文 | 锦缎
市场近期的波动把资金的情绪搅得很碎，长期焦点则被算力、光模块、服务器这些科技硬件牢牢占据。叙事密度高的赛道吸走了大部分注意力。
如果我们把视线从科技硬件挪开，在长坡厚雪的消费赛道里，一些老牌企业并没有停在原地。
安琪酵母就是一个样本。
2026年上半年，安琪酵母录得营业收入91.87亿元，同比增长16.30%；归母净利润8.81亿元，增长10.21%；扣非归母净利润7.94亿元，同比增长7.02%，表现还算不错。
（财报一图流如下图所示，单位：亿元，来源：企业财报，财报纪整理）
纵观财报来看，安琪酵母的营收增长相对健康，有产品迭代有出海潜力，并且成本处于周期底部，酵母行业也处在供不应求的大背景下。
一言以蔽之，安琪酵母是现阶段消费行业为数不多有短期业绩、有长期叙事的价值企业。
01 国内纵向发展，海外持续放量
二季度，营业收入46.53亿元，同比增长13.35%，相较一季度增速有所放缓，但仍然维持了两位数的高增长。
从产品结构来看，增长相对均衡，酵母及深加工产品收入34.27亿元，同比增长14.97%，增加约4.46亿元，贡献了主营业务收入净增量的约84%。食品原料收入5.72亿元，同比增长25.84%，增加约1.17亿元。
酵母主业仍是增长主体，食品原料在其之外补充增量。同期，其他产品收入减少约0.94亿元，抵消了部分增长。
从收入的增量来看，国内海外都表现不俗，但二者之间的增长逻辑有所不同：
（1）国内以技术替代路线为主，乳清蛋白价格飙升致使酵母蛋白需求爆发明显
上半年，国内酵母收入维持低个位数增长，酵母衍生产品整体增速在10%以上。显然如果只看国内市场，酵母蛋白现如今承接了增长的接力棒。
这其中最主要的原因是替代需求，今年上半年，乳清蛋白的价格飙升，从10万元/吨增长至18-20万元/吨，下游厂商成本激增。
而酵母蛋白上半年获得了法律法规的支持，虽然均价也有所提升，但是相较于乳清蛋白还是有价格优势。而两者在下游的落点高度重叠，核心场景集中在三处：运动营养、特医食品与代餐、以及正在膨胀的高蛋白零食与银发营养。
并且乳清蛋白是奶酪生产的副产品，产量有限。而酵母蛋白，以糖蜜等低成本碳源为原料，通过工业发酵独立生产。产能供给不受制于人，进一步加大了供给优势。
几重因素叠加，安琪酵母通过酵母衍生产品实现了国内市场的放量增长。
（2）海外增长维持双位数，主要的增量来自产能释放
从过去五年的趋势来看，海外市场贡献营收占比已经超过四成，从国产制造而言，安琪酵母已经算出海相对成功的企业，而从调味品的细分赛道来看，安琪酵母更是其中的佼佼者。
与此同时，安琪酵母上半年的海外市场增速依然维持在了双位数以上，虽然受到了一定地缘冲突的影响，但市场的需求并没有出现明显的下滑，并且利润水平更优，华创证券口径，埃及子公司净利率约30%，俄罗斯约19%，公司整体不足10%。
从供需两侧来看，海外目前主要的问题是本地产能不足。不过今年以来海外产能会陆续放量，目前埃及工厂产能约6万吨，俄罗斯3.2万吨，另有2.2万吨扩建项目在建，印尼2万吨产线预计2027年投产。
从营收侧来看，安琪酵母还有不小的增长空间。
02 糖蜜红利期，毛利修复明显
利润侧，安琪酵母上半年的表现也不错，二季度整体毛利率由26.19%升至27.12%，提高约0.93个百分点；毛利额达到12.62亿元，同比增长17.37%，增加约1.87亿元。
这其中主要的原因是成本端糖蜜价格有所下滑。
以2025年的成本结构来看，食品原料毛利率为10.80%，酵母及深加工为32.21%。食品原料的原材料成本占收入83.25%，酵母及深加工为44.82%；前者现有产品组合中，原材料成本对收入的占用明显更高。
国内食糖自2023/24榨季进入扩产周期，两个增产榨季累计多产出约66万吨糖蜜；25/26榨季初甘蔗含糖量偏高，糖蜜产量约350万吨、同比再增16万吨。
榨季初市场预期糖蜜降到1000元/吨，实际已经跌破700元——上一榨季安琪的国内采购均价还接近1200元。历史规律是糖蜜低价窗口通常持续2到3年，机构判断26/27榨季供需仍宽松。
安琪的动作很快：4月完成2026年度糖蜜采购计划，全年成本已经锁定，价格低于上年同期；广西糖料蔗种植面积1234万亩，创近十年新高，原料供给充足。并且海外俄罗斯糖蜜的价格也处在历史低位。
从中期视角来看，这轮红利还远未走到尽头。
03 非经营性成本波动，实际利润表现还能更好
净利润的表现是目前市场主要担忧的问题，今年二季度安琪酵母的归母利润率为9.8%，低于去年的10.5%，下滑了大约80bp，在毛利增长的同时净利下滑，不免让人陷入增收不增利的质疑中来。
但是拆分来看，成本结构还算优良，费控的表现并不算差。
二季度，销售、管理和研发费用合计同比增加约6620万元，增幅12.35%，低于收入增速；三项合计费率由13.06%略降至12.94%。经营费用整体仍得到收入增长的摊薄。
支出的增加更多集中在人员与产品开发。上半年，销售人员薪酬增加约4610万元，广告宣传费减少约987万元；管理人员薪酬增加约2234万元；研发材料费和试验试制费合计增加约4866万元。海外本地销售团队建设、薪酬调整、酵母蛋白试制和风味面团工艺开发，都在持续推进。
最主要的问题来自财务费用。二季度，这项支出由上年同期约346万元增至8573万元，增加约8227万元，超过销售、管理和研发费用的合计增量。
