证券日报网讯 8月15日晚间，妙可蓝多发布公告称，公司计划于2025年8月25日（星期一）15：00-17： 00举行2025年半年度业绩说明会。 （文章来源：证券日报） ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-074 上海妙可蓝多食品科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 8 月 18 日（星期一）至 8 月 22 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@milkland.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）将于 2025 年 8 月 22 日发布公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解 公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 8 月 25 日（星期 一）15:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交 流。 二 ...

Core Viewpoint - The food and beverage sector is experiencing a rebound, with the Food ETF (515710) showing a slight increase of 0.33% in the afternoon session, indicating a potential recovery in this segment [1][3]. Group 1: Market Performance - The Food ETF (515710) had a morning of low volatility but surged in the afternoon, reflecting a positive shift in market sentiment [1]. - Key stocks in the sector, such as Angel Yeast, saw significant gains, with Angel Yeast rising over 7% and other leading liquor brands also performing well [1][3]. - The overall valuation of the food and beverage sector is currently favorable, with the Food ETF's underlying index PE ratio at 19.96, placing it in the 4.51% percentile over the past decade, suggesting a good long-term investment opportunity [3]. Group 2: Industry Insights - The liquor industry is facing challenges due to the ongoing impact of "prohibition orders," which have affected the restaurant sector and slowed down cash flow for liquor companies, leading to increased inventory levels [3]. - Despite these challenges, the market has already priced in the current difficulties faced by the liquor sector, with low expectations and valuations, indicating potential long-term investment value [3]. - The dairy and consumer goods sectors are expected to benefit from upcoming seasonal demand during the Mid-Autumn Festival and National Day, which may help stabilize raw milk prices and reduce excessive promotional competition [3]. Group 3: Investment Opportunities - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks, and nearly 40% to beverage, dairy, and seasoning stocks [4]. - Investors can also consider the Food ETF linked funds (Class A 012548/Class C 012549) for exposure to core assets in the food and beverage sector [4].

Core Viewpoint - Despite expectations of consumer recovery, Miao Ke Lan Duo, a leading cheese brand, is facing growth bottlenecks, as evidenced by its declining revenue and profit figures in the latest quarterly report [1][3]. Financial Performance - In Q1, Miao Ke Lan Duo reported revenue of 1.023 billion yuan, a year-on-year decrease of 20.47%, and a net profit of 24.2 million yuan, down 67.08% year-on-year [1]. - For the full year of 2022, the company experienced a revenue growth of only 7.84%, while net profit and non-recurring net profit fell by 12.32% and 45.14%, respectively [3]. - The company's stock price has halved in less than a year, reaching a historical low of 23.47 yuan per share [3]. Market Challenges - Miao Ke Lan Duo's cheese sales are increasingly difficult, with quarterly revenue growth rates declining from 35.2% to -25% over the past year [4]. - The company attributes its performance issues to logistics disruptions, rising raw material costs, intensified competition, and weak consumer demand [4]. - The cost of goods sold for the cheese business increased by 33.54% to 2.293 billion yuan, leading to a significant drop in gross margin by 7.78 percentage points to 40.48% [4]. Market Dynamics - The retail scale of China's cheese market grew to 14.294 billion yuan in 2022, but the growth rate slowed to 8.9%, indicating a shrinking incremental market for Miao Ke Lan Duo, which holds a 32.7% market share [4]. - A declining birth rate poses a long-term concern for cheese products aimed at children, as evidenced by a drop in birth rates from 18.83 million in 2016 to 10.62 million in 2021 [5]. Competitive Landscape - The cheese stick market has seen a price war since 2020, with discounts ranging from 50% to 80%, making it increasingly challenging for Miao Ke Lan Duo to sell its products [6]. - Despite maintaining a revenue growth of 16% in its cheese business in 2022, the core instant nutrition series saw a slight revenue decline of 0.6% [6]. - Miao Ke Lan Duo's sales expense ratio increased from 16.74% in 2018 to 25.24% in 2022, while revenue growth slowed from 63.2% in 2020 to 7.84% in 2022 [6]. Strategic Initiatives - To address market challenges, Miao Ke Lan Duo launched a line of ambient cheese sticks in 2021, aiming to expand its reach in lower-tier markets [7]. - The company is attempting to replicate the success of the ambient yogurt brand Mosliyan, which achieved significant sales growth before facing competition [7]. - Miao Ke Lan Duo's distribution network is limited compared to competitors like Yili, which has a much larger number of retail outlets and distributors [8]. Distribution and Channel Management - As of 2022, 71.7% of Miao Ke Lan Duo's revenue came from distribution channels, with a net decrease of 145 distributors during the year [8]. - In Q1 of the current year, the number of distributors further declined by 53, attributed to a strategic decision to optimize distributor quality [9]. - The management believes that specialized cheese distributors may perform better than those who also sell liquid milk, indicating a potential shift in channel strategy [9].

