Core Viewpoint - The company reported a revenue growth of 6.26% to 1.233 billion yuan in Q1 2025, with a net profit increase of 114.88% to 82.3967 million yuan [1] Group 1: Financial Performance - Q1 revenue reached 1.2255583 billion yuan, with cheese revenue at 1.0297 billion yuan and liquid milk revenue at 94.8473 million yuan [2][3] - The company's net profit for the quarter was 82.3967 million yuan, reflecting a significant increase compared to the previous year [1] Group 2: Product Strategy - The company is focusing on innovation in the cheese snack sector, targeting both children's products and adult cheese offerings to enhance nutritional value and taste [3] - There is a strategic emphasis on B-end and family dining cheese product innovations, with a goal to increase the penetration of domestic cheese in professional fields [3] Group 3: Supply Chain Development - The company aims to build a self-sufficient supply chain for cheese production using domestic milk, which is seen as a foundational element for long-term competitive advantage over the next five to ten years [4] - The initiative is expected to promote the development of upstream dairy production and stabilize the market supply-demand balance for milk in China [4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown significant profit improvement driven by cost reduction and efficiency enhancement, with promising performance from new products [1]. - The integration with Mengniu has led to a notable increase in cheese business revenue, with Q1 2025 cheese revenue reaching 10.30 billion CNY, up from 7.85 billion CNY in Q1 2024 [2]. - The company's gross profit margin improved to 31.5% in Q1 2025, an increase of 2.8 percentage points year-on-year, attributed to product structure optimization [3]. - The company is expected to continue benefiting from synergies with Mengniu, enhancing supply chain, channel, and brand marketing capabilities, while also accelerating new product launches [4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 12.3 billion CNY, a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 0.8 billion CNY, up 114.9% year-on-year [1]. - The company’s net profit margin for Q1 2025 was 6.7%, reflecting a year-on-year increase of 3.4 percentage points [3]. Product and Revenue Breakdown - Revenue from cheese, liquid milk, and trading in Q1 2025 was 10.30 billion CNY, 0.95 billion CNY, and 1.01 billion CNY respectively, compared to 7.85 billion CNY, 0.81 billion CNY, and 0.82 billion CNY in Q1 2024 [2]. - The company has increased its distributor count across regions, with a total of 8,046 distributors as of Q1 2025, marking a net increase of 249 distributors [2]. Profitability and Cost Management - The company’s sales expense ratio decreased to 16.8% in Q1 2025, down 2.7 percentage points year-on-year, indicating improved efficiency in expense allocation [3]. - The management expense ratio remained stable at 5.0%, with other income contributing 0.9% to revenue, reflecting a year-on-year increase of 0.5 percentage points [3]. Future Outlook - The company forecasts net profits of 2.16 billion CNY, 3.24 billion CNY, and 4.57 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.42 CNY, 0.63 CNY, and 0.89 CNY [4].

Core Viewpoint - Miaokelando reported a revenue of 1.233 billion yuan for Q1 2025, marking a year-on-year growth of 6.26%, and a net profit of 82.40 million yuan, which represents a significant increase of 114.88% compared to the previous year [1][3]. Financial Performance - Revenue for Q1 2025 was 1,233,332,768.29 yuan, up from 949,770,638.24 yuan in the same period last year, reflecting a growth rate of 6.26% [3]. - The net profit attributable to shareholders was 82,396,663.23 yuan, compared to 41,297,504.42 yuan in the previous year, indicating a year-on-year increase of 114.88% [3]. - The net profit after deducting non-recurring gains and losses was 64,941,077.73 yuan, which is a 110.23% increase from 30,889,942.81 yuan last year [3]. - Basic and diluted earnings per share were both 0.164 yuan, up from 0.082 yuan, showing a growth of 115.79% [3]. - The weighted average return on equity increased to 1.851%, up from 0.955% last year, representing an increase of 1.045 percentage points [3]. Market Strategy and Product Development - The company is focusing on deepening its presence in the cheese market, with increased investment in product innovation, launching new products such as growth yogurt and cheese snacks to meet diverse consumer needs [3]. - Collaborations with major retailers and e-commerce platforms have expanded the product coverage and market penetration [3]. - The company aims to maintain a cheese-centric development strategy, responding to trends in diversified product innovation and consumer demand across various demographics [4]. - The CEO emphasized the importance of domestic demand policies and the rising trend of high-quality consumption, which are expected to drive growth in the cheese market [4]. - The company plans to enhance its core competitive capabilities by innovating cheese products for both children and adults, increasing market penetration, and building a self-sufficient supply chain for domestic cheese production [4][5].

