17 August 2026 | 3:18PM HKT Equity Research Angel Yeast (600298.SS) Yeast Protein emerges as a compelling new growth engine amid rising protein demand and prices; Buy 600298.SS 12m Price Target: Rmb46.60 Price: Rmb43.50 Upside: 7.1% Angel Yeast delivered -0.5% YTD vs. the China consumer staple index reading of -12.6%. We attributed the outperformance to the benefits of a favourable raw material downcycle, with molasses costs falling from an average of Rmb1,128/ton in 2025 to an average of Rmb837/ton in 2026 ...