TacticScaleWhat Angel Yeast (安琪酵母) Does & How It Makes Money (600298.SS)
Updated October 2026 · reflects Angel Yeast's latest reported financials
Chinese yeast maker supplying baking, food, brewing and nutrition markets. It earns most of its money selling yeast and yeast-based ingredients to bakers, food makers, brewers, distillers and agricultural users.
How Angel Yeast makes money
It earns most of its money selling yeast and yeast-based ingredients to bakers, food makers, brewers, distillers and agricultural users. Smaller revenue comes from packaging products, sugar making, trading of purchased goods and services such as financial leasing.
What Angel Yeast does
Angel Yeast, founded in 1986 and based in Yichang, China, produces yeast and yeast derivatives and sells them in China and internationally. Its core Yeast and Related Industries segment supplies baker's yeast, bread improvers, raising agents and pre-mixes, plus yeast extracts, enzymes, fermentation nutrients, and yeasts for beer, wine, spirits and fuel ethanol. Around that core it offers human, animal and plant nutrition products, biological feed additives, fertilizers and bio-based materials. A Packaging segment makes plastic printed and composite packaging, injection-molded products and breathable films. Other activities include sugar making, trading of food and consumer goods, import-export agency and financial leasing services.
Products & services
- Baker's yeast
- Bread improvers and baking pre-mixes
- Yeast extracts
- Brewing, spirit and fuel ethanol yeast
- Enzymes and fermentation nutrients
- Biological feed additives and animal nutrition
安琪酵母是做什么的？
安琪酵母成立于1986年，总部位于湖北宜昌，主要生产和销售酵母及酵母衍生产品，业务覆盖中国和海外市场。核心的酵母及相关产业板块包括面包酵母、面包改良剂、膨松剂、预拌粉等烘焙原料，以及酵母抽提物、酶制剂、发酵营养物，还有用于啤酒、葡萄酒、白酒和燃料乙醇的酵母。 公司还做人类、动物和植物营养产品、生物饲料添加剂、肥料和生物基材料。包装板块生产塑料彩印复合包装、注塑制品和透气膜。其他业务包括制糖、食品及日用品经销、进出口代理和融资租赁等服务。
What is Angel Yeast worth?
On an owner-earnings DCF, Angel Yeast's most-likely value is about ¥4 versus a recent price near ¥39 (941% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥2) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $39 is above even the optimistic Bull case ($6) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ High leverage — net debt is 40.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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