Core Viewpoint - Miaokelando's "TO C + TO B dual-drive" strategy has shown significant results in the first three quarters of 2025, with a revenue of 3.957 billion and a net profit of 176 million, reflecting a year-on-year growth of 10.09% and 106.88% respectively [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 3.957 billion, marking a year-on-year increase of 10.09% [1]. - The net profit attributable to shareholders reached 176 million, representing a substantial year-on-year growth of 106.88% [1]. Group 2: Product Development and Market Strategy - The company has launched new products targeting adult, middle-aged, and family consumption scenarios, including cheese triangle, cloud cheese, cheese nut crisp, and ginseng yogurt [1]. - In July, the company introduced ginseng yogurt as an innovative product combining drinking yogurt and cheese, and in September, the cheese nut crisp was launched in the Sam's Club nationwide [1]. - The company is expanding its quality channel efforts and collaborating with premium channels to enhance cheese category education and market penetration [1]. Group 3: B2B Expansion - The company is intensifying product development and expanding its reach to key tea and coffee, and restaurant clients [2]. - The founder and president, Chai Xiu, emphasized the importance of breaking past category limitations and targeting a broader demographic, including adults and the elderly, to create a diverse and targeted cheese product matrix [2]. - The company aims to establish a strong brand recognition for cheese, positioning itself as synonymous with cheese in the evolving market landscape [2]. Group 4: Market Outlook - The overall scale of the Chinese cheese market is expected to rapidly reach a trillion yuan in the medium to short term, driven by the large market size, the development of the dairy industry, and evolving consumer dietary trends [3]. - The company plans to leverage this momentum to lead the cheese industry in China to new heights [3].