| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 22.10 | 0.68% | 3.25万 | li | 7115.94万 | | 002946 | 新乳业 | 17.94 | 0.56% | 7.13万 | | 1.27亿 | | 000848 | 承德露露 | 8.97 | 0.22% | 16.44万 | | 1.47亿 | | 600887 | 伊利股份 | 27.69 | 0.18% | 51.13万 | | 14.11亿 | | 300997 | 欢乐家 | 16.85 | 0.18% | 7.38万 | | 1.23亿 | | 300106 | 西部牧业 | 12.42 | 0.08% | 14.51万 | | 1.79亿 | | 300898 | 熊猫乳品 | 28.62 | -0.03% | 5.42万 | | 1.54亿 | | 600597 | 光明乳业 | 8.79 | -0.11% | 14.98万 | | 1.31亿 | ...

Group 1: China Resources Beer - China Resources Beer reported a revenue of RMB 23.942 billion for the first half of 2025, a year-on-year increase of 0.8% [1] - The company's profit before interest and tax and net profit attributable to shareholders were RMB 7.691 billion and RMB 5.789 billion, respectively, showing year-on-year growth of 20.8% and 23.0% [1] - The beer sales volume reached approximately 6.487 million kiloliters, up 2.2% year-on-year, with high-end beer products seeing over 10% growth [1] Group 2: Miao Ke Lan Duo - Miao Ke Lan Duo's revenue increased by 7.98% to RMB 2.567 billion in the first half of 2025, with net profit rising by 86.27% to RMB 133 million [2] - The cheese business generated RMB 2.136 billion, a 14.85% increase year-on-year, accounting for 83.67% of total revenue [2] - The restaurant industrial cheese series saw a revenue increase of 36.26% to RMB 816 million [2] Group 3: Qiaqia Food - Qiaqia Food's revenue for the first half of 2025 was RMB 2.752 billion, a decrease of 5.05% year-on-year, with net profit down 73.68% to RMB 88.6416 million [3] - The decline was attributed to external channel changes and the timing of the Spring Festival [3] - The company expanded its overseas market presence and e-commerce channels, achieving breakthroughs in various international markets [3] Group 4: Tianwei Food - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and capital structure [4] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of RMB 76.463 billion for the first half of 2025, a 34.46% increase year-on-year, with net profit soaring by 1169.77% to RMB 10.53 billion [5] - The company achieved a complete cost of pig farming below RMB 12.1 per kg by June 2025 [6] Group 6: Estée Lauder - Estée Lauder's net sales for the fiscal year 2025 were USD 14.326 billion, a decrease of 8% year-on-year [7] - The company reported an operating loss of USD 785 million due to increased impairment and restructuring costs [7] - The brand La Mer achieved double-digit growth in organic sales in mainland China for two consecutive quarters [7] Group 7: Walmart China - Walmart's total revenue for the second quarter of fiscal year 2026 was USD 177.4 billion, a 4.8% increase year-on-year [8] - Walmart China reported net sales of USD 5.8 billion, a 30.1% increase year-on-year, with comparable sales up 21.5% [8] - E-commerce sales grew by 39%, accounting for over 50% of total sales [8] Group 8: Yonghui Superstores - Yonghui Superstores reported a revenue of RMB 29.948 billion for the first half of 2025, a decrease of 20.73% year-on-year [9] - The company incurred a net loss of RMB 241 million, attributed to strategic transformations and store closures [9] - Online business revenue reached RMB 5.49 billion, accounting for 18.33% of total revenue, with a reduction in losses compared to the previous year [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 2.57 billion yuan in H1 2025, representing a year-on-year increase of 8%, with a net profit attributable to shareholders of 130 million yuan, up 86.3% year-on-year [4] - The cheese business is the core growth driver, with significant performance in both B-end and C-end markets, leading to improved profitability [5][7] - The company is focusing on optimizing its cost structure and enhancing operational efficiency, which has positively impacted its profit margins [6] Revenue Performance - In H1 2025, the revenue breakdown by product shows cheese, liquid milk, and trading business revenues of 2.136 billion, 187 million, and 230 million yuan respectively, with year-on-year growth rates of 14.85%, 0.63%, and 3.69% [5] - The revenue from the ready-to-eat nutrition series reached 1.083 billion yuan, with a slight increase of 0.62% year-on-year, while the family dining series and catering industrial series saw significant growth of 28.44% and 36.26% respectively [5] Profitability Improvement - The gross profit margin for H1 2025 was 30.81%, reflecting a year-on-year increase of 0.91 percentage points, primarily due to a decrease in raw material costs [6] - The net profit margin for H1 2025 reached 5.18%, up 2.18 percentage points year-on-year, indicating enhanced profitability [6] Market Position and Strategy - The company holds a market share of over 38% in the cheese segment, maintaining its leading position [7] - The strategic focus on "focusing on cheese" and "dual-wheel drive" (B-end and C-end) is expected to support future growth [7] Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 216 million, 324 million, and 457 million yuan respectively, with corresponding EPS of 0.42, 0.63, and 0.89 yuan [8][9] - The report anticipates a significant improvement in profitability metrics, with the P/E ratio expected to decrease from 66x in 2025 to 31x in 2027 [8][9]

