Core Insights - 2025 is a milestone year for Miaokelando and the entire Chinese cheese industry, marking ten years since the company entered the cheese market and significantly contributing to the "cheese enlightenment" in China [1] - The company aims to enhance the domestic cheese industry by increasing technological investment and developing a complete cheese supply chain, focusing on high-quality local milk sources [2] - The founder believes that the cheese category is emerging as a high-value segment in the context of China's economic growth and consumer trends towards health and quality [2] Industry Development - The Chinese cheese market is expected to exceed a trillion yuan, driven by four significant trends: integration with traditional Chinese cuisine, rapid development of "two oils and one cheese" (cream, butter, and original cheese), increased demand for solid dairy products, and opportunities for domestic innovation and product development [3] - The company plans to implement "two core strategies" and "five strategic guarantees" to attract more enterprises into the cheese sector and expand the market [3]

Core Insights - The year 2025 marks a milestone for China's cheese industry, with Miaokelan Duo celebrating its tenth anniversary in the cheese sector, contributing to the "cheese enlightenment" in the market [1] - The event "Gathering Strength, Creating the Future" highlighted the importance of product differentiation in the cheese market, emphasizing the need for innovation and clear positioning to capture market share [2] - The demand for cheese is expected to grow due to rising health awareness, diverse consumer needs, and an increasing young consumer demographic, providing a broad market space for the cheese industry [2] Company Strategies - Miaokelan Duo aims to enhance its product offerings by focusing on functional cheese products and exploring new categories such as ginseng cheese, collaborating with local authorities for joint research and development [3] - The company plans to implement a dual strategy of "TOB TOC" and "mergers and acquisitions," targeting both business clients and end consumers, while also expanding internationally [4] - The five strategic guarantees for Miaokelan Duo include product innovation, brand upgrading, quality excellence, cost efficiency, and organizational development [4] Market Trends - The penetration of cheese into traditional Chinese diets is expected to increase, driven by consumer upgrades and the rapid development of related dairy products [5] - The shift towards solid dairy products will require more raw milk, which will help balance supply and demand in the dairy farming sector, potentially leading to a cheese market exceeding 100 billion yuan [6] - The domestic production of cheese raw materials and innovative cheese products is anticipated to accelerate, resulting in significant industry expansion and attracting more companies to the cheese market [6]

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]

Core Viewpoint - The company Miaokelando (妙可蓝多) achieved a remarkable 115% year-on-year growth in net profit for the first quarter, marking a significant turnaround compared to previous years where profit growth was sluggish despite revenue increases [1][4]. Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with its core cheese business revenue growing by more than 17% [4]. - The net profit growth significantly outpaced revenue growth, indicating a clear trend of internal growth and improved profitability [4]. Industry Challenges - The dairy industry is facing challenges, particularly in liquid milk sales, which have seen a decline. Major companies like Yili, Mengniu, and Guangming reported year-on-year revenue drops of 12%, 11%, and 9% respectively in their liquid milk segments [5]. - The overall sales of dairy products in China decreased by 2.3% in 2024, with liquid milk sales down by 3.7% [5]. Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [8]. - The company has accelerated the launch of new products, including various cheese formats, to maintain its position in the children's snack market while also targeting adult snacks and family dining [8][9]. - The company is expanding its partnerships with restaurants and beverage brands to incorporate cheese into their offerings, thereby increasing market penetration [9]. Cost Management - Cost control is a key focus for Miaokelando, with efforts to find domestic milk source alternatives to reduce costs. This strategy has been in place for over a year and has shown positive results [10]. - The company aims to create "super products" to streamline operations and reduce costs through economies of scale, focusing on fewer but more impactful product lines [10][11]. Value Chain Development - Miaokelando is working on enhancing its entire value chain, including the utilization of by-products like whey to create high-value products, which can significantly lower production costs [11]. - The company is positioning itself to tap into the growing market for sports nutrition and other high-value dairy products, which are currently dominated by imports [11].

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点击注册小程序 查看完整报告 特别申明： 与蒙牛协同推进降本增效，上新加快逐步贡献业绩增量 事件： 妙可蓝多25Q1实现营业收入12.3亿元，同比+6.3%（调整后）；归母净利润0.8亿元，同比+114.9%（调整 后）；扣非归母净利润0.6亿元，同比+110.2%。 并表后奶酪业务收入同比增加明显 1）分产品看：25Q1奶酪/液态奶/贸易收入分别为10.30/0.95/1.01亿元，和蒙牛奶酪并表前的24Q1各业务收 入分别为7.85/0.81/0.82亿元。2）分渠道看：25Q1经销/直营/贸易收入分别为9.59/1.65/1.01亿元，并表前 的24Q1各渠道收入分别为7.35/1.31/0.82亿元。3）分地区看：25Q1北区/中区/南区收入分别为4.64/5.14/ 2.48亿元，并表前的24Q1各地区收入分别为3.74/3.87/1.87亿元。截至25Q1末，北区/中区/南区经销商数量 分别为3662/2424/1960个，总计8046个，较24年末分别增加111/106/32个，总计净增加249个，经销商数量 持续增加。 产品结构优化及积极控费下，25Q1归母净利率同比改善 1）毛利率：25Q1 ...