证券代码：600882 证券简称：妙可蓝多 公告编号：2025-085 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： 基本情况 | 投资金额 | 万元 5,000 | | --- | --- | | 投资种类 | 银行理财产品 | | 资金来源 | 募集资金 | 已履行的审议程序 上海妙可蓝多食品科技股份有限公司（以下简称"公司"、"妙可蓝多"）于 2024 年 11 月 18 日召开第十二届董事会第一次会议和第十二届监事会第一次 会议，审议通过《关于使用暂时闲置自有资金及募集资金进行现金管理的议 案》，公司监事会、保荐机构分别对相关事项发表了同意的意见，本事项无 需提交股东大会审议。 特别风险提示 公司本次购买的理财产品为保本浮动收益型，产品安全性高、流动性好、满 足保本要求，但不排除该项投资收益情况受到政策风险、市场风险、流动性 风险等风险的影响。 一、本次现金管理到期赎回的情况 2025 年 6 ...

Company Overview - Shanghai Miaokelando Food Technology Co., Ltd. was established on November 29, 1988, and listed on December 6, 1995. The company specializes in the research, production, and sales of dairy products, primarily focusing on cheese [2] - The main business revenue composition includes cheese (83.20%), trade (8.94%), liquid milk (7.29%), and others (0.57%) [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.567 billion yuan, representing a year-on-year growth of 33.52%. The net profit attributable to shareholders was 133 million yuan, with a year-on-year increase of 73.19% [2] - Cumulative cash dividends since the A-share listing amount to 368 million yuan, with no dividends paid in the last three years [3] Stock Performance - As of September 23, the stock price of Miaokelando decreased by 2.01%, trading at 23.40 yuan per share, with a total market capitalization of 11.935 billion yuan [1] - Year-to-date, the stock price has increased by 30.73%, but it has seen declines of 6.33% over the past five trading days, 15.37% over the past 20 days, and 25.57% over the past 60 days [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.14% to 34,300, while the average circulating shares per person increased by 30.11% to 14,909 shares [2] - The Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3] Market Activity - On September 23, the net outflow of main funds was 6.9686 million yuan, with large orders accounting for 11.12% of purchases and 17.88% of sales [1]

Core Viewpoint - The company announced the cancellation of 2 million repurchased shares, reducing the total number of shares from 512,053,647 to 510,053,647 [1] Group 1 - The cancellation of shares will be completed on September 23, 2025, in accordance with the requirements of relevant laws and regulations [1] - The company will handle the necessary registration changes and related matters promptly after the cancellation [1]

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-084 上海妙可蓝多食品科技股份有限公司 关于实施回购股份注销暨股份变动的公告 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： 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）本次注销已回 购股份 200 万股。本次注销完成后，公司股份总数由 512,053,647 股变更为 510,053,647 股。 经公司申请，公司将于 2025 年 9 月 23 日在中国证券登记结算有限责任 公司注销回购股份 200 万股，并及时办理变更登记手续等相关事宜，本次回购股 份注销手续符合相关法律、法规的要求。 一、回购股份方案实施及使用情况 1 通过《关于<上海妙可蓝多食品科技股份有限公司 2025 年员工持股计划（草案）> 及其摘要的议案》等相关议案，同意公司实施 2025 年员工持股计划。本员工持 股计划拟持有的标的股票数量不超过 800 万股，股票来源为公司回购专用账户回 购的公司 A 股普通股股票。根据实际认购和最终缴款的审验结果，本员工持股 计划 ...

Group 1 - The company will cancel 2 million repurchased shares on September 23, 2025, at China Securities Depository and Clearing Corporation Limited [1] - After the cancellation, the total number of shares will decrease from 512 million to 510 million [1] - This cancellation will not have a significant impact on the company's financial status or operating results, nor will it change the controlling shareholder or actual controller [1]

Summary of the Conference Call for Miaokelando Industry Overview - The Chinese cheese market is in a growth phase, with a projected market share of 30% for Miaokelando by 2024, significantly surpassing competitors [2][5] - The cheese consumption per capita in China is only 0.2 kg, which is 1/4 of South Korea and less than 1/9 of Japan, indicating substantial growth potential [4][8] - The cheese industry is expected to reach a production volume of 500,000 tons and a retail market value exceeding 30 billion yuan by 2025 [2][11] Company Position and Strategy - Miaokelando has maintained its leading position in the Chinese cheese market since 2021, with a market share that exceeds the combined share of its second and third competitors [5][13] - The company is focusing on channel integration and B-end solutions to drive growth and efficiency [2][15] - Miaokelando's financial performance has improved significantly, with a focus on core products like cheese sticks leading to substantial revenue growth and increased profit margins [2][17] Key Growth Drivers - The demand for cheese is driven by both B-end (business) and C-end (consumer) markets, with the B-end market for Western fast food expected to reach 600 billion yuan by 2024 [12] - The company is expanding its B-end market by forming strategic partnerships with restaurant brands and optimizing fermentation processes [3][22] - The supply-side dynamics, including supportive industry policies and technological advancements, are expected to drive the growth of high-value-added dairy products like cheese [10][22] Competitive Landscape - Local brands are gaining market share in the Chinese cheese market, with Miaokelando surpassing foreign brands in 2021 [2][13] - The concentration of the market is increasing, with local brands' share rising from 52% in 2008 to an expected 66% in 2024 [13] Financial Performance - Since its restructuring in 2016, Miaokelando has seen a compound annual growth rate (CAGR) of 54% in revenue from 2018 to 2021, with gross margins increasing from 27% to 38% [17] - Despite a revenue decline in 2023 due to the pandemic, the company expects a recovery in 2024 following the integration of Mengniu's business [17] Product and Market Expansion - Miaokelando's core products include cheese sticks, cheese slices, and mozzarella cheese, with a strategic focus on original cheese products [18] - The company is expanding its product line to include ready-to-eat snacks and has established a distribution network covering approximately 7800 distributors and 800,000 retail terminals [20] Future Outlook - The long-term growth outlook for Miaokelando is positive, driven by B-end solutions and continuous investment in deep processing technologies [22][24] - The company aims to diversify its product offerings and enhance its market presence across different consumer segments, including expanding into all-age demographics [24] Conclusion - The cheese market in China presents significant growth opportunities, and Miaokelando is well-positioned to capitalize on these trends through strategic partnerships, product innovation, and market expansion efforts [24]

