Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

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 ...

Investment Rating - The industry investment rating is "Outperform the Market" [35] Core Views - The report indicates that the white liquor market remains stable, with a focus on high-performing companies. The market is expected to see single-digit positive growth in Q1 2025 for major white liquor companies, supported by strong performance from core products. Long-term demand recovery is anticipated with the implementation of consumer policies, although short-term tariff risks need to be monitored [6][4][8] - In the food sector, the report highlights the emergence of new products in the snack industry and suggests investment opportunities in the snack and catering supply chain. The snack industry is experiencing high growth due to channel and product advantages, while the catering industry is expected to stabilize and show slight recovery [6][9] Summary by Sections White Liquor Industry - The white liquor index saw a cumulative increase of 0.23% this week, with top performers including Jinshiyuan (+1.94%), Luzhou Laojiao (+1.24%), and Guizhou Moutai (+0.73%). Conversely, Yinjia Gongjiu (-3.05%), Huangtai Jiuye (-4.64%), and Yanshi Co. (-31.24%) were the worst performers [6] - The report recommends focusing on three main lines: high-end white liquor with strong demand (Guizhou Moutai, Wuliangye, Luzhou Laojiao), mid-range white liquor with ongoing national expansion (Shanxi Fenjiu), and real estate liquor with expanding price ranges (Yinjia Gongjiu, Jinshiyuan, Laobai Ganjiu, Gujing Gongjiu) [6][4] Food Industry - The food index experienced a cumulative decline of 0.41% this week, with top gainers being Guangming Meat Industry (+13.02%), Jiahe Food (+6.44%), and Yanjinpuzi (+5.33%). The worst performers included Xiwang Food (-7.24%), Lianhua Holdings (-9.29%), and Baiyang Co. (-12.25%) [6] - The report emphasizes the high growth potential in the snack sector and suggests monitoring companies like Three Squirrels and Yanjinpuzi. It also notes a potential slight recovery in the catering industry, recommending attention to related sectors such as beer, condiments, and frozen foods, with specific mentions of Yanjing Beer, Haitian Flavoring, and Anjui Foods [6][9] Individual Company Insights - Guizhou Moutai is projected to achieve a revenue growth of 15.44% in 2024, with a stable operational rhythm despite a weak macroeconomic environment [7] - Wuliangye plans to maintain a cash dividend of no less than 70% of its net profit for 2024-2026, aiming to bolster market confidence [7] - Luzhou Laojiao is expected to see growth driven by its strong brand foundation and strategic market expansion [7] - Shanxi Fenjiu reported a revenue increase of 11.4% in Q3 2024, with a focus on marketing reforms and channel expansion [7] - In the food sector, East Peng Beverage reported a 45.34% revenue increase, while Haitian Flavoring showed a 9.38% revenue growth, indicating resilience in their respective markets [10][11]

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 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance met expectations, with significant profit release observed. Total revenue and net profit for 2024 were 484.4 million and 114 million yuan, respectively, showing a year-on-year change of -9.0% and +89.2% [5] - Successful integration with Mengniu Cheese is anticipated to enhance dual-brand synergy and operational efficiency, solidifying the company's leadership in the cheese category [6] - The company is expected to improve profitability through 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 50, 34, and 26 times [9] Summary by Sections Performance Overview - The company's total revenue for 2024 was 484.4 million yuan, with a net profit of 114 million yuan, reflecting a profit margin of 2.35% and a gross margin of 28.99% [5] - The operating cash flow for 2024 was 531 million yuan, a year-on-year increase of 101.3% [5] Business Integration - Revenue from cheese, liquid milk, and trading products for 2024 was 375.7 million, 40.1 million, and 53.1 million yuan, respectively, with cheese revenue growing by 7% [6] - The company has integrated Mengniu Cheese, enhancing channel efficiency and management synergy [6] Channel Development - Revenue from distribution, direct sales, and trading channels for 2024 was 367.3 million, 48.5 million, and 53.1 million yuan, respectively, with a net increase of 488 distributors [7] - The company has a total of 7,797 distributors and nearly 800,000 terminal points [7] Profitability Forecast - The company is projected to achieve revenue growth rates of 12.7%, 12.3%, and 11.8% for 2025, 2026, and 2027, respectively [11] - The net profit is expected to grow by 88.5%, 49.0%, and 28.8% over the same period [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance met expectations, with significant profit release observed. Total revenue and net profit for 2024 were 484.4 million and 114 million yuan, respectively, showing a year-on-year change of -9.0% and +89.2% [5] - Successful integration with Mengniu Cheese is anticipated to enhance dual-brand synergy and operational efficiency, solidifying the company's leadership in the cheese category [6] - The company is expected to improve profitability through 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 50, 34, and 26 times [9] Summary by Sections Performance Overview - The company's total revenue for 2024 was 484.4 million yuan, with a net profit of 114 million yuan, reflecting a year-on-year decrease in revenue of 9.0% and an increase in net profit of 89.2% [5] - Gross margin and net margin were 28.99% and 2.35%, respectively, with slight improvements year-on-year [5] Integration and Development - Revenue from cheese, liquid milk, and trading products for 2024 was 375.7 million, 40.1 million, and 53.1 million yuan, respectively, with year-on-year growth of 7%, 4%, and a decline of 35% [6] - The company has completed the merger with Mengniu Cheese, enhancing channel integration and operational efficiency [6] Channel Development - Revenue from distribution, direct sales, and trading channels for 2024 was 367.3 million, 48.5 million, and 53.1 million yuan, with year-on-year changes of +9%, -10%, and -35% [7] - The company has a robust distribution network with 7,797 distributors and nearly 800,000 terminal points [7] Profitability Forecast - The company is projected to achieve revenue growth rates of 12.7%, 12.3%, and 11.8% for 2025, 2026, and 2027, respectively [11] - The net profit is expected to grow significantly, with forecasts of 238 million, 363 million, and 472 million yuan for the same years [11]

2元的一根妙可蓝多奶酪，去年又挣了1.13亿 根据凯度消费者指数家庭样组，其在奶酪市场占有率位居行业第一，在儿童奶酪市场占有率能达到 40%。 根据淘宝天猫售价，妙可蓝多奶酪棒每根零售单价在2元左右，但已经足够支撑起这家上市企业的营收 和利润表现。 公告显示，去年妙可蓝多奶酪业务收入37.5亿元，占比达到80.12%，更贡献了13.1亿元的毛利水平，在 整体毛利水平中占比达到96.8%，是公司营收和毛利来源的绝对核心。 (文/孙梅欣 编辑/张广凯） 一根妙可蓝多奶酪棒售价2元多，但卖奶酪棒的企业，去年又盈利1亿多元。 妙可蓝多公布的2024年业绩显示，去年公司营收48.43亿元，同比出现8.99%的降幅。然而公司归属上市 公司股东净利润1.13亿元，同比大涨89.16%；扣非后的净利润为4691.9万元，同比暴增554.27%；经营 性活动产生的现金流净额为5.3亿元，同比大涨101.28%。 公告称，营收同比的下滑是由于战略性收缩贸易业务，利润的上升则是因为主要原材料成本较上年同期 下降，同时公司推进了各项降本增效的措施。 从历史业绩来看，虽然2024年利润增幅较大，但仍未回到历史高点。妙可蓝多2021年利 ...