营收利润双增长，妙可蓝多业绩报喜

Core Viewpoint - The financial report of Miaokelando (600882) for the first half of 2025 shows significant growth in revenue and profit, indicating the company's strong competitive position in the cheese industry driven by strategic adjustments and market acceptance of cheese products [1][2]. Financial Performance - The company achieved a revenue of 2.567 billion RMB in the first half of 2025, representing a year-on-year increase of 7.98% [2]. - The net profit attributable to shareholders reached 133 million RMB, a substantial increase of 86.27% compared to the previous year [2]. - The net profit excluding non-recurring gains was 102 million RMB, reflecting an 80.10% year-on-year growth [2]. - The cash flow from operating activities was 236 million RMB, showing a decrease of 11.69% from the previous year [2]. Market Dynamics - The cheese industry has shown renewed vitality after a period of adjustment from 2022 to 2023, driven by increased consumer awareness and acceptance of cheese products [1]. - The company's cheese product revenue accounted for 83.67% of total revenue, with a year-on-year growth of 14.85% [2]. - The restaurant industry segment saw a revenue increase of 36.26%, attributed to sustained orders from major clients like Yum China [2]. Strategic Initiatives - The company is implementing a strategy focused on "one major scene, two major directions, and three consumer groups," targeting family consumption and innovating cheese snack and functional products [3]. - The collaboration with Mengniu to promote a "dual-brand strategy" has been effective, creating a multi-brand matrix that includes Miaokelando, Mengniu Cheese, and Aishi Chenxi [3]. - The company has expanded its distribution network to 6,551 dealers, covering approximately 800,000 retail terminals [3]. Future Outlook - The founder of Miaokelando, Chai Xiu, anticipates that the Chinese cheese market could reach a scale of 100 billion RMB, with the company poised to capitalize on new industry cycles through product innovation and brand elevation [4]. - The company aims to strengthen its leading position in the competitive landscape and create greater value for investors [4].