Core Viewpoint - Miaokelando's net profit attributable to shareholders for Q1-Q3 2025 reached 176 million yuan, representing a year-on-year increase of 107%, with Q3 net profit alone soaring to 43 million yuan, a staggering increase of 420% [1] Financial Performance - The significant profit increase is attributed to a decline in raw material costs and product structure optimization, which enhanced gross margins [1] - Government subsidies, investment income, and net other income also contributed to the year-on-year growth [1] Product Strategy - The company has developed a differentiated product matrix targeting various consumer groups, including growth cups for children, cheese small particles for young consumers, cheese triangles, and ginseng yogurt for the elderly [1] - This diverse product offering is expected to meet the consumption needs of different demographics and potentially lead to significant scale contributions in the future [1] Market Position and Outlook - The company is viewed positively as a leading player in the cheese sector, with plans to expand its ambient cheese stick product line to tap into new market opportunities [1] - The synergy between BC channels is expected to solidify the company's market share, alongside stringent cost control measures that will continue to optimize profitability [1] - The investment rating is maintained at "Buy" [1]

Group 1 - The ice and snow tourism sector is experiencing significant growth, with stocks like Jingxue Energy rising over 10% and others like Snowman Group and Dalian Shengya hitting their daily limit [2] - A strong cold air mass is expected to impact most regions of China from November 5-9, leading to temperature drops of over 10°C in some areas, which is likely to boost interest in ice and snow activities [2] - Search volume for outdoor ski resorts has surged nearly 900% since mid-October, with specific resorts like Keketohai International Ski Resort seeing a 279% increase in searches [2] Group 2 - The ice and snow industry chain in China has developed a complete ecosystem, benefiting from the "cold resources to hot economy" trend, with investment opportunities in infrastructure, equipment manufacturing, and sports training [3] - The ice and snow tourism sector has seen a nearly 70% increase in stock prices over the past year, with Dalian Shengya up approximately 180% and Jingxue Energy over 100% [3] - Stocks like Miaokelando and Yingpais have potential upside based on the latest target prices, while Changbai Mountain's stock price has exceeded its target by 30.58% [3] Group 3 - A table of ice and snow tourism concept stocks shows various companies with their target prices, potential upside, and net profit figures for the first three quarters, highlighting significant growth in some companies [4] - For instance, Miaokelando has a target price of 31.62 with a 30.06% upside, while Yingpais has a target price of 28.13 with a 17.70% upside [4] - The data indicates that some companies, like Dalian Shengya and Jingxue Energy, are facing challenges with negative year-on-year profit growth [4]

Core Insights - The "High-Quality Data Set for Cheese and Related Products Inspection" has been successfully listed and blockchain-enabled at the Shanghai Data Exchange, marking a significant step in data asset digitization for the company [1][2] - This data set is the first of its kind in China, showcasing the company's quality control capabilities in cheese products through a comprehensive standard system, inspection methods, and results [1] - The initiative aims to enhance brand value and product sales premium by leveraging digital technology for a full-cycle quality safety data system [1] Group 1 - The data set encompasses various food safety and quality analysis projects, including sensory, physicochemical, microbiological, contaminants, and nutritional components [1] - The company emphasizes the importance of digital transformation in establishing a comprehensive quality system and utilizing inspection data to prioritize food safety [1] - The listing of the data set signifies the company's exploration of transforming its data resources into data products and realizing data value [2] Group 2 - The Shanghai Data Exchange's General Manager highlighted that the Real Data Asset (RDA) concept sets higher standards for enterprises' asset digitization capabilities [2] - The listing and blockchain integration of the data set lay a solid foundation for the company's future RDA asset digitization efforts [2] - The exchange plans to connect industry associations, third-party testing organizations, and data service providers to form a credible consensus node for monitoring the real operational status of the company's data assets [2]

