2024年，乳制品行业加速下行！ 去年A股19家乳制品行业公司总共实现营业收入1848.27亿元，同比减少7.44%。14家乳制品公司营业收 入出现下滑，而前一年仅为6家。归母净利润总额则从130.97亿元下滑到95.76亿元，净利润下滑的公司 达到13家。 "供给过剩、需求走弱、库存偏高"，是压制乳制品行业的三大因素，这导致生鲜乳价格不断下行，行业 竞争变激烈。 这一轮原奶价格下行从2021年开始，目前已经下行三年。从乳业指数来看，从2021年1月高点到2024年9 月低点，已经跌超50%。而从2024年9月起，乳业指数出现一轮明显上涨，市场期待上游去化带动原奶 价格见底，同时促生育等政策带动需求回升。 乳制品行业的拐点会出现吗？ 大部分公司收现比较高 骑士乳业和西部牧业持续低于100% 收现比是衡量企业销售收款能力和收入质量的核心财务指标，高收现比（接近或超过 100%）说明企业 销售回款能力强，收入以现金形式实现。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 除此之外，皇氏集团（维权）、均瑶健康虽然收现比在100%以上，但是同比大幅下滑。 9家公司应收账款在增长 妙可蓝多、庄园牧场营收下滑存货 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-041 上海妙可蓝多食品科技股份有限公司 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）及上海证 券交易所和中国证券登记结算有限责任公司上海分公司相关规定，上海妙可蓝多 食品科技股份有限公司（以下简称"公司"）于 2025 年 5 月 13 日完成了 2025 年股票期权激励计划（以下简称"本次激励计划"）授予激励对象股票期权的登 记工作。现将相关事项公告如下： 一、本次权益授予已履行的决策程序和信息披露情况 （一）2025 年 3 月 5 日，公司第十二届董事会第五次会议审议通过《关 于<上海妙可蓝多食品科技股份有限公司 2025 年股票期权激励计划（草案）> 及摘要的议案》《关于<上海妙可蓝多食品科技股份有限公司 2025 年股票期权激 励计划实施考核管理办法>的议案》《关于公司 2025 年股票期权激励计划激励对 象名单的议案》和《关于提请股东大会授权董事会办理公司股票期权激励计划相 关事项的议案》等议案。公司第十二届监事会第三次会议审议通过《关于<上海 妙可蓝多食品科技股份有限公司 2025 年股票期权激励计划（草案）>及摘 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-040 上海妙可蓝多食品科技股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 公司分别于2024年12月13日召开第十二届董事会第二次会议、第十二届监事 会第二次会议及2024年12月30日召开2024年第四次临时股东大会，审议通过《关 于2025年度融资及担保额度预计的议案》，自2025年1月1日至2025年12月31日期 间，公司及合并报表范围内的子公司（以下简称"子公司"）拟对子公司提供担 保合计不超过25亿元，其中：为资产负债率70%以上的子公司提供的担保不超过 20亿元；为资产负债率低于70%的子公司提供的担保不超过5亿元。相关事项的 具体内容详见公司2024年12月14日披露的《关于2025年度融资及担保额度预计的 公告》（公告编号：2024-100）。上述审议额度不等于公司实际的担保金额，实 本次担保是否有反担保：否。 对外担保逾期的累计数量：无。 际担保金额在上述审议额度内视公司和子 ...

妙可蓝多创始人、CEO（首席执行官）柴琇也强调，只有拥有核心大单品才能降本。她还在业绩会上透 露，奶酪产品距离极致成本还有5%左右的空间。"这是阶段性的，不是一蹴而就的，它是全公司协同的 结果，如果说哪个方面贡献最大，一个是研发，一个是采购，但更多的是协同。" 今年1月中旬，妙可蓝多官宣了新一届高管团队，其中有6名都是新上任的高管。陈易一在业绩交流会上 表示，新高管有三大特点，其一是涵盖老中青三代，4名都是80后，行业要持续走下去需要年轻人接 班；其二是来自五湖四海，"任何一个组织从0到1再到10甚至到100，一定要有包容的态度"；其三是来 自销售一线的高管占比达到50%。 相较于营收，妙可蓝多一季度归母净利润的表现更为亮眼。妙可蓝多在一季报中表示，一季度归母净利 润增长的其中一个原因是公司优化产品结构,且奶酪收入较上年同期增加致整体毛利率上升。 那么从目前妙可蓝多的发展来看，将从哪些方面来提升毛利率水平？妙可蓝多董事长陈易一在业绩交流 会上表示，从企业的经营管理来说，应该追求的是经营性的可比毛利提升，而不是行业周期性的毛利改 善，同时产品营收规模的提升才能更好地分摊成本，提升毛利率。 每经记者 范芊芊 每经 ...

