上海妙可蓝多食品科技股份有限公司 2023 年年度业绩说明会会议记录 董事会秘书：谢毅 四、本次业绩说明会投资者提出的主要问题及公司答复 问题：请问公司目前主营业务是什么？ 回复：尊敬的投资者，公司主营业务为以奶酪为核心的特色乳制品的研发、 生产和销售，其中奶酪产品可以进一步细分为即食营养系列、家庭餐桌系列和 一、会议时间：2024 年 3 月 26 日下午 15:00-16:00 二、会议地点：上证路演中心（网址：http://roadshow.sseinfo.com/） 三、公司出席人员： 副董事长、总经理：柴琇 董事、财务总监：蒯玉龙 独立董事：韦波 餐饮工业系列。同时公司也从事液态奶的研发、生产和销售，以及乳制品贸易 业务。公司将坚定推行"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，感谢关注！ 问题：柴总，对于证监会的新规，不分红可能面临戴帽，贵公司有什么 预 案，是否有可能进行回归注销，这也是证监会鼓励与分红等效的措施。 回复：尊敬的投资者，因公司合并报表和母公司报表未分配利润均为负数， 公司尚不满足现金分红条件。公司已于 2022 年 9 月完成回购公司股份 1,000 万 股，占公 ...

Investment Rating - The report maintains a "Recommend" rating, indicating an expected stock performance that is 10% to 20% stronger than the market over the next six months [9][20]. Core Views - The company faced pressure on profits due to cost and exchange rate fluctuations, with a gross margin of 29.14% in 2023, down 4.95 percentage points year-on-year. This decline was attributed to a decrease in business revenue alongside rising raw material costs and currency fluctuations [5]. - The company is actively adjusting its operational strategies in response to market changes, with a focus on enhancing its cheese market share, which has further increased according to Kantar consumer index data [5]. - The company reported a total revenue of 4.049 billion yuan in 2023, a decrease of 16.2% year-on-year, and a net profit of 63 million yuan, down 53.1% year-on-year [25]. Financial Performance Summary - **Revenue and Profit**: The company achieved a revenue of 4.049 billion yuan in 2023, with a projected increase to 5.007 billion yuan in 2024, and further growth expected in subsequent years [10][27]. - **Gross Margin**: The gross margin for 2023 was 29.2%, with expectations of recovery to 30.0% in 2024 [10][27]. - **Net Profit**: The net profit for 2023 was 63 million yuan, with forecasts of 168 million yuan in 2024, indicating a significant recovery [10][27]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.12 yuan, projected to rise to 0.33 yuan in 2024 and further to 0.71 yuan by 2026 [10][27]. Business Segment Performance - The cheese segment generated 31.37 billion yuan in revenue in 2023, accounting for 77.69% of total revenue, despite a year-on-year decline of 18.91% [26]. - The liquid milk segment's revenue was 334 million yuan, representing 8.27% of total revenue, with a slight year-on-year decrease of 4.32% [12][26]. - The trading business reported revenue of 567 million yuan, down 5.44% year-on-year, with a negative gross margin of -2.70% due to rising raw material costs [26]. Valuation and Forecast - The report adjusts profit forecasts for 2024-2026, estimating net profits of 168 million yuan, 252 million yuan, and 363 million yuan respectively, with corresponding P/E ratios of 40.5, 27.0, and 18.8 [27].

