国元证券研报指出，妙可蓝多上半年归母净利1.33亿元（+86.27%），2025Q2归母净利0.51亿元 （+53.06%）。奶酪主业增长稳健，餐饮工业系列增速领先。2025H1，公司奶酪、贸易、液态奶业务收 入分别为21.36、2.30、1.87亿元，同比增长14.85%、3.69%、0.63%，奶酪业务收入占主营业务收入比例 由去年同期的82.02%进一步增长至83.67%。餐饮工业系列凭借公司供应链及专业化服务优势快速增 长，家庭餐桌系列受益于渠道合作深化及整合带来的优势品项扩充也实现较快增速。维持"买入"评级。 ...

B 端（餐饮工业）业务成为核心增长引擎，2025H1 收入8.16 亿元（同比+36.26%），毛利率提升 1.98pct，主要得益于与蒙牛爱氏晨曦的业务协同，从而实现在百胜、麦当劳等大客户的拓展。C 端（零 售）业务中，家庭餐桌系列表现亮眼，2025H1 收入2.36 亿元（同比+28.44%）；即食营养系列通过成 人零食化（如奶酪小三角、鳕鱼条）和新渠道拓展（零食量贩、会员超市等）实现结构优化和场景破 圈，2025H1 收入10.83 亿元（同比+0.62%），占比已从去年同期的75.63%降至68.36%。 营销降费增效，B 端毛利率改善显著。 公司2025H1 归母净利率同比提升2.18pct 至5.18%，毛利率同比+0.91pct 至30.81%，期间费用率同 比-1.73pct 至25.13%，其中细项变动：销售（同比-2.26pct）、管理（同比+0.46pct）、研发（同 比-0.07pct）、财务（同比+0.14pct）。2025Q2 归母净利率同比提升1.08pct 至3.79%，毛利率同比-0.9pct 至30.18%，期间费用率同比-1.43pct 至26.01%，其中细项变动：销售 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a total revenue of 2.567 billion yuan for H1 2025, representing a year-on-year increase of 7.98%. The net profit attributable to shareholders was 133 million yuan, up 86.27% year-on-year, while the net profit excluding non-recurring items reached 102 million yuan, reflecting an 80.1% increase year-on-year [2][4] - In Q2 2025, the total revenue was 1.334 billion yuan, showing a year-on-year growth of 9.62%. The net profit attributable to shareholders was 50.57 million yuan, an increase of 53.06% year-on-year, and the net profit excluding non-recurring items was 37.51 million yuan, up 44.29% year-on-year [2][4] - The company’s B-end (industrial catering) business has become a core growth driver, with revenue of 816 million yuan in H1 2025, a year-on-year increase of 36.26%. The gross margin improved by 1.98 percentage points, mainly due to business synergy with Mengniu [5] - The C-end (retail) business saw significant performance from the family dining series, generating 236 million yuan in revenue, a year-on-year increase of 28.44%. The ready-to-eat nutrition series optimized its structure and expanded new channels, achieving 1.083 billion yuan in revenue, a slight increase of 0.62% year-on-year [5] - The company implemented a "cost optimization" strategy, resulting in a year-on-year increase in net profit margin by 2.18 percentage points to 5.18% in H1 2025, and a gross margin increase of 0.91 percentage points to 30.81% [6] - The company expects net profits attributable to shareholders to reach 259 million yuan and 393 million yuan for 2025 and 2026, respectively, corresponding to PE valuations of 54 and 35 times [7]

