ANGEL YEAST(600298) 每日经济新闻·2025-05-16 03:19Core Viewpoint - Angel Yeast has established itself as the second-largest player in the global yeast industry after 39 years of development, but faces scrutiny regarding its growth potential due to slowing domestic business and underdeveloped emerging sectors [1][2]. Financial Performance - In 2024, Angel Yeast reported a revenue of 15.197 billion, marking an 11.86% increase from 2023's 13.585 billion [2]. - The net profit attributable to shareholders was 1.325 billion, reflecting a 4.07% increase compared to 2023's 1.273 billion [2]. - The net cash flow from operating activities reached 1.650 billion, up 24.38% from the previous year [2]. - By the end of 2024, the company's net assets stood at 10.829 billion, a 7.28% increase from 2023 [2]. Strategic Initiatives - The company is actively expanding into overseas markets and developing new product lines to break the perception of stagnation [2][25]. - Angel Yeast has initiated a project in Indonesia with an estimated investment of 880 million, aiming for an annual production capacity of 20,000 tons of yeast [15][16]. - The company is also focusing on the yeast protein sector, which was recently included in the new food raw material directory by the National Health Commission [17][21]. Market Challenges - The company faces challenges in market cultivation for its yeast protein products, leading to a 17.77% increase in sales expenses to 828 million in 2024 [18]. - The reliance on molasses as a key raw material has led to increased production costs, prompting the company to innovate with hydrolyzed sugar as a substitute [6][9]. Future Outlook - The chairman expressed confidence in the company's growth potential over the next 5 to 10 years, emphasizing the importance of international market expansion and innovative product development [25][28]. - The company aims to become the world's leading yeast enterprise and a top-tier biotechnology company, leveraging its market reputation and government support [28].