2025 年 6 月 26 日，公司使用部分闲置募集资金购买了"2025 年挂钩汇率对 公结构性存款定制第六期产品 499"，产品期限 30 天，起息日 2025 年 6 月 26 日， 金额 1,000 万元。具体内容详见公司于 2025 年 6 月 28 日在上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体《中国证券报》《上海证券报》《证 券时报》《证券日报》披露的《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》（公告编号：2025-058）。该产品已于 2025 年 7 月 26 日到期，截至本公告披露日，公司已赎回本金 1,000 万元，并获得收 益 17,083.33 元，收益符合预期，本金及收益已全部到账。 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-069 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。 上海妙可蓝多食品科技股份有限公司（以下简称" ...

Core Insights - The Chinese cheese industry features a mix of leading companies and regional players, with Miaokelan Duo being the only listed company focused solely on cheese products, dominating the retail cheese stick and catering ingredient markets [1][6] - Major dairy companies like Yili and Mengniu leverage their channel and capital advantages to expand their cheese offerings, although cheese remains a minor segment compared to liquid milk [1][6] - Regional dairy companies such as Guangming, Sanyuan, and Tianrun focus on liquid milk as their core business while expanding into cheese as a supplementary category, targeting local markets and catering channels [1][6] - The industry is characterized by a high concentration of children's snacks, while opportunities in catering and adult cheese products remain underexplored [6][11] Company Overview - **Miaokelan Duo (600882.SH)**: The leading company in the domestic cheese industry, focusing on cheese sticks and mozzarella cheese, with a strong brand influence and a balanced approach to retail and catering channels [3][6] - **Yili (600887.SH)**: A major player in the dairy sector, primarily focused on liquid milk, with cheese products like "Yili Children's Cheese Sticks" contributing to its growth, although they represent a small portion of overall revenue [3][6] - **Tianrun Dairy (600419.SH)**: A regional player in Xinjiang, focusing on yogurt and low-temperature milk, recently expanding into cheese products, but with limited scale [3][6] - **Guangming Dairy (600597.SH)**: A comprehensive dairy company with a focus on liquid milk and yogurt, offering cheese products but with a need to increase their business share [3][6] - **Sanyuan Dairy (600429.SH)**: A well-established dairy company in Beijing, primarily selling low-temperature fresh milk and milk powder, with cheese products mainly sold through catering channels [3][6] - **Huangshi Group (002329.SZ)**: A regional player in Guangxi, exploring cheese products but still in the early stages with limited market share [3][6] - **Yantang Dairy (002732.SZ)**: A regional company in Guangdong, focusing on low-temperature dairy products, with cheese offerings primarily targeting children [3][6] - **New Dairy (002946.SZ)**: A subsidiary of New Hope, focusing on low-temperature fresh milk and yogurt, with cheese products still in the exploratory phase [3][6] - **Panda Dairy (300898.SZ)**: A leader in the condensed milk sector, expanding into cheese products mainly for catering, but with limited innovation [3][6] Financial Performance - Yili and Mengniu lead the industry in revenue, achieving 115.4 billion yuan and 94 billion yuan respectively in 2024, with most companies maintaining gross margins above 14% [6][7] - The highest gross margin is reported by H&H International at 60.65%, while Tianrun Dairy, Guangming Dairy, and Pinwa Foods have margins below 20% [6][7] - Earnings per share show significant variation, with Yili at 1.33 yuan, followed by Panda Dairy, Guangming Dairy, Yantang Dairy, and New Dairy, while smaller companies like Miaokelan Duo and Tianrun Dairy report lower earnings [10][11] Market Dynamics - The cheese industry in China is experiencing a tiered development, with Miaokelan Duo as the core leader, while Yili and Mengniu focus on children's cheese products [6][11] - Regional companies like Guangming and Sanyuan are concentrating on local markets, while others like Huangshi and Yantang are testing niche cheese products with limited scale [6][11] - The market is characterized by a reliance on imported raw materials and intense competition, necessitating innovation and localization of supply chains for future growth [6][11] Strategic Planning - Leading companies are enhancing their supply chain integration and focusing on differentiated innovation, while regional brands are honing in on local market needs [14][19] - Miaokelan Duo aims to deepen its market presence in children's cheese and expand into adult health snacks, while Yili plans to leverage its channel advantages to grow its cheese segment [17][19] - Companies like Tianrun and Guangming are exploring unique product offerings and regional partnerships to strengthen their market positions [17][19]