Summary of Key Points Core Viewpoint - The recent performance disclosures of A-share listed companies have prompted brokerages to actively conduct research and provide updated ratings, aiming to offer valuable references for investors [1]. Rating Adjustments - As of August 25, brokerages have collectively raised ratings for 28 stocks and lowered ratings for 40 stocks, with 296 stocks receiving initial coverage [1]. - Among the stocks with upgraded ratings, 3 received a "strongly recommended" rating, including Wanhua Chemical, which was upgraded from "hold" to "strongly recommended" by China Merchants Securities [1]. - Other notable upgrades include the ratings for Sankeshu and Ninebot, both raised to "strongly recommended" by their respective brokerages [1]. - In total, 18 stocks had their ratings upgraded from "hold" to "buy," and several others saw similar upward adjustments [1]. Target Prices - Brokerages have set target prices for 8 of the 28 stocks with upgraded ratings, such as: - Fuchuang Precision: Target price of 74.23 CNY/share, latest closing price 68.69 CNY/share [2]. - Jiufeng Energy: Target price of 36.82 CNY/share, latest closing price 28.71 CNY/share [2]. - Lait Light: Target price of 36.07 CNY/share, latest closing price 26.75 CNY/share [2]. Downward Rating Adjustments - Brokerages have lowered ratings for 40 stocks, with 24 of these downgraded from "buy" to "hold" [2]. - Other downgrades include 5 stocks from "strongly recommended" to "recommended" and 4 from "strongly recommended" to "hold" [2]. Distribution of Ratings - A total of 924 stocks received a "buy" rating, with Kweichow Moutai leading at 31 ratings, followed by Huali Group with 29 ratings [3]. - The electronic industry has the highest number of stocks rated "buy" at 121, followed by the pharmaceutical and mechanical equipment industries [3]. Coverage Expansion - Brokerages are expanding their research coverage, with 296 stocks receiving initial ratings this month, including Aisxu Co., Beiqi Blue Valley, and others [3]. Importance of Brokerage Ratings - Brokerage ratings provide professional references for investors, helping them identify quality stocks and mitigate investment risks [4]. - The systematic analysis of stocks by brokerages aids in improving market information asymmetry and encourages listed companies to enhance governance and operational efficiency [4].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Title] 奶酪主业增长稳健，H1 归母净利+86% ——妙可蓝多 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总收入 25.67 亿元 （+7.98%），归母净利 1.33 亿元（+86.27%），扣非归母净利 1.02 亿元 （+80.10%）。2025Q2，公司实现总收入 13.34 亿元（+9.62%），归母净利 0.51 亿元（+53.06%），扣非归母净利 0.38 亿元（+44.29%）。 奶酪主业增长稳健，餐饮工业系列增速领先 1）奶酪主业增长稳健。2025H1，公司奶酪、贸易、液态奶业务收入分别为 21.36、2.30、1.87 亿元，同比增长 14.85%、3.69%、0.63%，奶酪业务收 入占主营业务收入比例由去年同期的 82.02%进一步增长至 83.67%。 2）奶酪业务收入同比、环比持续增长。2025Q2，公司奶酪、贸易、液态奶 业务收入分别为 11.06、1.29、0.92 亿元，奶酪业务收入同比、环比 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-078 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的 公告 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 7 月 16 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七期产品 316"，产品期限 39 天，起息日 2025 年 7 月 16 日， 金额 3,000 万元。具体内容详见公司于 2025 年 7 月 17 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现金管理的 进展公告》（公告编号：2025-064）。该产品已于 2025 年 8 月 25 日到期，截至本 公告披露日，公司已赎回 ...

上海妙可蓝多食品科技股份有限公司公告称，2024年11月18日其第十二届董事会第一次会议和监事会第 一次会议审议通过使用暂时闲置自有资金及募集资金进行现金管理的议案。2025年7月16日，公司用部 分闲置募集资金3000万元购买"2025年挂钩汇率对公结构性存款定制第七期产品316"，期限39天。该产 品于8月25日到期，公司已赎回本金3000万元，获得收益58,500元，收益符合预期，本金及收益均已到 账。 ...

截至6月30日，妙可蓝多股东户数3.43万，较上期减少23.14%；人均流通股14909股，较上期增加 30.11%。2025年1月-6月，妙可蓝多实现营业收入25.67亿元，同比增长33.52%；归母净利润1.33亿元， 同比增长73.19%。 分红方面，妙可蓝多A股上市后累计派现3.68亿元。近三年，累计派现0.00元。 8月25日，妙可蓝多盘中上涨2.06%，截至10:23，报27.74元/股，成交9717.63万元，换手率0.69%，总市 值142.04亿元。 资金流向方面，主力资金净流入16.80万元，大单买入1360.86万元，占比14.00%，卖出1344.06万元，占 比13.83%。 妙可蓝多今年以来股价涨54.97%，近5个交易日涨2.02%，近20日涨0.00%，近60日跌3.95%。 资料显示，上海妙可蓝多食品科技股份有限公司位于上海市浦东新区金桥路1398号金台大厦10楼，成立 日期1988年11月29日，上市日期1995年12月6日，公司主营业务涉及以奶酪为核心的特色乳制品的研 发、生产和销售，其中奶酪产品可以进一步细分为即食营养系列、家庭餐桌系列和餐饮工业系列。同时 公司也从事液 ...

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

分产品：25H1 奶酪/贸易产品/液态奶业务分别实现收入21.4/2.3/1.9 亿元，同比+14.8%/+3.7%/+0.6%。 奶酪分业务：25H1 即食营养/家庭餐桌/餐饮工业系列分别实现收入10.8/2.4/8.2 亿元，同比 +0.6%/+28.4%/+36.3%。 经销商数量：截至25 年上半年，共有经销商6551 个，同比增加/减少1419/2665 个，净减少1246 个。 事件 25H1 公司实现营业收入25.7 亿元（同比+8.0%），归母净利润1.3 亿元（同比+86.3%），扣非归母净利 润1.0 亿元（同比+80.1%），毛利率30.8%（同比+0.9pct），净利率5.2%（同比+2.2pct）。 25Q2 公司实现营业收入13.3 亿元（同比+9.6%），归母净利润5057 万元（同比+53.1%），扣非归母净 利润3751 万元（同比+44.3%），毛利率30.2%（同比-0.9pct），净利率3.8%（同比+1.1pct）。股权激励 费用1869 万元，还原回激励费用后25Q2 业绩6926 万元，24Q2 业绩不追溯蒙牛奶酪，25Q2 业绩同比 +95%（24Q2 业绩追溯 ...