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]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the liquor sector has faced challenges due to the implementation of the "Regulations on Strict Economy and Opposition to Waste" by the central government, leading to a decline in revenue and profits for most liquor companies in Q2 2025. However, recent media corrections have stabilized the sector, and a gradual recovery is expected [3][20] - The report emphasizes the importance of individual stock opportunities within the consumer goods sector, particularly in the context of the liquor market's recovery and the introduction of innovative products [4][21] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 17226.07, with a 52-week high of 19809.29 [1] - The sector has shown a relative performance decline compared to the CSI 300 index, with a year-on-year retail sales growth of 4.8% in June 2025 [14] Liquor Sector Analysis - The report notes that major liquor companies like Moutai, Wuliangye, and Luzhou Laojiao have varying price-to-earnings ratios, indicating a mixed valuation landscape [20] - The introduction of new products, such as the "Jiu Gui Free Love" by Jiu Gui Jiu and its collaboration with the retail channel "Pang Dong Lai," is expected to drive sales and innovate marketing strategies [5][18] Fund Holdings and Market Sentiment - As of Q2 2025, the food and beverage sector's fund holding ratio is 6.75%, reflecting a decrease of 2.12 percentage points, indicating cautious sentiment among investors [4][20] - The liquor segment's fund holding ratio is 4.98%, also down by 2.42 percentage points, suggesting a trend of risk aversion in the market [20] Company Performance Highlights - Dongpeng Beverage reported stable revenue growth, with significant increases in electrolyte water and fruit tea segments [22] - The report mentions that companies like Youfei Foods and Guoquan are focusing on channel optimization and product innovation to drive growth [23] - The performance of companies such as Zhou Hei Ya and Jiahe Foods is noted, with both showing signs of recovery despite facing challenges [23] Market Trends and Price Movements - The food and beverage sector index increased by 0.68% in the latest week, ranking 13th among 30 sectors, while the dynamic PE ratio stands at 21.26 [24] - The report highlights that soft drinks and dairy products have shown the highest growth rates among sub-sectors [24]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, with a specific focus on the beverage sector and new consumer retail [1]. Core Insights - The food and beverage sector has seen a decline in holdings, primarily due to a significant reduction in the allocation to liquor, particularly high-end brands [10][11]. - The report emphasizes a shift towards consumer staples and highlights the resilience of leading companies in the beverage sector [28]. Summary by Sections 1. Decline in Food and Beverage Holdings - As of Q2 2025, the proportion of active equity funds in the food and beverage sector decreased to 5.5%, down 1.82 percentage points from Q1 2025 [10][14]. - The decline in liquor holdings is attributed to ongoing pressure on the liquor market, with a notable drop in the allocation to high-end liquor brands [11][12]. 2. Liquor Sector Adjustments - The allocation to liquor decreased by 1.96 percentage points to 3.98% in Q2 2025, with major consumer funds showing a significant reduction in liquor holdings [12][18]. - The report identifies a trend of reduced holdings in high-end liquor brands such as Kweichow Moutai and Wuliangye, while some consumer staples have seen increased allocations [23][28]. 3. Investment Recommendations - The report suggests focusing on five key sectors: beverages, new consumer retail, dairy, liquor, and health products [28]. - Specific recommendations include buying opportunities in Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye, as the market adjusts to current conditions [28].

Core Insights - The year 2025 marks a milestone for China's cheese industry, with Miaokelan Duo celebrating its tenth anniversary in the cheese sector, contributing to the "cheese enlightenment" in the market [1] - The event "Gathering Strength, Creating the Future" highlighted the importance of product differentiation in the cheese market, emphasizing the need for innovation and clear positioning to capture market share [2] - The demand for cheese is expected to grow due to rising health awareness, diverse consumer needs, and an increasing young consumer demographic, providing a broad market space for the cheese industry [2] Company Strategies - Miaokelan Duo aims to enhance its product offerings by focusing on functional cheese products and exploring new categories such as ginseng cheese, collaborating with local authorities for joint research and development [3] - The company plans to implement a dual strategy of "TOB TOC" and "mergers and acquisitions," targeting both business clients and end consumers, while also expanding internationally [4] - The five strategic guarantees for Miaokelan Duo include product innovation, brand upgrading, quality excellence, cost efficiency, and organizational development [4] Market Trends - The penetration of cheese into traditional Chinese diets is expected to increase, driven by consumer upgrades and the rapid development of related dairy products [5] - The shift towards solid dairy products will require more raw milk, which will help balance supply and demand in the dairy farming sector, potentially leading to a cheese market exceeding 100 billion yuan [6] - The domestic production of cheese raw materials and innovative cheese products is anticipated to accelerate, resulting in significant industry expansion and attracting more companies to the cheese market [6]

