 10.1%, and a net profit of 799 million yuan, up 15.66% year-on-year [18]. - The company has received positive ratings from 29 institutions in the last 90 days, with 24 buy ratings and 5 hold ratings, indicating strong market confidence [18].

Group 1 - National Development Bank's Guangxi branch provided a manufacturing loan of 100 million yuan to Angel Yeast (Liuzhou) Co., Ltd., supporting the company's high-quality and sustainable development [1] - Angel Yeast Co., Ltd. specializes in yeast and deep-processed products, which are widely used in baking, fermentation, food seasoning, and animal and plant nutrition, exporting to over 170 countries and regions globally [1] - Angel Yeast (Liuzhou) Co., Ltd. is recognized as a high-tech enterprise in the autonomous region and has received various accolades, including "specialized, refined, distinctive, and innovative" small and medium-sized enterprises and a model intelligent factory in Guangxi [1] Group 2 - The National Development Bank's Guangxi branch has maintained a strong cooperative relationship with Angel Yeast (Liuzhou) Co., Ltd., providing tailored financial services to support the company's development [2] - The bank successfully helped the company apply for 2 million yuan in interest subsidies, effectively reducing financing costs and alleviating liquidity pressure, allowing the company to focus on technological innovation and market expansion [1][2] - The bank plans to continue implementing the central government's economic policies, focusing on financial services for the real economy, particularly in manufacturing and other key sectors [2]

Group 1: Industry Overview - The sugarcane industry in China, particularly in Guangxi and Yunnan, is evolving towards a circular economy, aiming to maximize the value derived from sugarcane beyond traditional sugar production [1][2] - Guangxi's sugarcane waste, known as bagasse, is being transformed into high-value materials such as biomass porous carbon for supercapacitors, showcasing innovation in waste utilization [1] - The comprehensive utilization rate of bagasse in Guangxi has reached 100%, indicating a significant advancement in the value chain from paper production to high-end supercapacitor materials [1] Group 2: Company Innovations - Green Cycle New Materials (Yunnan) Co., Ltd. is converting bagasse into biodegradable tableware and packaging materials, expanding its market reach into medical supplies and pet litter [2] - Anqi Yeast (Cruz) Co., Ltd. processes sugar molasses into high-activity dry yeast and yeast extracts, consuming nearly 250,000 tons of molasses annually and exporting products to over 130 countries [2] - Baile Qibao Rum Company is utilizing sugar molasses as a key ingredient for rum production, with an expected annual output value of 500 million yuan from its circular economy industrial park project [3] Group 3: Economic Impact - The circular economy in Guangxi's sugar industry is projected to achieve an output value of 5.4 billion yuan in 2024, reflecting a year-on-year growth of 62.15% and accounting for 13.99% of the total sugarcane industry output [3]

Core Viewpoint - Angel Yeast has demonstrated steady growth in performance through increased brand investment and international market expansion, achieving significant revenue and profit increases in the first half of 2025 [1][2][3]. Group 1: Financial Performance - In the first half of 2025, Angel Yeast reported revenue of approximately 7.9 billion yuan, a year-on-year increase of 10.1% [1][2]. - The net profit attributable to shareholders reached 799 million yuan, reflecting a year-on-year growth of 15.7% [1][2]. Group 2: Brand and Market Position - Angel Yeast is the second-largest yeast company globally, with a brand value exceeding 20 billion yuan and a brand strength score of 914, leading the domestic food processing sector [2]. - The company has a total yeast production capacity exceeding 450,000 tons, holding a 55% market share in China and over 20% globally, exporting to more than 170 countries and regions [2]. Group 3: International Expansion - In Q2 2025, overseas revenue grew by 22.3% year-on-year, accounting for 28.4% of total revenue [3]. - The company’s international revenue reached 5.712 billion yuan in 2024, representing 37.6% of total revenue, with a notable increase of 3.193 billion yuan over the past five years [3]. Group 4: Product Development and Innovation - Angel Yeast is actively expanding its product boundaries, with yeast protein exported to over 40 countries for use in various food applications [4]. - The company is investing in biotechnology, with projects including a 230 million yuan investment in serum-free cell culture technology and a 502 million yuan investment in a biomanufacturing center [5].