平安证券研报指出，妙可蓝多25H1实现归母净利润1.33亿元，同比增长86.27%；BC双轮驱动，25H1归 母净利高增。公司坚定推行"聚焦奶酪"战略，集中资源发展更具成长前景的奶酪产品业务。奶酪主业方 面，25H1妙可蓝多与蒙牛奶酪双品牌融合协同效应增强，三大奶酪产品系列均延续正增长。渠道精 耕，不断推进势能渠道拓展。渠道建设方面，针对C端零售线下渠道，公司整合双品牌的渠道优势，继 续优化经销商在全国的布局，不断完善经销商服务体系；持续精耕现代渠道，改善经营效率，大力开发 烘焙、母婴、零食量贩、会员超市等势能渠道。针对C端零售线上渠道，公司在京东、天猫、拼多多等 传统电商平台持续深耕，不断优化运营效率；同时大力发展抖音、快手等兴趣电商平台，积极拓展美团 小象、朴朴超市等即时零售业态。考虑公司奶酪主业基本面改善确定性较强，且股权激励计划增长目标 明确，该行对公司维持"推荐"评级。 ...

【环球网消费综合报道】8月22日，奶酪企业妙可蓝多（600882）发布了2025年半年度财务报告，交出 一份亮眼的"成绩单"。报告显示，公司上半年实现营业收入25.67亿元，同比增长7.98%；归母净利润高 达1.33亿元，同比大幅增长86.27%；扣非净利润为1.02亿元，同比增长80.10%。这一业绩彰显了公司在 奶酪主业深化布局与降本增效战略下的核心竞争力。 业内分析人士认为，奶酪行业历经2022到2023两年的震荡调整，再次表现出新的活力，这一新趋势基于 两大底层逻辑，其一在于市场对奶酪品类认知和接受度提升，健康消费、品质消费成为食品类的主流方 向。其二在于中国奶酪企业的主动战略调整，已经跨越了过去依靠单一大单品以及利基人群的格局模 式，奶酪产品向全人群化、多场景化、功能化发展。 | | | | 单位:几 | 印符:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | | 本报告期 比上年同 | | | (1-6月) | 调整后 | 调整顾 | | | | | | | 期增减(%) | | 营业收入 | 2.567.164.378 ...

8月22日，妙可蓝多盘中下跌2.01%，截至10:08，报27.35元/股，成交8576.09万元，换手率0.61%，总市值140.05亿元。 资金流向方面，主力资金净流出455.71万元，特大单买入0.00元，占比0.00%，卖出100.50万元，占比1.17%；大单买入845.68万元，占比9.86%，卖出1200.90万元，占比14.00%。 资料显示，上海妙可蓝多食品科技股份有限公司位于上海市浦东新区金桥路1398号金台大厦10楼，成立日期1988年11月29日，上市日期1995年12月6日，公司主营业务涉及以奶酪为核心的特 妙可蓝多所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：国产乳业、新零售、社区团购、融资融券、中盘等。 截至6月30日，妙可蓝多股东户数3.43万，较上期减少23.14%；人均流通股14909股，较上期增加30.11%。2025年1月-6月，妙可蓝多实现营业收入25.67亿元，同比增长33.52%；归母净利 分红方面，妙可蓝多A股上市后累计派现3.68亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，妙可蓝多十大流通股东中，香港中央结算有限公 ...

