Core Insights - The Chinese cheese industry is rapidly evolving, transitioning from "domestic cheese production" to "cheese snacks" and "cheese in Chinese cuisine" [1][4] - The CEO of Miaokelando, Kuai Yulong, emphasizes that the shift from "drinking milk" to "consuming both milk and cheese" is an inevitable trend, indicating a high-quality "golden development period" for the cheese industry in China [1][5] Industry Growth Potential - The cheese industry in China has experienced significant growth, with retail channel cheese product sales growing at an average annual rate of 21% from 2015 to 2022, and restaurant channel sales growing at 12% [2][7] - Forecasts suggest that from 2022 to 2027, retail cheese products will grow at an average annual rate of 9%, while restaurant cheese products will grow at 4% [2] Consumption Comparison - China's per capita cheese consumption in 2023 is only 0.2 kg, significantly lower than Singapore's 1.6 kg and Japan's 1.8 kg, indicating substantial growth potential [3] - The penetration rate for cheese in China is below one-third, compared to 40%-60% for low-temperature yogurt and 85.2% for room-temperature milk [3] Market Opportunities - The domestic cheese market is exploring new directions, including "cheese in Chinese cuisine," which presents significant market opportunities [4] - Kuai Yulong highlights that the B2B market for cheese in restaurants is still in its early stages, providing ample opportunities for domestic cheese brands [4] Miaokelando's Market Position - Miaokelando holds a 48.8% market share in the domestic cheese market as of the end of 2024, up from 46.8% in 2023, maintaining its position as the leading cheese company in China [10] - The company reported a revenue of 4.844 billion yuan in 2024, with a 6.92% increase in cheese business revenue and a significant net profit growth of 89.16% [10] Strategic Goals - Miaokelando aims for a cumulative revenue of no less than 19.9 billion yuan and a cumulative net profit of no less than 990 million yuan from 2025 to 2027 [10] - The company plans to innovate across three dimensions: product innovation, brand image enhancement, and channel optimization [10][11]

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。 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-054 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并 继续进行现金管理的公告 重要内容提示： 一、本次现金管理到期赎回的情况 2024 年 12 月 30 日，公司全资子公司广泽乳业有限公司使用部分闲置募集 资金购买了"兴业银行企业金融人民币结构性存款产品"，产品期限 163 天，起 息日 2024 年 12 月 31 日，金额 10,000 万元。具体内容详见公司于 2024 年 12 月 31 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： 2024-108）。该产品已于 2025 年 6 月 12 日到期，截至本公告披露日，公司已赎 回本金 10,000 万元，并获得收益 1,013,726.0 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-053 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并 继续进行现金管理的公告 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。 为提高募集资金使用效率，合理利用暂时闲置募集资金，在确保不影响正常 经营、不影响募集资金投资项目建设和募集资金使用计划的前提下，增加公司收 益，为公司及股东获取更多回报。 （二）投资金额 本次进行现金管理的投资总额为 10,000 万元。 重要内容提示： 一、本次现金管理到期赎回的情况 2024 年 12 月 26 日，公司全资子公司广泽乳业有限公司使用部分闲置募集 资金购买了"兴业银行企业金融人民币结构性存款产品"，产品期限 164 天，起 息日 2024 年 12 月 27 日，金额 10,000 万元。具体内容详见公司于 2024 年 12 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 ...

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 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： 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-053 上海妙可蓝多食品科技股份有限公司 本次进行现金管理的投资总额为 10,000 万元。 （三）资金来源 一、本次现金管理到期赎回的情况 2024 年 12 月 26 日，公司全资子公司广泽乳业有限公司使用部分闲置募集 资金购买了"兴业银行企业金融人民币结构性存款产品"，产品期限 164 天，起 息日 2024 年 12 月 27 日，金额 10,000 万元。具体内容详见公司于 2024 年 12 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： 2024-105）。该产品已于 2025 年 6 月 9 日到期，截至本公告披露日，公司已 ...

