Panda Dairy (SZ:300898) Zheng Quan Shi Bao Wang·2025-08-21 14:09Core Insights - Panda Dairy reported a slight decline in revenue for the first half of 2025, achieving 353 million yuan, while net profit attributable to shareholders was 41.34 million yuan [1] - The company maintains a leading position in the concentrated dairy product sector, with concentrated dairy products generating 268 million yuan in revenue, a year-on-year increase of 3.80% [1] - The plant-based product line has emerged as a significant growth area, with coconut product revenue reaching 36.81 million yuan, marking a substantial year-on-year growth of 97.00% [2] Business Performance - Concentrated dairy products remain the main revenue driver, with a gross margin of 34.63%, up 0.87 percentage points from the previous year [1] - The company has a strong presence in East and South China, with 146 and 89 distributors respectively in these regions [1] - The cheese and cream segments are also showing promising results, with a focus on both B2B and B2C markets [1] Sales Channels - The company employs a "mainly distribution, supplemented by direct sales" strategy, with 400 signed distributors covering over 30 provinces [3] - Direct sales to major food manufacturers generated 83.97 million yuan, reflecting a 42.01% increase year-on-year [3] Innovation and R&D - Panda Dairy has secured 77 patents, enhancing its competitive edge through customized solutions for clients [3] - The company received a first-class award for technological advancement from the China Dairy Industry Association in 2025 [3] Future Outlook - The company plans to continue focusing on condensed milk, cheese, and cream while expanding into plant-based products [3] - The operational efficiency of production bases in Zhejiang, Shandong, and Hainan is expected to support future growth [3]