相当于当季新增毛利的44%。其中，净利息支出增加约1601万元，其余汇兑及手续费等项目合计增加约6626万元。
海外业务的外币收支，使生产成本之外又多了一层汇率影响。二季度，国外主营业务收入19.41亿元，占主营业务收入约42%。到6月底，美元应收账款折合人民币约9.24亿元，重要境外经营实体采用人民币记账。海外货款从形成应收到最终收回、结汇，期间的汇率变化会影响损益。
上半年，汇兑损益由上年同期约5852万元收益，变为约8559万元损失。这项变化是财务费用大幅增加的主要原因，也使已经形成的毛利未能充分转化为净利润。
但汇兑损益是非经营性的短期波动，并且随着海外产能的逐渐释放，这部分费用会有所改善，并不影响安琪酵母的长期价值。刨除汇兑损益后，安琪酵母的实际利润表现并不差。
04 不只有AI供不应求，酵母亦是如此
关于酵母，多数投资者的第一印象还停留在蒸馒头的活性干酵母。这个印象，需要更新了。
全球酵母总产能超210万吨，产能集中在欧美；欧美及大洋洲活性酵母应用成熟、增量有限，以鲜酵母为主；非洲、中东、亚太人口增长快、烘焙业兴起，活性酵母市场快速发展。
传统面食发酵、烘焙、酿造趋于成熟，酵母衍生品在风味、营养、健康领域的应用还在拓宽，饲料养殖、生物发酵等新兴领域市场容量巨大。
正因如此，和时兴的AI硬件、芯片一样，酵母也长期处在供不应求的市场环境中。在业绩会中，安琪酵母的管理层明确表示：“目前酵母蛋白供不应求,生产线都在满产运行。”
安琪酵母是现如今中国制造业中，少有仍在维持资本开支的企业。
当然安琪还有不小的扩产计划，业绩会中透露，未来更多的产能会放在海外,目前印尼新建项目与俄罗斯扩建项目均在建设中。长远来看,安琪也会考虑南美洲、欧洲等地的布局机会,可能会采取自建或并购方式。
目前的产能规划中，年产1.2万吨高纯度酵母蛋白项目预计2027年上半年投产，2万吨绿色制造项目2028年上半年投产，远期规划4-5万吨。国金证券测算，若酵母蛋白实现对乳清加大豆蛋白市场20%的销量渗透，对应理论市场规模超过400亿元。
并且在成本端，亦有改善的空间，糖蜜目前处于周期底部，并且安琪酵母也有水解糖作为糖蜜的替代原料，成本波动不会太大。
而从估值的角度来看，安琪酵母预期市盈率为17倍左右，27年预期市盈率在14倍左右。而海外英联马利的母公司ABF约13.7倍的市盈率，差距并不大，并且安琪酵母的增速明显更快。
酵母市场全球CR5达到了80%，市场结构也比较健康，如果现如今要在市场中挑选一个相对长坡厚雪的消费品，酵母或许是可以考虑的选项。
本文由 AI图鉴自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
Man, you've got to be kidding me.
Recent fluctuations in the market have upset the mood for finance, while the long-term focus has been firmly held by computing power, light modules, servers and the hardware of technology. The high-density race track has drawn much attention.
If we move our sights away from the technology hardware, in the long snowy consumer track, some old companies are not in place.
Angel yeast is a sample.
In the first half of 2026, Angel yeast recorded an operating income of 9,187 million yuan, an increase of 16.30 per cent over the same period; a net profit of 881 million yuan to the mother, an increase of 10.21 per cent; and a net profit of 794 million yuan to the non-mother, an increase of 7.02 per cent over the same period.
(In millions of dollars, source: corporate financials, financial records)
In financial terms, Angie yeast's harvest growth is relatively healthy, with product trajectories having the potential to go out to sea and costs at the bottom of the cycle, and the yeast industry in the context of supply and demand.