Core Viewpoint - The company reported a positive turnaround in revenue growth for Q1 2025, driven by improved competitive dynamics in the cheese market and synergies from the merger with Mengniu [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 1.233 billion yuan, with an adjusted year-on-year growth of 6.26%, marking the first quarter of positive revenue growth since Q4 2022 [1] - The adjusted net profit attributable to shareholders reached 82 million yuan, with a year-on-year increase of 114.88%, while the adjusted net profit excluding non-recurring items was 65 million yuan, up 110.23% year-on-year [1] - The gross profit margin improved to 31.49%, an increase of 2.82 percentage points year-on-year, and the net profit margin attributable to shareholders was 6.68%, up 3.38 percentage points year-on-year [1] Group 2: Strategic Initiatives - The company is focusing on innovation in the cheese snack sector, targeting both children and adults, and enhancing the penetration of domestic cheese products in the B-end and family dining markets [2] - The establishment of a domestic cheese supply chain using local milk is seen as a foundational strategy for long-term competitiveness over the next five to ten years [2] - The company has launched several new products in the cheese snack category, including cheese balls and cheese triangles, and aims to strengthen collaboration with Mengniu in both B-end and C-end businesses [3] Group 3: Future Projections - Revenue projections for 2025-2027 are estimated at 5.628 billion, 6.590 billion, and 7.730 billion yuan, with year-on-year growth rates of 16.18%, 17.10%, and 17.30% respectively [3] - The expected net profit attributable to shareholders for the same period is projected to be 241 million, 350 million, and 476 million yuan, with year-on-year growth rates of 112.37%, 45.12%, and 36.00% respectively [3] - The company maintains a "recommended" rating with corresponding price-to-earnings ratios of 58X, 40X, and 30X for the years 2025, 2026, and 2027 [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 27.47 yuan [1][3]. Core Views - The company focuses on cheese production, achieving a revenue of 12.33 billion yuan in Q1 2025, a year-on-year increase of 6.26%. The net profit attributable to shareholders reached 0.82 billion yuan, up 114.88% year-on-year [3]. - The cheese segment generated 10.30 billion yuan in revenue for Q1 2025, accounting for 84.02% of total revenue, indicating a clear focus on optimizing its business structure [5]. - The company is enhancing its channel strategies, with distribution channels contributing 9.59 billion yuan (78.29% of revenue) and direct sales channels contributing 1.65 billion yuan (13.47%) in Q1 2025 [5]. - Financial forecasts have been adjusted, with expected net profits for 2025-2027 being 1.99 billion yuan, 3.09 billion yuan, and 4.19 billion yuan respectively, reflecting a strong recovery in operations [5]. Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 4.84 billion yuan, 5.30 billion yuan, 6.12 billion yuan, and 7.03 billion yuan respectively, with year-on-year growth rates of 19.6%, 9.5%, 15.3%, and 15.0% [4][8]. - The net profit for the same years is projected to be 0.114 billion yuan, 0.199 billion yuan, 0.309 billion yuan, and 0.419 billion yuan, with significant growth rates of 79.1%, 75.0%, 55.5%, and 35.5% [4][8]. - The company's gross margin is expected to improve from 28.3% in 2024 to 32.5% in 2027, while the net margin is projected to increase from 2.3% to 6.0% over the same period [8]. Valuation Metrics - The report provides a P/E ratio forecast of 123.8 for 2024, decreasing to 33.6 by 2027, indicating an improving valuation as earnings grow [4][8]. - The P/B ratio is expected to decline from 3.2 in 2024 to 2.6 in 2027, reflecting a more favorable valuation as the company matures [8].