Core Viewpoint - The stock price of Miaokelan Duo has experienced fluctuations, with a year-to-date increase of 34.47% but a recent decline over various trading periods, indicating potential volatility in the market [2]. Company Overview - Miaokelan Duo, established on November 29, 1988, and listed on December 6, 1995, is located in Shanghai and specializes in the research, production, and sales of dairy products, primarily cheese [2]. - The company's revenue composition is as follows: cheese accounts for 83.20%, trade for 8.94%, liquid milk for 7.29%, and other products for 0.57% [2]. - The company operates within the food and beverage industry, specifically in the dairy sector, and is associated with concepts such as new retail, mid-cap, community group buying, margin trading, and domestic dairy industry [2]. Financial Performance - For the first half of 2025, Miaokelan Duo reported a revenue of 2.567 billion yuan, reflecting a year-on-year growth of 33.52%, and a net profit attributable to shareholders of 133 million yuan, which is a 73.19% increase compared to the previous year [2]. - The company has cumulatively distributed 368 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Miaokelan Duo was 34,300, a decrease of 23.14% from the previous period, while the average circulating shares per person increased by 30.11% to 14,909 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].

Core Insights - Shanghai Miaokelan Duo Food Technology Co., Ltd. has launched the innovative cheese RDA data asset project in collaboration with Left Bank Data Technology Co., Ltd. [1] - The project aims to establish a comprehensive data system for quality and safety throughout the product lifecycle, enhancing brand value and sales premium through data empowerment [1] - The initiative aligns with China's recognition of data as the fifth production factor, emphasizing its role in the digital economy [1] Group 1 - The launch event represents a significant practice in leveraging data as a new productive force in the cheese industry, seizing opportunities from the ongoing technological revolution and industrial transformation [2] - The collaboration focuses on various application scenarios, including data asset listing, brand NFT rights empowerment, and private domain mall operations, to enhance the high-quality development of the cheese industry [2] - The goal is to improve overall productivity, increase brand influence and competitiveness, and accelerate the formation of new consumption growth dynamics and scenarios [2]

Core Viewpoint - Shanghai Miaokelan Duo Food Technology Co., Ltd. is actively expanding its market presence through channel development, new product planning, sales expense strategies, capacity construction, and debt structure optimization [1][2][3] Group 1: Channel Expansion - The company has outlined a clear channel expansion path, focusing on enhancing existing outlets, targeting new emerging channels such as snack wholesale, membership supermarkets, Douyin, and instant retail [1] - Collaborations have been established with leading snack brands, and new products have successfully entered the market [1] Group 2: New Product Development - The company is cultivating new core products aimed at different consumer segments, including children's growth cups and products designed for young and elderly consumers, which have received positive market feedback [2] - The "Cheese Nut Crisp" product launched in August has sold out on its first day in some stores, indicating strong demand [2] Group 3: Financial Performance - The company's net profit attributable to shareholders is expected to grow significantly by 86.27% year-on-year in the first half of 2025, partly due to a decrease in sales expense ratio [2] - The company is implementing a "precise and efficient" investment strategy, focusing on digital marketing and IP collaborations to enhance brand recognition and ensure steady profit growth [2] Group 4: Capacity Utilization and Debt Management - The overall capacity utilization rate is improving, with some B-end products experiencing temporary shortages [2] - The company's debt-to-asset ratio is 42.89%, which is considered reasonable within the dairy industry, and it aims to leverage low-interest debt to enhance cash flow safety [3] Group 5: International Expansion - The company is accelerating its internationalization efforts by participating in international technology exchanges and exploring business cooperation opportunities in Southeast Asia, Central Asia, the Middle East, and Europe [3] - The growth potential of the cheese market in China is significant, as consumer awareness and acceptance of cheese products continue to rise [3]

Group 1 - The core point of the article is that Miaokelan Duo has launched the world's first cheese RDA (Real Data Assets) data asset project in collaboration with Left Bank Data Technology Co., Ltd, aiming to enhance product quality and brand value through digital technology [1] - Miaokelan Duo's founder and president, Chai Xiu, emphasized the need to establish a comprehensive data system for quality and safety throughout the product lifecycle, leveraging advanced production relationships and materials [1] - The launch event is seen as a significant step in exploring the application of data elements as a new productive force in the cheese industry, focusing on high-quality development of the cheese supply chain [1] Group 2 - The collaboration with Left Bank Data aims to create application scenarios around data asset listing, enhancing the overall productivity and competitiveness of the cheese industry [1] - The initiative is positioned as a response to the new technological revolution and industrial transformation, seeking to drive new consumption growth and innovative applications of data elements [1] - The project is expected to improve brand influence and accelerate the formation of new consumption scenarios in the cheese market [1]