In short, Angie yeast is a small number of valued enterprises with short-term performance and long-term narratives in the consumer sector at this stage.
01 Longitudinal development in the country, sustained overseas discharge
In the second quarter, operating income was $4,653 million, an increase of 13.35 per cent over the same period, a slowdown compared to the first quarter, but continued to sustain a high double-digit growth.
In terms of product structure, growth has been relatively balanced, with revenues from yeast and deep-processed products amounting to 3,427 million yuan, an increase of 14.97 per cent over the same period, an increase of about 446 million yuan, contributing to a net increase of about 84 per cent in income from main-account operations. Income from food raw materials was $572 million, an increase of 25.84 per cent over the same period and an increase of approximately $117 million.
The yeast industry remains the dominant growth sector, with food raw materials adding to it. This increase was partially offset by a decrease in income from other products of approximately $94 million over the same period.
In terms of the increase in income, both domestic and foreign countries performed well, but the logic of growth differs from one another:
(1) In the country, where technological alternatives predominate, the surge in milk protein prices has led to a marked outbreak of yeast protein demand
In the first half of the year, domestic yeast incomes maintained low-digit growth, with an overall increase of over 10 per cent in yeast derivatives. It is clear that if only the domestic market, yeast protein now carries the growth relay.
The main reason for this is alternative demand, with the price of dairy protein rising sharply in the first half of the year, from $100,000 per ton to $1820,000 per ton, and the cost of downstream manufacturers soaring.
In the first half of the year, yeast protein was supported by laws and regulations, and although the average price has risen, it has a price advantage over milk protein. The two are highly overlapping downstream, with the core scenes concentrated in three areas: sports nutrition, specialist foods and substitute meals, and high-protein snacks that are expanding and silver-haired nutrition.
