上海妙可蓝多食品科技股份有限公司 2024 年半年度业绩说明会会议记录 一、会议时间：2024 年 8 月 29 日下午 15:00-16:30 二、会议地点：上证路演中心（网址：http://roadshow.sseinfo.com/） 三、公司出席人员： 副董事长、总经理：柴琇 董事、财务总监：蒯玉龙 独立董事：江华 董事会秘书：谢毅 四、本次业绩说明会投资者提出的主要问题及公司答复 外市场? 回复：尊敬的投资者，相较于传统奶酪品牌，公司从口味、功能、技术与 多元应用角度开展创新，聚焦奶酪业务，拓宽品类边界，以餐桌奶酪美食为重 要场景，以奶酪零食为品类拓展，继续保持行业引领优势，进一步巩固奶酪品 类领导者地位。同时公司积极战略布局国产原制奶酪，研制生产更加适合国人 体质和口味的新品，让奶酪成为中西式餐饮、茶饮、咖啡时尚美味的新选择。 例如公司运用巴氏杀菌工艺开发出马斯卡彭等国产原制奶酪，奶香微甜、质地 细腻、融合性好、稳定性强，受到终端客户的一致认可。 公司积极利用自身研发及产能优势，关注海外市场业务拓展的机会。如近 期公司作为唯一的中国奶酪企业携旗下多款明星产品参加 2024 年第 28 届越南 国际食 ...

Investment Rating - The investment rating for the company is Neutral with a target price of RMB 13.40, indicating a potential upside of 12.5% from the current price of RMB 11.91 [1][4][5]. Core Insights - The company is experiencing short-term revenue pressure, and profit growth may not be sustainable. The first half of 2024 saw a revenue decline of 6.9% year-on-year to RMB 1.922 billion, while net profit increased by 71% to RMB 770 million due to lower raw material costs and cost control measures [1][2]. - The cheese business, particularly the ready-to-eat nutrition series, continues to decline, with sales down 6.2% year-on-year. However, the restaurant industrial series showed a growth of 13.8%, partially offsetting the decline [2]. - The company is actively seeking new growth drivers by developing new products and enhancing channel operations, particularly in lower-tier cities and online platforms [2]. Financial Overview - Revenue for 2024 is projected to be RMB 3.892 billion, a decrease of 3.9% from 2023. Net profit is expected to recover to RMB 135 million in 2024, reflecting a significant increase of 112.1% compared to 2023 [3][6]. - The gross margin improved by 1.6 percentage points to 34.6% in the first half of 2024, driven by cost reductions and efficiency improvements [1][2]. - The company maintains a strong market position with over 35% market share in the cheese market and over 40% in the cheese stick market [2].

证券研究报告 非金融公司|公司点评|妙可蓝多（600882） 奶酪主业环比持续改善，降本增效切实 提振利润 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 公司 2024H1 实现收入 19.23 亿元，同比-6.93%，实现归母净利润 0.77 亿元，同比+168.77%。 2024Q2 实现收入 9.73 亿元，同比-6.74%，实现归母净利润 0.35 亿元，同比+712.89%。 |分析师及联系人 SAC：S0590524030005 刘景瑜 陆冀为 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月28日 妙可蓝多(600882) 奶酪主业环比持续改善，降本增效切实提振 利润 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 食品饮料/饮料乳品 | | 投资评级： | 增持（维持） | | 当前价格： | 11.91 元 | | 基本数据 | | | 总股本/流通股本(百万股 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 妙可蓝多(600882)公司点评报告 2024 年 08 月 27 日 [Table_Title] 更精准营销，更高盈利水平 ——妙可蓝多 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 19.23 亿元，同比-6.93%， 归母净利 0.77 亿元，同比+168.77%，扣非归母净利 0.57 亿元，同比 +1963.11%。24Q2，公司实现总营收 9.73 亿元，同比-6.74%，归母净利 0.35 亿元，同比+712.90%，扣非归母净利 0.26 亿元，同比+935.43%。 上半年餐饮工业板块收入双位数增长 1）二季度奶酪业务收入实现增长。公司坚定推行"聚焦奶酪"战略，24H1， 公司奶酪/贸易/液态奶业务分别实现收入 16.30/1.39/1.49 亿元，同比分别0.85%/-44.86%/-8.68%；24Q2，公司奶酪/贸易/液态奶业务分别实现收入 8.46/0.56/0.68 亿元，同比分别+1.52%/-5 ...

