Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company reported a revenue of 3.594 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.40% after adjusting for data from Inner Mongolia Mengniu Cheese Co., Ltd. The net profit attributable to shareholders was 85 million yuan, a significant increase of 571.67% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 1.217 billion yuan, a year-on-year decline of 6.74%, but managed to turn a profit with a net profit of 13 million yuan [2][6] - Following the acquisition of Mengniu Cheese Co., the company aims to control revenue scale while focusing on profit improvement, enhancing product structure and cost management [2][6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 3.594 billion yuan, down 9.40% year-on-year, and a net profit of 85 million yuan, up 571.67% year-on-year [2][6] - In Q3 2024, the revenue was 1.217 billion yuan, down 6.74% year-on-year, with a net profit of 13 million yuan [2][6] - The company’s gross margin decreased to 22.45% in Q3 2024, down 3.19 percentage points year-on-year [6] Product and Channel Analysis - In Q3 2024, cheese and liquid milk revenues were 952 million yuan and 95 million yuan, respectively, with year-on-year growth of 23.52% and 18.24% [6] - The distribution channels in Q3 2024 showed revenue from distributors, direct sales, and trade at 940 million yuan, 107 million yuan, and 141 million yuan, respectively, with distributor revenue growing by 33.94% [6] Future Projections - Revenue projections for 2024-2026 are 4.686 billion yuan, 4.962 billion yuan, and 5.176 billion yuan, representing year-on-year growth rates of 15.74%, 5.88%, and 4.31% respectively [6][7] - The net profit projections for the same period are 114 million yuan, 183 million yuan, and 221 million yuan, with growth rates of 79.52%, 61.03%, and 20.75% respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company announced its Q3 2024 results, reporting total revenue of 3.594 billion yuan for the first three quarters, a year-on-year decrease of 9.40%, while net profit attributable to shareholders reached 85 million yuan, a significant increase of 571.67% year-on-year [1]. - Cheese business revenue growth was primarily driven by consolidation effects, with adjusted revenue showing declines of approximately 14.99% and 10.71% for the first three quarters and Q3 respectively [2]. - The company's gross margin improved to 28.93% for the first three quarters, up 3.82 percentage points year-on-year, contributing to a net profit margin of 2.37%, an increase of 2.05 percentage points [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved total revenue of 1.217 billion yuan, a decrease of 6.74% year-on-year, with net profit turning positive at 14 million yuan compared to a loss of 5 million yuan in the same period last year [1]. - The company's cheese, liquid milk, and trading revenues for the first three quarters were 2.812 billion yuan, 281 million yuan, and 362 million yuan, reflecting year-on-year growth of 16.40%, 15.38%, and a decline of 11.07% respectively [2]. Revenue Breakdown - By channel, the company's distribution and direct sales revenues for the first three quarters were 2.735 billion yuan and 359 million yuan, showing year-on-year growth of 22.03% and a decline of 14.34% respectively [2]. - Regionally, revenues from the northern, central, and southern regions for the first three quarters were 1.384 billion yuan, 1.349 billion yuan, and 722 million yuan, with year-on-year growth of 11.52%, 19.42%, and 3.77% respectively [2]. Profitability Metrics - The gross margin for Q3 2024 was reported at 22.45%, an increase of 5.91 percentage points year-on-year, leading to a net profit margin of 0.49%, up 1.33 percentage points [3]. - The report forecasts net profits for 2024, 2025, and 2026 to be 110 million yuan, 200 million yuan, and 231 million yuan, with growth rates of 73.62%, 81.81%, and 15.15% respectively [4].

Summary of the Conference Call for Miaokelan's Q3 2024 Performance Company Overview - The conference call is regarding Miaokelan's Q3 2024 performance, led by Vice President Hu Zongting, responsible for investor relations and strategic development [1] Key Financial Performance - The company achieved nearly 3.6 billion in revenue for Q3 2024, with a net profit attributable to shareholders exceeding 85 million, representing a significant year-on-year increase of 571.67% [1] - The net cash flow from operating activities improved to over 480 million, marking a year-on-year increase of 429.88% [1] Cheese Business Strategy - Miaokelan continues to focus on its cheese business, which has shown improvement in Q3, building on the momentum from the first half of the year [2] - The company is expanding its product matrix, particularly in children's nutrition and cheese snacks, with new products launched such as Ningzhengcao cheese and hand-pulled fish cheese sticks [2][3] Product Innovations - New product offerings include jasmine green plum flavored fermented sticks and fresh mozzarella cheese balls, which have received positive feedback from mid-tier customers [3] - The company has also introduced NAS cheese slices and various cheese products for the B-end restaurant sector, maintaining its position as a professional dairy service provider [3] Brand Development and Marketing - In May, the company initiated a brand upgrade from children's cheese to a comprehensive cheese brand, leveraging celebrity endorsements and collaborations with major brands like KFC [3][4] - Miaokelan has engaged in various marketing activities, including participation in the Golden Mountain Beer Festival and collaborations with cinema and art exhibitions to enhance brand visibility [4] Distribution and Channel Expansion - As of Q3, Miaokelan has established a nationwide distribution network with 7,648 distributors, including those for its milk cheese products [5] Awards and Recognition - The company received several awards in Q3, including recognition for its new snow fish cheese sticks as a top gift choice in Shanghai for 2024 [5] ESG Initiatives - Miaokelan is actively involved in ESG efforts, including research on cheese-related health issues published in international journals and initiatives for sustainable plastic recycling [5][6] - The company also organized a children's charity program to promote cheese culture and education [6] Conclusion - The conference concluded with an invitation for investors to refer to the detailed Q3 report and engage with the company for further discussions [6]