Core Viewpoint - The successful listing and blockchain integration of the "High-Quality Data Set for Cheese and Related Products Inspection and Testing" by Miaokelando marks a significant advancement in the company's RDA project, showcasing its commitment to quality control and data transparency in the cheese industry [1][3][6]. Group 1: Data Set Overview - The data set consolidates Miaokelando's standards, testing methods, and results in cheese quality inspection, reflecting the company's capability in product quality management [3]. - It encompasses various food safety and quality analysis projects, including sensory, physicochemical, microbiological, contaminants, and nutritional components [3]. - The data set provides a unique "digital identity" for each batch of cheese, ensuring data verification, traceability, and value transformation [3][7]. Group 2: Industry Impact - The initiative is seen as a pioneering effort in the data asset field, contributing to the integration of digital economy and traditional industries in the Fengxian District [3][4]. - Miaokelando aims to leverage new digital technologies to establish a comprehensive quality safety data system throughout the product lifecycle, enhancing brand value and sales premium [4][6]. - The listing of the data set signifies Miaokelando's leading capabilities in quality control and its role in advancing high-quality development in the Chinese cheese sector [6][7]. Group 3: Future Directions - The RDA project sets higher standards for asset digitization, with a focus on clear ownership, stable returns, verifiable data, and manageable risks [7]. - The ongoing digitalization efforts are expected to enhance brand premium, consumer trust, and food safety adherence [7]. - The Shanghai Data Exchange will support traditional manufacturers in exploring the value of data elements, facilitating the transformation into a modern, data-driven cheese enterprise [7].

Core Insights - Miaokelando and Left Bank Chip Wisdom (Shanghai) Data Technology have successfully launched the "High-Quality Data Set for Cheese and Related Products Inspection and Testing" at the Shanghai Data Exchange, marking a significant milestone in the cheese industry [2] Group 1: Data Set Overview - The data set is the first of its kind in China, focusing on cheese inspection and testing, and includes quality standards, testing methods, and results from Miaokelando [2] - It covers various aspects of food safety and quality analysis, including sensory, physicochemical, microbiological, contaminants, and nutritional components of cheese products [2] Group 2: Strategic Importance - Chen Yi, Vice President of Mengniu Group and Chairman of Miaokelando, emphasized the need for advanced digital technologies to establish a comprehensive data system for product quality and safety throughout the entire lifecycle [2] - The initiative aims to enhance brand value and product sales premiums by leveraging data to create the most comprehensive, highest quality, and best service foundation in the cheese industry [2] Group 3: Industry Impact - The successful launch of the data set is a crucial step for Miaokelando's Cheese RDA project and reflects the Shanghai Data Exchange's commitment to promoting the value of data elements for traditional manufacturing enterprises [2]

Core Insights - The industry is expected to benefit from an optimized structure that enhances profitability, driven by the dual engines of BC and the trend of domestic substitution, leading to a "buy" rating [1] Supply and Demand Perspective - On the supply side, the environment for raw milk is anticipated to remain cost-effective, supporting the development of deep processing in the downstream dairy product industry; globally, there is a natural shift from liquid milk to solid dairy products [1] Competitive Landscape - The C-end cheese stick brand and channel improvements are driving market share growth; national standards and the pandemic have helped eliminate some low-quality brands, leading to a significant improvement in the competitive landscape compared to five years ago when cheese sticks were highly popular; the B-end is primarily dominated by foreign brands with a low domestic market share [1] Strategic Improvements - The strategic focus is on BC linkage and supply chain enhancements; cost-wise, low raw milk prices and domestic equipment/raw material substitution are expected to improve financial reports and strategies by 2025 [1] Long-term Growth Potential - The industry growth is assured due to increased per capita cheese consumption and penetration; market share growth is confirmed through C-end optimization and B-end breakthroughs; major players like Mengniu are enhancing management to improve competitiveness; profit margin optimization is expected from favorable C-end dynamics and B-end revenue expansion leading to cost scale effects and structural optimization; equity incentives are in place to ensure motivation [1] Revenue and Profit Forecast Adjustments - Based on the Q3 report, revenue forecasts for 2025-2027 have been adjusted from 5.3/6.2/7.1 billion to 5.4/6.3/7.2 billion; net profit attributable to shareholders has been adjusted from 240/350/450 million to 240/320/430 million; EPS has been adjusted from 0.48/0.68/0.88 to 0.47/0.63/0.85; the closing price of 25.6 yuan on October 31, 2025, corresponds to PE ratios of 55/41/30 times [2]

