Core Viewpoint - Shanghai Miaokelan Duo Food Technology Co., Ltd. is actively expanding its market presence through channel development, new product planning, sales expense strategies, capacity construction, and debt structure optimization [1][2][3] Group 1: Channel Expansion - The company has outlined a clear channel expansion path, focusing on enhancing existing outlets, targeting new emerging channels such as snack wholesale, membership supermarkets, Douyin, and instant retail [1] - Collaborations have been established with leading snack brands, and new products have successfully entered the market [1] Group 2: New Product Development - The company is cultivating new core products aimed at different consumer segments, including children's growth cups and products designed for young and elderly consumers, which have received positive market feedback [2] - The "Cheese Nut Crisp" product launched in August has sold out on its first day in some stores, indicating strong demand [2] Group 3: Financial Performance - The company's net profit attributable to shareholders is expected to grow significantly by 86.27% year-on-year in the first half of 2025, partly due to a decrease in sales expense ratio [2] - The company is implementing a "precise and efficient" investment strategy, focusing on digital marketing and IP collaborations to enhance brand recognition and ensure steady profit growth [2] Group 4: Capacity Utilization and Debt Management - The overall capacity utilization rate is improving, with some B-end products experiencing temporary shortages [2] - The company's debt-to-asset ratio is 42.89%, which is considered reasonable within the dairy industry, and it aims to leverage low-interest debt to enhance cash flow safety [3] Group 5: International Expansion - The company is accelerating its internationalization efforts by participating in international technology exchanges and exploring business cooperation opportunities in Southeast Asia, Central Asia, the Middle East, and Europe [3] - The growth potential of the cheese market in China is significant, as consumer awareness and acceptance of cheese products continue to rise [3]

Group 1 - The core point of the article is that Miaokelan Duo has launched the world's first cheese RDA (Real Data Assets) data asset project in collaboration with Left Bank Data Technology Co., Ltd, aiming to enhance product quality and brand value through digital technology [1] - Miaokelan Duo's founder and president, Chai Xiu, emphasized the need to establish a comprehensive data system for quality and safety throughout the product lifecycle, leveraging advanced production relationships and materials [1] - The launch event is seen as a significant step in exploring the application of data elements as a new productive force in the cheese industry, focusing on high-quality development of the cheese supply chain [1] Group 2 - The collaboration with Left Bank Data aims to create application scenarios around data asset listing, enhancing the overall productivity and competitiveness of the cheese industry [1] - The initiative is positioned as a response to the new technological revolution and industrial transformation, seeking to drive new consumption growth and innovative applications of data elements [1] - The project is expected to improve brand influence and accelerate the formation of new consumption scenarios in the cheese market [1]

Core Viewpoint - Miaokelan Duo reported a significant increase in net profit attributable to shareholders, up 86.27% year-on-year in the first half of the year, partly due to a decrease in sales expense ratio [1] Group 1: Sales Expense Strategy - The company plans to continue its sales expense strategy in a "precise and efficient" direction without fundamental changes [1] - There will be a shift from traditional broad advertising to digital marketing on platforms like Douyin and Xiaohongshu, as well as scenario-based marketing tied to major events like the Olympics and NBA [1] - In the first half of 2025, over 80% of sales expenses will be allocated to advertising promotions and employee compensation, with plans to further optimize this structure to improve cost-effectiveness [1] Group 2: Brand Investment and Profit Growth - The company aims to balance brand investment with profit growth by leveraging dual brands (Miaokelan Duo and Mengniu Cheese) to reduce redundant investments while maintaining brand recognition [1] - Continuous brand investment is intended to position cheese as a preferred healthy snack and essential table food for consumers [1]

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [5] Core Insights - The food and beverage sector is experiencing a significant slowdown in performance, with a year-on-year decline in net profit attributable to shareholders. The sector's revenue for H1 2025 reached 580.635 billion yuan, a year-on-year increase of 2.41%, while net profit attributable to shareholders was 127.508 billion yuan, reflecting a year-on-year decrease of 0.56% [2][16] - The report highlights that the growth rates of revenue and net profit have declined compared to H1 2024, with revenue growth down by 1.30 percentage points and net profit growth down by 14.52 percentage points. The sector's gross margin and net margin have also decreased year-on-year [2][16] Summary by Sections Overall Performance - The food and beverage sector's revenue growth has slowed significantly, ranking 14th among 31 sub-industries, while net profit growth ranked 20th [2][16] - The sector's gross margin and net margin have decreased year-on-year, although the expense ratio remains relatively stable [3][21] Sub-sector Performance - Snack foods, soft drinks, and fermented seasonings showed the highest revenue growth rates, with increases of 36.36%, 9.08%, and 4.66% respectively. In terms of net profit growth, beer, fermented seasonings, and soft drinks led with increases of 12.06%, 8.04%, and 4.89% respectively [2][25] - The beer sector achieved positive growth in both revenue and net profit, with revenue increasing by 2.75% and net profit by 12.06% in H1 2025. Major beer companies like Zhujiang Beer and Yanjing Beer performed well, with net profit growth exceeding 22% [8][41] Wine Sector - The wine sector experienced a slight decline in revenue and net profit, with H1 2025 revenue at 241.508 billion yuan, down 0.86% year-on-year, and net profit at 94.561 billion yuan, down 1.18% year-on-year. This marks the first negative growth since H1 2014 [4][28] - High-end wines showed resilience, with revenue growth of 6.17% and net profit growth of 5.49%. The market share of leading brands like Moutai and Wuliangye remained strong [34][35] Investment Recommendations - The report suggests structural investment opportunities in the food and beverage sector, particularly in the beverage, snack, and health food industries. It emphasizes the potential in energy drinks and innovative snack brands [10] - The beer, seasoning, and dairy sectors are identified as areas for marginal improvement, while the wine sector is viewed as being in a bottoming phase, with limited downside risk [10]

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]