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 研究团队简介 张伟敬，武汉理工大学毕业，法学、经济学双学位，金融行业工作两年，随后进入白 酒行业十三年，先后在泸州老窖、杜康、舍得酒业从事一线销售工作，在高端酒、次 高端、中低端价位均有实际操盘经验，产业思维强，酒圈资源丰富，对白酒行业趋势 有独到理解，尤其擅长分析次高端酒企竞争格局。 娄青丰，硕士，毕业于中央财经大学，2 年食品饮料研究经验，2 年债券研究经验。覆 盖预加工食品（深度研究安井食品、千味央厨、立高食品）、调味品（深度研究安琪 酵母，熟悉海天味业、千禾味业、涪陵榨菜、天味食品、颐海国际）。 程丽丽，金融学硕士，毕业于厦门大学王亚南经济研究院，2 年食品饮料研究经验。主 要覆盖休闲食品（深度研究绝味食品、周黑鸭、煌上煌、洽洽食品、盐津铺子、甘源 食品、劲仔食品）、安徽区域白酒（熟悉古井贡酒、迎驾贡酒、金种子酒）。 王雪骄，康奈尔大学管理学硕士，华盛顿大学经济学+国际关系双学士，覆盖啤酒（深 度研究华润啤酒、青岛啤酒、重庆啤酒）、水、饮料（深度研究农夫山泉）行业。 分析师声明 免责声明 本报告是针对与信达证券签署服务 ...

Investment Rating - The report maintains a "Hold" rating for the company, indicating a potential return of 5% to 15% over the next 6-12 months [13]. Core Views - The company reported a revenue of 4.05 billion yuan in 2023, a decrease of 16.2% year-on-year, with a net profit attributable to shareholders of 60 million yuan, down 53.1% year-on-year [5][20]. - In Q4 2023, the company achieved a revenue of 970 million yuan, a slight decline of 2.6% year-on-year, but turned a profit with a net profit of 30 million yuan [5][20]. - The company is focusing on expanding its consumer base and enhancing essential consumption scenarios through new product launches and channel expansion [18]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 40.5 billion yuan, down 16.2% year-on-year, while the net profit attributable to shareholders was 0.6 billion yuan, a decrease of 53.1% [5][20]. - The gross margin for 2023 was 29.24%, down 4.92 percentage points year-on-year, primarily due to rising raw material prices [18][20]. - The company’s net profit margin improved in Q4 2023, reaching 3.04%, an increase of 2.61 percentage points year-on-year [19][20]. Regional Performance - Revenue by region in 2023 showed a decline of 23.79% in the North, 9.59% in the Central region, and 11.73% in the South [7]. Channel Development - As of the end of 2023, the company had 5,036 distributors covering 800,000 retail sales terminals, with a net increase of 182 distributors in Q4 compared to Q3 [7]. Shareholder Activity - The major shareholder, Mengniu, has increased its stake in the company by 1.34%, reflecting confidence in the company's future development [18]. Product Development - The company plans to introduce new products, including cheese snacks, to enhance its product matrix and is expected to contribute to revenue growth in 2024 [18][20].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [10][11]. Core Views - The company experienced a decline in total revenue in 2023, amounting to 4.049 billion yuan, a decrease of 16% year-on-year, primarily due to market changes affecting its cheese business [10][11]. - The net profit attributable to shareholders for 2023 was 63 million yuan, down 53.1% year-on-year, with a significant drop in non-recurring net profit [10][11]. - The report highlights an expected improvement in profit margins and stabilization of the cheese business, with forecasts for EPS of 0.24, 0.36, and 0.50 yuan for 2024, 2025, and 2026 respectively [10][11]. Financial Forecasts - **Revenue Forecast**: - 2023A: 4,049 million yuan - 2024E: 4,804 million yuan (growth rate: 18.7%) - 2025E: 5,611 million yuan (growth rate: 16.8%) - 2026E: 6,408 million yuan (growth rate: 14.2%) [4][6] - **Net Profit Forecast**: - 2023A: 63 million yuan - 2024E: 125 million yuan (growth rate: 97.6%) - 2025E: 186 million yuan (growth rate: 48.6%) - 2026E: 259 million yuan (growth rate: 39.2%) [4][6] - **EPS Forecast**: - 2023A: 0.12 yuan - 2024E: 0.24 yuan - 2025E: 0.36 yuan - 2026E: 0.50 yuan [4][11] - **ROE Forecast**: - 2023A: 1.5% - 2024E: 2.8% - 2025E: 4.0% - 2026E: 5.3% [4][6] Business Performance Insights - The cheese segment is expected to stabilize, with contributions from the bulk snack channel anticipated to increase [10][11]. - The company has implemented effective cost control measures, leading to improved profit margins in the fourth quarter of 2023, with a net profit margin increase [10][11]. - The report notes a decrease in sales and management expense ratios, indicating better expense management [10][11].