Core Viewpoint - The successful listing and on-chain of the "High-Quality Data Set for Cheese and Related Products Inspection and Testing" marks a significant advancement for the RDA project of Miaokelando Food Technology Co., Ltd. in collaboration with Left Bank Chip Wisdom (Shanghai) Data Technology Co., Ltd. [1] Group 1 - The data set has been successfully listed and put on-chain at the Shanghai Data Exchange, indicating a critical phase for the cheese RDA project [1] - The data set provides a unique "digital identity" for each batch of cheese inspection and testing data, ensuring data rights, anti-tampering, verifiability, and traceability [1] - The initiative opens pathways for the value transformation of data through a threefold guarantee of system, compliance, and technology [1]

Core Viewpoint - The company reported strong financial performance for Q1-Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in its operations and profitability [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 3.957 billion yuan, a year-on-year increase of 10.09%, and a net profit attributable to shareholders of 176 million yuan, up 106.88% [1]. - In Q3 2025, the company recorded revenue of 1.390 billion yuan, representing a year-on-year growth of 14.22%, and a net profit of 42.97 million yuan, which is a substantial increase of 214.67% [1]. Product Performance - The revenue breakdown for Q3 shows liquid milk, cheese, and dairy product trading revenues of 87.15 million yuan, 1.166 billion yuan, and 130 million yuan, with year-on-year changes of -8.55%, +22.44%, and -7.27% respectively, highlighting the growth in the high-margin cheese segment [2]. - The optimization of the product structure is attributed to the continued growth of the cheese business, which has a higher profit margin [2]. Profitability Metrics - The gross margin for Q3 was 28.18%, an increase of 1.14 percentage points year-on-year, primarily driven by the growth in the cheese segment [2]. - The net profit margin for Q3 reached 3.09%, up 1.97 percentage points year-on-year, reflecting significant improvements in net profit and attributable net profit [2]. Cost Management - In Q3, the company saw a decrease in sales expense ratio by 0.81 percentage points, while the management expense ratio increased by 0.84 percentage points, likely due to stock incentive costs [2]. - The company also reported increases in investment income and other income as a percentage of revenue, attributed to government subsidies [2]. Future Outlook - The company is expected to achieve its annual targets, with a positive revenue and profit trend continuing into the latter part of the year [2]. - The projected EPS for 2025-2027 is 0.43, 0.64, and 0.86 yuan, corresponding to PE ratios of 59X, 40X, and 30X respectively, maintaining a "buy" rating for the company [3].

Core Viewpoint - Miaokelan's stock price is influenced by various factors including market sentiment, capital structure, macroeconomic environment, technical pressures, and the company's performance and operational status [2] Summary by Relevant Categories Market Sentiment - The company's stock price is affected by market sentiment, indicating that investor perceptions and emotions play a significant role in stock valuation [2] Financial Structure - The capital structure of the company is a contributing factor to its stock price fluctuations, suggesting that the mix of debt and equity financing may impact investor confidence [2] Macroeconomic Environment - Broader macroeconomic conditions also influence the stock price, highlighting the importance of economic indicators and trends on the company's market performance [2] Technical Pressure - Technical factors exert pressure on the stock price, which may include trading patterns, stock price trends, and market technical analysis [2] Company Performance - The company's operational performance and financial results are critical in determining stock price, emphasizing the need for strong earnings and effective management [2]

Core Viewpoint - Miaokelan Duo announced on October 31 that as of September 30, 2025, both the consolidated and parent company financial statements show negative retained earnings, indicating that the company does not currently meet the conditions for cash dividends [2] Financial Summary - As of September 30, 2025, the company's consolidated and parent company retained earnings are both negative [2]