Summary of the Conference Call on Angel Yeast Co., Ltd. Company Overview - **Company**: Angel Yeast Co., Ltd. - **Industry**: Food and Beverage, specifically yeast production Key Points and Arguments 1. **Cost Reduction and Profitability**: Angel Yeast is entering a new profitability cycle characterized by declining costs and depreciation, which is expected to enhance earnings significantly in 2026, with profits projected to exceed 2 billion yuan [1][3][4] 2. **Market Position**: The company has rapidly increased its market share overseas and is currently the second-largest yeast producer globally, with ambitions to become the largest within the next 15 years [1][2] 3. **Revenue Growth**: The company anticipates a doubling of revenue over the next 5 to 15 years, driven by new business segments such as yeast protein and agricultural microorganisms [2][4] 4. **Sugar Molasses Price Decline**: The price of sugar molasses has dropped significantly, from approximately 1,200 yuan per ton to around 700 yuan, which is expected to provide substantial cost benefits to Angel Yeast [2][5][15] 5. **Supply and Demand Dynamics**: The sugar molasses market is experiencing oversupply, with production increasing by over 800,000 tons in the past three years, while demand remains stable or slightly contracting [6][10][15] 6. **Impact of Water Hydrolysis Sugar**: The company has expanded its production of hydrolyzed sugar, which can replace a significant portion of sugar molasses, thus providing a buffer against price fluctuations [8][19] 7. **Future Growth Drivers**: The company is focusing on expanding its overseas production capacity and diversifying its product offerings, including yeast derivatives and new biological materials [25][26] 8. **Market Expansion**: Angel Yeast is actively increasing its production capacity in Indonesia and Russia, which are expected to contribute to future revenue growth [25][27] 9. **Profitability in Overseas Markets**: The company’s overseas subsidiaries are achieving higher profit margins compared to domestic operations, with net profit margins in Egypt exceeding 30% [27] 10. **Currency and Shipping Costs**: The company is managing risks associated with currency fluctuations and shipping costs, which have historically impacted profitability [28][32] Additional Important Insights - **Strategic Adjustments**: The company has restructured its sales organization to enhance efficiency and better serve its diverse product lines [36] - **Emerging Products**: The yeast protein segment is gaining traction, with successful product launches in the sports nutrition market and plans for further expansion [37][39] - **Long-term Outlook**: The company aims for a compound annual growth rate of 15% over the next five years, with a focus on maintaining its leadership position in the global yeast market [25][36] This summary encapsulates the critical insights from the conference call regarding Angel Yeast Co., Ltd., highlighting its strategic direction, market dynamics, and growth potential in the food and beverage industry.

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The report regularly sorts out the latest information on private exchangeable bond (private EB) projects obtained from public channels and conducts basic element tracking on private exchangeable bond projects. It also lists the new project information for the week from February 2, 2026, to February 6, 2026 [1]. 3. Summary by Related Catalogs New Project Information This Week - The project of North China Lingyun Industry Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has been approved by the exchange. The proposed issuance scale is 500 million yuan, the underlying stock is Lingyun Co., Ltd. (600480.SH), the lead underwriter is CITIC Construction Securities, and the exchange update date is January 30, 2026 [1]. - The project of Shenzhen Huaqiang Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has received feedback from the exchange. The proposed issuance scale is 2.4 billion yuan, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is February 4, 2026 [1]. - The project of Hubei Angel Biotechnology Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has been accepted by the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Angel Yeast Co., Ltd. (600298.SH), the lead underwriter is Huatai United Securities, and the exchange update date is February 5, 2026 [1]. Overall Project Status Table The table shows the status of multiple private exchangeable bond projects, including the bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3].

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

上面图例显示的第一阶段都非常规整，最大回撤幅度20%左右，很标准的结构。如果后面几只最近也出现超量突破，则表明强势扩 散，板块联动效应有可能跑出来。 历史牛股是最好的教科书，而当下的牛股正在按相似的步调行进， 这是因为人性不变 。它们的基本特征是：主线脉络清晰，走势结 构紧凑，反复突破平台上行。 郑重声明：本文股票案例仅供学习交流使用，既无推荐之意，也不能作为买卖参考。 更多精彩内容，请关注同名公众号：猛兽派选股 最近，茅台连续抬升，是否在传递什么信息，还是仅仅因为春节消费的预期？不过从图形上看，似乎味业更好一些： | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 10分钟 45日线 季线 安琪酵母 安琪酵母(日线.等比前复权.对数) ◎ M6(8,20,50,200,13) WMA20: 43.7 VWA50: 43.3 VWA2 0.0 RSRHY: 31.9 44.29 财务数据(单季同比) 250426 HOME 8.95% 11.19% 250815 : 250815 : 251030 阶梯爬升 5 -26.81 WOL 收益三 交易壮 14:55 14:55 14.55 I ...

