Milkground(SH:600882) 光大证券研究·2025-04-22 08:55Core Viewpoint - The company reported a revenue of 1.23 billion yuan for Q1 2025, reflecting a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 80 million yuan, up 114.9% year-on-year, indicating strong financial performance and growth potential [3][4]. Financial Performance - Q1 2025 revenue breakdown shows cheese, liquid milk, and trading revenues at 1.03 billion, 95 million, and 101 million yuan respectively, compared to 785 million, 81 million, and 82 million yuan in Q1 2024 [4]. - The company achieved a gross margin of 31.5% in Q1 2025, an increase of 2.8 percentage points year-on-year, attributed to product structure optimization [5]. - The net profit margin for Q1 2025 was 6.7%, up 3.4 percentage points year-on-year, supported by improved cost efficiency and reduced sales expense ratio [5]. Product and Market Development - The company has launched 3 new cheese products in Q1 2025, following 7 new products in 2024, indicating a strong focus on innovation and market expansion [6]. - The number of distributors increased to 8,046 by the end of Q1 2025, with notable growth in all regions, suggesting a robust distribution network [4]. Strategic Collaboration - The integration with Mengniu's cheese business is expected to enhance synergies in supply chain, channel, and brand marketing, contributing to cost reduction and efficiency improvements [6].