Summary of Key Points from the Conference Call Company Overview - **Company**: Miaokelan Duo (妙可蓝多) - **Industry**: Dairy Products, specifically Cheese Market Core Insights and Arguments - **Market Position**: Miaokelan Duo holds a leading position in the cheese market due to its first-mover advantage, early capacity construction, comprehensive channel penetration, and strong media investment [1][6][9] - **Product Innovation**: The company has successfully introduced innovative products like cheese sticks, which have become a core growth driver in retail [5][7] - **Channel Strategy**: Effective channel strategies, including increased recruitment and channel penetration, have accelerated market expansion [5][11] - **Partnership with Mengniu**: The collaboration with Mengniu has strengthened Miaokelan Duo's competitive edge, enhancing operational efficiency and product quality through refined management practices [3][13][25] - **B-end Market Growth**: Revenue from the B-end market (food service) has increased from 14% in 2021 to approximately 30% in 2024, indicating significant growth and integration effects [1][17] - **C-end Market Stability**: The C-end market is stabilizing, with a rich product matrix that is expected to increase per capita consumption, providing more growth opportunities [1][12] Financial Performance - **Stock Performance**: Since 2018, Miaokelan Duo's stock has experienced significant volatility, peaking at approximately 84.5 yuan in May 2021, reflecting a 700% increase from around 10 yuan in July 2019 [2][10] - **Profitability Goals**: The company has set a profit target of no less than 200 million yuan for 2025, indicating an improvement in profitability [11] Competitive Landscape - **Industry Dynamics**: The cheese industry is characterized by high added value and technical barriers, with many small enterprises exiting the market, allowing larger companies to dominate [18][21] - **Consumer Trends**: The cheese market is part of the consumption upgrade trend, with increasing nutritional value and consumer interest [9][18] Strategic Initiatives - **Marketing Strategy**: Miaokelan Duo has implemented effective marketing strategies, including significant media investments, which have solidified brand recognition and market presence [24] - **Product Diversification**: The company has expanded its product offerings to include various consumer segments, such as children, adults, and seniors, enhancing its market appeal [22] Future Outlook - **Growth Potential**: The company is expected to continue benefiting from its first-mover advantage and refined management practices, with significant growth potential in both B-end and C-end markets [6][12][15] - **Sustainable Development**: The focus on product innovation and market expansion strategies positions Miaokelan Duo for sustained growth in the competitive dairy landscape [15][26]

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-083 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到期赎回并 继续进行现金管理的公告 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。 重要内容提示： 基本情况 | 投资金额 | 万元 8,500 | | --- | --- | | 投资种类 | 银行理财产品 | | 资金来源 | 募集资金 | 已履行的审议程序 上海妙可蓝多食品科技股份有限公司（以下简称"公司"、"妙可蓝多"）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。 特别风险提示 公司本次购买的理财产品为保本浮动收益型，产品安全性高、流动性好、满 足保本要求，但不排除该项投资收益情况受到政策风险、市场风险、流动性 风险等风险的影响。 一、本次现金管理到期赎回的情况 2025 年 6 ...

Market Overview - The beverage and dairy sector experienced a decline of 1.06% on September 15, with Huanlejia leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the beverage and dairy sector showed varied performance, with the following notable movements: - Huangshi Group (002329) rose by 1.55% to close at 3.93, with a trading volume of 298,800 shares and a turnover of 116 million yuan [1] - Huanlejia (300997) fell by 4.83% to close at 19.51, with a trading volume of 151,700 shares and a turnover of 300 million yuan [2] - Yili Group (600887) saw a slight decrease of 0.07%, closing at 28.23, with a trading volume of 591,300 shares and a turnover of 1.673 billion yuan [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 405 million yuan from institutional investors, while retail investors saw a net inflow of 375 million yuan [2] - The following stocks had significant capital flow: - Huangshi Group had a net inflow of 15.88 million yuan from institutional investors, but a net outflow from retail investors [3] - Xibu Muye (300106) had a net inflow of 11.18 million yuan from institutional investors, with a net outflow from retail investors [3]

