Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company achieved a revenue of 2.57 billion yuan in H1 2025, representing a year-on-year increase of 8.0%, and a net profit attributable to shareholders of 130 million yuan, up 86.3% year-on-year [1] - The second quarter of 2025 saw a revenue of 1.33 billion yuan, a year-on-year increase of 9.6%, with a net profit of 50.57 million yuan, up 53.1% year-on-year [1] - The company expects high earnings elasticity in Q3 due to a low base effect and the performance of new products [5] Revenue Summary - In H1 2025, the revenue from the B-end catering industry and C-end family dining grew rapidly, driving cheese business growth of 15% [2] - Revenue breakdown for H1 2025: cheese 2.14 billion yuan, trading products 230 million yuan, and liquid milk 190 million yuan, with year-on-year growth of 14.8%, 3.7%, and 0.6% respectively [2] - The number of distributors decreased by 1,246 to a total of 6,551 as of H1 2025 [2] Profitability Summary - H1 2025 gross margin was 30.8%, up 0.9 percentage points year-on-year, and net margin was 5.2%, up 2.2 percentage points year-on-year [3] - In Q2 2025, the gross margin was 30.2%, down 0.9 percentage points year-on-year, primarily due to changes in business and product structure [3] - The company optimized its expense ratios, leading to a significant increase in net margin in Q2 2025 [3] New Products - The company launched a new cheese nut crisp product in collaboration with Sam's Club, expanding its C-end ready-to-eat nutrition product matrix [4] - The product features a unique recipe with New Zealand imported cheese and a ≥50% nut content, offering high calcium and protein with only about 33 kcal per piece [4] Earnings Forecast and Valuation - The company forecasts revenues of 5.51 billion yuan, 6.25 billion yuan, and 6.96 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.8%, 13.3%, and 11.4% [5] - Expected net profit attributable to shareholders for the same period is 240 million yuan, 340 million yuan, and 450 million yuan, with year-on-year growth rates of 106.9%, 44.4%, and 33.2% [5] - The target price is set at 31.5 yuan [5]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a revenue of 2.567 billion yuan in H1 2025, representing a year-on-year increase of 7.98%. The net profit attributable to the parent company was 133 million yuan, up 86.27% year-on-year, with a non-recurring net profit of 102 million yuan, an increase of 80.10% year-on-year [1][3]. - The growth in revenue is driven by cheese products, with significant contributions from the ready-to-eat nutrition series and the restaurant industrial series [3]. - The company has implemented cost-cutting measures, resulting in a gross margin of 30.81% in H1 2025, an increase of 0.91 percentage points year-on-year, and a significant reduction in sales expense ratio [3]. - The company is expected to maintain a high growth rate in profits for the second half of the year, with projected EPS of 0.41, 0.57, and 0.82 yuan for 2025-2027, corresponding to P/E ratios of 66X, 48X, and 33X respectively [3][4]. Financial Summary - In H1 2025, the company's revenue from liquid milk, cheese, and dairy product trading was 187 million yuan, 2.136 billion yuan, and 230 million yuan, respectively, with year-on-year growth rates of 0.63%, 14.85%, and 3.69% [3]. - The gross profit margin for H1 2025 was 30.81%, with a net profit margin of 5.18%, reflecting a year-on-year increase of 2.18 percentage points [3]. - The company has forecasted total revenue of 5.38 billion yuan for 2025, with a year-on-year growth rate of 11.1% [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.95 CNY, reflecting a calculated equity value of 169 billion CNY [2][4]. Core Insights - The company's industrial catering business is experiencing rapid growth, with significant potential for margin improvement in single product categories. The overall gross margin has decreased due to a higher proportion of lower-margin industrial catering products, but there is substantial room for improvement in individual product margins as domestic raw material substitution increases [1][10]. Financial Performance Summary - The company reported a revenue of 25.7 billion CNY in the first half of 2025, representing an 8.0% year-on-year increase, and a net profit attributable to the parent company of 1.3 billion CNY, up 86.3% year-on-year. In Q2 alone, revenue reached 13.3 billion CNY (+9.6%) and net profit was 0.5 billion CNY (+53.1%) [10]. - Revenue projections for 2025-2027 are 5.602 billion CNY, 6.485 billion CNY, and 7.482 billion CNY, respectively, with expected growth rates of 15.7%, 15.8%, and 15.4% [8]. - The gross margin for the first half of 2025 was 35.5%, down 3.9 percentage points year-on-year, primarily due to the increased share of lower-margin industrial catering products [10]. Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 0.46 CNY, 0.63 CNY, and 0.83 CNY, respectively [2][8].