Group 1 - Anqi Yeast (Pu'er) Co., Ltd. has recently obtained AEO (Authorized Economic Operator) certification, becoming the 26th AEO enterprise in Yunnan Province and the first in Pu'er City [1] - The AEO certification will facilitate the company's expansion into international markets such as Chile, Australia, and Thailand, which are countries that have mutual recognition agreements with China [1] - AEO certification provides 45 customs facilitation measures, including priority clearance and reduced inspection rates, enhancing cross-border trade efficiency and international competitiveness [1] Group 2 - As a key foreign trade enterprise in Pu'er City, Anqi Yeast (Pu'er) was guided by the municipal commerce bureau to apply for foreign trade stabilization and quality improvement policies, successfully becoming one of Yunnan Province's "Foreign Trade Leaders" [3] - In 2025, Anqi Yeast (Pu'er) exported 21,000 tons of yeast, with export value and volume showing significant growth; foreign trade volume reached 160 million yuan, a year-on-year increase of 56.3% [3]

Group 1 - The article highlights the increasing presence of foreign individuals in Yichang, particularly during the Chinese New Year celebrations, showcasing the city's cultural integration and appeal to expatriates [1][3][5] - Thomas Ramsey, an American teacher in Yichang, shares his experiences of celebrating the Spring Festival, emphasizing the growing number of foreign residents and the welcoming environment of the city [5][6] - The article mentions the statistics of foreign teachers in Yichang, indicating that over 50 foreign educators were working in the city by the end of 2025, reflecting the city's attractiveness for international talent [6] Group 2 - The article features Chen Rong'en, a South Korean social media influencer, who has embraced life in Yichang and is actively participating in local traditions, including preparing red envelopes for the New Year [9][10] - Chen's brother, visiting from Korea, expresses surprise at the affordability of goods in Yichang, highlighting the economic differences between China and Korea [11] - The article discusses the plans for cross-border tourism between Korea and Yichang, indicating a growing interest in cultural exchange and tourism opportunities [12][13] Group 3 - The article introduces Sean, a Bangladeshi employee in Yichang, who has integrated well into the local culture and is experiencing his second Spring Festival with his employer's family, showcasing the welcoming nature of Chinese society [14][16][20] - Sean's journey from studying in China to becoming the first foreign employee at his company illustrates the opportunities available for international professionals in Yichang [18][19] - The article emphasizes the positive experiences of foreign employees in Yichang, with many expressing a desire to settle down and contribute to the local community [20] Group 4 - The article features Madelief, a Dutch teacher who has lived in Yichang for ten years, highlighting her deep connection to the city and its culture [21][23] - Madelief's experiences in Yichang, including her family life and professional contributions, reflect the city's ability to attract and retain foreign talent [24][26] - The article notes the increasing number of international employees in Yichang, with companies like Angel Yeast expanding their global presence and hiring foreign staff [27][29]

Group 1 - The seasoning and fermentation sector increased by 0.83% compared to the previous trading day, with Zhongju Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the seasoning and fermentation sector showed various performance, with Zhongju Gaoxin closing at 18.31, up 2.35%, and Jieling Pickles at 13.38, up 1.98% [1] Group 2 - The main capital inflow in the seasoning and fermentation sector was 24.37 million yuan, while retail investors experienced a net outflow of 13.68 million yuan [2] - The capital flow for individual stocks showed that Hai Tian Wei Ye had a net inflow of 56.30 million yuan from main funds, while retail investors had a net outflow of 29.55 million yuan [3] - Zhongju Gaoxin had a net inflow of 9.12 million yuan from main funds, but retail investors saw a net outflow of 14.76 million yuan [3]

