研报掘金丨国元证券：妙可蓝多奶酪主业增长稳健，维持“买入”评级

Core Viewpoint - Miaokelando reported a significant increase in net profit for the first half of the year, indicating strong growth in its cheese business and leading performance in the catering industrial series [1] Financial Performance - The company's net profit attributable to shareholders for the first half of the year reached 133 million yuan, representing an increase of 86.27% year-on-year [1] - In Q2 2025, the net profit attributable to shareholders was 51 million yuan, reflecting a growth of 53.06% [1] - Revenue from the cheese, trading, and liquid milk businesses for H1 2025 was 2.136 billion yuan, 230 million yuan, and 187 million yuan respectively, with year-on-year growth rates of 14.85%, 3.69%, and 0.63% [1] Business Segmentation - The proportion of revenue from the cheese business in the main operating income increased from 82.02% in the same period last year to 83.67% [1] - The catering industrial series experienced rapid growth due to the company's supply chain and specialized service advantages [1] - The home dining series benefited from deepened channel cooperation and integration, leading to a faster growth rate through the expansion of advantageous product offerings [1] Investment Rating - The company maintains a "Buy" rating based on its strong financial performance and growth prospects [1]