Company Performance - In the first half of 2025, the company achieved operating revenue of 2.567 billion yuan, a year-on-year increase of 7.98% [1] - The net profit attributable to shareholders reached 133 million yuan, a significant increase of 86.27% compared to the same period last year [1] - The cheese business generated revenue of 2.136 billion yuan, growing by 14.85% year-on-year, and accounted for 83.67% of the main business revenue [1][2] Product Segmentation - The company’s cheese product lines, including ready-to-eat nutrition series, family table series, and catering industrial series, all showed positive growth [2] - The catering industrial series saw a revenue increase of 36.26%, while the family table series grew by 28.44% due to enhanced channel cooperation [2] - The ready-to-eat cheese segment has developed a product matrix covering various forms for children, while new products for adults have also been introduced [2] Industry Outlook - The cheese industry in China is expected to grow rapidly due to consumer demand for health management and nutritional supplements [3] - The high growth potential of the cheese market is attracting numerous enterprises, leading to increased competition in product innovation and channel expansion [3] - Companies are encouraged to localize their products based on international market experiences and Chinese consumer preferences to enhance market penetration [3]

Financial Performance - The company reported a total revenue of 2.567 billion yuan for the first half of 2025, an increase of 7.98% year-on-year [1] - The net profit attributable to shareholders reached 133 million yuan, up 86.27% compared to the previous year [1] - The gross profit margin improved to 30.81%, a year-on-year increase of 3.04% [1] - The net profit margin increased significantly to 5.18%, reflecting a 72.5% year-on-year growth [1] - The total of selling, administrative, and financial expenses was 622 million yuan, accounting for 24.24% of revenue, down 6.38% year-on-year [1] Cash Flow and Debt - The company's cash flow from operating activities per share decreased by 11.69% to 0.46 yuan [1] - The company’s interest-bearing debt increased by 43.83% to 2.526 billion yuan [1] - The cash and cash equivalents decreased by 51.89% to 656 million yuan due to investments in structured deposits and large transferable certificates of deposit [1][2] Accounts Receivable and Liabilities - Accounts receivable increased by 14.47% to 132 million yuan, representing 115.84% of the net profit [1] - The company saw a significant increase in notes payable by 463.58% due to increased bank bill settlements [3] - Contract liabilities decreased by 45.61% as pre-received customer payments declined [4] Market and Product Insights - The company’s cheese products, particularly cheese sticks, have shown positive growth, with market share increasing [17] - Despite a cautious consumption environment, the demand for cheese remains resilient, with imports of cheese products showing significant growth [17] - The company is focusing on product innovation and expanding its market presence through both B2C and B2B strategies [19] Strategic Initiatives - The company has implemented a dual strategy of B2C and B2B, enhancing supply chain management and cost efficiency [19] - Future product development will focus on high-value products and optimizing the product mix to improve profit margins [20] - The company plans to increase its digital marketing efforts and optimize traditional advertising to enhance brand influence [21]

| | 统计截止日 区间股价涨跌幅 股东户数 增减 | | | | 增减比例│户均持股市值（元）│户均持股数 (股) | | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 29.58% | 34343 -10339 | | -23.14% | 45.52万 | 1.49万 | | 2025-03-31 | 22.45% | 44682 | 3237 | 7.81% | 27.00万 | 1.15万 | | 2025-02-28 | 7.49% | 41445 | -2441 | -5.56% | 23.77万 | 1.24万 | | 2024-12-31 | 7.19% | 43886 | -4027 | -8.40% | 20.89万 | 1.17万 | | 2024-09-30 | 33.92% | 47913 | -1786 | -3.59% | 17.85万 | 1.07万 | 证券之星消息，近日妙可蓝多披露，截至2025年6月30日公司股东户数为3.43万户，较3月31日减少1.03 万户，减幅为23.14%。户均持股数量由上期 ...