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The report highlights that the integration of Mengniu Cheese has led to a turnaround in profitability, with the company achieving a net profit of 85.04 million yuan in the first three quarters of 2024, a year-on-year increase of 571.67% [1]. - The cheese revenue in Q3 2024 showed a year-on-year increase, despite a slight overall revenue decline [1]. - The report emphasizes the potential for long-term growth in the cheese sector, given the low per capita cheese consumption in China compared to Western countries [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 3.594 billion yuan, a year-on-year decrease of 9.04% [1]. - The net profit attributable to shareholders was 85.04 million yuan, with a significant increase compared to the previous year [1]. - In Q3 2024, the company achieved revenue of 1.217 billion yuan, a year-on-year decrease of 6.74%, but the net profit was 13.65 million yuan, indicating a return to profitability [1]. Product Segment Performance - In Q3 2024, the revenue breakdown by product was as follows: liquid milk at 95.30 million yuan, cheese at 952 million yuan, and dairy product trading at 141 million yuan [1]. - The report notes that the overall gross margin increased year-on-year due to product mix adjustments and the rise in cheese revenue [1]. Strategic Development - The acquisition of Mengniu Cheese is expected to create synergies, including mutual product agency among distributors and strategic collaboration in raw material procurement [1]. - The report anticipates that the integration of Mengniu Cheese will establish a solid foundation for the long-term development of both Mengniu and Miaokelando's cheese businesses [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at 0.21, 0.39, and 0.55 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 79X, 42X, and 29X [1][2].

证券代码：600882 证券简称：妙可蓝多 公告编号：2024-085 本次现金管理的资金来源于公司暂时闲置的募集资金。相关募集资金的基本 上海妙可蓝多食品科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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。 重要内容提示： 一、 本次现金管理概况 （一）现金管理目的 为提高募集资金使用效率，合理利用暂时闲置募集资金，在确保不影响正常 经营、不影响募集资金投资项目建设和募集资金使用计划的前提下，增加公司收 益，为公司及股东获取更多回报。 （二）投资金额 本次进行现金管理的投资总额为 3,000 万元。 （三）资金来源 1 投资种类：银行理财产品 投资金额：3,000 万元 履行的审议程序：上海妙可蓝多食品科技股份有限公司（以下简称"公司"） 于 2023 年 12 月 19 日召开第十一届董事会第二十三次会议和第十一届监事 会第二十二次会议，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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved profitability in Q3 2024, with a net profit of 0.9 billion yuan, a significant increase of 571.7% year-on-year [1]. - The integration of Mengniu Cheese is expected to enhance the company's revenue and strengthen its competitive position in the cheese market [4]. - The company has improved its net profit margin due to cost control measures and an increase in the proportion of high-margin cheese products [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 35.9 billion yuan, down 9.4% year-on-year, while the net profit reached 0.9 billion yuan, up 571.7% year-on-year [1]. - In Q3 2024, the company generated a revenue of 12.2 billion yuan, a decrease of 6.7% year-on-year, but achieved a net profit of 13.65 million yuan, marking a return to profitability [1]. Product and Regional Performance - The revenue from cheese and liquid milk showed positive growth in Q3 2024, with cheese revenue at 9.52 billion yuan (up 23.5% year-on-year) and liquid milk at 0.95 billion yuan (up 18.2% year-on-year) [2]. - The company had a total of 7,648 distributors by the end of Q3 2024, with a net increase of 348 distributors during the quarter [2]. Cost Management and Profitability - The gross margin for the first three quarters of 2024 was 28.93%, an increase of 3.82 percentage points year-on-year, attributed to the higher contribution of cheese revenue [3]. - The sales expense ratio decreased to 19.17%, down 1.13 percentage points year-on-year, indicating effective cost control [3]. Strategic Integration - The company completed the cash acquisition of 100% of Mengniu Cheese in July 2024 and is currently in the integration phase, which is expected to enhance profitability and core competitiveness in the cheese segment [4]. - The report anticipates improved performance in the cheese business as the integration progresses and product offerings are refined [4]. Earnings Forecast and Valuation - The net profit forecast for 2024 has been adjusted down to 1.12 billion yuan, a reduction of 22%, while the forecasts for 2025 and 2026 remain at 1.77 billion yuan and 2.15 billion yuan, respectively [4].