Investment Rating - The report maintains an "Overweight" rating for the dairy industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][5]. Core Insights - The implementation of the "Childcare Subsidy System" is expected to positively impact dairy demand, as it provides annual subsidies of 3,600 yuan per child for families with children under three years old starting from January 1, 2025 [2][4]. - The subsidy policy aims for nationwide coverage, which is seen as a pioneering move that could stimulate local policies and enhance birth rates, thereby increasing demand for dairy products [2][4]. - The current low prices of raw milk and the gradual reduction of production capacity are anticipated to improve the supply-demand structure in the dairy sector [2][4]. Summary by Sections Childcare Subsidy Policy - The "Childcare Subsidy System" was announced on July 28, 2023, detailing the subsidy recipients and standards, with a national rollout planned [3][4]. - The policy allows families with children born before January 1, 2025, to receive subsidies calculated on a monthly basis until the child turns three [4]. Market Impact - The report suggests that the subsidy will serve as a model for local governments, potentially leading to increased financial support for families and stimulating birth rates [4]. - The expected increase in birth rates and improved population outlook is likely to drive up dairy product demand, benefiting the dairy industry [2][4]. Investment Strategy - The report recommends maintaining an "Overweight" rating for the food and beverage sector, highlighting the potential for growth in the maternal and infant industry chain due to the subsidy policy [2][4]. - Specific companies to watch include Yili Group (600887), New Dairy (002946), and Miaokelando (600882) as potential beneficiaries of the expected demand increase [2][4].

Core Viewpoint - The company is convening the 2025 Second Extraordinary General Meeting to discuss various proposals, including the cancellation of repurchased shares and amendments to the company's articles of association [1][2][6]. Meeting Procedures - The board office is responsible for the meeting procedures, and attendees must present identification and authorization documents to participate [1][2]. - The meeting will utilize a combination of on-site and online voting methods, with specific rules for participation and order maintenance [2][3]. Proposals for Review - The meeting will review several key proposals, including: 1. Proposal to cancel repurchased shares [3][5]. 2. Proposal to change the registered capital and amend the articles of association [6][8]. 3. Proposal to revise the external guarantee management system [9]. 4. Proposal to revise the external investment management system [11]. 5. Proposal to revise the independent director work system [12]. 6. Proposal to revise the dividend management system [13]. 7. Proposal to revise the related party transaction management system [14]. 8. Proposal to revise the network voting implementation rules [16]. 9. Proposal to revise the cumulative voting system implementation rules [17]. Share Repurchase and Capital Changes - The company completed a share repurchase of 10 million shares at a maximum price of RMB 79.39 per share, totaling up to RMB 793.9 million, for employee stock ownership plans [3][5]. - The registered capital will decrease from RMB 512,053,647 to RMB 510,053,647 due to the cancellation of 2 million shares remaining in the repurchase account [7][8]. Governance and Compliance - The company is revising various governance documents to comply with legal requirements and improve management practices, including the external guarantee and investment management systems [9][11]. - The revisions aim to enhance shareholder rights and ensure compliance with relevant laws and regulations [12][14].

Investment Rating - The report does not explicitly state an investment rating for the industry but indicates a positive outlook for the maternal and infant industry due to the new childcare subsidy policy. Core Insights - The national childcare subsidy program, effective from January 1, 2025, will provide 3,600 yuan per child per year until the age of 3, covering all children including first, second, and third children [2][6] - The subsidy is expected to significantly reduce childcare costs, benefiting the maternal and infant industry by covering approximately 14.4% of direct childcare costs [3][7] - The annual subsidy scale is estimated at 72 billion yuan, with an expected 60% of this amount directed towards maternal and infant consumption, leading to an annual consumption increment of about 43.2 billion yuan for the industry [3][7] Summary by Sections Policy Announcement - The childcare subsidy policy was officially launched on July 28, 2023, aligning with market expectations and aims to support families with children under three years old [2][6] Policy Impact - The policy is designed to lower childcare costs effectively, with a broad coverage that includes both existing and new infants [3][7] - The subsidy amount is set at 3,600 yuan per year, which is 3.7% of the projected per capita GDP for 2024 [3][7] - The policy allows for local governments to supplement the national subsidy, potentially enhancing the overall support for families [4][8] Beneficiary Targets - The dairy products sector, particularly infant milk powder, is expected to benefit significantly, with leading companies identified such as China Feihe, Yili Group, and Mengniu Dairy [5][10] - The diaper industry is also highlighted as a key beneficiary due to its essential nature and low penetration in rural areas [11] - Maternal and infant retail chains are anticipated to see increased customer flow and demand improvements as a result of the subsidy [11]

