证券代码：600882 证券简称：妙可蓝多 公告编号：2025-089 关于使用部分暂时闲置募集资金进行现金管理到期赎回的 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。 2025 年 10 月 22 日 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）于 2024 年 11 月 18 日召开第十二届董事会第一次会议和第十二届监事会第一次会议，审议通过 《关于使用暂时闲置自有资金及募集资金进行现金管理的议案》，公司监事会、 保荐机构分别对相关事项发表了同意的意见，本事项无需提交股东大会审议。 2025 年 9 月 26 日，公司使用部分闲置募集资金购买了"2025 年挂钩汇率对 公结构性存款定制第九期产品 357"，产品期限 24 天，起息日 2025 年 9 月 26 日， 金额 5,000 万元。具体内容详见公司于 2025 年 9 月 27 日在上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体《中国证券报》《上海证券报》《证 券时报》《证券日报》披露的《关于使用部分暂时闲置募集资金进行 ...

Market Overview - The beverage and dairy sector experienced a slight decline of 0.05% on October 20, with New Dairy leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Yangyuan Beverage: closed at 29.69, up 3.38% with a trading volume of 177,200 shares and a turnover of 524 million yuan [1] - Western Pastoral: closed at 11.23, up 2.93% with a trading volume of 67,600 shares and a turnover of 75.06 million yuan [1] - Other gainers included Caobo Daobu, Huanlejia, and Qishi Dairy, all showing positive performance [1] - Conversely, New Dairy saw a significant decline of 4.36%, closing at 17.10 with a trading volume of 73,000 shares and a turnover of 126 million yuan [2] Capital Flow - The beverage and dairy sector saw a net inflow of 151 million yuan from institutional investors, while retail investors experienced a net outflow of 66.42 million yuan [2] - Major stocks with significant capital flow included: - Yili Group: net inflow of 65.81 million yuan from institutional investors, but a net outflow of 51.30 million yuan from retail investors [3] - Dongpeng Beverage: net inflow of 56.42 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Yangyuan Beverage and other stocks also reflected similar trends in capital flow [3]

Core Viewpoint - The stock price of Miaokelan has shown a significant increase of 45.64% year-to-date, despite a recent decline of 2.03% in intraday trading on October 20, 2023, indicating volatility in the market [2]. Group 1: Stock Performance - As of October 20, 2023, Miaokelan's stock price is reported at 26.07 CNY per share, with a trading volume of 1.89 billion CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 132.97 billion CNY [1]. - The stock has experienced a 4.66% increase over the last five trading days and a 3.53% increase over the last 20 days, while it has seen a decline of 9.60% over the last 60 days [2]. Group 2: Company Overview - Miaokelan, established on November 29, 1988, and listed on December 6, 1995, is located in the Jintai Building, 1398 Jinqiao Road, Pudong New District, Shanghai [2]. - The company specializes in the research, production, and sales of dairy products, primarily focusing on cheese, which constitutes 83.20% of its main business revenue. Other revenue sources include trade (8.94%), liquid milk (7.29%), and others (0.57%) [2]. Group 3: Financial Performance - For the first half of 2025, Miaokelan reported a revenue of 2.567 billion CNY, reflecting a year-on-year growth of 33.52%. The net profit attributable to the parent company was 133 million CNY, marking a significant increase of 73.19% year-on-year [2]. - The company has distributed a total of 368 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders for Miaokelan is reported at 34,300, a decrease of 23.14% from the previous period, while the average circulating shares per person increased by 30.11% to 14,909 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].

Core Insights - The beverage and dairy sector experienced a slight increase of 0.19% on October 15, with Chengde Lulu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Chengde Lulu (000848) closed at 9.05, up 4.50%, with a trading volume of 568,100 shares and a transaction value of 509 million [1] - Miaokelan Duo (600882) closed at 27.01, up 3.73%, with a trading volume of 181,600 shares and a transaction value of 486 million [1] - Panda Dairy (300898) closed at 27.46, up 3.62%, with a trading volume of 98,300 shares and a transaction value of 274 million [1] - Other notable stocks include Yiming Food (605179) at 21.25 (+3.21%) and New Dairy (002946) at 18.10 (+2.55%) [1] Capital Flow - The beverage and dairy sector saw a net inflow of 250 million from main funds, while retail investors experienced a net outflow of 188 million [2] - Major stocks like Yili (600887) had a net inflow of 94.93 million from main funds, but a net outflow of 61.86 million from retail investors [3] - Chengde Lulu (000848) also saw a net inflow of 68.09 million from main funds, with retail investors withdrawing 31.43 million [3]

Core Viewpoint - The food and beverage sector is experiencing a positive trend, with the Food ETF (515710) showing an increase of 0.32% as of October 15, 2023, indicating a favorable market sentiment towards this sector [1][2]. Group 1: Market Performance - The Food ETF (515710) has been trading positively, with a price increase of 0.32% during the day [1][2]. - Key stocks in the consumer goods sector have shown significant gains, with Jin Dawei rising nearly 8%, and other companies like Yan Jin Pu Zi and Cheng De Lu Lu increasing over 5% [1][3]. - Major liquor brands also performed well, with Luzhou Laojiao up over 1% and other leading brands like Guizhou Moutai and Shanxi Fenjiu showing slight increases [1][3]. Group 2: Investment Opportunities - The recent announcement of a 600 million yuan investment project in sauce-flavored liquor in Guizhou is seen as a strategic move to enhance the production capacity and cultural display in the region, which could benefit the local industry [3]. - Analysts suggest that the food and beverage sector is currently undervalued, with the Food ETF's price-to-earnings ratio at 20.44, indicating a good opportunity for long-term investment [3][4]. - The sector is characterized by low expectations and low holdings, suggesting that any changes in supply and demand could lead to significant price increases [4]. Group 3: Future Outlook - Securities firms are optimistic about the food and beverage sector, highlighting that the current low base and potential for recovery could lead to a positive market environment [4]. - The focus is on companies with strong fundamentals, particularly in the snack, beverage, and frozen food segments, which are expected to report high growth in their upcoming quarterly results [4][5]. - The Food ETF is recommended as a core asset for investors looking to gain exposure to the food and beverage sector, with a significant portion of its holdings in leading liquor brands and other food-related stocks [5].

