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]

Group 1 - The core point of the article is that Miaokelan Duo has seen a significant decrease in the number of shareholders, with a reduction of 10,339 accounts, representing a 23.14% decline, while the average shareholding value per account remains higher than the industry average [1][2] - As of June 30, 2025, the number of shareholders for Miaokelan Duo is 34,343, which is below the beverage and dairy industry average of 49,700 [1][2] - The average shareholding value for Miaokelan Duo is 455,200 yuan, which exceeds the industry average of 378,000 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Miaokelan Duo's stock price increased by 29.58%, despite the reduction in shareholder accounts [1][2] - During the same period, the net inflow of funds from major investors was 49.35 million yuan, while retail investors contributed a net inflow of 10.9 million yuan, indicating a mixed investment sentiment [2] - The stock price performance over the previous periods shows fluctuations, with a notable increase of 33.92% from September 30, 2024, to December 31, 2024 [2]

Core Viewpoint - Miao Ke Lan Duo reported significant growth in revenue and net profit for the first half of 2025, driven primarily by its cheese business, which has seen a substantial increase in product offerings and market penetration [1][2]. Group 1: Financial Performance - The company achieved a revenue of 2.567 billion yuan, representing a year-on-year growth of 7.98% [1]. - The net profit attributable to shareholders reached 133 million yuan, marking an impressive year-on-year increase of 86.27% [1]. - Cheese product revenue accounted for 83.67% of total revenue, with a year-on-year growth of 14.85% [1]. Group 2: Business Strategy - Miao Ke Lan Duo is implementing a dual-driven strategy focusing on both B2B and B2C markets, with a strong emphasis on product innovation and market expansion [2]. - The company has developed a comprehensive product line targeting various consumer segments, including children, youth, and the elderly, while also catering to B2B sectors such as restaurants and food factories [2]. - The partnership with Mengniu has resulted in a multi-brand strategy, enhancing the company's distribution network to 6,551 dealers and approximately 800,000 retail terminals [2]. Group 3: Market Outlook - The cheese market in China is projected to reach a scale of 100 billion yuan, with increasing penetration into traditional Chinese diets [3]. - Miao Ke Lan Duo holds the leading market share in packaged cheese brands in China, indicating a trend of market concentration towards top enterprises [3]. - The company aims to capitalize on high-growth trends in the cheese market by focusing on product innovation, brand enhancement, quality excellence, cost efficiency, and organizational development [3].

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company reported a revenue of 256.7 million yuan and a net profit of 13.3 million yuan for the first half of 2025, showing a year-on-year increase of 7.98% and 86.27% respectively [4] - The gross margin for the first half of 2025 was 30.81%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 5.18%, up by 2.18 percentage points [4] - The company is expected to achieve revenue growth of 15.61%, 16.11%, and 19.99% for the years 2025, 2026, and 2027 respectively, with net profit growth of 105.95%, 44.69%, and 42.17% during the same period [7] Company Overview - The latest closing price of the company's stock is 27.91 yuan, with a total market capitalization of 14.3 billion yuan [3] - The company has a total share capital of 512 million shares, with a price-to-earnings ratio of 123.50 [3] - The largest shareholder is Inner Mongolia Mengniu Dairy (Group) [3] Financial Performance - In the second quarter of 2025, the company achieved a revenue of 133.4 million yuan, a year-on-year increase of 9.62% [5] - The revenue from the cheese segment for the first half of 2025 was 213.6 million yuan, reflecting a year-on-year growth of 14.85% [6] - The company has a total of 6,551 distributors, a decrease of 1,246 from the previous year, with a sales network covering approximately 800,000 retail terminals [6] Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.6 billion yuan, 6.5 billion yuan, and 7.8 billion yuan for the years 2025, 2026, and 2027 respectively [10] - The expected earnings per share (EPS) for the same years are 0.46 yuan, 0.66 yuan, and 0.94 yuan, with corresponding price-to-earnings ratios of 61, 42, and 30 [10]

