证券代码：600882 证券简称：妙可蓝多 公告编号：2025-034 上海妙可蓝多食品科技股份有限公司 第十二届监事会第五次会议决议公告 本公司监事会及全体监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。 表决结果：3 票同意，0 票反对，0 票弃权。 根据《上市公司股权激励管理办法》和公司《2025 年股票期权激励计划》等 相关规定以及公司 2025 年第一次临时股东大会的授权，公司监事会同意董事会 对本次激励计划的相关事项进行调整，公司监事会拟对本次激励计划确定的授予 激励对象名单以及激励对象获授权益条件的成就情况进行核查后认为： 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）已通过电子邮件 方式向全体监事发出第十二届监事会第五次会议通知和材料。会议于 2025 年 4 月 7 日以通讯方式召开。本次会议应出席监事 3 人，实际出席 3 人，其中职工监 事 1 人，会议由监事会主席郝智君先生主持。会议召集召开程序及审议事项符合 《中华人民共和国公司法》和《上海妙可蓝多食品科技股份有限公司章程》（以 下简称"《公司章程》"）等有关规定， ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-033 上海妙可蓝多食品科技股份有限公司 第十二届董事会第七次会议决议公告 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。 蒯玉龙先生、任松先生、高文先生系关联董事，已对本议案回避表决。 本议案已经公司董事会薪酬与考核委员会审议通过。 关于该事项的具体内容，详见公司同日于《中国证券报》《上海证券报》《证 券时报》《证券日报》及上海证券交易所网站（http://www.sse.com.cn）披露的《关 于调整 2025 年股票期权激励计划相关事项并向激励对象授予股票期权的公告》 （公告编号：2025-035）。 （二）审议通过《关于向激励对象授予股票期权的议案》 表决结果：6 票同意，0 票反对，0 票弃权；3 票回避。 蒯玉龙先生、任松先生、高文先生系关联董事，已对本议案回避表决。 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十二届董事会第七次会议通知和材料。会议于 2025 年 4 月 7 日以通 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [5] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 89.16% in 2024, despite a decline in revenue by 8.99% due to strategic contraction in trade business [5][7] - The cheese segment is a key focus, with revenue from cheese products growing by 14.03% in the restaurant industrial series, contributing to the overall performance [7] - The completion of the cheese asset injection from the controlling shareholder is expected to enhance the company's competitive edge in the cheese category [8] Financial Performance Summary - In 2024, the company reported total revenue of 4.844 billion yuan, down 8.99% year-on-year, while the net profit attributable to shareholders reached 114 million yuan, up 89.16% [5] - The gross margin improved to 28.99%, an increase of 2.31 percentage points, primarily due to lower raw material costs and the use of domestic raw materials [7] - The company’s net profit margin increased to 2.35%, reflecting improved profitability [7] Revenue Breakdown - The revenue from cheese, trade, and liquid milk in 2024 was 3.757 billion yuan, 531 million yuan, and 401 million yuan, respectively, accounting for 80.12%, 11.32%, and 8.56% of total revenue [7] - The cheese segment consists of three product series: nutritional series, restaurant industrial series, and family table series, with revenues of 2.050 billion yuan, 1.313 billion yuan, and 395 million yuan, respectively [7] Future Projections - The company is projected to achieve revenues of 5.371 billion yuan, 5.978 billion yuan, and 6.725 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 10.88%, 11.30%, and 12.50% [11] - The net profit attributable to shareholders is expected to reach 215 million yuan, 280 million yuan, and 338 million yuan for the same years, with growth rates of 88.96%, 30.30%, and 20.95% [11] Valuation Metrics - The price-to-earnings (P/E) ratio for 2025 is projected to be 56.6, decreasing to 35.9 by 2027 [11] - The price-to-book (P/B) ratio is expected to be 2.6 in 2025 and decrease to 2.3 by 2027 [11]

