公司简介 公司前身是1984年在宜昌成立的食用酵母基地，2000年在上交所上市。目前在全球共建有16家酵母工 厂，2024发酵总产能超45万吨，酵母产品在国内市占率近55%，产销量亚洲第一。全球市占率超20%， 产品远销170多个国家和地区，目前全球市占率第二。 投资逻辑 利润端：成本高位回落、资本开支已过小高峰，27年净利率有望修复至10%+：1）公司核心原材料糖蜜 约占比总成本25-30%，受供需错配影响价格持续3年高涨，对毛利造成显著冲击。公司自22年开始自建 水解糖产能，目前可替代30%糖蜜原材料。同时伴随着上游扩产、粮食作物价格下行，25Q1-Q3毛利率 顺利实现2.3pct修复，我们预计25/26年新榨季成本有望进一步下降至1000元/吨，对应毛利率有望改善 1pct。2）十四五期间伴随着国内扩产及项目搬迁，23/24年折旧费用7.1/8.1亿元，占主业成本比重约 10%。参照近年来产能设计较为宽裕（24年产能/销量分别为45/41万吨），我们认为十五五初期产能建 设速度有望放缓，且产能投放结构持续优化，海外自产自销模式下利润率有望改善。 盈利预测、估值和评级 预计公司25-27年归母净利润分别为 ...

当「高蛋白」从一个「健身人群的小众需求」，变成「全民日常食物的标配」，中国人的蛋白质摄入问 题，自然迎刃而解。 我们到底缺不缺蛋白质？ 去年有则新闻说中国人均蛋白质摄入量已经超过美国，引起了广泛讨论。 供应量与实际摄入量之间的差距，很多人经常将这个蛋白质的利用率问题，归结于我们的饮食结构。 01 关于「中餐缺少蛋白质」的说法，一般是说我们「肉蛋奶」吃得少。 但是在今天，牛肉都二三十块钱一斤了，鸡蛋、牛奶更是便宜。蛋白质摄入不足，其实不是因为匮乏， 更多的是还是饮食习惯的问题。 很多人觉得诶不对啊？不是一直说美国人天天吃肉，我们肉蛋奶摄入不够，怎么我们蛋白质摄入还更高 呢？ 事实上呢，这是很多媒体犯了个错误。这个数据实际上统计的是人均蛋白质的供应量，而不是摄入量。 如果根据我们国家前几年自己的统计，我们的蛋白质人均摄入量大概在65-85g左右。达到了推荐标准， 但离发达国家还略微有距离。 但是这一点我们也没法直接拿过来，因为东亚约有70%-90%的人群，存在不同程度的乳糖不耐受。 那直接照搬「欧美饮食」，就真的科学吗？ 美国人的饮食结构，确实是高蛋白，但同时也是「高脂肪」和「高糖分」的，其中也是包含了健康因素 ...

2025 年 11 月 23 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn ——新材料产业周报 最近一年走势 | 2- 11. 1-41. 2 - | | --- | | 行业相对表现 | | | 2025/11/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 1.2% | 1.7% | 16.1% | | 沪深 300 | -3.3% | 3.9% | 11.6% | 相关报告 《化工新材料产业周报：2025H1 中国 AI IaaS 市 场同增 122.4%，2030 年我国动力电池回收市场将 破千亿（推荐）*基础化工*李永磊，董伯骏，陈云》 ——2025-10-26 《化工新材料产业周报：英伟达拟向英特尔投资 50 亿美元，2027 年全国储能装机预计 1.8 亿 ...

格隆汇11月18日｜近日，总投资17.5亿元的宜昌高新区白洋安琪生物产业园区一期工程全面建成，万吨 级酵母蛋白产业化示范工程正式投产。"这是目前全国最先进、规模最大的酵母蛋白专用生产线。"安琪 酵母宜昌高新区公司酵母蛋白生产部副部长刘志介绍，该生产线投产后迅速达产，月产量可稳定在900 吨左右。相较于传统动植物蛋白，酵母蛋白不仅生产效率高，而且对环境友好，是一种优质的补充蛋白 来源。2023年底，由安琪牵头研发的酵母蛋白成功入选国家卫生健康委新食品原料目录，成为我国微生 物领域首个获批的蛋白原料，打破传统蛋白来源的局限，更利于人体吸收。 ...

