Core Viewpoint - The company Miaokelando (妙可蓝多) achieved a remarkable 115% year-on-year growth in net profit for the first quarter, marking a significant turnaround compared to previous years where profit growth was sluggish despite revenue increases [1][4]. Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with its core cheese business revenue growing by more than 17% [4]. - The net profit growth significantly outpaced revenue growth, indicating a clear trend of internal growth and improved profitability [4]. Industry Challenges - The dairy industry is facing challenges, particularly in liquid milk sales, which have seen a decline. Major companies like Yili, Mengniu, and Guangming reported year-on-year revenue drops of 12%, 11%, and 9% respectively in their liquid milk segments [5]. - The overall sales of dairy products in China decreased by 2.3% in 2024, with liquid milk sales down by 3.7% [5]. Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [8]. - The company has accelerated the launch of new products, including various cheese formats, to maintain its position in the children's snack market while also targeting adult snacks and family dining [8][9]. - The company is expanding its partnerships with restaurants and beverage brands to incorporate cheese into their offerings, thereby increasing market penetration [9]. Cost Management - Cost control is a key focus for Miaokelando, with efforts to find domestic milk source alternatives to reduce costs. This strategy has been in place for over a year and has shown positive results [10]. - The company aims to create "super products" to streamline operations and reduce costs through economies of scale, focusing on fewer but more impactful product lines [10][11]. Value Chain Development - Miaokelando is working on enhancing its entire value chain, including the utilization of by-products like whey to create high-value products, which can significantly lower production costs [11]. - The company is positioning itself to tap into the growing market for sports nutrition and other high-value dairy products, which are currently dominated by imports [11].
一季度净利同比翻倍!“奶酪第一股”的“克难妙手”