Core Insights - The company achieved a revenue of 2.57 billion yuan in H1 2025, representing a year-on-year increase of 8% [1] - The net profit attributable to shareholders reached 130 million yuan, up 86.3% year-on-year, while the net profit excluding non-recurring items was 100 million yuan, reflecting an 80.1% increase [1] Revenue Breakdown - In H1 2025, the revenue from cheese, liquid milk, and trading businesses was 2.136 billion, 187 million, and 230 million yuan respectively, with year-on-year growth rates of 14.85%, 0.63%, and 3.69% [1] - The cheese business serves as the core growth engine for the company [1] Profitability Improvement - The gross profit margins for H1 2025 and Q2 2025 were 30.81% and 30.18%, showing a year-on-year increase of 0.91 percentage points and a decrease of 0.90 percentage points respectively [1] - The improvement in gross margin for H1 2025 is primarily attributed to a decrease in raw material costs compared to the same period in 2024 [1] Market Position and Strategy - The company is focused on a "cheese-centric" strategy and a "BC dual-drive" approach, which has strengthened its market leadership in cheese [1] - In the consumer segment, the company is consolidating its advantage in cheese sticks while actively entering the adult snack market with new products [1] - In the business segment, the company benefits from collaboration with Aishi Chenxi, creating a product combination advantage with "two oils and one cheese" [1] - The company is accelerating the replacement of imported cheese with domestically produced cheese amid low domestic raw milk prices [1] - According to Worldpanel consumer index, the company's cheese sales market share exceeded 38% in H1 2025, maintaining the top position in the market [1] Future Outlook - The company expects growth to be supported by new product launches and channel expansion, with both consumer and business segments contributing to future performance [1] - Profit forecasts for the company indicate net profits attributable to shareholders of 216 million, 324 million, and 457 million yuan for 2025-2027, translating to EPS of 0.42, 0.63, and 0.89 yuan, with corresponding PE ratios of 66x, 44x, and 31x [1]

Group 1 - The dairy sector experienced a decline of 0.63% as of the market close on August 22, ranking among the top losers in concept sectors [1] - Within the dairy sector, stocks such as Keta Bio, Miaokelando, and Junyao Health saw significant declines, while stocks like *ST Tianshan, New Dairy, and Yiyaton recorded gains of 0.92%, 0.56%, and 0.42% respectively [1] - The dairy sector faced a net outflow of 322 million yuan from major funds today, with 26 stocks experiencing outflows, and 12 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The stock with the highest net outflow was Beiyinmei, with a net outflow of 70.30 million yuan, followed by Yili, Miaokelando, and Dabeinong with net outflows of 65.83 million yuan, 29.78 million yuan, and 24.27 million yuan respectively [2] - Conversely, stocks such as New Dairy, Bright Dairy, and Sanyuan saw net inflows of 737,890 yuan, 658,650 yuan, and 574,670 yuan respectively [2] - The dairy sector's outflow list included Beiyinmei, Yili, and Miaokelando, with respective declines of 0.95%, 0.18%, and 2.62% [3]

Market Overview - The beverage and dairy sector experienced a decline of 0.19% on August 22, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Key stocks in the beverage and dairy sector showed mixed performance, with Miaokelan closing at 27.18, down 2.62%, and Xinyu Dairy closing at 17.94, up 0.56% [2][1] - The trading volume and turnover for major stocks included: - Qiaoyuan Beverage: 32,500 shares, turnover of 71.16 million yuan - New Dairy: 71,300 shares, turnover of 127 million yuan - Yili: 511,300 shares, turnover of 1.41 billion yuan [1] Capital Flow - The beverage and dairy sector saw a net outflow of 400 million yuan from main funds, while retail investors contributed a net inflow of 389 million yuan [2] - The capital flow for specific stocks indicated: - New Dairy: Main funds net inflow of 11.27 million yuan, retail net outflow of 9.60 million yuan - Bright Dairy: Main funds net inflow of 10.65 million yuan, retail net outflow of 530,280 yuan [3][2]