Group 1 - The article discusses the humorous perspective on single life and consumption habits, highlighting how individuals perceive promotions like "buy one get one half off" differently based on their relationship status [2][5][11] - It reflects on the social dynamics and emotional responses associated with drinking alone versus in pairs, suggesting that single individuals may find humor in their situation [2][12] - The content includes playful commentary on various social behaviors and the absurdity of certain situations, such as the perception of loneliness in public spaces [2][20][22] Group 2 - The article features creative expressions and anecdotes related to personal experiences, such as the feeling of loneliness during childhood and the longing for peaceful moments [68] - It includes a light-hearted take on food and health, specifically discussing the nutritional benefits of unconventional protein sources like cockroach powder compared to traditional options [46] - The narrative also touches on the theme of self-identity and societal expectations, emphasizing how individuals construct their personas in different environments [31][62][70]

Group 1 - The article discusses the humorous perspective on single life and consumption habits, highlighting how individuals perceive promotions like "buy one get one half off" differently based on their relationship status [2][5][11] - It reflects on the social dynamics and emotional responses associated with drinking alone versus in a couple, suggesting that single individuals may find humor in their situation [2][12] - The content includes playful commentary on various social behaviors and the absurdity of certain situations, such as the irony of "prohibited graffiti" being a form of graffiti itself [20][22][24] Group 2 - The article mentions the nutritional benefits of unconventional protein sources, specifically cockroach powder, which contains 70%-80% protein and is significantly cheaper than traditional whey protein [46] - It emphasizes the health advantages of cockroach powder, including its anti-inflammatory properties and effectiveness in muscle recovery, making it a viable alternative for fitness enthusiasts [46] - The comparison of prices between cockroach powder and yeast protein highlights the cost-effectiveness of this alternative protein source [46]

Core Viewpoint - Anqiu Yeast reported an increase in financial expenses in Q3 due to the capitalization of certain projects and interest expenses related to project loans, alongside a revenue growth slowdown attributed to a reduction in non-core trading activities [1] Group 1: Financial Performance - The increase in financial expenses was primarily due to some projects being capitalized, leading to a portion of interest expenses being included in financial costs [1] - Q3 revenue growth did not meet budget targets, which also affected the expense ratio [1] Group 2: Revenue Outlook - Anqiu Yeast anticipates that Q4 will be the best performing quarter based on historical trends, maintaining an overall revenue growth target of over 10% for the year [1] Group 3: Market Strategy - The company indicated that the overall gross margin in overseas markets is higher than in the domestic market, with plans to focus capacity expansion overseas through factory construction, acquisitions, or partnerships [1] - Domestically, the strategy will involve expanding along the yeast industry chain, including stabilizing raw material supply and developing core products like YE and yeast protein [1] - The acquisition of Shengtong Sugar Industry in July provides access to abundant molasses resources, with potential for future factory construction and advantageous export positioning [1]

