Milkground(SH:600882) Xin Lang Cai Jing·2025-08-22 00:24Core Insights - The company reported a revenue of 2.567 billion yuan for the first half of 2025, representing a year-on-year increase of 7.98%, and a net profit attributable to shareholders of 133 million yuan, up 86.27% year-on-year [1] - The cheese business showed significant growth in both year-on-year and quarter-on-quarter comparisons, with strong performance in the catering industry and home dining series [1] Financial Performance - For the first half of 2025, the company achieved a gross margin of 30.81% and a net profit margin of 5.18%, both showing improvements year-on-year [2] - The gross margins for cheese, trade, and liquid milk were 35.52%, 4.73%, and 8.78% respectively, with the cheese business contributing to the overall margin increase [2] - The company’s strategic cost management has led to improved profitability across various operational areas [2] Market Position - The company maintains a leading market share in the cheese industry, exceeding 38% according to Worldpanel consumer index [3] - The product matrix for children's nutritional cheese has expanded, and new adult snack cheese products have been introduced, enhancing market presence [3] Future Strategy - The company aims to create a 100 billion yuan cheese market by implementing dual strategies of ToB and ToC, along with five strategic guarantees including product innovation and brand elevation [4] - The increasing integration of Western and Chinese cuisines is expected to broaden the application of cheese, enhancing its market penetration [4] - Projected net profits for 2025-2027 are expected to grow significantly, with EPS estimates of 0.46, 0.66, and 0.85 yuan per share respectively [4]