Core Insights - The company, Miaokelando, reported a net profit of 114 million yuan for 2024, marking a year-on-year increase of 89.16% [1] - The company's ESG report is criticized for being poorly constructed, lacking substantial details on key environmental metrics such as carbon reduction and energy savings [1][2] - Despite the significant profit growth, the company's environmental efforts appear minimal and lack transparency, particularly regarding Scope 3 emissions related to livestock farming [4][5][6] Financial Performance - Miaokelando achieved a net profit of 114 million yuan in 2024, which is an increase of 89.16% compared to the previous year [1] - The company's environmental investment for 2024 was reported at 7.8493 million yuan, which is only 1.62% of its total revenue of 4.844 billion yuan [7] ESG Reporting - The ESG report consists of 86 pages but fails to adequately address critical environmental issues, with the environmental section occupying less than one-eighth of the report [2][3] - The report does not provide comparative data on carbon emissions, making it impossible to assess whether emissions have increased or decreased [3] - Key environmental topics, such as water resource management and biodiversity, are notably absent from the report, despite their relevance to the company's operations [5][6] Environmental Impact - The livestock sector, which is crucial for cheese production, is responsible for a significant portion of global greenhouse gas emissions, yet Miaokelando does not address Scope 3 emissions in its report [4] - The company has not disclosed any specific measures or monitoring mechanisms related to its supply chain's environmental impact, particularly concerning water resource management [5] Future Considerations - Miaokelando has not set any short, medium, or long-term carbon reduction targets, which is a common practice among leading companies in the industry [8] - The lack of actionable environmental strategies raises concerns about the company's commitment to sustainability, despite its strong financial performance [8]

Core Viewpoint - Miaokelando (600882) aims to enhance the efficiency of fundraising and increase returns through a cash management investment of 435 million yuan [1] Group 1: Financial Performance - In 2024, Miaokelando plans to adjust its business strategy to achieve a revenue of 4.844 billion yuan and a net profit attributable to shareholders of 114 million yuan, representing a year-on-year growth of 89.16% [1] - The net cash flow from operating activities increased by 101.28% year-on-year, reaching 530 million yuan [1] - The cheese business generated a revenue of 3.757 billion yuan, up 6.92% from the previous year, while the trading business saw a strategic contraction with revenue of 531 million yuan, down 34.97% [1] Group 2: Product Development and Innovation - Miaokelando has been enhancing its R&D capabilities and expanding its product matrix through collaborations with well-known companies [1] - At the 33rd Shanghai International Hotel and Catering Expo, the company launched innovative products such as cheese cherry blossom pastries and spicy hot pot pizza, combining traditional techniques with dairy flavors [1] Group 3: Profitability and Margin Analysis - The overall gross margin for the company last year was 28.99%, up from 26.68% the previous year [2] - The gross margin for the ready-to-eat nutrition series was 46.97%, down 2.45 percentage points year-on-year, while the restaurant industrial series saw an increase of 4.79 percentage points to 18.86% [2] - The increase in product gross margin was attributed to lower raw material procurement costs and the use of domestic raw materials instead of imports [2]

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-032 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： 一、 本次现金管理到期赎回的情况 2024 年 12 月 30 日，公司全资子公司广泽乳业有限公司（以下简称"广泽 乳业"）使用部分闲置募集资金购买了"2024 年挂钩汇率对公结构性存款定制第 十二期产品 601"，产品期限 90 天，起息日 2024 年 12 月 30 日，金额 10,000 万 元。具体内容详见公司于 2024 年 12 月 31 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到 期赎回并继续进行现金管理的公告》（公告编号：2024-108）。该产品已于 2025 年 3 月 30 日到期，截至本公告披露日，公司已赎回本金 10,0 ...

Core Points - The company held the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) on March 28, 2025, with 209 participants representing 79.2 million shares, which is 100% of the total shares of the plan [1][2] - The meeting approved the establishment of a management committee for the 2025 ESOP to enhance daily management efficiency [1] - The committee consists of 7 members, with the election of committee members and the chairperson taking place during the meeting [2][4] Summary by Sections Establishment of Management Committee - The management committee is responsible for the daily management and supervision of the ESOP, reporting to the holders' meeting and representing their shareholder rights [1] - The committee was formed in accordance with the company's regulations and consists of 7 members, including a chairperson [1] Election of Committee Members - The meeting elected the following members to the management committee: Chai Xiu, Kuai Yulong, Li Hui, Liu Yang, Jiang Hongbo, Xie Yi, and Ma Chen, with their term aligned with the duration of the ESOP [2][4] - The voting results showed 63.855 million shares in favor, with no opposition or abstentions, and 15.345 million shares abstaining due to conflicts of interest [2][4] Authorization of Management Committee - The management committee was authorized to handle various matters related to the ESOP, including convening meetings, managing daily operations, and representing holders in shareholder rights [5][6] - Specific responsibilities include overseeing management services, signing agreements, managing rights distribution, and making decisions on share disposals and plan extensions [5][6]

