Milkground(SH:600882) Sou Hu Cai Jing·2025-06-20 07:06Core 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]