Group 1 - The article reviews the dairy market for Q1 2025, comparing it to Q1 2024 and Q4 2024, using data from the "马上赢" brand CT, which covers over 30,000 brands and more than 14 million product barcodes across major cities in China [1][2] - The dairy product categories include adult milk powder, pure milk, yogurt, cheese, and others, totaling ten third-level categories and 16 fourth-level categories [2][3] Group 2 - In Q1 2025, the market share of ambient pure milk remains dominant at approximately 51.61%, while low-temperature yogurt and ambient yogurt hold 14.27% and 12.47% respectively [5][6] - Low-temperature yogurt's market share increased by over 1% year-on-year, while ambient pure milk, ambient yogurt, and cheese experienced declines in both market share and sales [5][6] Group 3 - The analysis of key categories shows that ambient pure milk, low-temperature yogurt, and ambient yogurt account for over 91% of the dairy market share [6][7] - The sales performance of ambient pure milk and ambient yogurt has been particularly challenging, with sales down by over 13% year-on-year [7][8] Group 4 - The price index for dairy products indicates ongoing price pressure, with most categories remaining below the baseline of 100, suggesting a decline compared to the previous year [10][11] - The price index for ambient pure milk has been consistently lower than the overall dairy category, while low-temperature yogurt has shown more stability in its price index [10][11] Group 5 - The SKU analysis reveals that low-temperature yogurt has the highest number of SKUs, indicating active product innovation, while ambient pure milk has a high number of discontinued SKUs [13][15] - The average price trends for various categories show a mix of stability and decline, with many products experiencing price pressure [15][19] Group 6 - The CR5 market share for ambient pure milk is 88.28%, indicating a high concentration of market power among leading brands, although some brands have seen a decline in market share [22][24] - The adult milk powder category has a CR5 market share of 77.75%, with a notable presence of brands like Yili and Nestlé [45][46] Group 7 - The cheese category has a CR5 market share of 81.01%, with major players like Miaokelan and Yili showing growth in market share [52][54] - The average price and specifications for cheese products have shown a slight recovery in Q1 2025, although they remain lower than in Q1 2024 [53][54]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [5]. Core Insights - The food and beverage sector in A-shares has seen a decline of 2.12% over the past two weeks, underperforming the Shanghai Composite Index by 3.22 percentage points [2][14]. - Within the sector, soft drinks (+9.45%), snacks (+5.48%), and other alcoholic beverages (+4.98%) have shown the highest gains, while dairy products (-3.81%), liquor (-3.64%), and fermented seasoning products (-1.26%) have experienced the largest declines [2][14]. - Notable individual stock performances include Junyao Health (+72.44%), Hainan Coconut Island (+20.26%), and Miaokelando (+19.95%) leading in gains, while Wufangzhai (-10.35%), ST Jiajia (-6.92%), and Shanxi Fenjiu (-5.41%) faced the largest losses [2][14]. Summary by Sections Market Review - The food and beverage industry in A-shares has underperformed compared to major indices, with a year-to-date decline of 2.57% [14]. - The report highlights the performance of various sub-sectors, with soft drinks and snacks showing resilience while liquor and dairy face challenges [2][14]. Key Data Tracking - The report provides pricing data for key products, such as the price of Feitian Moutai at 2,130 RMB for original boxes and 2,050 RMB for bulk, reflecting a decrease of 25 RMB and 50 RMB respectively over two weeks [3][29]. - The average price of fresh milk in major production areas is reported at 3.06 RMB per kilogram, down 8.4% year-on-year [36]. Key Events Tracking - The report notes that the food manufacturing sector's profit increased by 1.1% year-on-year in the first four months of 2025, with total revenue reaching 713.58 billion RMB [4][55]. - Performance in the e-commerce space during the Tmall 618 event shows strong sales for brands like Three Squirrels and Good Products Store [4][55]. Investment Recommendations - For the liquor segment, the report suggests focusing on high-end brands with strong market positions, such as Guizhou Moutai and Wuliangye, while also considering regional leaders with favorable competitive dynamics [10][56]. - In the broader consumer goods category, the report highlights the rising popularity of yellow wine and the seasonal uptick in beer consumption, alongside strong performance in snack foods and energy drinks [10][56].

