Core Viewpoint - The company reported a revenue of 1.38 billion yuan for the first half of 2025, reflecting an 8.39% year-on-year increase, and a net profit attributable to shareholders of 117 million yuan, up 7.53% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 711 million yuan, representing a 9.54% year-on-year growth, and a net profit of 58 million yuan, which is a 22.45% increase year-on-year [1] - The company’s gross margin for H1 2025 was 33.68%, an increase of 1.61 percentage points year-on-year, while the net margin was 9.63%, a slight decrease of 0.06 percentage points [5] - The company’s operating expenses ratio for H1 2025 was 19.90%, up 0.76 percentage points year-on-year, with sales expenses accounting for 15.45% [5] Group 2: Business Segments - The company’s revenue from compound seasonings, light cooking solutions, and beverage dessert ingredients for H1 2025 was 630 million, 636 million, and 80 million yuan, respectively, with year-on-year growth rates of 4.06%, 13.94%, and 6.92% [2] - In H1 2025, the direct sales and non-direct sales revenue were 1.131 billion and 215 million yuan, showing year-on-year increases of 9.95% and 2.49% [3] - The company’s light cooking business has significantly outperformed expectations, becoming the dominant segment of its operations [6] Group 3: Market Expansion and Production Capacity - The company’s new production base in Shandong has commenced operations, enhancing its supply capabilities in semi-solid food seasonings and agricultural product processing [4] - The company has successfully deepened its channel strategy, expanding into new sales channels such as membership-based stores and large chain supermarkets [3] - The company’s revenue from different regions showed varied growth, with significant increases in South China and Northwest regions, achieving year-on-year growth rates of 58.63% and 72.00%, respectively [3] Group 4: Future Outlook - The company anticipates continued growth driven by the recovery in the B-end market and the ongoing introduction of new products, projecting revenues of 3 billion, 3.449 billion, and 3.998 billion yuan for 2025 to 2027 [6]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a revenue of 2.567 billion yuan in H1 2025, representing a year-on-year increase of 7.98%. The net profit attributable to the parent company was 133 million yuan, up 86.27% year-on-year, with a non-recurring net profit of 102 million yuan, an increase of 80.10% year-on-year [1][3]. - The growth in revenue is driven by cheese products, with significant contributions from the ready-to-eat nutrition series and the restaurant industrial series [3]. - The company has implemented cost-cutting measures, resulting in a gross margin of 30.81% in H1 2025, an increase of 0.91 percentage points year-on-year, and a significant reduction in sales expense ratio [3]. - The company is expected to maintain a high growth rate in profits for the second half of the year, with projected EPS of 0.41, 0.57, and 0.82 yuan for 2025-2027, corresponding to P/E ratios of 66X, 48X, and 33X respectively [3][4]. Financial Summary - In H1 2025, the company's revenue from liquid milk, cheese, and dairy product trading was 187 million yuan, 2.136 billion yuan, and 230 million yuan, respectively, with year-on-year growth rates of 0.63%, 14.85%, and 3.69% [3]. - The gross profit margin for H1 2025 was 30.81%, with a net profit margin of 5.18%, reflecting a year-on-year increase of 2.18 percentage points [3]. - The company has forecasted total revenue of 5.38 billion yuan for 2025, with a year-on-year growth rate of 11.1% [4].

Core 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]

Group 1 - The core viewpoint of the report is that Miaokelando (600882.SH) is rated as a "buy" due to its comprehensive growth in cheese business and effective cost control strategies [2] - The cheese business has shown significant improvement, indicating a strong upward trend in profitability [2] - The dual-driven growth from the BC end is expected to enhance the company's growth momentum [2] Group 2 - The report highlights that the company's cost control strategy is anticipated to continue yielding positive results, placing profit margins on an upward trajectory [2] - Potential risks mentioned include ongoing weak macro demand, food safety issues, and fluctuations in raw material prices affecting the development of original cheese products [2]