（文章来源：每日经济新闻） 东吴证券8月22日发布研报称，给予妙可蓝多（600882.SH，最新价：27.27元）买入评级。评级理由主 要包括：1）产品精进，奶酪业务全面增长；2）BC 端双轮驱动，增长势能更强；3）成本控制战略预 计持续见效，利润率处上升通道。风险提示：宏观需求持续疲弱；食品安全问题；原材料价格波动影响 原制奶酪发展风险。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience accelerated revenue growth, driven by both consumer (C-end) and business (B-end) segments, with a focus on its cheese strategy and cost control measures [8] - The revenue forecast for 2025-2027 has been slightly adjusted to 5.37 billion, 6.16 billion, and 7.12 billion RMB, reflecting year-on-year growth rates of 10.87%, 14.71%, and 15.58% respectively [8] - The net profit forecast for the same period has been revised to 282.23 million, 382.69 million, and 486.42 million RMB, with corresponding year-on-year growth rates of 148.40%, 35.59%, and 27.10% [8] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.567 billion RMB, a year-on-year increase of 7.98%, and a net profit of 133 million RMB, up 86.27% [8] - The company's cheese business has shown comprehensive growth, with total revenue from three major cheese series increasing by 14.85% in the first half of the year [8] - The gross profit margin for the first half of 2025 improved to 30.81%, with a net profit margin of 5.18%, reflecting an upward trend [8][9] Product and Market Strategy - The company is focusing on a dual-driven strategy for both B2C and B2B markets, enhancing its product matrix to cater to various consumer needs and expanding into high-potential channels [8] - New product launches in the ready-to-eat cheese segment and customized products for membership supermarkets are expected to contribute to ongoing revenue growth [8] - The company has implemented a "cost control strategy" that has led to significant improvements in gross sales margins and a reduction in sales expense ratios [8]

近日，妙可蓝多发布2025年半年报。披露公司上半年营收增长7.98%至25.67亿元，归属净利提高86.27%至1.33亿元。 报告期内，公司奶酪业务实现收入21.36亿元，较上年同期增加14.85%。奶酪业务收入占主营业务收入比例由去年同期的82.02%进一步增长至83.67%。 贸易业务及液态奶业务分别实现收入2.3亿元及1.87亿元，占主营业务收入比例进一步下降。公司稳步推进业务结构优化，主营业务经营质量稳步提升，结构布局持续向好。 上半年，妙可蓝多与蒙牛奶酪双品牌融合协同效应增强，即食营养系列、餐饮工业系列、家庭餐桌系列分别实现营业收入10.84亿元、8.16亿元、2.36亿元，三大奶酪产品系列均延续正增长。 其中，餐饮工业系列凭借公司供应链及专业化服务优势，营业收入同比增长36.26%，同时国产奶酪进程推进亦带来毛利率持续提升；家庭餐桌系列受益于渠道合作深化及整合带来的优势品项扩 ...

未来五年，公司将践行"两大核心策略"及"五大战略保障"，共创奶酪千亿大赛道。2025 年7 月，在妙可 蓝多新品发布暨2030 愿景蓝图展望活动上，公司创始人、总裁柴琇女士提出"共创千亿奶酪大赛道"， 在此背景下，公司将紧扣"趋势性红利"，践行"两大核心策略"（即ToB ToC双轮驱动以及并购出海） 及"五大战略保障"（品类创新、品牌升维、卓越品质、极致成本、组织建设）。我们认为，当前C 端奶 酪正在通过产品创新不断激发消费者的大众需求，而随着中西餐的不断融合，奶酪的应用领域不断拓 宽，奶酪的渗透率正在持续提升，妙可蓝多作为奶酪头部领袖有望充分享受行业红利。 毛利率稳步提升，"极致成本"战略推动降本增效，盈利能力显著改善。 25H1 公司毛利率/归母净利率分别为30.81%/5.18%，分别同比+0.91/+2.18pct。分业务来看，25H1 奶酪/ 贸易/液态奶的毛利率分别为35.52%/4.73%/8.78%，分别同比-1.50/+3.12/+1.63pct，公司综合毛利率的提 升主要系高毛利的奶酪业务占比提升。在奶酪业务中，25H1 即食营养/餐饮工业/家庭餐桌系列的毛利 率分别为47.87%/21. ...