中证报中证网讯(记者董添)近日，妙可蓝多（600882）发布2025年三季报。报告显示，前三季度，公司 实现营业收入39.57亿元，同比增长10.09%；实现归母净利润1.76亿元，同比增长106.88%。 2025年，妙可蓝多"TO C+TO B双轮驱动"战略取得显著成效。在TO C端，上市奶酪小三角、云朵芝 士、奶酪坚果脆、人参酪乳等新产品，更有针对性地面向成人、中老年以及家庭消费场景。7月份发布 了人参酪乳作为饮用奶加奶酪的原创性产品。9月份妙可蓝多创新研发的奶酪坚果脆在全国山姆系统开 售。今年以来，妙可蓝多加大了对品质渠道的拓展力度，作为时尚生活消费元素，与优质渠道的合作开 发，对提升奶酪品类教育及市场渗透具有相辅相成的促进作用。 柴琇认为，2025是妙可蓝多承前启后的一年，今年的一系列组合拳不仅仅是为了推动2025更好地发展， 更重要的是在为下一个三年甚至下一个五年的大发展强势练兵，做好准备。对品质的极致追求是妙可蓝 多赢得市场长期良好口碑的"核武器"，同时亦是公司在不断推陈出新、加大产品研发创新趋势下的基础 性保障。 面向未来，柴琇认为，中国奶酪市场整体规模在中短期有望迅速达到千亿规模，这是由中国 ...

"双轮驱动"战略见效，C端创新与B端深耕成新引擎 【环球网消费综合报道】10月31日，妙可蓝多发布2025年三季报。数据显示，公司第三季度实现营业收 入13.90亿元，同比增长14.22%，同比增速逐季度增长，其中奶酪业务实现收入11.66亿元，同比增长 22.44%；单季度实现归母净利润0.43亿元，同比大涨214.67%。前三季度，公司共实现营业收入39.57亿 元，同比增长10.09%；归母净利润1.76亿元，同比增长106.88%。 这份成绩单，标志着妙可蓝多转型升级战略取得显著成效。公司创始人、总裁柴琇表示，妙可蓝多正致 力于突破品类与人群局限，围绕奶酪核心，从儿童市场向成人、中老年及家庭消费场景渗透，构建多元 化产品矩阵。同时，公司正从休闲消费向B端餐饮与家庭餐桌扩容，全力打造"奶酪等于妙可蓝多"的强 势品牌认知，打通从产品到供应链的全面进化链路。 2025年是妙可蓝多成立十周年，也是其承前启后的关键一年。公司推出的一系列经营举措，不仅是为了 推动当年业绩，更是为未来三到五年的跨越式发展强势蓄力。 今年4月，公司内部启动"极致成本"战略，旨在通过打通各环节、提升组织效率来构建成本护城河。下 半年， ...

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]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company is expected to achieve a significant increase in revenue and profit, with a projected net profit growth of 120.02% in 2025, reaching approximately 250 million yuan [7][9]. - The company has successfully integrated Mengniu Cheese into its financials, leading to a notable increase in net profit for the second quarter of 2025, with estimates ranging from 38 million to 63 million yuan, reflecting a year-on-year growth of 13.80% to 89.46% [5][6]. - The introduction of new products and partnerships, such as the collaboration with Jasmine Milk Tea and the launch of cloud cheese and beef cheese sticks, is expected to enhance the company's market position and revenue streams [6]. Financial Summary - The company is projected to generate revenues of 56.01 billion yuan, 65.08 billion yuan, and 78.02 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 15.64%, 16.20%, and 19.88% [7][9]. - The expected earnings per share (EPS) for the same years are 0.49 yuan, 0.67 yuan, and 0.89 yuan, with corresponding price-to-earnings (P/E) ratios of 58, 43, and 32 [7][9]. - The company's gross margin is anticipated to improve, driven by a decrease in raw material costs and effective cost control measures, with a projected gross margin of 30.7% in 2025 [12].

Group 1 - The company continues to innovate and expand channels, leading the domestic cheese industry with both C-end and B-end products, aiming for a revenue target of 10 billion [1] - The core cheese business is driven by both C-end and B-end, with three main product series: ready-to-eat nutritional cheese, family table cheese, and catering industrial cheese [1] - In the ready-to-eat nutritional cheese series, the company launched several new products in the first half of 2025, focusing on expanding the adult cheese market [1] Group 2 - The company emphasizes the layout and deep cultivation of e-commerce platforms, achieving significant results during the 618 shopping festival, ranking first in the cheese/dairy category across all platforms [2] - New products such as cheese cups and cheese triangles performed exceptionally well, with strong sales for the dual-brand cheese sticks and other cheese products [2] - The company is collaborating with high-potential offline channels like Sam's Club and Hema, showcasing its product and brand strength in the cheese sector [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected at 5.636 billion, 6.549 billion, and 7.608 billion, with year-on-year growth rates of 16.35%, 16.21%, and 16.17% respectively [3] - The expected net profit attributable to the parent company for the same period is 235 million, 342 million, and 436 million, with significant year-on-year growth rates of 107.15%, 45.47%, and 27.41% [3] - The company maintains a "recommended" rating with corresponding PE ratios of 68X, 47X, and 37X for the years 2025, 2026, and 2027 [3]