Feasibility analysis report on the use of funds raised by non-public offering of A-Shares in 2021 (Second Revision)
In order to further improve and expand the business layout of Angel Yeast Co.Ltd(600298) (hereinafter referred to as " Angel Yeast Co.Ltd(600298) "), meet the capital needs of the main business development of Angel Yeast Co.Ltd(600298) , optimize the financial structure, and enhance the capital strength and anti risk ability, the company plans to raise funds through non-public offering of A-Shares (hereinafter referred to as "this non-public offering"), It is used to invest in construction projects related to the company's main business and supplement working capital. The feasibility analysis of the company's board of directors on the use of the funds raised in this non-public offering is as follows: I. The use plan of the funds raised in this non-public offering
After deducting 589.23 million yuan of funds provided to Angel financial leasing from six months before the resolution date of the first board of directors to this offering, the total amount of funds raised from this non-public offering of shares shall not exceed 2 million yuan (including this amount) to no more than 1410 million yuan (including this amount), taking into account the company's development strategy, project implementation priorities and other factors, After deducting the relevant issuance expenses, the raised funds will be used to invest in the following projects: unit: 10000 yuan
It is planned to use the raised funds for the total investment amount of the project after this reduction
1 yeast green production base construction project 131706.00 93000.00 93000.00
2. Green production project of yeast products with an annual output of 25000 tons 74730.00 54730.00
3. Green 33988.00 29988.00 29988.00 manufacturing project of new enzyme preparation with an annual output of 5000 tons
4. Supplementary working capital 22282.00 22282.00 18012.00
Total 262706.00 200000.00 141000.00
On the premise of not changing the projects to be invested by the raised funds, with the authorization of the general meeting of shareholders, the board of directors may adjust the amount of raised funds invested in the above-mentioned single or multiple investment projects (excluding the green manufacturing project of 25000 tons of yeast products per year). If the actual raised funds after deducting the issuance expenses in this non-public offering are less than the total amount of the raised funds proposed to be invested in the above projects, the company will adjust the priority of the raised funds and the specific investment amount of each project according to the actual net amount of the raised funds and the priorities of the projects, and the insufficient part of the raised funds shall be raised by the company itself. Before the funds raised from this non-public offering are in place, the company will invest in advance with its own funds or self raised funds according to the actual progress of the raised investment project, and replace them according to the relevant procedures after the raised funds are in place. 2、 Feasibility and necessity analysis of the project invested by the raised funds (I) yeast green production base construction project
1. Basic information of the project
The planned construction scale of the project is to produce 41500 tons of yeast and yeast extract products per year, supporting the construction of yeast pilot workshop, 8000 tons / day sewage treatment system, water supply and distribution and other public facilities.
2. Project construction content
The project mainly constructs yeast production workshop (including yeast workshop, drying workshop and finished product warehouse), yeast extract workshop (including autolysis workshop, drying workshop, solution / raw material warehouse and finished product warehouse), yeast pilot workshop, comprehensive workshop (power supporting facilities, refrigeration station, circulating water station, etc.), molasses storage tank and molasses receiving station, environmental protection supporting works (environmental protection workshop) Laboratory, power distribution station, steam distribution station, fire pump house, etc.
3. Project necessity and feasibility analysis
(1) The implementation of the project meets the objective requirements of the new situation of urban development and environmental protection, and helps to ensure the long-term sustainable development of the company's main yeast industry
On the one hand, in the future, the state will continue the high-pressure situation of environmental protection and strengthen various measures such as normalized supervision and environmental accountability. On the other hand, with the rapid development of Yichang city to a modern big city and the rapid promotion of the construction of the Ecological New Area in the east of Yichang City, the rapid development of the city has fully incorporated the plant into the urban center. According to the regulatory detailed planning of the east area of Yichang City, the location of the plant is planned as commercial and financial land and class II residential land, which conflicts with the urban planning.
Therefore, Yichang company's implementation of yeast green production base construction project is a major measure for the company to actively adapt to the new situation of urban planning and development and environmental protection. The project is located in an industrial zone with more bearing capacity for peculiar smell, which can take preventive measures, win the initiative and avoid greater losses and risks. It is of great significance to realize the win-win situation of the company, the community and the government, ensure the long-term sustainable development of the company's main yeast industry and help build a "century angel".
(2) This project is a necessary measure to adapt to market growth and ensure the supply of yeast products in various fields and businesses. During the "14th five year plan" period, the demand for yeast products in various fields and businesses of the company exceeded 500000 tons. In 2020, the company's total yeast fermentation capacity will be 270000 tons, including 184000 tons of yeast and 86000 tons of yeast extract, which still lags far behind the demand of the 14th five year plan.
Summarizing the yeast projects currently being implemented and planned to be implemented by the company, it is estimated that the total yeast fermentation capacity of the company will be between 330000-340000 tons by 2025. Even considering the difficult overseas plant construction or M & A, it is predicted that the total yeast fermentation capacity will be less than 360000 tons in 2025, The contradiction between the company's willingness to expand the yeast Market and the reality of insufficient capacity supply will be more prominent in the 14th five year plan.
Therefore, accelerating the implementation of the project is also a necessary measure to achieve the objectives of the 14th five year plan, which will help to ensure the supply of yeast products in all fields and businesses in the 14th five year plan.
