Summary of Miao Ke Lan Duo Conference Call Company Overview - **Company**: Miao Ke Lan Duo - **Industry**: Dairy Products, specifically Cheese Key Financial Performance - **Revenue**: In the first half of 2025, Miao Ke Lan Duo achieved revenue of 2.567 billion yuan, a year-on-year increase of 7.98% [3] - **Net Profit**: The net profit attributable to shareholders was 1.133 billion yuan, up 86.27% year-on-year [3] - **Cheese Segment Revenue**: Revenue from the cheese segment was 2.136 billion yuan, reflecting a 14.85% increase, with a gross margin of 35.25%, down 1.5 percentage points [3] - **Trade Business Revenue**: Revenue from trade business was 230 million yuan, a 3.69% increase, with a gross margin of 4.73%, up 3 percentage points [3] - **Liquid Milk Revenue**: Revenue from liquid milk was 187 million yuan, a 0.63% increase, with a gross margin of 8.7%, up 1.63 percentage points [3] Growth Drivers - **Cheese Business**: The cheese business is identified as the growth engine, with the catering industrial series revenue growing by 36.2% and the family dining series by 28.44% [2][5] - **Market Demand**: Strong market demand is evident, with the cheese market in China experiencing a significant annual compound growth rate of 24% [2][7] Market Position - **Market Share**: Miao Ke Lan Duo's market share increased to 27%, surpassing Bai Ji Fu to become the leading brand in the Chinese market [2][9] - **Competition**: The market is still dominated by foreign brands, but domestic brands like Mengniu and Duomeixian hold a combined 40% market share, indicating potential for further growth [9] Strategic Initiatives - **Channel Optimization**: The company is optimizing its distribution channels by integrating Mengniu's dual-brand advantages and expanding into emerging channels such as baking and maternal-infant markets [2][6] - **E-commerce Focus**: Miao Ke Lan Duo is deepening its presence on traditional e-commerce platforms like JD, Tmall, and Pinduoduo, while also developing new platforms like Douyin and Kuaishou [2][6] - **B2B Transformation**: The company is transitioning its B2B catering channels towards professional dairy service providers, enhancing its service capabilities for large clients [6] Product Innovation - **New Product Development**: The introduction of room-temperature cheese sticks addresses the challenges of low-temperature transportation and expands consumption scenarios for children [10][11] - **Product Line**: The company has a diverse product line, including ready-to-eat nutrition series, family dining series, and catering industrial series [11] Collaboration with Mengniu - **Strategic Partnership**: Miao Ke Lan Duo has a long-term cooperative relationship with Mengniu, providing cheese OEM services and benefiting from Mengniu's global procurement advantages [12] - **Synergies**: The collaboration enhances procurement, R&D, production, and sales, leveraging Mengniu's resources to improve efficiency and expand market reach [12] Market Trends - **Consumer Behavior**: There is a noticeable shift in consumer preferences from liquid milk to healthier yogurt and cheese products, indicating growth potential for the cheese market [2][7] - **Comparative Analysis**: Compared to Japan and South Korea, China's cheese market is still in its infancy, with significant room for growth as consumer habits evolve [8] Future Outlook - **Growth Strategy**: Miao Ke Lan Duo aims to extend its product offerings into the snack market, transitioning from dairy products to leisure snacks [14] - **Trade Business Expansion**: The company plans to introduce high-quality raw milk products into the domestic market, creating synergies with its core business [14] - **Long-term Prospects**: The overall outlook for Miao Ke Lan Duo is positive, with expectations for continued growth and market leadership in the cheese sector [14]

Core Viewpoint - Miaokelan Duo reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the market [1] Financial Performance - The company achieved an operating revenue of approximately 3.96 billion yuan, representing a year-on-year increase of 10.1% [1] - The net profit attributable to shareholders reached approximately 176 million yuan, showing a substantial year-on-year increase of 106.9% [1]

