Group 1: Tianyang Technology - Tianyang Technology positions its U Card platform as an end-to-end digital currency comprehensive service platform, covering the entire process from virtual currency import, exchange, fiat currency recharge, to card lifecycle management [1] - The U Card business focuses on corporate procurement card categories, with a clear and compliant demand, adopting a subscription-based fee model that includes a minimum transaction volume corresponding to a guaranteed monthly fee [1] - The core customer regions for the U Card business are Southeast Asia, Central Asia, and Africa, where there is a strong foundational customer base for stablecoin holdings [1] Group 2: Miaokelan Duo - Miaokelan Duo achieved positive growth in its cheese stick business in Q1 2025, with an increase in market share despite a cautious consumption environment [2] - The company employs a dual-brand strategy and product innovation to drive continuous growth in cheese sticks, launching various innovative products [2] - The sales expense structure shows that advertising and promotional expenses, along with employee compensation, account for over 80%, with plans to increase digital marketing investment in the future [2]

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-063 特此公告。 上海妙可蓝多食品科技股份有限公司董事会 2025 年 7 月 14 日 1 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。 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。 2024 年 12 月 31 日，公司全资子公司广泽乳业有限公司使用部分闲置募集 资金分别购买了 2 个"中国银行挂钩型结构性存款"，产品期限分别为 190 天、 192 天，起息日均为 2025 年 1 月 2 日，金额分别为 4,900 万元、5,100 万元。具 体内容详见公司于 2025 年 1 月 3 日在上海证券交易所网站（www.sse.com.cn） 及公司指 ...

行业数据显示，近两年，奶酪产业创新应用不断，企业均在寻找儿童奶酪棒之外的第二大单品。根据市 场调研机构马上赢数据统计，2024年第四季度，奶酪领域同比的存续、上新、消失的SKU（最小存货单 位）数量分别为541个、264个、141个。新品SKU数量占整体SKU数量的比重较高，显著高于消失的 SKU数量，可见类目新品迭代与汰换速度较快，创新也较为丰富。 尼尔森IQ数据显示，2025年一季度，体量大的儿童奶酪销售占比下滑，成人零食类奶酪呈现高增长， 佐餐奶酪也有不错发展。廖为新也指出，奶酪市场经历阶段性波动后，近期已逐步展现积极向好的发展 态势，除了产品线可拓展大童、成人零食、餐桌奶酪，还可以从稳固核心人群与破圈、全面布局细分品 类、发力全渠道三方面入手寻求增长机遇。 历经4年调整，奶酪市场迎来复苏迹象。在7月13日举行的第十六届奶业大会"中国奶酪产业发展研讨 会"上，来自市场调研机构的数据显示，2025年上半年，奶酪品类销售额降幅收窄，品类渗透率也有所 提升。针对全年龄段的零食化产品和针对企业端的专业化产品，成为奶酪行业创新的两大方向。 随着市场需求提升，国内原奶价格及生产成本降低，越来越多的奶酪企业瞄准原制干 ...