Summary of Anqi Yeast Conference Call Company Overview - The conference call focuses on Anqi Yeast, a company significantly impacted by production capacity cycles and raw material costs, particularly molasses, which accounts for 40%-50% of raw material costs [2][3]. Key Points and Arguments 1. **Profitability Influences**: Anqi Yeast's profitability is significantly affected by molasses prices and transportation costs, leading to cyclical profit changes [2][3]. 2. **Strategies to Mitigate Costs**: The company is implementing strategies such as building factories near molasses production sites, exploring alternatives like hydrolyzed sugar, and attempting to acquire upstream sugar factories to manage raw material costs [2][5]. 3. **Capital Expenditure and Depreciation**: During the 14th Five-Year Plan, Anqi Yeast underwent large-scale capacity migration, resulting in high fixed asset investments and increased depreciation costs. As the domestic market saturates, the focus is shifting to overseas markets, leading to a slowdown in capital expenditures [2][6]. 4. **Global Molasses Price Trends**: Global molasses prices have significantly declined since 2023 and are expected to continue decreasing over the next 1-2 years due to slowed yeast production expansion and increased sugarcane and beet planting areas [2][7]. 5. **Profit Margin Improvement**: The decline in molasses prices is anticipated to enhance Anqi Yeast's profit margins, with a projected turning point in profitability expected between Q4 2024 and Q1 2025, leading to an increase in ROE for 1-2 years [2][7]. 6. **Market Growth**: The company maintains a business structure with 80% B-end and 20% C-end, relying on capacity release and order conditions for growth. Despite a slowdown in the domestic market, overseas markets are expected to grow at 15%-20% annually [3][7]. 7. **Core Products and New Growth Points**: Anqi Yeast's core products include yeast, yeast extracts, and yeast protein, with ongoing investments in marketing and capacity building. New product launches in the sports yeast protein sector are expected to drive revenue growth [3][8]. Additional Important Insights - **Cyclical Revenue Growth**: Anqi Yeast's revenue growth typically ranges from 10% to 20%, but profit growth shows significant cyclical fluctuations, influenced by capital expenditure and raw material costs [3]. - **Long-term Investment Value**: The company is viewed as a long-term investment opportunity due to the expected decline in raw material prices, which will positively impact profit margins and ROE, alongside stable growth potential from overseas market expansion [7][8]. - **Product Line Diversification**: The company is diversifying its product line with derivatives for animal feed and other synthetic biological products, contributing to a clearer main business structure and a gradient growth model [8].

Core Insights - The performance of A-share listed companies in 2025 is mixed, with some benefiting from rising product prices while others in the downstream of the supply chain face challenges due to raw material price increases [1] Group 1: Company Performance - Western Mining reported a revenue of 31.619 billion yuan, a year-on-year increase of 27%, and a net profit of 1.869 billion yuan, up 15% [1] - The growth for Western Mining is attributed to an 8% increase in copper production and an 11% rise in copper prices compared to the previous year [3] - Cangge Mining's revenue for the first half of 2025 was 1.678 billion yuan, a decrease of 4.74%, but its net profit reached 1.8 billion yuan, a significant increase of 38.8% [3] - Cangge Mining's potassium chloride business achieved a gross margin of 61.84%, driven by a 25.57% year-on-year increase in average selling price [3] Group 2: Challenges Faced by Downstream Companies - Hanwei Technology reported a 87.86% decline in net profit due to rising material costs outpacing product price increases, leading to a decrease in gross margin [4] - In response to raw material price hikes, companies like Yinstar are adjusting their pricing models and maintaining safety stock to mitigate impacts [4] - Yinstar's products are primarily made from sintered neodymium-iron-boron, with significant cost contributions from praseodymium and neodymium metals, making them sensitive to price fluctuations [4] Group 3: Overseas Market Opportunities - Angel Yeast noted slight price increases for overseas products while maintaining stable domestic prices, with higher gross margins overseas due to significant investments in local sales channels [5] - The company sees substantial growth potential in markets like Africa, Europe, and Southeast Asia, supported by local subsidiaries and tailored market development [5] - Huagong Technology is actively pursuing a global strategy, establishing multiple industrial bases and research centers abroad, resulting in significant growth in export orders from Europe, North America, and the Middle East [5]