Core Viewpoint - Miaokelando is a leading company in the domestic cheese industry, focusing on the research, production, and sales of cheese-based dairy products, with a strong brand presence and diverse product matrix [1] Group 1: Business Performance - In Q3 2025, Miaokelando reported revenue of 3.957 billion yuan, ranking 5th in the industry, below the industry average of 7.469 billion yuan [2] - The main business composition includes cheese revenue of 2.136 billion yuan (83.20%), trade revenue of 230 million yuan (8.94%), and liquid milk revenue of 187 million yuan (7.29%) [2] - The net profit for the same period was 176 million yuan, ranking 4th in the industry, exceeding the industry median of 46.41 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Miaokelando's debt-to-asset ratio was 45.40%, higher than the previous year's 43.36% and the industry average of 41.11% [3] - The gross profit margin for Q3 2025 was 29.88%, an increase from 28.93% in the previous year and above the industry average of 24.79% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 13.85% to 39,100 [5] - The average number of circulating A-shares held per shareholder decreased by 12.51% to 13,000 [5] Group 4: Strategic Outlook - Analysts from Guangfa Securities highlight Miaokelando's strategic transformation and collaboration with Mengniu, predicting revenue growth from 5.486 billion yuan in 2025 to 7.214 billion yuan in 2027, with corresponding net profits increasing significantly [5] - Guohai Securities anticipates revenue growth of 10% to 14% from 2025 to 2027, with net profit projections showing substantial increases [5]

Core Viewpoint - Shanghai Miaokelan Food Technology Co., Ltd. disclosed the resolutions from the 14th meeting of the 12th Board of Directors, which included the approval of the Q3 2025 report and a proposal for cash management of idle funds [1][3][4]. Meeting Legitimacy - The meeting was legally valid, with all nine directors present, meeting the legal requirements as per the Company Law and Articles of Association [2]. Resolutions Passed - The Q3 2025 report was approved unanimously with 9 votes in favor, having been previously reviewed by the audit committee [3]. - A proposal for cash management using idle self-owned and raised funds was also unanimously approved, with details available in the company's announcements [4]. Investor Information - Investors can access detailed information about the resolutions and the company's latest operational and financial arrangements through designated disclosure channels [5].

Group 1 - The core viewpoint of the article is that Miaokelan has reported its third-quarter financial results, showing significant growth in both revenue and net profit [1] - The company's revenue for the first three quarters reached 3,957,132,737.32 yuan, representing a year-on-year increase of 10.09% [1] - The net profit attributable to shareholders of the listed company was 175,938,062.26 yuan, which reflects a substantial year-on-year increase of 106.88% [1] Group 2 - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited has been identified as a new circulating shareholder [2]

东方证券股份有限公司关于 上海妙可蓝多食品科技股份有限公司 使用暂时闲置募集资金 进行现金管理的核查意见 为提高募集资金使用效率，合理利用募集资金，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 公司及子公司拟使用不超过人民币 14.80 亿元闲置的募集资金进行现金管理， 在上述额度和董事会审议批准的期限内，资金可循环滚动使用。 （三）募集资金来源 | 发行名称 | 年非公开发行 2020 A | 股股票 | | | | | --- | --- | --- | --- | --- | --- | | 募集资金到账时间 | 年 月 日 2021 6 29 | | | | | | 募集资金总额 | | | 299,999.999042 | | 万元 | | 募集资金净额 | | | 298,116.486486 | | 万元 | | 超募资金总额 | ☑不适用 | | | | | | | □适用，______万元 | | | | | | 募集资金使用情况 | 项目名称 | 累计投入进度（%） | 达到预定可使用 状态时间 | ...

格隆汇10月30日丨妙可蓝多(600882.SH)公布2025年第三季度报告，营业收入为13.90亿元，同比上升 14.22%；归属于上市公司股东的净利润为4296.79万元，同比上升214.67%；归属于上市公司股东的扣除 非经常性损益的净利润为1727.62万元，同比上升224.22%。 ...