Investment Rating - The report maintains a "Recommend" rating for the company [2] Core Views - The company is steadfast in its "focus on cheese" strategy, with significant profit improvement [2] - In H1 2024, the company achieved revenue of 1,923 million yuan, a year-on-year decrease of 6.93%, but net profit attributable to the parent company increased by 168.77% to 77 million yuan [3] - The company's gross profit margin in H1 2024 was 34.57%, an increase of 1.57 percentage points year-on-year, driven by lower raw material procurement costs [5] - The net profit margin in H1 2024 was 3.99%, up 1.82 percentage points year-on-year, due to cost reduction and efficiency improvement measures [5] Business Structure Optimization - The company continues to optimize its business structure, focusing on the cheese segment, which accounted for 85% of revenue in H1 2024 [4] - Cheese segment revenue in H1 2024 was 1,631 million yuan, a slight decrease of 0.85% year-on-year, with a gross margin of 39.39% [4] - The trade business revenue in H1 2024 was 139 million yuan, a significant decrease of 44.86% year-on-year, but the gross margin improved to 3.01% [4] - Liquid milk business revenue in H1 2024 was 149 million yuan, a decrease of 8.68% year-on-year, with a gross margin of 9.86% [4] Channel Development - In H1 2024, the company's distribution channel revenue was 1,529 million yuan, a slight decrease of 0.67% year-on-year [6] - Direct sales channel revenue was 251 million yuan, a decrease of 6.61% year-on-year [6] - The company has 4,790 distributors covering approximately 800,000 retail terminals [6] - The company is actively expanding its online presence on platforms like JD, Tmall, Pinduoduo, and Douyin [6] Financial Forecast and Valuation - The report forecasts net profit attributable to the parent company for 2024-2026 to be 133 million yuan, 164 million yuan, and 191 million yuan, respectively [7] - EPS for 2024-2026 is expected to be 0.26 yuan, 0.32 yuan, and 0.37 yuan, respectively [7] - The P/E ratio for 2024-2026 is projected to be 48.3x, 39.4x, and 33.8x, respectively [7] - The company's valuation is currently at a historically low level, with a strong likelihood of sequential improvement in fundamentals [7] Financial Ratios - The gross profit margin is expected to improve from 29.2% in 2023 to 33.1% in 2026 [9] - The net profit margin is projected to increase from 1.6% in 2023 to 3.8% in 2026 [9] - ROE is expected to rise from 1.5% in 2023 to 4.0% in 2026 [9] - The debt-to-asset ratio is forecasted to decrease from 37.0% in 2023 to 19.3% in 2026 [9]