Core Insights - The Chinese cheese market is entering a rapid growth phase, with a projected market size of 100 billion yuan accelerating towards realization [1][2] - The company, Miaokelando, aims to leverage innovation as a driving force and adopt a dual "to B to C" strategy to cover all demographics and scenarios [1] Industry Development - The shift in consumer focus towards cheese is attributed to consumption upgrades, advancements in domestic breeding technology, competitive milk prices, and increased participation from dairy companies [2] - The company predicts that the cheese market will expand due to the transition from milk powder to liquid milk and yogurt, now moving towards cheese [2] Company Strategy - Miaokelando is focusing on breaking the stereotype of cheese as merely a children's snack by introducing products for various age groups, including functional products for children and innovative combinations for young adults [1] - The company is actively pursuing a dual-channel strategy, with a significant growth rate of over 30% in the food service channel, addressing the needs of major international chains and local dining innovations [1] Competitive Landscape - The company opposes price wars, emphasizing that such strategies harm both businesses and consumers, and advocates for value creation and innovation to address competition [2] - Miaokelando is investing over 50 million yuan annually in R&D to ensure product quality and develop unique flavors [2] Supply Chain and Cost Management - The company is developing two core strategies: extreme quality through significant R&D investment and extreme cost management via centralized procurement and supply chain collaboration [2] - The company maintains a commitment to not exploit suppliers, compromise product quality, or diminish employee benefits [2] International Expansion - The company views international expansion as an inevitable path, currently exporting cheese products to regions like Saudi Arabia and Southeast Asia [2] - There are plans to explore overseas mergers, acquisitions, or technology partnerships to bring foreign technologies to China and promote Chinese products abroad [2]

Core Viewpoint - The company, Miaokelando, faces significant challenges in achieving its ambitious revenue targets due to a mismatch between aggressive goals and actual market conditions, particularly in the cheese sector, which remains underdeveloped in China compared to Western markets [2][9]. Market Potential and Consumer Demand - The cheese market in China is projected to have a "trillion scale" potential, but this is based on comparisons with high penetration rates in Western markets, which overlook the unique consumer demand in China [2][3]. - Cheese has not become a staple in Chinese diets, with recent data showing that the domestic cheese market growth has not exceeded single digits, primarily driven by children's snack segments, while adult consumption remains in a developmental phase [3][4]. Revenue Growth and Performance Metrics - Miaokelando set a target of 199 billion yuan in revenue over three years, requiring an annual growth rate of at least 16%, but actual revenue growth has been significantly lower, with a 7.98% increase in the first half of 2024 [4][5]. - The company has experienced a decline in growth, with revenue growth rates of only 9.2% in 2023 and a reliance on a single product category, cheese sticks, which constitutes nearly 70% of its revenue [5][6]. Profitability and Cost Management - Despite a reported 89.16% increase in net profit in 2023, this growth is attributed to short-term cost reductions rather than sustainable competitive advantages [6][7]. - The decline in international dairy prices has temporarily benefited Miaokelando, but this cost advantage may not be sustainable as prices are expected to rebound [6][7]. Market Position and Investor Confidence - Miaokelando's market capitalization of approximately 14 billion yuan does not reflect the over 4 billion yuan investment from its controlling shareholder, Mengniu, leading to a high dynamic price-to-earnings ratio of 80.66, indicating a crisis of confidence in the capital market [7][8]. - The company's stock has dropped 22% in the first half of 2024, significantly more than the average decline in the food and beverage sector, suggesting investor concerns about future performance [7][8]. Strategic Recommendations - To overcome its current challenges, Miaokelando should focus on realistic goal-setting and return to the fundamentals of dairy business, emphasizing product innovation and consumer education rather than relying on short-term marketing strategies [8][9]. - The company needs to balance revenue growth with profit quality, optimizing supply chains and diversifying its product offerings to reduce dependence on a single category [8][9].

Group 1 - The dairy sector experienced a decline of 1.12%, ranking among the top losers in the concept sector, with companies like Pinwa Food, Junyao Health, and Happy Home seeing significant drops [1][2] - Among the dairy stocks, five companies saw price increases, with Yiatong leading at a rise of 3.74%, followed by *ST Tianshan at 1.10% and Dabeinong at 0.47% [1][2] - The dairy sector faced a net outflow of 631 million yuan from main funds, with 23 stocks experiencing outflows, and nine stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The top net outflow was from Yili Group, with a net outflow of 449 million yuan, followed by Beiyinmei with 56 million yuan and Dabeinong with 33 million yuan [2][3] - Conversely, the stocks with the highest net inflow included Yiatong, Wanchen Group, and Tianrun Dairy, with net inflows of 37 million yuan, 17 million yuan, and 4.5 million yuan respectively [2][3] - The trading volume for Yili Group was 1.25%, while Beiyinmei had a turnover rate of 5.90%, indicating varying levels of investor interest [3]