And milk protein is a by-product of cheese production, with limited production. The yeast protein, which is based on low-cost carbon sources such as honey, is produced independently through industrial fermentation. Supply of capacity is not subject to human constraints, which further enhances supply advantages.
In addition to several factors, Angie yeasts have increased their domestic market share through yeast derivatives.
(2) Maintenance of double-digit growth from overseas, with major increases from capacity releases
In terms of trends over the past five years, the share of foreign market contributions has exceeded 40 per cent, and in terms of domestic manufacture, the Angie yeast has accounted for relatively successful enterprises in the sea, and in terms of the breakdown of the spices, Angie yeasts are the most prominent.
At the same time, the rate of growth in the foreign market for the first half of Angie yeast remained above double-digit, with no significant decline in market demand, despite some geographical conflicts, and a more profitable level of profits, with the Chinese-owned securities calibre, a net interest rate of about 30 per cent for the Egyptian subsidiary, about 19 per cent for Russia and less than 10 per cent for the company as a whole.
On both the supply and demand sides, the main current problem overseas is inadequate local capacity. However, since the beginning of this year, foreign production capacity has continued, with Egyptian factories now producing about 60,000 tons, Russians 320,000 tons, ongoing expansion projects of another 12,000 tons, and Indonesia’s 20,000 tons of production line expected to start production in 2027.
On the side of the camp, there's a lot of room for growth for Angie's yeast.
02 Sugar dividend period, visible Maori repair
On the profit side, Angie yeast also performed well in the first half of the year, with the overall Māori rate rising from 26.19 per cent to 27.12 per cent in the second quarter, an increase of about 0.93 percentage points; and Māori amounting to 1,262 million yuan, an increase of 17.37 per cent over the same period, an increase of about 187 million yuan.
The main reason for this is the decline in the price of cost-based honey.
In terms of cost structure in 2025, the Māori rate for food raw materials was 10.80 per cent and for yeasts and deep processing it was 32.21 per cent. The raw materials cost 83.25 per cent of the income for food raw materials and 44.82 per cent for yeasts and deep processing; in the former ' s existing product mix, the cost of raw materials is significantly higher.
The domestic sugar harvest has entered the production cycle from the 2023/24 season, with cumulative additional output of approximately 660,000 tons of sugar during the two additional seasons; sugar cane is high at the beginning of the 25/26 season, with about 3.5 million tons of sugar production, an increase of 160,000 tons over the same period.
The market is expected to drop to $1,000 per ton at the beginning of the season, and has actually fallen to $700. – The average domestic purchase price was close to $1,200 the previous season. The historical pattern is that a low-priced window of honey usually lasts two to three years, and institutions judge that demand and supply remain relaxed during the 26/27 squeeze season.
Angie moved quickly: the 2026 sugar purchase plan was completed in April, and the year-round cost was locked down at a lower price than the same period in the previous year; Guangxi sugar cane was grown in an area of 12.34 million acres, at a new high of nearly 10 years, with sufficient supplies. And the price of Russian sugar overseas is historically low.
In the medium term, the dividend is far from over.
03 Non-operational cost fluctuations, real profit performance improved
The performance of net profits is a major source of concern for the current market, with the return rate of Angel yeast in the second quarter of this year being 9.8 per cent, down from 10.5 per cent last year, down by about 80 bp, and a decline in net gains while Māori growth inevitably plunged into the challenge of increasing revenue gains.
However, according to split, the cost structure is good and the cost-control performance is not poor.
In the second quarter, the combined cost of sales, management and research and development increased by approximately $66.2 million over the same period, an increase of 12.35 per cent below the rate of income growth; the three combined rates decreased slightly from 13.06 per cent to 12.94 per cent. Overall, operating costs continue to be a marginal source of income growth.
