Milkground(SH:600882) Xin Lang Cai Jing·2025-08-24 10:29Core Viewpoint - The company reported a strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by the cheese business and improvements in operational efficiency [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.57 billion yuan, a year-on-year increase of 8.0%, and a net profit of 130 million yuan, up 86.3% year-on-year [1]. - In Q2 2025, revenue reached 1.33 billion yuan, reflecting a 9.6% year-on-year growth, with a net profit of 50.57 million yuan, an increase of 53.1% year-on-year [1]. - The gross margin for H1 2025 was 30.8%, up 0.9 percentage points year-on-year, while the net margin was 5.2%, an increase of 2.2 percentage points year-on-year [1]. Revenue Breakdown - The cheese business saw a revenue increase of 15% in H1 2025, with specific product revenues as follows: cheese at 2.14 billion yuan (up 14.8%), trading products at 230 million yuan (up 3.7%), and liquid milk at 190 million yuan (up 0.6%) [2]. - Within the cheese segment, revenue from ready-to-eat nutrition, family dining, and food service increased to 1.08 billion yuan (up 0.6%), 240 million yuan (up 28.4%), and 820 million yuan (up 36.3%) respectively [2]. Distributor Network - As of H1 2025, the company had 6,551 distributors, a net decrease of 1,246 compared to the previous year [3]. Profitability Analysis - The company experienced a decline in gross margin in Q2 2025 to 30.2%, primarily due to changes in business and product structure, while the net margin improved to 3.8% [3]. - The expense ratios for sales, management, R&D, and finance were 17.9%, 6.3%, 0.8%, and 1.0% respectively in Q2 2025, indicating a year-on-year optimization in expense management [3]. New Product Launches - The company launched a new cheese nut crisp product in collaboration with Sam's Club, expanding its ready-to-eat nutrition product matrix [4]. - The new product features high-quality ingredients, including New Zealand imported cheese and a minimum of 50% nut content, and is designed to be high in calcium and protein [4]. Future Outlook - The company anticipates strong performance in Q3 2025, driven by a low base effect and the introduction of new products, with projected revenues of 5.51 billion, 6.25 billion, and 6.96 billion yuan for 2025-2027, reflecting year-on-year growth rates of 13.8%, 13.3%, and 11.4% respectively [5]. - Expected net profits for the same period are 240 million, 340 million, and 450 million yuan, with significant growth rates of 106.9%, 44.4%, and 33.2% respectively [5].