证券代码：600882 证券简称：妙可蓝多 公告编号：2024-064 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。 根据《上海证券交易所上市公司自律监管指引第3号行业信息披露：第十四 号——食品制造》的相关要求，上海妙可蓝多食品科技股份有限公司现将2024 年半年度与行业相关的定期经营数据披露如下： 一、报告期主营业务相关经营情况 1、产品类别 单位：万元 币种：人民币 | 产品类别 | 1-6月营业收入 | 4-6月营业收入 | | --- | --- | --- | | 奶酪 | 163,080.95 | 84,626.30 | | 贸易 | 13,876.20 | 5,642.27 | | 液态奶 | 14,910.90 | 6,804.93 | | 总计 | 191,868.05 | 97,073.51 | 注：上表中总计数与各行分项数据直接相加之和的尾数差异，系因四舍五入所致。 2、销售渠道 上海妙可蓝多食品科技股份有限公司 2024 年半年度与行业相关的定期经营数据公告 上海妙可蓝多食品科技股份有限公司董事会 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,922,716,236.64, a decrease of 6.93% compared to ¥2,065,979,393.34 in the same period last year[13]. - Net profit attributable to shareholders of the listed company reached ¥76,778,291.24, an increase of 168.77% from ¥28,567,057.21 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥56,884,593.60, showing a significant increase of 1,963.11% compared to ¥2,757,229.63 in the same period last year[13]. - The net cash flow from operating activities was ¥240,491,448.22, a substantial increase of 436.51% from ¥44,825,436.97 in the previous year[13]. - Basic earnings per share increased by 171.43% to CNY 0.152 compared to the same period last year[14]. - Diluted earnings per share also rose by 171.43% to CNY 0.152 year-on-year[14]. - The company achieved a net profit from non-recurring gains of CNY 19,893,697.64 after tax[15]. - The company achieved a revenue of 192,271.62 million yuan in the first half of 2024, with a significant net profit of 7,677.83 million yuan, representing a year-on-year increase of 168.77%[28]. Assets and Liabilities - As of the end of the reporting period, the net assets attributable to shareholders of the listed company were ¥4,379,322,018.27, an increase of 1.78% from ¥4,302,543,727.03 at the end of the previous year[13]. - Total assets at the end of the reporting period amounted to ¥7,238,598,944.62, reflecting a growth of 5.94% compared to ¥6,832,507,412.83 at the end of the previous year[13]. - Current liabilities amounted to ¥1,932,190,780.83, reflecting a rise of 7.8% from ¥1,792,571,572.60[109]. - Total liabilities increased to ¥2,859,276,926.35, a growth of 13.0% compared to ¥2,529,963,685.80[109]. - Owner's equity attributable to shareholders was ¥4,379,322,018.27, up from ¥4,302,543,727.03, indicating a growth of 1.8%[109]. Market Position and Strategy - The cheese market share of the company exceeded 35% in the first half of 2024, maintaining the leading position in the industry[17]. - The market share of the company's cheese sticks surpassed 40%, further expanding its competitive advantage[17]. - The company is focusing on expanding its product offerings in the cheese segment, which is seen as a major growth area[17]. - The company is leveraging its core competencies in product, brand, and channel to maintain its leadership in the cheese market[17]. - The company continues to focus on its "cheese-centric" strategy, aiming to expand its cheese product offerings and market presence[28]. - The company has established a nationwide sales network with 4,790 distributors, covering approximately 800,000 retail terminals[25]. Research and Development - The company has invested in a professional cheese testing laboratory, enhancing its product quality assurance capabilities[23]. - The company launched six new products, including sugar-free cheese bites and mousse cheese cups, which received positive market feedback[32]. - The company emphasizes product innovation and quality management across the entire supply chain to support its "product leadership" strategy[31]. Environmental and Compliance - The company has established an emergency response plan for environmental incidents, which has been filed with the local environmental bureau[69]. - The company’s wastewater treatment station is equipped with online monitoring devices for COD and ammonia nitrogen, ensuring continuous compliance with discharge standards[71]. - The company has adhered to all environmental protection laws and regulations for its construction projects, fulfilling necessary environmental impact assessments[68]. - The company reported no environmental pollution incidents or penalties from environmental protection departments during the reporting period[71]. Corporate Governance and Shareholder Matters - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during the reporting period[2]. - The company decided to repurchase and cancel 240,000 restricted shares and 44,000 stock options due to the departure of certain incentive recipients[64]. - The company has committed to maintaining shareholder interests, particularly those of minority shareholders, through strategic business integration[75]. - The company has established a commitment to maintain its financial independence and governance structure separate from Inner Mongolia Mengniu[77]. Financial Management and Risks - The company faces market risks due to increasing competition in the cheese market, which may affect its growth[54]. - Operational management risks are present as rapid expansion could lead to decreased management efficiency and competitiveness[55]. - Fluctuations in raw material markets pose risks, as international prices and exchange rates directly impact costs and profits[56]. - The company emphasizes food safety and quality management to mitigate risks associated with public safety events[57]. Future Outlook - The report includes forward-looking statements regarding future plans, which do not constitute substantive commitments to investors[2]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[117].

表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经审计委员会审议通过，并同意提交董事会审议。 关 于 该 事 项 的 具 体 内 容 ， 详 见 公 司 同 日 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）披露的《2024 年半年度报告》及其摘要。 证券代码：600882 证券简称：妙可蓝多 公告编号：2024-062 上海妙可蓝多食品科技股份有限公司 第十一届董事会第三十三次会议决议公告 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。 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十一届董事会第三十三次会议通知和材料。会议于 2024 年 8 月 22 日以现场及通讯方式召开。本次会议应出席董事 9 人，实际出席 9 人。 会议由董事长陈易一先生主持，公司监事列席会议。本次会议的通知、召开以及 参会董事人数均符合《中华人民共和国公司法》等相关法律、行政法规、部门规 章、规范性文件和《上海妙可蓝多食品科技股份有限公 ...

上海妙可蓝多食品科技股份有限公司 第十一届监事会第二十八次会议决议公告 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。 证券代码：600882 证券简称：妙可蓝多 公告编号：2024-063 一、监事会会议召开情况 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）已通过电子邮件 方式向全体监事发出第十一届监事会第二十八次会议通知和材料。会议于 2024 年 8 月 22 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，会议由监事会主席邹士学先生主持。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，所形成的决议合法有效。 二、监事会会议审议情况 表决结果：3 票同意，0 票反对，0 票弃权。 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《2024 年半年度募集资金存放与实际使用 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2024-061 上海妙可蓝多食品科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于 2024 年 8 月 22 日(星期四)至 8 月 28 日(星期三)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@milkland.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）将于 2024 年 8 月 24 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 8 月 29 日下午 15:00- 16:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播结合网络互动召开，公司将针对 ...