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 ...

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]