Financial Performance - The net profit for the year was approximately 79.76 million, a decrease of 54% compared to 173.22 million from the previous year[14]. - The operating profit was reported at approximately 441.93 million, a significant recovery from a loss of 885.74 thousand in the previous year[14]. - The company reported an investment income of approximately 52.50 million, down from 59.05 million, indicating a decline of about 8.5%[14]. - The comprehensive income for the period shows a total loss of 71,385,878.46 RMB, reflecting a significant decline in profitability[25]. - The company reported a decrease in capital contributions amounting to 58,659,000.00 RMB, indicating reduced owner investments[25]. - The total profit distribution to owners or shareholders is recorded at -39,344,705.00 RMB, reflecting a reduction in dividends or distributions[25]. - The company achieved an annual revenue of 404,903.37 million RMB, representing a year-on-year decline of 16.16%[124]. - The net profit attributable to shareholders was 6,343.95 million RMB, down 53.90% compared to the previous year[124]. Assets and Liabilities - Total assets decreased from 7,442,886,257.24 to 6,832,507,412.83, a decline of approximately 8.2% year-over-year[9]. - Total liabilities decreased slightly from 2,560,269,103.49 to 2,529,963,685.80, a decrease of about 1.2%[10]. - The company reported a total current asset decrease from 4,379,133,030.89 to 3,708,329,974.67, a decline of about 15.3%[9]. - The total owner's equity at the end of the period is 3,713,996,143.58 RMB, with a decrease of 1,098,059,059.02 RMB compared to the previous period[26]. - The total amount of other comprehensive income is recorded at -154,002,336.80 RMB, contributing to the overall decline in equity[25]. Cash Flow - The net cash flow from operating activities improved significantly to approximately ¥279.15 million, compared to a negative cash flow of ¥204.84 million in the previous year[149]. - The net cash flow from investment activities was approximately ¥1.37 billion in 2023, compared to a negative cash flow of ¥1.60 billion in 2022[191]. Market and Revenue Trends - The cheese segment achieved revenue of 313,712.00 million CNY, a decrease of 18.91% compared to the previous year, with a gross profit margin of 98.68%, an increase of 2.74 percentage points year-on-year[68]. - Liquid milk business revenue was 33,380.71 million CNY, down 4.32% year-on-year, accounting for 8.27% of total revenue[69]. - The ready-to-eat nutrition series generated revenue of 190,162.28 million CNY, a decline of 23.93%, while the restaurant industrial series saw a 7.61% increase in revenue to 88,799.66 million CNY[77]. - The company experienced a decrease in revenue from home dining series products, which fell by 36.10% year-on-year to 34,750.07 million CNY[77]. - The revenue from cheese products amounted to approximately ¥3.14 billion, representing a decline of 18.91% compared to the previous year[152]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the call[14]. - The company aims to expand its cheese product matrix to meet consumer demand and enhance its market position[72]. - The company is focusing on enhancing its research and development capabilities to maintain its competitive edge in the dairy product sector[148]. - The company is actively pursuing market expansion and product innovation to adapt to changing consumer preferences and industry trends[145]. - The company has established a global procurement network covering Europe, America, and Oceania, enhancing its ability to manage raw material supply and price stability[123]. Operational Efficiency - The company has successfully implemented the SAP-PECDC system across various business modules, enhancing operational efficiency and real-time inventory management[112]. - The company has achieved significant improvements in its S&OP system, ensuring fresh product supply and enhancing operational efficiency[113]. - The company is committed to improving operational efficiency through the "Smart Miao Ke" initiative and enhancing its quality management system[137]. Product Development and Quality - The company emphasizes product quality and safety, implementing comprehensive quality management across the entire supply chain to ensure nutritious and delicious cheese products[32]. - The company has launched a quality management system, achieving certifications such as ISO 9001 and FSSC 22000 across all five factories, ensuring high product quality standards[113]. - The company launched new organic cheese products with ≥66% cheese content and 9.0g/100g high-quality milk protein, catering to diverse consumer needs[125]. Distribution and Marketing - The company has established a distribution network covering approximately 800,000 retail terminals with 5,036 distributors as of December 31, 2023[109]. - The company has expanded its e-commerce presence, strengthening its sales on platforms like Tmall, JD.com, and Pinduoduo[172]. - The company focuses on digital marketing strategies, utilizing platforms like WeChat and Douyin to enhance brand recognition and consumer engagement[104]. Challenges and Risks - The company’s main raw material costs increased compared to the previous year, impacting the gross profit margin of the cheese segment[68]. - The company’s reliance on a single customer or supplier did not exceed 50% of total sales or purchases, indicating a diversified customer and supplier base[187].