业绩冰火两重天：结构优化驱动盈利改善 2024 年，妙可蓝多（600882.SH）在复杂的市场环境中交出一份 "增利不增收" 的成绩单：全年营收 48.44 亿元，同比下降 8.99%，但净利润逆势增长 89.16% 至 1.14 亿元。这一矛盾现象背后，是公司主 动调整业务结构、优化成本的战略选择。2025 年一季度，随着产品结构升级与降本增效措施显效，公 司营收同比增长 6.26% 至 12.33 亿元，净利润激增 114.88% 至 8239.67 万元。 2025 年一季度的业绩反转，则源于三大核心动能：产品结构升级、费用精细化管理，以及渠道与供应 链协同。此外，公司通过收购蒙牛奶酪实现业务整合，2024 年餐饮工业系列收入同比增长。 责任编辑：AI观察员 隐忧浮现：增长背后的三大风险点 尽管短期业绩回暖，妙可蓝多仍面临多重挑战： 结语 妙可蓝多 2024 年的业绩波动，是传统消费品企业在行业变革期的典型缩影 —— 短期阵痛源于战略调 整，长期价值则取决于转型成效。2025 年一季度的复苏信号，印证了公司 "聚焦奶酪主业、优化成本结 构、依托蒙牛生态" 战略的有效性。然而，在研发投入、债务风险、项目进 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated stronger-than-expected profit release, with significant improvements in profitability driven by increased cheese business revenue, improved gross margin, and reduced advertising expenses [5][6] - The dual-brand strategy with Mengniu is beginning to show positive effects, enhancing market presence and product innovation [6][9] Financial Performance - In Q1 2025, total revenue and net profit attributable to shareholders were 1.233 billion and 82 million yuan, respectively, representing year-on-year growth of 6.3% and 114.9% [5] - The gross margin and net margin for Q1 2025 were 31.49% and 6.68%, showing increases of 2.8 and 3.4 percentage points year-on-year [5] - The operating cash flow for Q1 2025 was 120 million yuan, reflecting a year-on-year decrease of 29.7% [5] Business Segments - Revenue from cheese, trading, and liquid milk products in Q1 2025 was 1.030 billion, 101 million, and 95 million yuan, with year-on-year growth rates of 31%, 23%, and 17% respectively [6] - The cheese business continues to grow rapidly, supported by product innovations and a focus on expanding the consumer base [6] Distribution Channels - In Q1 2025, revenue from distribution, direct sales, and trading channels was 959 million, 165 million, and 101 million yuan, with year-on-year increases of 31%, 26%, and 23% respectively [7] - The company has a stable network of 8,046 distributors, with a net increase of 249 distributors [7] Regional Performance - Revenue from the North, Central, and South regions in Q1 2025 was 464 million, 514 million, and 248 million yuan, with year-on-year growth rates of 24%, 33%, and 32% respectively [7] Earnings Forecast - The company is expected to see further improvements in profitability due to capacity ramp-up and cost control, with projected EPS for 2025-2027 at 0.42, 0.62, and 0.80 yuan, corresponding to PE ratios of 63, 42, and 33 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated stronger-than-expected profit release and initial effects of its dual-brand strategy [1] - The first quarter of 2025 showed significant growth in revenue and net profit, driven by increased cheese business income and improved gross margins [5] - The company is positioned as a leading player in the cheese market, with expectations for further profitability improvements due to operational efficiencies and market expansion [9] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit attributable to shareholders were 1.233 billion and 82 million yuan, respectively, representing year-on-year increases of 6.3% and 114.9% [5] - The gross margin and net margin for Q1 2025 were 31.49% and 6.68%, showing improvements of 2.8 and 3.4 percentage points year-on-year [5] - The operating cash flow for Q1 2025 was 120 million yuan, reflecting a year-on-year decrease of 29.7% [5] Business Segments - Revenue from cheese, trading, and liquid milk products in Q1 2025 was 1.030 billion, 101 million, and 95 million yuan, with year-on-year growth rates of 31%, 23%, and 17%, respectively [6] - The cheese business continues to grow rapidly, supported by product innovations and a dual-brand strategy with Mengniu [6] Distribution Channels - In Q1 2025, revenue from distribution, direct sales, and trading channels was 959 million, 165 million, and 101 million yuan, with year-on-year increases of 31%, 26%, and 23% [7] - The company has a stable network of 8,046 