Milkground(SH:600882) Xin Lang Cai Jing·2025-08-22 09:02Core Insights - The company achieved a revenue of 2.57 billion yuan in H1 2025, representing a year-on-year increase of 8% [1] - The net profit attributable to shareholders reached 130 million yuan, up 86.3% year-on-year, while the net profit excluding non-recurring items was 100 million yuan, reflecting an 80.1% increase [1] Revenue Breakdown - In H1 2025, the revenue from cheese, liquid milk, and trading businesses was 2.136 billion, 187 million, and 230 million yuan respectively, with year-on-year growth rates of 14.85%, 0.63%, and 3.69% [1] - The cheese business serves as the core growth engine for the company [1] Profitability Improvement - The gross profit margins for H1 2025 and Q2 2025 were 30.81% and 30.18%, showing a year-on-year increase of 0.91 percentage points and a decrease of 0.90 percentage points respectively [1] - The improvement in gross margin for H1 2025 is primarily attributed to a decrease in raw material costs compared to the same period in 2024 [1] Market Position and Strategy - The company is focused on a "cheese-centric" strategy and a "BC dual-drive" approach, which has strengthened its market leadership in cheese [1] - In the consumer segment, the company is consolidating its advantage in cheese sticks while actively entering the adult snack market with new products [1] - In the business segment, the company benefits from collaboration with Aishi Chenxi, creating a product combination advantage with "two oils and one cheese" [1] - The company is accelerating the replacement of imported cheese with domestically produced cheese amid low domestic raw milk prices [1] - According to Worldpanel consumer index, the company's cheese sales market share exceeded 38% in H1 2025, maintaining the top position in the market [1] Future Outlook - The company expects growth to be supported by new product launches and channel expansion, with both consumer and business segments contributing to future performance [1] - Profit forecasts for the company indicate net profits attributable to shareholders of 216 million, 324 million, and 457 million yuan for 2025-2027, translating to EPS of 0.42, 0.63, and 0.89 yuan, with corresponding PE ratios of 66x, 44x, and 31x [1]