Core Viewpoint - Miaokelan Duo (600882.SH) reported a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 1.39 billion yuan, representing a year-on-year increase of 14.22% [1] - The net profit attributable to shareholders was 42.97 million yuan, showing a substantial year-on-year increase of 214.67% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 17.28 million yuan, reflecting a year-on-year increase of 224.22% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,389,968,358.62, representing a year-on-year increase of 14.22%[3] - Total profit for the quarter was ¥62,633,484.27, a significant increase of 330.75% compared to the same period last year[3] - Net profit attributable to shareholders was ¥42,967,940.21, reflecting a year-on-year growth of 214.67%[3] - The basic earnings per share for the quarter was ¥0.086, up 218.52% from the previous year[4] - The total profit for the year-to-date period reached ¥239,092,363.91, a growth of 117.95% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥3,957,132,737.32, an increase of 10.1% compared to ¥3,594,396,768.27 in the same period of 2024[23] - Net profit for the first three quarters of 2025 was ¥175,938,062.26, compared to ¥85,042,506.93 in 2024, representing a significant increase of 106.7%[24] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.350, compared to ¥0.169 in the same period of 2024, indicating improved profitability per share[25] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥8,465,527,468.25, an increase of 9.64% from the end of the previous year[4] - As of September 30, 2025, the total assets of the company amounted to RMB 8,465,527,468.25, an increase from RMB 7,720,899,535.16 as of December 31, 2024, reflecting a growth of approximately 9.66%[18] - The company's total liabilities as of September 30, 2025, amounted to ¥3,843,458,329.23, an increase from ¥3,311,663,579.90 at the end of 2024[21] - The total equity attributable to shareholders reached ¥4,622,069,139.02 as of September 30, 2025, compared to ¥4,409,235,955.26 at the end of 2024[21] - The company's total non-current liabilities decreased to ¥940,112,530.40 as of September 30, 2025, from ¥1,164,582,478.31 at the end of 2024, reflecting a reduction in long-term debt[21] - The total liabilities as of September 30, 2025, amounted to CNY 5,293,279,337.49, an increase from CNY 4,278,932,546.10 as of December 31, 2024[32] - The total equity as of September 30, 2025, was CNY 3,831,927,003.21, compared to CNY 3,733,213,534.96 at the end of 2024, reflecting a growth of 2.6%[32] Cash Flow - The company's cash flow from operating activities for the first three quarters of 2025 showed a positive trend, indicating improved liquidity[27] - The cash inflow from operating activities for the first three quarters of 2025 reached ¥4,366,228,310.20, an increase of 8.69% compared to ¥4,017,032,130.63 in the same period of 2024[28] - The net cash flow from operating activities was ¥485,134,592.02, slightly up from ¥481,879,938.89 in the previous year, indicating stable operational performance[28] - The cash flow from operating activities for the first three quarters of 2025 was CNY 908,031,158.98, an increase of 35.3% compared to CNY 671,179,500.56 in the same period of 2024[37] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥34,571,996.69, slightly down from ¥36,379,572.93 in 2024, suggesting a focus on cost management[23] - The company incurred a financial expense of CNY 17,112,932.85 in the first three quarters of 2025, compared to CNY 13,117,478.30 in the same period of 2024, indicating a rise of 30.4%[35] - The company’s investment activities generated a net cash outflow of CNY 770,341,392.03 in the first three quarters of 2025, an improvement from a net outflow of CNY 1,295,895,555.70 in the same period of 2024[37] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 39,099[11] - The company holds a 10% equity stake in Jilin Zhiran Dairy Technology Co., Ltd., a subsidiary of the merger fund, which is part of its investment strategy[13] - The company has provided guarantees and collateral for a loan of RMB 700 million taken by Jilin Yaohua, indicating a commitment to support its subsidiaries[14] - The company has received commitments from key stakeholders to compensate for potential losses arising from guarantee obligations, ensuring financial protection[15]

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-092 上海妙可蓝多食品科技股份有限公司 一、报告期主营业务相关经营情况 （一）产品类别 单位：万元 币种：人民币 | 产品类别 | 1-9月营业收入 | 7-9月营业收入 | | --- | --- | --- | | 奶酪 | 330,177.15 | 116,601.53 | | 贸易 | 36,001.29 | 13,040.28 | | 液态奶 | 27,441.01 | 8,714.71 | | 总计 | 393,619.46 | 138,356.51 | 注：上表中总计数与各行分项数据直接相加之和的尾数差异，系因四舍五入所致。 （二）销售渠道 单位：万元 币种：人民币 | 渠道 | 1-9月营业收入 | 7-9月营业收入 | | --- | --- | --- | | 经销 | 289,497.62 | 97,618.56 | | 直营 | 68,120.54 | 27,697.67 | | 贸易 | 36,001.29 | 13,040.28 | | 总计 | 393,619.46 | 138,356.51 | 2025 年第三季 ...