distributors, with a net increase of 249 distributors [7] Profitability Forecast - The company is expected to see further improvements in profitability, with projected EPS of 0.42, 0.62, and 0.80 yuan for 2025, 2026, and 2027, respectively [9] - The current stock price corresponds to PE ratios of 63, 42, and 33 for the years 2025, 2026, and 2027 [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, up from 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1 2025, the company’s revenue from liquid milk, cheese, and dairy product trading was 94.84 million yuan, 1.03 billion yuan, and 101 million yuan, respectively [3] - The gross margin for Q1 was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The net profit margin for Q1 reached 6.68%, up 3.38 percentage points year-on-year, indicating a significant increase in net profit [3] Market Position and Growth Potential - The company is positioned as the market leader in the cheese sector, with expectations for continued growth driven by domestic raw milk utilization and the maturation of production processes [3] - The forecasted EPS for 2025-2027 is 0.41, 0.57, and 0.82 yuan, corresponding to P/E ratios of 64X, 46X, and 32X respectively, indicating strong growth potential [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, compared to 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1, the company's gross margin was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The sales expense ratio decreased to 16.80%, down 2.68 percentage points year-on-year, reflecting cost control efforts [3] - The net profit margin for Q1 reached 6.68%, an increase of 3.38 percentage points year-on-year [3] Financial Forecast - The company expects EPS for 2025, 2026, and 2027 to be 0.41 yuan, 0.57 yuan, and 0.82 yuan respectively, corresponding to P/E ratios of 64X, 46X, and 32X [3][4] - Projected total revenue for 2025 is 5.38 billion yuan, with a year-on-year growth rate of 11.1% [4] - The company anticipates a significant increase in net profit, with projections of 212 million yuan for 2025, reflecting an 86.6% year-on-year growth [4] Market Position and Strategy - The company is positioned as the market leader in the cheese sector, with expectations of benefiting from industry growth and domestic raw material substitution [3] - The company is actively developing various sales channels, including retail and B2B, to enhance market penetration and service capabilities [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [5][11]. Core Views - The company focuses on cheese production, with a significant increase in revenue and net profit in Q1 2025, achieving a revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit of 82 million yuan, a year-on-year increase of 114.88% [3][5]. - The cheese segment generated 1.03 billion yuan in revenue in Q1 2025, accounting for 84.02% of total revenue, indicating a clear strategic focus on cheese [5]. - The company is optimizing its business structure and enhancing operational quality, with a clear direction for its main business development [5]. Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 5.305 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 199 million yuan, reflecting a year-on-year growth of 75% [4][9]. - The gross margin is expected to improve to 30.6% in 2025, with a net margin of 3.7% [4][9]. - The earnings per share (EPS) is projected to be 0.39 yuan in 2025, increasing to 0.82 yuan by 2027 [4][9]. Business Strategy and Market Position - The company is enhancing its channel strategies, focusing on both offline and online retail channels, including traditional e-commerce platforms and interest-based e-commerce platforms [5]. - The company is also developing new channels such as baking, snacks, and membership stores to expand its market reach [5]. - The major shareholder is Inner Mongolia Mengniu Dairy (Group) Co., Ltd., holding 36.63% of the shares, which indicates strong backing in the dairy industry [5].