东吴证券给予妙可蓝多买入评级，2025年中报点评：BC双驱，成长确立

Group 1 - The core viewpoint of the report is that Miaokelando (600882.SH) is rated as a "buy" due to its comprehensive growth in cheese business and effective cost control strategies [2] - The cheese business has shown significant improvement, indicating a strong upward trend in profitability [2] - The dual-driven growth from the BC end is expected to enhance the company's growth momentum [2] Group 2 - The report highlights that the company's cost control strategy is anticipated to continue yielding positive results, placing profit margins on an upward trajectory [2] - Potential risks mentioned include ongoing weak macro demand, food safety issues, and fluctuations in raw material prices affecting the development of original cheese products [2]