Group 1 - The board of directors of Shanghai Miaokelan Duo Food Technology Co., Ltd. held its 11th meeting of the 12th session on July 17, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1][2][3] - The board approved a proposal to cancel repurchased shares, which will require further approval from the shareholders' meeting [1][2] - The board also approved a proposal to change the company's registered capital and amend the Articles of Association, pending shareholder approval [2][3] - Additionally, the board approved a proposal to convene the second extraordinary shareholders' meeting of 2025, which also requires further disclosure [2][3]

Core Points - The company plans to cancel 2 million shares held in its repurchase account to boost investor confidence and protect shareholder interests [1][2] - Following the cancellation, the total number of shares will decrease from 512,053,647 to 510,053,647, and the registered capital will reduce from RMB 512,053,647 to RMB 510,053,647 [1][2] - The company will amend its articles of association to reflect the changes in registered capital and share count [2] Summary by Sections - **Share Cancellation**: The company will cancel 2 million shares from its repurchase account, which is set to expire in September 2025 [1] - **Capital Reduction**: The registered capital will be adjusted from RMB 512,053,647 to RMB 510,053,647 following the share cancellation [1][2] - **Amendment of Articles**: The company will revise specific clauses in its articles of association to align with the new registered capital and share count, while other provisions will remain unchanged [2]

Group 1 - The company plans to cancel 2,000,000 shares from its repurchased stock, reducing its registered capital from 512,053,647 yuan to 510,053,647 yuan [1][2] - The company had previously repurchased 10 million shares for employee stock ownership plans, completing the buyback on September 23, 2022 [1][2] - The cancellation of shares is intended to boost earnings per share and enhance shareholder returns, while not significantly impacting the company's financial status or future development [2] Group 2 - The remaining 2,000,000 shares in the repurchase account will expire on September 22, 2025, and have not been used for employee stock ownership plans [2] - After the cancellation, the total number of shares will decrease from 512,053,647 to 510,053,647 [2] - The company's equity distribution will still meet listing requirements, ensuring no change in its listing status [2]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to relevant laws [2][4] - The company is registered in Shanghai and was established as a joint-stock company with state-owned shares as the main body [2][3] - The registered capital of the company is RMB 510,053,647 [3] Business Objectives and Scope - The company's business objective is to comply with national laws and regulations, protect shareholder and social interests, and promote sustainable development [5] - The company operates in various sectors including food sales, internet sales, and technology development in the dairy production field [5] Shares - The company issues shares in the form of stocks, with all shares of the same category having equal rights [6][17] - The total number of issued shares is 510,053,647, all of which are ordinary shares [6][21] - The company cannot provide financial assistance for others to acquire its shares, except under specific conditions [7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise the company, and request information [12][34] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [16][40] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [48][49] - Shareholder meetings require a quorum and decisions are made based on majority or two-thirds majority votes depending on the type of resolution [80][82] Voting and Resolutions - Resolutions can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [80][82] - The company ensures that voting is conducted fairly, with provisions for independent monitoring of the voting process [91][93]

上海妙可蓝多食品科技股份有限公司 章程 （2025 年 7 月修订） 二 〇二 五 年 七 月 | 1 | | --- | | 1 4 | | | | 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织 和行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司原为经山东省体改委鲁体改生字（1988）第 56 号文批准，采用社会募 集方式组建的以国有股份为主体的股份制企业；公司目前在上海市市场监督管理 局注册登记，取得营业执照，统一社会信用代码：91370000164102345T。 第三条 公司于 1988 年 12 月经中国人民银行淄博市分行批准，首次向社 会公众发行人民币普通股 41,392 股，每股面值 100 元。经中国证监会证监发审字 [1995]71 号文复审通过，并经上交所上证上[95]第 022 号文审核批准，公司股票 于 1995 年 12 月 6 日在上海证券交易所上市。 第四条 公司注册名称 中文全称： ...

| 修订前 | 修订后 | | --- | --- | | 第六条 公司注册资本为人民币 | 第六条 公司注册资本为人民币 | | 伍亿壹仟贰佰零伍万叁仟陆佰肆拾柒 | 伍亿壹仟零伍万叁仟陆佰肆拾柒元 | | 元（￥512,053,647元）。 | （￥510,053,647元）。 | | 第二十一条 公司已发行的股份 | 第二十一条 公司已发行的股份 | | 数为512,053,647股，公司的股本结构 | 数为510,053,647股，公司的股本结构 | | 为：普通股512,053,647股，公司未发 | 为：普通股510,053,647股，公司未发 | | 行除普通股以外的其他种类股份。 | 行除普通股以外的其他种类股份。 | 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-068 上海妙可蓝多食品科技股份有限公司 关于修订《公司章程》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"公司"）于2025年7月17 日召开第十二届董事会第十一次会议，审议通 ...