公告显示，马苏里拉奶酪应用场景已从传统披萨拓展至沙拉、零食、烘焙、中式菜肴等多元领域，妙可蓝多未来将聚焦原 制化升级与国产化深化两大方向，依托公司长春、金山工厂及蒙牛奶立方项目的产能协同，叠加欧盟反补贴政策带来的替代机 遇，国产马苏里拉奶酪在餐饮加工与家庭消费场景的渗透率将进一步提高，持续巩固品类优势。 本报讯 （记者张文湘 见习记者占健宇）1月23日，上海妙可蓝多食品科技股份有限公司（以下简称"妙可蓝多"）在投资者 关系调研活动中披露，2025年公司B端业务发展超预期，马苏里拉奶酪作为规模最大的核心品类，成为关键增长引擎。 （编辑 郭之宸） ...

AI已经深度扎根电商、零售的具体业务流程，以"数字员工"的形式，切实解决企业问题，带动实体经济提质增效。 消费者的需求正快速变化与升级，他们既要求更专业的解答，也渴望获得情绪共鸣与服务温度。提升服务质量已成为留住客 户、拉高转化的关键。 传统的配置型客服机器人已难以为继，什么才是"更智能的服务"？答案是：精准与温度并存。 AI智能体正是为此而生。它通过强大的知识库与学习能力，确保解答的专业性与一致性，稳定承接绝大部分日常服务，为用户 提供即时满足。更重要的是，它释放了人的精力，让客服人员能专注于更复杂、更需创造力和情感连接的工作，并通过实践不 断优化AI。 AI驱动客服从"成本中心"升级为"四大增长引擎" AI如何将客服从传统"成本中心"转变为"增长引擎"成为本次峰会的核心议题。 推动"AI生产力时代"落地 探迹科技子公司探域科技CTO黄加胜向21世纪经济报道记者表示，探域智能体作为探迹科技的B2C智能体产品，专注为电商与 零售企业提供全流程AI Agent服务，全面覆盖客服、营销、运营、私域等核心业务场景。 黄加胜表示，探域智能体坚持LLM Native技术路线，将传统客服辅助工具升级为具备"思考与行动"能 ...

Market Overview - The beverage and dairy sector experienced a decline of 0.18% on January 23, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Quanyangquan (code: 681009) with a closing price of 8.37, up 2.45% and a trading volume of 419,500 shares, totaling 351 million yuan [1] - Huanlejia (code: 300997) closed at 24.80, up 2.31% with a trading volume of 98,400 shares, totaling 242 million yuan [1] - Qiaoyuan Beverage (code: 603156) closed at 33.86, up 1.93% with a trading volume of 108,900 shares, totaling 364 million yuan [1] - Conversely, the following stocks saw declines: - Miaokelan (code: 600882) closed at 23.75, down 3.34% with a trading volume of 153,200 shares, totaling 368 million yuan [2] - Weiweijia (code: 600300) closed at 3.71, down 2.11% with a trading volume of 665,200 shares, totaling 248 million yuan [2] - New Dairy (code: 002946) closed at 19.19, down 1.34% with a trading volume of 45,200 shares, totaling 86.94 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 141 million yuan from institutional investors, while retail investors contributed a net inflow of 229 million yuan [2] - Detailed capital flow for selected stocks includes: - Yili Group (code: 600887) with a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 162.69 million yuan from retail investors [3] - Huangshi Group (code: 002329) had a net inflow of 13.98 million yuan from institutional investors, with a net outflow of 5.66 million yuan from retail investors [3] - Liziyuan (code: 605337) saw a net inflow of 8.75 million yuan from institutional investors, with a net outflow of 1.70 million yuan from retail investors [3]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].

（企业官方公众号） 在过往十年的发展历程中，儿童人群始终是妙可蓝多业务的"基本盘"。捷捷高作为"可以喝的奶酪"，成 为面向儿童目标人群品类大家族中的又一次深度进化。 1月23日，妙可蓝多官方公众号披露，2025年九月份上市至今，面向儿童及青少年人群主打"高钙+高蛋 白"的捷捷高奶酪小金袋动销火爆，月环比持续增长，表现出极高的成长潜力，成为2025下半年上市新 产品中的"黑马"。 据该推文介绍，捷捷高奶酪小金袋首创"可以喝的奶酪"，以超过65%的干酪添加量成为高营养密度的独 家创新品类。在目标人群画像上，捷捷高更多瞄准3到15岁之间的"大童"人群。 ...