Group 1 - The food and beverage sector experienced a pullback on September 12, with the Food ETF (515710) declining by 1.23% by the end of the trading day [1] - Key stocks in the sector, such as liquor and dairy products, saw significant declines, with Guizhou Moutai dropping 5.28% and Shede Liquor down 3.09% [1] - The overall market sentiment is influenced by recent consumption stimulus policies introduced in various regions, which are expected to boost domestic consumption during the Mid-Autumn Festival and National Day [3][5] Group 2 - Analysts from Dongxing Securities are optimistic about the recovery of the consumer sector in the second half of the year, particularly in the restaurant industry, driven by tourism and sports economies [3] - The Food ETF manager noted that the current low valuation of the food and beverage sector presents a good investment opportunity, with a price-to-earnings ratio of 21.52, which is at the 11.76% percentile of the past decade [4] - The white liquor sector is expected to see a recovery as multiple policies are anticipated to improve demand, especially during the upcoming holidays [5][6] Group 3 - The white liquor sector faced significant challenges in the second quarter due to policy impacts, but there are signs of recovery as consumer scenarios improve [6] - The Food ETF (515710) is strategically positioned with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy segments [6]

Group 1 - The dairy sector experienced a decline of 0.11% as of the market close on September 11, ranking among the top losers in the concept sector [1][2] - Notable decliners within the dairy sector included Wanchen Group, Panda Dairy, and Huanlejia, while Zhuangyuan Pasture, Dabeinong, and *ST Tianshan were among the few that saw price increases of 2.29%, 1.90%, and 1.36% respectively [1][2] - The dairy sector faced a net outflow of 266 million yuan from major funds, with 25 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The stock with the highest net outflow was Wanchen Group, which saw a net outflow of 99.22 million yuan, followed by Yiyatong and Pinwa Foods with outflows of 89.44 million yuan and 21.80 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Beiyinmei, Huanlejia, and Dabeinong, with net inflows of 24.45 million yuan, 20.05 million yuan, and 13.37 million yuan respectively [2][3] - The trading volume for Wanchen Group was 2.72%, while the highest turnover rate was observed in Pinwa Foods at 12.68% [2][3]

Group 1 - The stock price of Miaokelan (600882) closed at 26.06 yuan on September 10, 2025, with a slight increase of 0.23% and a trading volume of 48,100 shares, resulting in a transaction amount of 125 million yuan [1] - On September 10, 2025, the net outflow of main funds was 7.4813 million yuan, accounting for 6.01% of the total transaction amount, while retail investors saw a net inflow of 5.5677 million yuan, representing 4.47% of the total transaction amount [1][3] - The company announced the use of 110 million yuan of idle raised funds to purchase a structured deposit product from Shanghai Pudong Development Bank, with a term of 89 days and an expected annual yield of 2.10%/1.90%/0.70%, linked to the euro to US dollar exchange rate [1][3] Group 2 - The structured deposit product purchased on September 9, 2025, is named "Liduoduo Company Stable Profit 25JG8692 Phase (Three-Layer Bullish) RMB Corporate Structured Deposit" [1] - The previously purchased structured deposit of 100 million yuan matured on June 9, 2025, yielding a profit of 512,500 yuan, which has been credited to the company's account [1]

Core Viewpoint - The company, Shanghai Miaokelan Food Technology Co., Ltd., has announced the use of temporarily idle raised funds for cash management, which has been approved by the board and supervisory committee without the need for shareholder meeting approval [2][10]. Group 1: Cash Management Redemption Situation - On June 9, 2025, the company used part of its idle raised funds to purchase a structured deposit product amounting to 100 million yuan, which matured on September 9, 2025, yielding a return of 512,500 yuan [3]. Group 2: Investment Overview - The purpose of the investment is to enhance the efficiency of raised fund utilization while ensuring that normal operations and project construction are not affected, thereby increasing returns for the company and its shareholders [4]. - The total amount for cash management investment is 110 million yuan, sourced from temporarily idle raised funds [5]. Group 3: Fundraising Overview - The company raised approximately 2.98 billion yuan through a private placement of shares, with the net amount after expenses being 2.98 billion yuan [6]. - The raised funds are managed in a dedicated account, and the company has signed a tripartite supervision agreement with the bank and the sponsor [6]. Group 4: Investment Method - The cash management product purchased is a bank structured deposit with a floating return type, ensuring high safety and liquidity, and does not alter the intended use of the raised funds [8]. Group 5: Investment Impact - The cash management will not affect the company's main business or the implementation of investment projects, and it is expected to enhance returns for shareholders [14]. - As of June 30, 2025, the company's cash balance was approximately 655.62 million yuan, with the cash management investment representing 16.78% of this amount [14]. Group 6: Opinions from Supervisory Committee and Sponsor - The supervisory committee supports the cash management initiative, stating it will improve fund efficiency and is in the best interest of shareholders [16]. - The sponsor, Dongfang Securities, confirms that the cash management decision has followed necessary approval procedures and complies with relevant regulations [17].