Group 1: Performance Growth Driven by Price Increases - Companies in the A-share market are experiencing performance growth due to rising product prices, particularly in the non-ferrous and chemical sectors [1] - Western Mining (601168) reported a revenue of 31.619 billion yuan, a 27% increase year-on-year, and a net profit of 1.869 billion yuan, a 15% increase, driven by an 8% increase in copper production and an 11% increase in copper prices [2] - Cangge Mining (000408) achieved a revenue of 1.678 billion yuan, a 4.74% decrease, but a net profit of 1.8 billion yuan, a 38.8% increase, with a gross margin of 61.84% for potassium chloride and 30.53% for lithium carbonate [2][3] Group 2: Impact of Raw Material Price Increases - Some downstream companies reported that rising raw material prices negatively impacted their performance, leading to a decrease in gross margins [4] - Hanwei Technology noted a significant decline in net profit by 87.86% due to increased material costs outpacing product price increases [5] - YS Technology mentioned that while raw material prices are rising, they maintain a safety stock, which mitigates the overall impact on the company [5] Group 3: Strategies to Mitigate Raw Material Price Risks - Xizi Clean Energy (002534) employs strategies such as maintaining steel inventory and using futures hedging to manage raw material price risks [6] - Companies are optimizing product structures and processes to enhance competitiveness and stabilize costs amid raw material price fluctuations [6] Group 4: Positive Outlook on Overseas Markets - Companies are optimistic about overseas market developments, with noticeable price increases for overseas products [7] - Angel Yeast (600298) reported higher gross margins overseas compared to domestic markets, attributing this to significant investments in local sales subsidiaries and favorable cost structures [8] - Huagong Technology (000988) is actively pursuing a global strategy, establishing multiple overseas bases and reporting significant growth in export orders from Europe, North America, and the Middle East [9]

Core Viewpoint - Yichang's GDP is projected to grow by 6.5% in 2024, surpassing 600 billion yuan for the first time, marking a significant economic milestone for the city [1][3] Group 1: Economic Growth and Development Strategies - Yichang has successfully transitioned from a traditional industrial city to a leading economic hub in Hubei province through strategic government initiatives and market interactions [3][4] - The "Four Major" promotion mechanism has been implemented to drive high-quality development, focusing on major strategies, industries, projects, and activities [4][6] - The city has adopted a "3+2" leading industry system, emphasizing modern chemical new materials, life health and food, and new energy and high-end equipment, while also developing big data and cultural tourism [6][7] Group 2: Infrastructure and Transportation - Yichang is enhancing its transportation infrastructure as part of the "Hub Empowerment" strategy, which includes the construction of high-speed rail and bridges to improve connectivity [10][13] - The city is expected to see a 18% increase in transportation fixed asset investment in 2024, with over 40% allocated to high-speed rail projects [11] - Yichang Port achieved a throughput of 149 million tons in 2024, ranking first in Hubei province, indicating significant improvements in water transport capabilities [11] Group 3: Industrial Transformation and Innovation - The city is focusing on integrating its chemical industry with new energy battery materials and high-end equipment manufacturing, creating a comprehensive industrial chain [7][9] - Yichang's approach to industrial upgrading is based on leveraging existing resources and enhancing traditional advantages rather than starting anew [6][9] - The "Five Ones" industrial chain招商 mechanism promotes collaboration between government and enterprises, enhancing the city's manufacturing capabilities and global reach [7][9]