(3) The project can realize the upgrading of production technology and green production through the upgrading of key technologies, which will help to improve product quality and labor efficiency
The project adopts advanced instruments and equipment to realize the whole process monitoring and management of yeast production process, so as to accurately meet the growth needs of yeast and improve product quality; Through the use of automatic information system, a large number of on-site operators can be reduced, which can not only improve labor efficiency and reduce the labor intensity of operators, but also eliminate the pollution of products in the production process and improve the quality of products through fully closed operation.
The project focuses on improving the environmental protection and odor control ability of the project, improving the production automation level and project construction standards, which is of positive significance to improve the long-term competitiveness of the enterprise as a whole.
4. Project investment estimate
The investment estimate of the project is as follows:
No. total project investment (10000 yuan) in the proportion of total investment
1. Construction investment 116326.00 88.32%
1.1 construction cost 30666.00 23.28%
1.2 purchase cost of equipment and tools 57267.00 43.48%
1.3 installation cost 13597.00 10.32%
1.4 other construction expenses 9256.00 7.03%
1.5 basic reserve 5540.00 4.21%
2. Interest during construction period: 5380.00 4.08%
No. total project investment (10000 yuan) in the proportion of total investment
3. Working capital 10000.00 7.59%
Total construction investment 131706.00 100.00%
5. Economic benefit analysis of the project
The construction period of the project is 20 months, the static investment payback period (excluding construction period) is 4.88 years, the dynamic investment payback period (excluding construction period) is 6.73 years, and the internal rate of return of the project reaches 16.75%. Therefore, the project has strong anti risk ability, high investment income level and good overall economic benefits.
6. Project implementation subject and project site selection
The main body of the project is Angel Yeast Co.Ltd(600298) (Yichang) Co., Ltd., which is a wholly-owned subsidiary of Angel Yeast Co.Ltd(600298) . The project is located in the biomedical industry cluster area of Yuting District, Yichang city.
7. Project approval
The project has obtained the registration certificate of fixed asset investment projects in Hubei Province (Registration project code: 2020-420505-14-03-055235) issued by the development and Reform Bureau of Yuting District, Yichang city, The reply on the environmental impact report of the yeast green production base construction project of Angel Yeast Co.Ltd(600298) (Yichang) Co., Ltd. (yshs [2020] No. 74) issued by Yichang Ecological Environment Bureau has been obtained. On November 26, 2021, Yichang Ecological Environment Bureau issued the reply on the request of < Angel Yeast Co.Ltd(600298) (Yichang) Co., Ltd. for instructions on the EIA documents without re approval for the expansion of the production scale of the yeast green production base construction project, proving that the project is not a major change and there is no need to re submit the EIA documents for approval. (II) green manufacturing project of yeast products with an annual output of 25000 tons
1. Basic information of the project
The construction scale of the project is 25000 tons of active dry yeast per year, 38500 tons of environmental protection organic fertilizer per year and 5700 tons / day sewage treatment system.
2. Project construction content
The project mainly constructs high activity dry yeast production workshop, molasses raw material storage tank area, circulating cooling water tower, environmental protection treatment system (sewage treatment station, waste gas odor treatment, solid waste treatment), water supply facilities, power distribution facilities, coal-fired boiler steam supply facilities, temporary storage area of dangerous goods and wastes, office building, canteen dormitory, hardening and greening of the plant area, etc. The project is preliminarily divided into four areas: raw and auxiliary material receiving area, product production and storage area and sewage treatment area.
3. Project necessity and feasibility analysis
(1) The project is a necessary measure to ensure the yeast production capacity supply of the company during the 14th Five Year Plan period
Combined with the historical growth of the company's yeast products and the market demand for yeast and extracts in various fields and businesses during the "14th five year plan", it is predicted that the sales volume of the company's yeast products will exceed 500000 tons by 2025. In 2020, the company's total yeast fermentation capacity will be 270000 tons, including 184000 tons of yeast and 86000 tons of yeast extract, a difference of 230000 tons from the sales demand of the 14th five year plan.
Even considering other yeast projects under construction and proposed, including overseas plant construction or M & A with great difficulty, it is predicted that the total yeast fermentation capacity will be less than 360000 tons in 2025. The contradiction between the company's willingness to expand the yeast Market and the reality of insufficient capacity supply will be more prominent in the 14th five year plan.
Therefore, accelerating the implementation of the project is a necessary measure to achieve the objectives of the 14th five year plan and help ensure the supply of yeast products in all fields and businesses of the 14th five year plan.
(2) The project can make full use of the advantages of molasses resources in Lancang County and its surrounding areas to reduce the manufacturing cost of yeast
Molasses is the key raw material for yeast production. Yunnan is the second largest sugar base in China. Pu'er and Lincang can stably produce 360000 tons of molasses every year. It is one of the few sites suitable for yeast investment layout in China. In addition, Yunnan is a province enjoying the western development policy, and Lancang County has highly competitive coal and hydropower resources. The implementation of the project can make full use of local molasses resources and regional advantages, reduce yeast manufacturing costs and improve global market competitiveness and advantages.
4. Project investment estimate
The investment estimate of the project is as follows:
No. total project investment (10000 yuan) in the proportion of total investment
1. Construction investment 68405.00 91.54%
1.1 construction cost