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) [1][10]. Core Insights - The report emphasizes the significant decline in molasses prices, which is expected to enhance profitability and operational stability for Angel Yeast. The company is positioned to benefit from cost advantages and growth opportunities in both domestic and international markets [1][10]. Summary by Sections Cost Elasticity: Significant Decline in Molasses Prices - The molasses price has dropped significantly, with current prices around 700 RMB per ton, a decrease of 33.8% year-on-year. This decline is attributed to an oversupply situation and a mismatch in market timing [2][19]. - The supply of molasses is expected to reach approximately 3.5 million tons in the 25/26 season, marking a 10-year high, driven by increased sugar production and stable demand for molasses [25][29]. - Angel Yeast's strategy includes using hydrolyzed sugar to replace molasses, which could contribute an estimated profit increase of 290-350 million RMB if molasses prices rise above 900 RMB [19][34]. Mid-term Growth Potential: Sufficient Growth Drivers - The company is expected to maintain a compound annual growth rate (CAGR) of over 10% in domestic revenue, driven by the expansion of downstream products such as yeast protein and food ingredients [10][19]. - Internationally, Angel Yeast's overseas operations have shown robust growth, with expectations of maintaining over 15% CAGR during the "14th Five-Year Plan" period, positioning the company to become the global leader in yeast production [10][19]. Investment Recommendations - The report suggests that the recent stock price correction presents a good opportunity for investment, with revised earnings forecasts for 2025-2027 set at 1.56 billion, 2.01 billion, and 2.32 billion RMB, respectively [10][19]. - The target price has been adjusted to 58 RMB, reflecting a price-to-earnings (PE) ratio of 25 for 2026, indicating strong long-term growth potential alongside improved profitability [10][19].

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) [1][10]. Core Insights - The report emphasizes the significant decline in molasses prices, which is expected to enhance profitability and operational stability for Angel Yeast. The company is positioned to benefit from cost advantages and growth opportunities in both domestic and international markets [1][10]. Summary by Sections Cost Elasticity: Significant Decline in Molasses Prices - The molasses price has dropped significantly, with current prices around 700 RMB per ton, a decrease of 33.8% year-on-year. This decline is attributed to an oversupply situation and a mismatch in market timing [2][19]. - The supply of molasses is expected to reach approximately 3.5 million tons in the 25/26 season, marking a 10-year high, driven by increased sugar production [25][29]. - Angel Yeast's strategy includes using hydrolyzed sugar to replace molasses, which could contribute an estimated profit increase of 300-350 million RMB if molasses prices rise above 900 RMB per ton [19][34]. Mid-term Growth Potential: Sufficient Growth Drivers - The company is expected to maintain a compound annual growth rate (CAGR) of over 10% in domestic revenue over the next five years, driven by the expansion of its product lines, including yeast protein and food ingredients [10][19]. - Internationally, Angel Yeast's overseas operations have shown robust growth, with a projected CAGR of over 15% during the "14th Five-Year Plan" period, as the company seeks to solidify its position as a global leader in yeast production [10][19]. Investment Recommendations - The report suggests that the recent stock price correction presents a good opportunity for investment, with revised earnings forecasts for 2025-2027 set at 1.56 billion, 2.01 billion, and 2.32 billion RMB, respectively [10][19]. - The target price has been adjusted to 58 RMB, reflecting a price-to-earnings (PE) ratio of 25 for 2026, indicating strong long-term growth potential [10][19].

Investment Rating - The report rates the food and beverage industry as "essential consumption" with a stronger outlook than the market [2]. Core Insights - The Chinese food and beverage industry is transitioning from "incremental competition" to "stock competition," with overseas expansion becoming a crucial strategy for long-term survival and growth [6][12]. - The report identifies a four-stage model for overseas expansion, emphasizing the importance of supply chain specialization and ecological collaboration as the most promising path for Chinese companies [6][30]. Summary by Sections Four-Stage Overseas Expansion Model - The first stage is "Product Testing," focusing on low-cost market acceptance through exports [22]. - The second stage is "Localization," where companies establish local supply chains and operations to overcome trade barriers and enhance brand value [22]. - The third stage involves "Brand Acquisition and Integration," where companies pursue strategic acquisitions to expand their market presence [22]. - The fourth stage is "Global Value Network Construction," integrating global resources with regional agility to optimize efficiency and risk management [27]. Value Dimension Analysis - The report categorizes Chinese companies' overseas strategies into four types: efficiency advantage, product and category innovation, cultural empowerment and brand value, and supply chain ecological collaboration [30][31]. - Companies like Anqi Yeast and Xianle Health exemplify the supply chain specialization and ecological collaboration model, showcasing significant growth potential in overseas markets [30][47]. Growth Drivers and Recommended Targets - The report highlights that companies with established overseas operations and strong growth trajectories, such as Anqi Yeast and Xianle Health, are well-positioned for investment [47]. - Anqi Yeast has seen a compound annual growth rate of 20.7% in overseas revenue from 2022 to 2024, with a 37.6% share of total revenue coming from international markets [47][55]. - Xianle Health has achieved a remarkable 55.7% growth rate in overseas revenue during the same period, with 53.9% of its revenue derived from international operations [47][64].