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-031 上海妙可蓝多食品科技股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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、审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 为促进公司 2025 年员工持股计划日常管理的效率，根据公司《2025 年员工 持股计划》和公司《2025 年员工持股计划管理办法》等有关规定，同意设立本持 股计划管理委员会，作为本持股计划的日常管理与监督机构。管理委员会对本持 股计划持有人会议负责，代表持有人行使股东权利。公司本持股计划管理委员会 由 7 名委员组成，设管理委员会主任 1 名。 表决结果：同意 7,920.00 万份、反对 0 份、弃权 0 份。 二、审议通过《关于选举公司 2025 年员工持股计划管理委员会委员的议案》 经审议表决，选举柴琇、蒯玉龙、李辉、刘扬、蒋洪波、谢毅、马晨为公司 2025 年员工持股计划管理委员会委员，管理委员会委员任期与公司 2025 年员工 持股计划的存续期 ...

Core Viewpoint - The company, Miaokelando, reported a "revenue decrease but profit increase" for the fiscal year 2024, breaking a two-year trend of declining net profits, with a net profit growth of 89.16% despite an 8.99% drop in revenue [1][3]. Financial Performance - Revenue for 2024 reached 4.844 billion yuan, down 8.99% from 5.322 billion yuan in 2023 [2]. - Net profit attributable to shareholders was 113.62 million yuan, a significant increase of 89.16% compared to 60.07 million yuan in 2023 [2]. - The net profit after deducting non-recurring gains and losses surged by 554.27% to 46.92 million yuan [2]. - Operating cash flow for 2024 was 530.73 million yuan, up 101.28% from the previous year [2]. Cost Management and Profitability - The increase in profit was attributed to a decline in raw material costs, with the gross margin for cheese business rising by 0.61 percentage points to 35.04% [4]. - Sales expenses decreased by 9.49% to 922 million yuan, while R&D expenses were reduced by 10.25% [4][5]. - The acquisition of Mengniu Cheese contributed approximately 840,000 yuan to net profit, although it had a low gross margin of 6.91% [5][6]. Market Position and Challenges - The cheese business generated 3.75 billion yuan in revenue, accounting for 80.12% of total revenue, and 96.8% of overall gross profit [8]. - The company faced a rising asset-liability ratio, increasing from 37.03% to 42.89%, with interest-bearing debt reaching 2.043 billion yuan, a 39.04% increase [8]. - The market share of cheese products has declined from 5.92% in January 2022 to approximately 3.5% in Q1 2024, indicating a 40% drop [9]. Governance and Management Issues - The company has faced scrutiny over governance issues, including past financial misconduct by its principal shareholder, Chai Xiu [15][16]. - Chai Xiu's return as general manager has raised concerns about the company's governance and transparency [17]. - The company announced an employee stock ownership plan with strict performance targets, which may pose challenges given its recent financial performance [19][21].

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-030 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： 一、 本次现金管理到期赎回的情况 2024 年 12 月 26 日，妙可蓝多使用部分闲置募集资金购买了"2024 年挂钩 汇率对公结构性存款定制第十二期产品 528"，产品期限 90 天，起息日 2024 年 12 月 26 日，金额 29,300 万元。具体内容详见公司于 2024 年 12 月 28 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 行现金管理到期赎回并继续进行现金管理的公告》（公告编号：2024-105）。该产 品已于 2025 年 3 月 26 日到期，截至本公告披露日，公司已赎回本金 29,300 万 元，并获得收益 1,662,775 元 ...