Angel Yeast Co Ltd

Angel Yeast announced on September 24 that it has adjusted the Phase II project of the Baiyang Biotech Park implemented by its Yichang High-tech Zone subsidiary, raising the total investment from the original 797 million yuan to 1.061 billion yuan. The main purpose is to boost production capacity for annual yeast protein and co-products. The adjusted annual plan is for 12,000 tonnes of high-purity yeast protein and 32,000 tonnes of yeast protein and co-products. The project is expected to start construction within 2026, with an estimated return on investment of 10.74%. In the first half of 2026, Angel Yeast achieved revenue of 9.187 billion yuan and net profit attributable to the parent of 881 million yuan.

Angel Yeast announced on the evening of September 24 that it plans to issue convertible bonds to unspecified investors, raising total proceeds of no more than 3.5 billion yuan, with a par value of 100 yuan per bond and a term of six years. After deducting issuance expenses, the net proceeds will mainly go toward yeast protein capacity construction and technical research projects. Of this, 955 million yuan will go to Phase II of the Baiyang Biotechnology Park project in the Yichang High-tech Zone, 890 million yuan to the Yichang company's core yeast protein technology research project, 775 million yuan to a green manufacturing project with annual output of 20,000 tonnes of yeast products, 200 million yuan to a flexible intelligent manufacturing and supporting project with annual output of 60,000 tonnes of food ingredients, and 680 million yuan to supplement working capital. The company also released an expansion plan for Phase II of the Baiyang Biotechnology Park project, with total investment adjusted from 797 million yuan to 1.061 billion yuan. The planned green manufacturing project for 20,000 tonnes of yeast protein and co-products per year has been raised to 32,000 tonnes per year. The company currently has yeast protein capacity of about 16,000 tonnes, operating at full production and full sales. The 12,000-tonne annual capacity in Phase II of Baiyang Biotechnology Park is expected to be completed in 2027, and the 32,000-tonne annual capacity will be completed in 2028.

Angel Yeast has released its 2026 interim report, with net profit attributable to the parent company of 881 million yuan, an increase of 10.21% compared with the same period last year. The company's total operating revenue was 9.187 billion yuan, up 16.30% year-on-year, marking five consecutive years of growth. Net cash inflow from operating activities was 200 million yuan, down 23.79% from a year earlier. The company's latest asset-liability ratio was 48.93%, gross margin was 26.80%, and diluted earnings per share was 1.03 yuan.

Angel Yeast's wholly-owned subsidiary, the Enzyme Preparation Company, plans to invest 370.45 million yuan to build a new synthetic biology pilot verification base project. The project aims to enhance the company's core competitiveness in the field of biomanufacturing. The announcement was made on July 27.