公司已向中国证券登记结算有限责任公司上海分公司（以下简称"中登公司"）提交注销上述股票期权的 申请，经中登公司审核确认，上述170.40万份股票期权注销事宜已于2026年1月22日办理完毕。本次股 票期权注销不会对公司股本造成影响。 特此公告。 上海妙可蓝多食品科技股份有限公司董事会 关于部分股票期权注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据上海妙可蓝多食品科技股份有限公司（以下简称"公司"）2020年第五次临时股东大会以及2025年第 一次临时股东大会授权，公司于2026年1月21日召开第十二届董事会第十八次会议，审议通过了《关于 拟注销部分股票期权的议案》。 因公司《2020年股票期权与限制性股票激励计划（修订稿）》（以下简称"《2020年激励计划》"）中第 一个行权期可行权的153.90万份股票期权到期失效前未行权，以及《2025年股票期权激励计划》（以下 简称"《2025年激励计划》"）中5名激励对象已离职（对应16.50万份股票期权），根据《中华人民共和 国公司法》《上市公司股权激励管理办法 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]

证券代码：600882 证券简称：妙可蓝多 公告编号：2026-006 上海妙可蓝多食品科技股份有限公司 关于部分股票期权注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海妙可蓝多食品科技股份有限公司（以下简称"公司"）2020 年第 五次临时股东大会以及 2025 年第一次临时股东大会授权，公司于 2026 年 1 月 21 日召开第十二届董事会第十八次会议，审议通过了《关于拟注销部分股票期 权的议案》。 公司已向中国证券登记结算有限责任公司上海分公司（以下简称"中登公司"） 提交注销上述股票期权的申请，经中登公司审核确认，上述 170.40 万份股票期 权注销事宜已于 2026 年 1 月 22 日办理完毕。本次股票期权注销不会对公司股本 造成影响。 特此公告。 1 上海妙可蓝多食品科技股份有限公司董事会 2026 年 1 月 23 日 2 因公司《2020 年股票期权与限制性股票激励计划（修订稿）》（以下简称 "《2020 年激励计划》"）中第一个行权期可行权的 153.90 万份股票期权到期 失效 ...

妙可蓝多公告称，根据股东大会授权，公司于2026年1月召开会议，审议通过注销部分股票期权议案。 因《2020年激励计划》中153.90万份股票期权到期失效未行权，《2025年激励计划》中5名激励对象离 职对应16.50万份股票期权，公司决定注销。已向中登公司提交申请，170.40万份股票期权注销事宜于 2026年办理完毕，不会对公司股本造成影响。 ...

Market Overview - The beverage and dairy sector increased by 0.46% on January 22, with Zhuangyuan Pasture leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Zhuangyuan Pasture (002910) closed at 12.30, up 4.33% with a trading volume of 135,800 shares and a turnover of 165 million yuan [1] - Li Ziyuan (605337) closed at 12.38, up 2.82% with a trading volume of 74,600 shares and a turnover of 91.08 million yuan [1] - Weiwei Co. (600300) closed at 3.79, up 2.71% with a trading volume of 680,500 shares and a turnover of 255 million yuan [1] - Panda Dairy (300898) closed at 29.23, up 2.24% with a trading volume of 67,800 shares and a turnover of 198 million yuan [1] - Dongpeng Beverage (605499) closed at 256.17, up 2.02% with a trading volume of 34,700 shares and a turnover of 886 million yuan [1] - New Dairy (002946) closed at 19.45, up 1.94% with a trading volume of 65,500 shares and a turnover of 127 million yuan [1] - Sanyuan Foods (600429) closed at 5.40, up 1.69% with a trading volume of 341,700 shares and a turnover of 184 million yuan [1] - Tianrun Dairy (600419) closed at 10.29, up 1.58% with a trading volume of 59,900 shares and a turnover of 6.11 million yuan [1] - Western Pasture (300106) closed at 11.22, up 1.45% with a trading volume of 72,200 shares and a turnover of 80.58 million yuan [1] - Huanlejia (300997) closed at 24.24, up 1.42% with a trading volume of 98,700 shares and a turnover of 239 million yuan [1] Capital Flow - The beverage and dairy sector saw a net inflow of 267 million yuan from main funds, while retail funds experienced a net outflow of 59.87 million yuan [2] - Major stocks like Yili Co. (600887) had a significant net outflow of 1.39 billion yuan from retail investors, indicating a negative sentiment [3] - Dongpeng Beverage (605499) had a net inflow of 37.5 million yuan from main funds, while retail investors showed a net outflow of 56.19 million yuan [3] - Weiwei Co. (600300) experienced a net inflow of 34.84 million yuan from main funds, with retail investors also showing a net outflow of 22.32 million yuan [3]