中证报中证网讯(记者董添)8月21日晚间，妙可蓝多（600882）发布2025年半年报。报告期内，公司实 现营业收入25.67亿元，同比增长7.98%；实现归属于上市公司股东的净利润1.33亿元，同比增长 86.27%。 妙可蓝多业绩高增的核心动力来自奶酪业务的全面突破。报告期内，公司奶酪产品收入占比达 83.67%，同比增长14.85%。其中新品如"奶酪小三角""奶酪小粒"等表现亮眼。今年以来，妙可蓝多加大 奶酪新产品的开发，覆盖儿童零食、家庭消费及餐饮工业等多场景需求。餐饮工业系列收入同比激增 36.26%，得益于百胜中国等大客户订单增长及国产奶酪渗透率提升。 2025年上半年，公司依据三年发展战略和年度经营规划，通过TOB和TOC双轮驱动战略的实施，积极部 署推动一系列经营举措。 今年上半年，妙可蓝多在体系内部落实极致成本战略，通过"精益生产、精细运营、精准控制"实现盈利 能力跃升，将更高效的生产经营作为构建核心竞争力的成本优势护城河，通过覆盖研发、采购、制造等 全链条的协同管理，推动组织效率与能力升维。目前公司已完成战略启动与核心布局，引入专业管理模 型，推动各业务板块制定落地措施，为战略深化筑牢根基 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 增持|下调 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -9% 7% 23% 39% 55% 71% 87% 103% 119% 135% 151% 妙可蓝多 食品饮料 资料来源：聚源，中邮证券研究所 | 最新收盘价（元） | 27.91 | | --- | --- | | 总股本/流通股本（亿股）5.12 | / 5.12 | | 总市值/流通市值（亿元）143 | / 143 | | 52 周内最高/最低价 | 32.69 / 11.78 | | 资产负债率(%) | 42.9% | | 市盈率 | 123.50 | | 第一大股东 | 内蒙古蒙牛乳业(集团) | | 股份有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 妙可蓝多(600882) 利润符合预告中枢，收入增速环比上 ...

事件：妙可蓝多25H1实现营业收入25.7亿元，同比+8%；归母净利润1.3亿元，同比+86.3%；扣非归母净利润1亿元，同比+80.1%。其中，25Q2实现营业收入13.3亿元，同比+9.6%；归母净 奶酪主业增长较快，B端业务表现亮眼。1)分产品看，25H1公司奶酪/液态奶/贸易业务收入分别为21.36/1.87/2.30亿元，分别同比+14.85%/+0.63%/+3.69%。奶酪业务作为核心引擎，收 费用率优化驱动盈利能力提升。1)25H1/25Q2公司毛利率分别为30.81%/30.18%，同比+0.91/-0.90pcts，上半年毛利率同比提升主要系原材料成本较24年同期下降。2)25H1/25Q2公司销 BC两端共同发力，巩固奶酪市场龙头地位。公司坚定执行"聚焦奶酪"和"BC双轮驱动"战略。C端，公司在巩固奶酪棒大单品优势的同时，积极破圈成人休闲零食市场，推出奶酪小三角、云朵芝 B端，公司受益于与爱氏晨曦的业务协同，形成"两油一酪"的产品组合优势，向客户提供一站式解决方案。同时，在国内原奶价格处于低位的背景下，公司加速推进国产原制奶酪对进口的替代， 从市场地位看，根据Worldpanel消费者指 ...

| 002458 | 益生股份 | -0.33 | 1.61 | -958.72 | | --- | --- | --- | --- | --- | | 001318 | 阳光乳业 | -0.47 | 4.28 | -755.92 | | 002329 | 皇氏集团 | -0.52 | 3.79 | -656.07 | | 300106 | 西部牧业 | 0.08 | 6.87 | -437.03 | | 002910 | 庄园牧场 | -0.48 | 5.70 | -305.22 | | 002719 | 麦趣尔 | -1.49 | 4.26 | -207.48 | | 605339 | 南侨食品 | -1.55 | 0.49 | -196.04 | | 002732 | 燕塘乳业 | -0.17 | 2.05 | -142.00 | | 600965 | 福成股份 | -0.95 | 1.40 | -113.33 | | 001219 | 青岛食品 | -0.42 | 2.09 | -108.46 | | 600127 | 金健米业 | 0.14 | 3.13 | -104.37 | | 300973 | ...