副董事长、总经理：柴琇 董事、财务总监：蒯玉龙 上海妙可蓝多食品科技股份有限公司 2024 年第三季度业绩说明会会议记录 一、会议时间：2024 年 10 月 31 日下午 15:00-16:30 二、会议地点：上证路演中心（网址：http://roadshow.sseinfo.com/） 三、公司出席人员： 公司资产负债率上升主要原因是今年 7 月收购蒙牛奶酪以及发生的并购贷 款所致。 独立董事：武楠 董事会秘书：谢毅 投资者关系负责人：胡宗田 四、本次业绩说明会投资者提出的主要问题及公司答复 问题：请展望一下 4 季度情况 回复：尊敬的投资者，公司 4 季度经营情况请关注后期披露的定期报告， 感谢您的关注。 问题：毛利率下降从二季度的 36%下降到三季度的 24%是什么原因？负债 率上升的原因？公司份额提升的原因，是低价优势还是渠道？为什么蒙牛竞争 不过公司？和蒙牛奶酪如何协调？ 回复：尊敬的投资者，经公司于 2024 年 6 月 28 日召开的 2024 年第二次临 时股东大会决议，报告期内，公司以人民币 44,768.241176 万元现金收购控股股 东内蒙古蒙牛乳业（集团）股份有限公司所持有的内蒙古 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is focusing on the development of its cheese business, optimizing its structure to enhance growth potential [4] - The cheese segment generated revenue of 28.12 billion yuan, accounting for 81.37% of total revenue in Q1-Q3 2024 [4] - The report anticipates that the integration of Mengniu's cheese business will lead to synergies with the company's main operations in the future [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 35.94 billion yuan, a year-on-year decrease of 9.40%, while the net profit attributable to shareholders was 0.85 billion yuan, a significant increase of 571.67% [3] - In Q3 2024, the company reported a revenue of 12.17 billion yuan, down 6.74% year-on-year, but the net profit turned positive at 0.14 billion yuan [3] - The financial forecast for 2024-2026 projects net profits of 1.10 billion yuan, 2.00 billion yuan, and 2.36 billion yuan respectively, with corresponding EPS of 0.21, 0.39, and 0.46 yuan [4][6] Revenue Breakdown - Revenue from distribution channels accounted for 79.15% of total revenue, while direct sales and trade channels contributed 10.37% and 10.48% respectively [4] - Geographically, the North region generated 40.03% of revenue, the Central region 39.03%, and the South region 20.91% [4] Valuation Metrics - The company's current valuation is at a historically low level, with projected P/E ratios of 75.4, 41.3, and 35.1 for 2024, 2025, and 2026 respectively [4][11] - The report indicates a strong improvement in the company's fundamentals, supporting the "Recommended" rating [4]

证券代码：600882 证券简称：妙可蓝多 公告编号：2024-080 上海妙可蓝多食品科技股份有限公司 第十一届董事会第三十五次会议决议公告 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。 一、董事会会议召开情况 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）已以电子邮件方 式向全体董事发出第十一届董事会第三十五次会议通知和材料。会议于 2024 年 10 月 29 日以现场及通讯方式召开。本次会议应出席董事 9 人，实际出席 9 人。 会议由董事长陈易一先生主持。本次会议的通知、召开以及参会董事人数均符合 《中华人民共和国公司法》等相关法律、行政法规、部门规章、规范性文件和《上 海妙可蓝多食品科技股份有限公司章程》的有关规定，所形成的决议合法有效。 本议案已经战略委员会审议通过，并同意提交董事会审议。 （三）审议通过《关于新增开立募集资金专户的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 二、董事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 表决结果：9 票同意，0 票反对， ...

独立董事候选人声明与承诺 本人潘敏,已充分了解并同意由提名人内蒙古蒙牛乳业(集团)股份有限公 司提名为上海妙可蓝多食品科技股份有限公司第十二届董事会独立董事候选人。 本人公开声明,本人具备独立董事任职资格,保证不存在任何影响本人担任上海 妙可蓝多食品科技股份有限公司独立董事独立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法规、部门规 章及其他规范性文件,具有5年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定: (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 (离)休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定〈如 适用); (五)中 ...