Investment Rating - The report assigns an "Accumulate" rating for the company [2]. Core Viewpoints - The cheese industry is experiencing an improvement in competitive landscape, with a significant growth potential compared to overseas markets. The market size is expected to reach 300-400 billion yuan in the medium term [8]. - The company is focusing on diversifying its product offerings and breaking into new consumer segments, particularly in the C-end market, while leveraging its strong R&D capabilities [8]. - The collaboration with Mengniu is expected to enhance the B-end business growth, capitalizing on the rising demand in Western fast food and ready-to-drink markets [8]. - The company aims to achieve a revenue target of 53.7 billion yuan by 2025, with a net profit of 2.4 billion yuan, reflecting a significant growth trajectory [8]. Summary by Sections 1. Industry Overview - The cheese industry is transitioning from a high-growth phase to a more mature stage, with a market size of 93.7 billion yuan in 2024, down 13.5% year-on-year [15][17]. - The competitive landscape is improving, with the CR5 of the cheese industry expected to rise to 63.7% in 2024, indicating a consolidation of market share among leading brands [17][19]. 2. C-end Market Strategy - The company is implementing a "Cheese+" strategy, focusing on small packaging and healthy cheese snacks, while exploring new consumption scenarios such as baking and breakfast [8][35]. - The C-end business is expected to diversify beyond children's cheese sticks, with a projected revenue growth of 7.8% for ready-to-eat nutrition products in 2024 [8]. 3. B-end Market Strategy - The company is actively expanding its B-end business, achieving breakthroughs in five major channels including Western cuisine and tea drinks, supported by Mengniu's resources [8][35]. - The integration of Mengniu's cheese business is anticipated to enhance product offerings and customer resources, driving collaborative growth in the B-end market [8]. 4. Financial Projections - Revenue projections for 2025-2027 are set at 53.7 billion yuan, 60.2 billion yuan, and 68.2 billion yuan, respectively, with corresponding net profits of 2.4 billion yuan, 3.5 billion yuan, and 4.6 billion yuan [7][8]. - The company expects to achieve a PE ratio of 61, 42, and 31 times for the years 2025, 2026, and 2027, respectively, indicating a positive outlook on profitability [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has released its Q1 2025 report, showing a significant improvement in profitability due to the release of cost benefits [7] - The company achieved a total revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [7] - The report highlights steady growth across major product categories and strong performance in online channels, with online revenue increasing by 43% year-on-year [7] - The company is expected to continue benefiting from both cost and reform dividends, driving market share growth through B2B and B2C strategies [7] Financial Performance Summary - Revenue projections for 2025-2027 are set at 29.7 billion, 32.8 billion, and 36.3 billion yuan, with year-on-year growth rates of 10%, 11%, and 11% respectively [7] - Net profit forecasts for the same period are 7 billion, 7.8 billion, and 8.6 billion yuan, with consistent growth rates of 11% [7] - The report indicates an expected increase in diluted EPS from 1.26 yuan in 2025 to 1.55 yuan in 2027, reflecting a positive trend in earnings [7]

Performance Summary - In 2024, the company achieved revenue of 2.651 billion, a year-on-year increase of 11.91%, and a net profit attributable to shareholders of 233 million, a year-on-year decrease of 22.52% [1] - For Q1 2025, the company reported revenue of 669 million, a year-on-year increase of 7.18%, and a net profit attributable to shareholders of 58 million, a year-on-year decrease of 4.19% [1] Operational Analysis - In Q4 2024, all product categories saw a sequential acceleration due to improved downstream restaurant demand, with revenues for recovery, light cooking, and beverage distribution at 342 million, 320 million, and 37 million respectively, showing year-on-year increases of 19.2%, 14.0%, and 15.5% [2] - The company expanded its offline channels and increased new product launches, resulting in a net increase of 44 distributors throughout 2024 [2] Margin and Cost Analysis - The overall gross margin declined in 2024 due to intensified competition in the restaurant market, with Q4 2024 and Q1 2025 gross margins at 35.52% and 32.61%, respectively, showing year-on-year increases of 4.57 percentage points and 0.57 percentage points [3] - The company improved cost control, with sales, management, and R&D expense ratios showing varied changes [3] - A significant decrease in government subsidies in Q1 2025, amounting to approximately 10.29 million, also impacted profit [4] Growth Outlook - The company is expected to see revenue recovery in 2025, driven by a dual approach focusing on both B2B and B2C segments, with anticipated net profits of 280 million, 330 million, and 370 million for 2025-2027, reflecting growth rates of 22%, 16%, and 13% respectively [4] - The company maintains a "buy" rating based on the expected improvement in profit margins due to new customer acquisition and product mix enhancement [4]

Group 1 - The company is transforming from a single OEM model to a dual-driven BC model, establishing a leading position in the industry through strategic transformation and R&D-driven initiatives [1] - Since its establishment in 2001, the company has leveraged its technical expertise in food additives to become a comprehensive flavor and product solution provider, covering compound seasonings, light cooking solutions, and beverage dessert ingredients [1] - The company focuses on R&D innovation to meet the rapidly evolving needs of B-end clients, while enhancing C-end brand reach through online content and offline supermarket experiences, creating a synergistic development pattern [1] Group 2 - The company has successfully transitioned from B-end supply chain to C-end brand operation by acquiring Kitchen Affin and launching "Chef Pre-mixed Sauces + Full Combination" products, achieving a leading position in the instant pasta segment [2] - The company's online sales performance during the Double Eleven shopping festival showed over 40% year-on-year growth, moving from eighth to second place in the food category, indicating significant improvements in market share and brand strength [2] - The company plans to introduce high-cost performance and clean label products, targeting refined consumer groups while achieving full price range coverage [2] Group 3 - The company is expanding from a restaurant supply chain to a food supply chain, focusing on supermarkets and convenience store channels, which are evolving towards consumer demand-driven selection models [3] - The company is expected to benefit from the transformation of supermarket channels due to its strong product innovation capabilities and experience serving large B-end clients [3] - Revenue forecasts for 2024-2026 are projected at 2.601 billion, 2.971 billion, and 3.425 billion yuan, with net profits of 237 million, 282 million, and 345 million yuan respectively, indicating a favorable growth outlook [3]