Core Points - The stock price of Miaokelan has increased by 5.15% on October 15, reaching 27.38 CNY per share, with a trading volume of 346 million CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 13.965 billion CNY [1] - Miaokelan's stock has risen for three consecutive days, with a cumulative increase of 7.07% during this period [1] Company Overview - Shanghai Miaokelan Food Technology Co., Ltd. was established on November 29, 1988, and listed on December 6, 1995 [1] - The company specializes in the research, development, production, and sales of dairy products, primarily focusing on cheese, which accounts for 83.20% of its main business revenue [1] - Other revenue sources include trade (8.94%), liquid milk (7.29%), and other products (0.57%) [1] Fund Holdings - According to data, one fund under the Fortune Fund has a significant holding in Miaokelan, specifically the Fortune SSE Index ETF Link A/B (100053), which held 400 shares as of the second quarter, ranking as the sixth largest holding [2] - The fund has generated a floating profit of approximately 536 CNY today and 688 CNY during the three-day increase [2] - The Fortune SSE Index ETF Link A/B was established on January 30, 2011, with a current scale of 274 million CNY and a year-to-date return of 16.29% [2]

Market Overview - The beverage and dairy sector experienced a decline of 0.35% on October 14, with Yangyuan Beverage leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Miaokelan (600882) with a closing price of 26.04, up 4.54% [1] - Pinwu Food (300892) at 36.16, up 2.76% [1] - Sunshine Dairy (001318) at 14.07, up 1.96% [1] - Conversely, several stocks faced declines, including: - Qiaoyuan Beverage (603156) down 2.05% to 30.61 [2] - Zhuangyuan Pasture (002910) down 2.00% to 10.79 [2] - Dongpeng Beverage (605499) down 1.99% to 290.70 [2] Capital Flow - The beverage and dairy sector saw a net outflow of 9.08 million yuan from institutional investors, while retail investors contributed a net inflow of 16.55 million yuan [2] - The detailed capital flow for selected stocks showed: - Miaokelan (600882) had a net inflow of 90.99 million yuan from institutional investors [3] - Wewei Co. (600300) saw a net inflow of 21.16 million yuan [3] - Sunshine Dairy (001318) recorded a net inflow of 3.02 million yuan [3]

Group 1 - The core viewpoint of the news is the performance and market position of Shanghai Miaokelando Food Technology Co., Ltd., which saw a stock price increase of 5.46% to 26.27 yuan per share, with a total market capitalization of 13.399 billion yuan [1] - The company specializes in the research, production, and sales of dairy products, primarily cheese, which constitutes 83.20% of its main business revenue. Other revenue sources include trade (8.94%), liquid milk (7.29%), and others (0.57%) [1] - The company is located in the Pudong New District of Shanghai and was established on November 29, 1988, with its listing date on December 6, 1995 [1] Group 2 - From the perspective of fund holdings, Rongtong Fund has a significant position in Miaokelando, with its Rongtong New Trend Flexible Allocation Mixed Fund (002955) holding 19,600 shares, representing 2.14% of the fund's net value, ranking as the ninth largest holding [2] - The Rongtong New Trend Flexible Allocation Mixed Fund has achieved a year-to-date return of 35.85% and a one-year return of 40.17%, with a total fund size of 27.9035 million [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on the listed company MiaoKeLanDuo, highlighting its strategic focus on the "Store Efficiency Doubling" initiative as a long-term plan for the next three years [1][2]. Group 1: Company Strategy - The "Store Efficiency Doubling" strategy is identified as the company's top priority, aimed at transforming marketing and operations by focusing on consumer needs and enhancing resource allocation towards frontline operations [1][2]. - The company is implementing a triangular organizational model to shift from resource input to capability enhancement, which is expected to drive high-quality development [1][2]. Group 2: Business Performance - As of September 29, 2025, QuanGuo Fund's best-performing product, QuanGuo XuYuan Three-Year Holding Mixed A, achieved a return of 54.74% over the past year [2]. - The company has seen significant progress in both B-end and C-end business operations, with a focus on domestic raw material substitution and enhanced supply chain capabilities [3][4]. Group 3: Product Development and Market Expansion - The company is expanding its product offerings to cater to a broader demographic, including children, teenagers, and adults, by introducing new products like cheese balls and cheese snacks [7][12]. - The company aims to enhance its market position in the cheese segment by leveraging its strong R&D capabilities to customize products for various retail channels [4][9]. Group 4: Sales and Marketing Strategy - The sales team is structured to optimize collaboration with distributors and retailers, focusing on enhancing efficiency through a unified command system [6][8]. - The company is utilizing a dual-brand pricing strategy in the snack retail channel to increase product penetration and market share [4][10]. Group 5: Future Outlook - The company envisions becoming a leading cheese enterprise in China and a respected player globally, with a five-year plan that includes a dual-driven strategy focusing on both B-end and C-end markets [12][13]. - The company plans to enhance its supply chain capabilities and expand its market reach through strategic partnerships and product innovation [12][13].