Group 1 - The company focuses on its core cheese business, offering a range of products that cater to various age groups, including a children's nutrition cheese series that covers multiple product forms [2] - The cheese products are rich in high-quality protein and calcium, making them suitable for daily nutritional supplementation for children [2] - The company is implementing a systematic brand strategy upgrade to transition from children's cheese to a more inclusive "universal cheese" concept, targeting a broader consumer base including young consumers, sports enthusiasts, and the elderly [2] Group 2 - The company aims to expand consumption scenarios beyond traditional family dining to include outdoor social settings, workplace snacks, and dining pairings, thereby enhancing its brand positioning as a universal cheese provider [2]

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 700,000 yuan [1] - In the dairy industry, the average salary of secretaries from 28 listed companies is 850,800 yuan, which is higher than the market average [1] - The age distribution shows that 54% of secretaries are aged between 40 and 50, 29% are over 50, and approximately 18% are between 30 and 40 [1] Group 2 - The majority of secretaries hold a bachelor's degree (46%), followed by master's degrees (39%), with a few having associate degrees (3) and one holding a doctorate [2] - The salary range of 500,000 to 1 million yuan is the most common, accounting for 39%, followed by the range of 300,000 to 500,000 yuan at 29% [2] - The highest-paid secretary is Shen Xiaoyan from Bright Dairy, earning 1.3559 million yuan, followed by Xie Yi from Miaokelando at 1.2499 million yuan [2] Group 3 - In the past year, 19 companies saw an increase in secretary salaries, with notable increases including Qiu Xiangmin from Yili Group, whose salary rose by 199,800 yuan to 755,300 yuan [2] - Four companies reported salary reductions for their secretaries, with Fan Chonglan from Huanlejia experiencing a decrease of 37,100 yuan to 842,900 yuan [2]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The dairy industry has the highest average salary for secretaries at 850,800 yuan, surpassing the market average [1] - The majority of secretaries are aged between 40 and 50 years, accounting for 54% of the total [1] Salary Distribution - The salary range of 500,000 to 1 million yuan is the most common, representing 39% of secretaries [5] - There are five secretaries earning between 1 million and 2 million yuan, while three earn between 100,000 and 300,000 yuan [5] - The highest-paid secretary is from Bright Dairy, earning 1.3559 million yuan, followed by the secretaries from Miaokelando and Yantang Dairy with salaries of 1.2499 million yuan and 1.2299 million yuan respectively [5] Changes in Salary - Nineteen companies reported salary increases for their secretaries, with notable increases including 199,800 yuan for Yili's secretary [6] - Four companies experienced salary reductions, with the largest decrease being 37,100 yuan for Huanlejia's secretary [6] - The lowest salary recorded was 140,000 yuan for the secretary of Weiweisheng, while the second lowest was 159,300 yuan for Xibu Muye's secretary [6] Educational Background - The majority of secretaries hold a bachelor's degree, accounting for 46%, followed by master's degree holders at 39% [3]

光明乳业董秘沈小燕薪酬最高，达到135.59万元；其次是妙可蓝多董秘谢毅，薪酬124.99万元；此外， 燕塘乳业董秘李春锋薪酬122.99万元，海融科技董秘庄涛薪酬110.7万元，新乳业董秘郑世锋薪酬109.33 万元，均超过100万。 剔除2024年开始任职数据，薪酬最低的是维维股份（维权）董秘于航航，仅为14万元。此外，西部牧业 董秘梁雷薪酬15.93万元，仅次于维维股份。 从学历来看，本科为主力，占比达到46%；其次是硕士，占比为39%；此外有3名专科，1名博士。 从薪酬来看，50万（含）-100万为主力，占比达到39%；其次是30万（含）-50万，占比达到29%。100 万（含）-200万年薪的董秘有5名，还有3名董秘年薪在10万（含）-30万。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股乳制品行业28家上市公司董秘薪酬均值为85.08万元，高于市 ...

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The dairy industry has the highest average salary for secretaries at 850,800 yuan, surpassing the market average [1] - The majority of secretaries are aged between 40 and 50 years, accounting for 54% of the total [1] Salary Distribution - The salary range of 500,000 to 1 million yuan is the most common, representing 39% of secretaries [5] - There are five secretaries earning between 1 million and 2 million yuan, while three earn between 100,000 and 300,000 yuan [5] - The highest-paid secretary is from Bright Dairy, earning 1.3559 million yuan, followed by the secretaries from Miaokelando and Yantang Dairy with salaries of 1.2499 million yuan and 1.2299 million yuan respectively [5] Changes in Salary - Nineteen companies reported salary increases for their secretaries, with notable increases including 199,800 yuan for Yili's secretary [6] - Four companies experienced salary reductions, with the largest decrease being 37,100 yuan for Huanlejia's secretary [6] - The lowest salary recorded was 140,000 yuan for the secretary of Weiweisheng [6]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股乳制品行业28家上市公司董秘薪酬均值为85.08万元，高于市场均值。 从薪酬来看，50万（含）-100万为主力，占比达到39%；其次是30万（含）-50万，占比达到29%。100 万（含）-200万年薪的董秘有5名，还有3名董秘年薪在10万（含）-30万。 光明乳业董秘沈小燕薪酬最高，达到135.59万元；其次是妙可蓝多董秘谢毅，薪酬124.99万元；此外， 燕塘乳业董秘李春锋薪酬122.99万元，海融科技董秘庄涛薪酬110.7万元，新乳业董秘郑世锋薪酬109.33 万元，均超过100万。 剔除2024年开始任职数据，薪酬最低的是维维股份（维权）董秘于航航，仅为14万元。此外，西部牧业 董秘梁雷薪酬15.93万元，仅次于维维股份。 去年有19家公司董秘薪酬在增加，其中伊利股份董秘邱向敏涨薪19.98万元至75.53 ...