Core Viewpoint - Miaokelando (SH600882) achieved a remarkable 115% year-on-year growth in net profit attributable to shareholders in the first quarter, significantly outpacing revenue growth, indicating a strong internal growth trend despite industry challenges [1] Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with cheese business revenue growing by more than 17% [1] - The company's net profit growth rate reached a three-year high for the first quarter, contrasting with previous years where net profit growth was sluggish despite rising revenues [1] Industry Context - The domestic dairy market is facing challenges, with a 2.3% decline in overall dairy sales and a 3.7% drop in liquid milk sales in 2024 [2] - Major dairy companies like Yili, Mengniu, and Guangming reported significant declines in liquid milk revenue, with decreases of 12%, 11%, and 9% respectively [2] - The price of fresh milk continues to decline, with a reported price of 3.08 yuan per kilogram in March 2025, down 1.0% month-on-month and 13.1% year-on-year [2] Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [3][4] - The company has accelerated the launch of new products, diversifying its offerings to include various cheese formats and targeting both children and adults [3] - The expansion of consumption scenarios includes partnerships with restaurants and food brands to incorporate cheese into various dishes, enhancing market penetration [3] - Cost control measures involve sourcing domestic milk to reduce expenses and focusing on developing core products to streamline operations and improve margins [5][6] Value Chain Development - The company emphasizes the importance of managing the entire cheese production value chain, including the utilization of by-products like whey to create high-value products [6] - The development of high-value whey protein products is seen as a key opportunity for growth in the sports nutrition market, which is currently dominated by imports [6] - The focus on deep processing of cheese is expected to enhance the value chain and unlock significant industry potential, transforming the dairy sector [6]

每经记者｜范芊芊 丁舟洋 每经编辑｜文多 115%——这是刚刚过去的一季度中，"奶酪第一股"妙可蓝多（SH600882）的归母净利润增速。放眼全国的上市公司，这样的成绩绝对属于少数。公司逆势 增长的秘密在哪？ 6 奶酪变身芝士奶盖融入新茶饮场景 图片来源：企业提供 看数据"绩之亮"：净利润同比增速创近3年来新高 在归母净利润增速创下近3年一季度新高时，妙可蓝多一季度实现营收约12.33亿元，同比增长超过6%。其中，作为核心业务的奶酪业务收入同比增长超过 17%。 由此可见，一季度，公司是典型的"增利又增收"，而且是净利润增速远超过营收增幅，内涵式增长态势明显。 来源：企业提供 看路径"手之妙"：牵手奶茶、餐饮，寻求国产奶源替代 这和前两年的情况完全不一样。过去几年中，虽然公司营收保持了逐年增长，净利润却整体增长缓慢。但对于企业来说，发展的关键还是在于持续盈利，没 有盈利，再多的营收都是无用功。 看形势"难之多"：液态奶增长乏力，儿童市场"内卷" 2024年是业内吐槽"牛奶难卖"的第三年。这从近日各大乳企发布的2024年财报中就能看出来，在乳企庞大的业务体系中，作为主力产品的液态奶增长乏力。 消费者研究与零售监 ...