Group 1 - The core viewpoint of the articles highlights the impressive performance of Miaokelan Duo in Q1 2025, driven by strong market adaptability and robust operational strategies, following the consolidation of Mengniu's cheese business [2][3] - In Q1 2025, Miaokelan Duo achieved a revenue of 1.233 billion yuan, representing a year-on-year growth of 6.26%, and a net profit attributable to shareholders of 82.3967 million yuan, which increased by 114.88% year-on-year [2] - The company has focused on product innovation, launching new products such as growth yogurt and cheese snacks to meet diverse consumer tastes and nutritional needs, while expanding its market penetration through partnerships with major retailers and e-commerce platforms [2][3] Group 2 - Miaokelan Duo's strategic focus remains on cheese, with plans to innovate and diversify products to cater to various consumer scenarios and demographics, aiming for significant market expansion [3] - The company aims to enhance its core competitive capabilities through four dimensions: innovation in cheese snacks, B2B and family-oriented cheese products, building a self-sufficient supply chain, and optimizing cost efficiency across all operational aspects [3] - The current trends in the Chinese cheese industry, including the push for domestic demand and high-quality consumption, provide a favorable environment for Miaokelan Duo's growth and development [3]

（一）产品类别 单位：万元 币种：人民币 2025 年第一季度与行业相关的定期经营数据公告 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。 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2025 年第一季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 | 产品类别 | 1-3月营业收入 | | | --- | --- | --- | | 奶酪 | | 102,970.39 | | 贸易 | | 10,100.70 | | 液态奶 | | 9,484.73 | | 总计 | | 122,555.83 | 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-039 上海妙可蓝多食品科技股份有限公司 | 区域 | 1-3月营业收入 | | --- | --- | | 北区 | 46,415.70 | | 中区 | 51,383.66 | | 南区 | 24,756.46 | | 总计 | 122,555.83 | ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,233,332,768.29, representing a 6.26% increase compared to ¥1,160,690,731.04 in the same period last year[3]. - Net profit attributable to shareholders was ¥82,396,663.23, a significant increase of 114.88% from ¥38,344,962.77 year-on-year[3]. - The basic earnings per share rose to ¥0.164, reflecting a 115.79% increase compared to ¥0.076 in the previous year[3]. - Operating profit for Q1 2025 was ¥106,192,811.54, significantly up from ¥37,800,618.40 in Q1 2024, marking an increase of 180.5%[16]. - Net profit for Q1 2025 was ¥82,396,663.23, compared to ¥38,344,962.77 in Q1 2024, representing a growth of 115.0%[17]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.164, up from ¥0.076 in Q1 2024, indicating a 115.8% increase[17]. - Revenue for Q1 2025 reached ¥899.20 million, a 17.5% increase from ¥764.96 million in Q1 2024[26]. - Operating profit for Q1 2025 was ¥51.05 million, compared to ¥14.04 million in Q1 2024, marking a significant increase[27]. - Net profit for Q1 2025 was ¥38.04 million, up from ¥13.97 million in Q1 2024, reflecting a growth of 172.5%[27]. Cash Flow and Investments - The net cash flow from operating activities decreased by 29.67% to ¥119,790,217.60 from ¥170,314,597.93 in the same period last year[3]. - Cash flow from operating activities for Q1 2025 was ¥1,302,325,277.12, up from ¥1,255,141,577.85 in Q1 2024, showing a growth of 3.77%[18]. - Cash flow from operating activities for Q1 2025 was ¥307.79 million, compared to ¥67.85 million in Q1 2024, indicating strong operational cash generation[29]. - Cash flow from investing activities for Q1 2025 was -¥470.14 million, a decline from -¥197.42 million in Q1 2024, highlighting increased investment outflows[29]. - Net cash outflow from investing activities was CNY -773,957,746.56, compared to CNY -1,508,602,697.13 in the previous period[20]. - Net cash inflow from financing activities was CNY 432,478,649.21, a significant improvement from CNY -21,057,879.38 in the