7月13日至7月15日，第十六届中国奶业大会在厦门举行。上海妙可蓝多食品科技股份有限公司（以下简 称"妙可蓝多"）创始人、CEO柴琇出席并发表主题演讲。在当下中国奶业面临增速放缓，奶源过剩的阶 段性矛盾状态下，更多行业领导、专家学者以及从业人员对奶酪的新发展方向予以更高关注。 7月13日下午，2025年中国奶酪产业发展研讨会举办。本次研讨会由原农业农村部党组成员、中国奶业 协会战略发展工作委员会名誉副主任毕美家主持。他在开场致辞中表示，在中国奶业转型升级向高质量 发展迈进的关键阶段，大力发展奶酪产业具有积极而且重要的战略意义。奶酪产业需要通过技术创新、 产业升级、加强品类教育等措施扩大规模，加速进入大发展的新阶段。 原农业部党组成员、总经济师、中国农产品市场协会会长张玉香在致辞中认为，奶酪是典型的技术密集 型产品，是奶业高质量发展的重要抓手。奶酪产业的发展不仅仅是人民生活水平提高的需求，同样是国 家奶制品产业高质量发展的重要担当。中国奶酪产业要在加大科研攻关力度、完善法规标准体系、讲好 中国奶酪故事三个方面下功夫。 农业农村部畜牧兽医局奶业处处长卫琳阐述了奶酪对解决奶业供需矛盾所发挥的积极作用。她认为，奶 酪 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company is expected to achieve a significant increase in revenue and profit, with a projected net profit growth of 120.02% in 2025, reaching approximately 250 million yuan [7][9]. - The company has successfully integrated Mengniu Cheese into its financials, leading to a notable increase in net profit for the second quarter of 2025, with estimates ranging from 38 million to 63 million yuan, reflecting a year-on-year growth of 13.80% to 89.46% [5][6]. - The introduction of new products and partnerships, such as the collaboration with Jasmine Milk Tea and the launch of cloud cheese and beef cheese sticks, is expected to enhance the company's market position and revenue streams [6]. Financial Summary - The company is projected to generate revenues of 56.01 billion yuan, 65.08 billion yuan, and 78.02 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 15.64%, 16.20%, and 19.88% [7][9]. - The expected earnings per share (EPS) for the same years are 0.49 yuan, 0.67 yuan, and 0.89 yuan, with corresponding price-to-earnings (P/E) ratios of 58, 43, and 32 [7][9]. - The company's gross margin is anticipated to improve, driven by a decrease in raw material costs and effective cost control measures, with a projected gross margin of 30.7% in 2025 [12].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected companies within the sector [4]. Core Insights - The report highlights a significant differentiation within the industry, particularly in the liquor segment, where companies are actively seeking transformation amid market pressures. It emphasizes three main investment themes: leading brands, high-certainty regional brands, and flexible companies benefiting from recovery [1][2]. - In the beer and beverage sector, companies like Yanjing and Zhujiang are expected to show strong profit growth, with Yanjing projected to achieve a net profit of 1.06 to 1.14 billion yuan, reflecting a year-on-year increase of 40% to 50% [3]. Summary by Sections Liquor Industry - The liquor industry is experiencing a challenging half-year, with demand and policy impacts leading to a slowdown in sales. The report anticipates that the performance expectations for the mid-year and the entire year of 2025 have been largely adjusted [2]. - Key players like Kweichow Moutai and Wuliangye are focusing on service enhancement and transformation strategies to navigate the current market conditions. The report suggests that the upcoming month of September will be critical for assessing the impact of policies and consumer demand [2]. Beer and Beverage Sector - Yanjing Beer is expected to achieve a net profit of 1.06 to 1.14 billion yuan for the first half of 2025, marking a year-on-year increase of 40% to 50%. Zhujiang Beer is also projected to see a profit increase of 15% to 25% [3]. - Eastroc Beverage is forecasted to generate revenue of 10.63 to 10.84 billion yuan, with a net profit of 2.31 to 2.45 billion yuan, reflecting a growth of 33% to 42% year-on-year [3]. Consumer Goods - The report notes that companies like Youyou Foods and Miaokelando are expected to report significant profit increases, with Youyou Foods projecting a revenue growth of 40.91% to 50.77% [7]. - The overall consumer goods sector is highlighted as a space to watch for growth, particularly for companies that are innovating and expanding their market reach [7].

