Qian Zhan Wang·2025-07-29 03:08Core Insights - The Chinese cheese industry features a mix of leading companies and regional players, with Miaokelan Duo being the only listed company focused solely on cheese products, dominating the retail cheese stick and catering ingredient markets [1][6] - Major dairy companies like Yili and Mengniu leverage their channel and capital advantages to expand their cheese offerings, although cheese remains a minor segment compared to liquid milk [1][6] - Regional dairy companies such as Guangming, Sanyuan, and Tianrun focus on liquid milk as their core business while expanding into cheese as a supplementary category, targeting local markets and catering channels [1][6] - The industry is characterized by a high concentration of children's snacks, while opportunities in catering and adult cheese products remain underexplored [6][11] Company Overview - Miaokelan Duo (600882.SH): The leading company in the domestic cheese industry, focusing on cheese sticks and mozzarella cheese, with a strong brand influence and a balanced approach to retail and catering channels [3][6] - Yili (600887.SH): A major player in the dairy sector, primarily focused on liquid milk, with cheese products like "Yili Children's Cheese Sticks" contributing to its growth, although they represent a small portion of overall revenue [3][6] - Tianrun Dairy (600419.SH): A regional player in Xinjiang, focusing on yogurt and low-temperature milk, recently expanding into cheese products, but with limited scale [3][6] - Guangming Dairy (600597.SH): A comprehensive dairy company with a focus on liquid milk and yogurt, offering cheese products but with a need to increase their business share [3][6] - Sanyuan Dairy (600429.SH): A well-established dairy company in Beijing, primarily selling low-temperature fresh milk and milk powder, with cheese products mainly sold through catering channels [3][6] - Huangshi Group (002329.SZ): A regional player in Guangxi, exploring cheese products but still in the early stages with limited market share [3][6] - Yantang Dairy (002732.SZ): A regional company in Guangdong, focusing on low-temperature dairy products, with cheese offerings primarily targeting children [3][6] - New Dairy (002946.SZ): A subsidiary of New Hope, focusing on low-temperature fresh milk and yogurt, with cheese products still in the exploratory phase [3][6] - Panda Dairy (300898.SZ): A leader in the condensed milk sector, expanding into cheese products mainly for catering, but with limited innovation [3][6] Financial Performance - Yili and Mengniu lead the industry in revenue, achieving 115.4 billion yuan and 94 billion yuan respectively in 2024, with most companies maintaining gross margins above 14% [6][7] - The highest gross margin is reported by H&H International at 60.65%, while Tianrun Dairy, Guangming Dairy, and Pinwa Foods have margins below 20% [6][7] - Earnings per share show significant variation, with Yili at 1.33 yuan, followed by Panda Dairy, Guangming Dairy, Yantang Dairy, and New Dairy, while smaller companies like Miaokelan Duo and Tianrun Dairy report lower earnings [10][11] Market Dynamics - The cheese industry in China is experiencing a tiered development, with Miaokelan Duo as the core leader, while Yili and Mengniu focus on children's cheese products [6][11] - Regional companies like Guangming and Sanyuan are concentrating on local markets, while others like Huangshi and Yantang are testing niche cheese products with limited scale [6][11] - The market is characterized by a reliance on imported raw materials and intense competition, necessitating innovation and localization of supply chains for future growth [6][11] Strategic Planning - Leading companies are enhancing their supply chain integration and focusing on differentiated innovation, while regional brands are honing in on local market needs [14][19] - Miaokelan Duo aims to deepen its market presence in children's cheese and expand into adult health snacks, while Yili plans to leverage its channel advantages to grow its cheese segment [17][19] - Companies like Tianrun and Guangming are exploring unique product offerings and regional partnerships to strengthen their market positions [17][19]