上海妙可蓝多食品科技股份有限公司 章程 （2025 年 6 月修订） 二 〇二 五 年 六 月 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 199571 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：上海妙可蓝多食品科技股份有限公司。 英文全称：Shanghai ...

上海妙可蓝多食品科技股份有限公司 董事会议事规则 第一章 总 则 第一条 为了进一步规范上海妙可蓝多食品科技股份有限公司（以下简称"公 司"）董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提 高董事会规范运作和科学决策水平，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》"）、 《上市公司治理准则》《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法 律、法规和规范性文件、《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》"）及其他有关规定，制定上海妙可蓝多食品科技股份有限公 司董事会议事规则（以下简称"本议事规则"）。 第二条 公司依法设立董事会。董事会是公司的经营决策机构，依据《公司 法》等相关法律、法规和《公司章程》的规定，经营和管理公司的法人财产，对 股东会负责。 第三条 本议事规则对公司全体董事具有约束力。 第二章 董事会的组成 第四条 董事会由 9 名董事组成，设董事长 1 人，可以设副董事长 1 人，独 立董事 3 人，职工董事 1-2 ...

Group 1 - The company has decided to abolish the supervisory board and amend its articles of association accordingly, transferring the supervisory powers to the audit committee of the board of directors [1][2][3] - The company will also revise other provisions in its articles of association to align with the latest regulations from the China Securities Regulatory Commission and the Company Law [2][4] - A new chapter regarding the establishment of a party branch will be added to the articles of association, reflecting the company's commitment to improving party work as a subsidiary of Inner Mongolia Mengniu Dairy [2][5] Group 2 - The amendments include adjustments to the order of clauses in the articles of association and changes to terminology, such as replacing "shareholders' meeting" with "shareholders' assembly" [2][6] - The company will revise provisions related to senior management, board composition, and the duties of directors to enhance corporate governance [2][7] - The articles of association will now explicitly state the responsibilities of the legal representative and the conditions under which they may be replaced [3][4][8]

Core Viewpoint - The company plans to adjust the amount of temporarily idle self-owned funds for cash management from a maximum of RMB 1.5 billion to RMB 2 billion, aiming to enhance fund utilization efficiency and increase returns for the company and its shareholders [2][4]. Cash Management Overview - The purpose of cash management is to improve the efficiency of self-owned funds and rationally utilize temporarily idle funds while ensuring normal operations, thereby increasing company returns [2][4]. - The cash management amount is set at a maximum of RMB 2 billion, with funds being able to be used in a rolling manner within the approved limits and timeframe [3][4]. - The funds for this cash management will come from the company's temporarily idle self-owned funds [3][4]. Cash Management Procedures - The board of directors approved the adjustment of cash management limits during the 12th board meeting held on June 6, 2025, and this matter does not require submission to the shareholders' meeting [5]. - The cash management will be executed by the finance department under the authorization of the general manager and/or financial director, ensuring compliance with relevant regulations [3][5]. Risk Control Measures - The company will only invest in high-security, capital-preserving, and liquid products, with strict risk control measures in place [5][6]. - The finance department will monitor the investment direction and project progress, taking timely actions to mitigate risks if adverse factors are identified [5][6]. Impact on Company - The use of temporarily idle self-owned funds for cash management will not affect the normal operations of the company and is expected to enhance returns for the company and its shareholders [5][6]. - The adjustment in cash management limits is not anticipated to have any adverse effects on the company's main business, financial status, operating results, or cash flow [5][6].