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [4][10]. Core Views - The company is actively enriching its product matrix and strengthening its ambient products, enhancing C-end channel diversification and B-end channel synergy after integrating Mengniu Cheese, leading to a significant improvement in profitability for H1 2025 [2][10]. - The company expects a notable increase in net profit for H1 2025, projecting a net profit attributable to shareholders of 120-145 million yuan, representing a year-on-year growth of 56.29%-88.86% [10]. - The integration of Mengniu Cheese has strengthened synergy across the entire operation, from procurement to sales, enhancing efficiency and profitability [10]. Financial Summary - Total revenue for 2023 is 5,322 million yuan, with projections of 4,844 million yuan for 2024, and expected growth to 5,313 million yuan in 2025, reflecting a 9.7% increase [3][11]. - Net profit attributable to shareholders is forecasted to rise from 60 million yuan in 2023 to 225 million yuan in 2025, indicating a growth rate of 97.7% [3][11]. - Earnings per share (EPS) is expected to increase from 0.12 yuan in 2023 to 0.44 yuan in 2025, with a projected net asset return rate of 4.9% in 2025 [3][11]. Market Data - The company's target price is set at 33.20 yuan, with a current price of 28.34 yuan [4][10]. - The market capitalization is approximately 14,512 million yuan, with a 52-week price range of 11.78-32.69 yuan [5][10]. Financial Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 241.60 in 2023 to 64.61 in 2025, indicating improved valuation [3][11]. - The return on equity (ROE) is expected to rise from 1.3% in 2023 to 4.9% in 2025, reflecting enhanced profitability [3][11].

Core Viewpoint - The company is enhancing its product matrix and strengthening its ambient product offerings, integrating Mengniu Cheese to diversify C-end channels and synergize B-end channels, leading to a significant improvement in profitability by H1 2025 [1][2]. Investment Highlights - The investment rating has been upgraded to "Buy." The company's EPS forecasts for 2025-2027 have been raised to 0.44 (+0.01), 0.64 (+0.01), and 0.85 (+0.01) yuan, representing year-on-year growth of 97.7%, 46.8%, and 32.6% respectively [2]. - The company expects a significant increase in profitability for H1 2025, projecting a net profit attributable to shareholders of 120-145 million yuan, a year-on-year increase of 56.29%-88.86%. The net profit excluding non-recurring items is expected to be 90-115 million yuan, with a year-on-year growth of 58.22%-102.16% [2]. - Following the acquisition of Mengniu Cheese, the company reported a year-on-year net profit growth of 68.10%-103.12% when compared to adjusted data, with a similar growth rate for net profit excluding non-recurring items [2]. Product and Channel Innovation - The company is focusing on its core cheese business, continuously enriching and optimizing its product matrix. The C-end cheese sticks are expanding from low-temperature to ambient products, with new product forms being introduced to enhance coverage in family dining and ready-to-eat nutrition scenarios [3]. - The B-end operates dual brands with complementary products, leveraging Mengniu Cheese's strengths in cream and butter, while Miaokelando's main B-end products include mozzarella, cheese slices, and original cheese, enhancing collaborative synergies [3]. - The C-end channel strategy is evolving from a focus on key accounts to a more diversified approach, actively expanding into growth channels such as snack retail, membership stores, and convenience stores, while strengthening partnerships with restaurants and industrial enterprises in the B-end [3]. Integration and Efficiency Enhancement - The integration of Mengniu Cheese has strengthened collaboration across the entire value chain, from upstream procurement to downstream sales, enhancing operational management and brand effects [3]. - The company is advancing refined and precise management operations, with expectations of further improvements in net profit margins through enhanced sales and management efficiency [3].

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong performance in its cheese products and effective cost management strategies [2][3]. Financial Performance - The company forecasts a net profit attributable to shareholders of 120-145 million yuan for H1 2025, representing a year-on-year increase of 68.1-103.1% [2]. - The expected net profit for Q2 2025 is projected to be between 37.6-62.6 million yuan, with a year-on-year growth of 13.8-89.5% [2]. Business Strategy - The company employs a dual strategy focusing on both B2B (restaurant industrial series) and B2C (instant nutrition series and family dining series) to strengthen its position in the cheese market [4]. - New product launches include cheese sticks and various snack items, with a focus on consumer-oriented innovation [4]. Market Position - According to Kantar Consumer Index, the company's cheese sales market share exceeded 37% in 2024, increasing to over 39% in Q1 2025, maintaining its leading position in the market [5]. Future Outlook - The company anticipates that the combination of new product development and channel expansion will support continued growth, with potential for profit elasticity to be released as operations recover [6].