上海妙可蓝多食品科技股份有限公司 2025 年第二次临时股东会会议资料 二〇二五年八月 上海妙可蓝多食品科技股份有限公司 2025 年第二次临时股东会注意事项 尊敬的各位股东及股东代理人： 为维护广大投资者合法权益，保证股东及代理人在上海妙可蓝多食品科技股 份有限公司（以下简称"公司"）股东会依法行使股东权利，确保股东会正常秩 序和议事效率，根据相关法律法规及《上海妙可蓝多食品科技股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，提请参会股东及代理人注意以下事项： 一、公司董事会办公室具体负责大会有关程序方面的事宜。 二、出席现场会议的股东及代理人请按规定出示身份证或法人单位证明以及 授权委托书等证件，经验证合格后方可出席会议。 三、会议主持人宣布现场出席会议的股东和代理人人数及所持有表决权的股 份总数之后，迟到股东所持股份数不计入现场有效表决的股份数，但可以通过网 络投票方式参与表决。 四、与会者要保持会场正常秩序，会议期间不要大声喧哗，请关闭手机或将 其调至静音状态。全体出席人员在股东会召开过程中，应以维护股东合法权益， 确保大会正常秩序和议事效率为原则，认真履行法定职责。 五、股东及代理人参加 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [2]. Core Viewpoints - The cheese industry is experiencing an improvement in competitive landscape, with a significant growth potential compared to overseas markets. The market size is expected to reach 300-400 billion yuan in the medium term [8]. - The company is focusing on diversifying its product offerings and breaking into new consumer segments, particularly in the C-end market, while leveraging its strong R&D capabilities [8]. - The collaboration with Mengniu is expected to enhance the B-end business growth, capitalizing on the rising demand in Western fast food and ready-to-drink markets [8]. - The company aims to achieve a revenue target of 53.7 billion yuan by 2025, with a net profit of 2.4 billion yuan, reflecting a significant growth trajectory [8]. Summary by Sections 1. Industry Overview - The cheese industry is transitioning from a high-growth phase to a more mature stage, with a market size of 93.7 billion yuan in 2024, down 13.5% year-on-year [15][17]. - The competitive landscape is improving, with the CR5 of the cheese industry expected to rise to 63.7% in 2024, indicating a consolidation of market share among leading brands [17][19]. 2. C-end Market Strategy - The company is implementing a "Cheese+" strategy, focusing on small packaging and healthy cheese snacks, while exploring new consumption scenarios such as baking and breakfast [8][35]. - The C-end business is expected to diversify beyond children's cheese sticks, with a projected revenue growth of 7.8% for ready-to-eat nutrition products in 2024 [8]. 3. B-end Market Strategy - The company is actively expanding its B-end business, achieving breakthroughs in five major channels including Western cuisine and tea drinks, supported by Mengniu's resources [8][35]. - The integration of Mengniu's cheese business is anticipated to enhance product offerings and customer resources, driving collaborative growth in the B-end market [8]. 4. Financial Projections - Revenue projections for 2025-2027 are set at 53.7 billion yuan, 60.2 billion yuan, and 68.2 billion yuan, respectively, with corresponding net profits of 2.4 billion yuan, 3.5 billion yuan, and 4.6 billion yuan [7][8]. - The company expects to achieve a PE ratio of 61, 42, and 31 times for the years 2025, 2026, and 2027, respectively, indicating a positive outlook on profitability [8].

Group 1 - A total of 12 stocks received buy ratings from institutions today, with Baolingbao, Puluo Pharmaceutical, and Xinyuanwei being newly covered by institutions [1] - Among the stocks rated, the average increase was 1.14%, outperforming the Shanghai Composite Index, with notable gainers including Xinyuanwei, Shantui, and Hanyi, which rose by 5.56%, 4.41%, and 4.09% respectively [1] - The stocks with the largest declines included Jinbo Biological, Baofeng Energy, and Miao Exhibition, which fell by 2.14%, 1.70%, and 1.60% respectively [1] Group 2 - The newly rated stocks include Puluo Pharmaceutical with a strong buy rating from Huachuang Securities, and Baolingbao with an increase rating from Guotai Haitong [2] - The target price for Puluo Pharmaceutical is set at 22.00 yuan, while Baolingbao has a target price of 16.30 yuan [2] - Other stocks receiving buy ratings include Miaokelan Duo, Tielong Logistics, and Gole Technology, with target prices of 33.00 yuan, 7.09 yuan, and unspecified respectively [2]

Core Insights - 2025 is a milestone year for Miaokelando and the entire Chinese cheese industry, marking ten years since the company entered the cheese market and significantly contributing to the "cheese enlightenment" in China [1] - The company aims to enhance the domestic cheese industry by increasing technological investment and developing a complete cheese supply chain, focusing on high-quality local milk sources [2] - The founder believes that the cheese category is emerging as a high-value segment in the context of China's economic growth and consumer trends towards health and quality [2] Industry Development - The Chinese cheese market is expected to exceed a trillion yuan, driven by four significant trends: integration with traditional Chinese cuisine, rapid development of "two oils and one cheese" (cream, butter, and original cheese), increased demand for solid dairy products, and opportunities for domestic innovation and product development [3] - The company plans to implement "two core strategies" and "five strategic guarantees" to attract more enterprises into the cheese sector and expand the market [3]

Group 1 - The cheese consumption penetration rate in China is significantly lower than that in Japan, South Korea, the UK, and the US, indicating a large growth potential for the industry [1][2] - The current per capita cheese consumption in China is only 0.2 kg, compared to Japan's 1.8 kg, suggesting substantial room for improvement [2] - The domestic cheese market is still in its growth phase, with a stable competitive landscape and low self-sufficiency rate, necessitating the release of local production capacity [1][2] Group 2 - The leading company, Miaokelando, is expected to enhance its market position through channel integration and cost reduction in the short term, while focusing on deep processing for long-term growth [2] - Miaokelando maintains a leading market share and is strengthening its competitive advantage through partnerships with Mengniu and continuous product innovation [2] - The company is diversifying its distribution channels and expanding collaborations with restaurants and industrial enterprises to enhance operational efficiency and profitability [2]