The increase in expenditures is more focused on human and product development. In the first half of the year, the salaries of sales personnel increased by approximately $4.61 million and advertising costs decreased by about $9.87 million; the salaries of managers increased by about $22.34 million; and the costs of research and development materials and pilot tests increased by a total of about $4.86 million. The development of overseas local marketing teams, pay adjustments, yeast protein trials and fragrance pasta processes are continuing.
The most important problem arises from financial costs. In the second quarter, this expenditure increased from approximately $3.46 million in the same period of the previous year to $8.57 million, an increase of approximately $8.227 million, exceeding the combined increase in sales, management and research and development costs.
This corresponds to 44 per cent of the new Maori in the current quarter. Of this amount, net interest expenditure increased by approximately $1.61 million, while the remaining items, such as exchange and handling charges, together increased by approximately $6.626 million.
Foreign currency receipts and expenditures from overseas operations add another layer of exchange rate impact to production costs. In the second quarter, the foreign mains earned $1.941 billion or approximately 42 per cent of the mains. By the end of June, United States dollar receivables were equivalent to approximately 924 million yuan, and important offshore business entities were accounting for it. Overseas payments are ultimately recovered and remitted from formation, and changes in exchange rates during the period affect gains and losses.
In the first half of the year, gains or losses on exchange were reduced from an estimated $5.852 million during the same period of the previous year to a loss of approximately $8.559 million. This change is the main reason for the substantial increase in financial costs and the failure to fully translate the already formed gross domestic product into net profits.
However, exchange gains and losses are short-term non-operational fluctuations and, with the gradual release of offshore production capacity, these costs will improve without affecting the long-term value of Angie ' s yeast. After the exchange gains and losses were deducted, the real profit performance of the Angie yeast was not poor.
04 Not only AI but also the yeast.
With respect to yeasts, the first impressions of most investors remain in the active dry yeast of the steamer. This impression needs to be updated.
Total global yeast capacity exceeds 2.1 million tons and is concentrated in Europe and the United States; active yeast applications in Europe and in Oceania are mature and limited in volume, dominated by fresh yeasts; Africa, the Middle East, Asia and the Pacific are growing rapidly and the baking industry is emerging, and the market for active yeasts is growing rapidly.
Traditional pasta fermentation, baking and brewing have matured, the use of yeast derivatives in the areas of wind, nutrition and health is expanding and the market capacity in emerging areas such as feed farming and biofermentation is enormous.
As a result, yeasts have long been in a market environment that is short of demand, as is the case for current AI hardware and chips. In the performance session, the management of the Ange yeast made it clear that “the current demand for yeast protein is low and production lines are running at full capacity”.
Angé yeast is now one of the few businesses in Chinese manufacturing that still maintain capital spending.
There are, of course, a substantial expansion plan for Angie, and the performance will reveal that more capacity will be available overseas in the future, and both new projects in Indonesia and Russian expansion projects are under construction. In the long run, Angie will also consider the deployment opportunities in South America, Europe and so on, possibly through self-construction or M & As.
In the current capacity planning, 12,000 tons of high-purity yeast protein are expected to be produced annually in the first half of 2027, 20,000 tons of green manufacturing in the first half of 2028 and 40,000-50,000 tons in the forward planning. The national gold securities estimate that the corresponding theory market would be more than 40 billion yuan if the yeast protein were to penetrate by 20 per cent of the market for soybeans.
At the cost end, there is room for improvement, honey is currently at the bottom of the cycle, and there is hydrolytic sugar as a substitute for honey, which is less volatile.
From the valuation point of view, the expected market gain for Angie yeast is about 17 times that for 27 years is around 14. The gap is not large, and the growth of the Angie yeast is significantly faster.
The yeast market has reached 80 per cent of the global CR5 and a healthy market structure, and the yeast may be an option to consider if a consumer of relatively long slopes of snow is to be selected in the market today.
Auto-fetched and translated by AI Atlas. All rights belong to the original author.