零食化提速奶酪摆脱深度调整期，行业重新审视供应链竞争

Group 1 - The domestic cheese industry is gradually moving out of the price war impact of cheese sticks and is beginning to regain growth through transformation towards snackification and entering the B-end market [1][3] - Major cheese companies in China are shifting their growth strategies towards new snack scenarios and the B-end market, particularly in response to the challenges faced during the price wars [3][5] - In 2024, Miaokelando reported a revenue of 4.84 billion yuan, a decrease of 9% year-on-year, but a net profit attributable to shareholders of 110 million yuan, an increase of 89.2% [3][5] Group 2 - The ready-to-eat nutrition series, including cheese sticks, saw significant revenue declines in 2022 and 2023 due to market competition, but in 2024, this segment's revenue grew by 3.2% to 2.05 billion yuan [5] - The retail cheese market's sales decreased by 8.7% in the first quarter of 2025, but the decline is narrowing, with adult snack cheese showing high growth [5][6] - Companies are expanding their product offerings to cover all age groups and new consumption scenarios, including office snacks and fitness supplements [5][6] Group 3 - The cheese market in China is expected to follow trends seen in Japan, where cheese consumption has increased significantly due to aging demographics and the rise of Western-style dining [7] - The competition is shifting to the supply chain level, with domestic cheese companies relying heavily on imported raw materials, which poses new challenges [8][10] - In the first four months of 2025, China imported 63,000 tons of cheese, a year-on-year increase of 10.6%, primarily from New Zealand and Australia [8][10] Group 4 - Domestic dairy companies are exploring the production of raw cheese to reduce reliance on imports, with Miaokelando constructing a raw cheese factory expected to be operational by 2026 [10][11] - The construction of raw cheese factories can help stabilize the cyclical fluctuations of the dairy industry by converting excess fresh milk into high-value cheese products [10][11] - The long-term economic viability of domestic raw cheese production remains uncertain due to fluctuating milk prices [11]