SHANGHAI, Jan. 29, 2024 /PRNewswire/ -- Angel Yeast (SH600298), the world's leading yeast manufacturer, is excited to share its resolutions for 2024. Building upon the achievements of 2023 and upholding high standards across various indicators, Angel Yeast is dedicated to pursuing high-quality development fueled by innovative technologies in the new year.

"On behalf of Angel Yeast, we would like to extend our New Year wishes to everyone. We are grateful to our 12,500 hardworking employees who have made exceptional contributions to the company's growth despite facing numerous challenges. Looking ahead, we are committed to innovation-driven development, global expansion, and seizing opportunities in international markets. Additionally, we remain dedicated to environmental protection and sustainable development, as we strive towards a prosperous and sustainable future," said Xiong Tao, chairman of Angel Yeast.

Increasing R&D investment and talent development to drive innovation and high-quality development

In 2023, Angel Yeast made significant investments:

• Invested over 900 million RMB in R&D.
• Established a research institute, 10 technology centers, and 23 internal research platforms.
• Launched over 200 new products and obtained 123 authorized patents.

As a result, Angel Yeast's yeast protein received approval as a new national food ingredient. The company's dedication to innovation was acknowledged internationally through the acclaimed project of Dr. Sun Yafang's team and honored achievements in yeast extract technology in the Chinese patent field.

In addition to investing in R&D, Angel Yeast prioritized talent development in 2023:

• Attracted 667 talented individuals.
• Promoted 42 young cadres.

Moving forward into 2024, Angel Yeast remains committed to making innovation their primary driving force, and continues to encourage innovation and foster a culture that tolerates failures.

Driving global expansion with a "Market-Centric" Approach

In 2023, Angel Yeast diligently pursued its globalization strategy, focusing on key markets such as the Middle East, Africa, and the Asia-Pacific region, also made significant efforts to develop new markets in North America and Europe, resulting in continued growth in overseas revenue.

This commitment to globalization is further reinforced by the consistently high-speed growth achieved in Angel Yeast's overseas markets. In line with its globalization efforts, Angel Yeast (Egypt) Co., Ltd. and Bosaba Company plan to establish a joint venture in Algeria, demonstrating the company's dedication to expanding its global presence.

Looking ahead to 2024, Angel Yeast remains committed to expanding its "going global" efforts. The company has ongoing capacity expansion projects at two overseas subsidiaries, with expected completion and operation in the coming year. Additionally, Angel Yeast is planning the construction of new overseas production facilities to support its globalization goals, further solidifying its presence in international markets.

Embracing an Environmentally Friendly Development Strategy for a Sustainable Future

Angel Yeast's dedication to environmental protection and sustainable development was recognized in 2023. The company received a bronze medal from EcoVadis. This achievement placed Angel Yeast among the top 42% of globally assessed companies.

However, Angel Yeast is not satisfied and is actively seeking ways to further improve. The company is making plans based on the areas highlighted for improvement in the EcoVadis report. In 2024, Angel Yeast will focus on strengthening the management of hazardous substances, actively promoting resource recycling, and striving to minimize waste. By doing so, Angel Yeast aims to contribute to building a sustainable and better future.

Angel Yeast's resolutions for 2024 revolve around driving high-quality development through technological innovation, pursuing globalization strategies, and building a sustainable future. Angel Yeast is confident in achieving even greater success in the year ahead.