previous period[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,247,873,572.62, up 6.83% from ¥7,720,899,535.16 at the end of the previous year[4]. - The company's total current assets amounted to CNY 5,244,063,175.43, an increase from CNY 4,880,057,273.54[21]. - The company's total non-current assets reached CNY 3,425,254,717.68, up from CNY 3,132,088,807.52[22]. - Total liabilities increased to ¥3,756,240,954.13 in Q1 2025 from ¥3,311,663,579.90 in Q1 2024, reflecting a growth of 13.4%[16]. - The company's total liabilities increased to RMB 3,820,419,866.62, reflecting a rise in financial obligations[13]. - Total liabilities rose to CNY 4,898,069,057.88 from CNY 4,278,932,546.10[23]. Shareholder Equity - The company's equity attributable to shareholders increased by 1.87% to ¥4,491,632,618.49 from ¥4,409,235,955.26 at the end of the previous year[4]. - Total equity attributable to shareholders rose to ¥4,491,632,618.49 in Q1 2025, compared to ¥4,409,235,955.26 in Q1 2024, an increase of 1.86%[16]. - The company's total equity increased to CNY 3,771,248,835.23 from CNY 3,733,213,534.96[23]. Operational Efficiency - The company implemented cost reduction and efficiency enhancement measures, resulting in a decrease in advertising and promotion expenses compared to the previous year[7]. - Research and development expenses for Q1 2025 were ¥11,575,994.23, compared to ¥11,890,133.48 in Q1 2024, reflecting a decrease of 2.65%[16]. - Financial expenses for Q1 2025 were ¥17,987,995.70, significantly higher than ¥7,576,623.40 in Q1 2024, marking an increase of 137.5%[16]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Inner Mongolia Mengniu Cheese Co., Ltd. for ¥447,682,411.76, which was included in the consolidated financial statements from July 1, 2024[4].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.91 CNY, reflecting a potential upside from the current price of 28.39 CNY [4][7]. Core Views - The company is expected to benefit from the integration of Mengniu's cheese business, leveraging its ecological channels for accelerated growth. Long-term growth potential is viewed positively [4][12]. - The company’s revenue and gross margin forecasts for 2025 have been adjusted downwards, but the long-term growth outlook remains optimistic due to the synergies from the Mengniu integration [4][12]. Financial Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 5,444 million CNY in 2025, with a growth rate of 12.4%, followed by 6,103 million CNY in 2026 and 6,824 million CNY in 2027 [6]. - **Profitability**: The net profit attributable to the parent company is expected to reach 240 million CNY in 2025, with a significant growth of 111.1% year-on-year, and further increase to 327 million CNY in 2026 and 429 million CNY in 2027 [6][11]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.47 CNY in 2025, 0.64 CNY in 2026, and 0.84 CNY in 2027, indicating a strong growth trajectory [6][12]. - **Gross Margin**: The gross margin is expected to improve to 29.3% in 2025, 29.6% in 2026, and 30.1% in 2027, reflecting enhanced profitability [6][11]. - **Market Performance**: The company has shown strong absolute performance over various time frames, including a 140.8% increase over the past year [8]. Business Strategy - The company is focusing on deepening the integration of Mengniu resources and enhancing its product offerings, particularly in the cheese segment. It aims to strengthen its position in both the children's cheese market and the adult snack segment [11][12]. - The company plans to expand its distribution channels, including supermarkets, mother-and-baby stores, and e-commerce platforms, while exploring opportunities in Southeast Asia [11]. Valuation Metrics - The company's equity value is estimated at 148 billion CNY, with a calculated WACC of 9.07% [12][13]. - The report includes a sensitivity analysis for the target price based on varying perpetual growth rates, indicating a robust valuation framework [14].