上海妙可蓝多食品科技股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 一、审计报告 审计报告 毕马威华振审字第 2402010 号 上海妙可蓝多食品科技股份有限公司全体股东: 一、审计意见 我们审计了后附的上海妙可蓝多食品科技股份有限公司(以下简称"妙可蓝多")财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、 合并及母公司现金流量表、 ...

就上述事项，公司拟对《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》"）部分条款进行如下修订： | 修订前 | | 修订后 | | --- | --- | --- | | 第六条 | 公司注册资本为人民币伍亿 | 第六条 公司注册资本为人民币伍亿 | | 壹仟叁佰肆拾玖万玖仟陆佰肆拾柒元 | | 壹仟贰佰零伍万叁仟陆佰肆拾柒元 | | （￥513,499,647 | 元）。 | （￥512,053,647 元）。 | | 第十九条 | 公司发起人为山东农药厂。 | 第十九条 公司发起人为山东农药厂。 | | 公司股份总数为 | 513,499,647 股，公司 | 公司股份总数为 512,053,647 股，公司 | | 的 股 本 结 构 为 ： 人 民 币 普 通 股 | | 的 股 本 结 构 为 ： 人 民 币 普 通 股 | | 513,499,647 | 股。 | 512,053,647 股。 | 证券代码：600882 证券简称：妙可蓝多 公告编号：2024-019 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 ...

法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于上海妙可蓝多食品科技股份有限公司 2020 年股票期权与限制性股票激励计划回购注销部分限制 性股票和注销部分股票期权的 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海妙可蓝多食品科技股份有限公司 2020 年股票期权与限制性股票激励计划回购注销部分限制性股 票和注销部分股票期权的 法律意见书 致：上海妙可蓝多食品科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海妙可蓝多食品科技 股份有限公司（以下简称"公司"或"妙可蓝多"）的委托，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》"）、中国证券监督管理委员会（以下简称"中国证监会"）《上市 公司股权激励管理办法》（以下简称"《管理办法》"）等法律、行政法规、部 门规章及其他规范性文件和《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》"）、《上海妙可蓝多 ...

对上海妙可蓝多食品科技股份有限公司 2023 年度募集资金存放与实际使用情况专项报告的鉴证报告 自 2023 年 1 月 1 日至 2023 年 12 月 31 日止年度 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 kpmg.com/cn Internet 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 对上海妙可蓝多食品科技股份有限公司 2023 年度募集资金存放与实际使用情况专项报告的鉴证报告 毕马威华振专字第 2400240 号 上海妙可蓝多食品科技股份有限公司董事会: 我们接受委托,对后附的上海妙可蓝多食品科技股份有限公司(以下简称"贵公司") 2023 年度募集资金存 ...