Core Insights - The whey protein industry in China is experiencing rapid growth due to increased public health awareness and the expansion of the sports nutrition market [1][2] - The global whey market is projected to grow from $9.9 billion in 2023 to $17.82 billion by 2032, with a compound annual growth rate (CAGR) of 8.76% [2] - China's whey protein market has seen a rise from $34.6 million in 2021 to $51.8 million this year, with an average annual growth rate of approximately 11%, surpassing the global average [2] Market Demand - The demand for whey protein is driven by its applications in muscle gain, weight loss, and strength enhancement, alongside a growing health consciousness among consumers [2] - In the product segmentation, whey protein concentrate holds the largest market share, while functional foods are the primary application area for whey ingredients [2] - The protein powder category accounts for 7.4% of the health food market, with whey protein constituting about 70% of the protein powder market [2] Consumer Trends - The popularity of whey protein products is increasing, with a 18.2% year-on-year growth in sales during the first quarter of this year [3] - Consumers are increasingly incorporating whey protein into their daily health management, expanding the consumer base from professional athletes to the general public [3] - Whey protein's excellent amino acid profile and digestibility make it a key ingredient in yogurt and adult milk powder formulations [3] Supply Chain Dynamics - China has been heavily reliant on imported whey protein, with over 60% of global whey powder production concentrated in Europe and the U.S. [5] - In 2024, China's whey powder imports are expected to reach 661,000 tons, valued at $810 million, with the U.S. being a major supplier [5] - Domestic companies are diversifying their import sources and increasing procurement from South America and Eastern Europe [5][6] Industry Development - The industry is undergoing a transformation with a focus on raw material quality, precise composition, and refined processing techniques [8] - A white paper on whey protein has been published to provide a scientific reference framework for industry standardization [8] - Future industry growth is expected to focus on product diversification, technological innovation, and sustained market demand [9][10] Future Outlook - The whey protein product range is anticipated to diversify, including protein beverages, baked goods, and snacks to cater to various consumer needs [9] - Technological advancements will drive product upgrades, improving purity and quality while reducing production costs [9] - The increasing health consciousness and fitness trends among the population will continue to boost the demand for whey protein [10]

Core Viewpoint - The company is closely monitoring developments in the fields of microbial protein and yeast protein, while currently focusing on plant protein [1] Group 1 - The company has expressed interest in the growth of microbial protein and yeast protein sectors [1] - Currently, the company's main focus remains on plant protein [1]

Summary of Angel Yeast Conference Call Company Overview - **Company**: Angel Yeast - **Industry**: Yeast production and distribution Key Points and Arguments Market Entry Strategy - Angel Yeast employs a differentiated competition strategy by maintaining a 10%-15% price gap with traditional brands like Lesaffre to penetrate markets [2][4] - The company focuses on large products or derivatives to break into markets in Europe, the US, Indonesia, and Brazil, while also developing localized products to meet regional customer needs [2][4] Distribution and Localization - The company replicates its domestic deep distribution model overseas, pushing for local sales personnel and incentivizing distributors through pricing and profit margins [2][6] - Joint ventures with local distributors, such as in Algeria, enhance market penetration, with local staff making up over 90% of overseas factory personnel [2][6] Brand Promotion and Awareness - Since 2021, Angel Yeast has increased its overseas media promotion and participation in international baking exhibitions to strengthen brand recognition [2][7] - The company organizes visits to bakers and clients to enhance brand influence through baking centers and international conferences [7] Competitive Landscape - The global yeast market is primarily dominated by Lesaffre and AB Mauri, with Lesaffre achieving over €3 billion in sales in 2023 and holding about 30% of the global market share [2][8] - Angel Yeast faces challenges in the US and European markets due to insufficient technical advantages and brand recognition compared to established competitors [11] Regional Market Dynamics - Southeast Asia, South Asia, and the Middle East are identified as core growth markets for Angel Yeast, with significant investments in expanding production capacity in Indonesia [2][12] - In the Philippines, Angel Yeast has established a strong market presence, while in Vietnam, it has gained opportunities due to competitors' capacity adjustments [13] Future Strategies - Angel Yeast plans to adopt a "build the market first, then build the factory" strategy, focusing on market maturity before expanding production capacity [3] - The company aims to enhance its product offerings, including high-quality yeast extract (YE) products, to penetrate higher-end markets in developed regions [17][18] Financial Performance - The Egyptian factory of Angel Yeast shows stable revenue growth and strong profitability, maintaining a margin of 20%-30% [16] Challenges and Opportunities - Chinese companies, including Angel Yeast, face high tariffs when exporting to India, but can leverage zero-tariff advantages by exporting from Indonesia [12] - The company is positioned to compete effectively in emerging markets, where it can capitalize on its cost and scale advantages against local and international competitors [13][18] Additional Important Insights - The company’s approach to deep distribution and localized strategies is crucial for its success in emerging markets, where competition is less entrenched compared to developed markets [17][18] - Angel Yeast's future growth will be driven by a combination of self-built factories and potential acquisitions, with careful consideration of market potential [17][18]